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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 12, 2007
Page
10
Stocks rose with the Dow up 72.82 points to 12514.98 and the Nasdaq advancing 25.52 to 2484.85 after oil prices plunged and jobless claims fell. Mortgage rates edged higher with 30-year at 6.21 percent, 15-year at 5.96, five-year ARMs at 6.03, and one-year ARMs at 5.44.
Oil prices slide as February crude settles at 51.88 dollars a barrel on the NYMEX, after dipping to 51.80 and marking the lowest finish since May 27, 2005. The decline extends a 15 percent drop this year amid demand concerns and fund-led selling.
Food firms may tout Lean Cuisine and other meals on the go as lean if a mixed dish contains under 8 g fat 3.5 g saturated fat and under 60 mg cholesterol per serving. FDA expanded the label after Nestle petition. Gazette and wire reports.
Iowa delegation urged binding arbitration to end the feud between Sinclair Broadcast Group and Mediacom over CBS affiliate access to KGAN-TV Cedar Rapids and 21 other Sinclair stations. Sinclair chief David Smith refused, saying Iowa customers have alternatives including DirectTV and antennas. Mediacom Chairman Rocco Commisso praised efforts to protect consumers and noted they had offered arbitration and a temporary carriage payment to limit disruption.
Foreclosure action against Park National Bank of Chicago initiated November 2 puts the mall under a court appointed receiver Heritage Property Management with General Growth Properties handling leasing. Three properties to be listed include an anchor store building leased to Steve and Barry's University Sportswear for 4.5 million, 43 600 square feet on a 4 acre outparcel for 2 million, and a Big Lots coin laundry building listed by NAVTown Realty Commercial, all tied to Festival Companies.
Real estate sources note Mark Schurgin could not finance a deal for the mall anchor space leaving Steve & Darry's University Sportswear as a current tenant. Don Pfeiler of NAI Iowa Realty Commercial says selling off three parcels may hinder a cohesive master plan and shared maintenance, but the site’s land and entrance control keep it viable.
Transamerica Occidental Life announces consolidation of Kansas City operations into Cedar Rapids. About 500 Kansas City jobs affected, with 50 underwriting and marketing posts retained locally. Cedar Rapids joins AEGON Group as main hub. $15 million in annual savings anticipated after completes. Employees may transfer or receive separation packages and job placement help.
Franek notes tuition increases of 11 to 12 percent at public schools and 6 to 7 percent at private ones. He argues colleges justify prices as investments, while discounting tuition below full cost. He sees little moderation ahead and cites New College of Florida and Berea College as innovative aid models.
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