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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 23, 2007
Page
16
Wall Street fell Monday as concerns about technology stocks spooked investors. The Dow dropped 88.37 points to 12,477.16 and the Nasdaq composite slid 20.24 to 2,431.07, with decliners beating gainers by about 2 to 1 on the NYSE.
A joint seminar hosted by the Japan External Trade Organization Chicago office, the Iowa Department of Economic Development, and the Greater Des Moines Partnership offers Iowa companies guidance on Japanese business opportunities. The session runs 8:30 a.m. to noon on January 31 at the John and Mary Pappajohn Education Center. Registration is 20 dollars and includes breakfast. To register contact Lisa Mason at the Iowa Department of Economic Development by phone or email.
The Treasury sold 17 billion dollars of three month bills at a 4.995 percent discount rate and 14 billion dollars of six month bills at 4.965 percent. Prices for a 10000 dollar three month bill were 9873.74 and 9748.99 for the six month issue.
Gap Inc. announces CEO Paul Pressler resigns after a dismal holiday shopping season that weighed on fourth quarter profits. He will receive about 14 million dollars in severance. The move follows Gap's hire of Goldman Sachs to explore offers amid takeover speculation.
A January survey of non urban bankers in Colorado Illinois Iowa Kansas Missouri Nebraska North Dakota South Dakota and Wyoming shows the Mainstreet economic index at 61.2 its highest since 2005. Strong farm yields high grain prices and ethanol plant activity are boosting jobs and overall growth across rural areas while farmland values stay healthy.
CoVault Technology launches an intelligent redundant network in its Cedar Rapids data center to provide off site storage backup power and Internet access with multiple carriers. CEO Bruce Lehrman says the system ensures no downtime by auto routing traffic and claims it makes robust networking affordable. The CeVault data center at 230 Second St SE includes security and cooling upgrades and has not logged any network outages since the November rollout. Dynamic Broadband’s Mike Brown notes the service operates transparently to customers. CoVault aims to expand to additional sites as capacity fills.
The Raleigh News & Observer notes rewards programs are being pared back as issuers trim points and cash back. American Express halved everyday rewards, Citi Dividend slashed 5 percent cash back to 2 percent, and hotels raise points for free nights.
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