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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 28, 1998
Page
10
Labor Department figures show the Employment Cost Index up 3.3 percent in 1997, with wages and salaries rising 3.8 percent and fringe benefits 2.1 percent. The late 1997 quarter saw a 1 percent compensation spike, signaling possible inflation ahead. Consumer confidence fell in January from December’s high, amid Asian crisis concerns.
The stock market recovered from a four session dip as major gains from Disney and Ford boosted sentiment. The Dow rose 102.14 to 7815.08 with 6th largest NYSE volume of 687.2 million shares. Eastern Iowa stocks showed 27 gainers and 12 losers.
US feedlots with 1000 plus capacity held 360000 cattle and calves on feed for slaughter on Jan 1 up 1 percent from a year ago and from last month. December placements totaled 44000 head up 26 percent year over year while marketing reached 38000 head up 12 percent. ADM reports Q4 sales at 4.13 billion with 139.2 million in net income down from a year ago.
Yields on two year Treasury notes fell at Tuesday's auction to 5.440 percent, the lowest in two years from 5.690 percent, with a 5 percent coupon and a face value of 10 000 dollars trading at 9 987.80. Toyota Motor Corp Lexus recalls 47 000 vehicles for starter switch fix across 1995 1997 LS400 and 1996 1997 SC 400 models. mail notices will inform owners and repairs are free.
At the Five Seasons Center in Cedar Rapids the Iowa Conservation and Ag Technology Show drew an opening crowd with exhibitors ranging from equipment to seeds and farm chemicals. Monsanto’s Vern Jungling noted strong Eastern Iowa interest despite weather and farming declines. The event features a Value First Cooperative egg operation option with dividends tied to corn sales, and more than 2,000 attendees are expected with free admission.
Interstate Brands Corp recalls more than a dozen Hostess snacks including Ho Ho’s Twinkies and Dolly Madison Cupcakes sold in 21 states and Iowa over possible asbestos exposure from insulation at a Schiller Park plant. Products with code 57 expire Jan 22 to Feb 6, or Jan 29 to Feb 13 for Ho Ho’s. Refunds available where purchased amid investigations by state and federal officials.
Blue Cross and Blue Shield of Iowa agrees to refund 4.5 million to Iowa for not passing along group discounts from hospitals and suppliers to state employees. The refund, covering 1987 through 1996, reduces the state's future premium costs rather than individual payments.
J C Penney Co plans to close 75 stores and lay off about 4900 workers as it seeks to save roughly 50 million dollars in 1998 and 105 million in 1999. The first six closures include Babylon New York Beloit Wisconsin Kewanee Illinois Bay City Texas West St. Paul Minnesota and St Helens Oregon.
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