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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 29, 2009
Page
16
Wall Street climbed as financial shares led gains amid expectations the Obama administration will form banks to absorb bad assets. The Dow rose 200.72 to 8375.45, the S&P 500 jumped 28.38 to 874.09, and the Nasdaq gained 53.44 to 1558.34, marking a four day rally.
The Federal Reserve indicated readiness to deploy new or expanded unconventional tools to boost consumer spending and lending, keeping the federal funds rate at zero to 0.25 percent for some time. Economists expect the rate to stay near zero through year end as the Fed vows to use all available options to revive the economy.
FBS Financial Services announces 76 job cuts at its West Des Moines home office to reduce expenses. CEO James Noyce says cost reductions required more drastic measures after prior eliminations and salary freezes.
Terra Industries of Sioux City announced it rejected CF Industries unsolicited proposal as not in shareholders’ best interests and undervaluing Terra. CF Industries of Deerfield, Illinois, said the deal could yield more than 100 million dollars in annualized savings.
A selective survey shows yesterday afternoon gas prices across the Corridor. Prices are rounded to the nearest cent and reflect typical variations among stations and brands.
In Cedar Rapids two Norwood Souvenir veterans Doug Miskimen and Dave Thalacker start Cedar Crest Manufacturing to supply imprinted pens and pencils. They plan a 20 000 square foot facility at 200 50th Ave SW with about 20 jobs by year end and 40 to 50 more over three years. They seek loans and credits from Iowa programs and aim first production late March or early April.
The Prairie Creek Generating Station in southwest Cedar Rapids is nearly ready to resume service after flood damage. The phased restart aims to supply power for 200,000 homes by early summer at an estimated $152 million, says Tom Aller of Interstate Power & Light.
The Prairie Creek Generating Station was evacuated from June 12 to June 17 as floodwaters damaged control systems and equipment. Around 50 contractors and 500 workers helped restore the plant while public concern focused on Alliant’s Sixth Street Generating Station.
Breitbach's in Balltown plans a rebuild after its second fire in 10 months. Owner Mike Breitbach aims for a new building close to the old layout, awaiting insurance and community support. The Gathering Place hosts patrons in the surviving wine shed as the community awaits details. Local staff praise 150 years of support and look forward to a high-profile reopening.
The IRS promotes free e filing for most taxpayers through the Free File Alliance and fillable forms for others. E filers receive refunds in eight to ten days versus four to six weeks by paper. TurboTax and H R Block have free online options, with TaxAct offering a bundled package for 16 95.
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