Stocks Slip as Fed Signals Gradual Rate Hikes
Investors react to the Federal Reserve stance on a measured pace of rate increases. The Dow fell 99.51 to 10,274.97 and the Nasdaq declined 11.93 to 2,056.96 as market breadth favored decliners. Bank of America agreed to acquire MBNA for 35 billion dollars, cutting about 6000 jobs with close expected in Q4 2005.
MENTIONED IN THIS ARTICLE
Federal Reserve
Fed
Open Market Committee
New York Stock Exchange
Bank of America Corp
Mbna Corp
MBNA
Bank of America
Boeing appoints McNerney as third CEO in 18 months
Boeing Co named 3M Chief Executive W James McNerney as its new chief executive the third leader at the Chicago based airplane maker in 18 months. McNerney 55 replaces interim leadership after Harry Stonecipher was ousted in March amid an ethics scandal.
MENTIONED IN THIS ARTICLE
Boeing
McNerney
Boeing Co
3M Co
W. James McNerney
Harry Stonecipher
Soybean Plant in Creston Closes Over Quality Issues
Creston Bean plant shut down by Kansas City firm De Bruce Grain after eight months of concerns about product quality and plant efficiency. Mon day closure left 21 employees laid off, local manager Weldon Sander said. Company officials did not detail the problems.
MENTIONED IN THIS ARTICLE
Creston Bean
Kansas City
De-Bruce Grain
Weldon Sander
Sander
Marv Hachmeister
de Bruce
Ebbers to surrender assets in WorldCom settlement
Bernard Ebbers will liquidate nearly all holdings including his Mississippi home and golf course stake. A $5 million upfront payment funds a trust anticipated to yield $25 million to $40 million for investors in the WorldCom fraud case.
MENTIONED IN THIS ARTICLE
New York
WorldCom
Bernard Ebbers
Mississippi
Ebbers
Clinton
Miss
Fed raises key rate signaling higher borrowing costs
The Federal Reserve boosted the federal funds rate by a quarter point to 3.25 percent, the ninth rise of this size since June 2004. The move pushed prime lending to 6.25 percent and suggested further increases at the next meeting. Analysts said the Fed is on autopilot with a likely continued path of rate hikes despite higher energy prices.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Fed
Richard Yamarone
Argus Research Corp
Stuart Hoffman
PNC Financial Services Group
Hoffman
Maytag faces $40 million termination fee dispute in merger talks
Maytag Corp says Triton Acquisition Holding notified it that continued talks with Bain Capital Blackstone and Haier America may trigger termination of the merger and a $40 million fee. Triton claims talks after June 18 breach the agreement, while Maytag asserts its rights to pursue the $1.28 billion bid.
MENTIONED IN THIS ARTICLE
DES Moines
Maytag Corp
Triton Acquisition Holding Co
Maytag
Triton
New York
Ripplewood Holdings LLC
Ripplewood
Bain Capital
Blackstone Group
China
Hater America
New York Stock Exchange
Bain
Blackstone
Haier America
Triton Acquisition Holding
Bain, Blackstone
Triton Acquisition
Newton
Trade pact drawn as modest gain for Iowa
Senator Tom Harkin argues the Central America Free Trade Agreement offers minimal benefits for Iowa and harms the poor in Latin America. He cites 2004 Iowa exports of 31 million dollars and notes gains may arrive only far in the future. Grassley argues for potential immediate and long term benefits for Iowa.
MENTIONED IN THIS ARTICLE
E. Michael Myers
Washington
Tom Harkin
Iowa
Central America
Latin America
Harkin
Department of Commerce
United States
Congress
Monsignor
Alvaro Ramazzin
San Jose
Guatemala
CAFTA
Chuck Grassley
Senate
Grassley
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Etree
Nasdaq
Mi Yi
1St Ave
15Th St
E. C.R. WalMart
Southwest C.R. HandiMart
Dubuque & Clinton
J.C. BP
Coralville
U.S
WorldCom Securities
Arthur Andersen
Alan Hevesi
State Employees Pension Fund
MCI
Sean Coffey
Hevesi
Kristie
The
Federal Reserve Board
Sen
Tom Harkin Dlowa
Lysana
Edge
NAL Towa Realty
TOFS
Myfsbonline.com
Gazette Communications
Edgebusinessjournal
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