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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 03, 1990
Page
20
Holnam Inc of Dundee Michigan, a Holderbank unit, preliminarily agrees to acquire United Cement Co of Artesia Mississippi the state’s only cement plant. The move follows Holnam’s Cedar Rapids portland cement distribution presence and Texas Industries ownership of United Cement.
Regulators declined to block the Midwest Resources merger linking Midwest Energy and Iowa Resources, forming a $2.3 billion firm to operate as Midwest Resources with about 3,200 employees. The move, awaiting federal approval, could reduce Iowa’s investor-owned electric utilities from seven to six and signals potential industry consolidations ahead.
Martin Kelly, former manager of the Thomas & Betts plant in Iowa City, is named president of the Iowa City Area Development Group succeeding Ray Muston who returns to the University of Iowa. Kelly, 55, has led ICAD to foster regional business growth and will steer collaboration among government, the university, and local firms.
The Dow rises 18.57 to 2899.26 as blue chips lead a broad advance. NYSE volume shows 775 up, 744 down, 472 unchanged with Eastern Iowa stocks faring better. takeover bids lift General Instrument and Kay Jewelers while blue chips like IBM and GE advance.
The SEC filed a proposed distribution plan in New York federal court for 19 million allegedly earned by Fred C. Lee in the 1988 insider trading scheme that also involved Stephen K. Wang of Morgan Stanley. The fund now totals about 20.3 million with interest, to reimburse investors who sold shares on the same day the defendants bought them in 18 companies.
The National Association of Realtors reports the housing affordability index at 105.6 in May up from 104.3. A family with the national median income of 34 142 could qualify for financing on a 94 800 median priced home with 80 percent loan coverage, and could buy a 100 300 home as prices fell 800 while incomes rose 110.
DES MOINES AP Lee Liu of Cedar Rapids has been chosen as chairman of the Iowa Business Council. Liu is chairman of the board president and chief executive officer of IE Industries Inc The council promotes research and seminars to expand business opportunities.
West Germany overtook the United States as the world's top exporter in the first quarter of 1990, with exports totaling 99.8 billion dollars, an increase above 18 percent. The U.S. rise reached 97.2 billion dollars, up nearly 10 percent. In 1989 the U.S. led with 364 billion dollars to West Germany's 341 billion.
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