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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 16, 2003
Page
14
About 80 former Tama Beef Packing employees may receive wages totaling 82 186 97 as the bankruptcy trustee seeks approval from U S Bankruptcy Judge Paul Kilburg. Objections were due Monday and final rulings could come later this week.
Wall Street fell Tuesday after Greenspan signaled stronger growth possible by year end while warning deflation remains a threat. Analysts cautioned that such remarks could presage higher rates. The Dow lost 48.18 points to 9128.97 and the Nasdaq slipped 1.61 to 1753.21. A long running dispute between Wellmark and Iowa Health System ended with a universal contract. Iowa Health System includes St. Luke's Hospital Cedar Rapids and ten others in Iowa and Illinois.
Wells Fargo reports $1.53 billion in net income for the quarter ended June 30, 90 cents per share, up 7 percent from a year earlier as mortgage originations stay robust. The result misses Thomson First Call consensus by a penny, while Chairman Dick Kovacevich signals possible dividend increase from 30 cents per share.
Gap names Madonna as the face of its fall multimillion dollar campaign set to break July 28. The San Francisco retailer has previously tapped Christina Ricci Angelica Houston and Dennis Hopper to boost buzz during its turnaround.
Fed Chair Greenspan told Congress the Fed will keep rates at multi-decade lows for as long as needed and may cut again to revive growth. He noted 2003 weakness from Iraq war anxiety and a 6.4 percent unemployment rate, with June’s 1 percent funds rate a 45 year low.
U.S. Senator Grassley urges Attorney General Ashcroft and the antitrust division to stop Smithfield Foods from buying Farmland Foods, warning the cash bid could harm Iowa family farmers and independent hog producers. The deal, valued at 363.5 million dollars, would proceed via bankruptcy court with auction procedures to set bid deadlines. Grassley cites Smithfield president Joe Luter’s cited remarks about family farmers.
Citigroup agrees to acquire Sears credit card business and Financial Products unit for 3 billion in cash plus 3 billion of Sears capital relief. The purchase, valued at about 30 billion in receivables, includes 59 million accounts with 25 million active and 8,300 Sears employees.
Maytag Corp reports second quarter earnings of 25.2 million or 32 cents per share, down from 68 million or 86 cents. The Galesburg Illinois refrigerator plant closure and 510 job cuts under their restructuring reduced annual savings, while floor care sales fell 20 percent amid intensified China price competition.
Iowa Senators join Senate leaders in denouncing the House bid to stop enforcing country of origin labeling for meat. The House approved a measure 208 to 193 to bar Agriculture Department funding for the program, slated to start in September 2004. negotiations will proceed in a conference committee.
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