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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 11, 2008
Page
14
Stocks show a mixed day with the Dow up 9.44 points to 12,289.76 while the S and P 500 dips to 1,358.44 and the Nasdaq falls to 2,448.94 amid oil price volatility and concerns over energy costs. Expiring digital converter box coupons hinder consumer access and leave some buyers unable to redeem gifts.
Senate Republicans blocked a Democratic plan to levy a 25 percent windfall profits tax on the five largest U.S. oil companies, arguing higher taxes would not lower gasoline prices amid record prices and broad economic impact. Coffee futures rose as storms in Central America threatened crops, with arabica July futures up to 1.3505 per pound on the ICE.
A selective survey of gas prices across the Corridor shows varied rates as of yesterday afternoon. Prices are rounded to the nearest cent, highlighting regional differences among stations and brands.
The Energy Department and IEA trimmed 2008 global oil demand growth to about 0.9 percent with a forecast of 86.8 million barrels per day, citing higher prices. U.S. gasoline prices jump to about 4.04 a gallon while 2008 oil price outlook rises to 122 a barrel and 2009 to 126. China’s demand is expected to rise, aided by post quake reconstruction.
Flood conditions push shops warehouses and offices to relocate as temporary space tightens. Retailers like Kidsworks and Houseworks move inventory while brokers prep short term leases. 30 spaces exist for immediate use and firms seek flood response logistics.
Iowa businesses are warned of a 1 cent sales tax increase effective July 1. The School Local Option Sales Tax dissolves and revenues go to school districts for property tax relief while LOsts remain. Hotels and short term rentals stay at 5 percent.
The Treasury reports about 57 million stimulus payments totaling roughly 50 billion issued by May end, with IRS fielding millions of calls about missing checks and deposits. By mid July over 130 million Americans expected to receive 300 to 1200 dollars, but cases like Teresa and Steve Smith in Michigan show delays due to fees deducted from refunds and TurboTax glitches. The IRS aims to fix software issues, urging patience while stimulus checks are mailed and direct deposits ramp up to full capacity.
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