Markets slide as Greenspan hints at no rate cut
Investors pull back after Federal Reserve Chairman Greenspan signals no immediate rate cut. Dow falls 141.60 to 10,495.28 while Nasdaq sits around 2,151.83. volume reaches 1.43 billion shares. WorldCom trims nearly 6,000 U.S. jobs in a broad corporate realignment affecting MCI operations in Cedar Rapids and Iowa City.
MENTIONED IN THIS ARTICLE
Federal Reserve
Alan Greenspan
New York Stock Exchange
Iowa
Kohl’s
Fiserv
General Electric
U.S. Cellular
WorldCom Inc
United States
WorldCom
Cedar Rapids
Iowa City
Tyson Revises IBP Offer Cash Payment Plan
Tyson Foods says it will still pursue its $3.2 billion IBP deal to become the top beef and pork producer, but will pay the cash portion and the stock in a single lump sum at closing after missing the cash deadline. The merger, approved by the DOJ, still targets a May 31 closing.
MENTIONED IN THIS ARTICLE
Tyson Foods Inc
IBP Inc
Tyson
IBP
Justice Department
Maytag veteran Richard Hemp returns as senior VP of sales
Richard Hemp re joins Maytag Corp major appliance division as senior vice president of sales to succeed Randolph Melville who is leaving. Hemp, a 34 year Maytag veteran, retired in 1999 after leading sales for Jean Air Magic Chef and Maytag Appliances. He had served as interim president of Luther College since retiring. The appointment is effective immediately.
MENTIONED IN THIS ARTICLE
Richard Hemp
Maytag Corp
Hemp
Randolph Melville
Maytag
Maytag Appliances
Luther College
State Farm Net Income Falls 60 Percent in 2000
State Farm Insurance Cos says 2000 net income dropped 60 percent to 408.1 million from 1.034 billion as underwriting losses rose to 3.3 billion. Pretax operating loss reached 1.9 billion amid higher claims and stiffer auto insurance competition.
MENTIONED IN THIS ARTICLE
State Farm Insurance Cos
Settlement revives pork checkoff under new separation
The settlement with USDA allows the national pork checkoff to continue while the National Pork Producers Council loses its role as general contractor. The National Pork Board will implement checkoff funded promotion and research, with NPPC focusing on policy issues funded separately. A voter referendum on the checkoff, opposed by many Iowa producers, will be followed by a new producer and importer survey to gauge support for another vote.
MENTIONED IN THIS ARTICLE
NPPC
National Pork Board
USDA
Michigan Pork Producers Association
Independent Pork Producers
The
Joel van Gilst
Oskaloosa
Iowa Pork Producers Association
Iowans remain bullish on Europe travel despite disease fears
Eastern Iowa travel agents report strong early bookings to Europe for the May travel season, led by Italy and Spain. Agents say foot-and-mouth disease fears have not slowed demand, noting the disease is not human contagious and that a stronger dollar boosts trips.
MENTIONED IN THIS ARTICLE
England
Britain
Annette Reed
Hawkeye World Travel
Iowa City
Carlson Wagonlit Travel
Cedar Rapids
Julie Hender
Europe
Hender
Economic growth hits five year low in 2000 Q4
The Commerce Department reports the U S economy expanded at 1 1 percent in the fourth quarter of 2000 the slowest pace since 1995 as exports fell and outlays on durable goods declined The inflation gauge tied to GDP rose 1 9 percent while full year 2000 price increases reached 2 4 percent The slowdown prompts widespread layoffs across sectors in the year end snapshot
MENTIONED IN THIS ARTICLE
United States
U.S
Bill extends protection for bankrupt farmers
The House approved a bill to extend Chapter 12 bankruptcy protections for farmers by 11 months beyond the July 1 2000 expiration. It would allow farmers with debts under 1.5 million and at least 50 percent income from farming to avoid forced asset sales and continue operating while reorganizing. The measure passed 408 to 2 with opponents Rep. Paul and Rep. Rohrabacher.
MENTIONED IN THIS ARTICLE
Washington, D.C
House
Nick Smith
Smith
Greenspan says economy will stay weak and needs rate cuts
Federal Reserve Chair Alan Greenspan warned the economy remains weak and has not run its full course, signaling readiness to cut interest rates again. He spoke to the House committee as President Bush pushed for rapid tax cuts, while Greenspan urged a trigger to curb spending if surpluses shrink.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Greenspan
House Financial Services Committee
Bush
Beaver
Fed
Congress
Senate Banking Committee
Deere labor needs create opportunity in Iowa program
The Gazette reports a new Hawkeye Community College program aims to help 120 Eastern Iowans save on tuition, gain paid internships, and secure CNC machining jobs at John Deere Waterloo Works as the plant plans to replace about 1,000 retiring workers.
MENTIONED IN THIS ARTICLE
Gazette Staff
Waterloo
Hawkeye Community College
John Deere Waterloo Works
Deere program aims to hire 120 for Waterloo CNC
Waterloo Works plans a six year effort to add 120 new employees through a CNC Machining program. Starting wages exceed 11.19 per hour with productivity bonuses, and applicants must meet college entrance requirements and pass John Deere selection. Loans up to two thirds of the one year degree are forgivable after three years of service.
MENTIONED IN THIS ARTICLE
William Norton
Waterloo
John Deere
HCC Foundation
Deere & Co
Iowa
CNC
Deere
Tama Hall
HCC
Orange Rd
Westfield Ave
Also Mentioned on This Page
Djia
At&t
Deb Blume
State Farm
BizFacts
Krt
NPD
Council of Producers
By Marlene Lucas
Michigan
Pete Blauwickel
Fowler, Mich
Allan Mallie
Linn County
Iowa Pork Congress
Lori Reece
Travel Concepts Inc
Gateway Travel Agency
Marion
Kris May
Italy
Irish Department of Agriculture
Dublin
Commerce Department
Addison, Mich
Ron Paul
Texas
Dana Rohrabacher
California
Senate
Alan
Greenspan Fed
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