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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 02, 2012
Page
6
Banks avoided a Greek debt crisis hit as stocks rose led by the Dow up 28 to 12,980.30, the S&P 500 gaining 8.41 to 1,374.09, its highest close since June 5, 2008, and the Nasdaq up 22.08 to 2,988.97.
Deere & Co. will spend 70 million dollars to boost capacity 10 percent at its Waterloo Iowa facility that produces large farm tractors and parts for other plants. The upgrade should finish by mid 2013 and will not add manufacturing jobs. The Waterloo operation employs about 6000 people and ships tractors to more than 130 countries.
Eastern Iowans see smaller heating costs as warmer weather and cheaper gas cut bills. Interstate Power and Light Co. reports the average residential bill from October to February fell to 410 dollars, down 22 percent from 619 dollars the previous winter, per spokesman Scott Drzycimski.
The Iowa Business Council reports a quarterly Economic Outlook Survey Index of 66.3 up four points from three months ago, signaling positive sentiment about the next six months. Chair Stan Askren notes stronger sales and capital spending forecasts and a recovering job market, though two components lag from a year ago.
Lamborghini Asia Pacific chief Christian Mastro said China’s slower economy may delay buyers of the Aventador LP 700-4. Despite a 70 percent lift in 2011, the maker aims to grow China deliveries 20 to 30 percent this year, expanding dealers to Xi’an Nanjing Changsha and Shenyang as total China sales outpace the US again.
February U.S. automaker results show strong demand for compact models like the Focus and Civic as gas prices rise. Ford and Honda benefited with double digit gains, VW and Chrysler posting large increases while Toyota eyed a peak near 15 million annual sales. The average vehicle price topped 30,605 dollars.
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