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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 09, 2005
Page
16
Oil prices topped 55 dollars a barrel and Texas Instruments earnings disappointment weighed on stocks. The Dow fell to 10 912.62 and the Nasdaq to 2073.55 as investors priced in soft tech results and energy gains.
Jonathan J. Bush, head of J. Bush & Co., and the firm must pay more than 500000 dollars after a NASD panel found unsuitable investments and misrepresentation in stock portfolio recommendations to two former clients. The ruling involves President Bush's uncle and money manager.
The Senate moved a major bankruptcy reform bill toward final passage as negotiators check House readiness. The plan would tax poor filers by income versus state medians, routing some through Chapter 7 while others enter Chapter 13 repayment plans. Grassley touted the measure as curbing abuse and aiding those in need, while Kennedy referenced hardship stories to question the bill’s reach.
Dick Blick Art Materials will relocate from 223 E. Washington St. to a 7,300 square foot store at 201 S. Clinton St in Old Capitol Town Center this spring with a late May opening and a June grand opening. The move increases size and adds dual Clinton Street access. The mall pivots include a new fish and chip style restaurant and Books on the Mall lease, while Younkers closure leaves questions about 60,000 square feet and a possible 10 story residential conversion.
The Commerce Department upheld penalties averaging 10.63 percent on Canadian hog imports for unfair pricing, confirming a prior ruling and adjusting duties since October. Final decision rests with the U.S. International Trade Commission, expected by April 18, as U.S. producers say low-priced imports harmed prices while some smaller farmers warn of hardship.
Collins wins a contract to upgrade 18 E-8C Joint STARS aircraft with avionics including a Flight Information Management System. Northrup Grumman will integrate the systems. the deal could be worth up to 50 million over four years. Delivery of first systems is expected late this year.
Alcoa will reduce about 80 salaried positions at Davenport Works in Iowa within 10 days as part of a broader restructuring. The plant employs 400 salaried and about 1,700 hourly workers, with no anticipated hourly cuts. Career transition services will be offered and a companywide hiring freeze remains in effect since December.
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