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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 16, 2005
Page
17
Wall Street faced a slide as inflation fears and reports of anthrax at the Pentagon weighed on sentiment. The Dow fell 59.41 to 10 745.10 and the Nasdaq dropped 16.06 to 2034.98 as oil neared $55 per barrel.
South Slope CEO says big players keep customers by service, not price, while awaiting possible entry into rural markets. Law ends retail rate regulation July 1 for deregulating companies, with caps and required reinvestment in high speed internet. Meant to foster competition and protect service quality under Iowa Utilities Board oversight.
Iowa City plants to hear state aid at 3 p.m. for a five line expansion. If approved, Lear will invest 17 million dollars upgrading to boost efficiency and save 318 of 746 jobs at the site.
Cedar Rapids officials review a plan by Scott Byers of NAI Iowa Realty Commercial to demolish the former Menards across from Lindale Mall and build Market Place on 1st a 180000 square foot commercial district. The proposal seeks an urban revitalization tax exemption at 44 percent for 10 years with about 16 million dollars in capital investment and tenant announcements possible within two weeks.
The WTO found Brussels rules limiting geographic food labels violate global trade rules, backing U S and Australian complaints that EU practice blocks foreign producers from using names like Florida oranges and Idaho potatoes. EU still preserves some protections including Parma ham Roquefort and Madeira wine origin rules.
The SEC accuses Joseph Nacchio and six Qwest leaders of a massive financial fraud from 1999 to 2002. Denver based Qwest booked one time asset sales as recurring revenue and restated about 3 billion dollars, aiding the 2000 merger with U S West.
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