Oil prices climb as GM outlook dims markets
Wall Street slid as crude topped 56 dollars a barrel raising inflation fears. General Motors grim first quarter outlook weighed on the Dow, which lost 112 points to 10,633 while the Nasdaq fell 19 to 2,015 with decliners outpacing advancers five to two.
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Wall Street
General Motors Corp
Dow
New York Stock Exchange
FTC moves to block Blockbuster Hollywood deal
The FTC is likely to file suit to block Blockbuster Inc proposed acquisition of Hollywood Entertainment Corp on antitrust grounds. Blockbuster officials said FTC staff meetings were fruitless and the agency may sue. FTC could not confirm. Smithfield to close Case Ready Meats plant in Sioux City in 60 days eliminating 105 jobs. Gillette facing shareholder lawsuits over 54 billion acquisition by Procter & Gamble alleging fiduciary breaches and excessive exec pay. suits seek to halt deal. Gillette and P&G operate plants in Iowa City.
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Blockbuster Inc
Hollywood Entertainment Corp
Blockbuster
Edward Stead
FTC
Mitch Kates
Smithfield Foods Inc
Case Ready Meats Inc
Sioux City
John Morrell & Co
Smithfield Foods
Gillette Co
Procter & Gamble Co
Gillette
Securities and Exchange Commission
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Gazette, Wire Services
Goat quadruplets born to rural Iowa nanny a dairy rarity
Tammy and Kent Mysak in Springville helped a Nubian Alpine cross nanny deliver four kids two females and two males rare for goats. Experts say quadruplets occur in about 1 in 5000 births and the family plans to sell the youngsters later. Kylie Mysak named one male Gomer as they celebrate the unusual event.
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Laura Segall
the Gazette
Kylie Mysak
Springville
Tammy
Kent Mysak
Tammy Musak
Kent
Curtis
Youngs
Iowa State
Kylie
Mysakcs
Qwest boosts bid to buy MCI targeting Verizon merger
Qwest Communications increases its offer to 8.5 billion to buy MCI Inc. and block the Verizon deal. The proposal includes substantial cash and is to be sent to MCI by Wednesday evening amid looming board reviews and potential proxy actions. Verizon questions Qwest’s savings and growth claims while Qwest argues for higher savings.
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Qwest Communications International Inc
MCI Inc
Verizon Communications Inc
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MCI
FAPRI projects steady 2005 farm income amid rising costs
The Food and Agricultural Policy Research Institute forecasts net farm income dropping from 74 billion in 2004 to 59 billion in 2005 after inflation adjustments still above pre-2004 averages. Production costs rise about 1 percent annually, with corn and soybean output stabilizing and beef markets rebuilding as trade normalizes post border openings. Prices for lean hogs and cattle shift with supply, ethanol demand, and export conditions.
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Gazette
Food and Agricultural Policy Research Institute
Pat Westhoff
University of Missouri
Iowa State
FAPRI
Scott Brown
Nebraska
Brown
U.S. Current Account Deficit Hits Record High
The Commerce Department reports a 25.5 percent rise in the 2004 2005 current account deficit to a record 665.9 billion dollars as Japan China and other nations fund U.S. imports. Forecasters warn the gap could widen by up to 100 billion, risking weaker dollar higher rates and lower stock prices.
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Washington
U.S
Japan
China
Commerce Department
United States
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