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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 12, 2011
Page
17
Broad stock sell off erodes gains with the Dow down 130 points to 12 630 03 the S P 500 at 1342 08 and the Nasdaq at 2845 06 A former Wall Street titan Raj Rajaratnam found guilty on five conspiracy counts and nine securities fraud charges in Manhattan federal court ending a major insider trading case involving hedge funds.
Fraud affecting many Michaels stores across Illinois and 19 states led to direct ATM withdrawals from customer accounts. The company will replace 90 tampered PIN pads in all U.S. stores within 15 days. In Tokyo, Toyota faces a 75 percent drop in quarterly profit as earthquake disrupted northeast suppliers and halted production.
Google announced the first Chrome OS computers will go on sale June 15. Netbooks from Samsung and Acer will run the cloud based system where software and user files reside on the Internet rather than the device’s hard drive.
An official from the U S Chamber of Commerce warns that delays on three free trade agreements with Colombia Panama and Korea let rivals gain market share and cost U S jobs in Cedar Rapids. He urges Congress to approve the pacts to expand exports and employment.
A Treasury agency considers stricter standards for wine label terms such as estate bottled barrel fermented reserve and bottle aged. Industry groups wineries and foreign governments weigh impacts while debates center on truthfulness and allowed rhetoric.
USDA says corn inventories may rise to 900 million bushels by Aug 31 2012 from 730 million this year. Analysts culled by Bloomberg project 822 million, while harvest output could reach 13.505 billion bushels with yields near 158.7. Wet weather delays planting across several states.
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