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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 28, 2003
Page
14
A pair of upbeat readings on consumer confidence and home sales sent Wall Street higher. The Dow gained 179.97 points to 8781.35 and the Nasdaq rose 46.60 to 1556.69 as volume reached 1.99 billion shares, with traders eyeing bargains after prior declines.
The SEC voted unanimously to require executives to certify their firms maintain adequate internal controls to prevent and detect accounting fraud. The rules, ordered by Congress, take effect in June 2004. Auditors must attest the controls are adequate and management must report quarterly any substantial changes.
The euro rose to a record high above $1.19 in Tokyo and $1.1932 in Europe, aiding U.S. exporters but hurting Europe and American tourists. Firms like McDonald’s, Kellogg, Procter and Gamble, Sara Lee and Caterpillar benefit from stronger euros while European economies face higher prices for travel and goods. The dollar’s weakness deepens pain for Europe’s exporters amid tourism concerns and SARS.
A mostly dry week let Iowa farmers near completion of corn planting with 94 percent done, 64 percent of soybeans planted, and progress lagging behind normal. Don and Don Weber near Hopkinton finished planting amid two weeks of rain while a cold front kept highs in the 60s. Corn emergence sits at 68 percent, soybeans at 10 percent, with last week’s wetter pattern delaying work and stressing growers about changing conditions.
Clark Retail Enterprises Inc plans a structured sale of up to 630 convenience stores and gasoline stations in nine states after filing for Chapter 11. Stores in Cedar Rapids and eight other Iowa cities will be sold by sealed bid, with individual packages prepared for each property and by Friday.
The Conference Board index rose to 83.8 in May from 81, a six month high, as consumers expect a near term recovery while job market anxiety and higher present conditions weigh on current sentiment. Housing shows strength with new home sales up 1.7 percent to 1.03 million and existing sales up 5.6 percent to 5.84 million aided by lower mortgage rates. The Present Situation Index slipped to 67.9 from 75.2 as unemployment concerns persist.
Canada will present a solid case to end the U S ban on Canadian beef after testing on herds linked to a lone BSE case in Alberta. Officials say the risk to public health is minimal while tracing feed sources and verifying the infected cow’s origins.
The Communications Workers of America District 7 will push for a two-year deal without raises through 2005 as Qwest Communications faces $20 billion debt, stagnant revenue, and probes. The talks started this month with 28,000 represented workers ahead of an August contract expiry. The Denver firm serves Iowa and 13 other states.
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