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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 20, 2009
Page
6
Subdued economic recovery spurs selling across major indexes. The Dow declines 93.87 to 10,332.44, down from earlier losses, while the S and P 500 drops 14.90 and the Nasdaq falls 36.32 as energy, materials, and tech carry the dull market. A chip industry downgrade weighs on tech shares.
Tyson Foods Inc. named Donnie Smith as chief executive to replace interim head Leland Tollett. Smith, senior group vice president of poultry and prepared foods, will assume the role immediately, the Springdale Arkansas based company said.
Freddie Mac reports the 30-year fixed mortgage average at 4.83 percent, down from 4.91 percent last week, with the 15-year fixed at 4.32 percent and five-year adjustable at 4.25 percent.
Iowa's late grain harvest pushed up fuel costs with regular unleaded up 14 cents to $2.51 a gallon from Oct 16 to Nov 16. Propane used for grain drying rose 26 cents to $1.57 per gallon, per Iowa Office of Energy Independence.
Cedar Rapids firm FyreSTORM Cable & Fibre seeks 139 million in federal stimulus to deploy fiber in 19 Eastern Iowa communities. Incumbent providers criticize the plan as duplicative and unfair while noting the state is well served, even as Lucas defends the project and its 450 jobs and higher wages.
In Detroit neighborhoods like Sherwood Forest, residents team up to care for foreclosed homes. Volunteers mow lawns, paint boarded windows, and form committees to prevent blight while city officials work on prevention and neighborhood revival efforts.
The Iowa Department of Economic Development approved more than $600,000 in incentives for Agri Star Meat & Poultry in Postville to fund a $6.7 million expansion adding a line of oven baked beef and poultry. The project aims to create 168 new jobs and retain 140.
The Mortgage Bankers Association reports that 9.6 percent of borrowers were delinquent on mortgages in Q3 and 4.5 percent more were in foreclosure, totaling about 14 percent delinquent or in foreclosure. Unemployment rising, Sun Belt states bear much of the burden, with FHA-insured loans rising to 10.6 percent from 7.8 percent year over year.
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