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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 01, 2005
Page
20
The Dow rose 15.92 to 10,568.70 and the Nasdaq gained 10.47 to 2,151.49 as oil declines ease consumer worries after Hurricanes Katrina and Rita. McLeodUSA said lenders extended its forbearance to Oct. 31 while negotiating a capital restructuring. shareholders will not recover their investment.
MCI Inc. shut its outbound call center at 1925 Bogrum Street in Iowa City on Friday, eliminating about 200 positions. The move, announced July 29, aims to cut costs and adapt to market conditions. About 60 affected staff may transfer to Cedar Rapids, with resume workshops offered. A 60 day WARN notice was provided.
The Biosciences Alliance of Iowa reviews 22 proposals and will back three with funding on October 20 as it aims to seed 100 Iowa biotech firms within five years. Executive insights from Charles Klasson and Karen Merrick stress state support and a broader biotech frame beyond pharmaceuticals.
A Ruby Tuesday franchisee plans a 5260 square foot Cedar Rapids location at Edgewood Road Williams Boulevard and Wilson Avenue SW. The 228-seat restaurant will have 87 parking spaces and may signal additional Iowa outlets. Construction to begin soon with Point Builders as general contractor and Brain Engineering as engineer.
Iowa producers expand breeding herd modestly as demand is seen weakening by late 2006. Experts note high building activity replaces older facilities, while prices are forecast to stay in profitable ranges from late 2005 into 2006.
MidAmerican Energy will spend 9.2 million to ease transmission bottlenecks in Iowa and accelerate 14.7 million in planned upgrades as part of a settlement over alleged tariff violations. FERC audit found improper use of network transmission by wholesale units and unclear tariff compliance. President Todd Raba noted complexity and partial implementation of 28 compliance measures. Investments target Quad Cities and Montezuma, improving market efficiency.
Federal regulators accuse Ohio broker Todd Delay and two Nebraska feedlots of orchestrating more than 1 million dollars in profits through sham cattle sales used to manipulate the weekly cash market report. Delay and partners allegedly raked in about 1.1 million dollars, with 250 thousand paid to Delay and family.
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