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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 01, 2011
Page
11
Stocks end a gloomy quarter with the Dow down 240 points to 10,913 a 2.2 percent drop. The S P 500 falls 29 points to 1,131 a 2.5 percent decline and the Nasdaq composite drops 65 to 2,415 a 2.6 percent slide. The S P index shows a 14 percent quarterly loss.
AirCover Integrated Solutions Corp a Cedar Rapids startup that makes unmanned surveillance systems for law enforcement and military received a 175000 royalty award from the Iowa Economic Development Board. The company will move some California made equipment to Cedar Rapids and invest 5 million to build sub five pound remotely controlled drones creating 15 to 20 jobs over three years Priority One said.
Ronald Klosterman announced plans to retire as Flexsteel Industries president and CEO before year end 2012 after a near 40 year tenure with the Dubuque furniture maker. He joined as staff accountant and rose to CFO and COO before becoming president in 2006. An executive search firm will identify successors.
H R Block will drop its Expresstax brand after announcing it will not offer refund anticipation loans next tax season. The move follows the company ending Expresstax services for early filers seeking quick refunds.
Despite employment and a loan modification, Jose Palomo loses home and sale of her Fontana California dealership.
McClatchy reports on Jose Palomo facing foreclosure despite a CitiMortgage modification and other homeowners in high delinquency amid a weak recovery. Since 2009, 1.6 million government modifications started, 791,000 permanent, under 4 million goal, with 690,000 private changes by August 2011. Faith Schwartz of Hope Now cites more proprietary mods outside the program.
Tokyo based Cosmo Power introduces a fiberglass floating capsule called Noah shelter to protect up to four people during disasters. President Shoji Tanaka notes the $3900 unit has survived crash tests, features a lookout window and top breathing holes, and can be used as a toy house for children. Two capsules delivered with 600 orders pending.
Iowa gasoline prices fall as crude oil drops near 81 dollars a barrel. The average midgrade ethanol blend costs 3.38 per gallon statewide, down 12 cents from last week and 14 cents from a month ago, with diesel at 3.76.
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