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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 05, 2005
Page
18
Shares fell as several firms warned of profit shortfalls and higher costs likely to pass to consumers. A Fed official signaled more rate hikes ahead. Dow dropped 94.37 to 10,441.11 and Nasdaq fell 16.07 to 2,139.36 with more decliners.
Flexsteel Industries, once a top private employer in Dubuque, offers contract concessions to hourly workers that would reduce wages and benefits but preserve employment. USW Local 1861-U represents about 360 workers who vote on Sunday. In farm policy, final 2004 crop countercyclical payments are 29 cents per bushel for corn, with partial prior payments totaling 28 cents and 1 cent due. no final payment for soybeans as prices exceed targets, while overpayments for soybeans from partial payments will be recovered.
Port Washington based Steve & Barry's University Sportswear reportedly filed remodeling plans with Cedar Rapids to open a store at Westdale Mall. Company, mall managers and Festival Companies did not return comment. The private retailer has 80 stores and aims to add 60 more nationwide this year.
The Cedar Rapids area based Asoyia teams with Dairyland Seed to breed higher yielding ultra low linolenic soybeans that are non GMO and not Roundup tolerant. Asoyia, farmer owned and based in Winfield, plans 12 million pounds of oil from 2005 harvest. Darwin Carroll of Columbus Junction notes strong grower relations and demand. Contact: Mariene Lucas.
The American Farm Bureau survey shows 16 basic grocery items cost $31.83 in Iowa City and $31.55 in Cedar Rapids for the third quarter, down from the prior quarter. Nationally average price for the 16 items is $39.96, with declines in meat dairy and poultry and increases in russet potatoes and mayonnaise.
R H Donnelley Corp agrees to buy Dex Media Inc for 4.2 billion dollars creating the third largest yellow pages publisher in the United States. The combined company will publish over 600 directories in 28 states with 73 million total circulation and 10.68 billion dollars in debt.
Alliant Energy Corp has started selling 10 China based power plants with four deals completed or pending by November and a five plant portfolio to be sold later. The Madison parent said losses from the China units weighed on earnings, with $186 million in one time charges. The company aims to finish sales by June 2006 and reports strong bidding interest for the plants.
Iowa will receive 2.7 million dollars as part of a 331 million multi state settlement with MCI Inc to resolve accounting fraud allegations tied to 1999 to 2002 tax filings. Virginia based MCI did not admit wrongdoing.
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