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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 08, 2003
Page
14
Wall Street extended its October winning streak to a fifth day amid cautious trading ahead of third quarter earnings. Alcoa reported a 45 percent rise in earnings and beat estimates by four cents a share. The Dow rose 59.63 to 9654.61 and the Nasdaq gained 14.39 to 1907.85, with advancers ahead of decliners about 3 to 1 and light volume.
Kraft Foods Inc will sell Rainforest Alliance certified fair trade coffee, joining Sara Lee and Procter & Gamble as top U.S. sellers adopting the pricier line to boost profits for growers in Latin America. Moody's flags Pemex credit risk as Mexico peso slides.
The Gazette reports Iowa farmland values continue to climb with 25 percent of bankers predicting further gains and 72 percent expecting stability. Values rose 3 percent in the April 1 to July 1 period, 7 percent since July 2002, led by development and non farm investment demand.
The National Highway Traffic Safety Administration introduced a dynamic rollover test for new vehicles. The test simulates a panic left turn at 35 to 50 mph then back to the lane, aiming to improve consumer information alongside existing static ratings. Officials cited ongoing analysis by industry groups and noted tests measure wheel lift, with outriggers in place to prevent actual rollovers.
A 10th Circuit panel said the FTC may operate the national do not call registry while a telemarketing challenge continues. The decision keeps the registry active after prior rulings blocked its start, noting substantial governmental interests in preventing abusive sales and protecting home privacy. Oral arguments are set for Tulsa on Nov. 10.
Coca Cola agrees to pay former finance manager Matthew Whitley 540000 after a whistle blower suit alleging fraud tied to a marketing test inflate Frozen Coke popularity at Burger King in Virginia. Settlement includes severance and legal fee components. investigations by prosecutors and the SEC continue.
Jerre Stead executive chairman of HAIC and former Ingram Micro CEO praised Iowa for venture capital growth and high tech advances. He cited an improved business climate and top education as factors fueling future growth, receiving the 2003 lifetime entrepreneurial achievement award.
West Des Moines approves a 33.5 million package to lure Wells Fargo home mortgage division, aiming to create 3,300 jobs and 118 million dollars in development. Rebates hinge on 1,650 jobs by Sept 80, 2007 and another 1,650 by Jan 1, 2010, with earlier payouts possible.
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