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Cedar Rapids Gazette in Cedar Rapids, Iowa

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Newspaper

Cedar Rapids Gazette

Location

Cedar Rapids, Iowa, United States of America

Date

Oct 12, 2001

Page

19

Wall Street ends near pre Sept. 11 high on earnings surge

The Dow rises 169.59 to 9410.45 and the S&P 500 gains 16.44 to 1097.43 while the Nasdaq adds 75.21 to 1701.47. Eastern Iowa stocks advance as RF Micro Devices, Penford, and Maytag climb. Mortgage rates fall to 6.58 percent for 30-year fixed, the lowest since 1998.

Wall Street New York Stock Exchange Iowa Penford Maytag Freddie Mac

Land O Lakes completes Purina Mills purchase

Land O Lakes Inc. completed the $230 million cash purchase of Purina Mills Inc. making it part of Land O Lakes Farmland Feed LLC. The deal includes assuming about 125 to 130 million dollars in debt and aims to gain economies of scale in a consolidating feed industry.

Land O’lakes Inc Purina Mills Inc Purina Mills Land O’lakes Farmland Feed LLC Land O’lakes Jack Gherty

GE Earnings Rise 3 Percent Despite 9 11 Losses

General Electric reports third quarter net income of $3.28 billion or 33 cents a share, up from $3.18 billion and 32 cents a year earlier, with $400 million in insurance losses from the September 11 attacks. Jeffrey Immelt cites diverse portfolio and staff as drivers of growth and projects $1.41 per share for the year.

General Electric Co Jeffrey Immelt

OPEC Talks Of Large Output Cut Amid Price Slide

OPEC considers cutting production by 700000 to 1000000 barrels a day to defend prices. Ali Rodriguez said Venpres that Chavez proposed the cut from Vienna by phone. Chavez aims to build consensus in Europe to stabilize the market after last month’s terrorist attacks.

OPEC Venpres Organization of Petroleum Exporting Countries Hugo Chavez Ali Rodriguez Vienna Chavez Europe

First U.S. infestation of Asian stink bugs found in Allentown

Cornell scientist Hoebeke reports the brown marmorated stink bug has been identified in residential areas of Allentown Pennsylvania. The marbled shell insect, native to China Japan and Korea, may have been shipped in containers bound for the United States and poses a threat to farmers and crops including Fuji apples and other vegetables.

Cornell University United States Allentown China Japan South Korea Hoebeke U.S Asia

Rockwell Collins to slash 2,800 jobs in expanded plan

Cedar Rapids based Rockwell Collins will cut about 2,800 jobs companywide as the expanded layoff plan takes effect next week. CAS will shed about 230 jobs with one service center closing in Los Angeles. Downers Grove engineering center to shut Oct. 19. Most affected notified by Nov. 30 with further cuts in Iowa into 2002.

CAS Cedar Rapids Los Angeles Rockwell Chicago Downers Grove Rockwell Collins Doug Wagner Iowa Coralville Government Systems Aerospace Decorah Manchester

Amana strike disrupts deliveries at Coralville center

Union pickets at Amana Refrigeration distribution center north of I-80 disrupt some loads of refrigerators. Drivers have largely honored the lines since September 29, while center employees remain at work and no layoffs there have been announced.

Amana Miller Wal-Mart Commerce Drive

Cattle Investors Face $210 Million Loss Amid Bankruptcy Case

In Kansas City hearings Judge Jerry Venters weighs ownership of disputed cattle in the George Young collapse. Young's operation claimed 343,937 head but held 28,784 on farms across Iowa Missouri Nebraska valued at about $19.9 million. Attorneys estimate investors paid $177.3 million with potential recovery from cattle sales.

Omaha, Neb Missouri George L. Young Young Grant City FBI Omaha World Herald Kansas City Robert Cook Iowa Nebraska George Young Jerry W. Venters Venters

Harkin criticizes House farm bill as terrible

Sen. Tom Harkin says the House 10 year 170 billion farm bill repeats current policy, raises commodity subsidies by about 74 billion, and favors cotton and rice. He aims for a bipartisan careful bill with counter cyclical aid and more ethanol, not rush to pass a flawed plan.

James Q. Lynch Gazette Tom Harkin House Iowa Democrat Senate Agriculture Committee Harkin Iowa Senate Tom Daschle S.D

U.S. to Appeal WTO Ruling on Corporate Tax Breaks

The Bush administration will appeal a WTO decision finding over 4 billion in U.S. tax breaks illegal subsidies. The ruling could let the EU impose tariffs on American exports, and the appeal delays sanctions by at least two months. EU officials say the move delays compliance.

U.S WTO Washington Bush Administration World Trade Organization European Union Robert Zoellick United States Brussels

Also Mentioned on This Page

Djia BizFact Penny Larry Harmon Kirkwood Community College Harmon Oma Buzz Orr Maytag Corp Adam Winders Brian Vercande North English Scott Mihal Webster Winders Vercande Mihal Jim Powell Powell David DeWitte Davidd South Dakota Anthony Gooch Congress Ater Mme Dee Blairs Ferry Palo Marsh Williams
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