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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 13, 2009
Page
6
Traders held a cautious tone as earnings previews flowed in and the market drifted. The Dow neared 10,000 at 9,931 intraday, finishing up 20.86 to 9,885.80 as energy and materials rose on a weak dollar and higher oil, while tech and industrials lagged. S&P 500 rose to 1,076.19 and Nasdaq slipped to 2,189.14 with light volume from Columbus Day observance.
Oil and fuel prices climbed as a cold front pushed up demand. Benchmark crude for November settled at $73.27, the highest since August. Heating oil rose to $1.8944 a gallon and natural gas jumped to $4.86 per 1,000 cubic feet amid a weaker dollar.
The U S Department of Labor announced that former Montezuma Manufacturing and Skyjack Manufacturing employees are eligible to apply for Trade Adjustment Assistance. Eligible workers may receive reemployment services training and income support while enrolled in retraining programs.
UrbanCoolRadio com launches a 24 hour Internet radio stream from Cedar Rapids featuring jazz R B and adult alternative music. Managing Partner Brett Lewis says the service targets adults 25 to 54 and invites contact at 1 888 287 8212. Pancheros Mexican Grill opens third Cedar Rapids restaurant at 5300 Edgewood Road NW.
Iowa farm lenders brace for rising foreclosures as low prices and high input costs squeeze dairy hog and grain operations. Mediation may help avert foreclosures while 1,000+ cases expected this year, near 1990s activity. Officials warn rural Iowa faces tough times ahead.
George C. Ford reports how Chris and Megan Koeppel of Shellsburg escaped payday debt with Veridian Credit Union’s payday alternative loan program. The program doubles loan amount for savings, offers rates around 19 to 21 percent, and requires direct deposit with automatic repayments. Koeppels credit improved, enabling them to handle a basement flood without resorting to payday lending, while Town Community Credit Union ended a similar program.
Barred from keeping control of his 460 properties in a Cedar Rapids bankruptcy, Robert Miell faces conversion of his Chapter 11 case to Chapter 7 liquidation. Judge Paul Kilburg ordered the shift as lenders cited unpaid taxes, insurance gaps, and property disrepair, while Miell fights tax and fraud charges in district court.
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