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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 16, 2009
Page
6
A late day rally left stocks higher as oil gains boosted energy shares while banks lagged. The Dow rose 47.08 to 10,062.94, its first close above 10,000 in a year, the S&P 500 gained 4.54 to 1,096.56, and the Nasdaq added 1.06 to 2,173.29.
Government data show refiners reduced fuel production last week triggering higher energy costs. Gasoline averaged 2.487 per gallon up modestly from prior levels while crude settled at 77.58 per barrel after briefly touching near 78. Prices remain well below June’s 2.69 peak and last year’s 3.12.
Anheuser-Busch InBev and NBC Universal announce a sponsorship making Bud Light Golden Wheat the sole national advertiser on this week’s Saturday Night Live. The deal covers 11 commercials and adds 6 to 7 minutes of extra show time, with cost undisclosed, marking a first in SNL’s 35 seasons.
Freddie Mac reports fixed rates on 30 year home loans averaged 4.92 percent, edging above 4.87 percent last week and well below 6.46 percent a year ago. The 15 year fixed rate rose to 4.37 percent from 4.33 percent, still under the year ago level of 6.14 percent.
Tyson Foods will hire 60 workers to make pet treats at its re opened Independence plant after a 6.6 million dollar upgrade. The project won 400 thousand dollars in loans from the Iowa Economic Development Board and a 96 thousand dollar tax financing package plus a water use exemption saving about 698 thousand dollars over 10 years. Former Tyson staff are expected to vie for the new posts as the facility expands to 100 thousand square feet if needed. The plan includes waste control measures and refrigeration for raw materials. The announcement also covered Wacker Chemical’s 87 million dollar fermentation plant in Monroe County and Cedar Rapids Waterloo aid packages for Cedar Rapids and downtown Waterloo projects.
Coffee venture led by Eric Krob of Espresso 134 revives 128 year old Lis bon dentist office at 1384 E Main St. City offered aid to renovate instead of demolition. Krob's upgrade exceeded 17 500 yet to seat about 70 with indoor and outdoor spaces, plus live music on the rear patio.
Espresso 134 e at 134 E Main St Lisbon opens Mondays through Saturdays serving pastries breakfast and lunch with coffee tea and a public meeting space. Owner Krob, who runs Hawkeye Flooring and Elie Stone Fabrication, plans evening community group use and eventual Iowa wine sales. Contact writer at 319 398 8317.
Cedar Rapids experts say the planned sale of about 460 rental properties from Robert Miell’s bankruptcy will not flood the market. Banks will sell quickly. buyers include first time homeowners, flood victims, and investors. Properties range from 12-plex to 32-unit site examples, with many needing code upgrades for rental permits.
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