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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 29, 2009
Page
6
Major market indexes fell for the first time in about a month after the Commerce Department reported new home sales declined. The Dow dropped 119.48 to 9,762.69, the S&P 500 fell 20.78 to 1,042.63, and the Nasdaq declined 56.48 to 2,059.61.
Deere & Company will recall 452 employees at its Ottumwa Works starting November 30 to begin production of 2010 models. Most had been laid off earlier in the year due to weak demand from the recession. The company aims to have all back before the plant’s December 28 holiday shutdown, though 78 will stay on layoff until market conditions improve. The Ottumwa plant makes balers, mower conditioners, windrowers and pull type forage harvesters for hay and livestock producers, with about 980 total hourly and salaried staff, including those on layoff.
U S factories booked higher demand for durable goods in September with a 1 percent gain, aided by a 7.9 percent jump in machinery orders—the strongest showing in 18 months—while aircraft and autos weakened. The Commerce Department reported the data on Wednesday, aligning with economists’ expectations.
International Paper, the world’s largest wood products company with two Cedar Rapids plants, reported third quarter profit rising to 371 million dollars or 87 cents a share, driven by a 525 million dollar federal alternative fuel tax credit. Excluding the credit, earnings from continuing operations were 37 cents per share, down from 84 cents a year ago, as sales of cardboard box materials fell.
GMAC, the former GM lending arm, is negotiating with the Treasury for a third round of aid. The government, owning 35 percent, previously provided 12.5 billion and may inject 2.8 to 5.6 billion more through preferred stock to bolster GMAC and its divisions including Residential Capital and Ally Bank.
KK Ford adds a third shift at Claycomo Missouri to boost Ford Escape output, with GM Fairfax adding a third shift for Malibu and LaCrosse. While factories run 24 hours show strong demand and job security, experts note health and safety risks from night hours and disrupted body clocks. Union officials warn shifts affect morale and quality, though analysts see three shifts as a sign of prosperity for plants and workers.
The Corridor Business Alliance aims to brand the Cedar Rapids Iowa City area as a regional hub for biosciences medical research and food processing. Economic development consultant Michael Langley will speak at a breakfast on The Path to Regional Excellence and a 500000 grant from the U S Economic Development Administration is sought to support regional efforts.
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