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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 30, 2009
Page
7
Stocks logged their best day in three months as investors poured in. The Dow rose 199.89 to 9,962.58, the S&P 500 climbed 23.48 to 1,066.11, and the Nasdaq gained 37.94 to 2,097.55 as the economy grew faster than expected.
AEGON NV said it will repay one third of a 4.4 billion core capital loan from the Dutch government. The Cedar Rapids unit will repay 1.48 billion and accrued interest from May 22, 2008, to Nov. 30. CEO Alex Wynaendts said this is a first step toward full repayment at the earliest opportunity.
MidwestOne Financial Group reports third-quarter net income of 618000 or 7 cents per diluted share for the quarter ended Sept 30, down from 1.7 million or 20 cents the year before. Causes include higher loan loss provisions and an impairment charge on debt securities. Other firms Intermec and Procter & Gamble also report quarterly results with varied earnings and revenues.
China agreed to lift the H1N1 related ban on U S pork imports, a boost for Iowa farmers and the U S pork industry, after scientific analysis cited by China’s agriculture and commerce ministers. Officials expect resumed exports to ease trade tensions and support farmers amid a downturn.
The piece details how recession driven pay cuts, unpaid furloughs, shorter workweeks, and rising costs strain workers. It cites examples from Kansas City area employees, noting 10 to 20 percent salary reductions, monthly furloughs, and shifting costs to health insurance and benefits as firms seek survival amid 9.8 percent unemployment.
ICAD leader Joe Raso said seven projects in fiscal 2009 brought more than 12 million dollars in local capital investment and 172 new jobs. New company projects included Alliance Rock Tenn Carbon Free Energy and EdLink. ICAD marked 25 years, with 45 project requests and 60 interstate visits, plus wind energy campus launches and certified sites set for development.
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