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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 04, 2009
Page
10
Investors nudged stocks higher after a four day slide but stayed cautious before the August unemployment data. The Dow climbed about 64 points to 9344.61 while the S&P 500 rose 8.49 to 1003.24 and the Nasdaq gained 16.13 to 1983.20 in light trading.
The U S government approves 500 million in reimbursements for auto dealers under the Cash for Clunkers program. Dealers expect payments by late September after delays in reimbursements for incentives up to 4500. The program generated 690114 new car sales at a taxpayer cost of 2.88 billion with 120000 dealer submissions approved, about 17 percent, as 5000 staff are added to process paperwork by next week.
Rockwell Collins Inc reported spending over 154000 on lobbying in aviation, metals and weapon systems during the April to June period. The Cedar Rapids based maker of aviation electronics and services also lobbied other federal agencies and spent over 173000 year earlier and over 240000 in the first quarter.
Freddie Mac reports the average 30 year fixed mortgage at 5.08 percent this week, down from 5.14 percent, still above spring’s 4.78 percent record. Rates remain attractive for buyers and refinancers despite not reaching the low.
The University of Iowa Tippie College of Business will open a 12,000 square foot downtown Cedar Rapids MBA PM site on 221 Second Ave SE in November for part time students. The move replaces a flood damaged space and is funded by federal stimulus and a Hall Perrine Foundation grant with local support from owner Stephen Emerson.
David Kistenmacher of Fareway Cedar Rapids dazzled crowds at the Iowa State Fair Best Bagger Competition by packing 40 items in 32.46 seconds to claim the title. The 27 year old, who started bagging at 15, now eyes Las Vegas and a potential $10,000 prize and national TV showdown.
A'Hearn Plumbing & Heating of Hiawatha and Cedar Falls seeks Chapter 11 protection to reorganize. Brian A'Hearn says the filing aims to downsize, focus on core business, and weather a weak economy and cool summer. Debtor-in-possession financing was approved, with assets and debts between 1 and 10 million and 20 largest unsecured creditors listed.
Natural gas prices fell to seven year lows amid ample supply and lower usage. Alliant Energy and Wisconsin Public Service forecast heating bill drops around 20 percent for their customers. Avista will cut Oregon rates to the lowest in five years. Oct delivery gas settled near 2.508 per 1000 cu ft, the lowest since 2002 after government data showed supplies above the five year average.
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