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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 06, 2003
Page
20
A disappointing jobs report halted a seven day Nasdaq rally and a five day Dow gain. Wall Street sold off with the Dow slipping 84.56 to 9503.34 and the Nasdaq down 10.73 to 1858.24. Volume reached 1.90 billion shares as decliners outpaced advances 4 to 3.
C J Banks opened its second Cedar Rapids store Friday at Westdale Mall in the former Catherine's location. The store offers affordable current season sportswear and casual dresses in sizes 14 and up. The retailer operates at Lindale Plaza and Christopher and Banks stores at Cedar Rapids malls and Coral Ridge Mall. Cedar Rapids leaders plan a Monday announcement on a multimillion dollar venture capital fund tied to Iowa Values Fund to aid new businesses with state and private support.
Two biomass grants totaling 2.199 million dollars were approved by the U S Department of Agriculture. West Central Cooperative in Ralston will get 1 199 646 for methyl esters from soybeans and Iowa State University receives 1 million for biopolymers from distillers dried grains. The awards come under the Biomass Research and Development Act of 2000 funded through the 2002 farm bill.
Utilities in Iowa expand energy efficiency programs as heating costs rise. Alliant Energy and Interstate Power & Light boost rebates on appliances by 20 percent and add thermostats bulbs and water heaters. Programs cover energy audits insulation weather stripping and limited installation costs with eligibility expanding to homes built after 1992.
Alliant Energy Interstates Power Light upgrades energy efficiency offerings under an Iowa Utilities Board order becoming the first Iowa utility to expand programs. New incentives include 25 for programmable thermostats 50 for qualifying gas water heaters 3 for compact fluorescent bulbs and expanded insulation and Energy Star appliance rebates. The program features E Communities a customer audit and possible help paying for weatherization with a hotline and website for applications.
The Labor Department reports U S payrolls declined by 93 000 in August bringing total job losses since January to about 600 000 The economy shows growth but analysts fear weak hiring could erode momentum into 2004 Manufacturing led losses with 44 000 jobs shed last month and over 2.7 million since mid 2000.
Federal securities regulators seek information from most U S mutual fund companies as part of a broad inquiry into market timing and late trading following New York AG Eliot Spitzer fraud allegations. Canaries Capital Partners settlement signals potential penalties. several funds cooperate while many subpoenas issued.
MCI lead bankruptcy counsel Alfredo Perez said access charge fraud allegations will not be raised in hearings. U.S. Bankruptcy Judge Gonzalez denied creditors' bid to subpoena rivals for documents on the accusations. AT&T and SBC alleged MCI routed calls via Canada to dodge intercarrier fees tied to Onvoy. Perez and MCI general counsel Stasia Kelly defended the internal probe finding no substantiation of fraud claims.
Elder-Beerman board says it will accept Bon-Ton 82 million merger offer at 7 per share unless Wright Holdings raises its bid early next week. Wright had proposed 6 per share under Goldner Hawn Morrison. The deal faces antitrust review and two thirds shareholder approval. Elder-Beerman runs 68 stores and employs about 6,100 workers in eight states.
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