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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 09, 2010
Page
15
Stocks resumed a rally after Portugal debt auction eased European fears but posted a late pullback as the Fed Beige Book showed five of twelve regions with mixed or slowing growth. The Dow rose 46.32 to 19,387.01, the S&P 500 gained 7.03 to 1,098.87, and the Nasdaq added 19.98 to 2,228.87.
Senator Chuck Grassley pressed Agriculture Secretary Tom Vilsack to explain whether USDA had received complaints about conditions at Wright County Egg in Galt Iowa and what steps followed. He cited two former workers who said their grievances to USDA staff were ignored amid the salmonella egg recall.
The Wall Street Journal cites unidentified sources that 7-Eleven Inc. has bid about 2.03 billion dollars for Casey's General Stores Inc. Casey's, based in Ankeny, operates Midwest convenience stores and has rejected multiple offers from Alimentation Couche-Tard Inc. while remaining in talks with another unnamed bidder.
Nick Bata awaits a Dutch door for Kaffein a tiny Cedar Rapids cafe in the Cherry Building. The shop serves light fare and beverages in 90 square feet with two public tables and daily specials, while Bata and his father plan a larger restaurant next to it opening in spring 2011.
The Federal Reserve reports July consumer borrowing down at an annual rate of 3.6 billion marking a 23rd consecutive month of declines in credit card debt. Auto loan borrowing rose modestly offsetting card debt drops as households tighten finances amid weak income and employment data.
The 2010 Iowa Employer Benefits Study finds health care premiums rose 13 percent 2009 to 2010 with 29 percent of firms raising deductibles and 19 percent increasing out of pocket costs. Only 11.3 percent strongly support the Patient Protection and Affordable Care Act.
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