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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 10, 2003
Page
14
Nokia Corp dampens market mood with a weak revenue forecast prompting profit taking on Wall Street. The Dow fell 79.09 to 9507.20 and the Nasdaq dropped 15.19 to 1873.43 amid broader declines and higher volume.
Qwest Communications International says it wrapped up the 7 billion sale of its Yellow Pages publishing business to private equity firms. The first phase of QwestDex closed for 2.75 billion in November. The deal covered operations in six northern states and the final state approval came from Arizona regulators. Proceeds will help reduce about 3 billion of debt. IBM signs 400 million 10 year contract with Procter & Gamble to handle employee services. IBM will support nearly 98,000 P&G employees in 80 countries.
A free seminar for beginners on developing a vineyard will be held at 6 p.m. Thursday at Prairie Stone Vineyards, 2509 Roosevelt St., Dubuque. It is sponsored by the Mississippi Valley Grape Growers Association. For information call (563) 557-0731. Gazette, news service reports.
The Environmental Working Group releases a detailed look at 2002 USDA payments, listing top recipients and state impacts. Iowa leads in corn subsidies with 371.7 million, and CRP payments reach 216.9 million. 75 percent of Iowa farms received subsidies.
Total USDA subsidies to Iowa farms in 2002 reached 739.968 million dollars. The top five recipients were Iowa Plains Farms Lake View with 255,038 dollars, Department of Natural Resources Des Moines with 246,280 dollars, Iowa Natural Heritage Foundation Des Moines with 245,860 dollars, Cranston Brothers Joint Venture Odebolt with 190,395 dollars, and Mcgrew Brothers Emerson with 183,831 dollars.
Linn County received 7.71 million dollars in 2002 subsidies, ranking 37th of Iowa counties. Leading recipients included Leonard Broulck & Sons of Mount Vernon at 67,901 dollars, Wayne D Webster of Walker 60,386, James C Keiper of Palo 50,772, Ronald H Nove of Fairfax 50,651, and other local farmers with 40 to 45 thousand dollars.
Johnson & Johnson cuts Cypher stent price after supply rebound. The ground breaking stent now priced around 2700 to 3195 dollars depending on buyer, with 86 percent of hospitals eligible. Cordis spokesman Marty Schildhouse notes several hundred dollars saved per stent on average.
Johnson County received 7 599 000 in USDA subsidies in 2002 ranking 39th of Iowa s 99 counties. Top beneficiaries include James E Sladek Iowa City 67778 Kinney Farms Oxford 66639 Timberview Farms Solon 63238 B J Partnership Marion 46574 Gary R Swanson Lone Tree 46109 Lackender Fms Inc Iowa City 45871 Robert D Mickelson Solon 45366 Daryl D Slabaugh Iowa City 43611 Quarter Moon Farm Inc Coralville 43214 and Dean Oakes Iowa City 43106.
Health care premiums for employer sponsored family plans rose 13.9 percent in 2003, the Kaiser Family Foundation and Health Research and Educational Trust report. The average family premium reached 9068 dollars with small firms bearing the largest rise, while employee shares climbed to 201 dollars per month for family coverage and 42 dollars for single policies.
Experts link higher costs to employees avoiding restrictive managed care while demanding new, expensive drugs and procedures. The Kaiser Foundation notes the trend will continue with no policy shifts expected. 66 percent of companies still offer coverage, unchanged from last year.
Merrill Matthews Jr., director of the Council for Affordable Health Insurance, will address Cedar Rapids Area Chamber of Commerce members at the 11:45 a.m. luncheon in the Crowne Plaza Five Seasons ballroom. The 85th annual event draws more than 700 registrants and includes a review of last year’s activities, a look ahead at initiatives, and the Howard Hall Excellence in Business Award presentation to a prominent local family-owned business.
In New York the company agrees to pay 353 million to quiet two creditor groups as part of a revised plan. The accord, brokered by CEO Michael Capellas, aims to reflect higher recoveries for dissident creditors while most creditors back the restructuring that leaves MCI with about 5 billion in debt.
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