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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 13, 2011
Page
10
A late afternoon rally lifted major indexes for only the second time this month as Greece concerns lingered. The Dow rose 69 points to 11,061, the S&P 500 gained 8 to 1,162, and the Nasdaq added 27 to 2,495, with about 4.4 billion shares traded.
Bank of America Corp plans a first phase cost cutting that will eliminate about 30,000 positions over the next years. Reductions will hit consumer banking and other areas with attrition and unfilled roles accounting for much of the decrease. The Charlotte based bank has roughly 288,000 employees worldwide, making the cuts about 10 percent of its workforce.
Philadelphia Media Network owners of the Inquirer Daily News and Philly. com announce a pilot giving about 5,000 Android tablets at 99 dollars with a two year digital subscription to attract new subscribers. Suzuki seeks to dissolve alliance with VW after failed 2.9 billion investment and plans to sell holdings if VW agrees to end tie up.
Iowa Governor Terry Branstad heads a 10 day trade mission to China Japan and South Korea calling the trip huge and noting a meeting with Chinese Vice President Xi Jinping. He highlights past ties to Xi dating to 1985 and aims to bolster state trade and theUS Korea Free Trade Agreement.
The U S Education Department reports the federal loan default rate rose to 8.8 percent in fiscal 2009 10 affecting more than 3.6 million borrowers who began repayment in October 2008 The report shows wide state variations with Iowa at 11 5 percent and Arizona at 16 percent while policy changes aim to curb failures and guide repayment options through federal programs.
The USDA cut the 2011 US corn production forecast to 12.497 billion bushels 3.2 percent below last month’s projection due to heat and drought in the Midwest. Output would be down from last year 84.388 million acres to be harvested remain unchanged from August with reserves and prices rising as analysts weigh tighter supplies and South American harvests.
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