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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 17, 2009
Page
12
Stocks surged as investors backed shares following a strong industrial production report. The Dow gained 108.30 to 9,791.71, the S&P 500 rose 16.13 to 1,068.76, and the Nasdaq climbed 30.51 to 2,133.15, with all three indexes marking sizable yearly increases.
The FDIC named Residential Credit Solutions Inc of Fort Worth the first winner in a test program to back private purchases of toxic mortgage assets. RCS will pay 64.2 million for a 50 percent stake in a new firm holding about 1.3 billion in Franklin Bank mortgages in Houston. The transaction involves a 727.8 million FDIC note. Twelve groups bid on the assets.
Richard Trumka, 60, the coal miner turned labor leader, becomes the AFL CIO president replacing John Sweeney. He vows a tougher, more energetic approach to attract a new generation of workers and rebuild union ranks from 12.4 percent to higher levels.
The World Bank says the global recession may push 89 million more people into extreme poverty by 2010. It cites falls in trade remittances tourism and capital flows as causes and notes cuts in education health and infrastructure in the poorest nations. G-20 leaders will meet to discuss the economy and potential stimulus measures in Pittsburgh.
Mike and Sherry Pilarczyk turned Honey Creek Acres into an orchard outside Swisher. They plant 30 acres of apples and a few pumpkin and plum trees while reopening a store. They expect 420 new trees last year and 385 this year, with 35 varieties including McIntosh and Paula Red. They sell honey from 1.5 to 2 million bees and plan a bakery next year.
Honey Creek Acres invites visitors to pick apples at 799 Swisher View Dr SW Swisher through Oct 31 hours 430 to 700 weekdays 1000 to 600 Sat 1000 to 500 Sun About 35 varieties on 2500 trees priced 2 per pound plus pumpkins gourds and honey from bees Available contact 3198574322 or honeycreekacres.com
A Northwest Area Foundation poll shows about a quarter of Iowa households lost a job in the recession, with 57 percent cutting spending and 55 percent optimistic about the national economy. It reports 25 percent struggling with basics like mortgage or heating and 21 percent hosting money troubles.
Skogman Realty has opened its first Coralville office in the Corridor State Bank building at the I-80 and Highway 965 corner. An open house is set for Friday from 6 to 8 p.m. with tours, refreshments, and drawings. The 2,300-square-foot site on the third floor will host about 22 agents, most from the Iowa City Area Association of Realtors.
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