Markets slide as Fed signals rate hikes amid Katrina concerns
Stocks drop on Tuesday as the Federal Reserve reiterates rate increases despite hurricane worries. The Dow falls 76.11 to 10 481.52 and the Nasdaq declines 13.93 to 2131.33 with more losers than gainers on the NYSE. Housing starts slip for August signaling cooling demand while Northwest Airlines nears a delisting as its Chapter 11 proceeds progress.
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Federal Reserve
Wall Street
New York Stock Exchange
Northwest Airlines Corp
Northwest
Delta Air Lines
Fed
Gulf Coast
EU ministers fail to approve biotech corn variety 1507
EU farm ministers failed to authorize Pioneer Hi-Bred International and Dow Chemical bio tech corn. The decision moves to the European Commission which can license the crop if member states stall. The bloc ended a six year moratorium in May 2004 but many nations oppose biotech crops over health and environmental concerns.
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Hi-Bred International
Dow Chemical Co
European Commission
Commission
Heinz I seeks to slim European unit and divest brands
Heinz plans to consider trimming European operations and may sell seafood, vegetables, frozen foods in Europe and Tegel poultry in New Zealand for about 1 billion. Proceeds would fund stock buybacks and debt reduction as UBS AG and JPMorgan Chase assist. European sales could hit 2.5 billion annually if divestitures proceed.
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H.J. Heinz Co
Heinz
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Europe
New Zealand
UBS AG
Jpmorgan Chase & Co
Debbie Foster
Katrina hits United Fire Katrina losses pegged at 15 to 31 million
Cedar Rapids based United Fire & Casualty Co projects preliminary Katrina losses of 15 to 31 million dollars. The firm notes actual losses may differ and expects impact on third quarter earnings of 63 cents to 1.32 per share. CEO John Rife says exposure will be concentrated in Louisiana with limited Mississippi Alabama Tennessee and Florida impact.
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Cedar Rapids
United Fire & Casualty Co
United Fire
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Mississippi
Alabama
Tennessee
Florida
Senate votes to ban Japanese beef imports over mad cow row
The Senate voted 72 to 26 to keep a ban on Japanese beef until Tokyo allows U S beef imports. The move follows Japan's hesitation after two U S mad cow cases and amid Japan's higher number of local mad cow cases. Senate members criticized Japan's stall and urged market reopening.
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Japan
U.S
Senate
Tokyo
Sen
Ben Nelson
D-Ned
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Canada
Nelson
Chuck Grassley
Iowa
Tom Harkin
Grassley
Ryozo Kato
Kyodo
Fed keeps raising rates as Katrina costs loom large
The Federal Reserve raises the short term rate by a quarter point to 3.75 percent as inflation remains the priority. Banks lift prime rates to 6.75 percent while the Dow falls, with policymakers noting Katrina’s impact but aiming for a quick recovery.
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Federal Reserve
Fed
Greenspan
Katrina Hurricane and Drought Hit Farm Losses Near 2 Billion
USDA tallies show Katrina damages near 900 million and summer drought losses about 1.3 billion for corn and soybean growers across Arkansas Illinois Indiana Missouri Ohio and Wisconsin. cattle and poultry losses are noted and long term damages are not included.
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Washington
Midwest
Agriculture Department
Agriculture
Mike Johanns
Department
Arkansas
Illinois
Indiana
Missouri
Ohio
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