Archive for June 2009
Lenders swapping preferred stock to meet stress test requirements
Bank of America Corp. and nine other U.S. lenders, facing a June 8 deadline to explain their capital-raising plans to regulators, are relying on preferred-stock conversions for 22 percent of their fund raising, Bloomberg reported.…
Read MorePace of unemployment slowed last month
The U.S. unemployment rate reached a 26-year high in May at 9.4 percent, but economists were encouraged by a slowing pace of job losses.
“Things are still getting worse, but the pace of decline has …
Central Iowa leaders gear up for D.C. lobbying trip next week
About 170 Central Iowa business, civic and regional community leaders will head to Washington, D.C., next week to participate in the Greater Des Moines Partnership’s 30th annual advocacy trip.
“This year’s lobbying trip is significant …
Data released on retail activity, unemployment claims
More economic data reports were released today offering another glimpse of the economy over the past few months.
As many analysts expected, major retailers reported declines in same-store sales in May, the Associated Press reported. …
Tickers: June 4
Iowa Health System announced today that it has hired three people to fill open positions on its executive team. Kevin Vermeer has become Iowa Health’s executive vice president and chief financial officer; he formerly served …
Read MorePrincipal cuts 140 positions in Des Moines
Principal Financial Group Inc. announced today that it will eliminate 220 positions, 140 of which are in Des Moines, as part of an ongoing review of its business, said spokeswoman Susan Houser. Most of the …
Read MoreGeneral Motors, Chrysler to face Senate scrutiny on dealerships
General Motors Corp. and Chrysler LLC, both under bankruptcy protection, will try today to ease congressional concern, and in some cases anger, over their plans to slash more than 2,400 dealerships, Reuters reported. Members of …
Read MoreUnemployment, disability benefits to increase in July
Maximum weekly benefits paid to jobless Iowans and to workers injured on the job will increase between $13 and $16 per week on July 5, Iowa Workforce Development (IWD) announced Tuesday. The rise in benefits …
Read MoreTickers: June 3
A Polk County judge has ruled that the city of Des Moines collected an illegal tax for nearly a decade by charging certain fees, one of which he described as “novel,” for servicing rights of …
Read MoreCommercial construction spending trails other nonresidential segments
The U.S. Census Bureau reported a 1.8 percent increase in private nonresidential construction spending in April from March, but commercial construction fell 2.6 percent for the month.
Spending hikes in the power plant, communication and …