Feed Energy Co. and Iowa Network Services, both of Des Moines, have been recognized as the most successful companies in the Ernst & Young Entrepreneur of the Year contest. The companies were named in a group of 25 finalists that were recognized for jobs creation, corporate growth, development and innovation in the competition’s Central Midwest region and will now continue on for consideration on a national level.

The Iowa Department of Economic Development approved nearly $1.25 million in state assistance to create or retain nearly 190 jobs, IowaPolitics.com reported. Ames-based Avello Bioenergy, a start-up company that commercializes technology exclusively licensed from Iowa State University, was awarded $150,000 from the Iowa Demonstration Fund to support advancements in technology through the use of a pilot plant facility at the BioCentury Research Farm. The five projects receiving funds represent a total capital investment of more than $25 million.

EMC Insurance Group Inc. said it has been included in Forbes.com’s “100 Most Trustworthy Companies” list. EMC was one of 39 small-cap companies that Forbes.com described as “the most transparent and trustworthy businesses that trade on American exchanges.”

Citigroup Inc. posted a $4.43 billion first-quarter profit as losses from bad loans declined, Reuters reported today. The third-largest U.S. bank posted net income to shareholders of 15 cents a share, compared with a shareholder loss of 18 cents a share, or $966 million, a year earlier. Citigroup, long seen as the weakest of the major U.S. banks, seems to be recovering now. CEO Vikram Pandit said today that the company’s road to recovery could remain rocky. “Realistically, we do not expect our performance to follow an invariable trend-line upward,” he said, but added that the bank’s long-term prospects were “bright.”

The volcanic ash cloud that has grounded many airline flights in Europe could deal a bigger economic blow to the industry than the attacks on the United States on Sept. 11, 2001, the European Union’s transport commissioner said today in a Reuters report. Commissioner Siim Kallas also told a news briefing that the European Union would not compromise on passengers’ safety during the crisis. The International Air Transport Association, an airline industry trade group, has criticized Europe’s response to the ash cloud and called for urgent steps to reopen airspaces after five days of closures that have cost airlines $250 million a day.

Americans’ confidence in government continues to decline and is likely to be an important factor in the 2010 elections, according to a Pew Research Center survey that was reported today by Bloomberg. Only 22 percent of survey respondents said they can trust the government in Washington, and 30 percent said the federal government is a major threat to their freedom. Only 17 percent of respondents said Congress does a good job, and 40 percent of Democrats said they have a favorable impression of the Democratic Congress, a record low rating for Congress among members of the majority party, according to Pew. Among Republicans, 28 percent said the Tea Party represents their values better than the current Republican Party. Right-leaning independents said they prefer the Tea Party to the Republican Party by 30 percent to 29 percent.