Tickers: Feb. 5
Gov. Chet Culver has named Terry Rich to be the Iowa Lottery’s new chief executive officer. Rich will leave his position as CEO of the Blank Park Zoo, which he has held since 2003, pending confirmation by the Iowa Senate. Rich will replace Ed Stanek; his salary will be $170,000 per year. Rich leaves the zoo at the start of its $40 million capital campaign to fund expansion. Mike Hubbell, co-chair of the capital campaign, will oversee the zoo’s expansion while the organization looks for a replacement for Rich. He also became chairman of its board of directors. Rich said he would like to stay involved with the zoo’s expansion as much as possible despite his new role.
Aviva plc announced yesterday that Aviva USA met its three-year goal to double its annual sales one year ahead of schedule. Aviva USA’s life and annuity sales increased to 5.7 billion pounds ($8.3 billion) in 2008, a 57 percent increase over its 2007 results as measured in pounds. The increase was driven by a 63 percent increase in annuity sales, the company said. The Des Moines-based subsidiary of the British insurer is constructing a 360,000-square-foot headquarters complex in West Des Moines.
Initial claims for unemployment benefits rose to 626,000 in the week ended Jan. 31, an increase of 35,000 and the highest level in 26 years, Bloomberg reported. The total number of people collecting jobless benefits rose to a record 4.788 million last week, according to a Labor Department report. Meanwhile, productivity rose at a 3.2 percent annual rate in the fourth quarter after a 1.5 percent increase in the third quarter. Labor costs increased at a 1.8 percent rate.
After a 32 percent increase in calls to United Way of Central Iowa’s 2-1-1 line, the nonprofit said it will immediately provide $150,000 to six organizations that have received the most referrals from its health and human services hotline. The organizations receiving funding are Catholic Charities – St. Mary’s, CROSS Ministries, New Opportunities – Dallas County Crisis Center, Helping Hand Food Pantry, Des Moines Area Religious Council and The Salvation Army.
Drake University President David Maxwell has been appointed to the Association of American Colleges and Universities’ board of directors. Maxwell will serve a two-year term with the national organization, which is focused on the quality, vitality and public standing of undergraduate liberal education. Maxwell was one of six new directors appointed to the board at its meeting in Seattle.
Iowa could create or save 39,000 jobs over the next two years if the American Recovery and Reinvestment Plan is passed by Congress, according to a White House report released yesterday. The goal is to save 3 to 4 million jobs nationally, give 95 percent of American workers a tax cut and invest tens of billions of dollars in roads, bridges, mass transit, flood-control and clean-water projects. In Iowa, the plan would also make 25,000 families eligible for a partially refundable $2,500 tax credit for college and provide enough funding to modernize at least 52 schools. For more information, go to www.whitehouse.gov.
Casey’s General Stores Inc. has joined other retailers in voluntarily recalling several products containing peanuts or peanut butter because of a possible salmonella risk. Casey’s is recalling the following company-branded products: bridge mix, peanut clusters, salted peanuts, trail mix and Santa Fe trail mix. The Food and Drug Administration is investigating an outbreak of salmonella related to the Peanut Corporation of America’s Blakely plant. At this point, Casey’s has not received any consumer illness complaints associated with its products.
Employers Mutual Casualty Co. said today that it spent nearly $1.10 for every $1 in insurance premium income in 2008, signaling a shift in bonuses paid under its contingent salary plan. The company is the parent of publicly traded EMC Insurance Group Inc., which will release its 2008 fourth-quarter and year-end earnings report before markets open on Feb. 27. Employers Mutual said the report of its combined trade ratio – premium income compared with expenses – should not be taken as an indication of operating results that will be reported by EMC Insurance.