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Tickers: March 24

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Electrolux announced yesterday that 129 workers from the Webster City laundry equipment factory will be laid off effective March 30, The Fort Dodge Messenger reported. The company already experienced multiple rounds of layoffs last month, affecting approximately 130 workers. A total of about 350 workers have been laid off at the Webster City plant since November 2008. Company spokesman Tony Evans said the layoffs are “due to continued weak industry demand and the transition of front-load laundry products from the plant.”

Gannett Co. Inc., owner of The Des Moines Register, announced yesterday that it will implement a company-wide pay freeze, as well as a second round of one-week furloughs, which are scheduled to take effect in April, May and June, Reuters reported. Gannett employees already have participated in a one-week furlough that was announced earlier in the year, which saved the company $20 million, according to a memo from a company executive obtained by Reuters. Employees who earn more than $90,000 a year could face a temporary salary reduction or a second furlough week. Gannett will freeze wages and salaries effective April 1, through March 31, 2010.

The Union Pacific Railroad Foundation will present the Iowa Historical Foundation and the Iowa Abraham Lincoln Bicentennial Commission with a $25,000 grant for the development of “History on the Move,” a traveling museum exhibit about President Lincoln’s life and legacy today at 1:30 p.m. at the Capitol building. The funds will support schools, and will include a theatrical component. An anonymous donor will contribute an additional $25,000 over the next three years.

Jan Hommen, the incoming CEO of Dutch financial services company ING Groep NV, has made a “moral appeal” for 1,200 top managers to return their 2008 bonuses, the Associated Press and Wall Street Journal reported, citing a Dutch newspaper article. In February, ING reported a $4.21 billion net loss for the fourth quarter of 2008.

The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index showed that overall new business volume for February declined by 37.7 percent, compared with the same period a year ago. New business volume decreased 26.7 percent from January to February, to $3.3 billion from $4.5 billion. The index reports economic activity for the $650 billion equipment finance sector.

Iowa’s unemployment rate increased to 4.9 percent in February, compared with 4.8 percent in January and 3.9 percent in February 2008, according to a report released today by Iowa Workforce Development. The total number of unemployed increased to 82,500 in February. In January, 80,000 Iowans were unemployed and 65,500 were unemployed in February 2008. However, Iowa still remains below the national unemployment rate, which rose to 8.1 percent, the highest level since 1983.

The U.S. Bureau of Labor Statistics reported yesterday that Iowa was among 30 states that have reached highs in average weekly claims for unemployment insurance as a result of mass layoffs, defined as layoffs involving at least 50 workers. So far this year, the state has recorded 11,727 claims as the result of mass layoffs, the bureau said. California led all states with 45,557 claims filed in February, followed by Illinois, 19,469; Pennsylvania, 11,683; and Wisconsin, 9,988. Iowa recorded 4,374 claims in February and 7,353 claims in January.