Des Moines Register.com
07-06-06
Business Briefcase
REGISTER STAFF AND NEWS SERVICES
ON WALL STREET
Industrials rise lifts interest hopes
Wall Street kicked off the third quarter with a sharp advance Monday as mild
manufacturing and construction data lifted hopes about interest rates and
energized investors in light pre-holiday trade.
The Dow Jones industrials rose 77.80 to 11,228.02. Broader stock indicators
also advanced.
Treasury bills: The Treasury Department auctioned $15 billion in three-month
bills at a discount rate of 4.955 percent, up from 4.905 percent last week.
Another $14 billion in six-month bills was auctioned at a discount rate of 5.090
percent, down from 5.110 percent last week.
Separately, the Federal Reserve said the average yield for one-year Treasury
bills rose to 5.27 percent last week from 5.24 percent the previous week.
Stock quotes: To get updated stock quotes using a cell phone, send text
messages with Stock Ticker (e.g., MSFT) or Fund Ticker (e.g., AGTHX) to
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The service is free, but the mobile carrier may charge for text messaging.
AROUND THE STATE
Delta & Pine gains anti-weed technology
Pioneer Hi-Bred International Inc. and Delta & Pine Land Co. have formed an
agreement that will give the world's largest cotton seed company access to weed
resistant crop technology developed by DuPont, owner of Des Moines-based
Pioneer.
Optimum GAT, the technology, makes plants tolerate application of glyphosate
and other herbicides that otherwise would kill plants. The agreement will enable
Delta & Pine Land to incorporate the genetically engineered trait into cotton
seeds that it sells around the world.
DuPont and Delta & Pine Land also announced expansion of an existing joint
venture to include the global licensing of foundation cotton seed containing
Optimum GAT and other crop technologies being developed by DuPont.
Iowa State to benefit: Minneapolis-based Cargill has donated $600,000 to boost
Iowa State University's bio-renewables program. Iowa State's Bioeconomy
Initiative helps students prepare for careers in the bio-renewables industry, which
focuses on converting crop and plant materials into chemicals, fuels, fibers and
energy.
Cargill's grant will be used to finance a biobased technology laboratory and to
educate students from freshman to graduate level. The grant will also allow
graduate students to interact with European researchers in the industry.
Sponsor: The Iowa Soybean Association will sponsor the new Iowa Speedway's
inaugural race, the Soy Biodiesel 250, in Newton on Sept. 15. John Askew,
president of the soybean association board of directors, said the sponsorship is
an effort to help reduce U.S. dependence on foreign oil and promote the use of a
renewable fuel grown by Iowa's farmers.
Purchase completed: Newton-based Iowa Telecom has completed its $10.5
million acquisition of Montezuma Mutual Telephone Co., headquartered in
Montezuma. Montezuma Telephone will operate as a separate subsidiary of Iowa
Telecom.
Acquisition: Des Moines-based Mid America Recycling Co., has purchased
Rock-Tenn Converting Co.'s paper recovery facility in Fort Worth, Texas. The
Fort Wayne plant will operate under the name Vista Fibers. Earlier this year Mid
America purchased the Rock-Tenn Dallas facility.
Contract secured: Cedar Rapids-based Rockwell Collins Corp. has been
selected to provide avionics management systems for a $4.4 billion U.S. Marine
Corps helicopter development program. Sikorsky Aircraft Corp. is the prime
contractor and has a $3 billion contract to develop the CH-53K, a newer version
of the Marine Corps' heavy-duty helicopter. The program will build five test
aircraft and is expected to lead to a $14.4 billion, 156-helicopter production run.
AROUND THE NATION
Software maker denies infringement
Oracle Corp., the world's third-largest software maker, asked a federal judge to
rule that it doesn't infringe two patents for Web page creation and to declare
them invalid.
Oracle, in a lawsuit filed against Richardson, Texas-based epicRealm Licensing
LP in Wilmington, Del., says the firm has sued companies, including Herbalife
International Inc. and eHarmony.com Inc. over infringement of the patents,
awarded in 1999 and 2002.
Those suits cause Oracle to believe that "epicRealm will accuse Oracle" of
infringement, the Oracle said in the suit.
AROUND THE WORLD
British Columbia questions lumber trade
The agreement reached Saturday between Canada and the U.S. to resolve a
two-decade trade dispute over softwood lumber faces opposition in British
Columbia, which produces about half of Canada's output.
The British Columbia Lumber Trade Council, representing producers in the west
coast province, said there are still issues left unsettled in the agreement.
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