Economy

Economy & Business news

Iowa Helps QC Startup

May 20, 2019

The state of Iowa wants to help a startup company in the Quad Cities. On Friday, the board of the Iowa Economic Development Authority approved a 25,000 dollar loan for TuitionFit, based in Davenport.

Michelle O'Neill / WVIK News

Sales rose but net income fell for John Deere during its second quarter.

Today, the company reported sales rose 6% to 11.3 billion dollars during February, March, and April.

Profits totaled $1.1 billion, compared to $1.2 billion at this time a year ago.

There's no new agreement, but they're still talking. That's the report from Pittsburgh where the United Steelworkers Union is negotiating a new contract with Arconic - their five-year agreement was set to expire Wednesday night, but both sides agreed to extend the agreement while meetings continue.

John Deere will report results for its second quarter on Friday, and analysts are mostly optimistic. As reported by Yahoo Finance, they predict revenue will climb 4.5 per cent from the same quarter last year, to $10.1 billion.  And that earnings per share will jump 15 per cent to $3.61. 

United Steelworkers Union

The current contract expires late Wednesday night for one of the Quad Cities largest employers and the United Steelworkers union. Negotiations with Arconic, formerly part of Alcoa, affect 1,900 hourly workers here, and 1,400 more in 3 other states.

WVIK News

Unions and contractors in the Quad Cities are trying to protect jobs and the local economy. Monday they announced their opposition to what they call the "Federal Aid Swap" - where the Iowa DOT "swaps" or converts federal dollars into state dollars, to avoid federal requirements for fair wages, environmental protection, and buying American.

Davenport Radisson Hotel

Despite being on the edge of where downtown Davenport is under water, it's business and usual for Radisson Hotel on East Second Street.

Unemployment rose in the Quad Cities last month. The jobless rate here rose from 4.5 per cent in March of last year, to 4.9 per cent last month, but that's actually good news.

On Midwest Week, after being vacant for about six months, a shopping mall in Galesburg may soon have a new owner, and could re-open.

Unemployment held steady in the Quad Cities last month, at 4.8 per cent, the same as in February of last year. 

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