Economy

Economy & Business news

Deere and Company plans to layoff more than 600 employees at four farm equipment factories, including two in the Quad Cities. Today Deere announce it's responding to reduced demand for combines, sprayers, cotton pickers, grain drills, seeding equipment, and other products. 

Now that they're out of the military, one of the toughest missions for veterans these days is finding a job. On Thursday, hundreds of veterans attended the 3rd annual "Hiring Our Heroes" job fair in Davenport. Some have been out of work for years, while others hope to find something better.

On today's WVIK News Focus, Renata Sago has more.

 

After setting 15 quarterly earnings records in a row, the streak is over for Deere and Company. This morning, it reported second quarter profits declined 4% to $981 million. Earnings per share totaled $2.65 compared to $2.76 last year. Worldwide sales dropped nine percent to $9.9 billion from February through April.

We may be seeing a downward trend, but there are too many factors to know for sure. That's what Ron Fournier from the Corps of Engineers says about barge traffic in the Quad Cities in 2013. For all of last year, 13.7 million tons of freight travelled through Lock 15. That's about 44 percent lower than the record tonnage of 31.2 million set in 1999.

The National Guard needs new ambulances, and they're being made in the Quad Cities. This morning the Joint Manufacturing and Technology Center rolled out one of the new ambulance kits on Arsenal Island.

The "desert tan" ambulance sits on the frame of a hum-vee, which is built elsewhere. And it's one of 500 that arsenal employees will make make, assemble, and paint.

Douglas Curel works in Washington DC as "Resources Manager" for the Army National Guard.

High state income taxes cause people, businesses, and money to move out of the Quad Cities, and the Midwest. That's according to author and small business owner, Travis Brown. This week, the St. Louis entrepreneur is in Illinois to talk with legislators and others about tax policy and his book. It's entitled, "How Money Walks - How Two Trillion Dollars Moved Between the States and Why It Matters."

Moline has found a couple of companies to develop new hotels, in historic downtown buildings. Next week, the city council will consider agreements with the Amin Group and the Moline Hotel Group.

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