The northern Iowa city of Clear Lake has landed a regional warehouse and distribution center that could bring more than 160 jobs to the area. Brent Willett, chief executive officer of the North Iowa Corridor Economic Development Corp., released details about the project Monday during a special session of the Clear Lake City Council, the Mason City Globe Gazette reported. The council approved the purchase agreement for $1.62 million in bonds that will fund a 10-year forgivable loan from the city. The $65 million project would involve a Fortune 100 company that hasn’t been formally announced because it has requested anonymity. The company intends to start construction in the spring on a 340,000-square-foot facility in the Clear Lake Industrial Park.
Increase in wholesalers’ stockpiles offsets sales drop
U.S. wholesale businesses in January suffered their steepest sales drop in nearly five years, yet they continued to increase their stockpiles. This suggests that companies expect the economy to roar back after experiencing an abrupt winter slowdown.The Commerce Department said Tuesday that wholesalers boosted stockpiles 0.6 percent in January from December, but sales tumbled 1.9 percent, the largest decline since March 2009.
GM actions face House scrutiny
A House committee has started an investigation into the response by General Motors and federal safety regulators to complaints about faulty ignition switches that have been linked to 13 deaths, officials said Monday. An Energy and Commerce Committee subcommittee will hold hearings that will include the automaker and the National Highway Traffic Safety Administration, although the date has not been set, said Charlotte Baker, a committee spokeswoman. Also Monday, General Motors said its internal investigation would be led by a former federal prosecutor, Anton Valukas, who was the court-appointed examiner of the Lehman Bros. bankruptcy.
Apple updates iPhone operating system
Apple has released its first major update for iOS 7, its latest operating system for iPhones and iPads. The upgrade improves reliability of the fingerprint sensor in the iPhone 5S and makes adjustments to Siri, among many other changes.