TUESDAY, FEB. 26, 2019  |  IN THIS ISSUE  

Iowa business leaders are urging to change immigration policy to meet the state's workforce needs. CREDIT CBS2/FOX 28
Business leaders gathered in Cedar Rapids on Monday to announce the Iowa Compact on Immigration, a set of principles outlining the need for smart immigration policies at the state and federal levels to drive Iowa's economy forward.

The Iowa Compact on Immigration recognizes and supports the positive impact that immigrants have on Iowa's economy as workers, business owners, taxpayers, and consumers. The Compact, which is signed by more than 40 signatories, calls for a federal immigration system that meets the needs of Iowa's employers and labor market; a permanent solution for undocumented Iowans who make significant contributions to the state's economy; and a secure, efficient southern border. 

"Employers in Iowa know that immigration is crucial to the future health of their businesses and their state's greater economy," said John Feinblatt, president of coalition group New American Economy, in a release. "The Iowa Compact on Immigration presents a clear vision both of why immigration is important and how broad the support is for reform."

The Iowa Compact on Immigration support comes as new data from New American Economy (NAE) shows how much immigrant contributions add to Iowa's economy. For example, in 2017, immigrants in Iowa paid $390 million in state and local taxes and held $3.4 billion in spending power.

"The appetite for reform is high," said Doug Neumann, executive director of the Cedar Rapids Metro Economic Alliance, adding, "I look forward to working on immigration reform with leaders in our community to push this priority to the forefront."

New American Economy brings together more than 500 Republican, Democratic and Independent mayors and business leaders who support immigration reforms that will help create jobs for Americans.

Read the full Iowa Compact on Immigration and find all its signatories here.

It was a tough fourth quarter for UFG Insurance, bringing a consolidated net loss amid rising auto and property claims as well as investment losses.
 
The Cedar Rapids-based insurer last week reported a fourth-quarter loss of $29.3 million, or $1.17 per diluted share, compared to a profit of $46 million, or $1.81 per share in the same quarter in 2017. Consolidated net income for the full year ended Dec. 31, 2018, was $27.7 million, or $1.08 per diluted share, compared to $51 million, or $1.99 per share, in 2017.
 
UFG attributed the loss to a decrease in the value of its equity securities, greater losses in its auto and general liability lines of business, and catastrophic losses including $9.2 million from the California wildfires.
 
" The fourth quarter of 2018 was a challenging quarter," President and CEO Randy Ramlo said in a release. "During 2018, we made steady progress improving the profitability of our commercial auto line of business. However, during the fourth quarter, we experienced an increase in severity of losses in both our commercial auto and general liability lines of business from auto-related claims due to several factors, including a trend toward higher jury awards. In response to this setback to profitability we are taking several initiatives in pricing adequacy, underwriting and claims."
 
UFG's net premiums rose 4.1 percent, to $270.7 million, in the fourth quarter, and 4 percent over the entire year, reaching $1.03 billion. That was attributed to organic growth, geographical expansion and rate increases. UFG said that commercial auto rate increases averaged in the low-double digits, although the number of insured units fell. Personal insurance lines filed rate and renewal price increases in the mid-single digits.
 
Consolidated net unrealized investment losses, net of tax, totaled $9.3 million as of Dec. 31, a decrease of $224.2 million compared to the year before, a major swing that the company attributed to changes in accounting principles requiring it to reclassify unrealized gains on equity securities, along with rising interest rates that impacted its fixed maturity portfolio.
 
PepsiCo, Inc., parent company of Quaker Oats, has entered into a definitive agreement to purchase Hormel Foods Corporation's  CytoSport business, including Muscle Milk products .

Hormel announced the proposed sale last week, later telling investors the sale would be for $465 million in cash.  Hormel bought the firm in 2014 for $450 million. Last year, the  CytoSport business brought in $300 million in revenue for Hormel, although it  yielded an operating margin that was slightly below the overall company's.

"The CytoSport team should be pleased with the gains they made in the innovation space," Jim Snee, Hormel's chief executive, said on a conference call with analysts and investors reported on by the Minneapolis Star Tribune. "However, it became apparent that Pepsi was the right long-term owner of this business given their expertise and scale in the beverage space."

The acquisition is Pepsi's first under new CEO Ramon Laguarta, industry website BevNet reported, giving the soda and snack giant another legacy brand to expand its product offerings. Pepsi's portfolio also includes Gatorade, which has broadened its offerings in recent years to include protein-based powders, ready-to-drink products and bars. Late last year, Pepsi also purchased Health Warrior, which markets sports nutrition powders and bars.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in 30-60 days.

The Iowa Biotechnology Association (IowaBio) and Cultivation Corridor Monday announced they are accepting nominations for this year's Iowa Biotech Leader Award to be presented at IowaBio's Partnering for Growth conference on April 30.

The award will be presented to an individual who, in the past year, has demonstrated the following traits and commitment to advancing Iowa's biotech industry:
  • Leadership - The individual has a leading role in their organization and within the industry.
  • Innovation - The individual has consistently demonstrated an ability to bring innovative biotechnology products and/or services to the marketplace. 
  • Advocacy - The individual works effectively with other business and public policy leaders to promote and advance the biotech industry in Iowa.
This is the fourth year IowaBio and Cultivation Corridor have collaborated to name the Iowa Biotech Leader Award recipient. The recipient is determined by a committee of individuals with roles in Iowa's biotechnology industry. Nominations will be accepted through Friday, March 15 at www.iowabio.org/biotechleader.

IowaBio's Partnering for Growth conference brings innovators, investors and biotech leaders together for a day and a half event featuring a series of keynote presentations from industry leaders. The event also includes a pitching competition for emerging biotech companies, breakout panel sessions and networking activities aimed at sharing best practices and opportunities for collaboration within the industry.

The event will be held from 7:30 a.m. to 6 p.m. on Tuesday, April 30 and 7:30 a.m. to 1:30 p.m. on Wednesday, May 1 at the FFA Enrichment Center located on the DMACC Campus in Ankeny, 1055 SW Prairie Trail Parkway. Interested participants may register at  www.iowabio.org/pfgregister.


It's the start of a new era for the Crisis Center of Johnson County, which announced  Monday it would change its name to the  CommUnity Crisis Center and Food Bank . Organization leaders told CBS2/FOX 28 the new name was chosen as a way to honor how involved the community is and has been since its start in 1970.  Currently, more than 1,000 families are served through their food bank each week, which provides more than 1.5 million pounds of food each year. The food bank saw  an expansion in 2018  to better help fill the needs of those facing food insecurity. Read the full story and watch the video here.
 
Feb. 27
1 Million Cups, by 1MC Cedar Rapids, 8:15-9:15 a.m., Geonetric, 415 12th Ave. SE, Cedar Rapids. Join for community connections, free coffee, and presentations by entrepreneurs, established companies, experts and more. Free. For more information, visit facebook.com/1MCICR.

1 Million Cups, by 1MC Iowa City, 9-10 a.m., MERGE, 136 S. Dubuque St., Iowa City. Join for community connections, free coffee, and presentations by entrepreneurs, established companies, experts and more. Free. For more information, visit facebook.com/1MillionCupsIC/.

Small Business Networking Event, by Iowa City Area Chamber of Commerce, 10 a.m.-noon, MERGE, 136 S. Dubuque St., Iowa City. Join the chamber at MERGE following 1 Million Cups to network with other small business owners and resource partners in the Iowa City area. Free.

Creating a Lean Office, by Iowa Quality Center, 11:45 a.m.-1 p.m., State Hygienic Laboratory at the University of Iowa, 2490 Crosspark Road, Coralville. Learn how to improve the flow of work in the office and reduce the eight wastes in an office environment. Free. To register, visit iowaqc.org.

Feb. 28
Disadvantaged Business Enterprise Workshop, by Iowa Department of Transportation, all day, Holiday Inn Des Moines, 1050 Sixth Ave., Des Moines. This workshop and training session is designed for small businesses looking to find and apply for Iowa DOT contracting opportunities. Breakfast and lunch provided. Free. Register at bit.ly/2WNJjKD or by calling (515) 239-1427.

Business Breakfast Roundtable, by SCORE of East Central Iowa, 7:30-9 a.m., Scott's Family Restaurant, 1906 Blairs Ferry Road NE, Cedar Rapids. A business topic will be discussed along with networking opportunities. Free. To register, visit scorecr.org.

Franklin Covey Project Management Essentials, by Iowa Quality Center, 8:30 a.m.-4:30 p.m., Mount Mercy CRST International Graduate Center, 1650 Matterhorn Drive NE, Cedar Rapids. Learn a disciplined process to execute projects and master informal authority. Cost: $450, or $400 for IQC members, nonprofits or government employees. To register, visit iowaqc.org.

PWN February Meeting, by Professional Women's Network, 11:30 a.m.-1 p.m., Hills Bank & Trust, 3905 Blairs Ferry Road NE, Hiawatha. Creative professional and brand manager LeeAnn
Eddins will present on the problems of procrastination and how to tackle them. Cost: $15 for members, $20 for non-members. To register, visit conta.cc/2W7G00R.

BLICC Kick-off, by Business League of Iowa's Creative Corridor, 11:45 a.m.-1 p.m., Marquee Pizzeria, 920 E. Second Ave., Ste. 123, Coralville. Laci Lower, product and marketing consultant at Interlace, and Arsalan Monawar, founder and filmmaker at Monawar Studios, will present at this informal networking and lunch event. Lunch is $16.

Iowa City Chamber Annual Banquet, by Iowa City Area Chamber of Commerce, 5-8 p.m., Coralville Marriott, 300 E. Ninth St., Coralville. This annual event will spotlight the chamber's achievements in 2018 and lay out plans for the year ahead. Cost: $70/member or $95/nonmember. Call (319) 337-9637 or visit bit.ly/2GMMI8T to register.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28  
 
A Roman Catholic diocese in Iowa has released a  list of 28 priests who have been credibly accused of sexually abusing minors dating back to 1948.  The Diocese of Sioux City released the list Monday at a news conference, a step that advocates for abuse victims have long urged the diocese to take.  The list includes 28 of the 515 priests who have served in the diocese since its inception in 1902, or more than 5 percent. The majority of those accused are dead.  The diocese says the abuse took place between 1948 and 1995 and involves 106 victims who have come forward. It says that more recent allegations have been made since then, but none have been deemed credible by police or its review board.

There was no debate and there was no opposition. The role of adjusting the school calendar after a series of snow days was rubber stamped by the Cedar Rapids School Board Monday night. The plan now means students in Cedar Rapids will stay in the classroom through at least Wednesday, June 5. The school year had been scheduled to end in May. To make up the lost hours, the plan also eliminated early outs for all Fridays March and April starting this week. May 3 and 10 also will be full school days. Early out Fridays will resume on May 17.  Spring Break remains untouched in mid-March. Cedar Rapids has three remaining early outs which could be extended to make up any additional hours. After that, the school year would have to extended further into June to make up the lost hours.

T hese news items are provided by CBS2/FOX 28 
CBS2 Chief Meteorologist Terry Swails' Weather First Forecast

It will continue to be a cool week in eastern Iowa. There will be chances for light snow through the week with much colder air arriving this weekend.  It will be cloudy and cool today with temperatures in the mid to upper teens. A weak disturbance will move through today and bring the chance for light snow showers this afternoon and evening. There may be a wintry mix at times with freezing drizzle and snow. Little to no accumulation of snow or ice is expected.  High pressure will lead to a calm middle of the week. It will be cloudy and cool Wednesday and Thursday with temperatures near 20. There will be another disturbance in the Midwest Thursday, which may bring some light snow or flurries to eastern Iowa.