Principal Financial Group Inc. today announced its 2009 economic outlook and said it expects 2009 operating earnings to range from $2.75 to $3.25 per share. The earnings incorporates certain assumptions, including a 3 percent decline from 2008 in average assets under management based on an average Standard & Poor’s 500 index of 900 in 2009, operating losses for the company and other segments of $90 million to $110 million and no share repurchase activity.

Yahoo Inc. is following through with plans to cut its staff by 10 percent, or more than 1,400 positions, the company said today in a CNNmoney.com article. Yahoo unveiled this plan after announcing that its third-quarter net profit plunged 51 percent from the year before, to $54 million.

The Iowa Association of Business and Industry and the Society for Human Resource Management (SHRM) State Council signed an agreement yesterday at the SHRM Leadership Conference. The partnership will facilitate collaboration on programming and services provided to the Iowa business community, mutually discounted fees for both organizations and a strategic approach to solving statewide issues such as workforce readiness, rising health-care costs and protecting Iowa’s business climate.

Multinational mining giant Rio Tinto announced today that it plans to reduce its work force by 13 percent, slash capital spending by more than half and sell more assets as it battles a collapse in commodity prices and nearly $40 billion in debt, Reuters reported. Rio Tinto has been under pressure to detail plans to cut borrowing after larger rival BHP Billiton scrapped a $66 billion takeover bid for the company last month and its share price slumped.

Salisbury House Foundation has been awarded a $100,000 historic site preservation grant and is required to match the amount by July 2011. The Iowa Department of Cultural Affairs grant was administered by the State Historical Society of Iowa and will be applied to Salisbury House’s $296,675 interior surfaces preservation and waterproofing project.

Dubuque-based Flexsteel Industries Inc.’s board of directors declared a first-quarter dividend of 13 cents per share payable Jan. 2, 2009 to shareholders on record as of Dec. 22. This is the company’s 268th consecutive cash dividend.

A team of economists from Wells Fargo & Co. will present their 2009 economic forecast on Dec. 18 at 11 a.m. Iowa time. The forecast for the coming year will address the labor market, the housing market, stock markets, the recession, consumer and business spending, energy prices and the effect of federal economic rescue actions. Interested parties may listen to the call by dialing toll-free (866) 793-1341 or (703) 639-1312 and entering 1303927 for the conference ID.

According to the Mortgage Bankers Association’s weekly report, the seasonally adjusted mortgage application index fell 7.1 percent to 796.8 in the week ending Dec 5., down from 857.7 a week earlier, the Associated Press reported. Additionally, refinance volume fell 0.9 percent last week and purchase volume fell 17.4 percent.