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The Air Force has again stumbled in the lucrative but long-drawn-out competition for air refueling tankers for which Airbus and Boeing are contending.
The Air Force told members of Congress on Friday that about two weeks ago it accidentally provided Chicago-based Boeing with detailed data on the Airbus bid, and vice versa. Get the full story »
General Motors has begun commercial production of the Chevrolet Volt, producing cars at the automaker’s Detroit plant intended for sale or lease to consumers.
But there’s one final problem, one that’s been dragging on for years, that needs to get cleared up. Get the full story »
The maker of the painkiller Darvon is pulling the drug off the market under pressure from U.S. health officials who say it causes dangerous heart rhythms.
The Food and Drug Administration says the drugmaker Xanodyne will halt marketing of Darvon and related brand Darvocet. The FDA has also called on generic drugmakers to stop marketing low-cost versions of the drug. Get the full story »
Hoping to cut down on fraud and scams tied to the mortgage crisis, the U.S. Federal Trade Commission is tightening rules for companies and attorneys who perform loan modification and foreclosure rescue services. Get the full story »
Deficit reduction commission co-chairman Erskine Bowles says he won’t “do a whitewash” on the call for austerity measures merely to get a bipartisan consensus among panelists.
Former White House chief of staff Erskine Bowles and former Sen. Alan Simpson released recommendations last week calling for steep cuts in Medicare, lifting the Social Security retirement age and increasing taxes, including a 15 percent hike in federal gasoline tax. Get the full story »
Federal Reserve Chairman Ben Bernanke hit back on Friday at critics of the U.S. central bank’s bond-buying program and issued a thinly veiled attack on China’s policy of keeping its currency on a leash.
Bernanke, facing a chorus of protests about the asset-buying spree from within and outside the central bank, said a more vigorous U.S. economy was essential to fuel the global recovery and dismissed charges he was debasing the dollar. Get the full story »
Bloomberg News | The Consumer Product Safety Commission reports that injuries involving toys rose 7.6 percent last year, requiring more than 180,000 emergency room visits for kids younger than 15.
The U.S. Federal Aviation Administration plans to add Boeing Co.’s widely used 747 to the list of airplanes that must have their cockpit windows inspected or replaced because of the danger of an electrical fire, the Associated Press reported Thursday.
An effort to continue assistance for millions of jobless people who will see their benefits run out in coming weeks failed in the House Thursday.
By a vote of 258 to 154, the proposal to extend jobless benefits for three months fell short of the two-thirds margin needed to pass the House under special rules that limit debate. Get the full story »
Ireland’s central bank chief said on Thursday he expected Dublin to receive tens of billions of euros in loans from European partners and the IMF to shore up its shattered banks though the government said it had made no request yet. Get the full story »
The Internal Revenue Service said on Wednesday it currently holds $164.6 million in undelivered refund checks for 111,893 nationwide taxpayers. Four million of that money is set aside for 3,618 Illinois taxpayers. The IRS was initially unable to deliver the checks because of mailing address errors.
Consumer prices rose moderately in October but there was little sign of inflation as the cost of autos, clothing and hotels fell. Gasoline prices accounted for most of the increase, rising by 4.6 percent in October, the biggest gain since July.
The Labor Department said Wednesday the Consumer Price Index rose by 0.2 percent last month, an increase from September’s 0.1 percent rise. Wall Street analysts had expected a slightly larger increase. It was the fourth straight rise.
A deal on a temporary extension of the Bush-era tax rates could emerge that would also renew unemployment benefits for 2 million Americans about to lose them, top lawmakers said Tuesday. Get the full story »
A proposed rendering of the renovations at Wrigley. (Handout)
By Alejandra Cancino and Kathy Bergen | Chicago Cubs owner Tom Ricketts on Monday told the Tribune’s editorial board he doesn’t have a Plan B to come up with $200 million if the state rejects his proposal to borrow that money in a bond offering.
The money will be used to make extensive renovations at Wrigley Field, including repairs of the dilapidated concourses beneath the field, better amenities for players and more bathrooms, he said.
The Cubs’ proposal calls for the Illinois Sports Facilities Authority, which owns U.S. Cellular Field, to float $200 million to $300 million in bonds. The bonds would be paid back over 35 years through amusement taxes that Wrigley Field patrons pay. Get the full story »
Crain’s Chicago Business | The Federal Aviation Administration said Monday that it will pay for a second control tower at O’Hare International Airport as part of the second phase of updates there. The agency also paid for a tower in Phase I.
