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Federal health officials are calling on manufacturers of heart-zapping defibrillators to fix long-standing problems with the emergency devices that have triggered dozens of recalls and led to injuries and death.
The Food and Drug Administration said Monday that the devices have been plagued by design and manufacturing flaws for years, occasionally failing in life-and-death situations. Get the full story »
(Tribune file)
The owner of the Chicago Cubs is asking the state to help finance more than $200 million in renovations at Wrigley Field that will ensure the team stays at the historic ballpark for the next 35 years.
The Ricketts family, which purchased the team last year from Tribune Co. in a deal valued at $845 million, has pledged that the project will not be financed by new taxes or an increase in existing taxes, but it would redirect some future revenue to the stadium. Get the full story »
If Illinois borrows to make its annual contribution to state retirement systems for a second year running, the back-loaded payment plan on those bonds will cause interest costs to skyrocket, a Civic Federation analysis found.
Interest costs would total an estimated $1 billion if the state issues about $3.7 billion in bonds to make its required contribution to the state’s five pension funds in fiscal 2011, which began July 1. The bonds would be paid off over eight years. Get the full story »
Crain’s Chicago Business | State and federal bank regulators have issued an order, requiring the Community Bank of Oak Park River Forest to raise capital though the amount is unclear.
The U.S. Postal Service reported a net loss of $8.5 billion during the previous fiscal year as falling mail volumes continued to outpace operating cost savings.
The Postal Service has been trying to reform its business practices after the recent economic downturn, increased use of e-mail and competition from FedEx, United Parcel Service and other delivery services have hurt volumes. Get the full story »
Commercial aircraft manufacturers and airlines must take new steps to protect thousands of jets from serious structural fatigue as they age, according to a rule finalized Friday by U.S. aviation regulators.
The Federal Aviation Administration is requiring manufacturers, including industry leaders Boeing Co. and Airbus, a unit of Europe’s EADS, and airlines to intensify and streamline inspections of the metal skeleton and skin of aircraft. Get the full story »
North Carolina Banking Commissioner Joseph A. Smith Jr. is being tapped by the White House to head the regulatory agency that oversees mortgage giants Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency has been without a permanent director since August 2009. A new director would preside over the mortgage-finance titans just as an intense political battle begins over what should happen to the companies. Get the full story »
Stepped-up security screening at U.S. airports in the wake of foiled terrorism plots has provoked an outcry from airline pilots and travelers, including parents of children who say they are too intrusive.
With the busiest holiday travel season nearing, fliers face long security lines and new rigorous patdown checks begun in recent weeks aimed at discovering hidden explosives. So some travelers are questioning whether to fly at all. Get the full story »
The U.S. Treasury should make General Motors Co. suspend its planned initial public offering to ensure a better return for taxpayers on the government’s stake in the company, safety and consumer advocates said Thursday.
In a letter to President Barack Obama, the group led by consumer advocate Ralph Nader said the administration has a fiduciary responsibility to take a measured approach on the stock sale and leverage ownership to make strides on auto safety and fuel efficiency. Get the full story »
The Federal Communications Commission is investigating whether Google Inc. broke federal laws when its street-mapping service collected consumers’ personal information, joining a lengthy list of regulators probing what Google says was inadvertent harvesting of private data sent over wireless networks.
The FCC opened its investigation this year, an FCC official confirmed Wednesday. An FCC spokeswoman didn’t immediately have comment on the agency’s investigation. The FCC generally doesn’t publicly disclose details of its investigations. Get the full story »
Proposed changes for cigarette packaging under new FDA rules.
Graphic images depicting dead bodies and diseased lungs were unveiled by federal health officials Wednesday as part of a move to require bolder health warnings on cigarettes and advertising.
A 2009 law requires larger and more graphic health warnings on cigarettes as part of an effort to discourage people from starting to smoke and to lower current smoking rates. Currently, 20.6 percent adults and 19.5 percent of high school students smoke cigarettes, according to government figures. Get the full story »
The United States posted a $140 billion budget deficit last month, the third largest shortfall for any October, Treasury Department data showed Wednesday. Get the full story »
Livestock producers and food industry groups filed a suit on Tuesday seeking to overturn a U.S. decision to allow higher levels of ethanol in gasoline, saying it could push up food prices.
The Grocery Manufacturers Association, the National Meat Association and other groups sued the Environmental Protection Agency, saying regulators overstepped their authority when they ruled last month that gasoline retailers could sell fuel containing up to 15 percent ethanol, up from 10 percent now. Get the full story »
