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U.S. tax cuts should be extended for all Americans to help spur the economy, but even the middle-class cuts should end in two years, former U.S. budget director Peter Orszag said Tuesday.
Orszag’s views differed from those of his former boss, President Barack Obama. Get the full story »
The target date for the much-delayed award of a possible $50 billion U.S. Air Force refueling-plane deal just got murkier and potentially more politicized.
No longer is mid-November necessarily the moment of truth in the rematch pitting Chicago-based Boeing Co. against its European rival, Airbus parent EADS. Get the full story »
A federal appellate court judge on Friday turned down former Enron Corp. executive Jeffrey Skilling’s request for bail pending the continuing judicial review of his 2006 conspiracy and fraud conviction. The former Enron chief executive is serving a 24-year prison sentence.
Get the full story »
The first outbreak linked to a rare strain of E. coli in ground beef is prompting a fresh look at tougher regulations to protect the nation’s meat supply. Get the full story »
Goldman Sachs Group Inc. is closing its principal strategies desk as it works to comply with new U.S. rules on proprietary trading, Bloomberg News reported Friday.
The report, citing two people with knowledge of the decision, said Goldman would delay announcing the move as 65 to 70 members of the unit sought new jobs. Some traders and support staff could be reassigned in the firm, and a team in Asia could look to start a new hedge fund, it said. Get the full story »
Government safety officials have not found a connection between a new kind of Pampers diapers and the severe skin reactions reported by some parents’ groups.
The Consumer Product Safety Commission said Thursday that it has reviewed 4,700 complaints but found no specific cause linking Pampers diapers with new Dry Max technology to diaper rash. Get the full story »
Fiat President Luca di Montezemolo introduces the Ferrari 458 Italia in Frankfurt in 2009. (AP file)
Ferrari is recalling its new 458 Italia model after several vehicles were reported to have burst into flames.
A Ferrari spokesperson told CNNMoney.com has that the supercar is being recalled to modify the wheelhouse assembly.
“In rare instances the heat shield could become deformed, bringing it too close to the exhaust system and igniting,” a Ferrari spokesperson said.
A new Treasury Department program program would issue tax refunds on debit cards to those without bank accounts, in a move to get Americans their refunds quickly and saving the government the cost of printing and mailing checks.
Mayor Richard M. Daley said Tuesday that he has created a committee to study infrastructure needs for local technology companies and entrepreneurs.
The committee comprises 20 members, including top executives at local tech firms and representatives from area universities. The group also includes local venture capitalist Matt McCall of New World Ventures, Navteq Chief Executive Larry Kaplan, Kevin Willer of Google’s Chicago office, and Brad Keywell and Eric Lefkofsky, co-founders of Lightbank, a Chicago-based investment fund focusing on early-stage tech companies. Get the full story »
U.S. safety regulators have opened a preliminary investigation into claims that Hyundai Motor Co.’s best-selling car in America, the Sonata sedan, may have steering problems.
National Highway Traffic Safety Administration officials opened the preliminary investigation into the 2011 Hyundai Sonata Friday. Get the full story »
The fuel-economy sticker on new cars will change under plans announced Monday.
Will your new car get an A in fuel efficiency? A government proposal may add letter grades to showroom window stickers on new cars and trucks to reflect a vehicle’s overall fuel economy and greenhouse gas emissions.
The Transportation Department and Environmental Protection Agency said Monday they were considering two options to upgrade the energy and environmental information that will adorn labels on new vehicles in car dealership showrooms, beginning with the 2012 model year. Get the full story »
BlackBerry maker Research In Motion will give India access to secure data from Sept. 1, a government source said Monday as the country pushes RIM, Google and Skype to set up servers in India due to its security concerns.
On Monday, the interior ministry said RIM had offered India a few proposals to gain access its secure data and that the feasibility of the solutions would be assessed within 60 days. It did not give details of the solutions. Get the full story »
A senior Federal Reserve policymaker said Monday it may be impossible to test new measures to limit systemic risk in the banking system before the next financial crisis.
St. Louis Fed President James Bullard said the credibility of too-big-to-fail elements in the sweeping financial reform bill rested on them being tested in practice. Get the full story »
President Barack Obama says Congress should make passing a long-languishing aid package to small business its first order of business when it gets back from summer vacation.
He said in remarks in the Rose Garden Monday that he’ll also have other specific ideas on the nation’s teetering economy in the days and weeks ahead. Get the full story »
