Aug. 30, 2010 at 12:01 a.m.
Filed under:
Government,
Taxes
By Kathy Bergen
Illinois residents will pay as much as $551.3 million extra for the state’s borrowing over the last year because of its deteriorating bond rating, according to an analysis by the Civic Federation to be released Monday.
“Due to Springfield’s failure to stabilize Illinois’ finances, Illinois residents will pay nearly 21 percent more for one year of borrowing than they would have if the state had maintained its credit ratings,” said Laurence Msall, president of the nonpartisan research organization.
Get the full story>>
Aug. 26, 2010 at 12:29 p.m.
Filed under:
Autos,
Government,
Recalls
By Reuters
Toyota Motor Corp. said Thursday that it would recall about 1.13 million Corolla and Matrix cars in the United States due to defective electronic control units that could cause the vehicles to stall.
Toyota said it had unconfirmed reports of three accidents and one minor injury in connection with problems with the units on vehicles from the 2005 through 2008 model years. It will replace the units. Get the full story »
By Dow Jones Newswires
Deere & Co. has quietly dropped out of a coalition of large companies that has supported a cap-and-trade program for reducing carbon dioxide emissions.
Deere, the world’s largest manufacturer of farm machinery, opted to leave the U.S. Climate Action Partnership in May because the group’s legislative strategy “no longer served as a foundation for moving forward” with climate change regulation, Ken Golden, a spokesman for the company said Tuesday. Get the full story »
Aug. 25, 2010 at 1:34 p.m.
Filed under:
Corporate governance,
Government,
Investing,
Policy
By Associated Press
The Securities and Exchange Commission on Wednesday approved changes that make it easier for shareholders to nominate directors of public companies.
The 3-2 vote allows groups that own at least 3 percent of a company’s stock to put their nominees for board seats on the annual proxy ballot sent to all shareholders. The new financial overhaul law enacted last month gave the SEC the authority to make the change. Get the full story »
By Associated Press
Federal regulators say former Countrywide CEO Angelo Mozilo personally approved mortgages for favored borrowers that violated the company’s policies and lending standards.
The Securities and Exchange Commission had previously accused Mozilo of civil fraud and illegal insider trading. Now, the agency says Mozilo played a direct role in a program for preferential borrowers that has been the focus of congressional ethics inquiries. Get the full story »
Aug. 24, 2010 at 2:14 p.m.
Filed under:
Autos,
Government,
Investigations
By Reuters
Safety regulators have opened a preliminary investigation of about 3 million older Jeep Grand Cherokees with fuel tanks that may present a fire risk in a crash, the regulators’ website showed Tuesday.
The investigation was opened Monday by the National Highway Traffic Safety Administration. The action is short of a recall, and a Chrysler spokesman said owners of the 1993-2004 model year vehicles should take no action at this time. Get the full story »
Aug. 24, 2010 at 2:08 p.m.
Filed under:
Government,
Real estate
By Associated Press
Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report released Tuesday, possibly debunking predictions of a huge wave of defaults to come.
The State Foreclosure Prevention Working Group warned of other troubling signs, however, on the same day that a separate industry report showed the most severe July sales drop-off for previously occupied homes in 15 years. Get the full story »
Aug. 24, 2010 at 12:52 p.m.
Filed under:
Government,
Investing
By Associated Press
Interest rates fell again in the Treasury market, sending the yield on the two-year note to another record low, after a sharp drop in sales of existing homes added to worries about the economy.
The yield on the 10-year note continued to hover near levels not seen since March 2009. Get the full story »
Aug. 24, 2010 at 12:35 p.m.
Filed under:
Advertising/Marketing,
Government,
Internet
By Associated Press
State attorneys general nationwide are demanding that Craigslist remove its adult services section because they say the site cannot adequately block potentially illegal ads.
Attorneys general from 17 states, including Connecticut, Illinois, Ohio and Missouri, announced Tuesday that they have sent a joint letter calling on the classified advertising site to get rid of its adult services category. Get the full story »
Aug. 23, 2010 at 6:05 p.m.
Filed under:
Autos,
Government,
Investigations
By Reuters
U.S. auto safety regulators have stepped up a probe into the risk that up to 1.2 million Toyota Motor Corp. Corolla and Matrix vehicles could stall due to defective electronic engine control units.
Regulators began an engineering analysis Aug. 18 into the reports of stalling in Corolla and Matrix cars from the 2005, 2006 and 2007 model years. Get the full story »
By Associated Press
Food and Drug Administration officials said Monday that there is no evidence a massive outbreak of salmonella in eggs has spread beyond two Iowa farms, though a team of investigators is still trying to figure out what caused it.
FDA officials said they do not expect the number of eggs recalled — now at 550 million– to grow. Get the full story »
Aug. 23, 2010 at 5:34 p.m.
Filed under:
Airplanes,
Defense,
Government,
Technology
By Associated Press
The Boeing Co. has won an $8.5 million order for engineering work to put virtual training systems into aircraft. Get the full story »
Aug. 23, 2010 at 12:53 p.m.
Filed under:
Government,
Politics,
Taxes
By Reuters
The biggest U.S. companies stepped up their lobbying Monday to block Democrats’ plans to let taxes on wealthier Americans rise at year’s end, asking lawmakers not to cut short the hearing process in Congress.
The Senate is set to take up expiration of tax cuts on nearly all individuals enacted under former President George W. Bush when it reconvenes in September. The thorniest issue involves taxes for the top income classes — families earning at least $250,000 a year — which President Barack Obama and most Democrats want to let expire. Get the full story »
Aug. 23, 2010 at 8:35 a.m.
Filed under:
Government,
Insurance
By Associated Press
American International Group Inc. says it is repaying nearly $4 billion in federal bailout loans. The insurer said Monday it will pay back the taxpayer-funded loans with proceeds from a recently completed $4.4 billion debt sale at its aircraft leasing company, International Lease Finance Corp. Get the full story »
Aug. 20, 2010 at 2:27 p.m.
Filed under:
Bank failures,
Banking,
Economy,
Government
By Becky Yerak
The group seeking to buy ShoreBank, the ailing South Side lender expected to be seized by federal regulators Friday, plans to name former First Chicago executive Bill Farrow as the chief executive and president of the institution if it succeeds at bidding for certain assets and deposits of the failing bank.
It means that three former First Chicago executives will be running the show if their bid succeeds. Get the full story »
