July 21, 2010 at 11:38 a.m.
Filed under:
Economy,
Government,
Regulations
By Reuters
President Barack Obama talks with members of Congress and guests after signing the Dodd-Frank Wall Street Reform and Consumer Protection Act in Washington, D.C. (Rod Lamkey Jr./Getty)
U.S. President Barack Obama today signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street.
“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Obama said at a signing ceremony for the legislation approved by the U.S. Congress last week.
The bill targets the kind of Wall Street risk-taking that helped to trigger a global financial meltdown and also aims to strengthen consumer protections. Get the full story »
July 20, 2010 at 3:43 p.m.
Filed under:
Government,
Small business,
Taxes,
Updated
By Reuters
The U.S. government loses $37 billion per year in tax revenues because multinational corporations stash money in overseas tax havens, Democratic Senator Carl Levin and a group of small businesses said in a report Tuesday.
Levin, who for years has pushed for a tough law to fight tax evasion among corporations, has enlisted some small businesses to back his so-far unsuccessful proposal to close loopholes letting companies legally avoid taxes by keeping income abroad. Get the full story »
July 16, 2010 at 3:59 p.m.
Filed under:
Banking,
Government
By Mary Jane Grandinetti
From Crain’s Chicago Business | The Wall Street firms that have pledged $150 million to rescue ShoreBank have extended their agreements three weeks to give the South Side lender more time to secure government bailout funds.
July 16, 2010 at 10:15 a.m.
Filed under:
Government,
Pharmaceuticals
By Dow Jones Newswires
The Food and Drug Administration questioned the benefit of using Roche Holding AG’s top-selling cancer drug, Avastin, in breast cancer.
The agency said the magnitude of an improvement seen among women being treated with chemotherapy drugs plus Avastin compared with women being given chemotherapy alone “is not clinically meaningful.” The agency also said there were more serious side effects such as bleeding seen among women being given Avastin. Get the full story »
July 15, 2010 at 5:28 p.m.
Filed under:
Airplanes,
Crime,
Energy,
Government,
Investigations
By Reuters
The Senate Foreign Relations Committee has scheduled a July 29 hearing into last year’s release of a Libyan convicted for the 1988 bombing of an airliner over Lockerbie, Scotland, and related actions by BP.
The committee said Thursday that it will ask officials of BP Plc to testify after the U.K.-based oil giant acknowledged that it had lobbied the British government in 2007 to transfer Libyan intelligence officer Abdel Basset al-Megrahi to Tripoli. The company said it was concerned that his continued imprisonment in Scotland could hurt an offshore oil drilling deal with Libya. Get the full story »
July 15, 2010 at 5:14 p.m.
Filed under:
Government,
Investing,
Regulations,
Retirement
By Dow Jones Newswires
The Department of Labor on Friday will issue a long-awaited rule that would require retirement-plan providers to disclose the compensation they receive for their services.
Some companies supply this information, but the “interim final rule” will require all service providers that receive more than $1,000 to disclose it. The intent of the rule, which takes effect next summer, would be to help fiduciaries better assess “the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider’s performance.” Get the full story »
July 15, 2010 at 5:03 p.m.
Filed under:
Fraud,
Government,
Investing,
Litigation
By MarksJarvis on Money
Goldman Sachs has agreed to pay $550 million in a settlement with the Securities and Exchange Commission over allegations of misleading investors.
July 14, 2010 at 5:41 p.m.
Filed under:
Autos,
Government,
Recalls
By Associated Press
The government said Wednesday it had not reached any conclusions about whether Toyota drivers may be to blame for their vehicles suddenly accelerating, a problem that has led to millions of recalled cars and trucks since last year.
The National Highway Traffic Safety Administration said in a statement that its engineers were continuing to investigate the possible causes of sudden acceleration in Toyotas along with scientists and researchers with the National Academy of Scientists and NASA. Get the full story »
July 14, 2010 at 5:00 p.m.
Filed under:
Advertising/Marketing,
Food,
Government
By Mary Jane Grandinetti
A Nestle SA subsidiary has agreed to drop advertising claims that its children’s drink Boost Kid Essentials prevents colds and flu, the Federal Trade Commission said Wednesday.
The FTC, which pursues deceptive advertising, took issue with claims that BOOST prevented colds and flu by strengthening the immune system, focusing on advertisements for a drink sold with a straw embedded with probiotic bacteria. Get the full story »
July 14, 2010 at 3:59 p.m.
Filed under:
Government,
Investing
By Kathy Bergen
Investors demonstrated an appetite for Illinois bonds Wednesday when the state went to market with a $900 million issue, but as expected, they extracted a higher yield because of the state’s dismal financial condition.
More than $2 billion in orders came in for the taxable Build America bond issue, a show of strong demand, said John Sinsheimer, the state’s director of capital markets. Overall, the bonds drew 93 investors, including 17 from overseas who bought about 29 percent of the issue. Get the full story »
July 14, 2010 at 3:56 p.m.
Filed under:
Economy,
Government
By Reuters
Federal Reserve officials last month felt they should be ready to consider additional steps to boost the U.S. economy if the softening outlook took a noticeable turn for the worse.
“As a result of the change in financial conditions, most participants revised down slightly their outlook for economic growth,” minutes of the June 22-23 meeting of the Fed’s policy panel released Wednesday said. Get the full story »
July 14, 2010 at 3:12 p.m.
Filed under:
Government,
Pharmaceuticals
By Reuters
U.S. health advisers said GlaxoSmithKline Plc’s diabetes drug Avandia should be allowed to stay on the market in some form, easing a threat of further litigation that could have followed a ban.
Twenty of the 33-member panel of outside experts convened by the Food and Drug Administration voted for various options that would allow Avandia to stay on the market despite concerns over associated heart risks. Get the full story »
July 14, 2010 at 10:23 a.m.
Filed under:
Government,
Health care
By Bruce Japsen
The Illinois Hospital Association today named long-time Democratic congressional aide Kimberly C. Parker as its first vice president of federal relations, opening the powerful state lobby’s first-ever office in Washington, D.C.
As health reform is implemented during the next four years, IHA said it wanted a stronger presence in Washington. Hospitals in Illinois are particularly concerned about rates they are paid by the Medicaid health insurance program for the poor, which is funded partly from federal dollars but also from state coffers that are bleeding red ink. Get the full story »
July 14, 2010 at 10:04 a.m.
Filed under:
Economy,
Government,
Jobs/employment
By Reuters
One of the most influential U.S. business groups accused President Barack Obama on Wednesday of neglecting job creation and slowing economic uncertainty with burdensome tax and regulatory policies.
The U.S. Chamber of Commerce released the letter before a “Jobs for America” summit it is hosting and on the same day Obama’s Council of Economic advisers is releasing a report that shows the president’s policies are creating jobs and stimulating the economy. The letter adds to growing criticism the Obama administration has faced lately from the business sector. Get the full story »
July 13, 2010 at 6:59 p.m.
Filed under:
Government,
M&A,
Media
From Broadcasting & Cable | In public hearing Tuesday in Chicago, rival cable operators, an independent programmer and a former FCC commissioner lined up to oppose the proposed merger of Comcast and NBC Universal.
