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President Barack Obama is scheduled to unveil a report Wednesday showing the U.S. is on track to double exports in the next five years and name the chief executives of United Parcel Services Inc., Walt Disney Co., Pfizer Inc. and other firms to a presidential advisory board on trade issues.
Other large, publicly trade companies that will be represented on the council include Metlife Inc., UAL Corp., Dow Chemical Co. , Ford Motor Co. , Verizon Communications Inc. and Archer Daniels Midland Co. Get the full story »
From Bloomberg News | Allstate Corp. Chief Executive Officer Thomas Wilson said he believes “government borrowing is way out of control” and prompt declines in the value of municipal bonds, a major component of Allstate’s holdings. In the last three quarters, Allstate has cut its municipal holdings, which now total about $20.1 billion.
Buy those Forever stamps now. The cost of mailing a letter is going up again. Fighting to survive a deepening financial crisis, the Postal Service said Tuesday it wants to increase the price of first-class stamps by 2 cents — to 46 cents — starting in January. Other postage costs would rise as well.
Toyota Motor Corp. said Tuesday that it had received reports more than three years ago of faulty engine valve springs at the center of a U.S. recall of nearly 139,000 luxury Lexus vehicles it announced last week.
Toyota plans to recall 270,000 luxury Lexus and Toyota Crown vehicles across the U.S., Japan, Canada, Australia, Europe and other countries due to the potential defects that could lead to engine failures. Get the full story »
The European Union’s executive says Europeans should not retire before 70 to save cash-strapped state pension funds.
In a paper to be published Wednesday, the European Commission says four workers’ contributions to state pensions help support two retirees. Get the full story »
Comcast has told the Federal Communications Commission that it has reached deals with TV stations owned by ABC, CBS and Fox to allay their fears that they will be at a disadvantage if the nation’s biggest cable operator completes its purchase of NBC.
From Crain’s Chicago Business | ShoreBank reportedly still could receive TARP funds, though Congress ended the bank bailout program to help pay for financial reform. Banks that applied before June 25 would still be eligible, according to an unnamed administration official.
Commonwealth Edison is seeking an electricity rate hike of about 7 percent, a move quickly met with skepticism from consumer advocates.
ComEd’s proposal, filed Wednesday with the Illinois Commerce Commission would add less than $6 per month to the average residential monthly bill of $86, the company said in a statement. Any approved new rates would not take effect until June 2011. The utility said it would use the money to modernize its grid by investing in technology that reduces the duration and number of power outages. The rate hike would also “recover the cost of substantial investments made since the last rate filing in 2007,” the company said. Get the full story »
A plan for an eight-story hotel, large chain stores and apartments across the street from Wrigley Field passed the Chicago City Council without dissent today.
Some neighborhood residents and business owners earlier had argued that the Addison Park on Clark development would “suburbanize” the neighborhood around the iconic ballpark, but the plan passed the full council without discussion.
A plan for an eight-story hotel, large chain stores and apartments across the street from Wrigley Field passed the Chicago City Council without dissent today.
Some neighborhood residents and business owners earlier had argued that the Addison Park on Clark development would “suburbanize” the neighborhood around the iconic ballpark, but the plan passed the full council without discussion.
The City Council unanimously voted today to let Wal-Mart build a second store in Chicago, ending six years of political gridlock that prevented the giant retailer to expand inside city limits.
The vote allows construction to begin on the 270-acre Pullman Park development on the South Side that will be anchored by a Super Wal-Mart. It is a project long championed by Ald. Anthony Beale, 9th, who said the new store will bring badly needed jobs in a hard-hit area suffering from a dearth of grocery stores.
President Barack Obama says that no matter how much the government spends, some people still won’t be able to afford their mortgages and will lose their homes.
There are still underlying problems in the housing market, the president said, in part because “some people just got too much house for their salary.”
Obama made his comments in response to a question Wednesday at a town hall event. Get the full story »
Houses and condominiums leased as “vacation rentals” in Chicago will be treated like bed-and-breakfast establishments after aldermen unanimously voted Wednesday for a plan aimed at getting a handle on such leases in residential areas.
Senate Democrats introduced legislation Tuesday night that once again seeks to extend federal jobless benefits and a homebuyers’ tax credit, a week after a similar measure was defeated by lawmakers as part of a wider tax and benefit package. Get the full story »
The House of Representatives Tuesday approved giving extra time to homebuyers trying to get a popular federal tax credit by the end of the month.
The House voted 409-5 to extend the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30 to receive the $8,000 tax credit for first-time homebuyers. Get the full story »
