Jan. 31 at 7:30 a.m.
Filed under:
Economy,
Jobs/employment
By CNN
There are two problems with the jobs recovery: Employers haven’t added enough jobs. And those they have added aren’t particularly good ones.
The former problem has gotten a lot of attention, with many economists and politicians talking about job growth averaging less than 100,000 a month last year, not enough to keep up with population growth or make a significant dent in unemployment.
But experts say the low-wage jobs that have been added are also a serious problem — putting downward pressure on wages and keeping consumer spending in check. Get the full story »
Jan. 31 at 7:15 a.m.
Filed under:
Earnings,
Energy
By Reuters
Exxon Mobil Corp. reported a 53 percent increase in quarterly profit Monday as an improving world economy sparked higher demand for fuel and chemicals as crude oil prices rose.
It reported a fourth-quarter profit of $9.25 billion, or $1.85 per share, up from with $6.05 billion, or $1.27 per share a year earlier.
Jan. 31 at 6:50 a.m.
Filed under:
Exchanges,
International,
Stock activity
By CNN
U.S. stocks were headed for a flat open Monday, as investors continued to worry about growing political unrest in Egypt.
Dow Jones industrial average, S&P 500 and Nasdaq futures were little changed before the opening bell. Futures measure current index values against perceived future performance. Get the full story »
By Reuters
India rejected on Monday Research In Motion’s offer to allow it only partial access to its BlackBerry data services as neighbouring Pakistan also moved to restrict the popular smartphone’s services.
It was not immediately clear what the Indian government, which says it is driven by security concerns, would do after the Canadian smartphone maker failed to fulfill demands to monitor encrypted corporate e-mail by a Jan. 31 deadline. RIM had said was confident India would not ban its services. Get the full story »
Jan. 31 at 6:20 a.m.
Filed under:
Autos,
Earnings
By Reuters
Chrysler Group LLC, the automaker managed by Fiat SpA, reported a $199 million net loss for the fourth quarter Monday and it expects to be profitable this year, when it plans to go public.
Chrysler, which emerged from a U.S. government-funded bankruptcy in mid-2009, reported fourth-quarter revenue of $10.76 billion, a slight drop from the third quarter due to fewer fleet sales. Get the full story »
Jan. 31 at 6:17 a.m.
Filed under:
Computers,
Technology
Bloomberg News | According to Strategy Analytics, Google Android tablet computers made headway against the Apple iPad in the fourth quarter. The Boston-based research firm said Android tablets accounted for 22 percent of global shipments, up from 2.3 percent in the third quarter; iPad shipments were 75 percent, down from 96 percent.
Jan. 31 at 5:42 a.m.
Filed under:
Reports: Personal income/spending, 7:30 a.m.; Chicago PMI, 8:45 a.m.
Major earnings: Alberto Culver Co., Exxon Mobil Corp., Gannett, Illinois Tool Works Inc.,
By Reuters
A federal judge rejected Kraft Foods’ bid to force Starbucks Corp to keep using Kraft to distribute packaged coffee to supermarkets in North America and Europe, a decision that allows Starbucks to move ahead with a new partner.
In a ruling from the bench, U.S. District Judge Cathy Seibel in White Plains, New York, on Friday also noted that Starbucks could end up owing Kraft “a boatload of money” if an arbitrator decided the coffee chain breached a 1998 agreement with Kraft. Get the full story »
By Emily Bryson York
Sara Lee desserts in a grocer's freezer. (AP)
Downers Grove-based food maker Sara Lee announced Friday that it will divide itself two publicly-traded companies. The plan, which has been approved by Sara Lee’s board, divides the company into North American and European divisions. One company will focus on North American grocery and supplying products to the restaurant industry, and the other on European coffee, tea and bread.
In a call with investors, Marcel Smits, the company’s newly-appointed CEO, acknowledged that Sara Lee had received “unsolicited interest” in buying the company. He said that after a rigorous review, the company’s board determined that splitting the company was in shareholders’ best interest, adding that the individual companies are likely to do better on their own.
Sara Lee will issue a $3 special dividend to shareholders as part of the split. Get the full story »
Jan. 28 at 4:37 p.m.
Filed under:
Investing
By Reuters
Goldman Sachs Group more than tripled Chief Executive Lloyd Blankfein’s salary to $2 million for this year, according to a filing made with regulators Friday.
The bank, which has come under fire for its pay practices, also raised the salaries of Chief Financial Officer David Viniar and Chief Operating Officer Gary Cohn to $1.85 million, the filing said. All three executives previously earned a base salary of $600,000, according to filings. Get the full story »
Jan. 28 at 4:16 p.m.
Filed under:
Economy,
Policy,
Politics,
Retirement
By Clout Street
Mayor Richard Daley’s administration unveiled a plan Friday for police and fire pension reform that would increase employee contributions as part of a package it hopes would save Chicago property taxpayers $240 million per year compared to a bill Gov. Pat Quinn signed into law earlier this month.
Jan. 28 at 3:18 p.m.
Filed under:
Government,
Real estate
By Reuters
The Obama administration on Friday extended through the end of the year a popular program allowing buyers of flipped homes to obtain loans backed by the Federal Housing Administration.
Flipping refers to the practice of buying a home and quickly reselling it at a profit. The FHA in 2003 banned buyers from obtaining government-backed mortgage insurance on homes bought less than 90 days after a previous sale. Get the full story »
Jan. 28 at 3:03 p.m.
Filed under:
Entertainment
By Los Angeles Times
If you thought it was getting more expensive to go the movies, your hunch was right. The average ticket price at theaters in the U.S. and Canada last year rose to an all-time high of $7.89, up 5 percent from $7.50 in 2009, according to the National Association of Theatre Owners.
The figure represents a national average of theaters in big cities and small towns alike, and includes discount matinees and children’s prices. Get the full story »
Jan. 28 at 2:22 p.m.
Filed under:
Internet,
Privacy issues,
Technology,
Wireless
By Dow Jones Newswires
Connecticut’s attorney general said Friday that Google Inc. won’t have to hand over user data it collected from unsecured wireless networks as part of his office’s probe of the Internet giant’s privacy snafu.
Atty. Gen. George Jepsen said his office reached a deal with the Internet company that allows him to begin settlement negotiations over whether Google violated state law. Get the full story »
Jan. 28 at 1:53 p.m.
Filed under:
Exchanges,
Taxes
By Reuters
CME Group Inc., which runs the Chicago Mercantile Exchange and the Chicago Board of Trade, has no plans to leave the city, despite concerns over Illinois’ recent tax hike, a spokeswoman said on Friday.
“We are not planning to leave Chicago,” the spokeswoman said in response to an e-mailed query from Reuters, after Fox Chicago News reported that CME was “threatening” to leave its hometown. Get the full story »
