A South African chain’s shareholders have overwhelmingly accepted Wal-Mart’s offer to buy 51 percent of their company, the chief executive said Monday, paving the way for the giant U.S.-based retailer to enter Africa.
Senators threaten currency bill ahead of Hu visit
A group of U.S. senators, on the eve of Chinese President Hu Jintao’s arrival in the United States, said the time has come for U.S. congressional action on China’s currency policies.
Democratic Senator Charles Schumer said Beijing’s currency practices give Chinese companies an unfair trade advantage and have acted like “a boot on the throat” of U.S. economic recovery. Get the full story »
Starbucks to add 31-ounce ‘Trenta’ size May 3
Starbucks Corp. will roll out its biggest drink size yet — the 31-ounce ”Trenta” — in all of its U.S. coffee shops by May 3, the company said Sunday
The new size will be available only for iced coffee, iced tea and iced tea lemonade drinks in the United States. The Trenta is 7 ounces larger than Starbucks’ “Venti” cup for iced drinks, which currently is its largest size on offer. Get the full story »
Sears passes on bid for J. Crew
From Bloomberg News | Sears Holdings Corp. opted not to rival a $3 billion bid for clother J. Crew Group Inc. from TPG Capital and Leonard Green & Partners LP, said two people familiar with the matter. Get the full story>>
Abbott withdraws EU application for psoriasis drug
The European Medicines Agency said Monday it was notified by Abbott Laboratories Limited of its decision to withdraw its application for a centralized marketing authorization for the medicine Ozespa, briakinumab, 100 mg solution for injection. Get the full story »
AM General cutting 300 jobs in Northern Indiana
AM General plans to lay off 300 workers from the northern Indiana factory that makes Humvees for the military. Get the full story »
Blackhawks’ Bickell buys Hamlin Park town home
ELITE STREET | By Bob Goldsborough | Chicago Blackhawks left wing Bryan Bickell has paid $510,000 for a newly built, seven-room town home in Hamlin Park.
Bickell, 24, becomes the fifth current Blackhawk to own a home in a one-square-mile North Side area that encompasses parts of the Hamlin Park, West Lakeview and Roscoe Village neighborhoods, joining teammates Brent Seabrook, Troy Brouwer, Duncan Keith and Dave Bolland. Get the full story »
CUB: Shop for cheaper landline option than AT&T
The Citizens Utility Board on Monday urged consumers to shop for better deals after AT&T’s increased its land line rates Jan. 3.
The company says the hikes spread costs among fewer land line customers. AT&T spokeswoman Brooke Vane says more than a quarter of households are wireless only. AT&T says Chicago has one of the lowest phone rates in the nation. Get the full story »
Groupon CEO apologizes to Japanese customers
Groupon CEO Andrew Mason in a video to Japanaese customers. (YouTube)
The chief executive of Groupon, the rapidly growing online coupon provider, apologized to Japanese customers Monday for a New Year’s deal gone wrong that highlighted the difficulties the company faces in managing its global expansion.
In a subtitled video message uploaded onto YouTube, the company’s founder and CEO Andrew Mason acknowledged that the company had “really messed up” and outlined steps it was taking to rebuild its tarnished image in Japan. Get the full story »
Food stamp, food pantry use increases in Illinois
New statistics from the Illinois food stamp program show an increase in those receiving assistance, and food pantries are reporting that more people are coming to them for help.
Numbers from the Illinois Department of Human Services show about 857,000 households enrolled in the Supplemental Nutrition Assistance Program in December. That’s 12.7 percent more than a year earlier, The Chicago Sun-Times reported Saturday. Get the full story »
10,000th sale lifts Airbus past Boeing in 2010
European planemaker Airbus scored a surprise victory in the annual orders race against Boeing and celebrated the 10,000th plane sale in its 40-year history with a $5 billion order from Virgin America. A last-minute surge pushed Airbus past its U.S. rival for a third year as it held onto a net order market share of 52 percent in the face of a resurgent Boeing, which was hit by cancellations in 2009 due to delays to its 787 Dreamliner. Get the full story »
Jan. 17 at 5:30 a.m.
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Filed under: The day ahead in business
U.S. stock and bond markets closed for Martin Luther King Day.
Bank of America online banking down for some
Update: Bank of America reported at 5 p.m. that the problem had been resolved.
Bank of America Corp. said its online banking Web site is down for a “subset” of customers but that the “majority” of depositors can still bank online.
Chicago’s No. 2 bank declined to say how many customers are currently affected and said it expects to fix the problem “shortly” but had no timetable. Get the full story »
Jan. 14 at 5:41 p.m.
Filed under: Tony Radisson Blu to fill Aqua’s vacant hotel space
Carlson Hotels is planning a $125 million upscale Radisson hotel for the first 18 floors of the Aqua skyscraper downtown.
The hotel, slated to open this fall, would be the first Radisson Blu in the country and is part of the hotel group’s $1.5 billion plan to revitalize the Radisson brand in the United States. The costs are being split 50/50 as part of a joint partnership with Magellan Development Group, the developer of Aqua, the 82-story mixed-use skyscraper known for its swelling wave-like balconies. Get the full story »
