Jan. 12 at 5:40 a.m.
Filed under:
Taxes
By Clout Street
A triumphant Gov. Pat Quinn congratulated fellow Democrats early today after the Illinois Senate and House sent him a major income tax increase without a single Republican vote in favor.
Quinn smiled and shook hands on the floor of the Senate around 1:30 a.m. after the Senate voted 30-29 for the bill, which would raise the personal income tax-rate by 67 percent and the business income tax rate by 46 percent.
The House passed the bill hours earlier Tuesday night — likewise without a vote to spare and with nary a Republican in support.
Jan. 12 at 5:30 a.m.
Filed under:
Reports: Treasury releases federal budget for December, 1 p.m.; Federal Reserve releases Beige Book, 1 p.m.
Other: Airbus parent EADS holds annual news conference to discuss 2011 strategy.
Jan. 11 at 5:52 p.m.
Filed under:
M&A,
Manufacturing
From Crain’s Chicago Business | Molex, the electronic connector maker based in Lisle, said it is buying the optical cable business of chip maker Luxtera Inc.
Jan. 11 at 5:27 p.m.
Filed under:
Economy,
International,
Policy,
Politics
By Reuters
The United States wants a “real, demonstrative commitment” from China that it is serious about shifting away from export-led economic growth, a U.S. official told Reuters on Tuesday ahead of next week’s state visit by China’s Hu Jintao. Get the full story »
Jan. 11 at 4:59 p.m.
Filed under:
Autos,
Policy,
Politics
By Associated Press
An Obama administration official who oversaw the restructuring of the auto industry says he’s encouraged that U.S. automakers are returning to profitability despite tough economic conditions. Get the full story »
Jan. 11 at 4:33 p.m.
Filed under:
Restaurants,
Venture capital
By Reuters
New York-based startup VillageVines has raised a first round of funding from Hearst Interactive Media, GrandBanks Capital and High Peaks Venture Partners for its exclusive restaurant site. Get the full story »
By Zoe Galland
The town of Cicero unanimously voted Tuesday to approve Wirtz Beverage Illinois’ request to build a $70-million, 600,000-square-foot distribution center at a location that used to be a racetrack. Wirtz’ new center will incorporate the company’s other offices and warehouses in Schaumburg, Wood Dale, Bensenville and Elk Grove Village.
The company had said in a statement last week that most of its 1,000 employees would move to the new center. Get the full story »
By Reuters
Verizon Wireless has announced that the iPhone will be available on its network in early February. (Justin Sullivan/Getty Images)
After waiting three-and-a-half years, Verizon Wireless customers will finally get their hands on Apple’s iPhone next month.
The top U.S. wireless operator ended months of speculation and anticipation from impatient consumers on Tuesday by announcing that it would begin selling a version of the iPhone on Feb. 10 at the same prices as AT&T.
“I’m going to switch right away. I’m going to go back to Verizon,” said Raheem Noble, 24, a New York City rapper, who was on his way to buy the device before being told that preorders would not begin until Feb. 3. Get the full story »
Jan. 11 at 3:27 p.m.
Filed under:
Autos,
Bankruptcy
By Associated Press
A big cut in product development spending while General Motors was in bankruptcy protection set the company’s product development plans back by about a year, its top executive told reporters Tuesday.
Chairman and CEO Daniel Akerson said the company is working to accelerate vehicle plans that were postponed when research and development spending was cut to $5 billion per year as the company was trying to save money during its 2009 stay in bankruptcy protection. The spending has since been restored to $7 billion.
Jan. 11 at 3:23 p.m.
Filed under:
Education
From Bloomberg | The University of Chicago said Tuesday that it received 21,669 applications for undergraduate admission in the 2011-2012 academic year, after the institution enlisted alumni into its outreach efforts.
The total rose 12 percent from 19,374 a year earlier. Get the full story ยป
Jan. 11 at 3:13 p.m.
Filed under:
Airplanes,
Defense,
Manufacturing
By Reuters
Airbus on Tuesday announced what it called the biggest jet order in commercial aviation history with a $15.6 billion deal to sell 180 planes to Indian budget carrier IndiGo including the first orders for a revamped model.
The deal comes as the European planemaker tallies its plane orders for 2010, but will not enter the order book in time to decide whether Airbus will come from behind to win a fiercely contested annual battle for most sales against Chicago-based Boeing. Get the full story »
From Bloomberg | Libertyville-based Motorola Mobility Holdings and Research In Motion may lose more than 6.5 million in combined phone shipments this year as Verizon Wireless begins to offer Apple’s iPhone, according to JPMorgan Chase & Co.
The Verizon iPhone could lead to a 55 percent drop in Motorola’s earnings per share, Rod Hall, an analyst at JPMorgan in San Francisco, wrote in a research note.
Jan. 11 at 2:22 p.m.
Filed under:
Airlines,
Airplanes,
Airports
By Associated Press
The were no airplanes stuck on the ground for more than three hours in November — the second straight month airlines avoided long delays, the government said Tuesday.
That’s little comfort to travelers stranded by huge snow storms that grounded thousands of flights in December. The Department of Transportation won’t report those statistics until next month. Get the full story »
Jan. 11 at 2:09 p.m.
Filed under:
Government,
Regulations,
Work culture
By Sandra M. Jones
A Bridgford Foods processing plant in Chicago faces up to $212,000 in fines for worker safety violations, a federal agency said Tuesday.
The Department of Labor’s Occupational Safety and Health Administration cited the producer of meat snacks and deli foods for failing to implement and provide training for workers on lockout procedures, in turn exposing workers to energized equipment. Get the full story »
Jan. 11 at 2:00 p.m.
Filed under:
Airplanes,
Government
By Associated Press
U.S. government safety officials urged Tuesday that aircraft owners be required to retrofit small planes with shoulder-lap seat belts but stopped short of calling for the installation of air bags.
A three-year study of small plane accidents released by the National Transportation Safety Board found several cases in which air bags prevented serious injuries or fatalities. But investigators said that since only about 7,000 planes have air bags, there haven’t been enough accidents to judge whether they should be required on all planes. Get the full story »
