Jan. 7 at 11:17 a.m.
Filed under:
Economy,
Government,
Updated
By Associated Press
President Barack Obama appointed Gene Sperling as his director of the National Economic Council Friday, placing a Washington veteran with a bipartisan track record in the White House as the administration contends with a divided Congress.
Sperling’s appointment coincided with the release of the December jobs report that showed the unemployment rate dropping to 9.4 percent, its lowest level in nearly two years. But job growth fell short of expectations, and Obama said that Sperling, along with other newly appointed members of the economic team, have a challenging task ahead. Get the full story »
Jan. 7 at 10:33 a.m.
Filed under:
Consumer electronics,
Technology
By Associated Press
Apple Inc. CEO Steve Jobs’ compensation package remained the usual $1 in fiscal 2010, but the value of the shares he owns has skyrocketed amid the company’s ongoing success with introducing shiny new gadgets many people come to find indispensible.
Jan. 7 at 10:20 a.m.
Filed under:
Economy,
Policy,
Politics
By Associated Press
Federal Reserve Chairman Ben Bernanke sketched a more optimistic outlook for the economy, but said a $600 billion bond-buying program is needed because it will take up to five more years to bring unemployment back to healthy levels. Get the full story »
Jan. 7 at 10:19 a.m.
Filed under:
Banking
By Reuters
Chicago-based Northern Trust Corp. has hired one of London’s most experienced operations professionals at a time of increasing focus by trading firms on their post-trade costs. Get the full story »
Jan. 7 at 10:01 a.m.
Filed under:
Magazines,
Media
From The Hollywood Reporter | Playboy Enterprises will take a $13 million charge on its fourth-quarter earnings after having ended its legal dispute with DirecTV, the company said in a filing Thursday.
Jan. 7 at 9:56 a.m.
Filed under:
Insurance
By Reuters
The recapitalization deal for bailed-out insurer American International Group is done and all but certain to close on January 14, a person familiar with the situation said on Friday. Get the full story »
Jan. 7 at 8:20 a.m.
Filed under:
Construction
By Associated Press
Caterpillar Inc.’s Decatur plant has reached a major milestone with the production of its 10,000th mining truck. Get the full story »
Jan. 7 at 8:15 a.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Tribune newspapers
Employers across the country added a modest 103,000 jobs to their payrolls in December, the government said Friday, closing out the year with a bit of whimper instead of the bang that some economists were expecting.
The Labor Department report, however, showed that the unemployment rate dropped dramatically last month to 9.4 percent, from 9.8 percent in November. The drop was likely due at least in part to statistical adjustments, as the government’s count of unemployed workers fell by 556,000 to 14.5 million. Get the full story »
By Wailin Wong
Until recently, consumers wanting to take advantage of 4G wireless network speeds didn’t have much choice in devices. Carriers offered laptop cards and USB dongles, but the selection of smart phones and other gadgets was minimal.
This dynamic will change dramatically this year, thanks to a flurry of product launches from mobile operators that are eager to meet increasing consumer demand for fast wireless broadband and draw more revenue from data traffic. At the Consumer Electronics Show in Las Vegas this week, carriers announced more than 15 new 4G devices, many of them smart phones or tablets. Get the full story »
Jan. 7 at 7:18 a.m.
Filed under:
Energy,
M&A
A spokesman for Chicago-based energy company Exelon Corp. would not confirm the company’s interest in acquiring Northern Indiana Public Service Co. gas utility from NiSource Inc., but wouldn’t rule it out. Platts Energy Week reported Wednesday that Exelon CEO John Rowe told investors Dec. 14 that Exelon is considering pursuing a natural gas utility. Get the full story>>
Jan. 7 at 6:21 a.m.
Filed under:
Beverages,
Food,
Packaged foods
By Reuters
Starbucks Corp. told a federal judge it gave Kraft Foods Inc. ample warning of its plans to end their grocery partnership and that the food maker is now standing in the way of an orderly break-up.
In legal filings on Thursday, the world’s biggest coffee chain asked U.S. District Court Judge Cathy Seibel to deny Kraft’s request to stop Starbucks from ending their 12-year-old deal and moving the business to a new partner. Get the full story »
Jan. 7 at 6:11 a.m.
Filed under:
Economy,
Food,
International
By Reuters
The Group of 20 leading economies will discuss ways to tackle soaring food prices that are stoking fears of a repeat of the 2008 food crisis, as some Asian countries sought to reassure nervous consumers on Friday.
Global food prices hit a record high last month, outstripping the levels that sparked riots in several countries in 2008, and key grains could rise yet further, the United Nations’ food agency said this week. Get the full story »
Jan. 7 at 6:02 a.m.
Filed under:
Beverages,
Food,
M&A,
Packaged foods,
Updated
By Dow Jones Newswires-Wall Street Journal
Sara Lee Corp. is moving ahead with plans to split up its meats and coffee businesses into two separate companies after it rejected Brazilian beef processor JBS SA’s takeover offer last month, people familiar with the matter said.
JBS hasn’t ruled out its interest in buying the company, which has a market capitalization of about $11 billion, and could yet come back with a higher offer, these people said. But they cautioned that JBS, which has a market cap of about $10 billion, could have trouble securing financing for a deal. Get the full story »
Jan. 7 at 5:51 a.m.
Filed under:
Government,
Investing
By Dow Jones Newswires-Wall Street Journal
As Illinois lawmakers huddle behind closed doors this week trying to find ways to plug the state’s $13 billion deficit, municipal-bond investors are sizing up how to wager amid the state’s woes.
The state’s bonds have the highest spreads — a measure of the perceived risk of default — of any state, according to Thomson Reuters data. Meanwhile, the cost of insuring against the bonds’ default keeps rising. Many muni-bond investors are avoiding Illinois even as they buy bonds of other cities and states. Others believe the state may prove a good bet, either because it will get its financial act together or be aided by the federal government. Get the full story »
Jan. 7 at 5:30 a.m.
Filed under:
Reports: Employment data for December, 7:30 a.m.; Consumer credit data for November, 2 p.m.
Major earnings: KB Homes
