Unemployment rates rose in more than two-thirds of the nation’s largest metro areas in November, a sharp reversal from the previous month and the most since June.
The Labor Department says unemployment rates rose in 258 of the 372 largest cities, fell in 88 and remained the same in 26. That’s worse than the previous month, when the rate fell in 200 areas and rose in 108. Get the full story »
Ford Motor Co.’s midsize SUVs, the Ford Edge and Lincoln MKX, have lost a “recommended” rating from Consumer Reports, in part because of a complex audio and interior controls system, the influential magazine said Tuesday.
Consumer Reports said reviewers found the MyFord Touch and MyLincoln Touch systems, which allow drivers to operate audio, climate control and navigation systems using a touchscreen or voice commands, to be “a complicated distraction while driving.” Get the full story »
Printing services company R. R. Donnelley & Sons has bought 8-touches, a provider of online tools that help real estate brokers and other marketers create direct mail, flyers and brochures.
Ford Motor Co. says its U.S. sales rose 15 percent in 2010 thanks to strong demand for its pickups and sedans.
The company sold 1.9 million cars and trucks and grabbed market share from rivals including General Motors and Toyota. Ford says 2010 was the second year in a row it gained U.S. market share, its first back-to-back increase since 1993. Get the full story »
Archer Daniels Midland Co., the world’s largest corn processor and one of the largest U.S. ethanol producers, said in a statement Tuesday that it had acquired the outstanding capital stock of Alimenta (USA) Inc. to control 100 percent of Golden Peanut Co. LLC. Golden Peanut, which processes and exports peanuts, peanut oil and peanut-derived ingredients, is based in Alpharetta, Ga. Get the full story »
In this photo from 2002, a Blockbuster sits across from the Corus Bank building at the intersection of Irving Park, Damen and Lincoln Ave. in Chicago's North Center neighborhood. (Handout)
The Chicago area was home to three of the nation’s 20 biggest bankruptcies in 2010, a roundup by BankruptcyData.com shows.
Measured by assets owned before filing for bankruptcy, Chicago-based Corus Bankshares Inc., owner of failed Corus Bank, ranked second, with $8.35 billion in pre-petition assets.
Ranked sixth was Rockford-based Amcore Financial Inc., with $3.8 billion in pre-petition assets. Get the full story »
General Motors posted a 7.5 percent rise in U.S. auto sales in December on Tuesday, capping a year of gradual recovery for the industry overall that is expected to continue in the new year. Get the full story »
Donald P. Welsh at a press conference in Indianapolis, July 12, 2010. (Matt Detrich/The Star)
The Chicago Convention & Tourism Bureau will pay its new top executive $390,000 a year, with the potential to earn up to $78,000 more if growth objectives are met, the bureau’s chairman said Tuesday morning.
The package, which could total $468,000, will go to Indianapolis tourism executive Donald P. Welsh, whose hiring as the bureau’s new president and CEO was announced Monday evening. Salary information was not available at that time. He will step into the post in early February.
The salary package represents a substantial hike over the compensation paid to the previous top executive, Tim Roby, who resigned last month. In the fiscal year ended June 30, 2010, he received a salary and bonus package of $362,652, of which $260,540 was base salary, bureau officials said. The remainder was incentive bonus and pay for unused vacation time. Get the full story »
Ignatiy Vishnevetsky, a Russian-born 24-year-old Chicago-based online film critic for mubi.com, has been named to replace co-host Elvis Mitchell opposite the Associated Press’ Christy Lemire on public television’s “Ebert Presents at the Movies.”
Home decor and furniture company IKEA is no longer stocking or selling incandescent light bulbs in its U.S. stores, instead offering longer-lasting and energy-efficient bulbs.
The retailer began phasing out the sale of the light bulbs in August. IKEA’s action comes ahead of federal legislation that would mandate more efficient light bulbs starting in 2012.
The pullout also applies to IKEA stores in Canada. Stores in France and Australia started phasing out the incandescent bulbs last year. Get the full story »
New orders received by factories unexpectedly rose in November, and orders excluding transportation recorded their largest gain in eight months, providing more signs the economic recovery was on sustainable path. Get the full story »
Chicago-based Hub International Ltd. is expanding its California operations with the Tuesday acquisition of Sander A. Kessler & Associates, Inc., a Santa Monica, California-based insurance brokerage firm.
Terms of the deal were not disclosed.
Founded in 1956, Kessler is one of the largest, independent full-service insurance agencies in California.
The transaction will significantly expand Hub California’s presence in the Los Angeles area. Kessler currently arranges insurance programs for a wide range of industries, including manufacturing, seafood, meat processing, security guards, recycling, and the solar industry. Get the full story »
Chicago-based Northern Trust said Tuesday it has formalized a practice that provides financial services to the lesbian, gay, bisexual and transgender (LGBT) community.
Over the years, Northern has supported various LGBT initiatives, including the building campaign for the Center on Halsted, a LGBT community center. It is a national sponsor of Lambda Legal, a national group focused on legal issues for LGBT people. Northern also began offering domestic partnership benefits to workers more than 13 years ago.
John McGowan has been named Northern’s national practice leader. He previously served as a senior relationship manager in Northern Trust’s wealth management group, which specializes on ultra high-net worth families and their family offices. Get the full story »
Boeing Co. and Airbus SAS are ringing in the the new year with large aircraft order announcements for their popular narrow-body jets.
Finance company CIT Group Inc. ordered 38 next-generation Boeing 737s worth about $3.2 billion at list price. This is the largest order CIT has placed with Chicago-based Boeing and a sign the commercial lender intends to remain a player in the aircraft leasing business after emerging from bankruptcy last year. Get the full story »
