Borrowing by small U.S. businesses jumped in November to the highest level in more than two years, PayNet reported on Monday, as entrepreneurs invested in their businesses and did a better job of paying existing debts. Get the full story »
Survey: Mid-America economy, inflation to grow
The economy in nine U.S. Midwest and South-Central states will likely grow at a healthy pace, albeit with rising inflation, according to a survey of supply managers released on Monday. Get the full story »
Most Americans say tax rich to balance budget
Most Americans think the United States should raise taxes for the rich to balance the budget, according to a 60 Minutes/Vanity Fair poll released Monday.
President Barack Obama last month signed into law a two-year extension of Bush-era tax cuts for millions of Americans, including the wealthiest, in a compromise with Republicans.
Republicans, who this week take control of the House of Representatives, want to extend all Bush-era tax cuts “permanently” for the middle class and wealthier Americans. They are also demanding spending cuts to curb the $1.3 trillion deficit. Get the full story »
BofA in settlement with Fannie Mae, Freddie Mac
Bank of America said it agreed to pay Fannie Mae and Freddie Mac $2.8 billion to settle claims that it sold the mortgage finance companies bad home loans.
Bank of America shares climbed 4.5 percent in early trading Monday. Analysts said many investors had worried the bank would have to buy back billions of dollars of home loans it sold to investors at the height of the housing boom.
“This takes away a nice headline risk” for Bank of America, said Alan Villalon, a senior bank analyst at Chicago-based Nuveen Investments. Get the full story »
Exelon says new tax law will hit its earnings
Power company Exelon Corp. forecast a 5 cent and 3 cent reduction for its 2010 and 2011 earnings respectively, hit by the combined effect of pension contributions and the recently passed tax legislation.
The Chicago-based company said the direct impacts of the tax legislation will reduce its 2010 earnings by about 1 cent per share and 2011 earnings by about 11 cents per share because of a cut in the manufacturing tax deduction for which it was eligible. Get the full story »
U.S. manufacturing sector grows in December
The U.S. manufacturing sector grew for a 17th straight month in December, adding to recent evidence that a recovery in the U.S. economy was picking up steam, according to an industry report released on Monday. Get the full story »
JPMorgan upgrades Boeing to ‘overweight’
Financial-services firm JPMorgan upgraded Boeing Co. on Monday to overweight from neutral, saying the manufacturer’s stock price likely reflects the risk in its military business and 787 Dreamliner development program. Get the full story »
Jan. 3 at 7:55 a.m.
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Filed under: Commercial real estate, Hotels, Real estate, Tourism, Travel Luxury hotel planned for former IBM headquarters
From Globe St. | Langham Hotels and Resorts has partnered with Oxford Capital Group LLC to open a luxury hotel in 330 N. Wabash, the Mies van der Rohe-designed riverfront building that previously housed IBM’s Midwest headquarters. The new Langham Chicago Hotel, expected to open in 2012, will occupy floors two through 13 of the 52-story building. Get the full story>>
Jan. 3 at 6:22 a.m.
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Filed under: Books, Internet, Magazines, Media, Movies, Music, Newspapers Google exploring digital newsstand
Google Inc. and Apple Inc. have stepped up their battle to win over publishers, as the two companies vie to become the dominant distributor of newspapers and magazines for tablet computers and other mobile devices.
Google is trying to drum up publishers’ support for a new Google-operated digital newsstand for users of devices that run its Android software. With the effort, it is chasing Apple, which already sells digital versions of many major magazines and newspapers through its iTunes store. Get the full story »
Jan. 3 at 6:18 a.m.
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Filed under: Airlines, Chicago executives, Internet, Personnel moves, Tourism, Travel Former Crocs exec to become CFO at Orbitz
Orbitz Worldwide Inc. named the former financial chief of Crocs Inc. to the same position at the online-travel company. Russ Hammer, who led the restructuring efforts at shoe maker Crocs, also held a variety of senior executive positions at Motorola Inc.. He replaces Marsha Williams, whose retirement was announced in June. Get the full story »
iPhone alarm glitch to be fixed today, Apple says
(Reuters)
A glitch with Apple Inc.’s iPhone alarm gave some users a late start to the new year. The alarm application on the smartphone failed to work for alarms that were set for one-time use only — as opposed to recurring — on the first two days of 2011, triggering complaints of oversleeping.
A spokeswoman for Apple acknowledged the issue, saying that “customers can set recurring alarms for those dates and all alarms will work properly beginning Jan. 3.”
Apple declined to comment further about the exact nature of the glitch, but some Internet blogs said the problem was primarily affecting the iPhone 4 and older models that were updated with the latest software. Indeed, some iPhone users on Twitter boasted that their alarm clocks were working just fine. Get the full story »
Jan. 3 at 5:30 a.m.
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Filed under: The day ahead in business
Reports: ISM manufacturing index for December, 9 a.m.; Construction spending for November, 9 a.m.
American Airlines flights gone from Expedia
Expedia Inc. is starting the new year with a break-up, suspending sales of tickets for flights on American Airlines after the two sides were unable to resolve a commercial dispute.
Expedia’s Saturday announcement is the latest twist in the spat involving American and online giants that have revolutionized how travel is sold over the Internet. On Dec. 21, American yanked its fares from Chicago-based Orbitz Worldwide Inc. Get the full story »
SC Johnson buying Sara Lee’s Kiwi brand
SC Johnson said it is buying Sara Lee Corp.’s shoe care business, including the venerable Kiwi brand, for $328 million, as Sara Lee continues to shed nonfood segments.
The companies announced the deal, which also includes Sara Lee’s shoe accessory lines Bama International and Kiwi Kleen, on Friday. The deal is expected to close by mid-2011. Get the full story »
Anheuser, baseball renew Budweiser sponsorship
Anheuser-Busch Inc, the maker of Budweiser beer, and Major League Baseball announced a multi-year renewal of their sponsorship agreement, averting a possible end to a more than 30-year relationship. Get the full story »
