American International Group Inc. didn’t report $18.7 billion of policyholder guarantees at two property-casualty subsidiaries in 2008, Bloomberg reported Wednesday, citing a Pennsylvania regulator. Get the full story »
Oil slips, ends lower on profit taking
Oil prices fell on Wednesday, but stayed close to recent 26-month highs, pulled down in light trade by profit-taking as markets awaited the release of U.S. oil inventory data. Get the full story »
Auto industry recalled 20 million vehicles in 2010
Automakers recalled about 20 million vehicles in 2010, led by high-profile recalls by Toyota that prompted new scrutiny of the auto industry’s safety record.
New labels required for 40 popular cuts of meat
Coming soon to a grocery store near you: Those nutrition labels slapped on everything from cereal to soda pop will soon be required on packages of meat.
The U.S. Department of Agriculture announced Wednesday morning that the new rule, slated to start Jan. 1 of 2012, requires that 40 of the most common cuts of poultry, pork, beef and lamb include labels that disclose to consumers the total number of calories, the number of calories from fat and the total grams of fat and saturated fat. Get the full story »
S&P 500 heads for best December since 1991
The S&P 500 headed for its best December in nearly two decades as U.S. stocks advanced in thin trade Wednesday, lifted by investor optimism about the economy in 2011. Get the full story »
Profit-taking weighs on U.S. grain markets
U.S. soybean futures ended lower on Wednesday in a profit-taking setback, retreating from more-than-two-year highs, while a weaker dollar and persistent supply worries continued to underpin prices and helped lift corn and wheat.
The losses in Chicago Board of Trade soybean futures marked the first time in eight sessions that the market lost ground. Soybeans have been rallying on concerns over hot and dry weather in major exporter Argentina. Corn futures also are garnering fundamental support from the detrimental crop weather there. Get the full story »
Couple denies charges in Willborn race-bias case
The home that the Willborns wanted to buy at 3300 S. Normal Ave. in Bridgeport. (Chris Sweda/Chicago Tribune)
The Bridgeport couple accused of violating fair housing laws in the failed sale of their million-dollar home are refuting Justice Department charges that they refused to sell it to an African-American family.
In separate responses filed this month with U.S. District Court in Chicago, Daniel and Adrienne Sabbia deny that they engaged in discriminatory housing practices in their dealings with George and Peytyn Willborn, who made several offers to purchase the Sabbia’s sprawling Bridgeport home.
The Sabbias also deny that Daniel Sabbia told listing agent Jeffrey Lowe that Sabbia would prefer not to sell the home to an African-American but that he didn’t care who bought it if the price was right, and deny that Lowe forwarded a sales contract to the Sabbias for signature. Get the full story »
Honda recalling snowblowers that leak fuel
American Honda Motor Co. is recalling about 18,500 snowblowers that might be dripping or seeping fuel, which can cause a fire. Though no fires have been reported, Honda has received 90 reports of fuel dripping or seeping from the machine’s fuel tank joint and o-ring. Get the full story »
Dec. 29, 2010 at 1:20 p.m.
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Filed under: Crime, Criminal charges, Technology, Telecommunications U.S. announces new insider trading arrest
A California woman has been arrested on charges of leaking secrets about technology companies to hedge funds, as federal prosecutors expand their probe into insider trading. Get the full story »
Dec. 29, 2010 at 1:10 p.m.
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Filed under: Cell phones, Chicago executives, Commercial real estate, Real estate, Telecommunications Motorola Mobility not moving HQ to Chicago
From Crain’s Chicago Business | Motorola Mobility, Motorola’s cell phone unit, reportedly has ruled out moving its headquarters to downtown Chicago. The company, which will split from the emergency-radio business Jan. 4, would keep its headquarters at its existing campus in Libertyville if it chooses to stay in Illinois, says a person familiar with the search. Get the full story>>
Microsoft co-founder relaunches tech patent suit
Microsoft co-founder Paul Allen relaunched a wide-ranging patent lawsuit against Apple, Google, Facebook and others with specific allegations that the companies are illegally using technology owned by his company. Get the full story »
Chase hiking fees on more services
(Heather Stone/Chicago Tribune)
Chase, Chicago’s biggest bank in terms of branches and deposit market share, is making it more expensive to stop payment on a check, do wire transfers and use a foreign ATM, among other things.
Chase is also telling its checking and savings customers that starting on Feb. 5, it’ll hike several other fees.
The bank recently instituted a minimum direct deposit threshold to maintain free checking if customers don’t meet certain other criteria. Get the full story »
Dec. 26 storms delay $1 billion in retail spending
The blizzard that swept through the Northeast on Sunday and Monday delayed $1 billion in retail spending, according to research firm ShopperTrak, but won’t derail a holiday shopping season expected to be the best since 2007. Get the full story »
What’s Groupon worth? Fundraising spurs debate
From DealBook | With the news that Groupon’s board has authorized the daily deal site to raise up to $950 million in funding, many investors and analysts are now debating what exactly Groupon is worth. The venture capital data provider VC Experts estimates that the new round of fundraising values Groupon at $6.4 billion, while TechCrunch, citing an unnamed source, pegs it at a more modest $4.75 billion.
JPMorgan to buy majority stake in Aqua
From Crain’s Chicago Business | JPMorgan Asset Management has agreed to invest about $182 million in the apartments in the 82-story Aqua tower, the biggest local multifamily deal in more than three years.
