Shares of Bank of Montreal extended their slide on Monday, falling 2.2 percent as analysts chopped their share-price targets following the bank’s $4.1 billion deal to purchase Wisconsin lender Marshall & Ilsley Corp. Get the full story »
Source: Hedge funds may skirt direct Fed scrutiny
The Federal Reserve does not believe any one hedge fund can topple the financial system and therefore the private pools of capital may escape direct supervision by the central bank, an industry source familiar with the Fed’s position said. Get the full story »
American demand for gas falling for good
The world’s biggest gas-guzzling nation has limits after all.
After seven decades of mostly uninterrupted growth, U.S. gasoline demand is at the start of a long-term decline. By 2030, Americans will burn at least 20 percent less gasoline than today, experts say, even as millions of more cars clog the roads. Get the full story »
Auto, engine makers sue EPA to block E15 use
U.S. automakers and engine makers sued the Environmental Protection Agency Monday over its decision to allow higher blends of ethanol for newer cars, saying it could cause confusion at the pumps and damage engines in older vehicles.
The suit asks the U.S. Court of Appeals for the District of Columbia Circuit to send the decision back to the EPA and asks the court to review whether the decision violates the Clean Air Act. Get the full story »
CEO: OptionsXpress followed all dividend rules
OptionsXpress Holdings Inc.’s chief executive said the company followed all required procedures for a big special dividend to be paid under rules that confused many investors.
The Chicago brokerage’s shares dipped as much as 14 percent before the open last Tuesday as investors wrongly thought that holding shares through the previous day, the so-called “record” date of Dec. 13, would entitle them to the $4.50 per-share payout. Get the full story »
State incentives lure SunCoke Energy to Lisle
Gov. Pat Quinn said Monday that SunCoke Energy received a $4.8 million incentive package from the state to move its headquarters from Knoxville, Tenn., to Arboretum Lakes in Lisle.
The package includes corporate income tax credits and funds from the Employer Training Investment Program. SunCoke said it is investing $6.6 million on the relocation project. Get the full story »
Dec. 20, 2010 at 1:50 p.m.
Filed under: Cell phones, Computers, Entertainment, Telecommunications, Wireless ‘Smurfs’ Village’ app adds warnings of real costs
The publisher of the popular “The Smurfs’ Village” game for the iPhone and iPad has added a warning that virtual items such as “Smurfberries” cost real money – as much as $100 with just two taps on the screen.
An Associated Press story this month revealed how easy it is for kids to buy such virtual items and have them billed to their parents without their knowledge. Like many other free games, “Smurfs’ Village” makes money by selling the virtual goods to advance play. Get the full story »
Qualcomm deal to give AT&T wider 4G access
AT&T Inc. plans to buy wireless spectrum from Qualcomm Inc. for $1.93 billion and boost its 4G network, aiming to counter criticism over iPhone service quality and a threat from rivals such as Verizon Wireless.
AT&T is the sole U.S. carrier for Apple Inc.’s iPhone, but smaller rivals including Sprint Nextel and Clearwire Corp. have been adopting 4G, a new wireless standard that enables better Internet access including video. Get the full story »
Dec. 20, 2010 at 12:42 p.m.
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Filed under: Defense, Government, International, Telecommunications Boeing snags $1B Mexico satellite contract
Boeing Co. said it won a contract valued at about $1 billion to build a communication-satellite system for Mexico’s government that will be used for national-security and civil-communications needs.
The system will consist of three satellites, two ground sites and related network operations systems and other equipment. Get the full story »
Blockbuster plans to shed 182 more stores
Bankrupt video rental chain Blockbuster Inc. plans to close 182 stores by the end of the first quarter as it tries to find a way back on its feet.
The largest U.S. video rental chain plans to close 72 stores by Jan. 1 and 110 more in the first quarter of 2011, according to documents filed Friday in Manhattan’s bankruptcy court. Get the full story »
Groupon names ex-Amazon exec as CFO
Groupon has brought in a former Amazon.com Inc executive as its new chief financial officer, the discount coupon provider said.
Jason Child, a former vice president of finance for Amazon’s international business, took on the new role with Groupon on Monday. Get the full story »
‘Austerity’ is top-searched word in a rocky year
It provoked protests in European capitals from Athens to Brussels, hurt sales of Heineken beer and stole the spotlight at a June G20 summit in Canada. “Austerity” is now Merriam-Webster’s top word of 2010.
“Austerity,” which the Springfield, Massachusetts-based publisher defines as “enforced or extreme economy,” spiked to the top of the company’s top ten list based on the number of searches at its website, www.merriam-webster.com.
Coupled with No. 2 “pragmatic,” the list reflects a year when searchers were still worried about a rocky world economy, said Peter Sokolowski, the dictionary’s editor at large. Get the full story »
Grainger sells library supplies brand to DEMCO
Industrial products supplier WW Grainger Inc. said it sold its library supplies brand Highsmith to DEMCO Inc and is considering the sale of four more specialty brands.
The company, which offers almost everything from abrasives to refrigerants, said it may sell Professional Equipment, Construction Book Express, McFeely’s and Rand — which along with Highsmith accounted for one percent of its revenue.
Chicago-based Grainger said it will continue to invest in the remaining brands including Lab Safety Supply, Imperial, Gempler’s, Ben Meadows and AW Direct, and look for acquisitions. Get the full story »
Russian potash miner Uralkali to buy Silvinit
A Russian billionaire set the terms on Monday for a merger of Russia’s top two producers of potash, Uralkali and Silvinit to create the world’s No. 2 player.
The deal marks another step in consolidation in the global potash business, where a battle for dominance spurred BHP Billiton’s attempt to take over Potash Corp., which ultimately failed. Get the full story »
Online holiday spending rises 12%
U.S. online sales are up 12 percent to $27.5 billion so far this holiday shopping season compared with a year ago, according to research firm comScore. Get the full story »
