For-profit education provider DeVry Inc. said fall 2010 new student enrollment declined at some of its colleges, hurt by lower demand. DeVry, along with other for-profit education companies, has been under fire from regulators and the Obama administration for saddling students with big debts and not fully preparing them for jobs. Get the full story »
Flawed $100 bill causes billion-dollar headache
(Chip Somodevilla/Getty Images)
More than 1.1 billion new $100 bills have been put into quarantine while officials search for a solution to a printing problem that has rendered some of the bills unusable, an official familiar with the situation said Monday.
Originally scheduled for a February 2011 release date, the bills were the first run of a high-tech note designed to combat counterfeiting by including a 3-D security ribbon.
The Federal Reserve first acknowledged an issue with the bills in October, but did not specify the scope of the problem. Get the full story »
UPS to require ID for retail shipping
United Parcel Service is requiring photo identification for retail shipping as it expands security during its peak season after two parcel bombs were intercepted in October.
The world’s largest package delivery company, which expects a 7.5 percent rise to about 430 million deliveries this holiday season, said on Tuesday that retail customers will not be permitted to ship without a government-issued picture ID at the UPS Store, Mail Boxes Etc and authorized shipping outlets worldwide. Get the full story »
Driver Bobby Rahal buys Lincoln Park mansion
ELITE STREET | By Bob Goldsborough | Retired professional race car driver Bobby Rahal, who won the 1986 Indianapolis 500, moved from Chicago to Columbus, Ohio, in 1981, but the Glen Ellyn native never forgot his roots.
A part-time Chicago resident from 2005 until 2008, Rahal, 57, now is set to make Chicago his exclusive home. He recently paid $3.295 million for a 12-room, 6,600-square-foot Lincoln Park mansion and also has listed his longtime six-bedroom, 13,192-square-foot mansion on 8 acres in New Albany, Ohio, for $4.75 million. Get the full story »
Burger King lays off 250 in purge at headquarters
Burger King’s new owners continued their purge of headquarters Monday, dismissing a large number of workers there in an effort to catch-up with McDonald’s in the fast-food wars.
The Miami-based company announced 413 dismissals company-wide, including 261 in South Florida. Most of those jobs came from the No. 2 burger chain’s headquarters. Get the full story »
Google mobile head says Nexus One too ambitious
The head of Google’s Android mobile operating software says the search company “bit off a little more than we could chew” with the sale of the Nexus One, a smart phone Google began selling online early this year but then stopped offering after similar devices powered by Android hit the market. Get the full story »
Dec. 7, 2010 at 5:30 a.m.
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Filed under: The day ahead in business
Reports: Job openings and labor turnover survey for October, 9 a.m.; Consumer credit data for October, 2 p.m.
Hearings: Senate Banking, Housing and Urban Affairs Committee hearing on credit unions.
Major earnings: H&R Block Inc.
Tribune creditors to vote on 4 reorganization plans
The judge in Tribune Co.’s contentious bankruptcy case signaled his approval Monday to send four competing restructuring plans out for vote by the Chicago-based media company’s creditors.
If he issues the formal order by Wednesday, which will mark the two-year anniversary of the case, solicitation packages containing disclosure documents explaining the four plans will likely be mailed on Dec. 22, said a Tribune Co. lawyer.
Creditors will then have until Jan. 28 to cast their votes and the judge will use those results to gauge support for the various plans ahead of a five-day confirmation hearing set for early March. Get the full story »
Chicago part of Barclays Wealth hiring push
Barclays Wealth, rapidly bulking up its U.S. business in the wake of the financial crisis, intends to accelerate its hiring efforts over the next two years.
The Barclays Plc. unit on Monday said it hired seven advisers with a combined $2.24 billion in client assets and who generated $17 million of revenue in the past year. The new investment representatives expand the London-based bank’s presence in Boston, New York, Atlanta and Chicago.
Barclay’s says it has hired 50 advisers in the Americas this year, giving it 250 representatives across the region. Get the full story »
Huron settles lawsuit for $38M, takes Q4 charge
Huron Consulting Group said it agreed to settle a securities lawsuit for $38 million and expects to take a related non-cash charge of about $11 million in the fourth quarter. Get the full story »
Survey: U.S. to see 3 percent growth in 2011
U.S. economic growth and inflation is expected to pick up a bit next year, while the jobless situation will improve slightly, according to a survey conducted by the Federal Reserve Bank of Chicago. Get the full story »
Ventas wraps $186M deal for senior housing assets
Real estate investment trust Ventas Inc. said Monday it has completed a $186 million buyout of 58 senior housing communities from affiliates of Sunrise Senior Living Inc.
Moody’s: Illinois pension system still in trouble
From Bloomberg | Moody’s issued a report Monday saying that Illinois, which has the worst-funded pension system among U.S. states, may see it deteriorate more even if it sells bonds to close the gap.
Treasury to publicly offer 2.4 billion Citi shares
The Treasury said on Monday it is commencing an underwritten public offering of its remaining 2.4 billion shares of Citigroup common stock. Get the full story »
Ackman would finance bid for Barnes & Noble
Hedge fund manager William Ackman is raising his wager on bookseller Borders Group Inc, offering to help it buy larger rival Barnes & Noble Inc for $963.7 million. Get the full story »
