Dish Network Corp. won Blockbuster Inc. in a bankruptcy auction for about $320 million, a move that could see the second-largest U.S. satellite TV provider tapping the movie rental chain’s online content to strengthen its offerings. Get the full story »
Marshall & Ilsley to get BMO Harris Bank name
Bank of Montreal will drop the Marshall & Ilsley Corp. name when it combines the troubled Wisconsin lender with its existing U.S. retail unit this summer.
The Toronto-based bank will rename the combined U.S. retail bank BMO Harris Bank, a name that it said tested well in several markets, including Milwaukee and Chicago. BMO’s U.S. consumer bank was previously known as Harris Bank. The bank’s acquisition of Marshall & Ilsley, announced in December, is expected to be completed before July. Get the full story »
Boeing surprised by rupture in 737 fuselage
The NTSB displays the 5-foot-long fuselage skin section taken from the Southwest Airlines accident aircraft on Tuesday. (Jewel Samad/AFP/Getty)
Boeing Co. said Tuesday that its engineering and safety experts were caught off guard by Friday’s rupture in the fuselage of a midair Southwest Airlines Co. jet, failing to anticipate the risks of such an incident “until much, much later” in the aircraft’s life.
In an attempt to explain what went wrong, including technical missteps by Boeing, a senior company engineer laid out some of the decisions and analyses by the aerospace giant that unwittingly set the stage for the five-foot tear in the aluminum skin of the 15-year-old Boeing 737 aircraft. The tear led to the rapid decompression of the passenger cabin while the plane was cruising at 36,000 feet, but no one was seriously injured. Get the full story »
Planned Internet wireless network threatens GPS
A new, ultra-fast wireless Internet network is threatening to overpower GPS signals across the U.S. and interfere with everything from airplanes to police cars to consumer navigation devices.
The problem stems from a recent government decision to let a Virginia company called LightSquared build a nationwide broadband network using airwaves next to those used for GPS. Manufacturers of GPS equipment warn that strong signals from the planned network could jam existing navigation systems. Get the full story »
Nearly 25% of mortgage applications rejected
During the housing boom, anyone who could fog a mirror could get a mortgage. Today, only highly qualified borrowers can get financing — let alone the best rates. The latest data from the Federal Reserve shows that nearly a quarter of people who apply for loans are turned down.
“Good borrowers with one or two blemishes on their credit are being denied credit,“ said Lawrence Yun, chief economist for the National Association of Realtors. Get the full story »
Illinois looks for savings in currency trades
William Atwood, head of the $11.2 billion Illinois investment board, has taken a crash course in discovering his portfolio’s currency-trading costs — and he doesn’t like what he sees.
A consultant said his fund paid $2 million more than the average of other institutional investors on currency transactions during most of last year. When Atwood tried to figure out the costs on his own, he received a two-foot-high stack of trading documents he didn’t know how to interpret. Get the full story »
FTC, Justice Dept. mull Google antitrust probe
U.S. antitrust regulators may investigate Google’s dominance of the Web search industry, and will settle on the agency to launch a probe once scrutiny into the company’s plan to buy ITA software is done, a source told Reuters on Tuesday. Get the full story »
Boeing tanker changes to require high-level review
From Bloomberg News | U.S. Air Force Secretary Michael Donley said Tuesday that the Air Force will not allow changes to Chicago-based Boeing’s air refueling tanker contract of more than $30 billion without “high-level” review from Pentagon leadership,
Poggled drinks in $5.6M from Groupon investors
From TechCrunch | Poggled, a Chicago-based daily deals site that focuses on discounts for bars and clubs, has raised $5.6 million from investors including Groupon’s Eric Lefkofsky and Brad Keywell and New Enterprise Associates principal Tom Grossi, according to an SEC form filed today.
American Eagle sues S. Side furniture company
Teen clothing giant American Eagle Outfitters Inc. is suing a South Side Chicago furniture company for trademark infringement. Get the full story »
Blockbuster receives 5 bids at bankruptcy auction
A Blockbuster at Foster and Pulaski in Chicago, Feb. 24, 2011. (Chris Sweda/Chicago Tribune)
A bankruptcy auction for movie rental chain Blockbuster Inc kicked off with a $284 million bid from Dish Network Corp on Tuesday, quickly topped by bids from rival groups led by billionaire Carl Icahn and hedge fund Monarch Alternative Capital
The auction in U.S. Bankruptcy Court in Manhattan will decide the fate of the movie rental chain, which filed for bankruptcy last September. The company put itself up for sale in February after a reorganization plan fell apart. Get the full story »
CBOE chief’s pay dwarfs rivals at NYSE, CME
CBOE Holdings Inc. Chief Executive Officer William Brodsky, who steered the operator of the biggest U.S. options market through an initial public offering last June, received a giant pay boost for his efforts. Get the full story »
FAA issues emergency order to inspect airliners
The U.S. Federal Aviation Administration (FAA) Tuesday ordered airlines to inspect their most heavily used older-model Boeing 737 jetliners for fuselage cracks. Get the full story »
Nasdaq index rebalancing slashes Apple’s influence
Nasdaq’s late-night announcement of plans to rebalance its benchmark Nasdaq-100 Index spurred volatility in Apple shares and surprised U.S. fund managers who questioned the timing of the announcement. Get the full story »
Caterpillar CEO: Company staying in Ill. for now
Caterpillar CEO Doug Oberhelman at a panel at the U.S. Export-Import Bank in Washington, D.C., March 31, 2011. (Andrew Harrer/Bloomberg)
Caterpillar Inc. leader Douglas Oberhelman emerged from a one-hour meeting with Gov. Pat Quinn Tuesday morning, assuring that the Peoria-based manufacturing titan intends to stay put and help push for improvements in the state’s business climate. Get the full story »
