Starbucks Corp. Chief Executive Officer Howard Schultz decried the commodity market on Wednesday, saying financial speculators, not product shortages, were to blame for recent price spikes in coffee.
“I think it’s tragic…that coffee prices are at these levels,” Schultz told analysts and investors gathered in New York. “There is no evidence whatsoever that we can see that there’s any supply or demand (issue).” Get the full story »
The Federal Reserve on Wednesday released details on $3.3 trillion in emergency loans made during the financial meltdown that showed Citigroup and Bank of America leaning on overnight loans from the central bank well into the spring of 2009. Get the full story »
Verizon Wireless senior technician Jim Harper works at a switching center in Los Angeles on Oct. 18, 2010. The company and other major cellular providers have spent billions to build 4G networks. (Francine Orr/Los Angeles Times/MCT)
Verizon Wireless is going live with its new 4G network in Chicago and 37 other cities on Sunday, the carrier said Wednesday.
The network will deliver speeds between 5 and 12 megabits per second, representing a tenfold increase in speed from Verizon’s current 3G network, Tony Melone, Verizon’s chief technical officer, said in a conference call. On the 4G network, a user can download a 10-megabyte presentation in less than 10 seconds or download 20 photos in 60 seconds, Melone said.
Clearwire, Sprint and Comcast began offering 4G services in Chicago on Clearwire’s network about a year ago. T-Mobile announced the local launch of its 4G network at the beginning of November. Get the full story »
Though still far from robust, the U.S. auto market continued its slow recovery in November as consumers headed for showrooms, enticed by heavy month-end advertising.
General Motors Co. the first of the major automakers to report Wednesday, said that November sales rose 21% from a year earlier, to 168,704 vehicles, after factoring out the Pontiac, Hummer, Saturn and Saab brands it closed or sold as part of its bankruptcy reorganization last year.
Through the first 10 months of this year — prior to the reports of November sales — the industry has been averaging about an 11% gain. Get the full story »
Consumers may soon have new tools to protect their privacy online.
On Wednesday, the federal government released a much-anticipated report advocating safeguards for online privacy, including a “do not track” list, which would keep browsers’ web surfing private. The list would be similar to the “do not call” list that has helped curb telemarketing phone calls.
David Vladeck, director of the FTC Bureau of Consumer Protection, said Wednesday that consumers bear too heavy a burden for protecting themselves online. He said the FTC has grown frustrated with the pace of self-regulation and the escalating technological “arms race,” and that advertising networks often circumvent the privacy protections consumers use. Get the full story »
Chicago-based Groupon has offices at 600 W. Chicago, pictured here on Nov. 30, 2010. (Phil Velasquez/Chicago Tribune)
Daily deal startup Groupon is on a shopping spree of its own, even amid feverish speculation that Google is on the verge of making a big offer for the Chicago company.
Groupon said late Tuesday it has bought three daily deal sites based in Asia, moving the company into Hong Kong, Singapore, the Philippines and Taiwan. Terms of the deals with uBuyiBuy, Beeconomic and Atlaspost were not disclosed. Groupon’s first foray into Asia was in August, when it acquired a Japanese rival. The company said it is now in 35 countries.
Closer to home, Groupon has acquired Ludic Labs, a Silicon Valley technology company, for an undisclosed amount. Groupon said Ludic Labs’ most well-known products are Offer Foundry, an advertising and promotional platform for local businesses, and Diddit, a Web-based community where members can browse through local activities and attractions. Ludic Labs and Groupon have both raised money from Accel Partners, a Silicon Valley venture capital firm. Get the full story »
U.S. private sector payrolls rose by the biggest amount in three years in November, lifting optimism about the job market ahead of Friday’s key employment report, while manufacturing data showed growth was intact.
U.S. private employers added a stronger-than-forecast 93,000 jobs in November, the biggest rise since November 2007, after an upwardly revised gain of 82,000 the month before, data by ADP Employer Services, which jointly developed the report with Macroeconomic Advisers LLC, showed Wednesday. Get the full story »
(Jason Merritt/Getty Images)
Oprah Winfrey plans another pick for her popular book club.
Harpo Productions said Tuesday that current Oprah’s Book Club author Jonathan Franzen will appear on Monday’s episode of “The Oprah Winfrey Show.” Winfrey chose Franzen’s latest book “Freedom” in September as the first selection for the 25th and final season of her talk show.
On that same episode, Winfrey will announce her next book club pick. The new selection comes about 11 weeks after Winfrey chose “Freedom.” Since 2008, she has averaged one or two selections a year. Winfrey’s book club choices have vaulted to the best-seller list and given authors instant fame. Get the full story »
Motorola unveiled Wednesday its board of directors for Motorola Solutions, one of the two new companies that will result from a planned split in January.
The separation is scheduled for Jan. 4, 2011. On that date, Motorola will spin off Motorola Mobility, a company led by current co-Chief Executive Sanjay Jha that will focus on mobile devices and television set-top boxes. The remaining company, headed by co-CEO Greg Brown, will become Motorola Solutions and trade on the New York Stock Exchange under the ticker symbol “MSI.” Motorola Solutions will make communications equipment and software for public safety, government and industrial sectors. Get the full story »
(Scott Olson/Getty Images)
On a day when one of its chief competitors announced 1,400 job cuts, Chicago-based Northern Trust Corp. said it has acquired Waterline Partners LLC, a Los Angeles investment advisory firm serving rich individuals and families.
Terms of the agreement weren’t disclosed. Northern’s stock was up about one percent in late-morning trading to $50.77 a share; the Dow Jones Industrial Average was up 1.8 percent.
“We are delighted to announce a strategic acquisition that will bolster both our West Coast presence as well as our capabilities for clients,” Northern Trust Chairman and Chief Executive Officer Frederick Waddell said. Get the full story »
Bank of America has no evidence that it is the target of alleged plans by website WikiLeaks to disclose confidential data and that thousands of the bank’s internal documents have already been scoured by lawmakers and regulators, a top executive said Wednesday. Get the full story »
Tim Roby, president and CEO of the Chicago Convention and Tourism Bureau, speaks during a tourism rally at Navy Pier on May 12, 2009. (Antonio Perez/Chicago Tribune)
Tim Roby, the president and chief executive officer of the Chicago Convention & Tourism bureau, will resign effective Dec. 22.
His exit comes at a time of transition for the government-subsidized non-profit, which acts as the sales arm for the McCormick Place convention center. A state-mandated overhaul of convention center operations required a restructuring of the bureau’s board, and the resulting new board took office recently. It includes some of the heaviest hitters in the city’s business community. Get the full story »
Starbucks is prepared to make acquisitions to help accelerate sales of bagged coffee and other consumer products beyond its cafes, Chief Executive Howard Schultz told investors on Wednesday.
The brass at Starbucks Corp says the consumer packaged goods business should grow faster than the company’s retail cafes, which total 17,000 globally.
But Wall Street wants specifics on how it will accomplish that goal, particularly as it works through a messy break-up with Kraft Foods Inc, which has handled sales of Starbucks packaged coffee and tea in supermarkets and club stores since 1998. Speaking at the company’s investor meeting in New York, Schultz said the Seattle-based coffee giant was prepared to buy small and large companies that would help expand its selection of consumer products. Starbucks shares rose 3.3 percent in morning trading. Get the full story »
Boeing Co. Wednesday said it will keep its options open on whether it will follow rival Airbus’s footsteps, after the European manufacturer said it will replace the engines on its popular A320 family of aircraft in a bid to help airlines become more efficient and save costs. Get the full story »
