From Bloomberg | Boeing Co. may push back the 787 Dreamliner’s entry into service for the seventh time, adding as much as a year to the delay for the composite-plastic jet, Morgan Stanley said.
Citi to put $3 billion to $4 billion in consumer bank
Citigroup Inc. plans to spend $3 billion to $4 billion on its consumer bank to attract more business from its wealthy, urban customers, the head of its North American consumer bank said on Wednesday. Get the full story »
Bernanke briefs senators on bond buying
Federal Reserve Chairman Ben Bernanke was briefing members of the Senate Banking Committee late Wednesday morning on the central bank’s controversial bond-buying plan, congressional aides said.
The U.S. central bank’s early November decision to launch a second round of large-scale asset purchases has led to a political backlash from Republicans who argue it is setting the ground for inflation and debasing the dollar. Get the full story »
Google, Hachette ink accord on book scanning
Google has signed an accord with France’s biggest book publisher Hachette Livre on the scanning and sale of out-of-print books, which grants the publisher wide control over pricing and content. Get the full story »
Amazon.com to launch film production site
Amazon.com is launching Amazon Studios, a new website that lets users upload scripts and sample movies and then use community tools to evaluate and edit each others’ work.
Three men charged in Islamic-based Ponzi scheme
Three owners of a Chicago-based real estate development firm have been charged with fraud for allegedly cheating investors out of $43 million while claiming to be compliant with Islamic law.
A federal grand jury returned a 14-count indictment against the owners of Sunrise Equities on Tuesday, U.S. Attorney Patrick Fitzgerald said in a Wednesday statement. Federal officials said Salman Ibrahim, the majority owner and president of the now-bankrupt firm, and Mohammad Akbar Zahid, senior vice president of investor relations and a 10-percent owner, told clients that their investments would comply with Shariah law.
Islamic law prohibits interest, so Ibrahim and Zahid told investors they would receive monthly pay-outs of profits from real estate development. According to Fitzgerald’s office, the men promised annual returns of between 15 and 30 percent. Get the full story »
GM offering may leave out many small investors
When General Motors finally offers stock to the public later this week, small investors will probably be left out in the cold.
Pension funds, mutual funds and other big institutions all want a piece of the rehabilitated GM. That means the three dozen banks divvying up the new shares may not have much left for individual investors.
And being left out of the initial public offering can mean being left out of some big profits: Shares of newly public companies sometimes jump 10 percent or more on the first day of trading, handing easy money to those lucky enough to get access at the offering price.
Consumer prices up on higher gas costs
Consumer prices rose moderately in October but there was little sign of inflation as the cost of autos, clothing and hotels fell. Gasoline prices accounted for most of the increase, rising by 4.6 percent in October, the biggest gain since July.
The Labor Department said Wednesday the Consumer Price Index rose by 0.2 percent last month, an increase from September’s 0.1 percent rise. Wall Street analysts had expected a slightly larger increase. It was the fourth straight rise.
Best Buy jumps into free shipping fray
Best Buy has joined the free-shipping wars, offering the lure on many online orders for the holidays. Best Buy says hundreds of thousands of items are included. Some items such as Apple Inc.’s iPads, video game consoles and major appliances are not.
Navteq acquires 3-D urban modeling firm
Chicago-based digital mapping company Navteq said Wednesday it has acquired a California company that specializes in 3D urban modeling. Terms of the deal were not disclosed. Get the full story »
Chicago family opens hospital in Ireland
The Cork Medical Centre. (Handout)
A Chicago-area family has opened a third hospital in Ireland, bringing the first new private inpatient health facility to the town of Cork in 90 years.
A spokesman for Sheehan Medical, which has offices in Dublin and Winfield, a western suburb of Chicago, said the facility includes 75 private rooms and will employ 525 people. It cost more than 90 million euros. The group is run by James Sheehan and his father, Loyola University orthopedic surgeon Dr. Joseph Sheehan. Sheehan Medical already owns hospitals in Blackrock and Galway, Ireland. Get the full story »
In race with Netflix, Hulu cuts price to $7.99
Internet video company Hulu slashed the price of its subscription service Hulu Plus, which made its official debut Wednesday. Hulu knocked down the monthly cost to $7.99 from the preview price of $9.99. Users who subscribed to the preview service, which was available in June, will receive a credit for the price difference, the company said. Get the full story »
Nov. 17, 2010 at 7:33 a.m.
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Filed under: Chicago executives, Food, International, Packaged foods FT: Kraft’s Rosenfeld world’s No. 4 business woman
Kraft CEO Irene Rosenfeld. (Tribune)
From the Financial Times | Kraft Foods Chief Executive Irene Rosenfeld appeared fourth on the Financial Times’ 2010 Women at the Top ranking of the world’s most influential female business leaders. Get the full story>>
McDonald’s raises some prices in China
McDonald’s Corp. said it raised prices of some food items sold at its China outlets 7 to 15 cents per item effective Wednesday because of higher costs, which come amid growing concerns about spiralling inflation.
The increase “is because of higher raw material prices and we’ve adjusted our prices accordingly,” said Sophia Luan, vice president of corporate affairs and communications at McDonald’s China. Get the full story »
Nov. 17, 2010 at 6:16 a.m.
Filed under: Cell phones, Internet, Software, Technology, Telecommunications, Wireless Google Voice app finally approved for iPhone
Google Inc.’s Voice calling application has won approval to be on the iPhone after more than a year of haggling with Apple Inc.
The breakthrough announced Tuesday resolves a stand-off that triggered a Federal Communications Commission inquiry into whether Apple and AT&T Inc., the iPhone’s exclusive U.S. service provider, were trying to stifle competition by keeping the app off the popular device. Get the full story »
