The United States needs to consider a European-style tax on consumption to help tackle the burgeoning U.S. deficit, a member of a presidential deficit panel said on Tuesday. Get the full story »
Wal-Mart sees U.S. same-store sales up for holidays
A Wal-Mart employee stocks the shelves in Pompano Beach, Fla. (Joe Raedle/Getty Images)
Wal-Mart Stores expects U.S. same-store sales to rise during the holiday shopping season, when it hopes to lure its low- to middle-income customers with discounts on toys and electronics and free shipping for online orders.
The world’s largest retailer also posted higher quarterly profit Tuesday, buoyed by cost cuts and growth in international sales, and raised its full-year forecast. Get the full story »
Dow Jones, Briefing.com settle ‘hot news’ lawsuit
Dow Jones & Co. and the Chicago-based financial news service Briefing.com have agreed to a settlement of a copyright lawsuit, in which the latter has admitted to misappropriating “hot news” and headlines for its website.
Briefing.com agreed to pay an unspecified sum to Dow Jones, a unit of Rupert Murdoch’s News Corp, and admit to liability for infringing Dow Jones’ copyrights in published articles. Dow Jones called the payment “substantial.” Get the full story »
Apple secures rights to digital Beatles music
(AP Photos/Tribune Illustration)
After years of anticipation, speculation and legal tussling, Steve Jobs’ Apple Inc., the Beatles’ Apple Corps and EMI/Capitol Records agreed to make the Beatles’ catalog, spanning 1962-1970, available for legal digital download.
General Growth shares price at $14.75 each
General Growth Properties Inc. priced 135 million shares at $14.75 per share on Monday, as part of a plan to raise $1.99 billion to repay investors who helped finance the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
More Illinois residents to travel for Thanksgiving
Terminal One of O'Hare International Airport. (Phil Velasquez/Chicago Tribune)
More than 2 million Illinois travelers will fly or drive to a destination over Thanksgiving weekend this year, a nearly 12 percent increase from the 2009 holiday, AAA Chicago said Tuesday.
The motoring organization said 2.25 million Illinois residents are expected to travel, with 2.1 million in cars and 87,000 flying. The average cost of an unleaded gallon of gasoline is $3.05 in Illinois and $2.90 in neighboring Indiana, AAA Chicago said.
The projected increase in Illinois Thanksgiving travelers is slightly more than what is forecast nationwide. AAA expects an 11.4 percent jump in the number of travelers from 2009, with 42.2 million people going at least 50 miles from their home. Of that amount, 94 percent — 39.7 million people — will be driving. Get the full story »
Geithner urges quick resolution of tax cut issue
Treasury Secretary Timothy Geithner says the administration remains opposed to a permanent extension of tax cuts for the wealthiest Americans, something strongly favored by Republicans. He says it is critical for Congress to resolve the issue before the end of the year.
Not enough loan mods in Chicago area, report says
Mortgage loan servicers in the Chicago area are not agreeing to enough loan modifications and aren’t committing adequate resources to help troubled homeowners save their homes, concludes a new report issued Tuesday by a Chicago-based housing advocacy group.
Housing Action Illinois found that of 516 loan modification applications submitted between December 2009 and September, 44 percent were approved, 16 percent were denied and 40 percent of the applications were still pending at the end of September. Most of the approvals involved trial payment plans, not permanent loan modifications, the study found. Get the full story »
Target joins Shopkick deals program
Target has joined a list of major retailers offering discounts and perks to consumers who use a mobile app called Shopkick. The iPhone app allows users to collect points called “kickbucks” for checking into stores, scanning products and participating in special promotions. The points can be redeemed for gift cards at the retailers and other items such as music downloads. Get the full story »
Discover, carriers partner on mobile payments
Riverwoods-based Discover Financial Services is working with a new joint venture, created by three national wireless carriers, to develop a national network for payments via mobile phones.
AT&T Mobility, T-Mobile USA and Verizon Wireless announced the joint venture, called Isis, on Tuesday. The group named Michael Abbott, a former executive at GE Capital, as its CEO. Get the full story »
Drug-coated stents safe for large heart arteries
Drug-coated heart stents, such as the Xience model made by Abbott Labs, are as safe as the old bare metal variety for patients with narrowed large coronary arteries, a large European study showed, alleviating concerns about their long-term use.
There was no increase in the number of deaths or heart attacks two years after the drug-coated stent was implanted, according to data presented at the scientific sessions of the American Heart Association in Chicago. Get the full story »
GM adds shares, hikes IPO price
A confident General Motors has added 20 million shares of preferred stock to its initial public offering, and it raised the estimated price range for common shares by about 14 percent to $32 to $33.
The Detroit automaker, just 16 months out of bankruptcy protection, will now sell 80 million shares of preferred stock for $50 each when its offering takes place on Thursday. Common shares will be sold by the U.S. government and two other owners, who inherited the stock for helping GM get through a painful restructuring last year.
Wal-Mart profit up despite sales decline
Wal-Mart Stores Inc. reported a 9.3 percent increase in third-quarter net income as the world’s largest retailer benefited from cost controls and a robust international business. The company also raised its full-year profit outlook.
The improvements come despite weakness at its U.S. business. Total revenue at U.S. Walmart stores fell as fewer customers visited and spent less when they did. Revenue at stores open at least a year also fell, for the sixth quarter in a row, underscoring the challenges of its U.S. business as many customers struggle economically.
Nov. 16, 2010 at 6:38 a.m.
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Filed under: Cell phones, Consumer news, Internet, Technology, Telecommunications, Wireless Google working on phone with built-in payment tool
Google Inc. is taking another stab at designing a game-changing mobile phone, this time by including a built-in payment system that could eventually enable the devices to replace credit cards. The new phone got a brief preview Monday when Google CEO Eric Schmidt took the stage to kick off the Web 2.0 summit, a technology conference held annually in San Francisco.
Schmidt confirmed that Google has been working on a sophisticated new computer chip and an upgrade of its Android mobile operating system that will include a payment processing tool. He showed off the new phone with the device’s name and manufacturer concealed. Get the full story »
Russia’s Phosagro to consult Canada on Potash bid
Russia’s Phosagro, chaired by an ally of Prime Minister Vladimir Putin, said on Tuesday it would consult with Canada’s government on a bid for Potash Corp., which has its offices and CEO in Northbrook, after BHP Billiton withdrew.
“Phosagro intends to consult with all interested parties, including the government of Canada, on the advisability of a bid to buy Potash Corp as an alternative to BHP Billiton’s previous bid,” the Russian fertiliser producer said in an e-mailed statement. Get the full story »
