Nov. 11, 2010 at 2:32 p.m.
Filed under:
Autos,
Government,
IPOs
By Reuters
The U.S. Treasury should make General Motors Co. suspend its planned initial public offering to ensure a better return for taxpayers on the government’s stake in the company, safety and consumer advocates said Thursday.
In a letter to President Barack Obama, the group led by consumer advocate Ralph Nader said the administration has a fiduciary responsibility to take a measured approach on the stock sale and leverage ownership to make strides on auto safety and fuel efficiency. Get the full story »
Nov. 11, 2010 at 2:25 p.m.
Filed under:
Commercial real estate,
Real estate,
Retail
By Reuters
Kohl’s Corp. is set to open more new stores in 2011 than it originally planned, citing more favorable conditions and availability in the commercial real estate market.
The mid-tier U.S. department store operator, which operates 1,089 stores, had planned to open 30 new stores next year but now intends to open 40, Chief Financial Officer Wes McDonald said on a call with analysts. Get the full story »
Nov. 11, 2010 at 1:48 p.m.
Filed under:
Retail,
Sports
By Reuters
Demand for jerseys, caps, video games, toasters and other items with sports logos has been a winner this year, and teams and leagues expect that streak to continue into the holiday season even with unemployment still high.
“If your team is winning and you’re excited about it, you want to be a part of it,” said Stu Crystal, vice president of consumer products for Major League Soccer. “It makes them forget about worrying if they’re going to lose their job or their houses went down in value and how they’re going to pay the mortgage.” Get the full story »
Nov. 11, 2010 at 1:12 p.m.
Filed under:
Retail,
Transportation
By Dow Jones Newswires
FedEx Corp. expects its busiest day in company history to be Dec. 13 as consumer activity peaks in a holiday shipping season the shipper projects to be about 11 percent bigger than last year.
Shares rose on the news but were still down 14 cents at $88.34 in recent trading on broader market declines. Get the full story »
Nov. 11, 2010 at 1:08 p.m.
Filed under:
Banking,
Litigation,
Real estate
By Reuters
Bank of America Corp. has urged a federal judge to throw out a racketeering lawsuit over its alleged use of “robo-signers” in foreclosures.
The largest U.S. bank said Indiana plaintiffs who lost their home to foreclosure in 2009 failed to show they were harmed by its alleged practice of routinely submitting perjured affidavits, given they might have lost their home anyway. Get the full story »
Nov. 11, 2010 at 1:03 p.m.
Filed under:
Retail
By Reuters
J.C. Penney Co. has formed a new business unit that will focus on niche brands as it seeks new sources of revenue beyond its namesake department store chain.
The first two projects of the division, Growth Brands, will be launched in partnership with Hearst Magazines next summer. Get the full story »
Nov. 11, 2010 at 12:00 p.m.
Filed under:
Conventions
By Kathy Bergen
The nation’s two largest convention center operators were the only companies to submit proposals to manage McCormick Place. The publicly owned convention complex is undergoing a state-mandated overhaul that is expected to include a shift to private management.
The biggest of the two competitors is SMG, whose sports and entertainment division has operated Soldier Field for the Chicago Park District since 1994. It is based in West Conshohocken, Pa.
Also competing is Global Spectrum, part of the Comcast empire. Based in Philadelphia, it was started by a former partner at SMG. Its senior vice president/convention centers is Tom M. Mobley Jr., who was general manager of McCormick Place from 1992 to 2003. Get the full story »
Nov. 11, 2010 at 11:55 a.m.
Filed under:
Banking,
Investing,
Policy
By Reuters
U.S. banks have found a way to continue betting their own money on some investments, despite a new law’s restrictions on proprietary trading, the Financial Times reported on Thursday, citing Wall Street executives. Get the full story »
Nov. 11, 2010 at 11:31 a.m.
Filed under:
Economy,
Taxes
By Associated Press
Revenue from legalized gambling in Illinois is the lowest it’s been in 10 years. A report from the Legislature’s Commission on Government Forecasting and Accountability found gambling revenue totaled just over $1 billion in the last fiscal year. That’s a 4.5 percent drop from the previous year.
Nov. 11, 2010 at 11:27 a.m.
Filed under:
Economy,
International,
Policy,
Politics,
Trade
By Associated Press
A strong sense of pessimism shrouded the start of an economic summit of rich and emerging economies Thursday, with President Barack Obama and fellow world leaders arriving in Seoul sharply divided over currency and trade policies.
Nov. 11, 2010 at 11:16 a.m.
Filed under:
Autos,
Environment
By Reuters

A 2011 Chevrolet Volt charges at a station in Rochester, Mich., , October 10, 2010. (Rashaun Rucker/Detroit Free Press/MCT)
General Electric Co. plans to buy 25,000 electric vehicles from makers including General Motors over the next five years, in a move it said could spark demand for the charging equipment it sells.
The largest U.S. conglomerate aims to swap out half its fleet of 30,000 cars — used by sales people and technicians, for instance — with electric vehicles and to start shifting customers who lease fleets of vehicles over as well.
GE, which over the past five years has made a major push into green businesses, said Thursday it hopes the move will speed acceptance of electric cars by getting more of them on road more quickly and prompting investment in the equipment that users will need to charge them. Get the full story »
Nov. 11, 2010 at 11:07 a.m.
Filed under:
Internet,
Technology
By Reuters
Internet search leader Google Inc is not building a social network to compete with Facebook, a company executive reiterated on Thursday, despite an intensifying rivalry between the two leading Internet groups.
“We’re not working on a social network platform that’s just going to be another social network platform,” Google’s head of mobile product development, Hugo Barra, said in answer to a question at the Monaco Media Forum.
“We do think that social is an ingredient for success for any app going forward, search and advertising being probably the best two examples that I would mention. So that’s how we’re thinking about the problem.” Get the full story »
Nov. 11, 2010 at 10:58 a.m.
Filed under:
Entertainment,
Technology,
Video
By Reuters
Level 3 Communications Inc. said it will become a primary content delivery network provider for Netflix Inc, starting from the new year. The communications service, which is based in Colorado, will store the entire Netflix streaming library of more than 20,000 titles, it said in a statement, in addition to supporting Netflix for streaming movies and TV shows. Get the full story »
Nov. 11, 2010 at 10:39 a.m.
Filed under:
Entertainment,
Media,
Video
By Reuters
Viacom plans to rid itself of Harmonix, the video game developer behind the Rock Band franchise, ending a failed foray into the gaming business.
Shares of Viacom rose more than 4 percent in morning trading on Thursday as the company reported quarterly results that topped Wall Street expectations.
Analysts had long questioned the value of Rock Band for a company known more for its cable networks MTV, Comedy Central, Nickelodeon and film studio Paramount Pictures. Get the full story »
Nov. 11, 2010 at 10:17 a.m.
Filed under:
Autos,
Recalls
By Reuters
General Motors will recall 13,780 Cadillac DTS and Buick Lucerne luxury sedans because of possible power steering fluid leaks that could cause a loss of steering or an engine fire. Get the full story »