Gold slipped Wednesday as many investors sold holdings for a profit ahead of the Federal Reserve’s decision to buy hundreds of billions more in Treasury bonds to revitalize the economy. Get the full story »
GM says it expects 3Q earnings from $1.9B to $2.1B
General Motors Co. says it expects net income of $1.9 billion to $2.1 billion when it announces third-quarter results next week.
The earnings forecast was announced ahead of an expected filing with federal regulators giving details of the company’s initial public stock offering. Get the full story »
Fed easing: Analysts expected up to $1 trillion
MarksJarvis on Money | The Federal Reserve, as expected, announced Wednesday that it would continue to buy bonds and the government would print money to make this possible. It’s called “quantitative easing.” But the Fed did not go as far as was widely expected. Some had anticipated the Fed purchasing as much as $1 trillion. Here are some reactions:
– No change in assessment of current environment, dimensions of QE2 slightly light of expectations; with additional easing course in place, policy bias returns to balance.
Casey’s rejects $43 a share bid, ends talks with 7-Eleven
Casey’s General Stores Inc. said Wednesday that it has dismissed a $43 per-share takeover bid from 7-Eleven Inc. and ended negotiations with the convenience store operator.
7-Eleven made an initial bid of $40 in September, which it later raised. Casey’s said the latest offer doesn’t reflect the value of the company in ending talks with 7-Eleven. Get the full story »
Fed to buy $600B in bonds to boost economy
Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year to breathe new life into a struggling U.S. economy.
The decision, which takes the Fed into largely uncharted waters, is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression. Get the full story »
Investment sales boost still struggling AOL in 3Q
AOL Inc.’s earnings more than doubled in the third quarter thanks to gains on investments it sold, yet revenue declined sharply as online ad sales fell and its dial-up Internet access business continued to falter.
Nonetheless, the company’s results seemed to give investors some reassurance that AOL is on the right track in its plans to turn its business around. Shares rose more than 6 percent in afternoon trading. Get the full story »
Nov. 3, 2010 at 1:09 p.m.
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Filed under: Commercial real estate, Development, Hotels, Real estate JW Marriott hotel to open in Burnham’s bank building
JW Marriott will open its first branded hotel in Chicago Nov. 11, a 610-room facility in Daniel Burnham’s Continental & Commercial National Bank Building in the Loop. Get the full story »
Fewer claims lift WellPoint, Aetna in 3Q
WellPoint Inc. and Aetna Inc. raised their profit forecasts for the year as members avoided doctor visits or delayed care to save money, while the large U.S. health insurers stand to see an improved political climate for their business under the new Congress.
Both reported higher-than-expected quarterly profits Wednesday, saying they benefited from having to pay out less in medical costs. Get the full story »
Lilly CEO sees health reform staying largely intact
The chief of drugmaker Eli Lilly & Co. said Wednesday that he expects the bulk of this year’s U.S. health care overhaul to remain intact despite Tuesday’s election victories by anti-overhaul Republicans.
But with Republicans taking control of the House of Representatives from the Democrats, Chief Executive John Lechleiter said he will lobby to overturn at least one provision of the overhaul: the creation of an independent payment advisory board tasked with controlling growth in spending by Medicare. Get the full story »
Britain says Google Street View breached law
Web search giant Google broke UK law by harvesting emails, Internet addresses and passwords while collecting data for its Street View maps service, Britain’s Information Commissioner said on Wednesday. Get the full story »
Ford reports higher October sales
Ford Motor Co. says its October U.S. sales rose 19.2 percent, led by big increases in trucks and small cars. In the Chicago area, Ford’s sales rose 20.9 percent.
General Motors, Honda and others have already reported strong sales of crossover wagons last month, and Ford was no exception. Sales of the redesigned Edge crossover were up 24 percent, while Ford Escape sales rose 17 percent.
Ford says sales of the F-Series pickup rose 24 percent, thanks in part to a month-long truck promotion. Get the full story »
Nov. 3, 2010 at 11:24 a.m.
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Filed under: Food, Hotels, Personnel moves, Restaurants, Retail, Updated McDonald’s European chief to run Accor Hotels
McDonald’s announced today that European president Denis Hennequin will resign to become Chief Executive Officer of the Accor Hotel Group. His departure will be effective at the end of the month.
Before Don Thompson’s promotion to president and chief operating officer early this year, Hennequin was considered to be a dark horse candidate for the position, which is widely considered to be CEO-in-waiting. Jim Skinner, the current CEO, is 66.
“Denis’ leadership made a tangible difference in our key segment of Europe,” Skinner said in a statement. ”The European team’s dedication to our Plan to Win business strategy elevated the restaurant experience for our customers. We wish Denis well in his new role at Accor.” Get the full story »
Nov. 3, 2010 at 11:06 a.m.
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Filed under: Advertising/Marketing, Chicago executives, Insurance, Internet, Personnel moves, Technology Search engine firm TalentDrive hires Allstate exec
TalentDrive, the Chicago-based online resume search engine company founded by a former Leo Burnett executive, has hired former Allstate Corp. manager Jeff Tomaszewski as its chief technology officer.
TalentDrive’s chief executive is Sean Bisceglia, who in 1998 sold his technology marketing firm to Leo Burnett and later became the ad firm’s technology group CEO.
In May TalentDrive was highlighted in a U.S. News & World Report article on “How to Stand Out from the Crowd.” The company’s search engine is called TalentFilter. Get the full story »
Cubs spring facility approved by Mesa voters
From Chicago Breaking Sports | Voters in Mesa have approved funding for construction of a new spring training facility for the Cubs. With nearly all the ballots counted Tuesday night, the proposal was leading by 21,000 votes out of 86,000 cast.
Nov. 3, 2010 at 10:53 a.m.
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Filed under: Agriculture/Farming, Food, International, Trade U.S. chicken industry seeks answers on Russia ban
(David Pierini/Chicago Tribune)
The U.S. chicken industry, which in September resumed shipping meat to Russia, has contacted the U.S. embassy in Moscow in an attempt to learn if Russia intends to stop such imports beginning Jan. 1.
The head of Russia’s consumer protection watchdog on Wednesday told Reuters in Moscow the country will ban sales and processing of deep-frozen poultry meat from Jan. 1, both domestic and imported, because freezing hurts the quality of the meat. Get the full story »
