Current data have not established that artificial food dyes cause hyperactive behavior in the general population of children, a U.S. Food and Drug Administration advisory committee said on Thursday. Get the full story »
Immelt backs tax-free GE, calls for reform
Jeffrey Immelt is head of GE and of President Barack Obama's business innovation task force. (Reuters/Molly Riley)
The chief of General Electric on Thursday defended the conglomerate’s zero tax rate in 2010 and called for reform of the U.S. tax code.
In his first public speaking engagement since a barrage of criticism about not having to pay taxes in 2010, GE Chief Executive Jeff Immelt told the Economic Club in Washington that his company did nothing wrong. Get the full story »
MAT Holdings buys Tennessee operation
From The Jackson Sun | Long Grove-based MAT Holdings has bought the air compressor, generator and pressure washer manufacturing arm of Stanley Black & Decker based in Jackson, Tenn. MAT will add the operation to its Power Equipment Group. Terms were not disclosed.
Kraft CEO’s pay falls 27% in 2010 on unmet goals
Kraft CEO Irene Rosenfeld speaks at a town hall meeting at Kraft's headquarters in Northfield, Feb. 5, 2010. (William DeShazer/Chicago Tribune)
Efforts at Kraft Foods to more closely align executive compensation with company performance took a large bite out of Chief Executive Irene Rosenfeld’s 2010 pay package, the company disclosed Thursday in its annual proxy statement.
Rosenfeld’s overall compensation fell almost 27 percent, to $19.3 million, from $26.3 million in 2008, according to documents filed with the Securities and Exchange Commission. Get the full story »
U.S. mortgage brokers fail in bid to stop Fed rule
U.S. mortgage broker groups failed in an 11th-hour push to block a Federal Reserve overhaul that will limit a type of compensation that became controversial during the housing boom. Get the full story »
United, Continental cutting capacity to Japan
United and Continental airlines are reducing flights between the U.S. and Japan because of a drop in demand since the March 11 earthquake and tsunami. Get the full story »
Boeing received banned U.S. subsidies: WTO
Guests exit a Boeing 787 Dreamliner aircraft at the Farnborough Airshow, Hampshire, July 18, 2010. (Ben Stansall/AFP/Getty Images)
Boeing Co. benefited from $5.3 billion in prohibited state and federal government subsidies, a panel of World Trade Organization judges determined in a report issued Thursday.
But the total amount that will need to be remedied by the U.S. in the trade case is about half that: $2.7 billion, since the U.S. government has already stopped providing Chicago-based Boeing billions of dollars in export-related tax breaks judged to be illegal by the WTO, U.S. officials said. Get the full story »
CPSC: Not safe to walk on water in balls
A child using a water ball. (Image via uswaterball.com)
The government warned consumers Thursday that water walking balls, a recreational activity that has gained popularity in recent years, is unsafe and could lead to suffocation or drowning.
The Consumer Product Safety Commission said it is “urging consumers to stop participating” in the activity adding that the commission “does not know of any safe way to use this product.” Get the full story »
Berkshire’s Sokol quits after stock purchases in takeover target
Former Berkshire Hathaway executive David Sokol, pictured here in 2009, said he did nothing wrong in buying stock in a company that he then suggested Berkshire acquire. (Reuters/Lucas Jackson)
The man widely seen as the leading successor to Warren Buffett at Berkshire Hathaway has resigned after buying shares in chemical company Lubrizol Corp before pushing Buffett to acquire it.
David Sokol’s resignation is a reputational blow for Buffett, the 80-year-old “Oracle of Omaha,” who prides himself on his folksy fair-dealing image and handpicks managers who can run businesses in a similarly transparent manner. Get the full story »
Dunkin’ Donuts parent eyes IPO
A Dunkin' Donuts in Posen, Ill. (Zbigniew Bzdak/Chicago Tribune)
Private equity-backed Dunkin’ Brands Inc. is considering an initial public offering of about $500 million in the second half of 2011, sources familiar with the situation said.
The IPO could be as large as $750 million, one of the sources said. Two or the sources said that there is disagreement among the sponsors over the company’s valuation. All of the sources said the discussions are preliminary and could change. Get the full story »
McDonald’s boosts exports to Japan after quake
McDonald’s Corp. has been forced to step up imports to Japan of items like sauces, oil and lettuce by between 10 percent and 20 percent to counter supply-chain disruptions and damage from the earthquake and resulting tsunami. Get the full story »
CUB workshops offer tips on saving on phone bills
A nonprofit watchdog group is planning a series of clinics next week in the Chicago area to help consumers save money on their phone bills. The Citizens Utility Board is holding the clinics at libraries in Glenview, Morton Grove, Frankfort and Cary. Consumers can bring along their phone bills for a free analysis. Get the full story »
JPMorgan’s Dimon: No mortgage writedowns
JPMorgan CEO Jamie Dimon, right, at a conference on global capital markets competitivene in Washington, D.C (Andrew Harrer/Bloomberg)
The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can’t make payments, an idea at the center of talks aimed at fixing the mortgage mess.
“Principal writedown for people who couldn’t pay their mortgages? Yeah, that’s off the table,“ JPMorgan Chase CEO Jamie Dimon said when asked about the idea after an appearance before a U.S. Chamber of Commerce forum in Washington. Get the full story »
April 12 this year’s tax freedom day
This year’s “Tax Freedom Day” was pushed back three days to April 12 because of rising income taxes that accompany rising income, the Tax Foundation said.
With Americans spending an average of 28 percent of their income to pay federal, state and local taxes this year, they will need to work 102 days — more than three months — to earn enough to pay their tax bill. Get the full story »
Illinois House bill to tie contractors to state
Construction companies that want to work for the Illinois government would have to promise not to move out of state under a proposal moving through the Legislature. Get the full story »
