Citadel LLC, the $11 billion hedge fund run by Ken Griffin, shut its residential mortgage funds after portfolio manager Bill King left the Chicago-based firm, Bloomberg News reported Wednesday, citing three people familiar with the situation. Get the full story »
Fed turns down AIG bid to rebuy dodgy assets
The Federal Reserve Bank of New York has turned down an offer by American International Group to repurchase dodgy mortgage bonds that the Fed had taken off the insurance company’s hands during the financial crisis. Get the full story »
Hershey raises candy prices by nearly 10%
Hershey's 5th Avenue candy bars and York Peppermint Patties arranged for a photograph in Reading, Pa. (Bradley C. Bower/Bloomberg News)
Hershey Co. announced a 9.7 percent increase in prices on its chocolates and other candies, paving the way for similar actions from competitors.
The world’s largest chocolate maker is aiming to offset soaring costs for ingredients such as sugar, the price of which has more than doubled in the past year, and cocoa, which jumped earlier this year, but has since retreated somewhat. Get the full story »
Abbott must pay $3.5M in Glaxo HIV drug case
From Bloomberg News | A federal jury has ordered Abbott Laboratories to pay drug giant GlaxoSmithKline $3.5 million in damages in an antitrust lawsuit claiming Abbott sought to stifle competition over HIV drugs when it quadrupled the price of its AIDS medicine Norvir in 2003.
Continental strikes labor deal with 7,200 workers
The parent company of United Airlines and Continental Airlines said Wednesday that Continental has reached a labor agreement with representatives of some 7,200 non-union employees who work as reservation agents and in other passenger-service roles. Get the full story »
Want a vacation home? Prices are falling
Been dreaming of a vacation home? Somewhere warm to get away? Or maybe a cabin in the woods? Prices are right if you can afford it. Get the full story »
Move to delay debit card fee cap gains momentum
A legislative effort to delay and study a new law capping the swipe fees that retailers pay is picking up steam in Congress. Get the full story »
Caterpillar CEO: No plans to leave Illinois
Caterpillar CEO Douglas Oberhelman speaks at a conference hosted by the U.S. Chamber of Commerce in Washington, D.C., March 30, 2011. (Andrew Harrer/Bloomberg)
News reports that Peoria-based Caterpillar Inc. was thinking of exiting Illinois were misleading, Doug Oberhelman, chairman and chief executive of the construction and mining machine maker, said Wednesday.
The media read too much into his recent letter to Illinois Gov. Pat Quinn, he said. Get the full story »
March 30 at 2:09 p.m.
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Filed under: Critics cite kids’ health in urging ban on food dyes
The color dyes used to brighten cereals, snacks and drinks help make some children hyperactive and should be banned or at least carry a warning, critics told U.S. government advisers on Wednesday. Get the full story »
Mishandled airline baggage rate rises in 2010
Luggage sitting inside Terminal 8 at JFK International Airport in New York. (AP Photo/Rick Maiman)
Over one percent of airline passengers last year had their luggage go astray and fail to turn up at their arrival airport when they did, the major IT solutions supplier to the air travel industry said on Wednesday.
That translated to nearly 12 in every 1,000 passengers. Get the full story »
Caterpillar CEO hits at Ill. business climate
The chief executive of Peoria-based Caterpillar Inc. again criticized the business climate in the heavy equipment maker’s home state of Illinois Wednesday, but downplayed reports that it might leave. Get the full story »
AMR looking into legitimacy of buyout offer
A ticker counter at American Airlines' terminal at O'Hare, Jan. 17, 2011 (Phil Velasquez/Chicago Tribune)
AMR Corp., parent of American Airlines, said it was investigating the legitimacy of a reported $3.25 billion buyout offer from a company called Sterling Global Holdings.
AMR confirmed it received a letter from Sterling Global on Wednesday, but said “at this time we have no corroborating information to demonstrate the offer described in the letter is legitimate.” Get the full story »
March 30 at 12:58 p.m.
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Filed under: Consumer news, Corporate governance, Internet, Privacy issues Google to toughen privacy policy, undergo audits
Google Inc. has agreed to implement a comprehensive privacy policy and undergo 20 years of independent audits as part of a settlement with the Federal Trade Commission in connection with charges that it used deceptive tactics and violated promises to customers when launching its Buzz social network last year. Get the full story »
Hyundai ending car buy-back program
No more Mr. Nice Guy. After Wednesday, if you buy a new Hyundai then lose your job within a year, you’re just going to have to keep the car. Get the full story »
