The European Central Bank will face scrutiny on Thursday over its response to a growing global battle over currencies and a spike in market interest rates after it held interest rates at a record low 1.0 percent.
The rate decision came as no surprise as all 79 economists in a Reuters poll had predicted the ECB would leave rates on hold for the 17th month in a row. The median forecast is for no change until the fourth quarter of next year. Get the full story »
R.R. Donnelley & Sons Co. said Thursday that it received a contract to print the building instructions that come with toymaker Lego Group’s products. Get the full story »
The agency that runs McCormick Place got long-awaited financial relief Wednesday with the sale of $1.12 billion in bonds to restructure old expansion debt and finance an addition to the convention center hotel.
The bond deal, which represents the second step toward a state-mandated revamp of the convention center, also will restore depleted reserves and provide a short-term operating subsidy. Get the full story »
Cisco Systems Inc. launched a $599 home version of its TelePresence videoconference system as the network equipment maker seeks to expand in the consumer market. Get the full story »
A sketch of the Nissan-built hatchback that Smart USA will start selling late next year.
Penske Automotive Group subsidiary Smart USA said Wednesday that it will begin selling a subcompact car in the United States in late 2011, the first vehicle for the U.S. market under an expanded Daimler AG and Nissan Motor Co. partnership.
Penske, in a filing with U.S. regulators, said development, engineering and tooling costs to bring the four-door hatchback to Smart’s U.S. dealers will cost $25 million. About $1.5 million of that will be in the just-completed third quarter’s expenses. Get the full story »
Apple CEO Steve Jobs showing off the first version of the iPhone in 2007. (AP Photo/Paul Sakuma)
Apple Inc. plans to begin making a new iPhone by the end of the year, and Verizon Wireless will begin selling them in early 2011, The Wall Street Journal reported Wednesday.
AT&T is the sole U.S. carrier for the popular smartphone, and investors and consumers alike have long speculated over when Apple will expand distribution. Get the full story »
Motorola’s mobile devices and TV set-top box subsidiary is suing Apple for patent infringement, alleging that its California-based rival is illegally using Motorola technology in many of its core products and services, including the iPhone and the App Store.
Motorola Mobility, the subsidiary, filed complaints in the Northern District of Illinois and the Southern District of Florida, as well as with the U.S. International Trade Commission. The company said the complaints involve 18 patents relating to “early-stage innovations developed by Motorola” that can be found in the iPhone, iPad, iPod Touch and some Mac computers. The patents cover such technologies as antenna design, wireless e-mail and location-based services, Motorola said. Get the full story »
U.S. regulators say they are likely to approve antitrust immunity for two major airline alliances carrying travelers to Asia.
The tentative approval from the Transportation Department on Wednesday would let American Airlines and Japan Airlines coordinate routes and schedules and share revenue on flights across the Pacific. A similar arrangement between United Continental Holdings Inc. and All Nippon Airways also won tentative approval. Get the full story »
Advertisers should steer clear of saying their products are “environmentally friendly” or “eco-friendly,” the Federal Trade Commission said in proposed rules put out Wednesday.
The agency, however, did not weigh in on other terms — “sustainable,” “natural” and “organic” — because they are the purview of the Agriculture Department. Get the full story »
Chicago is one of the 38 cities that will be included in Verizon Wireless’ launch of its 4G network later this year, the operator said Wednesday.
Verizon, which will use a fourth-generation network technology called Long-Term Evolution, said its Chicagoland network will extend from the Wisconsin border, to Tinley Park and Homer Glen to Lake Zurich, Hoffman Estates and Bolingbrook. Lake Michigan will form the network’s eastern border. Get the full story »
Tower Ticker | Glenn Beck plans to play the Chicago Theatre this spring on the eve of the deadline to file state and federal income tax returns.
At least 531 Illinois homeowners will be offered mortgage loan modifications by Wells Fargo Bank after an investigation into allegedly deceptive marketing of payment option adjustable rate mortgages.
Illinois and seven other states investigated Wachovia and Golden West’s marketing of pay-option ARMs, potentially risky loan products because they allow borrowers to pay only a minimum payment, with the rest of the funds due added to the balance of the loan, which eventually resets at much higher required payments. Wells Fargo owns Wachovia and Golden West. Get the full story »
By Gregory Karp | American Tax Relief LLC, which claims in TV ads that it can reduce your tax debt, has been shut down after bilking consumers nationwide out of more than $60 million, the Federal Trade Commission alleged Wednesday.
“For people having a tough time paying their taxes, the last thing they need is to lose more money to a fraud,” said David C. Vladeck, director of the FTC’s Bureau of Consumer Protection. Get the full story »
Flight attendants with Continental Airlines Inc said they will not participate in contract talks with their peers at United Airlines, according to a report in Bloomberg.
United flight attendants had said in an exchange of letters they would have more leverage if they worked together, according to Bloomberg.
Representatives for Continental and for Association of Flight Attendants could not be immediately reached for comment. Get the full story »
