AOL Inc. said it would acquire the popular technology blog and network TechCrunch as it tries to remake itself into a Web entertainment and news powerhouse. Get the full story »
Tribune Co. reaches deal with 2 largest creditors
Tribune Co. has reached a settlement with Angelo, Gordon & Co. and Oaktree Capital Management, two of the largest senior creditors in its bankruptcy case, that will form the basis of a new plan of reorganization for the company. Get the full story »
Sep. 28, 2010 at 1:19 p.m.
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Filed under: Chicago executives, Housing, Private equity, Real estate Citadel executive, wife owners of Rezko mansion
The 30-room, 8,596-square-foot home formerly owned by Tony Rezko. (Tribune, file)
From Chicago Magazine | The 30-room Wilmette mansion where the now-imprisoned political wheeler-dealer Tony Rezko threw fundraisers for Barack Obama and Rod Blagojevich is undergoing renovations by its new owners, Dan Johnson, the managing director of Citadel Investment Group, and his wife, Katherine “Katsy” Johnson, an artist.
The couple bought the house from Bank of America for $3.71 million last March through a trust that does not identify them in public records. Chicago Magazine’s Dennis Rodkin said he learned their names last week through a source. Get the full story >>
FDA warns Walgreens about mouthwash claims
The Food and Drug Administration on Tuesday warned Johnson & Johnson, CVS and Walgreens to stop making “unproven“ claims that their mouthwash products are effective in removing plaque or preventing gum disease.
In a warning letter sent to each company, regulators specifically targeted Johnson & Johnson’s “Listerine Total Care Anticavity Mouthwash“, CVS’s “CVS Complete Care Anticavity Mouthwash“ and Walgreen’s “Walgreen Mouth Rinse Full Action.” Get the full story »
Nestle: No shortage of pumpkins this year
Last year, a series of heavy rains dented the pumpkin harvest, and just about any pumpkin-pie plans for after Thanksgiving. Nestle, which sells the vast majority of the canned pumpkin category, said that won’t be a problem this year. Get the full story »
JetBlue CEO: Southwest buy won’t affect growth
Southwest Airlines Co.’s plan to buy AirTran Holdings will not affect JetBlue Airways’ intent to grow organically, JetBlue’s chief executive said.
In a memo to employees obtained by Reuters, Dave Barger said JetBlue “would not be distracted” by the planned Southwest purchase of AirTran for $1.4 billion in cash and stock. Get the full story »
Bill on outsourced jobs fails Senate test
As expected, a Senate bill designed to end tax breaks for U.S. companies that move jobs and manufacturing plants overseas failed a key test vote Tuesday.
With a 53-45 vote, Senate Republicans blocked a Democratic efforts to end debate and ultimately vote on a “jobs” bill. Get the full story »
Census says Illinois poverty rate up 24% since 1999
The poverty level in Illinois increased 24 percent over the past decade — to 13.3 percent in 2009, according to new data released by the U.S. Census Bureau this morning.
Apple shares slide on rumor about No. 2 executive
Apple's chief operating officer Tim Cook, left, talks with CEO Steve Jobs, center, and Vice President Phil Schiller, right, at a meeting in Apple's Cupertino, Calif. headquarters in 2008. (AP Photo/Paul Sakuma)
Shares of Apple dropped more than 2 percent in early trading on Tuesday, as rumors swirled that the company’s No. 2 executive was departing.
It was not immediately clear what caused Apple’s shares to fall, but unconfirmed speculation on the Internet said Tim Cook would leave Apple to join Hewlett-Packard Co, which is searching for a new CEO to replace Mark Hurd.
Representatives from Apple and Hewlett-Packard declined to comment, and analysts quickly dismissed the rumor. HP is holding its analyst meeting later Tuesday. Get the full story »
Walgreen shares jump on profits, forecast goals
Shoppers at a Walgreens in Vernon Hills. (Lane Christiansen/Chicago Tribune)
Walgreen Co. fourth-quarter profits were up 8 percent in the company’s fourth quarter on prescription sales but impacted somewhat by a large New York pharmacy acquisition earlier this year.
The Deerfield-based company, which operates more than 8,000 stores across the country, this morning reported profits of $470 million, or 49 cents a share in its fourth-quarter ended Aug. 31. That compares to $436 million, or 44 cents a share, in the company’s fourth quarter of last year.
The earnings report helped boost Walgreens shares up nearly 9 percent, or $2.71 a share, to $33.06 in trading this morning on the New York Stock Exchange. Get the full story »
Lawmaker eyes late-year Senate vote on yuan
The Senate is unlikely to vote on legislation to pressure China to raise the value of its currency until after the November 2 congressional elections, a Democratic senator said on Tuesday. Get the full story »
Home prices dip in July, seen hovering near lows
(Reuters)
Single-family home prices dipped in July, hovering above multi-year lows absent the homebuyer tax credit that ended in April, according a Standard & Poor’s/Case-Shiller home price report on Tuesday.
The home price index for the Chicago area rose a modest 1 percent in July after a 2.5 percent gain in June.
High U.S. unemployment and millions of foreclosed homes and distressed borrowers keep stalling a home price recovery, overshadowing high affordability and record low mortgage rates, economists agree. Get the full story »
Judge denies antitrust injunction in United merger
Bloomberg News | A federal judge in California denied a request that he enjoin the merger of UAL Corp. with Continental Airlines Inc. on antitrust grounds, according to a ruling in San Francisco late yesterday.
Sep. 28, 2010 at 7:52 a.m.
Filed under: Northwestern hospital, doctors eye restructuring
Northwestern Memorial Hospital and affiliated doctor groups are discussing a major restructuring to help its doctors and facilities better prepare for the health overhaul law and put the academic medical center in the nation’s top tier, according to sources and a document obtained by the Tribune.
Called “Northwestern Medicine,” the new structure being pursued is being designed to be more nimble when it comes to contracting with health insurance companies who pay the hospital and doctors as well as making business decisions when it comes to recruiting physicians or obtaining grant money, these sources said. Get the full story »
