Homeowners with more recent loan modifications are less likely to default on their payments, a report Friday showed. Thirty percent of modifications made in 2009 were seriously delinquent or in the foreclosure process, according to a second-quarter study released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
NBC’s Zucker to leave once Comcast deal complete
From The New York Times | Jeff Zucker, the chief executive of NBC Universal, announced Friday that he plans to leave the network after Comcast’s deal to take over NBC is complete.
Societe Generale takes 5% stake in Fortune Brands
Societe Generale, the London-based banking giant, disclosed a 5 percent stake in Deerfield-based Fortune Brands in a filing this morning.
Fortune owns brands in a variety of categories including, premium spirits like Hornitos and Maker’s Mark, home and security hardware like Moen and Master Lock, and Golf stalwarts like Titleist and FootJoy.
Target to start carrying iPad in October
Target Corp. says it will begin carrying four models of Apple Inc.’s iPad, starting at $499. The nation’s second-largest discount chain says it will start selling the touchscreen tablet computer Oct. 3. The iPad will be covered under the retailer’s 5 percent discount for store credit-card holders, which rolls out Oct. 17.
Airlines fret over cost of seat safety inspections
Airlines appeared on a potential collision course with regulators on Friday over the cost of carrying out proposed checks on over 100,000 passenger seats in the wake of a row over questionable safety data.
U.S. and European safety agencies said on Thursday they were proposing mandatory checks on Koito-manufactured seats, estimated to affect 150,000 seats on 1,000 mainly Airbus and Boeing planes. Get the full story »
Lifeway acquires Fruit Juice Inc.
Morton Grove-based Lifeway Foods, the leading U.S. supplier of Kefir, will purchase assets of New Jersey-based Fruit Juice Inc. The company makes First Juice, the first organic fruit and vegetable drink designed for children. Get the full story »
Netflix strikes deal to stream NBC shows
Online movie rental company Netflix Inc. and NBC Universal Domestic Television Distribution have expanded their license deal that covers TV shows subscribers can watch instantly by streaming them online, the companies said Friday. Financial terms of the multiyear deal were not disclosed. Get the full story »
Durable goods orders fall, business spending up
New orders for long-lasting U.S. manufactured goods fell more than expected in August to post their largest decline in a year as bookings for aircraft and motor vehicles tumbled, but business spending rebounded strongly, a government report showed on Friday. Get the full story »
Chicago unemployment falls to 9.7%
Chicago’s jobless rate in August fell to 9.7 percent, down from 10.1 percent a year ago. The unemployment figure for the Chicago-Joliet-Naperville area was reported Thursday by the Illinois Department of Employment Security. Get the full story »
Moody’s lowers outlook on Illinois to negative
Moody’s Investors Service revised the outlook on Illinois’ A1 general obligation debt rating to negative from stable, citing intensified financial stress facing the state.
“The state reported a very large negative fund balance for fiscal 2009 and has faced fragile economic conditions and continuing uncertainty over its ability to meet pension funding obligations,” Moody’s said in a statement. Get the full story »
Early bird gets today’s appliance rebates
By Kristin Samuelson and Julie Wernau | If you missed your opportunity in April to take advantage of the government rebates on new energy-efficient appliances, today’s your lucky day. But you better move fast.
The state of Illinois is offering consumers approximately $3 million in rebate money to replace their old clothes washer, dishwasher, freezer, or refrigerator with a new Energy Star qualified model at participating stores starting at 8 a.m. Friday. The rebates will provide a 15 percent discount (up to $250) on the appliances, but you have to act fast because the rebate program will stop once the funding runs out.
Sears to open 85 toy shops ahead of holidays
U.S. retailer Sears Holdings Corp. plans to launch 85 toy shops in select U.S. markets next month as it looks for a bigger bite of the holiday sales pie, a senior executive said.
The move from the operator of Sears department stores and the Kmart discount chain comes as competition heats up in the toy retail arena ahead of the biggest selling season of the year. Get the full story »
Paul Volcker presses for a more diligent Fed
Former Federal Reserve chairman Paul Volcker told international banking regulators gathered in Chicago today that the “financial system is broken,” and said more oversight is needed from governments nationally and internationally.
