The fewest number of initial foreclosure notices were sent to Illinois homeowners in August since February but more than 4,000 homes in the state continue to be repossessed by lenders each month, new data shows.
In August, 6,912 Illinois homeowners received notice that their loans were in default and their lender had started foreclosure proceedings against them, a decrease of almost 19 percent from July’s activity, RealtyTrac reported. Get the full story »
Sony’s PlayStation 3 game console will work as a Blu-ray disc player for 3-D movies and music videos, not just 3-D games, with a software update download starting Sept. 21.
The free-of-charge update for movies and other content had been promised for later this year. But the date is being moved up to ride on the momentum of 3-D popularity, Sony executive Hiroshi Kawano said at the Tokyo Game Show Thursday.
Boeing Co. said Wednesday that it had a serious problem with one of the Rolls-Royce engines on one of its 787 Dreamliner test aircraft, requiring it to be replaced.
The plane manufacturer, whose carbon-composite 787 is already almost three years behind schedule, said it was too early to tell if the setback would delay the plane’s testing phase and eventual delivery date. Get the full story »
IHOP has filed a lawsuit against a church group called the International House of Prayer claiming that the group is illegally using the pancake house’s famous acronym.
The legal flap started earlier this month when the International House of Pancakes filed the lawsuit in a federal court in California. Get the full story »
Boeing says the airline industry will need to hire more than one million workers over the next 20 years to prepare for a wave of 30,000 new aircraft.
The airlines will need to hire 466,650 pilots and 596,500 maintenance crew workers between 2010 and 2029, the aircraft maker said Thursday — that’s an average of 23,300 new pilots and 30,000 maintenance workers annually from now until 2029, the company said. Get the full story »
Boeing Co. received billions of dollars in illegal government subsidies, including $25 million in incentives that Illinois provided the plane maker to relocate its world headquarters to Chicago in 2001, a panel of the World Trade Organization determined.
The WTO report is confidential and was released to U.S. and European trade officials Wednesday. It is the first ruling in the second of dueling trade cases filed by the U.S. and European Union against each other last decade alleging that aircraft manufacturers had received unfair government support. Get the full story »
The state will pay a private company at least $15 million a year to take over day-to-day operations at the Illinois Lottery, but none of the department’s 170 workers will lose their jobs as a result.
Tearful, angry victims of a $77 million Ponzi scheme that targeted hundreds of often working-class Italian-Americans crowded into a Chicago courtroom Thursday to tell their stories before a judge handed the convicted swindler a maximum 23-year prison term.
The federal judge rejected prosecutors’ recommendation of a 12 1/2 year sentence for Frank Castaldi — in part because he had reported the two-decade scam himself — saying that would let the 57-year-old accountant and businessman off too easy, given the lives he ruined.
A federal appeals court says a group of dairy consumers can proceed with parts of a lawsuit alleging that several national retailers and an organic dairy company falsely labeled the dairy’s milk.
Discover Card wrote off balances for nonpayment at a higher rate in August than the prior month, after seeing improvement the two prior months.
A Craigslist official told lawmakers Wednesday that the classified ad website has no plans to resume its adult services section and defended the company’s efforts to stop the sexual exploitation of minors.
But William Clinton Powell also told a House Judiciary Committee panel that people seeking to advertise adult — or sexual — services will now simply migrate to other Internet sites.
CME Group Inc., the biggest U.S. operator of futures exchanges, may need to add more staff to adequately oversee its markets, regulators said on Wednesday after a review of CME’s enforcement activities.
CME should review its staff size, report to the Commodity Futures Trading Commission about what it found, and take ongoing steps to make sure staff is “increased appropriately when necessary” to handle more volume and any other relevant developments, the CFTC said after its review. Get the full story »
From Bloomberg News | A survey from the Pew Research Center found that more than one-third of Americans say it’s acceptable to stop paying a mortgage and walk away from one’s home under some circumstances.
An Illinois meatpacking plant discriminated against women seeking entry-level jobs, the U.S. Labor Department charged in an administrative complaint filed Wednesday.
The plant is owned by a subsidiary of Tyson Foods Inc. The Labor Department said Tyson has made biased hiring decisions at the facility since at least January 2003, when the agency first audited the plant. The alleged discrimination has resulted in the rejection of more than 750 female applicants.
The plant is located in Joslin, which is near the Quad Cities. Get the full story »
Kraft executives laid out a strategy to deliver more growth and higher returns following its Cadbury acquisition, at the company’s annual investor conference in New York Wednesday.
In a presentation some analysts described as short on specifics, chief executive officer Irene Rosenfeld and key members of the executive team described a strategy of focusing on so-called “power brands” and regional brands in each area of the world, and a system for sharing best practices throughout the world. Get the full story »
