President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of jump-starting economic growth ahead of the November elections.
Howard Stern contract waning at Sirius XM
Howard Stern waits to ring the opening bell at Nasdaq in 2006 to mark the launch of his show on Sirius (Bloomberg)
Shock jock Howard Stern brought more than just his oversized personality to satellite radio when he joined Sirius — he also carted along an estimated 1.2 million new subscribers.
Now, five years later, Stern’s $500 million contract with Sirius XM Radio Inc. is nearly up, giving rise to concerns about how well the company would fare without one of its biggest stars. At the moment, its stock is trading around $1 a share and is down 5 percent in the last month, underperforming the Standard & Poor’s 500 stock index. Get the full story »
Young investors shun stocks, risk
Only 22 percent of investors under the age of 35 say they’re willing to take on a substantial level of risk, according to the Investment Company Institute. Compare that with 2001, when that same group outpaced every other age bracket.
“We’re coming off a series of financial crises that hit this young generation at points in their lives where external events shape strong opinions,“ said Christopher Geczy, adjunct associate professor of finance at University of Pennsylvania’s Wharton School. Get the full story »
Burger King adding 9 breakfast items
Burger King's new blueberry muffins. (AP/Burger King)
Burger King is introducing nine new breakfast items including blueberry biscuits and pancake platters and planning a major breakfast marketing blitz — all with an eye toward eating up some of McDonald’s morning business.
The chain said the move Tuesday is its biggest introduction of new items at one time ever. It also includes iced coffee from Seattle’s Best. Get the full story »
Sep. 4, 2010 at 7:38 p.m.
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Filed under: Commercial real estate, Conventions, Real estate Report: Merchandise Mart for sale
From Crain’s Chicago Business | Vornado Realty Trust has been shopping Chicago’s Merchandise Mart, the massive 3.5-million-square-foot office building along the Chicago River, attracting one $1.25 billion bid that never materialized into a deal. Vornado is reportedly still seeking offers on the building which was once owned by the Kennedy family. Get the full story>>
Date for Air Force tanker deal more in flux
The target date for the much-delayed award of a possible $50 billion U.S. Air Force refueling-plane deal just got murkier and potentially more politicized.
No longer is mid-November necessarily the moment of truth in the rematch pitting Chicago-based Boeing Co. against its European rival, Airbus parent EADS. Get the full story »
Skilling denied bail while conviction’s reviewed
A federal appellate court judge on Friday turned down former Enron Corp. executive Jeffrey Skilling’s request for bail pending the continuing judicial review of his 2006 conspiracy and fraud conviction. The former Enron chief executive is serving a 24-year prison sentence.
Get the full story »
Mattel charges Bratz maker with diverting funds
Toymaker Mattel Inc. has filed a lawsuit alleging MGA Entertainment fraudulently transferred hundreds of millions of dollars to keep Mattel from collecting on anticipated judgments and to defraud other creditors.
The suit filed Wednesday in Los Angeles County Superior Court alleges MGA transferred $430 million in dividends and other assets to its chief executive Isaac Larian, his family members and various trusts between 2004 and 2008 to make the company appear insolvent and prevent MGA’s creditors, including Mattel, from cashing in. Get the full story »
Harley, union have deal to keep it in Milwaukee
Harley-Davidson Motor Co. and its union leaders reached a proposed labor agreement Friday that could keep manufacturing operations and hundreds of jobs in Wisconsin.
The proposal still needs to be ratified by union workers and approved by the motorcycle company’s board. Workers are expected to vote on the contract Sept. 13. Get the full story »
Judge OKs deal in 7-year Kodak race bias suit
A federal judge on Friday approved Eastman Kodak Co.’s $21.4 million offer to settle class-action lawsuits by black employees who maintained white counterparts were favored over them for pay and promotion.
In an almost seven-year legal tussle, U.S. Magistrate Jonathan Feldman signed off on a deal that pays about 3,000 current and past Kodak workers amounts ranging from $1,000 to $50,000. The decision ends a 2004 class-action suit and a similar suit filed by other black workers in 2007. Get the full story »
2 N.J. funds win $12M in suit linked to Madoff
Investors in Gabriel Capital LP, a so-called feeder fund that funneled money to imprisoned swindler Bernard Madoff, were awarded $12.74 million by a panel of three arbitrators, court records show.
The award to two New Jersey investment funds was disclosed in a filing Thursday with the New York State Supreme Court in Manhattan. Get the full story »
American Airlines’ traffic up 3.1% in August
AMR Corp. said American Airlines’ August traffic rose 3.1 percent, a bigger increase than the preceding month, on continued international strength.
Most U.S. airlines have been reporting notable increases in traffic as travelers return to flying. Airlines had been cutting capacity in recent years, first in response to record-high fuel prices and then to cope with a plunge in demand during the recession. Get the full story »
Stocks close week higher for first time in month
The stock market has posted its first winning week in a month after news on the economy started getting better. Get the full story »
Tainted beef raises prospects of new testing
The first outbreak linked to a rare strain of E. coli in ground beef is prompting a fresh look at tougher regulations to protect the nation’s meat supply. Get the full story »
