March 11 at 10:41 a.m.
Filed under:
Technology
By Wailin Wong
A group of technology boosters are organizing a week-long conference in July called TechWeek Chicago that will feature workshops, panel discussions and an expo to showcase the city’s startups.
One of the primary organizers of TechWeek Chicago, which was announced Friday, is Chicago technology startup consultancy midVentures. The firm is joining with 13 other organizations for TechWeek Chicago, which the backers are hoping will draw more than 6,000 Chicagoans to more than 60 events. The program includes “exhibition areas and startup pitches to interactive design workshops and product launch parties,” according to the TechWeek Chicago Web site. Get the full story »
March 11 at 9:59 a.m.
Filed under:
Cell phones,
Chicago executives,
Policy
By Wailin Wong
Motorola Solutions Inc. Chief Executive Greg Brown has been named to President Barack Obama’s Management Advisory Board, a group of former and current CEOs tasked with advising administration officials on how to bring private-sector practices to the government.
The White House made its announcement on Thursday and the group is scheduled to meet for the first time on Friday. Brown joins nine other corporate chiefs, including Jeffrey Kindler, the former CEO of Pfizer Inc., BET Networks CEO Debra Lee and American Red Cross CEO Gail McGovern. Get the full story »
By Dow Jones Newswires
Technology companies Friday were assessing the impact of the Japanese earthquake on component supplies and on their local plants, staff and sub-contractors, with most saying it was too early to give more details.
The 8.9-magnitude earthquake struck northern Japan, causing deaths and damage to the northeast and panic as far south as Tokyo, with an ensuing tsunami devastating coastal areas.
Japan is a major exporter of electronic goods and chips. The total global semiconductor market alone is worth around $298 billion, with Japan contributing around 24 percent to that total and Taiwan 30 percent, according to data from U.K.-based semiconductor market research firm Future Horizons. Europe, meanwhile, accounts for only 8% of global semiconductor production, meaning the region is largely dependent on Asian imports. Japan exports half of the semiconductors it produces. Get the full story »
March 11 at 9:39 a.m.
Filed under:
Consumer news
By Reuters
Consumer sentiment fell to its lowest level in five months in early March as gasoline prices rose, a survey released on Friday showed.
Even so, buying plans were largely unchanged and although the rate of real consumer spending will diminish, the report does not indicate a renewed downturn on the horizon, the latest consumer survey from Thomson Reuters and the University of Michigan said. Get the full story »
March 11 at 8:17 a.m.
Filed under:
Economy,
Retail
By Reuters
U.S. retail sales posted their largest gain in four months in February as shoppers stepped up purchases of autos, clothes and other goods even as they spent more for gasoline. Friday’s report from the Commerce Department pointed to strong consumer spending and acceleration in economic growth in the first quarter. Get the full story »
March 11 at 7:44 a.m.
Filed under:
Bankruptcy,
Media,
Movies,
Video
By Dow Jones Newswires-Wall Street Journal
A judge Thursday cleared the way for movie-rental company Blockbuster Inc. to sell itself to a group of hedge funds, after lawyers spent all day in courthouse hallways brokering a deal with movie studios that had objected to the sale terms. The ruling gives the movie studios a better deal and staves off immediate liquidation of Blockbuster’s assets. Get the full story »
March 11 at 7:21 a.m.
Filed under:
Bank failures,
Banking
During an attempt to rescue South Side lender ShoreBank last year, Federal Deposit Insurance Corp. Chairman Sheila Bair called Wall Street banks soliciting investments in the bank, but a new report by the FDIC’s inspector general concluded the intervention wasn’t inappropriate. The report, released Thursday, also disclosed that the estimated loss to the FDIC’s insurance fund from ShoreBank’s failure has grown substantially since its August failure, standing at $452 million. Get the full story>>
March 11 at 6:18 a.m.
Filed under:
Computers
By Associated Press
Customers line up Thursday in New York to buy an iPad 2. (Reuters/Lucas Jackson)
Apple Inc.’s updated version of its iPad tablet computer will be available in stores Friday afternoon but those who can’t wait to say they own the gadget can beat the crowds by ordering one online before the sun rises. The Cupertino company opened online sales of the iPad 2 at 3 a.m., hours before they will be available in stores nationwide at 5 p.m. local time. Get the full story »
March 11 at 5:47 a.m.
Filed under:
Consumer news,
Credit Cards
By Dow Jones Newswires-Wall Street Journal
U.S. families — by defaulting on their loans and scrimping on expenses — shouldered a smaller debt burden in 2010 than at any point in the previous six years, putting them in position to start spending more.
Total U.S. household debt, including mortgages and credit cards, fell for the second straight year in 2010 to $13.4 trillion, the Federal Reserve reported Thursday. That came to 116 percent of disposable income, down from a peak debt burden of 130 percent in 2007, and the lowest level since the fourth quarter of 2004. Get the full story »
By Los Angeles Times
Freedom Communications Inc. was expected to receive bids for its 100 newspapers and eight TV stations from a number of suitors before a Thursday deadline set by the company. Among firms considered likely to make bids for parts of Freedom were Tribune Co. and MediaNews Group Inc., as well as two Los Angeles-based private equity firms. Get the full story>>
March 11 at 5:34 a.m.
Filed under:
Internet,
Retail,
Taxes
By Dow Jones Newswires-Wall Street Journal
Amazon.com took action in Illinois, as it had threatened to do, to counter a new law aimed at forcing online retailers to collect sales taxes in the state. Hawaii, North Carolina and Rhode Island have enacted similar laws, and California is weighing action. Amazon is also in a court battle with New York over such legislation.
The Illinois law, signed by Gov. Pat Quinn Thursday, requires online retailers that work with affiliates in the state to collect sales taxes on purchases made by Illinois residents and businesses. Amazon responded to the measure by cutting ties to its Illinois-based affiliates, which are blogs and other Web sites that refer traffic to Amazon and get paid commissions if customers make purchases there. Get the full story »
March 10 at 6:38 p.m.
Filed under:
Stock activity
By CNN
U.S. stocks plunged into a deep sea of red Thursday, as economic fears at home and political concerns in Saudi Arabia weighed heavily on investor sentiment.
The Dow Jones industrial average tumbled 228 points, or 1.9 percent, to end at 11,985. It was the worst point drop in the Dow since Aug. 11. Get the full story »
March 10 at 5:19 p.m.
Filed under:
Earnings,
Retail
By Dow Jones Newswires
Ulta Salon Cosmetics & Fragrance Inc.’s fiscal fourth-quarter profit jumped 49 percent, and core results topped its upbeat expectations amid continued strength in same-store sales.
Shares edged up 0.9 percent, to $42.50, after hours as the company also forecast current-quarter earnings of 29 to 31 cents a share, topping the 27-cent average estimate of analysts polled by Thomson Reuters. The company predicted sales of $364 million to $370 million, compared to analysts’ $371 million. Get the full story »
March 10 at 4:56 p.m.
Filed under:
Airplanes,
Technology,
Wireless
By Wailin Wong
Itasca-based Aircell, which provides inflight Wi-Fi on airlines, said Thursday that it is upgrading its service and will introduce technology enabling international service by 2015.
Aircell’s Gogo Wi-Fi service is available on a number of carriers, including United Airlines, American Airlines and Delta Air Lines. It currently uses a land-based system, where base stations connect with Wi-Fi hotspots on aircraft. Passengers can buy the service on their flight, accessing the Web on laptops or mobile devices. Get the full story »
March 10 at 4:52 p.m.
Filed under:
Consumer news,
Energy
By Julie Wernau
Commonwealth Edison faced a tough room Thursday at a public hearing to discuss the utility’s request for rate hikes that would add $5 a month to the average customer’s electricity bill.
“It couldn’t come at a worse time. When you have the economy as it is and these unemployed people, where’s the money going to come from?” said apartment building owner and Lansing resident James Kimbrough. Get the full story »
