March 8 at 11:11 a.m.
Filed under:
Investing
By Reuters
Hedge funds around the world are expected to attract $210 billion in new money this year, according to a survey by Deutsche Bank released on Monday, helping to set a fresh record for assets.
The increase of new money — roughly four times the amount added last year — plus performance is expected to increase industry assets to $2.25 trillion by year’s end, data from the bank’s ninth annual alternative investment survey shows.
Hedge Fund Research, a Chicago-based performance and asset tracking group, said the loosely regulated industry oversaw $1.92 trillion in assets at the end of 2010. Get the full story »
March 8 at 11:01 a.m.
Filed under:
Economy,
International,
Investing
By Reuters
U.S. Treasury Secretary Timothy Geithner urged Europe on Tuesday to strike a balance between tough fiscal reforms and financial support for troubled member states ahead of two crucial EU summits to resolve the bloc’s debt crisis. Get the full story »
March 8 at 10:53 a.m.
Filed under:
Earnings
By Reuters
Specialty metals and plastics distribution company A.M. Castle & Co posted a narrower quarterly loss on increased demand and improved pricing.
The Franklin Park, Illinois-based company said it expects sales growth rate in 2011 to be similar to 2010. Get the full story »
March 8 at 10:38 a.m.
Filed under:
Housing,
Mortgages,
Real estate
ELITE STREET | By Bob Goldsborough | Former Chicago White Sox relief pitcher Bobby Jenks, who now throws for the Boston Red Sox, has listed his four-bedroom, 3,203-square-foot house in Hinsdale for $899,000.
Jenks, who turns 30 on Monday, is the latest former Sox to list a home in Hinsdale. As Elite Street first reported last month, fellow former reliever Scott Linebrink is asking $825,000 for his 11-room house in Hinsdale. Get the full story »
March 8 at 10:20 a.m.
Filed under:
Advertising/Marketing,
Retail
By Tribune staff report
A screenshot of Groupon's "American Idol" ad. (CNET)
Chicago-based daily deal site Groupon is going after buyers willing to spend hundreds or even thousands of dollars on travel and luxury goods, Bloomberg News reports. Groupon’s rival, Washington, D.C.-based LivingSocial, has already moved into the upscale offer arena — last month, it offered a $10,000 coupon for a penthouse-suite package at the Fairmont hotel in San Francisco.
By moving into pricier deals, the sites are trying to reach a broader demographic, Bloomberg writes. Groupon alone has more than 60 million subscribers in 42 countries, with ages ranging from 25 to 50, and many living in the suburbs. Get the full story »
March 8 at 9:38 a.m.
Filed under:
Credit Cards
By Reuters
(Digital Railroad photo illustration)
The regulator of large U.S. banks said a Federal Reserve proposal to crack down on the fees banks charge retailers when debit cards are used goes too far and could hurt banks over the long run.
John Walsh, acting head of the U.S. Office of the Comptroller of the Currency, wrote to the Fed on March 4, expressing his concerns over the rule.
“We believe the proposal takes an unnecessarily narrow approach to recovery of costs that would be allowable under the law and that are recognized and indisputably part of conducting a debit card business,” he wrote. “This has long-term safety and soundness consequences — for banks of all sizes — that are not compelled by the statute.” Get the full story »
March 8 at 9:28 a.m.
Filed under:
Autos
By Associated Press
Ford Motor Co. has rewarded CEO Alan Mulally with stock worth $56.5 million before taxes.
March 8 at 8:34 a.m.
Filed under:
Energy
By Reuters
OPEC oil producers are consulting about a supply boost but many in the group remain sceptical, saying high prices are due to fears of shortage and world supply is comfortable despite the loss of Libyan crude. Get the full story »
March 8 at 7:36 a.m.
Filed under:
Food,
Restaurants
By Reuters
McDonald’s Corp said global sales at established restaurants in February rose 3.9 percent, as strong sales in Europe helped offset a U.S. market that was hit by high unemployment and rising gasoline prices.
February sales at restaurants open at least 13 months were up 2.7 percent in the United States, helped by strong demand for its McCafe beverages, the fast-food hamburger chain said. Get the full story »
March 8 at 7:14 a.m.
Filed under:
Chicago executives
From Crain’s Chicago Business | Fortune Brands Inc. Chairman-CEO Bruce Carbonari received $11.24 million in total compensation during fiscal 2010, 12 percent less than the $12.84 million he earned the year before, according to the company’s proxy filing to the Securities and Exchange Commission. | Get the full story>>
March 8 at 6:44 a.m.
Filed under:
Energy,
Investing
By CNN
Gold rose above $1,430 an ounce on Tuesday, supported by clashes in Libya, but remained well off the previous session’s record high as a retreat in oil prices prompted some investors to cash in gains in the metal. Get the full story »
March 8 at 6:13 a.m.
Filed under:
Jobs/employment
By Reuters
More U.S. employers said they plan to boost payrolls in the second quarter, and fewer expect to reduce headcounts, a private survey found.
Manpower Inc., the world’s second-largest provider of temporary workers, said today that 16 percent plan to add workers in the April-June period, up from 14 percent in the first quarter. The share of those projecting workforce reductions fell to 6 percent from 10 percent. Get the full story »
March 8 at 5:44 a.m.
Filed under:
Government
By CNN
A Bureau of Printing and Engraving employee holds sheets of one dollar bills prior to cutting. (AP/Hillery Smith Garrison)
Sure, packs of T-shirts and socks are getting expensive because of skyrocketing cotton prices. Guess what else is made of cotton? The dollar bill in your wallet. In 2010, the cost of making one note jumped 50 percent from what it cost the government in 2008. Get the full story »
March 8 at 5:36 a.m.
Filed under:
Airlines
By Reuters
Boeing Co. sealed deals worth $10 billion with two airlines in China, the world’s fastest growing market that is likely to buy more than 2,000 aircraft over the next five years. Get the full story »
By Bruce Japsen
F. Michael (Mike) Ball.
Hospira Inc. has named F. Michael Ball, president of Botox maker Allergan Inc., as its next top executive, succeeding the only CEO the Lake Forest-based maker of generic injectable drugs has had since it was spun off from Abbott Laboratories.
Ball, 55, will Hospira become chief executive March 28, replacing Christopher Begley, who will retire after nearly seven years in the top job, the company announced late Monday. Hospira was spun off as a public company from North Chicago-based Abbott Laboratories in 2004. Get the full story »
