March 7 at 6:56 p.m.
Filed under:
Airlines,
Airplanes,
Energy
By Julie Johnsson
With fuel costs soaring, the parent company of United Airlines said Monday that it is curtailing growth plans for 2011 and cutting its domestic flying more deeply than it had planned.
United Continental Holdings Inc. said that its system-wide capacity would remain flat for the year, and that it would curb capacity by offering fewer flights on some routes, exiting less-profitable routes and postponing the start of some new flights, such as planned service from Newark, N.J., to Cairo slated to launch this spring. Get the full story »
March 7 at 6:31 p.m.
Filed under:
Bankruptcy,
Media,
Newspapers,
Radio,
TV
By Michael Oneal
WILMINGTON, Del. – The warring creditors in Tribune Co.’s bankruptcy case provided few surprises Monday as they fired their opening shots in litigation aimed at resolving a case that one lawyer said had come to resemble “water torture.” Get the full story »
By Becky Yerak
First Midwest Bank, which has grown into one of the area’s biggest banks without a presence in downtown Chicago, confirmed that it plans to set up shop for the first time in the city’s central business district.
The bank told the Tribune that it plans to open an office in a LaSalle Street building in the Loop in early April. It’s not divulging the address until a lease for the property, which has 3,500 to 4,000 square feet, is signed, which should occur “shortly,” a bank spokesman said. The office will handle commercial banking, cash management and trust services, he said. Get the full story »
March 7 at 5:22 p.m.
Filed under:
Exchanges,
Sports
From NBC | The commissioner of the LPGA Tour announced Sunday that Chicago-based CME Group will become the title sponsor of the season-ending Titleholders tournament at Grand Cypress in Orlando. The inaugural CME Group Titleholders will be played Nov. 17-20, and will replace the LPGA Tour Championship on the schedule.
March 7 at 5:09 p.m.
Filed under:
Airplanes
By Reuters
A Boeing 787 Dreamliner being manufactured for All Nippon Airways, Feb. 14, 2011. (Reuters/Anthony Bolante)
Boeing Co. said on Monday it began incorporating required changes to its long-delayed 787 Dreamliner to move the program toward certification this year by aviation authorities.
The work, to be done in San Antonio, Texas, includes installing electronic and mechanical equipment, software upgrades and testing systems.
A Boeing spokesman said the “change incorporation” step is required for all new airplane programs. He said the company expects the plane to be certified this year. Get the full story »
March 7 at 4:45 p.m.
Filed under:
Pharmaceuticals
By Reuters
The Supreme Court let stand a ruling that drug companies can pay rivals to delay production of generic drugs without violating federal antitrust laws.
The justices refused to review a U.S. appeals court ruling that upheld the dismissal of a legal challenge to a deal between Bayer AG and Teva Pharmaceutical Industries Ltd’s Barr Laboratories. Bayer paid Barr to prevent it from bringing to market a version of the antibiotic drug Cipro. Get the full story »
March 7 at 4:02 p.m.
Filed under:
Consumer news
By Reuters
U.S. consumer credit rose for a fourth straight month in January as households splurged on motor vehicles, further evidence the economy was gaining traction.
The Federal Reserve said on Monday total outstanding credit, which covers everything from car loans to credit cards, increased by $5.01 billion after rising $4.09 billion in December. That was above economists’ expectations for a $3.90 billion increase. Get the full story »
March 7 at 3:44 p.m.
Filed under:
Policy,
Retirement
By Clout Street
Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it.
The state does not currently tax pensions or retirement funds such as 401(k) plans, but Cullerton told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois’ “outdated” tax system.
March 7 at 3:39 p.m.
Filed under:
Airlines,
Energy
By Reuters
A Southwest Airlines plane being refueled. (Justin Sullivan/Getty Images)
U.S. airlines are raising fares and rolling out surcharges as runaway fuel prices threaten to eat into profits.
Fuel surcharges are being added on international routes. JetBlue Airways Corp said on Monday it recently implemented a $45 one-way surcharge in select Caribbean markets. Delta Air Lines Inc said its surcharges vary by market.
Fees are also going up for passengers checking more than two pieces of luggage, and more carriers are ditching free snacks to save money, said Tom Parsons, chief executive of travel site Bestfares.com. Get the full story »
March 7 at 3:04 p.m.
Filed under:
Food
From MediaBistro | Food giant Nestle USA has handed marketing duties for its Tombstone frozen pizza to DraftFCB Chicago. In a statement, Nestle director of marketing Todd Macsuga said DraftFCB “demonstrated an ability to uncover and activate meaningful product, shopper, and consumer insights, and ultimately deliver a powerful creative expression.”
March 7 at 2:32 p.m.
Filed under:
Cell phones,
Telecommunications,
Wireless
By CNN
Android is now the most-used smart phone operating system in the United States — a stunning race to the top from a platform that didn’t exist 25 months ago.
Nearly one third, or 31.2 percent, of U.S. smart phones ran Google’s Android OS in January, according to a study released Monday by comScore. That outpaced the 30.4 percent of American smart phone owners who use BlackBerry devices, which are made by Research in Motion. Get the full story »
March 7 at 2:12 p.m.
Filed under:
Airlines,
Airports
By Julie Johnsson
Southwest Airlines’ struggles with on-time reliability continued in January and dragged down results at Chicago’s Midway Airport, its largest hub, federal data show.
The low-cost carrier is hiring workers and adding three departure gates to improve results at Midway, which again had the lowest rate of on-time departures among major airports. Get the full story »
March 7 at 1:48 p.m.
Filed under:
Government,
Investing,
Regulations
By Reuters
Municipal bond underwriters are under investigation by the Financial Industry Regulatory Authority to see whether firms are funding lavish entertainment for rating agency executives as well as public officials from towns and cities, FINRA Chief Executive Richard Ketchum said Monday.
“We have seen examples of excessive expenses for the entertainment of issuer officials and rating agency officials, which are then charged to the municipalities’ cost of issuance, thereby reimbursing the firm out of bond proceeds,” he said at FINRA’s annual fixed-income conference in New York. Get the full story »
March 7 at 1:06 p.m.
Filed under:
Autos,
Recalls
By Los Angeles Times
Toyota Motor Corp. will recall about 22,000 vehicles because a tire-pressure monitoring system might fail to notify drivers of a flat or deflated tire. The recall affects Toyota Sequoia, FJ Cruiser, Land Cruiser, Tacoma and Tundra vehicles from 2008-2011.
Toyota has recalled more than 13 million vehicles since September 2009 in the U.S., including one recall of more than 2 million vehicles to correct problems with floor mats and other issues that could cause unintended acceleration.
Meanwhile, Chrysler Group will recall about 20,000 Jeep Wranglers from model years 2010 and 2011 to tighten the fasteners that attach the axles to the chassis. Federal safety regulators said the loose fasteners could lead to a loss of steering control, increasing the risk of a crash.
And American Honda Motor Co. will recall about 37,000 Civic hybrids from 2006-2007 to replace a voltage converter that can cause the engine to stall and prevent the car from being restarted.
March 7 at 12:43 p.m.
Filed under:
Energy
By CNN
Gas prices continued to rise Monday, driven higher for nearly two weeks straight by the turmoil in Libya, with analysts expecting prices to keep climbing.
In the Chicago area, gas prices have risen 11 percent, or 37 cents, in the last month to an average of $3.716, according to a daily survey by motorist group AAA. U.S. gas prices have increased for 13 days in a row, rising nearly 34 cents in that time, the second-biggest price jump in the history of the gasoline market, according to the Lundberg Survey. Get the full story »
