Two Republican lawmakers are probing a decision by the U.S. Securities and Exchange Commission to let the agency’s top lawyer handle matters concerning Bernard Madoff, even though his deceased mother had invested with the swindler.
House Oversight Committee Chairman Darrell Issa and the Senate Judiciary Committee’s top Republican, Charles Grassley, said on Thursday they had sent an inquiry to SEC Chairman Mary Schapiro asking questions about why SEC General Counsel David Becker was allowed to advise the commission on Madoff matters. Get the full story »
Yellow sac spider
Mazda is recalling about 52,000 Mazda6 sedans, because yellow sac spiders like to build their nests in part of the fuel system.
“A certain type of spider may weave a web in the evaporative canister vent line and this may cause a restriction of the line,” Mazda said in a letter to the National Highway Traffic Safety Administration.
The evaporative canister vent line runs from a charcoal-filled canister that cleans air coming out of the gas tank. Blockage of the line can prevent air from getting into the gas tank as the gasoline is used, which causes a pressure problem that can lead to a crack in the gas tank and the possibility of a fire.
There have been 20 reported cases of spider infestation in the Mazda6 — all have been in cars with 4-cylinder engines, none with V-6s.
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The U.S. Senate Judiciary Committee approved legislation Thursday that would strip freight railroads of their antitrust exemptions.
The measure in the Democratic-led Senate was approved 14 to 1, but its future was uncertain in the Republican-led House of Representatives. Get the full story »
The unemployment rate in Illinois fell below 9 percent in January, according to figures released Thursday morning by the state. Get the full story »
Shares of Motorola Mobility slumped Thursday as Apple Inc.’s new iPad won rave reviews.
Motorola Mobility shares were recently down 5.2 percent, at $26.90.
Cowen and Co. downgraded the stock to neutral from outperform, a day after Apple took the wraps of the iPad 2. Apple shares were up nearly 2 percent. Get the full story »
Tower Ticker | Rafer Weigel is poised to follow in the footsteps of his father, the late Tim Weigel, by joining Chicago’s WLS-Ch. 7 as a sportscaster.
The TV industry subscription news site NewsBlues.com on Thursday reported Weigel has left HLN’s’ popular “Morning Express with Robin Meade,” where he has handled sports for three years. “Tipsters claim he walked out on his contract and has been hired as the weekend sports anchor/reporter at ABC-owned WLS,” the site said.
HLN sources say Weigel’s exit, but not his destination, was announced to “Morning Express” staff. WLS had no comment. Weigel could not be reached for comment.
Some of InBev's brands. (AP Photo/Geert Vanden Wijngaert)
U.S. and Brazilian drinkers are paying more for their beer and moving to expensive brands, according to Anheuser-Busch InBev, the world’s largest brewer.
The maker of Budweiser, Stella Artois and Beck’s reported a better-than-expected 22 percent improvement in fourth-quarter core profit on Thursday as higher prices and cost cuts offset lower volumes in the U.S. and slowing growth in Brazil.
It saw a first-quarter drag on volumes as high U.S. unemployment and floods in Brazil kept drinkers out of bars, but improvement thereafter. Get the full story »
Shares of Sauer-Danfoss surged 28 percent on Thursday, a day after the maker of hydraulic and electronic systems for mobile equipment swung to a profit and forecast a strong 2011. Get the full story »
Freddie Mac's corporate offices in McLean, Va. (AP Photo/Pablo Martinez Monsivais, FILE)
Mortgage rates eased again last week, with long-term rates continuing their decline from the current-year high set three weeks ago, according to Freddie Mac’s weekly survey.
Rates had seen a recent rise, hitting their highest level since April last month. They had slumped most of last year as Treasurys had declined amid economic uncertainty. The rates generally track the yields, which move inversely to Treasury prices.
Freddie Chief Economist Frank Nothaft cautioned, “housing demand still remains weak,” noting that new home sales in January neared the lowest levels since at least 1964, when data collection began, according to the Census Bureau. Get the full story »
Chrysler Group LLC recalled more than 248,000 crossover wagons and minivans because of a defect that could allow the key to slip while driving, causing the engine to shut down without warning.
Chrysler, which is managed by Italy’s Fiat SpA, said it knew of two rear-end collisions that may have stemmed from this problem, according to a notice posted on the National Highway Traffic Safety Administration website on Thursday. Get the full story »
A shopper outside of Tiffany & Co. on Chicago's Michigan Avenue. (David Pierini/Chicago Tribune)
Top U.S. retailers posted stronger-than-expected sales gains for February, a show of strength that could dissipate in March as a late Easter and rising gasoline prices take their toll.
The chains reported a rise of 4.2 percent in sales at stores open at least a year, according to Thomson Reuters data. Analysts had expected the Thomson Reuters index of 25 retailers to show a 3.6 percent rise in same-store sales last month.
The results confirmed consumer confidence data showing that the U.S. economy is on better footing despite the spike in gas prices. Get the full story »
