March 3 at 10:28 a.m.
Filed under:
Bank failures,
Banking,
Government,
Updated
By Becky Yerak
The failure of Chicago-based ShoreBank was blamed Wednesday on poor risk management by its directors and officers, and its losses to the Federal Deposit Insurance Corp. will be worse than originally expected.
Politically connected ShoreBank, which was known for lending in poorer neighborhoods, “failed due to insolvency brought on by the board and management not implementing adequate risk management practices,” according to a report issued Wednesday by the FDIC’s Office of Inspector General. Get the full story »
March 3 at 10:20 a.m.
Filed under:
Pharmaceuticals
By Associated Press
BioSante Pharmaceuticals Inc. said Thursday its potential pancreatic cancer treatment met key goals in a midstage study.
The company’s stock surged 32 cents, or 16 percent, to $2.35 in premarket trading.
The company said a newly published study showed the vaccine increased the median survival rate of patients by more than 25 percent to 24.8 months. The results were published in the February issue of the Annals of Surgery and involved 60 patients undergoing treatment at the Johns Hopkins Sidney Kimmel Comprehensive Cancer Center in Baltimore. Get the full story »
March 3 at 9:34 a.m.
Filed under:
Airplanes,
Stock activity
By Reuters
An Airbus A330 Multi Role Tanker Transport is shown while refueling two probe-equipped F/A-18 fighter aircraft in this handout photograph from November 2009. (Reuters/EADS North America/Handout)
Airbus parent EADS is nearing a decision not to protest the loss of a $30 billion U.S. refueling plane contract to Boeing, sources familiar with the matter said on Thursday.
The European company could announce as early as Friday a decision that will end a bitter decade-long procurement drama described on Wednesday by the top Air Force general as “ugly.”
“Most likely there will be no appeal,” said one source familiar with internal discussions at EADS, who was not authorized to speak publicly. Get the full story »
March 3 at 8:04 a.m.
Filed under:
M&A,
Pharmaceuticals,
Retail
By Bruce Japsen
Deerfield-based pharmacy giant Walgreen Co. said last month’s sales were up nearly 8 percent, boosted by its acquisition of the large Duane Reade pharmacy chain in New York. Get the full story »
March 3 at 7:39 a.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Reuters
New U.S. claims for unemployment benefits unexpectedly fell last week to touch their lowest level in more than 2-1/2 years, the Labor Department said. Initial claims for state unemployment benefits dropped 20,000 to a seasonally adjusted 368,000, the lowest since May 2008. Get the full story »
March 3 at 7:08 a.m.
Filed under:
Health care
By Bruce Japsen
Loyola University Health System next week makes its biggest foray into the south and west suburbs when it opens a 105,000 square-foot outpatient health center in Burr Ridge. Get the full story »
March 3 at 7:03 a.m.
Filed under:
Manufacturing
From the Springfield News-Leader | The Solo Cup Co. plant in Springfield, Mo. shut down its manufacturing Wednesday after nearly 60 years of operations. Lake Forest-based Solo announced plans to close the plant in June 2010. The shutdown puts about 340 people out of work. | Get the full story>>
March 3 at 6:50 a.m.
Filed under:
Health care
By Associated Press
A new federal report shows employers in Illinois received nearly $41 million last year to help them maintain health care coverage for early retirees. The federal funding comes from a program created by the Affordable Care Act, the national health care law. In Illinois, 337 employers have been accepted into the early retiree program. Get the full story »
March 3 at 6:31 a.m.
Filed under:
Food,
International
By Reuters
The FAO index of global food prices climbed to a fresh record high in February, above 2008 peaks when high food prices sparked riots in several countries, U.N Food and Agriculture Organisation data showed on Thursday.
The index, which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, averaged 236 points in February, the record in real and nominal terms, up 2.2 percent from January’s record and rising for the eighth month in a row. Get the full story »
March 3 at 6:02 a.m.
Filed under:
Energy,
Green
By Associated Press
The U.S. Green Building Council reported that Illinois has 3.09 square feet of LEED-certified commercial and institutional green buildings per capita — ranking it eighth in the nation. Get the full story »
March 3 at 5:48 a.m.
Filed under:
Cell phones,
Consumer news,
Technology
By CNN
Gadget analysis group AnandTech, which was the first to diagnose the iPhone 4 antenna issue, ran a thorough test of the new Verizon iPhone 4 and found that the “death grip“ problem has been mitigated.
“Apple fixed the problem,“ said Brian Klug, author of AnandTech’s report. “You can use the Verizon Wireless iPhone with no case without any concern for losing signal because of how it’s held.“ Get the full story »
March 3 at 5:35 a.m.
Filed under:
Retail
By Sandra M. Jones
Colorlab Custom Cosmetics, a Rockford-based makeup manufacturer, is moving into Sears as the department store chain expands its beauty business and looks for tenants. Get the full story »
March 2 at 5:52 p.m.
Filed under:
Entertainment
By Los Angeles Times
DirecTV is in advanced talks to be Hollywood’s first partner for early video-on-demand, a plan that is putting it in the cross hairs of the nation’s top theater chains.
People familiar with the matter said the satellite TV company would likely be the first distributor to launch so-called premium VOD, through which consumers would pay about $30 to rent a movie via the Internet or cable 60 days after it opened in theaters and at least a month before it would become available on DVD.
March 2 at 5:50 p.m.
Filed under:
Chicago executives,
Personnel moves
By Associated Press
Heidrick & Struggles International Inc. said Wednesday that Chief Financial Officer Scott Krenz is retiring after three years with the company to pursue a PhD in history.
The Chicago-based executive-search firm said Krenz, 59, will depart after the company files its 2010 annual report and completes the first quarter ending March 31. Get the full story »
