The Securities and Exchange Commission has taken a step toward curbing risk-taking at big Wall Street firms and reducing the influence of credit-rating agencies, two factors that contributed to the financial crisis. Get the full story »
Some Bank of America credit cards get rate cuts
More than a million Bank of America credit card customers are being notified that they’ve received a reduction in their interest rates, thanks to a provision in the new credit card law. Get the full story »
‘Windy City Live’ to replace ‘Oprah’ on Ch. 7
From Tower Ticker | That new show moving into the 9 a.m. weekday slot on Disney-owned WLS-Ch. 7 after “The Oprah Winfrey Show” ends its run of original episodes in May?
It’s going to be called “Windy City Live” instead of “Morning Rush.”
Terra doing little to aid CF Industries’ shares
CF Industries Holdings eliminated a key rival when it bought Terra Industries last year, but so far surging corn prices rather than the deal’s benefits have driven the fertilizer producer’s stock. Get the full story »
March 2 at 4:23 p.m.
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Filed under: Computers, Government, Manufacturing, Small business, Updated Illinois in pilot to aid small manufacturers
By Katherine Skiba | Federal officials on Wednesday announced a $4.5 million pilot program to help small and medium manufacturers in Illinois and three other Great Lake states use supercomputing technology to speed product design.
The public-private partnership will assist firms in Illinois, Indiana, Michigan and Ohio, officials said. Get the full story »
Illinois AG sues law firm for duping consumers
A Chicago-based debt-settlement company used lawyers as a “front” to illegally collect massive fees from financially struggling consumers who were seeking help, Attorney General Lisa Madigan alleged Wednesday.
Madigan filed a lawsuit Wednesday against the national firm Legal Helpers Debt Resolution, based at 233 S. Wacker Drive in Chicago.
The company, also known as the law firm Macey, Aleman, Hyslip & Searns, charged upfront fees for debt-consolidation services, which became illegal in Illinois last year, the suit alleges. Get the full story »
NYSE to launch direct challenge to CME March 21
NYSE Euronext will launch its long-awaited challenge to CME Group’s lucrative interest rate futures franchise on March 21, the exchange operator said on Wednesday.
The launch highlights the importance of the derivatives business to the operator of the world’s best known stock exchange, which agreed last month to be taken over by Germany’s Deutsche Boerse AG. The combination would dominate European futures trading, even as the NYSE tries to win a foothold in U.S futures, where CME is the biggest player. Get the full story »
Oil settles at 2-1/2 year high on Libya violence
Oil rose to settle at its highest level since August 2008 Wednesday after an airstrike near Libya’s oil infrastructure raised more fears the OPEC nation’s oil sector could become a target in embattled leader Muammar Gaddafi’s efforts to hold power. Get the full story »
Southwest recovers from 2 glitches, snarled flights
Southwest Airlines is recovering from two unrelated computer outages Tuesday that caused the carrier’s online reservations systems to crash and briefly snarled its flight operations.
The technical foul-ups were resolved overnight, said Southwest spokesman Chris Mainz, via e-mail. “We may have had some temporary periods of slowness as we are still working through all issues with the conversion, but for the most part it’s been running smoothly today,” he added.
Get the full story »
WGN America promotes Marenghi to GM
Tower Ticker | Julio Marenghi has been promoted to executive vice president and general manager for Chicago Tribune parent Tribune Co.’s WGN America channel.
Previously WGN America’s executive vice president of sales and distribution for the national cable network, Marenghi will take on responsibility for managing the national channel’s operations, assisting in programming decisions and managing overall financial performance in addition to his current duties leading all top line sales efforts and growing distribution.
Treasury backs HAMP amid GOP calls to kill it
The Obama administration vigorously defended its Home Affordable Modification Program Wednesday, which faces sharp criticism by Republican lawmakers who want it axed.
Repeatedly saying that the housing market remains fragile, Treasury Department officials touted the fact that while the 2-year-old program is not meeting its initially much-publicized — and now unrealistic — goal of saving 3 million to 4 million families from foreclosure, the 25,000 to 30,000 families each month who are receiving permanent loan modifications is cause for it to continue. Get the full story »
Jobs introduces faster, more powerful iPad
Apple CEO Steve Jobs introduces iPad 2. (Getty Images)
Steve Jobs, Apple’s founder and CEO, unveiled the second generation iPad tablet computer Wednesday in San Francisco.
Saying that the legion of tablet competitors that has sprung up have not even matched Gen I, Jobs, whose latest medical leave has raised speculation about the future of the company, said the new tablet is a total redesign. Get the full story »
National Republic lists most profitable banks
A newly released list of the 25 most profitable banking companies in 2010 includes a $1.28 billion-asset lender in Chicago.
NRBC Holding Corp., the Chicago-based parent of National Republic Bank of Chicago, ranked 10th on a list of the U.S. bank holding companies with the highest return on average assets, according to trade publication SNL Financial. Its ROAA in 2010 was 2.46 percent, down from 3.11 percent in 2009. Get the full story »
FDA cracks down on untested cold medicines
By Julie Deardorff | The Food and Drug Administration plans to remove some unapproved prescription cough, cold and allergy medicines now sitting on store shelves, the agency announced Wednesday.
Fuel leak risk, electrical issue prompt Ford recall
Ford recalled more than 34,000 vehicles worldwide spanning eight vehicle models due to the risk of a fuel leak or electrical issues.
The automaker is recalling 25,000 Ford Ranger trucks, including 23,688 in the United States, because the protective layer of an engine fuel line near the throttle body shield may not be properly installed. Eventually, this could lead to a fuel leak, Ford said in a notice posted on the National Highway Traffic Safety Administration website Wednesday. Get the full story »
