One bright side of the recession, at least for employers, is that employees are arriving on time more often. According to a CareerBuilder survey released this morning, 15 percent of workers confessed they arrived late to work once a week or more, down from 16 percent in 2009, and 20 percent in 2008. Get the full story »
Boeing to sell commerical satellite capacity
Boeing Co., seeking to boost its space businesses, said it will begin selling satellite communications services, joining a long list of international companies vying to provide the U.S. government and other countries with such services. Get the full story »
Ford recalling 150K F-150s for air bag fix
Under government pressure, Ford Motor Co. said Wednesday it will recall nearly 150,000 F-150 pickup trucks to fix air bags that could deploy without warning. The recall covers trucks from the 2005-2006 model years in the United States and Canada for what the auto company calls a “relatively low risk” of the air bag deploying inadvertently. Get the full story »
Strawberry genome may mean cheaper berries
Farmers have long struggled with getting ripe strawberries to market in good shape, but scientists say the recent mapping of the wild strawberry’s genome may help them produce berries that are cheaper and easier to grow and arrive in stores in peak condition. Get the full story »
More bank branches closed, than opened in 2010
From the New York Times | In 2010, for the first time in 15 years, more bank branches closed than opened across the United States. An analysis of government data shows. As banks shut branches in poorer areas, they continued to expand in wealthier ones, despite decades of government regulations requiring financial institutions to meet the credit needs of poor and middle-class neighborhoods. Get the full story>>
Politicians kill the traditional Easy-Bake Oven
Hasbro's latest version of the Easy Bake Oven. (Hasbro)
Collateral damage in the war on energy waste is none other than the classic children’s toy Easy-Bake Oven, introduced in 1963 and an inductee in the National Toy Hall of Fame.
Millions of young chefs have used the toy to make tasty baked treats. It was made possible by the oven’s heating element, a common 100-watt incandescent light bulb. Get the full story »
Wal-Mart shares drop after sales miss forecasts
Wal-Mart Stores failed to meet its promise of reigniting sales at its U.S. stores, a disappointment for a new leadership team charged with turning things around in the face of pressure from even cheaper discounters.
The retailer’s shares closed down 3.1 percent, despite the company’s reporting earnings that beat analysts’ expectations. U.S. sales are also still being hurt by a poorly executed decision, since reversed, to pare down the number of items Wal-Mart offers. Get the full story »
Packaging Corp. to raise quarterly dividend
Packaging Corp. of America on Tuesday said it plans to raise its quarterly dividend a third and bolstered its share repurchase program by $100 million.
The popularity of dividends and share buybacks have increase as companies seek to appeal to investors and tap cash piles they needn’t conserve as much in an improving economy.
Packaging Corp. said it will increase its quarterly dividend to 20 cents a share from 15 cents, costing roughly $5 million each quarter. The paper packaging company board also increased its repurchase authorization by $100 million, with the buybacks expected to come in the next year and a half. Get the full story »
Gold falls back to $1,400 as equity markets drop
Gold fell back toward $1,400 an ounce on Tuesday, breaking a six-session rally, as turmoil in Libya prompted bullion investors to take profits and as sharp losses in equities and other commodities markets prompted margin selling. Get the full story »
As commodity costs rise, Kraft looks to advertising
Northfield-based Kraft Foods Inc. said Tuesday that it plans to bulk up its marketing efforts and introduce several new products in an effort to offset higher ingredient costs.
The company estimates that pricier ingredients will cost it between $700 million and $800 million in North America alone. The higher costs will be particularly important to areas where Kraft competes the most, including meat, cheese, chocolate and coffee. Get the full story »
Motorola confirms Xoom price: $600 with contract
(Motorola)
Motorola Mobility Inc.’s Xoom tablet, which debuted to positive buzz when it was introduced earlier this year, will go on sale at Verizon Wireless on Thursday at a subsidized price of $599.99 or $799.99 without a contract, the companies said Tuesday.
The pricing confirms remarks made by Motorola Mobility Chief Executive Sanjay Jha on the sidelines of the Mobile World Congress show in Spain. Reuters had also quoted Jha as saying, “Competing with Apple, you have to deliver premium products.”
Motorola introduced the Xoom in January at the Consumer Electronics Show in Las Vegas. The device is the first to run Honeycomb, a version of Google’s Android operating system that is specifically designed for tablets. Get the full story »
Pritzker Group buys control of Peco Pallet
From Crain’s Chicago Business | The Pritzker Group has acquired a controlling stake in Peco Pallet, a Yonkers, N.Y. company that supplies pallet rentals to grocers, discount retailers and warehouses. The Pritzker Group, which represents investment interests of Chicago’s Pritzker family, called Peco Pallet an “industry leader,” while David Lee, the CEO of Peco Pallet, said the acquisition would enable Peco to “continue expanding throughout North America.”
Businesses have dim view of ComEd in survey
For the third year in a row, business customers have placed Commonwealth Edison second-to-last in customer satisfaction among its Midwest peers.
According to a J.D. Power and Associates study — based on interviews with representatives of more than 17,000 U.S. businesses that spend between $500 and $50,000 monthly on electricity — ComEd tied for second-to-last place with the state’s other major utility Ameren Illinois. Both received a score of 607 on a 1,000 point scale. Get the full story »
Recession still causing personal finance headaches
The Great Recession might be officially over, but that’s not helping Americans save money, and they’re growing increasingly worried about it, according to survey results released Tuesday.
The portion of people “very concerned” about the impact of the current recession on their personal finances rose from 43 percent last year to 49 percent this year, according to the survey commissioned by the American Savings Education Council and the “America Saves” campaign, with more than 1,000 participating groups.
“The recession clearly has not ended for millions of Americans,” said Stephen Brobeck, executive director of the Consumer Federation of America. High unemployment, consumer and mortgage debt, and the housing crisis help explain why savers haven’t made much progress. Get the full story »
