From Crain’s Chicago Business | Metropolis 2020, a report on fixing the state’s economy due out Monday, recommends an increase in the gas tax to aid ailing transportation and abolishing townships to save money among its conclusions.
Filed under: Uncategorized
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Sep. 10, 2010 at 12:56 p.m.
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Filed under: Raise gas tax, survey urges cash-strapped state
$3.5M settlement for Publisher’s Clearing House
Sweepstakes contest organizer Publishers Clearing House will pay a total of $3.5 million to Illinois, 31 other states and Washington, D.C. to cover their investigative costs as part of a new settlement that also toughens solicitation practices.
The settlement, filed in Cook County Circuit Court, stemmed from a probe into Publishers’ “marketing practices of misleading consumers to believe purchasing magazines and other products will increase their chance to win the jackpot,” Illinois Attorney General Lisa Madigan said in a statement. Get the full story »
Sep. 3, 2010 at 6:21 a.m.
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Filed under: Critics: Illinois lottery contract cloaked in secrecy
With less than two weeks before Illinois Gov. Pat Quinn awards a lucrative, first-of-its-kind contract for the private management of the state’s $2 billion-a-year lottery, some are criticizing the selection process as too secretive and questioning whether it favors one powerful bidder.
Sep. 2, 2010 at 7:38 a.m.
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Filed under: Suburban man pleads guilty to trade secret theft
A former Arlington Heights resident has pleaded guilty to stealing trade secrets, valued between $7 million and $20 million, from a local paint manufacturing company where he worked as a chemist. Get the full story »
Sep. 2, 2010 at 7:32 a.m.
Filed under: SEC probes role of canceled trades in flash crash
A trader watches the numbers in the S&P 500 pit at the CBOE on May 6 during the Dow's 1,000-point freefall. Stocks recovered, finishing down about 3 percent. (Terrence Antonio James/Chicago Tribune)
Regulators are scrutinizing what some in the stock market are calling “quote stuffing,” trading in which unusually large numbers of orders to buy or sell stocks are placed in a fraction of a second, only to be canceled almost immediately.
The Securities and Exchange Commission has begun looking into whether the practice is putting some investors at a disadvantage by distorting stock prices, according to people familiar with the matter. The SEC is looking at what role, if any, quote stuffing played in the May 6 “flash crash,” when the Dow Jones Industrial Average collapsed 700 points in minutes, the people say. Get the full story »
Training on Boeing 787 all virtual
Pilot Gregg Pointon "flies" from the cockpit of a Boeing 787 full-flight simulator. (Elaine Thompson/AP)
Mechanics going through Boeing Co.’s 25-day training course for its coming 787 Dreamliner learn to fix all kinds of problems, from broken lights in the cabin to major glitches with its flight controls. One thing they won’t soon do: touch one of the planes.
Using both laptop and desktop computers inside a classroom festooned with huge diagrams, airline mechanics will train on a system that displays an interactive 787 cockpit, as well as a 3-D exterior of the plane. Using a mouse, the mechanics can “walk” around the jet, open virtual maintenance access panels and go inside the plane to repair and replace parts. Get the full story »
Durbin remarks pressure for-profit colleges
From Bloomberg News | U.S. education stocks are under pressure after U.S. Sen. Dick Durbin (D-Ill.) said industry practices should be curbed. “We need to consider whether it is wise for companies to profit so handsomely on federal funding when the results don’t match the investment,” Durbin said in a statement. “And we need congressional action to rein in abuses and ensure that taxpayer dollars are being wisely spent.”
Aug. 31, 2010 at 7:31 a.m.
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Filed under: Creditors, family fight over businessman’s millions
The late international businessman Mikhail Katamanin lived on a two-mansion lakefront compound in a tranquil Highland Park neighborhood — a place where deer graze on the front yards of millionaires. The opulent property now stands at the center of a multinational legal brawl over the assets of a man who whipped up a $20 million hurricane of debt, including nearly $7 million owed to Las Vegas and Atlantic City casinos.
Aug. 30, 2010 at 7:43 a.m.
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Filed under: Consumer spending shows gain in July
U.S. consumer spending rose at the strongest pace in four months in July, supported by a small gain in incomes that offered hope consumers will be able to keep contributing to a modest recovery. The Commerce Department said on Monday spending increased 0.4 percent, the largest gain since March, after being unchanged in June. Analysts polled by Reuters had expected consumer spending to rise 0.3 percent. Get the full story »
Aug. 26, 2010 at 2:20 p.m.
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Filed under: FDA ties chicken feed to egg recall
Feed was the likely cause of the salmonella outbreak at two Iowa producers that sparked a recall of more than a half billion eggs, the U.S. Food and Drug Administration said Thursday. Get the full story »
Later mortgage modifications turning out better
Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report released Tuesday, possibly debunking predictions of a huge wave of defaults to come.
The State Foreclosure Prevention Working Group warned of other troubling signs, however, on the same day that a separate industry report showed the most severe July sales drop-off for previously occupied homes in 15 years. Get the full story »
New Jersey settles SEC securities fraud case
The state of New Jersey has settled federal civil fraud charges of failing to inform bond investors that it had not met obligations to its largest pension plans, federal regulators said Wednesday.
The SEC declined comment on whether a similar investigation is under way in Illinois. The pension system here is the most underfunded in the nation, according to the Pew Center for the States, with only about half the money needed to cover more than $60 billion in liabilities. Get the full story »
Aug. 19, 2010 at 2:51 p.m.
Filed under: Betting is on a sea change in horse racing
With fewer fans wagering less money at too many racetracks, U.S. thoroughbred horse racing is galloping toward a reckoning.
Not even racinos — tracks that include slot machines or other casino gambling — have stemmed the decline. Get the full story »
Aug. 18, 2010 at 5:59 a.m.
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Filed under: Potash’s ‘poison pill’ forces BHP bid to go hostile
BHP Billiton, no stranger to hostile takeover battles, is moving fast to counter Potash Corp’s “poison pill” defense against its hefty $39 billion takeover bid.
Barely 24 hours after its $130 per share was made public, the world’s largest miner said on Wednesday it would make the offer direct to shareholders in an effort to circumvent a shareholder rights plan rolled out by Potash Corp’s board on Tuesday. Get the full story »
Aug. 12, 2010 at 5:04 p.m.
Filed under: MillerCoors creates company for craft beers
MillerCoors has created a separate, independent company to handle its portfolio of craft and import beers.
The company says its Tenth and Blake Beer Company is open for business and will focus on the segments, which are among the fastest-growing in the otherwise stagnant beer industry. The company’s brands include Blue Moon, Leinenkugel’s and Peroni Nastro Azzurro.
