Dec. 3, 2010 at 9:59 a.m.
Filed under:
Economy,
Government,
Jobs/employment,
Layoffs,
Updated
By Los Angeles Times
Job candidates at a World Women in Technology career fair at Chicago's Navy Pier in October. (Tim Boyle/Getty)
In a major setback for the economy, the nation’s jobless rate jumped to 9.8 percent in November as employers added surprisingly few new jobs over the month, the government said Friday.
The unemployment rate had been at 9.6 percent in the prior three months. The increase last month came as employers added just 39,000 jobs in November — a sharp drop-off from a revised 172,000 job gains in October and an average monthly gain of 86,000 this year. Get the full story »
Dec. 1, 2010 at 4:19 p.m.
Filed under:
Economy,
Government,
Updated
By Reuters
Debt Commission co-chairmen Erskine Bowles, right, and former Wyoming Sen. Alan Simpson at a news conference on Capitol Hill on Tuesday. (AP Photo/Alex Brandon)
A presidential commission trying to balance the budget on Wednesday softened a proposed tax overhaul to win broader support for its bold plan to slash the $1.3 trillion federal deficit.
The plan faced an uphill struggle to win sufficient backing to trigger a congressional vote. Even if that happens, analysts predict Congress won’t take substantive steps to reduce the deficit this year.
Changes made to the plan included dropping a proposal to kill the popular mortgage interest tax deduction, as had been recommended on November 10. The revised version proposed a limited, 12 percent mortgage interest tax credit. Get the full story »
Dec. 1, 2010 at 10:54 a.m.
Filed under:
China,
International,
Internet,
M&A,
Updated
By Wailin Wong
Chicago-based Groupon has offices at 600 W. Chicago, pictured here on Nov. 30, 2010. (Phil Velasquez/Chicago Tribune)
Daily deal startup Groupon is on a shopping spree of its own, even amid feverish speculation that Google is on the verge of making a big offer for the Chicago company.
Groupon said late Tuesday it has bought three daily deal sites based in Asia, moving the company into Hong Kong, Singapore, the Philippines and Taiwan. Terms of the deals with uBuyiBuy, Beeconomic and Atlaspost were not disclosed. Groupon’s first foray into Asia was in August, when it acquired a Japanese rival. The company said it is now in 35 countries.
Closer to home, Groupon has acquired Ludic Labs, a Silicon Valley technology company, for an undisclosed amount. Groupon said Ludic Labs’ most well-known products are Offer Foundry, an advertising and promotional platform for local businesses, and Diddit, a Web-based community where members can browse through local activities and attractions. Ludic Labs and Groupon have both raised money from Accel Partners, a Silicon Valley venture capital firm. Get the full story »
Nov. 30, 2010 at 6:10 p.m.
Filed under:
Internet,
M&A,
Updated
By Reuters
Groupon CEO Andrew Mason with Mayor Richard Daley, Aug. 31, 2010. (Brian Cassella/ Chicago Tribune)
Google Inc. is reportedly closing in on a deal to buy online discount-coupon sensation Chciago-based Groupon for up to $6 billion in its largest-ever acquisition, signaling a willingness to use some of its huge cash hoard to buy growth.
A deal, reported by several media, would give Google an important window into a fast-growing $91 billion local advertising market.
But Google’s shares fell 4.5 percent, partly on concern it may shell out too much for a business likely to face increasing competition. Reports of the deal came as the European Union announced plans to investigate Google’s search practices. Get the full story »
Nov. 30, 2010 at 4:43 p.m.
Filed under:
Cell phones,
Technology,
Telecommunications,
Updated
By Wailin Wong
Motorola Inc. said Tuesday it will officially split into two companies on Jan. 4, 2011.
The separation is a long time coming, as the Schaumburg-based technology company first announced the decision in March 2008. The complexity of the break-up and the global recession had slowed the process, which involved dividing up not just employees, but assets such as intellectual property and ownership of the Motorola brand. Get the full story »
Nov. 30, 2010 at 2:46 p.m.
Filed under:
Food,
Policy,
Politics,
Regulations,
Updated
By Reuters
The Senate passed the largest overhaul of the U.S. food safety system in decades on Tuesday, a response to massive recalls such as last summer’s recall of half a billion eggs in a salmonella outbreak.
The Senate voted 73-25 to pass the bill. The House of Representatives backed a different version in July 2009. With their post-election session due to end by mid-December, lawmakers have just weeks to resolve their differences and send legislation to President Barack Obama to sign into law. Get the full story »
Nov. 29, 2010 at 4:10 p.m.
Filed under:
Beverages,
Food,
Packaged foods,
Updated
By Reuters
Starbucks Corp. and Kraft Foods began airing a messy divorce in public Monday, fighting over the dissolution of their partnership selling bags of Starbucks coffee at supermarkets.
Kraft said it had launched arbitration proceedings to challenge Starbucks’ attempt to end the agreement, sending shares of both companies lower.
At stake for Kraft is a partnership with $500 million in annual sales and strong profit margins. Starbucks may have to pay more than $1 billion to buy back the business and run it, a risky move for a company known for operating coffee shops, not selling packaged goods. Get the full story »
Nov. 26, 2010 at 5:04 p.m.
Filed under:
Autos,
IPOs,
Updated
By Reuters
General Motors Co’s underwriters exercised their full overallotment option, making the initial public offering of the U.S. automaker the biggest in the world, at $23.1 billion. Get the full story »
Nov. 18, 2010 at 11:35 a.m.
Filed under:
Economy,
Policy,
Politics,
Updated
By Reuters
Senator Mitch McConnell at a news conference on Capitol Hill, Nov. 16, 2010. (Mark Wilson/Getty Images)
Prospects for a comprehensive bill to fund the U.S. government appeared to dim Thursday after Senate Republican leader Mitch McConnell said he would not support the measure.
McConnell’s statement could indicate waning Republican support for a bill that would fund everything from national parks to the military through September 2011.
That could force Democrats to fund government operations on a temporary basis, either for a few months or the rest of the fiscal year, an approach that makes it difficult for government agencies to launch new programs or close out old ones. Get the full story »
By Reuters
In this Sept. 20, 2010 photograph, people attend a job fair at a hotel in Boston. (AP Photo/Stephan Savoia)
New U.S. claims for jobless benefits barely rose last week and manufacturing activity in the country’s Mid-Atlantic region touched a near one-year high in November, more proof the economy was regaining momentum.
The improving economic picture also was enhanced by another report on Thursday showing a gauge of future activity increased 0.5 percent in October.
However, the data are not robust enough to deter the Federal Reserve from fully implementing its much criticized program to purchase $600 billion worth of government debt to push already low interest rates down to stimulate the economy. Get the full story »
Nov. 18, 2010 at 9:59 a.m.
Filed under:
Exchanges,
Updated
By Wailin Wong
CME Chairman Terry Duffy, left, shows off CME Group's trading floors, Nov. 10, 2008. (Chris Walker/Chicago Tribune)
The Chicago Mercantile Exchange will overhaul its east trading floor at the Chicago Board of Trade building as part of a renovation plan funded by a proposed $15 million in tax increment finance assistance.
Mayor Richard M. Daley proposed an ordinance for the CME’s TIF agreement on Wednesday. The city of Chicago had pledged the assistance to CME in October 2009.
In exchange, CME agreed to keep 1,750 full-time positions and add at least 683 local jobs during the next decade. City officials said CME needed the financial help to outbid Atlanta-based IntercontinentalExchange for the Chicago Board of Trade. If the other company had succeeded in acquiring CBOT, the headquarters and jobs would have moved to Atlanta, officials said. Get the full story »
Nov. 17, 2010 at 3:35 p.m.
Filed under:
Autos,
Bankruptcy,
IPOs,
Updated
By Reuters
General Motors raised $20.1 billion in the biggest U.S. initial public offering in history, pricing the shares at the top of the proposed range in response to huge investor demand.
GM sold 478 common shares at $33 each, raising $15.77 billion, as well as $4.35 billion in preferred shares, more than the initially planned $4 billion. Get the full story »
Nov. 16, 2010 at 11:55 a.m.
Filed under:
Airplanes,
Manufacturing,
Updated
By Associated Press
Boeing's long-delayed 787 Dreamliner takes to the sky at Paine Field in Everett, Washington, in this December 15, 2009 file photo. (Paul Joseph Brown/AFP/Getty Images)
Boeing Co. said Tuesday that it is still investigating last week’s electrical fire that forced an emergency landing of one of its 787 Dreamliner test planes and it has not yet decided when flight tests will resume.
The aviation industry is awaiting word on whether the fire will trigger another delay for first delivery of the light-weight, carbon-composite Dreamliner, which is still in development and nearly three years behind schedule.
Boeing has not updated its target for first delivery to Japan’s All Nippon Airways Co Ltd , which is planned for the middle of the first quarter of 2011. Get the full story »
Nov. 16, 2010 at 11:16 a.m.
Filed under:
Banking,
Mortgages,
Real estate,
Updated
By Reuters
A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America said on Tuesday.
The call for a settlement by Bank of America CEO Brian Moynihan was followed by comments from Iowa Attorney General Tom Miller, who told a Senate hearing that a settlement with lenders was still months off.
“We’re thinking in terms of months rather than a year or longer but it depends really on how far we get,” said Miller, who is heading up a probe by all 50 state attorneys general. Get the full story »
Nov. 16, 2010 at 10:07 a.m.
Filed under:
Entertainment,
Media,
Technology,
Updated
By Tribune staff report
(AP Photos/Tribune Illustration)
After years of anticipation, speculation and legal tussling, Steve Jobs’ Apple Inc., the Beatles’ Apple Corps and EMI/Capitol Records agreed to make the Beatles’ catalog, spanning 1962-1970, available for legal digital download.
