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Two senior Federal Reserve officials raised concerns about further monetary easing on Thursday but only one — one of the Fed’s most consistent policy hawks — expressed firm opposition to a move.
Kansas City Federal Reserve Bank President Thomas Hoenig, who has dissented against the U.S. central bank’s extremely easy money policies at every meeting policy-setting meeting this year, was blunt in stating distaste for further Fed help. Get the full story »
A sign offering a lot for sale is planted next to a sold home under construction in Nebraska. Rates on 30-year mortgages fell to a new low for the ninth time in 12 weeks. (AP Photo/Nati Harnik)
U.S. mortgages reached new record lows in the latest week as economic data raised the appeal of safe-haven government debt, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
While rock-bottom rates offer a glimmer of hope for a housing market struggling to find its footing in the aftermath of the expiration of a popular home buyer tax credits, their effect on home loan demand has been modest as a weak jobs market and flailing economy weigh on consumer confidence.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.27 percent for the week ended Oct. 7, down from the previous week’s 4.32 percent and the lowest on record, according to the survey Rates were also below their year-ago level of 4.87 percent. Freddie Mac started the survey in April 1971. Get the full story »
The agency that runs McCormick Place got long-awaited financial relief Wednesday with the sale of $1.12 billion in bonds to restructure old expansion debt and finance an addition to the convention center hotel.
The bond deal, which represents the second step toward a state-mandated revamp of the convention center, also will restore depleted reserves and provide a short-term operating subsidy. Get the full story »
Apple CEO Steve Jobs showing off the first version of the iPhone in 2007. (AP Photo/Paul Sakuma)
Apple Inc. plans to begin making a new iPhone by the end of the year, and Verizon Wireless will begin selling them in early 2011, The Wall Street Journal reported Wednesday.
AT&T is the sole U.S. carrier for the popular smartphone, and investors and consumers alike have long speculated over when Apple will expand distribution. Get the full story »
Randy Michaels, second from left, with other Tribune Co. executives at a press conference held by Sam Zell in 2007. (Jose More/Chicago Tribune)
Randy Michaels, Chicago Tribune parent Tribune Co.’s chief executive, on Tuesday night sent an e-mail urging employees to “ignore the noise” in anticipation of a New York Times story he expected to “apparently paint the work environment at Tribune as hostile, sexist and otherwise inappropriate.” Get the full story »
AT&T Inc., the No. 2 U.S. mobile service, plans to sell three smartphones from Motorola Inc. based on Google Inc.’s Android software, potentially helping the phone maker depend less on Verizon Wireless, its most important U.S. customer.
The new devices, announced Tuesday, are aimed at a more cost-conscious audience than Motorola’s flagship Droid X device, which Verizon Wireless sells for $200. Get the full story »
Allstate Corp. has sued Toyota Motor Corp. over sudden-acceleration-related claims it has paid, alleging that the accidents were caused by vehicle defects.
Private equity firm Apollo Global Management approached food company Sara Lee about six weeks with regards to a deal, a source familiar with the matter said on Monday.
It was unclear if anything will come of that approach.
A deal would likely to have been struck in conjunction with investor C. Dean Metropoulos, a Connecticut entrepreneur known for reinvigorating food brands, who is an operating partner of Apollo, the source said. Get the full story »
Former Disney Co. chief Michael Eisner denied rumors Tuesday morning that he will become chairman of a post-bankruptcy Tribune Co.
In an interview with WGN-720 AM host Greg Jarrett, Eisner acknowledged that he had bought Tribune debt as an investment and knew some of the principals involved, but said a journalist “put 2 and 2 together and got 11″ in speculating that Eisner would move into the top job at Tribune. Get the full story »
Microsoft Corp. said Friday it has sued Motorola Inc., claiming that the Schaumburg-based company has violated nine of its patents with smartphones running Google’s Android operating system.
Microsoft, which is headquartered in Redmond, Wash., filed a lawsuit in U.S. District Court for the Western District of Washington on Friday. The company said it also filed a complaint with the International Trade Commission. Get the full story »
Bloomberg News | General Motors Co., Ford Motor Co., Chrysler Group LLC and Nissan Motor Co. said U.S. sales rose in September as the industry recovers from its worst year in almost three decades.
Deliveries at GM, the largest U.S. automaker, climbed 11 percent from a year earlier to 173,155, the Detroit-based company said in a statement today. Ford, the second-largest, increased sales 41 percent to 160,873, the Dearborn, Michigan- based company said in a statement. Get the full story »
Automakers would be required to nearly double fleet efficiency to 62 miles per gallon by 2025 under the most ambitious scenario of a U.S. government outlook on fuel economy and emissions released on Friday.
Gasoline and electric hybrid vehicles and electric cars would play a crucial role in meeting the top range targets, according to the preliminary assessment presented to industry as a starting point for developing fuel standards for 2017 cars and light trucks, including SUVs, pickups and vans. Get the full story »
Continental Airlines CEO Jeff Smisek walks through Terminal C of Houston Intercontinental Airport to catch a flight to Chicago on Sept. 23, 2010. (Tribune)
United Airlines closed its merger with Continental Airlines Friday to create the world’s largest airline, called United Airlines. The stock begins trading this morning under the symbol UAL. The holding company formed from the all-stock merger will be called United Continental Holdings Inc.
The two airlines will begin marketing as one company in the spring. In the meantime, travelers will see United employees at United kiosks and Continental employees at Continental kiosks, depending on which carrier is handling the flight.
The company is working to combine frequent flyer programs. In a call with reporters, Smisek underscored, “your miles are safe.” Get the full story »
General Growth Properties Inc. is expected next week to name the members of the board who will take command when the No. 2 U.S. mall owner emerges from bankruptcy protection, and its chairman John Bucksbaum, son of one of the co-founders, will not be on it, a source close to the company said on Thursday. Get the full story »
A Rolls Royce car at a showroom in London, Oct. 1, 2010. BMW is recalling some of its own brand and Rolls-Royce cars because of a potential braking problem. (Reuters/Paul Hackett)
Bloomberg News | BMW, the world’s biggest maker of luxury cars, said it’s recalling almost 350,800 BMW-brand and Rolls-Royce models worldwide to repair a power-brake system fault.
The voluntary recall involves fixing brake-pressure pumps on 345,000 BMW 5-, 6- and 7-Series models and 5,800 Rolls-Royce cars built from 2002 until 2010, Frank Strebe, a BMW spokesman, said today in a phone interview from the Paris Motor Show. The new version of the 5-Series sedan isn’t affected, he said.
The fault was detected when drivers complained that they needed to push harder on the brake pedal on cars with high mileage, Strebe said. The Munich-based carmaker is telling customers to bring in their vehicles as a “pro-active” measure, and that the fault poses no safety issue, he said, adding that he doesn’t have an estimate of the cost to BMW. Get the full story »
