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U.S. housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, according to a government report on Tuesday that pointed to a weak housing market.
The Commerce Department said housing starts rose 1.7 percent to a seasonally adjusted annual rate of 546,000 units. June’s housing starts were revised to show an 8.7 percent fall, which was previously reported as a 5 percent drop. Get the full story »
The FTC on Monday announced a court-ordered temporary injunction against Central Coast Nutraceuticals Inc., the maker of Acai Advanced, and four affiliated companies which market a variety of acai berry supplements and “colon cleansers.” The court order halts the allegedly illegal conduct of the company, freezes its assets, and appoints a temporary receiver over the company’s several related companies, the FTC said.
A permanent injunction is to be heard Friday in federal district court in Chicago. The FTC also accused Central Coast and two individuals associated with the company of engaging in deceptive advertising and unfair billing practices.
The FTC claims the marketers deceptively claimed the acai berry supplements will lead to rapid and substantial weight loss and the colon cleansers help prevent colon cancer. Some advertisements falsely claim product endorsements by celebrities such as Oprah Winfrey or Rachael Ray. Get the full story »
Ricker-Murphy Development LLC and Lake Tower Development LLC, a GE Pension Trust affiliate, announced Monday that they had secured a $170 million construction loan needed to complete the long-delayed Lincoln Park 2520 high-rise.
The development, on the site of the shuttered Columbus Hospital, opened a sales office and began selling units in early 2007 as the credit markets were collapsing. Thirteen months ago, the size of the Lucien Lagrange Architects-designed tower was trimmed, to 198 condos in 33 stories, from 292 units in 41. However, Ricker-Murphy said Monday it received approval for 229 residences in three connected towers — a 22-story north tower, a 39-story central story and a 16-story south tower. The condos will sell for $1 million to $5.7 million, excluding penthouses that will be priced at up to $11 million. Get the full story »
Jeffrey Gonsiewski fancied himself sort of a modern-day Robin Hood at a time when consumers were becoming increasingly delinquent on their bank loans.
The former vice president at First Security Trust & Savings Bank — an Elmwood Park-based lender that’s part of the Wirtz family conglomerate — pleaded guilty on Wednesday to one count of federal bank fraud.
Jeffrey Gonsiewski, who was charged last month, admitted that he changed the terms of at least 100 loans for more than 50 customers to make it appear that their payments were current when in fact they were overdue. Get the full story »
General Motors said Thursday that CEO Ed Whitacre, 68, is stepping down as chief executive Sept. 1 and as chairman by year-end.
Dan Akerson, 61, a GM board member since 2009, will assume both roles by the end of the year. Get the full story »
Johnson & Johnson disclosed Wednesday that the health products giant has now received multiple subpoenas from federal prosecutors related to repeated recalls of Tylenol and other consumer health products. Get the full story »
Shares of Netflix surged more than 6 percent Tuesday, after the company announced an agreement with pay-cable movie channel Epix to stream films from three major movie studios online.
The deal gives Netflix exclusive rights to stream both new releases and older films from Paramount, Lionsgate and MGM on its site 90 days after Epix first debuts the films to its premium pay and on-demand TV subscribers. Netflix members will get access to the films starting Sept. 1. Get the full story »
McDonald’s on Tuesday will add Angus snack wraps to its menu, marrying its Angus burger line with its popular snack wrap menu items.
Each of the three varieties to be introduced, deluxe, bacon and cheese and mushroom and swiss, will feature a third-pound beef patty wrapped in a soft flour tortilla. It is the first evolution of the Angus third-pound burger line that was added to the menu in 2009. Wraps were introduced in 2006.
McDonald’s discussed plans for the wrap at its second-quarter earnings call last month, underscoring that the sandwich itself has performed better than expectations. Chief operating officer Don Thompson acknowledged the possibility that the Angus wrap could eventually replace the Mac Snack Wrap. The Mac wrap nearly doubled snack wrap sales when it launched earlier this year. Sales have tapered off since. Thompson promised even more variety on the way for the wrap category. Get the full story »
It’s another dubious honor for Chicago.
Just as Illinois touts its first sales-tax holiday, a new report highlights Chicago as having among the highest retail sales tax rates of the nation’s largest cities. At 9.75 percent once county, mass transit and city taxes are added to the statewide 6.25 percent sales tax, Chicago’s tax rate is equal to that of Los Angeles. Get the full story »
A year after emerging from bankruptcy protection, Chrysler is stanching its losses and seeing demand for its cars and trucks rise. But it’s far from healthy, and its CEO says the company has more tough work ahead.
Chrysler Group LLC said Monday that growing car and truck sales helped it narrow its second-quarter loss to $172 million, compared with a first-quarter loss of $197 million.
Sara Lee CEO Brenda Barnes speaks at an event in 2007. (Tribune file photo)
Sara Lee CEO Brenda Barnes has decided to permanently step down from the company “to focus on improving her health.” Barnes, 56, took a leave of absence in May after suffering a stroke.
Sara Lee’s board has initiated a search for her replacement, looking at both internal and external candidates. For now, Marcel Smits will remain interim chief executive officer, Mark Garvey will continue as interim chief financial officer, and James S. Crown will remain chairman of the board.
“We fully support Brenda’s decision to step down as Chairman and CEO so she can devote all of her time and energy toward improving her health,” Crown said in a company statement. “She is a remarkable leader who is admired by those inside and outside of the Sara Lee family, and we fully understand and respect her decision.” Get the full story »
An aircraft-leasing company in the United Arab Emirates has canceled orders for dozens of planes from Boeing Co. and Airbus. Dubai Aerospace Enterprise canceled 25 orders in the past month at Boeing, including 15 for the company’s new 787 jet. And Europe’s Airbus disclosed on its website Friday that Dubai Aerospace cut 25 planes from its orders at the European company, including 18 orders for the medium-range A320 and seven for the long-range A350.
(Antonio Perez/Chicago Tribune)
For the music-loving public, the Lollapalooza music festival in Grant Park is all about 130 bands on eight stages over three days.
Not so much for James Chippendale, 42, and Jerid Schmickle, 36.
It’s their job to worry, worry and worry. They prepare for the worst and try to minimize risks at the event, so no one ends up getting sued — or, if they do, they’re at least insured. Get the full story »
