Feb. 8 at 4:41 p.m.
Filed under:
Banking,
Economy,
M&A,
Regulations
By Becky Yerak
The chief executive of Northern Trust Corp., which has been mentioned as a possible takeover target, said chances are “quite good” that Chicago’s biggest locally headquartered bank will remain independent.
Speaking Tuesday before the CFA Society at the Standard Club in Chicago, CEO Frederick Waddell fielded a question from the audience about whether the company might be an acquisition target. Through much of 2010, its stock underperformed and its key U.S. rivals dwarf Northern in a major business segment. Get the full story »
Feb. 7 at 6:25 p.m.
Filed under:
Economy,
Regulations
By Reuters
U.S. regulators began their most forceful attempt yet to clamp down on bank bonuses since the 2007-2009 financial crisis, and warned firms they would seek to counter attempts to circumvent the reforms.
While the proposals pale in comparison to similar restrictions in Europe, the talk of keeping a keen eye on loopholes indicates regulators want to get tough on banks that make symbolic pay changes while finding ways to gut the intent of reforms. Get the full story »
Feb. 7 at 2:19 p.m.
Filed under:
Consumer news,
Economy,
Government
By Dow Jones Newswires
Americans increased credit-card use for the first time since 2008, a sign they are growing more confident about the economy and opening their wallets wider.
The surprising rise in December revolving credit as tracked by the Federal Reserve pushed up consumer credit outstanding by $6.1 billion, or 3.0 percent, to $2.41 trillion. Economists surveyed by Dow Jones Newswires had forecast the Fed data Monday would show consumer credit rising by only $2.5 billion. Get the full story »
Feb. 7 at 10:42 a.m.
Filed under:
Economy,
Taxes,
Updated
By Reuters
President Barack Obama speaks at the U.S. Chamber of Commerce on Feb. 7, 2011 in Washington. (Mark Wilson/Getty Images)
President Barack Obama said Monday he wanted to lower the corporate tax rate and pay for it by eliminating tax loopholes, and requested support from the business community to achieve that goal.
“Another barrier government can remove is a burdensome corporate tax code with one of the highest rates in the world,” Obama said in a speech to the U.S. Chamber of Commerce.
Obama’s visit to the powerful business lobby group is his latest effort to improve relations with the corporate world and shift to the political center, following big losses for his Democrats in November elections. Get the full story »
Feb. 4 at 11:14 a.m.
Filed under:
Economy,
International
By Associated Press
Oil prices fell Friday after the government reported a sharp drop in the unemployment rate, which helped boost the dollar against foreign currencies. Get the full story »
Feb. 4 at 7:49 a.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Tribune newspapers
The U.S. economy added a paltry 36,000 jobs in January, the government said Friday. Bad weather likely contributed to the weaker-than-expected hiring, but the report also suggests that many employers remain reluctant to hire despite a strengthening economic recovery.
Even so, the nation’s unemployment rate fell dramatically for the second month in a row. It dropped to 9 percent in January, from 9.4 percent in December and 9.8% in November. Get the full story »
Feb. 3 at 4:12 p.m.
Filed under:
Economy
By Reuters
A rebounding dollar Thursday was a speed bump for a commodities rally that earlier sent copper to a record high and lifted some agricultural and energy prices to their highest since the 2008 financial crisis, keeping inflation fears on the front burner. Get the full story »
Feb. 3 at 1:52 p.m.
Filed under:
Economy,
Retail
By Reuters
January sales at major U.S. retailers blew past analysts’ expectations as shoppers braved snowstorms in an unexpected sign of consumer strength.
Some retailers, including Limited Brands Inc., Gap Inc., Aeropostale Inc. and TJX Cos., also raised their profit estimates for the holiday quarter, cheering investors worried about rising costs of cotton and other commodities. The Standard & Poor’s Retail index rose 1.1 percent. Get the full story »
Feb. 3 at 11:21 a.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Associated Press
The U.S. service sector, which employs nearly 90 percent of America’s work force, grew in January at the fastest pace in five years. The report capped a string of data Thursday that pointed to an expanding economy and stronger hiring. Get the full story »
Feb. 3 at 10:43 a.m.
Filed under:
Economy
By Reuters
Wednesday’s massive winter storm is the latest pain in the budgets of U.S. cities, states and counties as it sweeps across the North American continent, freezing finances along the way.
In Chicago, which is flirting with records from the Tuesday-Wednesday storm, the costs could eat up much of the city’s $14.8 million allocated for snow removal and hurt its already fragile budget. Get the full story »
Feb. 3 at 8:07 a.m.
Filed under:
Economy
By Associated Press
The work force was more efficient last year with productivity rising at the fastest pace in eight years. Labor costs fell for a second straight year, something that hasn’t happened in nearly five decades.
Productivity, the amount of output per hour of work, rose a strong 3.6 percent in 2010 after a 3.5 percent gain in 2009, the Labor Department reported Thursday. Both years represented the best showing since 2002. Labor costs dropped 1.5 percent last year after a 1.6 percent decline in 2009. Get the full story »
Feb. 3 at 7:52 a.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Associated Press
The number of people applying for unemployment benefits plunged last week, following a week where bad weather contributed to a spike in applications.
The Labor Department says the number of people seeking benefits dropped by 42,000 to a seasonally adjusted 415,000 in the week ending Jan. 29. Applications had surged in the previous week after snow storms in the South disrupted work and led to temporary layoffs. Get the full story »
Feb. 2 at 5:52 p.m.
Filed under:
Economy,
Retail,
Updated
By Tribune staff report
Click here for photos of the 2011 Chicago blizzard
One of the biggest snowstorms in Chicago history has paralyzed businesses across the region.
The blizzard, which dumped more than 20 inches of snow on the Chicago area Tuesday night and Wednesday, will have a significant economic impact, as banks, retailers and other companies that rely on face-to-face contact with their customers were closed Wednesday or struggling to open.
DOWNTOWN
Downtown businesses were mostly abandoned Wednesday morning.
One of the only lights emanating from the Thompson Center came from the Dunkin’ Donuts. The newsstand, the salon, the nail parlor, which usually bustle with commuters from the Clark/Lake stop, were closed and darkened. Get the full story »
Feb. 2 at 1:00 p.m.
Filed under:
Economy,
Government
By Reuters
The United States will hit a $14.3 trillion statutory limit on its debt slightly later than estimated, the Treasury said Wednesday as it unveiled a still-hefty debt auction schedule.
Treasury officials said the limit would now be hit between April 5 and May 31, versus a previous estimate of end-March to mid-May. The later time frame reflected an upward revision to estimates of tax receipts and a downward revision to projected borrowing from the Social Security and Medicare trust funds. Get the full story »
Feb. 1 at 3:39 p.m.
Filed under:
Autos,
Economy,
Updated
By Reuters
U.S. auto sales jumped about 18 percent in January, led by gains for General Motors Co. and Chrysler.
The stronger U.S. auto sales results pointed to a recovery in American consumer demand and a return of easier lending terms by banks, auto executives and analysts said, despite the threat of higher oil prices. Get the full story »
