George Soros, the multibillionaire investor, will donate $1 million to help pass Proposition 19, the marijuana legalization measure, which he endorsed Monday as “a major step forward.”
Filed under: Policy
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Bernanke: Fed studying foreclosure practices
Federal Reserve Chairman Ben Bernanke, in a speech on foreclosures and housing finance, said he expects a broad federal banking and housing agency investigation into alleged improper foreclosures to conclude next month. And he lauded the Chicago Federal Reserve for its analysis of foreclosure problems at the community level.
Oct. 22, 2010 at 10:32 a.m.
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Filed under: China, Economy, International, Policy, Politics, Trade U.S. plan hits G20 headwinds
The United States struggled on Friday to win backing for its proposal of setting numerical targets for external imbalances as a way of pressing surplus countries such as China to let their exchange rates rise.
In a letter to fellow finance ministers of the Group of 20 leading economies, U.S. Treasury Secretary Timothy Geithner said countries should implement policies to reduce their current account imbalances below a specified share of national output. Get the full story »
Economic growth gauge falls to six-week low
A measure of future U.S. economic growth fell to a six-week low in the latest week, while the index’s annualized growth rate rose to an 18-week high, a research group said on Friday. Get the full story »
Fannie, Freddie may need another $215 billion
The cost for the huge government bailouts of housing finance giants Fannie Mae and Freddie Mac will grow — and possibly more than double to $363 billion — over the next three years.
But the taxpayer loss depends mainly on the health of the economy and the real estate market, a federal regulator said Thursday. Get the full story »
Oct. 21, 2010 at 2:30 p.m.
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Filed under: Agriculture/Farming, International, M&A, Policy, Politics, Updated Canada province formally rejects BHP’s Potash bid
The Canadian province that is home to Potash Corp. said on Thursday it was opposed to a $39 billion bid by BHP Billiton to buy the world’s largest fertilizer supplier.
Saskatchewan will urge the federal government to block the Anglo-Australian miner’s hostile bid for Potash Corp, which is based in the province. Get the full story »
Labor Department proposes new 401k adviser rules
The Department of Labor says it wants to expand the number of consultants and advisers it can hold legally responsible for the advice they give retirement plan providers. Get the full story »
Officials hint Fed on the verge of more easing
A string of Federal Reserve officials on Tuesday indicated the central bank will soon offer further monetary stimulus to the economy, with one saying $100 billion a month in bond buys may be appropriate. Get the full story »
Evans: ‘Appropriate’ to boost inflation temporarily
The U.S. Federal Reserve should pump more cash into the economy and temporarily stoke inflation to counter the stifling effects of high unemployment and undesirably low inflation, a top Fed official said on Tuesday.
“For many, my proposal will be a hard pill to swallow,” Chicago Fed President Charles Evans told a group of business leaders in Evanston. Get the full story »
Murdoch: Political donations made in ‘best interest’ of his company
Rupert Murdoch, seen here with his wife Wendy Deng in 2007, was quizzed Friday over News Corp.'s political donations. (AP Photo/Douglas C. Pizac)
News Corp. shareholders on Friday quizzed Chief Executive Rupert Murdoch and his fellow directors over the process by which the company makes donations to political organizations.
The directors faced several questions at the company’s annual general meeting from individual shareholders and shareholder activists about a recent decision to donate $1 million each to the Republican Governors Association and U.S. Chamber of Commerce. The gifts are being made in the run-up to U.S. congressional mid-term elections on Nov 2.
Murdoch said he and the board believed the donation was made in the “best interest of the company.” Get the full story »
Oct. 15, 2010 at 11:10 a.m.
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Filed under: China, Economy, International, Policy, Politics, Trade U.S. to judge China yuan policy as election nears
The Obama administration faces a tough call Friday whether to label China a currency manipulator, a move long demanded by many U.S. lawmakers but also a potentially big wrench in an important relationship. Get the full story »
Business Council finds CEO sentiment souring
America’s corporate leaders are profoundly more pessimistic this fall about prospects for the U.S. economy and their own profitability than they were this spring, according to a survey of CEO sentiment released on Thursday. Get the full story »
Daley’s budget calls for scaling back the head tax
Chicago employers would see modest tax relief under Mayor Richard Daley’s proposed 2011 budget plan, which calls for scaling back of the payroll head tax.
Employers now are required to pay $4 a month for every employee who earns at least $900 per quarter. Under Daley’s proposal, the tax would apply only for employees earning at least $4,300 per quarter, the amount a full-time minimum-wage worker would earn. Get the full story »
Daley won’t push to privatize Midway Airport
Mayor Richard Daley said Wednesday he will not push forward with a second attempt to privatize Midway Airport during the remainder this term, which ends next May.
“We’re not going to move on it,” Daley told the Chicago Tribune’s editorial board during a discussion of his proposed 2011 budget. “It will be up to the [next] mayor to make that decision.”
The mayor has pursued the idea as a way to bring a revenue windfall into city coffers, as happened with the outsourcing of parking meters and the long-term lease of the Chicago Skyway. But a proposed deal to lease Midway for 99 years for $2.5 billion fell through last year when the investors could not secure funding. Get the full story »
Oct. 13, 2010 at 3:53 p.m.
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Filed under: Consumer news, Policy, Technology, Telecommunications FCC eyes an end to shocking mobile phone bills
Mobile phone companies would have to warn customers before they rack up eye-popping extra fees on their bills under rules that the U.S. Federal Communications Commission will propose Thursday.
The FCC wants to curb so-called bill shock by making mobile phone companies send text or voice alerts to customers before charging them for services not covered by their plans.
“Our core goal is to make it easy for consumers to determine their destiny when it comes to their services and their monthly bills,” said FCC Chairman Julius Genachowski. Get the full story »
