From Bloomberg | A Morgan Stanley-led partnership will get at least $11.6 billion from Chicago drivers over the next 75 years, 10 times what Mayor Richard Daley got when he leased the system to investors in 2008. Get the full story »
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Fitch downgrades rating on Chicago bonds
Fitch Ratings reduced its rating on city bonds Thursday, citing Chicago’s rapid use of one-time reserves to balance past operating budgets, its underfunding of pension obligations and its steep declines in tax revenue.
Fitch cut its rating on $6.8 billion in outstanding general obligation bonds by one notch, from AA+ to AA, which is the third rung from the top (and still considered high quality.) But the agency also issued a negative outlook, and warned that further downgrades were possible if the city doesn’t balance its operating budget and address its retiree benefit costs — or if the local economy gets worse. Get the full story »
At Ford plant, Obama says his plan saved industry
President Barack Obama today told workers at a South Side Ford plant that his bailout push helped save an “industry on the brink.” More » Get the full story »
Daley emphasizes job growth in annual speech
Mayor Richard Daley sounded like a politician who’s going to run for re-election as he delivered his annual State of the City speech, said several aldermen who heard it today. Throughout the 40-minute talk, Daley touched on future improvements he thinks are important for Chicago’s success in areas of job growth and education.
Aug. 3, 2010 at 3:19 p.m.
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Filed under: International, Policy, Privacy issues, Technology, Telecommunications Saudi BlackBerry Messenger ban begins Friday
The Saudi telecom watchdog said on Tuesday that telecom companies in the kingdom must block the messenger function on Blackberry handsets as of Friday.
The ban would last until the kingdom’s three mobile phone operators “fulfill the regulatory requirements it has requested,” the Communications and Information Technology Commission (CITC) said in a statement to media. Get the full story »
GOP criticizes Ill. Senate candidate for bank loan
Republicans accused Democratic Senate candidate Alexi Giannoulias of lending money to a corrupt political insider, although Giannoulias said he left his family’s bank before the loan was issued and the insider wasn’t listed on loan documents.
The Chicago Sun-Times reported Monday that Broadway Bank lent $22.75 million to a development company in 2006. One of the company’s owners was Antoin “Tony” Rezko, who was then tied up in a corruption probe that ultimately led to his conviction for shaking down people who wanted to do business with the state.
ISM survey says business activity rose in July
Business activity increased in July after experiencing two-consecutive months of a slow momentum, according to a monthly survey of members of the Institute for Supply Management-Chicago.
The Chicago Business Barometer, a measure of manufacturing and non-manufacturing activity, rose to 62.3 from 59.1 in June. July marks the tenth consecutive month of a reading above 50, which indicates expansion. Get the full story »
Obama praises progress in the auto industry
President Barack Obama jogs in as he his introduced before delivering remarks during his visit to the Jefferson North Chrysler Plant in Detroit, Friday, July 30, 2010, where the Jeep Grand Cherokee is assembled. (AP Photo/Pablo Martinez Monsivais)
President Barack Obama says his administration’s bailout out of U.S. car companies saved more than 1 million jobs and kept communities that depend on the auto industry afloat. Speaking at a Chrysler plant in Detroit that recently hired more than 1,000 people, Obama said progress in the auto industry is one of the bright spots in the nation’s economic recovery. He says that while the auto bailout may not have been popular, the recent growth of car companies is proving critics wrong.
Third Wal-Mart sails through City Council
Another Wal-Mart is on its way to Chicago, with the City Council today approving a store for the South Side’s Chatham neighborhood. Aldermen voted 41-4 without discussion to approve the store at 83rd Street and Stewart Avenue. That comes on the heels of the council’s unanimous vote last month to allow a Wal-Mart to be built in the far Southeast Side Pullman neighborhood. Prior to that, no Wal-Marts had opened in the city since 2006.
White House’s Orszag: Cutting deficit risks recovery
White House budget chief Peter Orszag said on Wednesday it would be “foolish” to cut the U.S. deficit while economic growth was still frail, but it would be equally foolish not to significantly curb the deficit by 2015.
Orszag told an audience at The Brookings Institution, a Washington think-tank, that failing to take real steps toward closing the record U.S. budget gap would do as much harm to the economy has choking off fiscal stimulus now. Get the full story »
July 27, 2010 at 1:01 p.m.
Filed under: Environment, Housing, Insurance, Policy, Politics, Small business State offers low-interest loans to flood victims
The state of Illinois is offering low-interest disaster recovery loans for residents and businesses in northern Illinois that suffered damage from last weekend’s severe storms.
On Monday, Gov. Pat Quinn declared 12 northern Illinois counties disaster areas, after heavy storms on Saturday led to major flooding and property damage to many buildings and homes. The declaration means residents and business owners are eligible for below-market interest rates through participating lenders that they can use to finance repairs.
As of Tuesday, loan rates would be no more than 3.5 percent, according to Illinois State Treasurer Alexi Giannoulias, whose office oversees the loan program. Get the full story »
Gov. Quinn vetoes physical therapist bill
Gov. Pat Quinn vetoed Friday a Senate bill that would have allowed doctors to legally hire physical therapists because those partnerships, he said, would increase costs for citizens.
In Illinois, patients must have a doctor’s referral to see a physical therapist. But physical therapists can bill insurance providers for their services independently, which is why Quinn vetoed the bill.
“Senate Bill 2635,” Quinn said in a letter to the General Assembly, “also incents medical professionals to increase the volume of services provided.” Get the full story »
Stress tests: Focus is on banks that barely passed
So few banks failed Europe’s long-awaited stress tests on Friday that investors will likely focus instead on the dozen or so banks that just scraped through when the markets reopen next week. Get the full story »
