Gov. Pat Quinn is urging patience for workers who have yet to be paid through the federally-funded Put Illinois To Work program, saying the state is quickly trying to resolve problems that have led to delays in issuing paychecks.
Filed under: Policy
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Senate panel to vote on Fed nominees Wednesday
The U.S. Senate Banking Committee will vote on the three pending nominees to the Federal Reserve’s Board, according to the committee’s website. Get the full story »
Third Wal-Mart clears hurdle
Wal-Mart cleared another hurdle Friday in its bid to open stores throughout Chicago, winning approval from the City Council Finance Committee to build a location in the South Side’s Chatham neighborhood. If the plan for a store at the intersection of 83rd Street and Stewart Avenue passes the full City Council Wednesday, it will mark the second Wal-Mart given the green light to open within city limits in less than a month, after six years that saw none approved.
Daley asks for approval of 3rd Wal-Mart
Approval for Chicago’s third Wal-Mart will follow hard on the heels of the second if Mayor Richard Daley has his way.
Daley held a news conference today to call on the City Council Finance Committee to approve a long-discussed Wal-Mart store at the corner of 83rd Street and Stewart Avenue in the Chatham neighborhood.
The proposal is on the committee’s Friday agenda. Get the full story »
Aon may resume taking broker fees
From Bloomberg | Aon Corp., the world’s biggest insurance broker, said it may resume taking payments that were banned for five years under a 2005 settlement with Eliot Spitzer, then the attorney general of New York.
July 21, 2010 at 5:40 a.m.
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Filed under: Defense, International, Litigation, Manufacturing, Policy EU appeals WTO ruling against Airbus
The European Union plans on Wednesday appealed a World Trade Organization ruling that Airbus SAS received $20 billion in illegal government subsidies that unfairly tilted the global aircraft market — to the detriment of Chicago-based Boeing Co. The appeal had been widely expected, and will likely prolong the already long-running dispute between the E.U. and U.S. over government funding to planemakers Airbus and Boeing. Get the full story »
July 20, 2010 at 12:30 p.m.
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Filed under: Banking, Housing, Mortgages, Policy, Politics, Real estate Slow start for second mortgage HAMP program
Only four of the eight largest mortgage servicers have committed to participate in a government-sponsored, yet voluntary, program designed to aid troubled homeowners with second mortgages, new data released Tuesday shows.
Of the four servicers participating in the second lien modification program — Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo Bank — only Bank of America and Chase were “operationally ready” and extending modification offers to consumers this spring, the Treasury Department said Tuesday. Get the full story »
July 19, 2010 at 3:46 p.m.
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Filed under: Banking, Investing, Policy, Politics, Regulations U.S. SEC sees staff beef-up to enforce new law
The broadest shake-up in U.S. financial services law since the Great Depression will likely require the Securities and Exchange Commission to beef up its staff with 800 new positions, the SEC’s chief said in prepared remarks on Monday. Get the full story »
U.S. unions urge Congress to pass currency bill
The largest U.S. labor group urged Congress on Friday to pass legislation to fight China’s currency practices, a day after the Obama administration again declined to label Beijing a currency manipulator.
The United States should also keep other options on the table, including a possible challenge of China’s currency practices at the World Trade Organization, Richard Trumka, president of the AFL-CIO labor federation, said in a statement. Get the full story »
United had four extreme tarmac delays in May
Chicago-based United Airlines will put to the test new rules that threaten airlines with fines of up to $27,500 per passenger for planes that idle on an airport’s tarmac for more than three hours.
United operated four of the five flights in the U.S. during May that were delayed on the tarmac beyond the new limit mandated by the U.S. Department of Transportation, including one flight that was delayed for nearly five hours. Get the full story »
Sen. Baucus urges U.S. pressure on China yuan
China needs to take further “significant steps” to raise the value of its currency, Senate Finance Committee Chairman Max Baucus said on Thursday in reaction to the Obama administration’s decision not to label China a currency manipulator. Baucus, however, stopped short of threatening to move legislation on the issue. Get the full story »
July 8, 2010 at 3:20 p.m.
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Filed under: Airlines, Defense, International, Manufacturing, Policy, Politics Boeing a front-runner again for tanker contract
Boeing Co. once again finds itself as the front-runner as Friday’s deadline approaches for submitting proposals for aerial refueling tankers, one of the largest and most controversial contests overseen by the Pentagon.
Although the latest contest hasn’t formally begun, Boeing and its primary competitor, EADS North America Inc., are jockeying for position and exchanging shots over which company’s tanker is the superior entry for the initial $35-billion contract. Their supporters, meanwhile, are wrangling over whether a long-running trade dispute between the U.S. and European Union should also influence the contest’s outcome.
Getting an early jump into the race, EADS submitted its 8,000-page tanker proposal on Thursday. Boeing intends to follow suit early Friday morning, said Boeing spokesman William Barksdale. Get the full story »
Indiana OKs landfill permit for ArcelorMittal plant
Indiana regulators have given ArcelorMittal permission to dispose of more than 2 million tons of steel-making waste in a landfill at the company’s sprawling complex along Lake Michigan. The decision comes more than two years after ArcelorMittal requested a permit for the restricted waste landfill.
Study says bank bailouts profitable for U.S.
A government program to bail out banks at the height of the financial crisis has so far turned a profit, according to a report by investment bank Keefe, Bruyette & Woods Inc. The Capital Purchase Program, part of the $700 billion Troubled Asset Relief Program, has generated an average return of 10 percent on the initial investment in 61 banks that have fully repaid the aid, said the report, issued on Wednesday. Get the full story »
