Feb. 8 at 1:01 p.m.
Filed under:
Earnings,
Food,
Restaurants,
Updated
By Reuters
McDonald’s reported a stronger-than-expected sales rebound in January in Europe, its biggest market for revenue, sending its shares up nearly 3 percent in midday trading.
Sales at restaurants in Europe open at least 13 months jumped 7 percent last month, well above the 3.7 percent analysts had expected.
This was also a significant improvement from December, when sales in Europe fell 0.5 percent, rattling investors who worry that austerity measures will cut into spending in the region. Get the full story »
Feb. 7 at 3:50 p.m.
Filed under:
Jobs/employment,
Layoffs,
Updated
By Julie Wernau
Kmart is among seven companies that have warned the state this month that they are planning closings or mass layoffs. Kmarts in Franklin Park, Ill., and Washington, Ill., will close, the company said, putting 144 employees out of work.
The Illinois Department of Commerce and Opportunity requires employers to provide 60 days notice of plant closures or mass layoffs. The law applies to businesses with 75 or more full-time workers. Get the full story »
Feb. 7 at 3:23 p.m.
Filed under:
Autos,
Recalls,
Updated
By Reuters
Ford Motor Co. is recalling more than 1,600 just-built Explorers for a safety problem with the second row of seats.
Ford said in a filing with federal safety regulators that the seats may not provide the required strength in a crash. Get the full story »
By Reuters
The Huffington Post this morning. (Reuters)
AOL Inc. will buy Arianna Huffington’s influential website for $315 million, looking to the high-profile liberal pundit to rescue it from the dustbin of Internet history.
The move comes at a hefty premium. AOL is estimated to pay 32 times earnings before interest, taxes, depreciation and amortization for the Huffington Post, said Benchmark Co analyst Clayton Moran.
Similar content deals, such as Hellman & Friedman’s acquisition of Internet Brands in September 2010, typically go for eight to 12 times earnings, said Moran. 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. 7 at 9:45 a.m.
Filed under:
Earnings,
Insurance,
Updated
By Reuters
Loews Corp. reported its best quarter of the year as strong investment income from its biggest holding, CNA Financial, helped the conglomerate post a better-than-expected 16 percent increase in quarterly profit.
New York-based Loews, run by the billionaire Tisch family, said net investment income rose 20 percent to $711 million for the fourth quarter. Get the full story »
Feb. 4 at 5:11 p.m.
Filed under:
Banking,
Real estate,
Updated
By Reuters
Bank of America appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its on-going foreclosure issues, becoming the first large U.S. bank to do so.
The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem mortgage loan portfolio. Get the full story »
Feb. 4 at 3:52 p.m.
Filed under:
Beverages,
Construction,
Energy,
Food,
Updated
By Reuters
Consumer goods maker Fortune Brands posted a sharply higher quarterly profit that topped Wall Street’s expectations as an improving economy helped spur sales of premium liquor and Titleist golf clubs.
But the conglomerate said sales of its Simonton windows, up at a double-digit rate, were fueled by the expiration of a consumer tax credit for the purchase of energy-efficient home products. As a result, it expects the overall window market to fall at a mid-single-digit rate this year. Get the full story »
Feb. 4 at 11:25 a.m.
Filed under:
Earnings,
Insurance,
M&A,
Updated
By Reuters
Aon Corp. forecast continued margin improvement and posted a quarterly profit that topped Wall Street estimates, as the world’s largest insurance broker began to reap the benefits of its 2009 acquisition of Hewitt Associates.
Aon said restructuring related to the Hewitt integration was expected to help drive margin expansion. Get the full story »
By CNN
The Verizon version of the Apple iPhone is displayed on Jan. 11, 2011. (Don Emmert/AFP/Getty Images)
On the day the iPhone went on sale for Verizon Wireless customers, the carrier delivered a warning to its heaviest data users: Verizon reserves the right to slow down your access speed.
For the subscribers that fall within the top 5 percent of the network’s data users, Verizon said it may reduce their download speeds for the current and subsequent billing cycles, according to a memo on the carrier’s website. The company said the slow-down would most likely be periodic and during peak hours.
“Our proactive management of the Verizon Wireless network is designed to ensure that the remaining 95% of data customers aren’t negatively affected by the inordinate data consumption of just a few users,“ the memo said. Get the full story »
Feb. 3 at 2:53 p.m.
Filed under:
Health care,
M&A,
Updated
By Bruce Japsen
Two large Chicago-area hospital operators are exploring a merger in a deal that could create the largest Catholic-owned health care system in Illinois, sources told the Tribune.
Chicago-based Resurrection Health Care, which operates six hospitals in Chicago and the suburbs, has signed a letter of intent to “explore merger” with Mokena-based Provena Health, which owns six hospitals in the suburbs and downstate. Get the full story »
Feb. 3 at 10:59 a.m.
Filed under:
Cell phones,
Earnings,
Updated
By Ameet Sachdev
Intense competition in the cell phone industry resulted in a difficult fourth quarter for Chicago-based U.S. Cellular Corp.
The company said Thursday that its fiscal performance in the quarter ended Dec. 31 fell below its expectations because the company had to step up promotions to retain and attract customers. U.S. Cellular lost 21,000 customers during the quarter. It finished 2010 with about 6.1 million customers.
The company gave a sneak peak at its results ahead of its earnings release on Feb. 24. Get the full story »
Feb. 3 at 9:39 a.m.
Filed under:
M&A,
Updated
By Reuters
A group of hedge funds that owns a combined 9 percent stake in Smurfit-Stone Container Corp. said it would vote against Rock-Tenn Co.’s $3.5 billion deal to buy the packaging and paper company.
Third Point, Royal Capital Management and Monarch Alternative Capital said in a letter to Smurfit-Stone’s board on Wednesday that the company could go it alone and shareholders would be better off. 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 3:59 p.m.
Filed under:
Real estate,
Updated
By Mary Ellen Podmolik
Mortgage loan servicers negotiated 1.76 million permanent loan modifications for homeowners last year, but more than two-thirds of them were completed in-house and not part of the federal government’s Home Affordable Modification Program. Get the full story »
