Stocks fall after Bernanke dashes hope for more stimulus

Stocks fell on Thursday as Fed Chairman Ben Bernanke backed off hints additional near-term stimulus could be on the way, removing a possible...

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  Today's Business

Google shares jump 10% as profit soars

Google Inc. reported a quarterly profit and sales on Thursday that rose from year-ago results and handily beat Wall Street's forecasts.

Children's Memorial to sell Lincoln Park site to McCaffery

Children's Memorial Hospital announced Thursday that it is in contract negotiations with Chicago-based development firm McCaffery Interests Inc. for...

Blockbuster comes up with answer to Netflix price hike

Blockbuster has launched a promotion that offers disgruntled Netflix customers free trials to its movie service after Netflix hiked its subscription...

Sony upgrades ereader in challenge to Amazon

Sony Corp., Japan's largest exporter of consumer electronics, plans to introduce a line of upgraded digital book readers in the U.S. as early as...

FBI opens probe into allegations News Corp. tried to hack 9/11 victims' phones

The FBI has opened an investigation into allegations that media mogul Rupert Murdoch's News Corp. sought to hack into the phones of Sept. 11 victims,...

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  Murdoch and son to appear before Parliament committee

Boeing tanker cost overruns 'unacceptable' to McCain

Boeing Co. (BA)'s projected cost overrun on its new tanker contract that could force it to absorb $700 million is "completely unacceptable," Senator...

TSA to kick off pre-screening test for frequent fliers

The Transportation Security Administration said Thursday that it will test a program to pre-screen a small group of air travelers who volunteer more...

WBBM to be simulcast on WCFS-FM 105.9

Staying one step ahead of an anticipated format change at WKQX-FM 101.1 to news/talk, CBS Radio announced Thursday it will simulcast Newsradio WBBM-AM...

News Corp. calls in Edelman to help with hacking scandal

After 10 days of sustained public outcry over phone hacking, News Corp. has turned to Edelman for help with its PR and lobbying efforts.

AGL: Some Nicor jobs could be affected by merger

AGL Resources said Thursday that some Nicor employees could be laid off after its acquisition of the Naperville-based gas company.

Purdue names new business dean

The dean of the University of Connecticut's School of Business is leaving to join Purdue University.

Aircell becomes Gogo, offers new in-flight services

Aircell, an Itasca-based technology company that outfits airplanes with in-flight Wi-Fi, is launching a multimedia service that gives fliers access to...

NYSE takeover by Deutsche Boerse gets preliminary approval

The proposed $10 billion takeover of the operator of the New York Stock Exchange has received preliminary approval from Deutsche Boerse shareholders,...

Borders inches closer to liquidation

Borders Group moved closer to liquidation after a key takeover offer from a private investment firm was rejected Wednesday.

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  Borders agrees to sell itself for $215 million

Motorola Mobility exclusive U.S. launch partner of Spotify

Motorola Mobility said Thursday it is the exclusive launch partner of Spotify, a European digital music streaming service that is making its U.S....

Fixed mortgage rates fall toward 2011 lows

Fixed mortgage rates fell this week, and the rate on the 15-year loan dropped to its lowest point of the year.

ConocoPhillips to split into two; shares surge

ConocoPhillips will split itself into two by spinning off its refining arm, the third-largest U.S. oil company said on Thursday, sending its shares...

Employers use social media but block it from employees

More than three quarters of all businesses use social media for business purposes but 29 percent of businesses block their employees from accessing...

29% drop in first-half Illinois foreclosures deceptive

Foreclosure activity in Illinois for 2011's first six months fell 29 percent on a year-over-year basis but mortgage servicers ramped up their activity...

Motorola Solutions to expand the services part of its business

Schaumburg-based Motorola Solutions said Thursday it is expanding its global services business, a group that takes on the responsibility of managing...

JPMorgan 2Q profit up 13% on lower bad-loan costs

JPMorgan Chase & Co. reported higher second-quarter profits, boosted by lower costs for bad loans.

S&P; to U.S.: Any missed payments could trigger downgrade

Standard & Poor's has privately told U.S. lawmakers and top business groups that it might cut the U.S. credit rating if the government fails to...

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  Moody's puts U.S. on review for downgrade

Amazon to take online sales tax issue to Calif. voters

Amazon, the world's largest online merchant, has an ambitious and far-reaching new agenda: It wants to rewrite tax policy for the Internet era.

The day ahead in business

Reports: Jobless claims for week ended July 9, 7:30 a.m.; Producer price index for June, 7:30 a.m.; Retail sales for June, 7:30 a.m.; Business...

Justice Dept. charges suburban couple in tax scheme

A suburban couple helped wealthy business owners dodge income taxes by funneling money through bogus employee benefit plans, the U.S. Department of...

McCain calls for bipartisan panel to draft cyberattack legislation

Republican Sen. John McCain on Wednesday called for the creation of a bipartisan panel to draft long-sought legislation to combat data breaches and...

Union ratifies contract, averting strike at 4 local funeral homes

A planned strike by 16 funeral directors, embalmers and livery drivers that threatened to shut down four Chicago-area Alderwoods funeral homes was...

PayPal to offer mobile payment system, initially for Samsung Nexus phones

EBay Inc.'s PayPal unit unveiled a service that will let users make payments by tapping their mobile devices together, joining rivals in the market...

$3M foreclosure judgment issued against building with Wrigley rooftop club

A suburban bank has obtained a foreclosure judgment of more than $3 million against the owners of a building that houses a Wrigley Field rooftop club.

Borders' creditors prefer liquidators to private equity bid

Creditors of Borders Group Inc. are attacking a potential sale to private equity group Najafi Cos, saying the bankrupt bookseller would be better...

MillerCoors feels Minnesota government shutdown

The MillerCoors brewing company will soon be forced to pull 39 brands of beers from every restaurant, bar and liquor store in the state of Minnesota.

Amazon to launch tablet by October to keep heat on Apple

Amazon.com Inc. will launch a tablet computer this year to extend its position as the world's largest Internet retailer, expand in mobile commerce and...

Starbucks adds 'bistro boxes' for lunch, new iced coffee

Summer weather came late to Chicago, and so have Starbucks summer snacks and drinks. The coffee chain announced Tuesday a dedicated iced-coffee blend,...

Madigan calls for ban on third-party phone bill charges

Third-party charges on consumer phone bills -- which sometimes lead to fraudulent charges or "cramming" -- should be banned, Illinois Attorney General...

Bernanke 'prepared to respond' if economy worsens

The U.S. Federal Reserve is ready to ease monetary policy further if economic growth and inflation slow much more, chairman Ben Bernanke said on...

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  Video updates: Business

Study: Corporate giants hoard cash, small companies 'starve'

The 1,000 largest U.S. corporations outside the finance sector have used low borrowing costs to build up an $853 billion cushion of cash, but they are...

Moody's upgrades Brunswick rating on improving demand

Moody's Investors Service upgraded Brunswick Corp.'s speculative-grade rating a notch, saying the boat maker stands to benefit from improving demand...

Murdoch, savaged in parliament, pulls BSkyB bid

Rupert Murdoch withdrew his bid for British broadcaster BSkyB on Wednesday in the face of cross-party hostility in parliament following allegations of...

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  FBI to probe News Corp 9/11 hacking allegations

Mayor Emanuel shakes up World Business Chicago with new appointments

Mayor Rahm Emanuel announced this morning a shake-up of World Business Chicago, the city’s not-for-profit economic development corporation,...

Quinn signs bill opening door to Southeast Side coal-to-natural gas plant

Gov. Pat Quinn said consumer protections added to a controversial coal-to-gas bill he vetoed this March made him change his mind and sign the...

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  'We've seen enough of this stuff': Tom Shepard, board member, Southeast Environmental Task Force

Walgreen raises dividend, sets new share buyback

Drugstore chain Walgreen Co. raised its dividend and announced Wednesday a new $2 billion share buyback program.

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  Walgreen Co. to add 600 jobs in Chicago

Dodge recalls 242,780 Ram pickups for steering issue

Dodge is recalling nearly a quarter of a million Ram pickups for a bad tie rod assembly in the front steering system. The company says the part may...

Dairy farmers, Dean Foods settle unfair competition suit

Southeast Dairy Farmers have reached a partial settlement in a class-action lawsuit against Dean Foods, Dairy Farmers of America and other entities.&...

AT&T;, other advertisers to defray cost for Kindle 3G

Amazon.com Inc. said Wednesday it has struck a sponsorship deal with AT&T; Inc. to sell a less expensive version of its Kindle 3G digital reader.

Kraft names Cofer new Europe head after latest defection

Kraft Foods Inc. on Wednesday named Timothy Cofer to head its European business, replacing Michael Clarke, who is leaving in mid-August to take a...

Schwab to add foreign stock, currency trading in 1Q

Charles Schwab Corp. said Wednesday that it will let customers trade stocks and currencies in 12 foreign markets starting next year to capture...

May data show hiring remains in holding pattern

Hiring remained stagnant in May, according to a lackluster report released by the Bureau of Labor Statistics, fueling concerns that businesses will...

Easing food, gas costs help lower U.S. import prices

U.S. import prices fell in June for the first time in a year as petroleum and food costs tumbled, according to a government report Wednesday that...

Oprah Winfrey to take CEO role at OWN

Oprah Winfrey will take over as chief executive officer of OWN: Oprah Winfrey...

Chicago parking cheap compared to London, Oslo

London has the highest monthly car parking costs in the world and Oslo has the highest daily rate, according to a study by real estate consulting firm...

TMobile to offer first caller ID for mobile phones

On Wednesday, T-Mobile is launching a Caller ID feature that will be a first among the four major carriers in the U.S.

Congress may force release of NLRB Boeing records

The chairman of a congressional committee investigating the ongoing labor dispute over a South Carolina Boeing plant is prepared to use subpoenas to...

19 chain restaurants agree offer more-healthful fare for kids

Nineteen restaurant chains -- including Burger King, Denny's, IHOP, Chili's, Friendly's, Chevy's and El Pollo Loco -- have agreed to participate in...

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  Texas baby boy: How did he become so large?

The day ahead in business

Reports: MBA mortgage index for week ended July 9, 6 a.m.; Import/export prices for June, 7:30 a.m.; Crude inventories for week ended July 9, 9:30 a....

Air France, Alitalia to suspend service out of O'Hare

Terminal 5 at O'Hare International Airport will have a little less of an international flavor this winter. Two major European carriers, Alitalia and...

GM invests $130 million in Midwest plants

General Motors Co. says it will invest another $130 million in three plants in the Midwest.

Senate bill targets offshore tax 'trickery'

U.S. multinational corporations would have to report financial results on a country-by-country basis, potentially revealing much about their...

McCormick Place union to stick with state's labor revisions

One of the five major trade unions working at McCormick Place has agreed to abide by the state-imposed labor rules recently invalidated by a federal...

Chicago startup BenchPrep to join nonprofit, promote young entrepreneurs

Two Chicago-based startups are joining a national non-profit called Our Time that promotes the civic and economic interests of Americans under the age...

500 cell-phone complaints lodged locally in past 12 months

Nearly 500 complaints against the cell phone industry have been lodged by consumers in the past 12 months with the Chicago-area Better Business...

Groupon teams up with Expedia to offer travel deals

Ready to sign up for another discount travel website? Groupon Getaways With Expedia launched Tuesday with discounts on hotels, airfare and other...

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  Groupon offers deal on car purchase from Detroit dealer

R. Kelly facing foreclosure on Olympia Fields home

Grammy Award-winning R&B; artist R. Kelly is facing a $2.9-million foreclosure suit on his Olympia Fields mansion, a vivid reminder of the steep...

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  Ex-Pumpkin Jimmy Chamberlin selling Riverwoods mansion for $1.649M

Spirit Airlines leaves teens from Alsip church holding bag fees

Spirit Airlines has earned a reputation as the nation's most fee-happy airline.

FCC proposes new rules to stop fee 'cramming' on phone bills

Telephone companies would have to make third-party charges on landline phone bills clear and distinct to help people detect unauthorized fees under...

Fed rules to rein in statements, actions of its governors, staff

The Federal Reserve is making a new push to control the often wayward communications of its top officials, issuing detailed rules Tuesday that dictate...

Netflix to offer unlimited DVD plan, raise price to stream too

Netflix is launching unlimited DVD-only plans in the U.S. -- but as a part of that move, it's scrapping unlimited plans that include physical DVDs and...

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  Netflix to launch in Latin America later this year

Allstate declares 21-cent dividend

Allstate Corp. is declaring a quarterly dividend of 21 cents per share.

Chicago to seek $40M in private cash to make buildings energy efficient

Chicago is planning to raise up to $40 million in private financing to retrofit as many as 100 city buildings to improve energy efficiency.

Quinn may call back lawmakers to take up McCormick Place rules

Gov. Pat Quinn says lawmakers may need to return to Springfield again this summer to take up changes to labor rules at McCormick Place.

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  McCormick Place loses bid to keep new work rules

Boeing tanker strategy shifts $600 million to taxpayer

Boeing Co.'s winning bid for the U.S. Air Force's fiercely contested tanker development deal means it likely will show no profit in the program's...

Research In Motion should be split in two, analyst says

BlackBerry maker Research In Motion should split itself in two to accelerate innovation and unlock shareholder value, brokerage firm RBC Capital...

Trade deficit surges on oil to $50.2 billion in May

The U.S. trade gap widened sharply in May to its highest level in 31 months as surging oil prices helped push imports to a near record and exports...

Hyatt partners to invest $80 million in new hotels

Chicago-based Hyatt Hotels Corp. is partnering with an investment firm to invest $80 million in new Hyatt Place and Hyatt Summerfield Suites hotels.

House to reconsider 2012 light bulb ban

The House of Representatives is expected to vote today on a bill to roll back light bulb efficiency standards passed five years ago that would...

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  Gregory Karp: Shedding light on new bulbs

Cisco may cut up to 10,000 jobs

Cisco Systems could cut as many as 10,000 jobs, which amounts to about 14 percent of its workforce, it has been reported.

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  Gail MarksJarvis: Horrible jobs picture precedes earnings week

Taste of Chicago restaurants made 20% less this year

Taste of Chicago’s 59 restaurants made $4.9 million -- 20 percent less than last year’s take.

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  Taste attendance drops to 25-year low

Groupon email provider outage leaves some customers in the dark

Some Groupon customers trying to snatch up the latest daily deal may have run into problems over the weekend.

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  Groupon changes privacy policy to collect, share more personal info

Kimberly-Clark testing tubeless toilet paper

Kimberly-Clark has begun testing sales of the Scott Naturals Tube-Free brand of TP that doesn't need a cardboard tube to keep the good times rolling....

The day ahead in business

Reports: Balance of trade for May, 7:30 a.m.; Labor turnover for May, 9 a.m.; Minutes of FOMC meeting from June 22, 1 p.m.

Condo in former Playboy mansion on sale for $6.7M

Philanthropist Abby McCormick O'Neil, whose father, Brooks McCormick, led the International Harvester Company and whose family founded a forerunner to...

Vandals hit 3 local funeral homes facing Tuesday strike threat

In a bizarre twist to an ongoing labor dispute, three Chicagoland funeral homes where workers are set to strike Tuesday have been vandalized,...

Two Q101 hosts out as changes begin at radio station

Change is in the air at WKQX (101.1), one of two Chicago FM stations acquired last month by Merlin Media, former Tribune Co. CEO Randy Michaels' new...

Realty trade group overreported Chicago home prices

The Illinois Association of Realtors said Monday that the median price it reported for home sales within the city of Chicago was inflated in May...

Anheuser-Busch wants to trademark area codes in the U.S.

In what could be seen as an attempt to mimic the local marketing success of Goose Island's popular 312 Urban Wheat Ale, Anheuser-Busch InBev has filed...

Poll finds small business does not plan major hiring push

U.S. policymakers seeking an answer to the country's stubbornly high unemployment rate should not expect relief from small businesses, said a survey...

Gupta wins ruling; can sue SEC over Galleon case

Former Goldman Sachs Group Inc. director Rajat Gupta may pursue his lawsuit accusing the Securities and Exchange Commission of violating his rights by...

Wall St. eases credit for financial instruments, Fed reports

Wall Street eased financing terms for hedge funds, private equity firms, insurers and institutional investors in the past three months, a Federal...

Macy's to pay $750K fine for selling kids' drawstring clothes

Macy's Inc. has agreed to pay a $750,000 fine for failing to report for four years that it had sold kids' clothes with drawstrings at the neck, a...

WTO rejects U.S. anti-dumping tariffs on Vietnam shrimp

World Trade Organization judges on Monday ruled that the United States is violating global trade rules in using its controversial "zeroing" method...

Radio personality Steve Dahl to charge for podcasts

Veteran on-air radio personality Steve Dahl is staying in cyberspace. Eschewing traditional broadcasting, Dahl announced plans Monday to turn his...

Shareholders sue News Corp. over phone hacking scandal

A group of News Corp. shareholders have sued the company over a phone-hacking scandal at its now-closed News of the World tabloid in London.

Target to sell new electronic reader

Target Corp. will soon start selling a new electronic reader that competes with Amazon.com Inc's Kindle and Barnes & Noble's Nook.

Obama rules out short-term debt solution

President Obama on Monday vowed not to sign a short-term debt-ceiling increase, saying lawmakers have a unique opportunity to agree to a significant...

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  Before more debt talks, Obama to make his case to the public

Conrad Black to report to prison by Sept. 6

Former media tycoon Conrad Black has to report to federal prison by Sept. 6, according to a judge's sentencing order released Monday.

Judge's ruling extends woes of fertilizer maker

A federal judge has extended an order preventing fertilizer producer Mosaic Co., a rival of CF Industries, from expanding a Florida phosphate mine.

Illinois Supreme Court upholds construction plan, video poker law

The Illinois Supreme Court today gave a thumbs up to Gov. Pat Quinn's showcase $31 billion public works program and the video poker that's supposed to...

TripAdvisor acquires Chicago-based Where I've Been

TripAdvisor, the world's largest travel site, announced Monday that is has acquired Chicago-based Where I've Been, LLC for an undisclosed sum.

CME broadens currency trading products

CME Group Inc. is revamping its offering of renminbi futures, taking advantage of swelling...

Nicor to begin offering electricity later this month

Nicor Inc. is taking on Exelon Corp. in a battle of utility titans with game-changing implications for the newly competitive residential electricity...