Republican bill passes, opening path to debt deal

The House of Representatives approved a Republican plan to cut the budget deficit on Friday that is doomed to defeat in the Senate but which could...

• 
  Graphic: Who's who in the debt debate

Democrats pressure airlines to give back windfall

Democrats are ratcheting up the pressure on airlines to give back the windfall they've reaped by raising fares during the tax holiday brought by the...

Fortune Brands completes $1.23B sale of golf unit

Fortune Brands Inc. was one step closer to splitting itself up Friday after it completed the $1.23 billion sale of its golf business, which includes...

Allstate cuts 150 tech jobs in 6 states

Allstate Corp., whose stock price has been under severe pressure, confirms that it has laid off about 150 technology employees.

Wall Street falls in latest twist to debt squabble

Stocks ended the worst week in a year as the clock runs down on Washington leaders to reach an agreement.

DraftFCB loses S.C. Johnson ad account

Wisconsin-based S.C. Johnson & Son Inc. is ending its nearly six-decade relationship with Chicago advertising agency DraftFCB. After a lengthy...

Apple suppliers behind McDonald's on healthier Happy Meals

Adding apples to all McDonald's Corp Happy Meals starting in September is a healthy decision by the world's largest hamburger chain -- at least for...

Google bulks up on patents, acquiring 1,000+ from IBM

Google Inc., facing a growing threat of intellectual-property lawsuits, acquired a batch of patents this month from International Business Machines...

Named for Chicago, but Goose Island's 312 to be brewed in New York

Three months after being acquired by Anheuser-Busch, Goose Island Beer Co. said today that...

15 former investors sue over Countrywide lending practices

Bank of America Corp. was sued by 15 former Countrywide Financial Corp institutional investors who said they lost money after being misled about the...

Chevron rides high oil prices to 43% 2Q profit

Chevron Corp., the second-largest U.S. oil company, booked a 43 percent jump in quarterly profit, beating estimates as high oil prices and fat...

Report calls medical device review process 'fatally flawed'

An advisory group said the U.S. fast-track approval process for medical devices is fatally flawed and should be replaced, but the Food and Drug...

Dollar takes hit on GDP weakness, debt concern

The dollar sank to an all-time low against the Swiss franc and a four-month trough versus the yen on Friday as weak data on U.S. economic growth...

Earnings triple, but Merck to cut up to 13K jobs

Merck & Co. said Friday that it would widen its cost-cutting measures by eliminating up to 13,000 jobs -- on top of the 17,000 layoffs in prior...

Redbox plans to add video games to 5,000 more kiosks

Redbox will expand video game rentals to an additional 5,000 kiosks in the U.S. beginning Aug. 1.

Chrysler recalls 1,700 Dodge crossovers in China

Chrysler Group LLC will recall 1,708 Dodge JCUV vehicles imported to mainland China due to defects in anti-theft devices, China's quality watchdog...

Groupon, Foursquare partner on real-time deals

Groupon has teamed up with location-based service Foursquare to offer its daily deals through the Foursquare mobile application, giving the Chicago-...

• 
  Groupon, Expedia sell 15,000 travel deals in 3 days

Boeing shows off 787 Dreamliner at Oshkosh air show

OSHKOSH, Wis. -- Marking its public debut in the U.S., Boeing's 787 Dreamliner, the 21st century's first radically different...

• 
  A peek inside Boeing's new 787 Dreamliner

Report calls for a new plan for U.S. nuclear waste

The nation is failing in its attempts to deal with a growing nuclear waste problem and needs to move forward -- with or without Yucca Mountain --...

Economy growing at slowest pace since recession

The economy expanded at a meager rate of 1.3 percent annual rate in the spring after scarcely growing at all in the first three months of the year,...

Hewitt buy helps Aon Q2 profit beat Street

Aon Corp., the world's largest insurance broker, reported a higher quarterly profit that topped Wall Street estimates, as its nearly $5 billion buy of...

With record iPad and iPhone sales, the iPod is sinking fast

While Apple is setting records with its iPad and iPhone, the iPod is sinking fast.

Moody's downgrades Spain

Moody's Investors Service downgraded six regions of Spain on Friday, and warned that other regions could also face a downgrade.

Caterpillar to pay $2.55M for clean air violations

The U.S. Department of Justice says Caterpillar Inc. has agreed to pay $2.55 million to settle allegations that it violated the U.S. Clean Air Act.

The day ahead in business

Reports: Gross domestic product for second quarter, 7:30 a.m.; Employment cost index for second quarter, 7:30 a.m., Chicago PMI for July, 8:45 a.m.;...

Fall dates for one put breathing room between beauty shows

A beauty-salon trade show that first entered the Chicago market this spring, directly challenging a longstanding show at McCormick Place, is backing...

New restaurant show dates spur fresh conflicts

Moving the 2012 restaurant show up two weeks next spring to avoid overlap with the NATO and G8 summits is causing scheduling issues for other trade...

BioSante prices public share offering

Lincolnshire-based BioSante Pharmaceuticals Inc. on Thursday priced a public offering of 16 million shares at $3 per share.

S&P; says U.S. deficit cuts of $4 trillion a good start

Cutting the U.S. deficit by some $4 trillion over 10 years would be a good start, but more savings would be needed over time to bring the country's...

Starbucks profit up on more visits; shares rise

Starbucks Corp posted quarterly profit that topped Wall Street's expectations, as more customers visited the world's biggest coffee chain, and...

McDonald's bets on baguettes to lure French

Fast food giant McDonald's hopes to conquer Gallic hearts and palates by adding the world-famous baguette bread stick to its menu in France, Le Figaro...

• 
  McDonald's food you can't get here

Motorola Mobility reports 2Q net loss of $56M

Motorola Mobility dropped into the red in the second quarter, posting a net loss.

Weak box office hits Imax hard in 2Q

Imax Corp. reported a big drop in second-quarter profit on Tuesday as a dearth of blockbuster movies crimped box office revenue at its at its big-...

Fiat merges management teams to further integrate Chrysler

Italy's Fiat SpA announced a joint management team with U.S. automaker Chrysler Group LLC on Thursday in a move seen as bringing the two companies...

Corn Products stock down 8% despite strong 2Q, outlook

Corn Products International Inc. posted a lower-than-expected quarterly profit, hurt by rising costs, but the corn refiner forecast full-year earnings...

App lets United passengers check in and more with iPhone

United Airlines has launched an application for the iPad, iPhone and iPod touch that provides a range of services for travelers.

Union files NLRB complaint against Hyatt for heat lamp 'assault'

Unite Here Local 1 said Thursday that hotel workers have filed a complaint with the National Labor Relations Board against Hyatt Corp. after an...

• 
  Hyatt apologizes for heat lamps being turned on strikers

Deal adds Universal movies to Amazon's streaming library

Amazon.com Inc. continued its quest to challenge Netflix Inc. in streaming video offerings by signing a deal with NBCUniversal for rights to Universal...

• 
  Amazon quietly launches deals in Chicago

Exxon profit up 41%, off estimates on maintenance shutdowns

Exxon Mobil Corp., the world's largest publicly traded oil company, reported a higher quarterly profit that missed Wall Street estimates as...

Skyfire unveils app for Flash videos on iPhone

Private-equity backed video technology firm Skyfire, best known for its mobile browser, has unveiled an application for watching Flash videos on...

Motorola Solutions profit doubles in 2Q

Strong sales of rugged mobile computing products and other communications gear propelled Motorola Solutions to a strong second quarter, with profit...

Brunswick shares up 6% on profit jump, upbeat outlook

Brunswick Corp.'s quarterly profit tripled on higher marine wholesale shipments, and the company raised its 2011 profit outlook.

• 
  Brunswick CEO Dustan McCoy: A steady hand at the helm

CME Group calls tax situation 'untenable;' says it may exit state

CME Group Inc. is evaluating whether to move some operations to other states from Chicago to reduce its taxes.

• 
  CME Group Q2 profit rises, vows lower expenses

Groupon teams up with Supervalu to offer deal at Jewel

Chicago-based daily deal site Groupon has teamed up with supermarket retailer Supervalu in a deal that dropped today.

CB Richard Ellis Group's profit and revenue rise

Profit and revenue at the world's largest commercial property brokerage grew in the second quarter as sales and leasing activity picked up.

Fixed mortgage rates mostly unchanged last week

Fixed mortgage rates were mostly unchanged this week as credit markets showed little reaction to Washington's debt ceiling impasse.

Formula maker Mead Johnson's 2Q profit rises 9%

Glenview-based Mead Johnson Nutrition Co. said Thursday its second-quarter profit rose 9 percent and raised its full-year forecast as the baby formula...

Layoffs possible at Fermilab as buyouts fall short

Forty-four workers are taking incentives to quit Fermilab, as the Batavia-based center tries to trim costs as its main particle accelerator shuts...

• 
  Fermi closes in on elusive God Particle

Fortune announces tender for $1B in debt

Fortune Brands Inc. announced a tender offer Thursday for up to $1 billion of debt using funds from the company's planned sale of its Acushnet golf...

• 
  Fortune Brands CEO, chairman Carbonari to retire

Nintendo sees lowest profit in 27 years, slashes 3DS price

TOKYO (Reuters) - Japan's Nintendo Co Ltd posted its first-ever quarterly operating loss, cut the price of its 3DS handheld game player and slashed...

Credit Suisse cuts 2,000 jobs as poor trading hurts Q2

Swiss bank Credit Suisse is cutting about 2,000 jobs after weak trading activity and the strong Swiss franc hit second-quarter results.

Potash Corp. profit jumps; boosts outlook

Potash Corp., the world's largest fertilizer maker, reported a 75 percent increase in quarterly earnings Thursday, on the back of surging grain prices...

U.S. will pay for half of all health care costs by 2020

The U.S. government will foot the bill for half of all health care costs in the United States by 2020, according to a government report released...

Walgreens settles billing lawsuit

Walgreen Co. has settled a civil lawsuit with Connecticut and federal officials who alleged the company double billed the government for some...

• 
  Walgreens to add electric vehicle charging stations to 800 U.S. stores

The day ahead in business

Reports: Initial jobless claims for week ended July 23, 7:30 a.m.; Pending home sales for June, 9 a.m.; Mortgage rates for week ended July 28, 9 a.m.

Visa, United ink extension on frequent flier cards

Visa Inc. and United Continental Holdings Inc. on Wednesday said they extended their deal for the airline's loyalty program.

GATX passed on GE rail, looking at smaller deal

Chicago-based GATX Corp. did not join the recent auction of General Electric's rail car leasing business because it is looking at smaller...

Cook County board approves bonds and team

Illinois' Cook County Board of Commissioners approved selling up to $425 million of bonds, along with a team to bring the deal to market, a county...

Huron Consulting Q2 profit tops estimates

Consulting services provider Huron Consulting Group reported a quarterly profit that beat market expectations, helped by lower costs, sending its...

Exelon 'not in any panic' over nuclear regulations

The country's largest owner of nuclear power plants said Wednesday that it doesn't expect enhanced regulations from the Fukushima Daiichi nuclear...

Hub Group Q2 results beat Street

Freight management company Hub Group posted better-than-expected quarterly results as its intermodal segment drove sales growth.

Groupon IPO may be delayed by SEC inquiry

Groupon's unique criteria for measuring profitability is inviting a higher level scrutiny from regulators that are reviewing the Chicago-based daily...

• 
  Groupon partners with Chicago for school supplies

Obama to set U.S. fuel standard goal at 54.5 mpg by 2025

U.S. President Barack Obama will announce a program to improve fuel efficiency for cars and light-duty trucks for model years 2017-2025 on Friday, the...

Chicago fliers see bigger airfare increases

Chicago travelers saw the second-biggest jump in domestic airfares earlier this year, according to federal data published Wednesday.

• 
  Airlines reap benefit of would-be price break

S&P;, Moody's pass on rating dueling debt plans -- for now

Rating agency officials declined to rate competing political plans to allow the United States to borrow more and cut deficits during a congressional...

Nasdaq spends to fend off 'constant' hack attacks

The operator of the Nasdaq Stock Market is "under constant attack" from would-be hackers and will spend more on security as a result, its top...

Continental cancels 24 flights over crew issue

Continental Airlines canceled 24 flights Wednesday, most of them out of Newark Liberty International Airport, due to “crew availability”...

North suburban man accused of bilking sleep-disorder investors

A north suburban man has been charged with defrauding about $4 million from investors for a now-defunct sleep disorder business, spending much of...

GM CEO says Opel is not for sale

General Motors Chief Executive Daniel Akerson has weighed in strongly on the future of its Opel business, saying the European unit was not for sale.

Illinois AG sues 2 Chicago firms for mortgage rescue fraud

The Illinois Attorney General's office filed suit Wednesday against two Chicago firms that it alleges committed mortgage rescue fraud.

Hospira 2Q profit surges 72%

Hospira Inc. reported stronger-than-expected net profit for the second quarter, driven by positive results for a prostate cancer treatment in the...

Dunkin' Brands shares soar on sweet debut

Investors hungry for restaurant growth gobbled up shares of Dunkin' Donuts parent Dunkin' Brands Group, sending them up more than 40 percent on...

• 
  Dunkin' Brands prices IPO at $19 a share

Northwestern chooses new law school dean

Northwestern University said Wednesday that it picked University of Texas law professor Daniel Rodriguez to be its new dean.

TransUnion: Consumers paying down credit cards

Consumers spent $72 billion more paying down their credit cards than making actual purchases in 2009 and 2010, according to a new study from Chicago-...

Employers to hike pay, but only for a select few

Despite ongoing economic uncertainty, companies are betting on their best workers -- and are willing to pay more to prove it, according to a report...

New developer plans to restart construction at Waterview Tower

Related Cos. bought control of the half-built Waterview Tower skyscraper in Chicago's downtown on Tuesday in a bid to restart construction on the...

Boeing 2Q profit jumps nearly 20%

Boeing Co. Wednesday posted a higher quarterly profit on strong sales of its commercial airplanes, cost management and a good mix of deliveries of its...

• 
  Boeing to delay stretched Dreamliner version: Report

Google Android tablets seen overtaking iPad in 5 years

Tablet computers running Google's Android software will catch up with Apple's iPad and surpass it in 2016, research firm Informa said on Wednesday.

The day ahead in business

Reports: Druable goods orders for June, 7:30 a.m.; Crude inventories for week ended July 23, 9:30 a.m.; Federal Reserve Beige Book, 1 p.m.

No cable? You'll wait to see Fox shows on Hulu

Fox has become the first broadcast network to require people who want to watch its programs, such as "House" or "Glee," online immediately after they'...

Caterpillar unit eyed by two private equity firms, sources say

Private equity firms Centerbridge Partners and BC Partners are pursuing Peoria-based Caterpillar's logistics business and a sale of the unit could...

PrivateBancorp stock closes down 6%

The stock of PrivateBancorp Inc. closed down 6.5 percent on Tuesday after the Chicago-based bank reported unimpressive profits.

Amazon revenue surges and stock jumps

Amazon reported a surge in quarterly revenue and said revenue for the current quarter would be better than expected, sending its shares up more than 6...

First Walmart Express to open Wednesday

The nation's first urban Walmart Express store is slated to open Wednesday on Chicago's South Side, part of a highly anticipated test that Wal-Mart...

• 
  Wal-Mart breaks ground on Chatham store

Former U.S. Cellular CEO Rooney dies

John E. "Jack" Rooney, the former president and CEO of U.S. Cellular Corp. who helped build the company into one of the nation's largest mobile...

Restaurant show to stay in Chicago in 2012

The National Restaurant Association announced Tuesday afternoon that it will keep its show in Chicago next year, but will move the dates to avoid...

Union hits Boeing plan to shield info in NLRB case

A union representing Boeing Co workers in Washington Tuesday said the company's request to block public access to "proprietary information" during...

Quinn wants unions back at table on McCormick Place changes

Gov. Pat Quinn today tried to pressure McCormick Place union leaders back to the negotiating table to consider work-rule changes, saying he'll call...

Civil unions bring savings from Esurance to Illinois couples

Esurance, an online seller of car insurance, said Tuesday that it has begun offering price breaks to same-sex couples in Illinois.

MillerCoors drops MGD 64 Lemonade

MillerCoors, the Chicago-based joint venture between Molson Coors and SABMiller, is discontinuing MGD 64 Lemonade. The product, launched this spring,...

Tellabs to cut 10% of workforce on weak outlook for 3Q

Dow Jones reported Tuesday that Tellabs Inc. plans to eliminate about 330 jobs, or 10 percent of its work force, through the second quarter of 2012.

Argo Tea to open ground-floor cafe in Tribune Tower

Tribune Co. announced Tuesday that it is leasing space to Chicago-based Argo Tea for a ground floor cafe, its first outside retail tenant in six...

Medco, Astra get subpoenas over four drugs

Medco Health Solutions Inc. and AstraZeneca Plc were subpoenaed by the U.S. Department of Justice over their relationship involving four of...

Facebook makes it easier for users to opt out of face recognition

Facebook has made it easier for users to opt out of its controversial facial-recognition technology for photographs, an effort to address concerns...

Smartphone users paying too much for unused data, CUB says

The majority of mobile phone users are paying for expensive wireless data that goes unused at the end of each month, the Citizens Utility Board said...

Jewel-Osco parent profit beats estimates

Supervalu Inc.'s quarterly profit topped Wall Street's expectations despite sagging sales, as the third-biggest U.S. supermarket chain trimmed...

Heidrick & Struggles shares jump on positive 2Q earnings

Shares in Chicago-based Heidrick & Struggles International Inc., the leadership advisory and  executive search firm, jumped more than 12...

Consumer confidence edges up in July

Consumer confidence edged higher in July as jitters over the outlook eased, though consumers remained gloomy about their current situations, according...

Chicago-area home prices rise for first time in 9 months

An expected seasonal uptick in home sales caused an index of Chicago-area home prices to rise in May, but worries persist that the nation's housing...

• 
  Computer glitch blamed for 7 months of inflated home prices

CME teams up with Osaka exchange to offer yen futures

CME Group and Japan's Osaka Securities Exchange announced on Tuesday that they are teaming up to offer Japanese yen-denominated futures contracts...

• 
  CME raises margin requirements on U.S. Treasury futures