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Stocks moved higher in early trading Monday, kicking off the week on a positive note as the market looked to shake off its worst week in three months. Shares in several major investment banks rose after Citigroup posted better-than-expected quarterly earnings.
Citigroup will pay roughly $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis.
Venerable drugstore giant Walgreen Co., the 113-year-old Chicago institution known for a stock and dividend as rock-solid as a utility company’s, finds itself caught up in a drama with a risk-taking European partner that may see it become a foreign company. If Walgreen, established on Chicago’s South Side in 1901 by Charles Walgreen Sr., leaves Deerfield for Switzerland, it would mark another major blow to the Chicago-area corporate roster.
Atlantic City’s crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino said they expect to shut down in mid-September.
Chrysler says it is recalling 651,000 Jeep and Dodge SUVs in the U.S. because vanity mirror lights that have undergone repairs can short circuit and start a fire if not reassembled correctly.
U.S. business economists have sharply cut their growth forecasts for the April-June quarter and 2014, though they remain optimistic that the economy will rebound from a dismal first quarter.
Whirlpool will pay more than $1 billion for a controlling stake in Indesit, the appliance maker’s counterpart in Italy.
Cigarette makers Reynolds American Inc. and Lorillard Inc. on Friday said they are in talks of a possible merger that would combine two of the nation’s biggest tobacco companies.
Ford Motor Co. is planning a $1 million scholarship program named in honor of former CEO Alan Mulally. The program will provide financial help to students pursuing degrees in automotive engineering.
The European Union’s highest court says Apple’s characteristic retail store layout may be registered as a trademark.
The ATI Casting Service plant in LaPorte is shutting down after efforts to sell the metal casting factory were unsuccessful. The plant once employed more than 550 workers.
Harley-Davidson is recalling 66,421 Touring and CVO Touring motorcycles from the 2014 model year because their front wheels can lock up without warning.
Federal Reserve officials had differing views in June on the best way to signal to financial markets when they might raise a key short-term interest rate. They were in broad agreement, however, that their monthly bond buying program will end in October.
Ford Motor Co. says it remains on track to make a profit in Europe next year despite the fragile economy. It hasn’t earned a pretax profit in Europe since 2010.