business
CHICAGO GRID: Sam Zell is here to remind you that the 1% don’t make enough money
Real estate kingpins Jerry Speyer and Sam Zell were lucky they had an elite audience for their joint appearance Tuesday at DLA Piper’s annual real estate conference in Chicago. A different group might have called them out for a few comments. Speyer, for example, assailed proposals to rein in CEO pay as an example of governmental fussiness that people can’t stand.
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Judge orders 3-year sentence in GM theft case
DETROIT (AP) — A Detroit federal judge has ordered a three-year prison sentence for the husband of a former General Motors engineer who was convicted of stealing hybrid technology from the automaker.
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Fed signals it could increase or decrease stimulus
WASHINGTON (AP) — The Federal Reserve on Wednesday stood by its extraordinary efforts to stimulate the economy. And it signaled that it could increase or decrease the pace of bond purchases depending on how the job market and inflation perform.
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Report: Illinois coal enjoyed record exports in 2012
A new state report says Illinois coal, once shunned for its high sulfur content, is enjoying record demand overseas.
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PepsiCo pulls Mountain Dew ad after criticism
PepsiCo pulled an online ad for Mountain Dew that was criticized for portraying racial stereotypes and making light of violence toward women.
US manufacturing grows in April at slower pace
U.S. factory activity expanded at a slower pace in April, held back by weaker hiring and less company stockpiling. The report is the latest to suggest economic growth has slowed this spring.
Hyatt Hotels sees profit drop
Hyatt Hotels Corp. said Wednesday that its first-quarter net income fell on rising costs and revenue that came in below Wall Street expectations.
Construction spending down 1.7% in March
Spending on U.S. construction projects fell 1.7 percent in March as the biggest drop in government projects in more than a decade overwhelmed strength in home building.
Caterpillar union members in S. Milwaukee reject contract
The union representing more than 800 workers at the Caterpillar plant in South Milwaukee has rejected the company’s contract offer.
Stocks drop as economic outlook dims
The stock market fell the most in two weeks as the outlook for the economy grew dimmer. The Dow Jones industrial average fell 138 points to close at 14,701 Wednesday. The Standard & Poor’s 500 dropped 14 to 1,582. The Nasdaq lost 29 points to 3,299. All three indexes fell 0.9 percent.
Chrysler, Ford, GM, Nissan April US sales up
Ford, GM, Chrysler and Nissan all reported double-digit U.S. sales increases last month, signaling the best April for car and truck sales in six years. A rebound in pickup truck sales led the way, especially for the Detroit automakers.
Iraq, Shell kick off major gas project
Royal Dutch Shell says it has officially kicked off a $17 billion project to tap natural gas in Iraq’s south.
Mozilla: UK spyware company hijacking our brand
The maker of one of the Internet’s most popular browsers is taking on one of the world’s best known purveyors of surveillance software.
Comcast profit rises 17 percent
Comcast Corp., the nation’s largest cable company and owner of NBCUniversal, on Wednesday said its net income rose 17 percent in the latest quarter, powered by continued strong results from its cable operations.
Nissan cuts prices on 7 US models
Nissan is cutting prices on seven of its 18 models in the U.S., hoping its cars and trucks will show up in more Internet searches by shoppers. The price cuts vary with the amount of equipment on each model and run from 2.7 percent to 10.7 percent.
Hostess to open bakeries in Schiller Park, Indianapolis
Hostess Brands LLC said Monday it will open bakeries in Schiller Park and Indianapolis in its effort to bring back some of its snack brands.
