Chicago Sun-Times

Music Box Films on home front

Fri, 10 Feb 2012 21:14:00 -0600

The Music Box Theatre in Lake View is establishing itself as a distributor of best-selling independent films, and is using social media and home-entertainment outlets to expand its empire. The film distribution business — Music Box Films — rakes in five to 10 times the revenue of the quirky 1920s-era theater in any given year, partly because it released two of the top-grossing foreign films in the United States in the past four years — “Tell No One” in 2008 and “Girl with the Dragon Tattoo” in 2010. Music Box also has won attention as the U.S. distributor of two …

MF Global trustee says at least $1.6 billion missing

Fri, 10 Feb 2012 15:02:00 -0600

The court-appointed trustee overseeing MF Global’s liquidation says an additional $400 million is missing from customer accounts, bringing the total to a least $1.6 billion.

Government on pace for $1 trillion deficit despite January dip

Fri, 10 Feb 2012 16:12:23 -0600

The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row.

Warning from Greek leader: Default would lead to ‘chaos’

Sat, 11 Feb 2012 02:07:56 -0600

ATHENS, Greece — Greece’s future in the eurozone came under renewed threat Friday as popular protests again turned violent and dissent grew among its lawmakers after European leaders demanded deeper spending cuts. The country’s beleaguered coalition government promised to push through the tough new austerity measures and rescue a crucial $170 billion bailout deal after six members of the Cabinet resigned. Prime Minister Lucas Papademos promised to “do everything necessary” to ensure parliament passes the new austerity measures that would slap Greeks with a minimum wage cut during a fifth year of recession. He also promised to replace any other …

Feds investigating reports of door fires in 2007 Camrys, RAV4s

Fri, 10 Feb 2012 14:25:13 -0600

Federal safety regulators are investigating reports of fires in the driver’s side doors of 2007 Toyota Camry sedans and RAV4 crossover SUVs.

Bernanke: Economy won’t recover until housing market turns around

Fri, 10 Feb 2012 14:20:55 -0600

Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending and warns that the trend could continue to weigh on the economy for years.

Dow closes down 89 points after Greek deal is held up

Fri, 10 Feb 2012 19:40:01 -0600

Stocks had their worst day of the year Friday after Greece hit a roadblock on its way to a critical bailout. The Dow Jones industrial average closed down 89.23 points, or 0.7 percent, at 12,801.23.

BMW fined $3M for untimely 2010 recalls

Fri, 10 Feb 2012 17:52:00 -0600

German automaker BMW has agreed to pay $3 million for delays in reporting safety defects and recalls to the federal regulators, the National Highway Traffic Safety Administration said Friday.

Komatsu to add 100 jobs in Peoria

Fri, 10 Feb 2012 14:08:00 -0600

Komatsu America Corp. plans an expansion that would bring 100 new jobs to Peoria. But the Peoria Journal Star reports that the plan depends on whether the Peoria City Council changes an ordinance to let Komatsu build new facilities below what is currently allowed within the floodplain. If the council approves the change Tuesday, the Tokyo-based mining and construction equipment maker says it plans to start construction in April. Peoria Mayor Jim Ardis on Thursday said the city has been working with Komatsu to make sure floodplain concerns are addressed and that the expansion project moves forward. …

Wheeling man gets 3 years in erectile-pump Medicare fraud case

Fri, 10 Feb 2012 15:57:46 -0600

A Wheeling man was sentenced Friday by a federal judge in Rhode Island to more than three years in prison for shipping unwanted penis enlargers to diabetes patients as part of a larger fraud scheme that prosecutors say bilked $2.2 million from Medicare over four years.

Nissan recalling 39,000 Versa small cars

Fri, 10 Feb 2012 14:04:01 -0600

Nissan is recalling 39,000 Versa small cars because the transmissions can be shifted out of park without the driver’s foot on the brake.

Euro falls against dollar on Greek default fears

Fri, 10 Feb 2012 13:48:00 -0600

The euro is falling sharply against the dollar on fears that Greece won’t be able to avoid a default.

Auto industry’s recovery brings more pizzazz to Chicago show

Fri, 10 Feb 2012 02:20:42 -0600

Going to the Chicago Auto Show is like strolling through a dream world. The vehicles shine in the spotlights. Sticker prices are given in understated fashion or not at all. There is no suggestion of recalls, insurance payments, dinged fenders, balky starters or oil leaks. As you comparison shop at this year’s show at McCormick Place, opening Friday and running through Feb. 19, it’s easy to forget that reviled products such as the Yugo or the Ford Pinto once held center stage at the event. This shiny paint job, too, shall pass. But with that perspective aside, it’s apparent this …

FBI releases files on Apple founder Steve Jobs

Fri, 10 Feb 2012 02:20:53 -0600

The FBI Thursday released its file on the late Apple founder Steve Jobs which includes comments from former friends and associates, including one source who describes him as “a deceptive individual who is not completely forthright and honest.”

Benchmark mortgage rate holds at record low

Thu, 09 Feb 2012 16:13:04 -0600

Thirty-year, fixed home mortgage rates stayed at a record-low average of 3.87 percent this week while other rates edged up slightly, Freddie Mac said Thursday. The average 15-year, fixed-rate mortgage rate climbed to 3.16 percent from 3.14 percent. The average five-year, adjustable rate mortgage rose to 2.83 percent from 2.8 percent, and the one-year ARM rose to an average 2.78 percent from 2.76 percent. Francine Knowles …

Greece strikes painful deal to avoid default

Fri, 10 Feb 2012 02:20:59 -0600

FRANKFURT, Germany — More than two years after it came clean about its addiction to debt, Greece may finally have begun its long and painful road to recovery. Greece’s fractious political leaders struck a deal Thursday to make deep cuts in government jobs and spending to help save the country from a default that could shock the world financial system. The deal, under negotiation since July, is one of two critical steps Greece must take to receive a euro130 billion ($170 billion) bailout from other countries in Europe and around the globe. European ministers said the deal needs to go …