Post-Tribune

Typical CEO made $9.6M last year, study finds

Fri, 25 May 2012 10:04:00 -0500

Profits at big U.S. companies broke records last year, and so did pay for CEOs. The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.

U.S. stock futures mixed ahead of holiday

Fri, 25 May 2012 10:06:01 -0500

U.S. stock futures were mixed Friday ahead of the long holiday weekend on concerns over the lack of a concrete plan to keep Greece in the European currency union.

Facebook launches iPhone camera app

Thu, 24 May 2012 14:02:00 -0500

Facebook’s rocky initial public offering hasn’t stopped life at the world’s biggest online social network. On Thursday, the company unveiled a camera app for the iPhone.

Wrapports chief Ferro rolls out list of new Sun-Times features

Fri, 25 May 2012 02:22:50 -0500

Michael Ferro Jr., chairman of Sun-Times Media owner Wrapports LLC, unveiled new Sun-Times products that will feature fresh, colorful coverage ranging from society, fashion and gossip to business and sports, and he announced a new multi-million-dollar Sun-Times Foundation to help charitable causes.

U.S. bank earnings up; lending still lags

Fri, 25 May 2012 02:06:20 -0500

WASHINGTON — U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter. The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry has come since the 2008 financial crisis. Still, the report noted that many banks remain cautious about lending, a necessary driver of economic growth. The report is “broadly in line with what we’ve seen in the economy as a whole,” said Bert Ely, an independent banking analyst based in Alexandria, Va. “Sluggish improvement, …

Asian carp surveillance ramping up in Illinois

Thu, 24 May 2012 23:20:19 -0500

CHICAGO (AP) — State and federal officials say they’re stepping up efforts to track and test for Asian carp in Illinois waterways this summer. That includes sampling urban fishing ponds, surveying fish markets for live fish and random electrofishing and netting along a network of canals that connect Lake Michigan to the Illinois River. Illinois Department of Natural Resources biologists on Thursday netted two Bighead carp at the Garfield Park Lagoon in Chicago. Bighead and silver carp are the two Asian species biologists are worried about. DNR spokesman Chris McCloud says the fish had probably been in the lagoon for …

H-P leads Dow to its fourth day of gains in May

Thu, 24 May 2012 17:22:17 -0500

Hewlett-Packard helped pull the Dow Jones industrial average to a slight gain Thursday, giving the index only its fourth gain this month. The Dow closed up 33.60 points at 12,529.75. Fears that Europe’s troubles could turn into a worldwide financial crisis have pushed the 30-stock average down 5 percent this month, erasing most of its gains for the year.

Gas prices drop in time for Memorial Day travel; hotels, airfares rise

Thu, 24 May 2012 12:34:01 -0500

As Memorial Day weekend approaches, gasoline prices will continue to put less of a hurt on your wallet thanks to the continuing plunge in oil prices, which dropped below $90 a barrel for the first time in seven months Wednesday. But travelers will pay more for hotels and airfares this holiday weekend.

Facebook stock climbs, but company faces lawsuits

Thu, 24 May 2012 02:24:52 -0500

Facebook’s fourth day of trading as a public company saw an increase in the company’s stock price and shareholder lawsuits related to the social network’s botched initial public offering.

Facebook proves a lesson in the risks of IPO investing

Fri, 25 May 2012 02:28:47 -0500

Facebook investors who assumed getting in on an IPO was a get-rich-quick scheme, just got a hard slap across the cheek, instead.

30-year rate falls to record 3.78%

Fri, 25 May 2012 02:28:53 -0500

The average U.S. rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Mortgage buyer Freddie Mac says the rate dipped to 3.78 percent. The 15-year mortgage held steady at 3.04, matching the record low hit last week.

Bank earnings rose this winter to 5-year high

Thu, 24 May 2012 10:10:01 -0500

U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years. The Federal Deposit Insurance Corp. said Thursday the banking industry earned $35.3 billion in the January-March period, up from $28.7 billion in the year-ago period.

Canadian rep touts trade with U.S. at IUN luncheon

Thu, 24 May 2012 02:04:49 -0500

GARY — A representative of the Consulate General of Canada described the relationship between his country and the United States with a John F. Kennedy quote: “... Necessity has made us allies.” Brian Herman, consul and head of political, economic and public affairs for the Canadian consulate, spoke at a luncheon sponsored by the Indiana University Northwest School of Business and Economics and World Trade Council Wednesday. Herman, who has spent most of his career in Canada’s foreign service, spoke in broad terms about the integrated economies of both countries. Fourteen states share a border with Canada. He said 400,000 …

Post-Tribune owner Wrapports buys the Reader

Thu, 24 May 2012 02:06:19 -0500

The owners of the Chicago Sun-Times said Wednesday that they have acquired the Chicago Reader, bringing an enduring part of the alternative press under the same corporate umbrella as daily and weekly papers that span the Chicago region.

Late rally erases steep losses on Wall Street

Wed, 23 May 2012 15:32:01 -0500

Stocks are ending the day mixed after a sharp recovery in the last hour of trading. The Dow closed down seven points Wednesday at 12,496. It had spent most of the day down more than 100 points. The S&P 500 index rose two points to 1,319.

U.S. sales of new homes rose 3.3 percent in April

Wed, 23 May 2012 12:00:01 -0500

Sales of new homes rose solidly last month, adding to evidence of gradual improvement in the housing market. The Commerce Department says sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000.