business
Facebook investors to cash out more shares
Insiders and early Facebook investors will be unloading more of their shares in the initial public offering, the company said Wednesday, as they take advantage of investor demand.
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Dow Jones average continues a two-week slide
Europe’s latest political impasse cast a gloom over financial markets Tuesday. The euro plunged, and the Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks. The markets meandered between gains and losses for much of the day, then turned decisively lower in the last hour of trading.
Many employers plan a typical day at the office during NATO Summit
For some it’s an opportunity to work from home in their PJs. For others, it will translate into free lunch and paid time off. For many, it’s still a question whether they’ll work in the office or at home during the NATO summit. But most employers contacted by the Chicago Sun-Times said their workers can expect a typical day at the office, despite transportation headaches, protesters and stepped-up security.
Groupon, Facebook carry risks, say analysts
The buzz surrounding Groupon and the frenzy over Facebook grow as they promise to change the face of Internet commerce. Yet, even after the share price’s bounce on its earnings, some analysts point to warning signals that should temper the growing exuberance both are enjoying.
Zuckerberg’s birthday kicks off Facebook’s biggest week ever
Facebook’s chief executive turns Mark Zuckerberg turns 28 on Monday, setting in motion the social network’s biggest week ever. The company is expected to start selling stock to the public for the first time and begin trading on the Nasdaq Stock Market on Friday. The IPO could value Facebook at nearly $100 billion.
Flying cow part of this young artist’s portfolio
St. Charles artist Emily Grelck, 23, is the young artist who created the Flying Cow artwork that hangs in all seven area Colonial Café and Ice Cream restaurants. Grelck, who graduated magna cum laude from the University of Illinois Chicago with a bachelor of fine …
JPMorgan Chase top exec to retire after $2 billion fiasco
The chief investment officer at JPMorgan Chase, one of the highest-ranking women on Wall Street, will retire, the company said Monday. She becomes the first casualty of the bank’s $2 billion trading blunder.
Aquascape hosts Water Garden Weekend event
ST. CHARLES — Aquascape Inc, a leading producer of water features in North America and inventor of the low-maintenance ecosystem pond, invites the public to join it for its annual Water Garden Weekend May 19-20 at Aquascape’s headquarters, 901 Aqualand Way in St. Charles. The …
Yahoo CEO Scott Thompson toppled by inaccurate biography
Yahoo still has credibility issues, even after casting aside CEO Scott Thompson because his official biography included a college degree that he never received.
U.S. stock futures fall after last week’s losses
A political stalemate in Greece rattled financial markets worldwide on Monday, driving U.S. stocks lower. The Dow Jones industrial average dropped 125.25 points to close at 12,695.35. The Dow has lost more than half of its gains for the year in the past two weeks as worries resurface about Europe and the strength of the U.S. economy.
Elgin developing a definition, and goals, for business growth
ELGIN — The City Council will consider in the next month or so moving along an economic incentive package with a company that already has called Elgin home for four decades. The assistance for business consultants Mueller & Company to relocate to the San Filippo …
JPMorgan CEO Dimon: ‘Dead wrong’ about trading concerns
NEW YORK — The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was “dead wrong” when he dismissed concerns about the bank’s trading last month. CEO Jamie Dimon said he did not know the extent of the problem when …
After JPMorgan loss, a call for stricter oversight
WASHINGTON (AP) — JPMorgan Chase faces intense criticism for claiming that a surprise $2 billion loss by one of its trading groups was the result of a sloppy but well-intentioned strategy to manage financial risk. More than three years after the financial industry almost collapsed, …
Striking Caterpillar workers rally at Joliet plant
Just a week before Caterpillar workers in Joliet went on strike the company reported record quarterly profits. At the same time that the company is prospering, management has proposed a final offer that the Machinists union sees as another round of concessions that follows the …
Fitch lowers JPMorgan Chase’s rating after surprise $2 billion loss
A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis. Fitch Ratings, meanwhile, downgraded its assessment of the bank.
Cheaper gas drives U.S. wholesale price index lower
A big decline in gas and energy costs drove a measure of U.S. wholesale prices lower in April. The Labor Department said Friday that the producer price index, which measures price changes before they reach the consumer, dropped 0.2 percent last month.