Herald News

Stocks gain on reassurance from a top Fed official

Tue, 21 May 2013 18:19:52 -0500

NEW YORK (AP) — Reassuring comments from a Federal Reserve official and better earnings from two big retailers helped push the stock market higher Tuesday. Stock indexes wobbled between gains and losses in early trading, then took a turn higher just before noon.

Volkswagen to put special fuel caps on diesels

Tue, 21 May 2013 18:18:00 -0500

DETROIT (AP) — Volkswagen is replacing the fuel tank covers on more than 200,000 of its diesel vehicles sold in the U.S. and Canada to remind owners to fill their tanks with diesel — not gasoline.

Should we let wunderkinds drop out of high school?

Tue, 21 May 2013 13:56:01 -0500

It’s one thing to say tech geniuses don’t need degrees. After all, Bill Gates, Steve Jobs and Mark Zuckerberg all dropped out of college. But now we’ve got David Karp, who doesn’t even have a high school diploma. Karp, 26, founded Tumblr, the online blogging forum, and sold it to Yahoo for $1.1 billion.

Microsoft reveals Xbox One, next-generation gaming

Tue, 21 May 2013 12:53:14 -0500

Microsoft thinks it has the one. The company revealed the Xbox One, its next-generation entertainment console Tuesday. The console was demonstrated using voice control to switch among watching live TV, listening to music and browsing the Internet, as well as simultaneously running apps.

Opinions vary over pawn, resale shop ordinance in Yorkville

Tue, 21 May 2013 09:46:00 -0500

YORKVILLE — It appears the city might get some kind of regulatory ordinance concerning pawn and resale shops. A proposed ordinance regulating the businesses in the city was sent back for more tinkering at the committee level, after a long discussion with emotional comments last week during a regular City Council meeting. The ordinance was proposed by Police Chief Richard Hart, who said it will give some protection to people who have had items stolen, particularly valuable coins or jewelry. After he proposed the idea, based on similar ordinances in Aurora and Oswego, the ordinance went through several discussions at …

Apple’s Cook faces Senate questions on taxes

Tue, 21 May 2013 14:28:02 -0500

Apple’s CEO is disputing assertions by a Senate panel that the company avoids billions of dollars in U.S. taxes by shifting profits to foreign affiliates.

Expert: Summer gas costs likely lower than 2012

Tue, 21 May 2013 08:26:00 -0500

A Purdue University economist says he expects this summer’s gasoline prices to be lower than last year. Energy economics specialist Wally Tyner projects prices in the Midwest will be between $3.50 and $3.90 a gallon.

United in deal with SkyWest to run 40 Embraer jets

Tue, 21 May 2013 07:22:00 -0500

United Airlines has signed a deal that will have SkyWest Airlines run 40 Embraer planes under the United Express brand. The Embraer 175 is the first regional jet in the United Express fleet.

Special K churns out products in brand evolution

Mon, 20 May 2013 13:22:00 -0500

Special K first hit shelves in 1955 as a no-frills breakfast alternative but now caters to dieters who see its airy chips and pastries as a way to beat cravings and lose weight. And this summer, Kellogg Co. is building on its biggest moneymaker with a “hot cereal” called Special K Nourish that’s made with quinoa and other grains.

Warren Buffett meets with young entrepreneurs

Mon, 20 May 2013 09:48:01 -0500

Billionaire Warren Buffett is spending his day listening to business pitches from a select group of kids, but the ideas aren’t likely to generate new acquisitions for Buffett’s Berkshire Hathaway.

Seamless, GrubHub to combine

Mon, 20 May 2013 10:11:18 -0500

Rival online takeout services Seamless North America and GrubHub on Monday announced plans to combine and create a new company covering more than 20,000 restaurants in 500 cities across the U.S.

Small-company stocks take the limelight

Mon, 20 May 2013 15:22:16 -0500

Small companies are taking the limelight on a choppy start to the week. The Russell 2000, an index of small-company stocks, rose above 1,000 for the first time Monday. The index is outpacing the Dow Jones industrial average and the Standard & Poor’s 500 index this year.

Ben Bernanke forecasts gains from computer technology

Sat, 18 May 2013 17:36:44 -0500

Federal Reserve Chairman Ben Bernanke said Saturday that pessimists forecasting that the economy will not reap sizable benefits from the computer revolution are likely to be proven wrong.

Cain: Economic VP believes Will County ripe for rebound

Sun, 19 May 2013 13:21:40 -0500

A few years ago, Will County was among the fastest-growing counties in the nation. That growth slowed dramatically when the housing bubble burst. But at least one new economic development official believes the pace is about to pick up. “That’s what attracted me to working here,” said Scott Fleming, 55, of Bolingbrook, who began as a vice president with the Will County Center for Economic Development on May 6. “I think it’s going to be one of the fastest-growing counties (again) as soon as the economy starts strengthening.” Fleming has more than 20 years of economic development experience in Michigan …

Berko: Selling short is a speculative game

Sun, 19 May 2013 02:57:41 -0500

Dear Mr. Berko: Do you think interest rates are going to rise? Because I believe they will soon, I would like to sell U.S. Treasury bonds short. What’s the best way to do this? PT, Cincinnati, Ohio. Dear PT: A short sale is betting that an investment will decline in value, and if it declines, you will make a profit equal to the dollar value of the decline. Assume Holy Mackerel shares (HM) trade at $25, and you decide to sell 100 shares of HM “short” at $25 because you know the company will report a sharp drop in sales …

Business Briefs: Delrose re-elected union president

Sun, 19 May 2013 02:57:10 -0500

JOLIET — Dave Delrose was elected last week to his second two-year term as president of the American Federation of State, County and Municipal Employees Local 1028. Delrose has been a counselor in the Will County Health Department since 1989. The union represents 1,260 county employees and is the county’s biggest employees union. Eye Opener Breakfast The Will County Center for Economic Development’s Eye Opener Breakfast will be held on June 13 at the Tinley Park Convention Center, 18451 Convention Center Drive. The topic will be “Progress and Opportunity: Will County’s Recovery.” The free event starts at 7:15 a.m. with networking …