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    Fed suggests it’s closer to slowing bond purchases

    Federal Reserve Chairman Ben Bernanke speaks during a news conference Wednesday, after the Fed said it will maintain the pace of its bond-buying program to keep long-term interest rates at record lows.

    Jun 19, 2013 2:30 PM

    The Federal Reserve signaled Wednesday that it’s moving closer to slowing its bond-buying program, which is intended to keep long-term interest rates at record lows. Chairman Ben Bernanke said the Fed could start scaling back its $85 billion in monthly bond purchases later this year if the economy continues to improve.

    Business

    Developers buy site of famed Chicago restaurant

    Cover of a book of bamboo matchsticks from Maixim's.

    Jun 19, 2013 10:33 AM

    A group of developers have purchased the basement of a luxury condominium building from the city of Chicago that was once the site of a famed restaurant.Officials say the former home of Maxim's de Paris was purchased for $1.37 million by a group that wants to re-establish it as a gourmet restaurant.

    Business

    Men’s Wearhouse ousts founder and exec. chairman

    George Zimmer

    Jun 19, 2013 1:04 PM

    Men’s Wearhouse Inc. has dismissed its founder and executive chairman George Zimmer. In a terse release issued Wednesday, the company didn’t give a reason for the abrupt firing of Zimmer, who built Men’s Wearhouse from one small Texas store using a cigar box as a cash register to one of the nation’s largest specialty retailers in men’s clothing, with 1,143 locations.

    Business

    CUB: Illinois residents waste $1.4B on data plans

    Illinois residents using mobile phones are wasting $1.4 billion a year by signing up for the wrong cellphone data plan, according to a consumer advocacy group's study released Tuesday.

    Jun 19, 2013 11:10 AM

    Illinois residents using mobile phones are wasting $1.4 billion a year by signing up for the wrong cellphone data plan, according to a consumer advocacy group's study released Tuesday. In a news release, the Citizens Utility Board said that the analysis found that the difference between the amount of data paid for and the amount actually used added up to about $194 a year for smartphone users and about $30 a year on traditional wireless phones.

    News

    Des Plaines council says outdoor tent must go

    Fountain Blue Banquets & Conference Center's outdoor tent in Des Plaines on June 18, 2013.

    Jun 19, 2013 11:25 AM

    In a surprising reversal of an earlier decision, the Des Plaines City Council Monday night denied an extension for a temporary conditional use permit that would have allowed the Fountain Blue banquet facility to continue operating its outdoor tent for 18 months. “I was for this, but this thing stinks," 4th Ward Alderman Dick Sayad said. "I'm not going to vote for this.”

    Business

    Veterinary association in Schaumburg turns 150

    The American Veterinary Medical Association has been based in Schaumburg for 38 of its 150-year existence. This building at 1931 N. Meacham Road has been the group’s headquarters since 1991.

    Jun 18, 2013 12:42 PM

    The Schaumburg-based American Veterinary Medical Association is celebrating its 150th anniversary this month, with 38 of those years spent in Schaumburg. After jumping around to different locations since 1863, the group finally ended up in the Northwest suburb in 1975.

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