Articles filed under Finance

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  Furlough Friday: Unpaid day off for many in government May 24, 2013 12:00 AM
  Roughly 5 percent of the federal workforce — 115,000 people at six major agencies — were told not to show up as the government dealt with the continuing effects of the sequester spending cuts.
  

   
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  IMF chief named key witness in French payoff case May 24, 2013 12:00 AM
  Investigators opened an inquiry in 2011 into possible charges of "complicity to embezzlement of public funds" and "complicity to forgery." The probe may not result in a trial.
  

   
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  Lampert loses $467 million on Sears stake May 24, 2013 12:00 AM
  Edward Lampert said in a statement Friday that the company's performance "has not been acceptable." Since the beginning of last year, Sears has sold stores and spun off smaller-format locations as Lampert puts an increased emphasis on the customer rewards program, saying the retailer's future is as a "membership company."
  

   
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  Durable goods orders rise 3.3 percent in April May 24, 2013 12:00 AM
  The April increase pushed total orders to $222.6 billion on a seasonally adjusted basis. That is 6.5 percent above the level of a year ago.Orders for transportation goods gained 8.1 percent, reflecting a 16.1 percent jump in demand for commercial aircraft and a 53.3 percent increase in orders for military aircraft. Orders for motor vehicles increased 1.9 percent.
  

   
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  Why worry? Less aid by Fed would point to recovery May 23, 2013 12:00 AM
  “We should be wishing for higher interest rates,” says Kevin Logan, HSBC’s chief U.S. economist. “It would be a sign of a more healthy economy.”
  

   
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  Sears reports bigger-than-expected loss May 23, 2013 12:00 AM
  The company, based in Hoffman Estates, has posted six straight years of declining sales at stores open at least a year. Sears’ middle-income shoppers have been hit hard by the economy’s woes.
  

   
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  House backs variable rate student loans May 23, 2013 12:00 AM
  Stafford loan rates would be capped at 8.5 percent, while loans for parents and graduate students would have a 10.5 percent ceiling under the GOP plan.
  

   
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  Jury sides with Trump in civil case May 23, 2013 12:00 AM
  The case pitted the suburban Chicago woman against a New Yorker who revels in his image as a big talker with big ideas. Many know him best for his catchphrase on his “Apprentice” TV show: “You’re fired!”
  

   

• Wintrust names new president of Wheaton Bank & Trust May 21, 2013 12:00 AM
  Rosemont-based Wintrust Financial Corp. announced the appointment of Pam Sharar-Stoppel as president for Wheaton Bank & Trust Company. Based in Wheaton, WBT has five locations in Chicago’s western suburbs: Wheaton, Glen Ellyn and Naperville. Currently executive vice resident and chief credit officer, Sharar-Stoppel joined WBT five years ago and brings more than 30 years of commercial banking and leadership experience to the bank.
  

   
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  Exchange-traded funds entering new phase of growth May 19, 2013 12:00 AM
  The headlines about exchange-traded funds suggest there are no limits to the growth of these low-cost, easily traded alternatives to mutual funds. Among the recent developments: ETFs have attracted at least $100 billion in new cash for each of the past six years, growing at a far more rapid pace than traditional mutual funds.
  

   
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  Retired couples may need $220K for health care May 19, 2013 12:00 AM
  After years of increasing health care costs, the outlook is improving for seniors worried about paying their medical bills during retirement. For the second time in the last three years, estimated medical expenses for new retirees have fallen, according to a study released Wednesday by Fidelity Investments. A 65-year-old couple retiring this year would need $220,000 on average to cover medical expenses, an 8 percent decrease from last year's estimate of $240,000.
  

   
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  U.S. two-percenters save wealth in trade-down to J. Crew May 19, 2013 12:00 AM
  Jennifer Prentice, a medical-equipment saleswoman in Minneapolis, once had no qualms about dropping $600 or more for Gucci purses. Now she spends $300 for Coach bags and is filling in her Burberry wardrobe with pieces from J. Crew. "The things we went through over the last couple of years definitely have an impact on what I am doing," Prentice, 45, said in an interview. "I tend to be less frivolous now."
  

   
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  State workers anxious as lawmakers debate pensions May 19, 2013 12:00 AM
  Anxiety and anger are growing among state employees and retirees who wonder what will happen to their pocketbooks if lawmakers make expected changes to the state's pension systems that could require workers to pay even more toward retirement, increase the retirement age and cut annual increases in benefits.
  

   
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  Stocks rise on hopeful economic signs May 17, 2013 12:00 AM
  The Conference Board said its index of leading economic indicators rose 0.6 percent last month after a revised decline of 0.2 percent in March. The index is intended to predict how the economy will be doing in three to six months. The University of Michigan's preliminary survey of consumer confidence climbed to 83.7. Economists had predicted that the gauge would climb to 76.8.
  

   
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  Record Powerball jackpot inspires office pools May 17, 2013 12:00 AM
  Lottery officials encourage pools organizers to lay down rules, put them in writing and distribute the details to all participants before the winning numbers are drawn.
  

   

• First Midwest declares 4 cent per share dividend May 15, 2013 12:00 AM
  
  

   
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  6 tips to manage student loan debt May 12, 2013 12:00 AM
  Finding a job in a slow-growing economy is daunting enough without new financial obligations. Yet that's the challenge many university students graduating over the next few weeks will face before too long. The clock on their student loans will begin counting down to their first payment due date. A study released in January by credit reporting agency TransUnion found that the average student loan debt rose 30 percent between 2007 and last year to $23,829.
  

   
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  Fund manager: Don't get caught up in Asia numbers May 12, 2013 12:00 AM
  Investors are worried about the slow pace of U.S. economic growth, but we're just one player in the international arena. To assess the global outlook, two numbers are critical: China's gross domestic product and Japan's inflation rate. They're important because China and Japan are the world's second- and third-largest economies, and both are faltering. The outlooks in both countries could continue to have a big impact on stocks around the world as Chinese and Japanese policymakers try to stimulate their economies.
  

   
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  G7 says Japan playing by currency rules May 11, 2013 12:00 AM
  Japan, the world's number 3 economy has been in focus over recent months as the new government of Prime Minister Shinzo Abe has embarked on a radical policy of aggressive monetary stimulus to restart the country's postwar boom, which effectively ground to a halt in the early 1990s.
  

   
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  Despite late start, officials say record corn crop likely May 10, 2013 12:00 AM
  The wet start to the corn planting season is expected to reduce the amount each acre produces this year, but farmers are planting so much of the crop that they're still likely to bring in a record amount.In a report released Friday, the U.S. Department of Agriculture estimated farmers will bring in 14.1 billion bushels of corn this year, a billion bushels more than the previous record of 13.1 billion bushels set in 2009.