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Financial News

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Business & Lifestyle

Skillicorn says Chicago needs spending reform, not bailout

SPRINGFIELD (Heartland Newsfeed) -- As pressure mounts on the city of Chicago to address its debt crisis, some have suggested the state should help the city cover its expenses. “Chicago has spent at least two decades digging itself into a massive financial hole,” Nicole Gelinas wrote in The City Journal. She went on to say that since 2000, the overall debt has climbed from $12.3 billion to $20.2 billion, calculating out to $7,500 per person. The crisis deepened during the […]

todayJanuary 22, 2018 124

Business & Lifestyle

HSBC to pay over $100M to settle currency rigging probe

LONDON/NEW YORK (UPI) -- Europe's biggest bank has agreed to pay about $100 million in penalties to resolve a U.S. Justice Department investigation. The deal stems from a probe into HSBC Holdings PLC rigging currency rates, an investigation that led to the conviction of one of its former bankers. The scheme, which involved bankers executing trades that drove up costs for two large corporate clients, netted the bank more than $46 million in profits in 2010 and 2011. John Cronan, acting assistant attorney […]

todayJanuary 19, 2018 43

Business & Lifestyle

BP to post $1.7B charge on Deepwater Horizon

LONDON (UPI) -- British energy company BP said it expects a charge of around $1.7 billion in its fourth quarter earnings as a result of the Deepwater Horizon settlement. BP said Tuesday that its court-supervised settlement program related to the class action settlement on the 2010 spill is winding down and it expects those charges to show up in fourth quarter results. The total cash impact, however, will be spread out over a multi-year period. "With the claims facility's work very […]

todayJanuary 19, 2018 29

Automotive News

Chinese automaker plans to enter U.S. market in 2019

DETROIT (UPI) -- Chinese automaker Guangzhou Automobile Group plans to enter the U.S. market in 2019, the company said at the Detroit Auto Show Monday. "We intend to gain a foothold in the U.S.," GAC Motors president Yu Jun said at a news conference. "If we can make it in the U.S., we can make it anywhere and enhance further possibilities of future growth." It's not yet clear how GAC plans to enter the U.S. market. But according to reports, the […]

todayJanuary 19, 2018 26

Business & Lifestyle

Trading oil no longer intrigues T. Boone Pickens

DALLAS (UPI) -- After a "roller coaster ride" that saw $100-per-barrel swings in crude oil prices, tycoon and former oil man T. Boone Pickens said he's bored with trading oil. The 89-year-old investor, who nine years ago launched The Pickens Plan, designed to drive the U.S. energy sector away from its dependence on foreign oil, said in a statement he was shutting down his oil- and gas-commodity focused BP Capital. Launched after he left Mesa Petroleum in the 1990s, Pickens said he's seen oil move […]

todayJanuary 13, 2018 104

Business & Lifestyle

Circuit City to relaunch as online store in February

LAS VEGAS/NEW YORK (UPI) -- Electronics retailer Circuit City announced it plans to relaunch its brand after going out of business. Circuit City CEO Ronny Shmoel announced the brand relaunch at the Consumer Electronics Show in Las Vegas on Monday, stating it will focus on the retail verticals of e-commerce, mobile, technology, omni-channel commerce. "Under new ownership, Circuit City will relaunch with a dynamic, social-focused e-commerce site, along with various concepts of innovative retail stores, and unprecedented e-commerce technology offerings," the company said. […]

todayJanuary 11, 2018 38

Business & Lifestyle

Dropbox confidentially files for IPO

SAN FRANCISCO (UPI) -- File-storage company Dropbox confidentially filed for a U.S. initial public offering Thursday, people familiar with the matter said. The company, valued at $10 billion, is expected to make the public offering led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. in the first half of this year, Bloomberg reported. Non-public filings have occurred more often since July, when the U.S. Securities and Exchange Commission began allowing all companies to file early IPO documents confidentially. A total of 26 U.S. […]

todayJanuary 11, 2018 37

Business & Lifestyle

COUNTRY Financial to award area students $20,000 in scholarships

NOKOMIS (Heartland Newsfeed) -- The Central Illinois COUNTRY Financial® representatives are offering ten $2,000 scholarships to college-bound students in the area. Students who graduated, or will graduate from Sangamon, Menard, Macoupin, Montgomery, Cass, Morgan and Greene county high schools have the opportunity to apply for the COUNTRY Financial Community Scholarship. More information about the COUNTRY Financial Community Scholarship and other scholarships offered through the Community Foundation for the Land of Lincoln can be found now through December 31, 2017 at: http://www.cfll.org/Home.aspx Students may […]

todayJanuary 9, 2018 118

Automotive News

Section of Illinois DUI law ruled unconstitutional

CHICAGO (Heartland Newsfeed) -- Law enforcement officers investigating cases involving pending DUI charges will now require a warrant to be presented before drawing blood and urine samples from suspected impaired drivers, according to a split decision in an Illinois court of appeals. The Illinois Appellate Court of the First District in Chicago ruled in a 2-1 decision that part of the state's current DUI law was unconstitutional, thus reversing a conviction of Ralph Eubanks, who was sentenced to four decades in […]

todayJanuary 7, 2018 101

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