Business & Economy
Associated Press/Photo by Andrew Harnik

Trump to name Powell as next Fed chairman

by Lynde Langdon
Posted 11/02/17, 12:50 pm

President Donald Trump is expected to name Federal Reserve board member Jerome Powell to succeed Chairwoman Janet Yellen when her term expires in 2018. Powell, 64, has supported Yellen’s cautious approach to raising interest rates. He spent years working at investment firms, but unlike the past three Fed leaders doesn’t have a doctorate degree in economics. Investment strategist Mona Mahajan of Allianz Global Investors said Powell, like Trump, might be more inclined than Yellen to relax some of the stricter regulations that were imposed on banks after the 2008 financial crisis.

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Associated Press/Photo b Anne Ryan/University of Chicago

Chicago economist wins Nobel prize

by Lynde Langdon
Posted 10/09/17, 11:48 am

Richard Thaler of the University of Chicago won the Nobel Prize in economics Monday for research showing people’s financial choices often don’t follow rational economic theory. His work brought greater understanding of the psychology of economics, Swedish Academy of Sciences Secretary-General Goran Hansson said.

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Associated Press/Photo by Mary Altaffer, file

Toys R Us declares bankruptcy

by Lynde Langdon
Posted 9/19/17, 10:41 am

Toys R Us announced late Monday it had filed for Chapter 11 bankruptcy protection to ward off creditors owed $5 billion. The company said its stores would remain open for business as usual through the holiday shopping season. The retailer has struggled since its heyday in the 1980s and ’90s as toy sales have migrated online and to discount retailers such as Walmart. More recently, children have turned away from traditional toys and toward mobile devices for entertainment.

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