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POSTED: Friday, October 09, 2009

Fed chief holds line on interest rates

WASHINGTON » Federal Reserve Chairman Ben Bernanke sent a fresh signal yesterday that he's in no rush to reverse course and start boosting interest rates.

The Fed's key bank lending rate is at a record low near zero and will probably stay there for an “;extended period,”; Bernanke told a Fed conference here. That echoed the pledge he and his colleagues made at their meeting in late September. The goal: Super-low rates will entice people and businesses to spend more, nurturing the budding recovery.

Although Bernanke has previously said the United States is likely out of recession, he has warned that the recovery won't be robust enough to prevent the unemployment rate — now at a 26-year high of 9.8 percent — from rising. It is expected to top 10 percent this year.

 

Sale of Chicago media group OK'd

WILMINGTON, Del. » A Delaware bankruptcy judge approved yesterday the sale of the Chicago Sun-Times and other newspapers owned by its parent company to a group led by Chicago businessman Jim Tyree.

The Tyree group offered to pay $5 million for the assets of the Sun-Times Media Group Inc., which includes the Chicago tabloid and more than 50 suburban publications. The investors also plan to assume about $22 million in liabilities.

A major hurdle to closing the deal was cleared Wednesday when leaders of five unions that had rejected contract concessions demanded by Tyree tentatively agreed to contract changes.

 

ON THE MOVE

;  Ho'ala Landscape and Maintenance has appointed Suzette Julian to janitorial/ housekeeping manager and safety coordinator. She was previously a lead housekeeper at Westside Maintenance Maid Services and safe-street block leader at Lake City Community Center in Lakewood, Wash.

Ohia Productions has announced its new directors: Devon Nekoba, vice president; Shannon Okinaka, treasurer; Dwayne Fujitani; and Natalie McKinney. Other staff members: Zan Timtim, executive director; Reiko Ho, education director; Mei Nakano, program manager; Neil Furukawa, project manager; Stacey Naki, project coordinator; Angela Angel-Baehrens, guest playwright; and Patrick Fujioka, guest director.