Economy

Economy

Trade war escalates as China announces tariffs on U.S. imports

BEIJING (AP) — The U.S.-China trade war escalated further Tuesday, with China announcing retaliatory tax increases on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals.

Family Checkbook | Financial coaching a new trend

"Where can I receive help with my money management?" is a question that I hear regularly.

Many financial professionals, with different credentials and approaches, assist people with investing decisions but historically not many help with personal financial goals related to managing daily spending, saving for personal goals and managing debt.

UI's enrollment influx has tuition, fee income up 4.6% over last year

URBANA — All those new students at the University of Illinois this fall are bringing in another $62.6 million in tuition and fee income, up 5 percent over last year.

Even with a fourth consecutive tuition freeze for in-state students, the UI will see significant income growth because of a 2.7 percent enrollment increase across its three campuses, to nearly 85,597 students, a new high.

Frasca International lands biggest-ever contract for Navy helicopter simulators

URBANA — In its 60th year, Frasca International has landed the largest contract in company history.

Over the next two years, the Urbana-based flight-simulation company will build 10 helicopter simulators for pilots training at a Naval air station in Florida.

Report finds Wall Street salaries highest since 2008 crisis

ALBANY, N.Y. (AP) — Salaries on Wall Street rose last year to their highest level since the 2008 financial crisis, according to a report issued Monday by New York state Comptroller Thomas DiNapoli.

The report puts the average salary in New York City's securities industry in 2017 at $422,500, a 13 percent increase over the year before the highest since 2008.

U.S., European Union, China vie for influence in Eastern Europe

BUCHAREST, Romania (AP) — President Donald Trump on Monday reaffirmed Washington's support for a business summit that aims to boost connectivity in Eastern Europe and improve ties between the region and the U.S. and European Union.

Co-founder of Salesforce buys Time magazine

WASHINGTON (AP) — Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce, and his wife, it was announced Sunday.

Meredith announced that it was selling Time magazine for $190 million in cash to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.

N-G Exclusive | Amazon commits $1 million for academic 'redshirt' program

URBANA — Amazon is committing $1 million over five years to support an academic "redshirt" program for University of Illinois students in science and engineering.

Industrial production rises 0.4% in August

WASHINGTON (AP) — U.S. industrial production rose by a healthy 0.4 percent in August, boosted by gains in the production of autos, oil and natural gas.

Retail sales up just 0.1% after previous strong gain

WASHINGTON (AP) — U.S. retail sales barely rose in August as consumers slowed their spending after a robust month of shopping in July.