Economy

Economy

Cuts likely in future for grain farmers

CHAMPAIGN — Illinois grain farmers will likely need to cut expenditures in the coming year, with University of Illinois agricultural economists projecting sharply lower farm income for the 2014-15 and 2015-16 marketing years.

Net income per farm averaged well over $100,000 each of the four previous years, falling to $127,000 in 2013 after reaching a high of about $300,000 in 2012.

Ameren, ComEd get OK to raise rates in Illinois

SPRINGFIELD, Ill. (AP) — The Illinois Commerce Commission has approved rate increases for the state's two main electric utilities.

Oil prices fall further after IEA cuts forecast

NEW YORK (AP) — Oil prices fell further Friday after the International Energy Agency lowered its forecast for global oil demand next year.

Rantoul looking at increasing sales tax

RANTOUL — The village board is studying possibly raising the sales tax by a quarter of a cent. It would generate about $224,000 annually and would bring Rantoul in line with Champaign's 9 percent sales tax.

It would not affect the sale of groceries, prescription drugs or licensed vehicles.

Oil closes below $60, 1st time since July 2009

The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.

On the money, Dec. 10, 2014

On the money: A local look at the cost of doing business

$160

Land prices all over place

THOMASBORO — A St. Charles woman with roots in Champaign County successfully bid $11,100 an acre for 160 acres of irrigated farmland east of Thomasboro.

Flash index rises for November

URBANA — The University of Illinois flash index increased slightly in November, indicating continued expansion in the Illinois economy.

The index rose from 106.5 in October to 106.6 in November, according to J. Fred Giertz, who compiles the index for the UI Institute of Government and Public Affairs.

Sears space to be demolished at Market Place

CHAMPAIGN — The former Sears store at Market Place Shopping Center is likely to be torn down early next year to make way for a new development.

Champaign Market Place LLC on Tuesday applied for a demolition permit from the city of Champaign for the nearly 160,000-square-foot building that anchors the east end of the mall.