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Fed raises key interest rate
The Federal Reserve raised short-term interest rates by a quarter of a percentage point on signs that the economy is improving, and suggested it may make similarly sized increases in the future.

Sears to buy, convert up to 54 Kmart stores
Sears, Roebuck & Co. said it will buy up to 54 Kmart Corp. stores for about $620 million, giving Sears more free-standing locations to better compete with Target, Kohl's and other retailers that don't anchor shopping malls.

New Motorola device weds phone with two-way pager
Motorola Inc. on Wednesday unveiled its new peekaboo device that looks like a phone on the outside, but can be flipped open to reveal a keyboard to send e-mail and instant messages.

Rates drop today on some SBC packages, services
SBC Illinois said rates on some of its residential phone packages and services like caller ID have decreased under an annual rate-setting formula, according to filings with Illinois regulators.

Appeals court OKs Microsoft antitrust deal
WASHINGTON -- A U.S. appeals court on Wednesday unanimously approved the landmark antitrust settlement Microsoft Corp. negotiated with the Justice Department, setting aside objections by Massachusetts that sanctions were inadequate against the world's largest software company.

Boeing to sell aircraft electronics unit to BAE
DALLAS -- Boeing Co. said Wednesday it plans to sell its Texas-based commercial aircraft electronics business to BAE Systems. Financial terms were not disclosed.

Developer wants to put 140-unit building at Marigold Bowl site
A North Side developer intends to build 140 condominiums on the site of the now closed Marigold Bowl, 828 W. Grace.

Biz, consumers benefit from tech innovation
Have you had your fill of technology? Is the technology you already have really "good enough"?

Monkey portfolio besting market at mid-year point
Mr. Adam Monk can do no wrong. Most of the time. The Sun-Times stock-picking monkey is again putting Wall Street's rat pack to shame. His five-stock portfolio, selected at the start of 2004, has a year-to-date gain of 14 percent.

A month left for Innovation Awards nominations
Innovation comes in many shapes and in all industries, but it's the spirit of innovation that is common throughout.

Business Briefs

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