Local Focus.(Business)

Sears completes credit card unit sale

HOFFMAN ESTATES - Citigroup Inc. completed the $31.8 billion acquisition of Sears Roebuck & Co.' s credit card and financial products business Monday, opening the door for the nation's biggest financial services company to start nursing the struggling unit back to health. Citigroup said the terms included a 10 percent, or $2.9 billion, premium on Sears private label and bank card credit card receivables. Sears and Citigroup also signed a multiyear marketing and servicing pact across a range of each company's businesses.

CCH to collaborate with Ernst & Young

RIVERWOODS - CCH Inc., said Monday it has formed an alliance with Ernst & Young LLP. CCH's Tax and Accounting unit will offer Ernst & Young's Online Tax Advisor to certified public accountants and other accountants via the CCH Tax Research NetWork Internet service. The service offers access to more than 300 Ernst & Young specialty tax practices professionals. CCH supplies tax law information, software and services.