BUSINESS
Krispy Kreme To Offer New Holiday Doughnuts
By Grant McCormick, The Chicago Times November 22, 2022 CHARLOTTE, NC – Doughnut giant Krispy Kreme announced three new holiday doughnuts along with its traditional Santa’s Bake Shop collection to its holiday lineup this November. Krispy Kreme will introduce sugar cookie, gingerbread cookie crumb, and red velvet cake doughnuts. SugarContinue reading “Krispy Kreme To Offer New Holiday Doughnuts “
Bally’s Closes On $200 Million Casino Deal In River North
By Al Brown, The Chicago Times November 21, 2022 CHICAGO – Bally’s has closed the deal on its location for a casino in Chicago’s River West neighborhood. Bally’s announced the purchase of the Freedom Center printing plant which is the current headquarters of local Chicago paper. When completed, the $1.74Continue reading “Bally’s Closes On $200 Million Casino Deal In River North “
Tesla Recalls 30,000 Model X Cars
By Jeff L. Tucker, The Chicago Times November 18, 2022 AUSTIN, TX – Tesla to recall nearly 30,000 Model X vehicles in the United States over an issue that may cause the front passenger airbag to deploy incorrectly. In a filing with US regulators, Tesla engineers confessed that the airbagContinue reading “Tesla Recalls 30,000 Model X Cars”
Uber Revenue Up 72%
By John McPhaul, The Chicago Times November 16, 2022 SAN FRANCISCO – Uber Technologies, Inc revenues climbed 72% in the third quarter report. On Tuesday, Uber reported $8.3 billion in revenue for the three months ending in September, a 72% increase from the prior year. Despite economic woes of inflationContinue reading “Uber Revenue Up 72% “
Kodak Reports Third-Quarter 2022 Financial Results
By Willard W. Hughes, The Chicago Times November 08, 2022 ROCHESTER, NY – Eastman Kodak Company reported financial results for the third quarter 2022. “For the third quarter of 2022, Kodak delivered year-over-year revenue growth for the sixth consecutive quarter. I’d like to thank our loyal customers and our employeesContinue reading “Kodak Reports Third-Quarter 2022 Financial Results”
Ford To Leave Russia
By Brooks M. Deering, The Chicago Times October 27, 2022 DEARBORN, MI – Ford Motor Company announced Wednesday that it will exit Russia in response to the prolonged Russian invasion of Ukraine. Ford representatives said a deal has been finalized to sell its 49% stake in the Russian based SollersContinue reading “Ford To Leave Russia”
French Government Orders Striking Fuel Refinery Employees To End Strike
By Willard W. Hughes, The Chicago Times October 12, 2022 PARIS – The French government announced it will order striking refinery workers back to work after fuel shortages threaten France’s national security. Union workers at an ExxonMobil Esso France fuel depot have been on strike for weeks which has ledContinue reading “French Government Orders Striking Fuel Refinery Employees To End Strike”
Rivian Stock Plummets After Massive Vehicle Recall
By H. Mannheim, The Chicago Times October 11, 2022 NEW YORK – Shares of Rivian Automotive Inc shed 7.3% on Monday after the electric-vehicle maker announced a massive recall last week. Rivian, which is financed by Amazon, announced last Friday a recall of nearly 13,000 vehicles that may have aContinue reading “Rivian Stock Plummets After Massive Vehicle Recall”
Toyota Announces Possible Leak Of Customer Data
By Jeff L. Tucker, The Chicago Times October 8, 2022 TOYOTA, JAPAN – Toyota Motor Corporation announced Friday that nearly 296,000 pieces of customer data has been leaked from its T-Connect service. Toyota revealed that 296,019 email addresses and customer numbers of those using the company’s telematics service T-Connect, whichContinue reading “Toyota Announces Possible Leak Of Customer Data”
Musk Ordered To Close Twitter Deal By Oct 28
By Brooks M. Deering, The Chicago Times October 7, 2022 DELAWARE – A Delaware Chancery judge ordered Elon Musk to complete his acquisition of Twitter by October 28 to avoid a trail. Musk, CEO of Tesla, announced he would return to his original agreed price of $54.20 a share ifContinue reading “Musk Ordered To Close Twitter Deal By Oct 28”
Merck To Allow Sinopharm To Sell Covid Drug In China
By Brooks M. Deering, The Chicago Times September 29, 2022 NEW YORK — Merck & Co announced on Wednesday that it will allow China based Sinopharm to distribute and import Merck’s COVID-19 antiviral drug molnupiravir in China, pending approval by the Chinese government. In a statement, Merck said it reachedContinue reading “Merck To Allow Sinopharm To Sell Covid Drug In China”
Northrop Grumman: Delivers Over 100,000 Artillery Guidance Kits To US Army
By John McPhaul, The Chicago Times September 29, 2022 FALLS CHURCH, VA — Northrop Grumman Corporation announced Wednesday the delivery of more than 100,000 Precision Guidance Kits for 155mm artillery projectiles to the U.S. Army. The PGK replaces standard fusing for conventional projectiles currently in inventory. “PGK’s precision provides aContinue reading “Northrop Grumman: Delivers Over 100,000 Artillery Guidance Kits To US Army“
TreeHouse Foods Announces Recall Of Italian Dressing
By The Chicago Times Business Staff September 23, 2022 OAK BROOK, IL – TreeHouse Foods, Inc. announces a voluntarily recall of Restaurant Style Italian Dressing sold under the brand name Tuscan Garden. “The recall is being conducted because the product is labeled as Restaurant Style Italian Dressing, while some ofContinue reading “TreeHouse Foods Announces Recall Of Italian Dressing”
Metra To Run Normal Schedule
By Jeff L. Tucker, The Chicago Times September 15, 2022 CHICAGO – Metra announced Thursday that schedules will return to normal operations as threat of a rail worker’s strike is over. “We are happy to report that in the overnight hours a tentative agreement was reached between freight railroads andContinue reading “Metra To Run Normal Schedule”
Cineworld Considers Bankruptcy
By The Chicago Times Business Staff August 22, 2022 BRENTFORD, UK — Cineworld, the owner of Regal Cinemas, announced Monday that is considering filing for Chapter 11 bankruptcy in the U.S. “Any such filing would be expected to allow the Group to access near-term liquidity and support the orderly implementationContinue reading “Cineworld Considers Bankruptcy”
Intelligentsia Coffee To Unionize; Patrons Can Expect To Pay More
By Al Brown, The Chicago Times August 9, 2022 CHICAGO – Five of Intelligentsia Coffee’s cafes in Chicago have voted to join a union, making Intelligentsia the third coffee house to go union. Consumers can expect price hikes as Intelligentsia looks to offset union costs. According to the International BrotherhoodContinue reading “Intelligentsia Coffee To Unionize; Patrons Can Expect To Pay More “
Tenneco: Revenue Up 2 Percent In Second Quarter
By Brooks M. Deering, The Chicago Times August 5, 2022 SKOKIE, IL – Tenneco, Inc announced Thursday results for the second quarter ended June 30, 2022. Tenneco reported a loss of $121 million in its second quarter with a per share loss of $1.44. The Skokie based auto parts makerContinue reading “Tenneco: Revenue Up 2 Percent In Second Quarter”
KKR To Sell Minnesota Rubber and Plastics to Trelleborg Group
By John McPhaul, The Chicago Times August 3, 2022 NEW YORK – Investment firm Kohlberg Kravis Roberts & Co announced Tuesday an agreement to sell Minnesota Rubber and Plastics to Trelleborg Group for $950 million. KKR purchased MRP, a leader in engineered polymer solutions, in November 2018 and ushered inContinue reading “KKR To Sell Minnesota Rubber and Plastics to Trelleborg Group”
Starbucks Beats Wall Street Estimates
by Sloan T. Wilson, The Chicago Times August 3, 2022 SEATTLE – Starbucks announced Tuesday better than expected quarterly earnings and revenue, beating Wall Street estimates. Starbucks announced earnings of 84 cents per share and revenue of $8.15 billion versus Wall Street consensus of earnings of 75 cents per shareContinue reading “Starbucks Beats Wall Street Estimates”
Recession Feared: GDP Falls 0.9% In The Second Quarter
By Willard W. White, The Chicago Times WASHINGTON – The US economy shrank for the second consecutive quarter moving the economy into a technical recession as inflation and higher interest rates restrain consumers and industry. Gross domestic product, the broadest measure of goods and services produced throughout the economy, fellContinue reading “Recession Feared: GDP Falls 0.9% In The Second Quarter “
JetBlue To Buy Spirit For $3.8 Billion
By Jeff L. Tucker, The Chicago Times July 28, 2022 NEW YORK – JetBlue Airways announced a $3.8 Billion deal on Thursday to purchase Spirit Airlines. “We are excited to deliver this unbeatable combination that turbocharges our strategic growth, enabling JetBlue to bring our unique blend of low fares andContinue reading “JetBlue To Buy Spirit For $3.8 Billion”
Ferrero To Sweeten Chicago With Major Investment
By Al Brown, The Chicago Times July 15, 2022 CHICAGO – Candy giant Ferrero to further investment in Illinois with innovation center in Chicago. Ferrero North America announced Thursday they plan to construct a new innovation center in Chicago’s Marshall Field and Company Building. Ferrero said the 45,000 square footContinue reading “Ferrero To Sweeten Chicago With Major Investment”
Inflation Soars To 9.1% in June
By Sloan T. Wilson, The Chicago Times July 13, 2022 WASHINGTON — The Bureau of Labor Statistics reported Wednesday the consumer price index, an aggregate measure of everyday goods and services, increased to 9.1% from a last June, outpacing the 8.8% Dow Jones estimate. Excluding volatile food and energyContinue reading “Inflation Soars To 9.1% in June”
KKR To Expand Industrial Real Estate Portfolio
By Sloan T. Wilson, The Chicago Times July 9, 2022 NEW YORK — Kohlberg Kravis Roberts & Co. Inc. announced the purchase of 6300 Providence Way, a Class A warehouse property located in Eastvale, California. According to KKR, the property totals 281,000 square-feet of warehouse space with 32-foot clear heights. Continue reading “KKR To Expand Industrial Real Estate Portfolio”
Payrolls Increased 372,000 In June
By Willard W. Hughes, The Chicago Times July 8, 2022 WASHINTON — Nonfarm payrolls increased 372,000 in June which beat the Dow Jones estimate of 250,000, according to data from the Bureau of Labor Statistics. The unemployment rate remained flat at 3.6% from May. Nonfarm payrolls in May were revisedContinue reading “Payrolls Increased 372,000 In June”
Ford Outperforms Industry In June
By Jeff L. Tucker, The Chicago Times July 5, 2022 DEARBORN, MI – Ford Motor Company announced Tuesday that total US sales reached 152,262 vehicles in June with EV sales jumping 77 percent. According to Ford, total US shares in June increased to 12.9 percent as sales outperformed the industry. Continue reading “Ford Outperforms Industry In June”
Newmont Agrees To Profit Sharing Agreement with Peñasquito Union
By Brooks M. Deering, The Chicago Times July 5, 2022 DENVER — Newmont Corporation agreed to a profit-sharing agreement with unionized workers at the Company’s Peñasquito mine in Zacatecas, Mexico. The gold mining giant announce the agreement Tuesday in which its subsidiary, Newmont Peñasquito, will pay union workers an uncappedContinue reading “Newmont Agrees To Profit Sharing Agreement with Peñasquito Union”
Walgreens To Retain Ownership Of Its Successful Boots Business
By The Chicago Times Business Staff June 29, 2022 DEERFIELD, IL — Walgreens Boots Alliance, Inc. announced Tuesday its decision to keep its Boots and No7 Beauty Company businesses under its existing According to WBA, “. . . productive discussions held with a range of parties, receiving significant interest fromContinue reading “Walgreens To Retain Ownership Of Its Successful Boots Business”
Wheels Falling Off: Toyota Recalls First Production Electric Car and Tundra Series
By Jeff L. Tucker, The Chicago Times June 27, 2022 PLANO, TX – Auto giant Toyota has issued recalls for its first production electric car and Tundra series pickup trucks for problems in which nuts or bolts can become lose causing wheels or axles to disconnect. On Thursday, Toyota MotorContinue reading “Wheels Falling Off: Toyota Recalls First Production Electric Car and Tundra Series”
Teamsters Threaten U.S. Foods Over Contract Negotiations
By Sloan Wilson, The Chicago Times June 23, 2022 SALEM, VA – The International Brotherhood of Teamsters has threatened work stoppages as contract negotiations with US foods become contentious. According to a press release by the Teamsters “Workers at a growing number of US Foods Distribution Centers throughout the EastContinue reading “Teamsters Threaten U.S. Foods Over Contract Negotiations”
McDonald’s Agrees To Pay France $1.3 Billion In Tax Fraud Case
By The Chicago Times Business Staff June 18, 2022 PARIS — McDonald’s has agreed to pay over $1.3 billion to the French state on Thursday to settle a tax fraud case after years of alleged tax evasion. The tax fraud investigation was opened in 2016 after a legal complaint byContinue reading “McDonald’s Agrees To Pay France $1.3 Billion In Tax Fraud Case”
EU: Hungary Rejects Globalist Minimum Corporate Tax Rate Reform
By Brooks M. Deering, The Chicago Times June 17, 2022 BUDAPEST — Hungary’s Finance Minister Mihaly Varga announced that his nation will not support a minimum global corporate tax rate. The European Union was expected to finalize an agreement Friday to set a minimum corporate tax rate of 15%, inContinue reading “EU: Hungary Rejects Globalist Minimum Corporate Tax Rate Reform”
Ford To Recall 2.9 Million Vehicles
By Jeff L. Tucker, The Chicago Times June 17, 2022 DEARBORN, MI – Ford Motor Company has announced a recall of 2.9 million vehicles with faulty transmissions that could lead to rollaway crashes. The recall covers the following models: Fusion (2013-2021), Escape (2013-2019), C-Max (2018), Transit Connect (2013-2021), and EdgeContinue reading “Ford To Recall 2.9 Million Vehicles”
Caterpillar Flees Illinois For Better Future
By Jeff L. Tucker, The Chicago Times June 14, 2022 DEERFIELD, IL – Heavy equipment giant Caterpillar Inc. announced Tuesday that it will relocate its global headquarters to Irving, Texas. Caterpillar’s global headquarters was moved to Deerfield in 2018 from Peoria for over 90 years. For over 60 years IllinoisContinue reading “Caterpillar Flees Illinois For Better Future”
Caterpillar To Increase Dividend
By Sloan T. Wilson, The Chicago Times June 11, 2022 DEERFIELD, IL – The Board of Directors of Deerfield based Caterpillar Inc. (CAT) approved an increase to the quarterly cash dividend by 9 cents, an 8% increase, to $1.20 per share of common stock, payable August 19, 2022, to shareholders of record at the closeContinue reading “Caterpillar To Increase Dividend”
Texas AG To Investigate Twitter For Possible Deceptive Trade Practices
By Willard Hughes, The Chicago Times June 8, 2022 AUSTIN, TX – Texas Attorney General to launch investigation into Twitter for possible deceptive trade practices as Elon Musk attempts to purchase the social media company. Texas Attorney General Ken Paxton announced that his office is investigating Twitter for potential falseContinue reading “Texas AG To Investigate Twitter For Possible Deceptive Trade Practices”
EPA To Require More Ethanol In Gas
by John McPhaul, The Chicago Times June 5, 2022 WASHINGTON — The Environmental Protection Agency announced Friday a new set of requirements that increase the amount of ethanol to be blended into the nation’s gasoline supply. Most gasoline sold in the U.S. contains 10% ethanol and is a major economicContinue reading “EPA To Require More Ethanol In Gas”
Walmart Working With Suppliers To Lower Prices
by Sloan T. Wilson, The Chicago Times June 5, 2022 BENTONVILLE, AR — Top Walmart executives disclosed to investors on Friday some suppliers have been responding to Walmart’s efforts to lower prices for customers in the face of high inflation, material, and labor costs. “There are certain suppliers that haveContinue reading “Walmart Working With Suppliers To Lower Prices”
Amazon To Axe Kindle Out Of Communist China
By Brooks M. Deering, The Chicago Times June 2, 2022 BEIJING – Amazon.com to end Kindle device and services in communist China. On Thursday, Amazon announced the decision on WeChat, saying it was pulling the Kindle from the communist Chinese market, but Amazon’s remaining operations, not restricted by the communistContinue reading “Amazon To Axe Kindle Out Of Communist China”
Ford To Pay $19 Million To Settle Misleading Fuel Economy Claims
by Jeff L. Tucker, The Chicago Times May 25, 2022 DEARBORN, MI — Ford Motor Company to settle claims by 40 U.S. state attorneys general that the auto giant made misleading claims about fuel economy and payload capacity of various vehicles. In a settlement filed on Tuesday in San DiegoContinue reading “Ford To Pay $19 Million To Settle Misleading Fuel Economy Claims”
City Council Expected To Rubber Stamp Bally’s Chicago Casino
by Al Brown, The Chicago Times May 25, 2022 CHICAGO – The Chicago City Council is expected to rubber stamp Mayor Lori Lightfoot’s Bally’s Chicago Casino in River West. In a Monday meeting, 27 members on a special committee, appointed by Lightfoot, approved the proposed $1.73 billion dollar casino whichContinue reading “City Council Expected To Rubber Stamp Bally’s Chicago Casino”
Stellantis To Build EV Battery Plant In North America
by Jeff L. Tucker, The Chicago Times May 24, 2022 AMSTERDAM – Stellantis, parent company of Chrysler, announces partnership with Samsung SDI to build electric vehicle battery plant in the North America. On Tuesday, Stellantis and Samsung agreed to a $2.5 billion joint investment that is estimated to create 1,400Continue reading “Stellantis To Build EV Battery Plant In North America”
UK Inflation Matches US, Soars To Highest Point In 40 Years
by Sloan T. Wilson, The Chicago Times May 19, 2022 LONDON – United Kingdom’s inflation rate breaks 40 year high on par with United States. Recession and stagflation expected. According to the British Office for National Statistics, inflation for consumer goods reached 9%, in April, which has not been seenContinue reading “UK Inflation Matches US, Soars To Highest Point In 40 Years”
ComEd To Hire 180 New Entry-level Employees in 2022
by Grant McCormick, The Chicago Times May 17, 2022 CHICAGO – ComEd announces expansion of apprenticeship program to hire entry level workers to meet future demand. “Illinois’ clean energy transformation requires a highly trained energy workforce, and ComEd is investing to expand apprenticeship pathways and to recruit more diverse, localContinue reading “ComEd To Hire 180 New Entry-level Employees in 2022”
Chicagoland Starbucks Store Rejects Workers United
by The Chicago Times Business Staff May 8, 2022 LA GRANGE, IL – Starbuck’s employees in La Grange have rejected an attempted unionization ploy by Workers United. The La Grange Starbucks filed for representation with Workers United, an affiliate of the notorious Service Employees International Union (SEIU), back in January. Continue reading “Chicagoland Starbucks Store Rejects Workers United”
Electric Company To Plant Trees
by Sloan T. Wilson April 23, 2022 CHICAGO – ComEd announced that it will donate over 3,300 trees and shrubs to northern Illinois communities to honor Arbor Day. In collaboration with the Arbor Day Foundation’s Energy-Saving Trees program, ComEd has pledged to distribute trees and shrubs to 255 communities duringContinue reading “Electric Company To Plant Trees”
Metra To Expand Rail Service
by Jeff L. Tucker, The Chicago Times April 8, 2022 CHICAGO – Metra to expand rail service on its UP Northwest Line and UP North Line starting April 25th. Metra has announced that it will “significantly” expand weekday service on its UP Northwest Line and modification to its UP NorthContinue reading “Metra To Expand Rail Service”
Amazon Workers Reject Unionization In Alabama
by Al Brown, The Chicago Times March 31, 2022 BESSEMER, AL – It appears that Amazon warehouse workers in Bessemer, Alabama have rejected unionization attempts this Thursday with a vote 993 to 875 against forming a union. However, the National Labor Relations Board stated that 416 challenged votes could overturnContinue reading “Amazon Workers Reject Unionization In Alabama”
German Luftwaffe To Purchase F-35 Fighter Jets
By John McPhaul, The Chicago Times March 16, 2022 BERLIN – German Luftwaffe will purchase 35 F-35 fighter jets produced by U.S. based aerospace giant Lockheed Martin. The Luftwaffe made the announcement shortly after German Chancellor Olaf Scholz stated Germany will rearm its military to counter possible Russian aggression. Olaf’sContinue reading “German Luftwaffe To Purchase F-35 Fighter Jets”
U.S. GAS PRICES SURGE AS WAR RAGES IN EUROPE
By Jeff L. Tucker, The Chicago Times March 5, 2022 CHICAGO – American motorists experience sticker shock as gas prices rocket to the top of the market. According to government economists, prices at the pump have exploded nearly 25 cents over the past week as the price of oil risesContinue reading “U.S. GAS PRICES SURGE AS WAR RAGES IN EUROPE”
Home Depot Believes Lumber Prices Will Continue To Fluctuate
By Al Brown, The Chicago Times February 22, 2022 ATLANTA — Home Depot holds firm that lumber prices will continue to fluctuate for the foreseeable future. According to incoming CEO Ted Decker, “When lumber hit those extraordinary highs in the early part of last year, we saw a dramatic unitContinue reading “Home Depot Believes Lumber Prices Will Continue To Fluctuate”
McDonald’s Ends 2021 Strong Despite Rising Prices
By The Chicago Times Business Staff January 27, 2022 CHICAGO – McDonald’s finishes strong for 2021 despite rising meat prices. The Chicago based fast food giant announced that same-store sales rose 12.3% for the quarter, which was about 10% higher than Wall Street expected. US same-store sales increased 7.5%, whichContinue reading “McDonald’s Ends 2021 Strong Despite Rising Prices”
Federal Reserve Moves Toward Rate Hike As Inflation Rages
By Sloan T. Wilson, The Chicago Times January 24, 2022 WASHINGTON — The Federal Reserve will likely begin raising interest rates in March for the first time in three years as inflation rages throughout the nation. Many of the central bank officials support the rate hike, which some economists believeContinue reading “Federal Reserve Moves Toward Rate Hike As Inflation Rages”
Toyota: Land Cruiser Is Sold Out, US Frozen Out
By Jeff L. Tucker, The Chicago Times January 21, 2022 TOYOTA, JAPAN – Toyota announced that the new Land Cruiser SUV is sold out for the next four years due to production shortages and high demand. “We sincerely apologize for the fact that Land Cruiser has been very well receivedContinue reading “Toyota: Land Cruiser Is Sold Out, US Frozen Out”
American Airlines Loses $931 million In Fourth Quarter
By Sloan T. Wilson, The Chicago Times January 20, 2022 FORT WORTH, TX – American Airlines reported a loss of $931 million in the fourth quarter. American Airlines said first quarter revenue is estimated to be lower by 22% in comparison to the first quarter of 2019. American Airlines reportedContinue reading “American Airlines Loses $931 million In Fourth Quarter”
Microsoft To Buy Activision Blizzard $70 Billion
By John McPhaul, The Chicago Times January 18, 2022 REDMOND, WA — Microsoft announced the purchase of game maker Activision Blizzard for nearly $70 Billion. According to a press release, the all cash purchase will elevate Microsoft, famous for the Xbox gaming system, into one of the largest videogame companiesContinue reading “Microsoft To Buy Activision Blizzard $70 Billion”
Lockheed Martin Exceeds F-35 Delivery Goals
By Al Brown, The Chicago Times January 8, 2022 FORT WORTH, TX – On January 3, Lockheed Martin announced it has exceeded 2021 delivery goals for 2021. The aerospace giant delivered three more F-35s than planned in 2021 to the United States and other international customers. According to Lockheed Martin,Continue reading “Lockheed Martin Exceeds F-35 Delivery Goals”
Chicago: Starbucks Workers Move To Form Union
By John McPhaul, The Chicago Times January 4, 2022 CHICAGO – Workers at a Loop area Starbucks are pushing to unionize, joining a growing trend in North America for the coffee chain. Last week, 14 workers at a Loop area store submitted signed cards to join the Service Employees InternationalContinue reading “Chicago: Starbucks Workers Move To Form Union”
Ford To Double Production Of F-150 Lightning
By The Chicago Times Business Staff January 4, 2022 DETROIT — Ford Motor Company announced today that it will double annual production of its F-150 Lightning electric pickup truck to 150,000 vehicles as orders for the vehicle have reached almost 200,000 ahead of its spring debut. Ford’s production increase isContinue reading “Ford To Double Production Of F-150 Lightning”
Criminals Put On Notice: Illegal Income Must Be Reported To IRS
By Al Brown, The Chicago Times December 30, 2021 WASHINGTON – According to the IRS, individuals who earned income from illegal activities must include it in their 2021 filings. “If you steal property, you must report its fair market value in your income in the year you steal it unlessContinue reading “Criminals Put On Notice: Illegal Income Must Be Reported To IRS”
GasBuddy Predicts $4 Per Gallon by Middle Of 2022
By The Chicago Times Business Staff December 30, 2021 BOSTON – According to fuel price watcher GasBuddy, Americans nationwide will be paying $4 per gallon for gas in the near future. GasBuddy estimates are based on rising demand “post pandemic recovery” and tightening oil supplies. GasBuddy believes prices will peakContinue reading “GasBuddy Predicts $4 Per Gallon by Middle Of 2022”
Pullman Area To Go Hydroponic
By The Chicago Times Business Staff December 30, 2021 CHICAGO – Vertical Harvest, a Wyoming-based agriculture company, announced on Dec 27 it will build a hydroponic farm in Pullman. According to Vertical Harvest, construction will begin in early 2022 on a $40 million, 63,000-square-foot farm adjacent to the Pullman WheelworksContinue reading “Pullman Area To Go Hydroponic”
Delta Air Lines Calls China’s New COVID Sanitation Rules Unreasonable
By John McPhaul, The Chicago Times December 29, 2021 SEATTLE — According to Delta Air Lines, a Delta aircraft from Seattle enroute to Shanghai last week turned around midair due to a change in cleaning requirements at the Shanghai airport. Delta said that if the plane had landed in Shanghai,Continue reading “Delta Air Lines Calls China’s New COVID Sanitation Rules Unreasonable”
ComEd Customers Save $6 Billion Under ComEd Energy Efficiency Program
By The Chicago Times Business Staff December 28, 2021 CHICAGO – On December 20, ComEd announced that customers saved more than $6 billion on energy costs as a consequence of the company’s energy efficiency initiative, which began in 2008. The ComEd Energy Efficiency Program is one of the largest inContinue reading “ComEd Customers Save $6 Billion Under ComEd Energy Efficiency Program”
Inflation Hits A Four-Decade High
By The Chicago Times Business Staff December 26, 2021 NEW YORK — A key measure of US inflation rose 5.7% in the 12 months ended in November. According to the Bureau of Economic Analysis the Price Consumer Expenditure Price Index had the fastest increase in the consumer spending price indexContinue reading “Inflation Hits A Four-Decade High”
UPS TO PURCHASE 19 BOEING 767 FREIGHTERS
By Sloan T. Wilson, The Chicago Times December 23, 2021 CHICAGO — Boeing announced on Tuesday that UPS has ordered 19 Boeing 767 Freighters to serve its customers at a time of robust air cargo demand. “The Boeing 767 is the most versatile aircraft we operate. Our plan to purchaseContinue reading “UPS TO PURCHASE 19 BOEING 767 FREIGHTERS”
Striking Kellogg Workers Reach Agreement
By Al Brown, The Chicago Times December 22, 2021 BATTLE CREEK, MI – Striking workers at Kellogg Co’s breakfast cereal mills in the United States voted in favor of a new contract that offers improved terms for transitional staff and across-the-board salary increases, the company said in a press releaseContinue reading “Striking Kellogg Workers Reach Agreement”
Amazon To Add 450 Corporate And Technology Jobs
By Sloan T. Wilson, The Chicago Times December 22,2021 CHICAGO – As Amazon’s presence in Illinois grows, the retail giant plans to add corporate and technology jobs in downtown Chicago. In a statement Tuesday, Amazon said it will hire 450 people over the next few years to work in itsContinue reading “Amazon To Add 450 Corporate And Technology Jobs”
Illinois: Minimum Wage To Increase On New Year’s Day
By John McPhaul, The Chicago Times December 21, 2021 SPRINGFIELD, IL — Illinois’ minimum wage will be raised to $12 per hour on January 1, 2022. The $1 raise will be applied to every hour worked in the New Year and is part of legislation passed into law by Gov.Continue reading “Illinois: Minimum Wage To Increase On New Year’s Day”
Northrop Grumman Global Hawk Increases Participation In SkyRange Program
by Al Brown, The Chicago Times December 16, 2021 SAN DIEGO — Northrop Grumman Corporation announced on December 13 that it will assist the Department of Defense Test Resource Management Center (TRMC) in starting engineering and planning work to reconfigure four US Air Force EQ-4 Block 20 Global Hawk aircraftContinue reading “Northrop Grumman Global Hawk Increases Participation In SkyRange Program”
Uber Shares Speed Up With Good News
by The Chicago Times Business Staff December 15, 2021 SAN FRANCISCO — Uber’s stock increased 5% Tuesday despite rising fears about the spread of the coronavirus’ omicron strain. CEO Dara Khosrowshahi, stated on Tuesday that the Uber had its “biggest week ever” in terms of overall gross bookings. In UberContinue reading “Uber Shares Speed Up With Good News”
Hobby Lobby Raises Minimum Wage For Full-time Employees
by The Chicago Times Business Staff December 15, 2021 OKLAHOMA CITY – Hobby Lobby has announced that its minimum full-time hourly wage would be raised to $18.50 on January 1, 2022. Hobby Lobby announced the change on Tuesday, saying that it was one of the first stores to raise itsContinue reading “Hobby Lobby Raises Minimum Wage For Full-time Employees”
MUSK DUMPS MORE TESLA STOCK
by The Chicago Times Business Staff December 14, 2021 AUSTIN, TX — Elon Musk, CEO of SpaceX and Tesla, sold off another 935,000 shares of his electric vehicle firm, valued at around $907 million, according to a SEC filings late Monday. Musk also exercised options to purchase 2.13 million sharesContinue reading “MUSK DUMPS MORE TESLA STOCK”
Demand For Lithium Drive Prices To The Moon
by Sloan T. Wilson, The Chicago Times December 14, 2021 NEW YORK — Lithium prices are climbing at the fastest rate in years, sparking a rush to secure supply and raising concerns about long-term shortages of a critical component in rechargeable batteries that power everything from electric vehicles to smartphones.Continue reading “Demand For Lithium Drive Prices To The Moon”
Evergrande Defaults On Debt?
by The Chicago Times Business Staff December 9, 2021 HONG KONG — According to Fitch Ratings, Evergrande, the troubled Chinese property developer, has defaulted on its loans. The corporation and its subsidiaries were downgraded to “limited default” by the credit ratings agency on Thursday, indicating that the company has failedContinue reading “Evergrande Defaults On Debt?”
CEO Vishal Garg Fires 900 via ZOOM
by John McPhaul, The Chicago Times December 7, 2021 NEW YORK – In a callous move on December 1, 900 employees of Better.com, a real estate company, were invited to an expected holiday themed Zoom call, but were shocked when CEO Vishal Garg gave a three-minute speech informing them thatContinue reading “CEO Vishal Garg Fires 900 via ZOOM”
Kellogg Co To Permanently Replace Union Workers
by Sloan T. Wilson, The Chicago Times December 7, 2021 BATTLE CREEK, MI — On Tuesday, Kellogg Co announced that a majority of its cereal plant workers in the United States voted against a new five-year contract, requiring the company to recruit permanent replacements as employees extend a strike thatContinue reading “Kellogg Co To Permanently Replace Union Workers”
Japan’s Manufacturing Sector Soars
by The Chicago Times Business Staff December 1, 2021 TOKYO — Japan’s manufacturing sector showed the fastest rate of growth in nearly four years in November as output and order books improved as critical supply bottlenecks show signs of easing. On a seasonally adjusted basis, the final au Jibun BankContinue reading “Japan’s Manufacturing Sector Soars”
Microsoft: Nadella Dumps More Than $285 Million Shares Of Microsoft
by The Chicago Times Business Staff December 1, 2021 REDMOND, WA — Microsoft Chairman and CEO Satya Nadella has sold more than half of his investment in the software giant. According to a statement with the Securities and Exchange Commission, Nadella sold almost 840,000 shares of Microsoft right before Thanksgiving,Continue reading “Microsoft: Nadella Dumps More Than $285 Million Shares Of Microsoft”
Allstate Northbrook Site Sold To Warehouse Builder
by John McPhaul and T. C. Mayfield, The Chicago Times November 30, 2021 NORTHBROOK, IL — Allstate announced Monday that it is selling its sprawling headquarters in Northbrook for $232 million to Dermody Properties, a warehouse developer based in Reno, Nevada Dermody’s president, Douglas Kiersey Jr., stated that the siteContinue reading “Allstate Northbrook Site Sold To Warehouse Builder”
Tiffany’s To Unveil New World’s Fair Necklace
by The Chicago Times Business Staff November 28, 2021 NEW YORK — Tiffany & Co. unveiled its most expensive piece of jewelry to date. According to Tiffany & Co. “The World’s Fair Necklace,” was unveiled in Dubai on Sunday and consists of up to 180 carats of diamonds set inContinue reading “Tiffany’s To Unveil New World’s Fair Necklace”
Boeing Awarded Contract To Deliver Additional Chinook Helicopters to U.S. Military
by The Chicago Times Business Staff November 28, 2021 CHICAGO — Boeing announced on November 24th that it has been awarded a $246.48 million contract to build six more MH-47G Block II Chinooks for the U.S. Army Special Operations Aviation Command. According to Boeing, the delivery of these aircraft isContinue reading “Boeing Awarded Contract To Deliver Additional Chinook Helicopters to U.S. Military”
FDA To Review Safety Of Merck COVID Pill
by Sloan T. Wilson, The Chicago Times November 28, 2021 WASHINGTON — Federal health officials said a Merck experimental COVID-19 pill is effective against the virus, but they will seek advice from other specialists on the dangers of birth abnormalities and other potential problems in pregnant women. According to FDAContinue reading “FDA To Review Safety Of Merck COVID Pill”
Kellogg Company To Reopen Contract Talks With Striking Workers
by Sloan T. Wilson, The Chicago Times November 22, 2021 BATTLE CREEK, MI — This week, the cereal giant Kellogg Company will reopen contract negotiations with its 1,400 cereal plant workers, who have been on strike since October 5. Negotiations with the Bakery, Confectionery, Tobacco Workers, and Grain Millers InternationalContinue reading “Kellogg Company To Reopen Contract Talks With Striking Workers”
Amazon India Executives Charged In Marijuana Smuggling Ring
by John McPhaul, The Chicago Times November 22, 2021 INDIA – In stunning news, several Amazon India executives have been charged in connection with a marijuana smuggling ring in India. The yet to be named Amazon India executives have been charged under India’s narcotics law, in the Indian central stateContinue reading “Amazon India Executives Charged In Marijuana Smuggling Ring”
Waukegan Casino License Stalled Due To Allegations Of Insider Dealings
by John McPhaul, The Chicago Times November 19, 2019 WAUKEGAN, IL — The Illinois Gaming Board was expected to name the winner of the north suburban gambling license on Thursday, but the board deferred action due to an ongoing lawsuit that claims Waukegan officials “rigged” their selection process to favorContinue reading “Waukegan Casino License Stalled Due To Allegations Of Insider Dealings”
Pfizer CFO To Retire
by Sloan T. Wilson, The Chicago Times November 17, 2021 NEW YORK — Pfizer Inc announced on Wednesday that Chief Financial Officer Frank D’Amelio, 63, would leave the company after nearly 15 years. The pharmaceutical company has begun an external search for D’Amelio’s replacement, who also served as executive viceContinue reading “Pfizer CFO To Retire”
FED’S KASHKARI PREDICTS INFLATION TO GET WORSE
by John McPhaul, The Chicago Times November 14, 2021 MINNEAPOLIS — According to Minneapolis Federal Reserve Chairman Neel Kashkari, inflation is only going to get worse for Americans over the next few months. Current inflation and supply chain issues are the result of a “surge in demand for goods,” asContinue reading “FED’S KASHKARI PREDICTS INFLATION TO GET WORSE”
Striking UAW Members Prepare For Third Vote at Deere & Company
by Sloan T. Wilson, The Chicago Times November 12, 2021 DES MOINES, IA — Deere & Co. and United Auto Workers officials have reached a third preliminary contract agreement, which will be voted on Wednesday by members who have been on strike for four weeks. The UAW said Friday nightContinue reading “Striking UAW Members Prepare For Third Vote at Deere & Company”
U.S. Consumer Prices Jump 6.2% Breaking 30 Year Record
by John McPhaul, The Chicago Times November 10, 2021 WASHINGTON – In a Labor Department report released on Wednesday the Consumer Price Index saw an increased of 6.2% year on year in comparison to the Dow Jones estimate of 5.9%. According to researchers, CPI is now at its highest levelContinue reading “U.S. Consumer Prices Jump 6.2% Breaking 30 Year Record”
Tesla Stock Plummets 12% On Musk Stock Sale Plan
by Sloan T. Wilson, The Chicago Times November 9, 2021 NEW YORK — Tesla stock plummeted 12% on Tuesday after CEO Elon Musk proposed selling 10% of his stake in the electric vehicle company over the weekend. The decline is on track to be the largest of the year followingContinue reading “Tesla Stock Plummets 12% On Musk Stock Sale Plan”
Chicago’s Financial Outlook Upgraded to Stable By S&P
by John McPhaul, The Chicago Times November 8, 2021 CHICAGO — Standard & Poor’s Global Ratings has upgraded the City of Chicago’s outlook to “stable” from “negative” and assigned the city a BBB+ long-term rating. This comes on the heels of Fitch upgrading the City’s outlook to stable last week,Continue reading “Chicago’s Financial Outlook Upgraded to Stable By S&P”
Nintendo’s Profit Fall After Pandemic Gaming High
by Sloan T. Wilson, The Chicago Times November 4, 2021 KYOTO — Nintendo’s profit fell 19 percent in the first half of its fiscal year compared to the previous year, when it received a large boost from individuals confined at home due to the coronavirus pandemic. Nintendo posted a profitContinue reading “Nintendo’s Profit Fall After Pandemic Gaming High”
Milwaukee Tool To Open Engineering Headquarters In Chicago
by John McPhaul, The Chicago Times CHICAGO — Milwaukee Tool, owned by Techtronic Industries Co. Ltd. of Hong Kong, intends to open a 70,000-square-foot office in downtown Chicago in 2022, which will be occupied by members of its engineering team. Milwaukee Tool has a temporary lease for 15,000 square feetContinue reading “Milwaukee Tool To Open Engineering Headquarters In Chicago”
SNAP Share Price Plummets 25% With No Mercy
by Sloan T. Wilson, The Chicago Times October 21, 2021 NEW YORK — Snap Inc. shares fell more than 25% in extended trading Thursday after the social media company reported mediocre revenue and blamed Apple Inc. and supply-chain constraints. The creator of the photo messaging app Snapchat said Apple imposedContinue reading “SNAP Share Price Plummets 25% With No Mercy”
Willis Tower and The Fifty/50 Group Team-up
by Sloan T. Wilson, The Chicago Times October 17, 2021 CHICAGO — The Fifty/50 Group announced Monday that a new two-level restaurant will open in Chicago’s Willis Tower, former Sears Tower, during the second quarter of 2022. Kindling, a char-house-style culinary experience, is being developed by EQ Office, a Chicago-basedContinue reading “Willis Tower and The Fifty/50 Group Team-up”
Dow Breaks 35,000 as Earnings Season Continues
by The Chicago Times Business Staff October 16, 2021 NEW YORK — U.S. markets closed higher Friday with major indexes ending higher for the second week in a row. The third-quarter earnings season continued on Friday, with Goldman Sachs beating expectations on both the top and bottom lines. The positiveContinue reading “Dow Breaks 35,000 as Earnings Season Continues”
Deere & Co. Workers Declare Strike
by Sloan T. Wilson, The Chicago Times October 14, 2021 MOLINE, IL — More than 10,000 Deere & Co. employees went on strike Thursday after the company allegedly “failed to present an agreement that met” union members’ expectations and needs. The United Auto Workers union warned its members, who wantContinue reading “Deere & Co. Workers Declare Strike”
Dow Skyrockets 530 Points As Earnings Season Begins
by The Chicago Times Business Staff October 14, 2021 NEW YORK — Investors considered optimistic earnings from key banks, as well as economic data showing a reduction in first-time jobless claims to a historic low and a smaller-than-expected rise in producer prices, as U.S. equities closed considerably higher on Thursday.Continue reading “Dow Skyrockets 530 Points As Earnings Season Begins”
Market Update: Dow Flat, S&P 500 And Nasdaq In The Green
by The Chicago Times Business Staff October 13, 2021 NEW YORK – The U.S. markets finished mixed Wednesday as traders digested the recent minutes from the Federal Reserve’s recent policy meeting that indicated the central bank will begin tapering its $120 billion monthly bond purchases before the end of theContinue reading “Market Update: Dow Flat, S&P 500 And Nasdaq In The Green”
The Chicago Times 