BUSINESS
Boeing to Produce 184 Apaches for U.S. Army and Allies
By Gus G. Manion, The Chicago Times March 18, 2023 ARLINGTON, VA – Boeing announced Friday that it will produce 184 AH-64E Apaches for the US Army and international customers. According to Boeing, this $1.9 billion award brings the total current funded value of the contract to $2.1 billion. “We…
Near West Side Land Deal Would Enable Fifth Third Arena Expansion
By Brooks M. Deering, The Chicago Times March 15, 2023 CHICAGO – A land deal involving the former Malcom X College site on the Near West Side would pave the way for the Chicago Blackhawks to expand its Fifth Third Arena training complex while also generating $5.9 million for the…
Univar Solutions to be Acquired by Apollo for $8.1 Billion
By Grant McCormick, The Chicago Times March 14, 2023 DOWNERS GROVE, IL – Univar Solutions Inc. announced today that it will be purchased by Apollo after the two companies entered into a definitive merger agreement to be completed in an all-cash transaction of approximately $8.1 billion. According to Univar, the…
Westinghouse ADOPT Fuel Achieves Regulatory Approval
By Ned Fielder, The Chicago Times March 14, 2023 CRANBERRY TOWNSHIP, PA – Westinghouse Electric Company announced that it has received approval from the US Nuclear Regulatory Commission to use its Advanced Doped Pellet Technology fuel pellets in United States pressurized water reactors. Westinghouse said the approval follows a successful demonstration…
$23.8 Million Settlement Reached Between the City of Chicago and E-Cigarette Maker Juul Labs
By John Armour, The Chicago Times March 13, 2023 CHICAGO – Chicago Mayor Lori Lightfoot’s office announced Friday that the City has reached a $23.8 million settlement with e-cigarette maker JUUL Labs over claims that the company was engaged in harmful and deceptive business practices by marketing and selling vaping…
FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
Federal Deposit Insurance Corporation March 12, 2023 WASHINGTON — Signature Bank, New York, NY, was closed today by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the…
Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC
Department of the Treasury, Federal Reserve, and FDIC March 12, 2023 Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S.…
USDA to Offer $29 Million in Grants to Promote Fertilizer Production in USA
By Sam K. Jones, The Chicago Times March 11, 2023 ORLANDO, FL – The United States Department of Agriculture Secretary Tom Vilsack announced Friday that the USDA received $3 billion in applications from more than 350 independent businesses from 47 states and 2 territories for the first two rounds of…
Paramount Global Declares Quarterly Dividends
By Phillip Russo, The Chicago Times March 10, 2023 NEW YORK – Paramount Global announced today that its Board of Directors has declared a quarterly cash dividend of $0.24 per share on both its Class A and Class B Common Stock. The dividend will be payable on April 3, 2023,…
Phillip Morris Declares Regular Quarterly Dividend
By The Chicago Times Business Staff March 10, 2023 STAMFORD, CT – The Board of Directors of Philip Morris International Inc. declared on Thursday a regular quarterly dividend of $1.27 per common share to be paid on April 11, 2023, to shareholders of record as of March 23, 2023. The…
Lockheed Martin to Partner with Korea Aerospace and Red 6 on ATARS
By Frank Savage, The Chicago Times March 10, 2023 BETHESDA, MD – Lockheed Martin announced Tuesday that it has partnered with Korea Aerospace Industries and Red 6 Aerospace to deliver advanced 21st Century Security capabilities across a spectrum of training and combat aircraft. According to Lockheed, the partnership will bring…
Ride Metra for St. Patrick’s Day Festivities
By Jeff L. Tucker, The Chicago Times March 5, 2023 CHICAGO – Metra announced that it will be offering extra trains to bring passengers to this year’s Chicago St. Patrick’s Day and South Side Irish parades on Saturday, March 11 and Sunday, March 12. “Riders know the value of taking…
Textron Aviation Delivers Grand Caravan EX to Belize Military
By Gus G. Manion, The Chicago Times March 3, 2023 WICHITA, KS – Textron Aviation announced Friday that it has delivered a special mission Cessna Grand Caravan EX aircraft to the Belize Ministry of National Defense and Border Security under a Foreign Military Sale contract executed by the U.S. Army…
Raytheon Technologies awarded $250 Million Missile Warning Contract
By Brooks M. Deering, The Chicago Times March 3, 2023 ARLINGTON, VA – Raytheon Technologies announced Thursday that it received a contract valued at more than $250 million to design, develop, and deliver a seven-vehicle missile tracking satellite constellation by the Space Development Agency. Raytheon said once the system is…
Southwest Airlines Offers Inflight Iced Coffee
By James M. Douglas, The Chicago Times February 25, 2023 DALLAS – Southwest Airlines announced that it has teamed up with long time partner Community Coffee to offer inflight Coffee’s Espresso + Cream iced coffee. Southwest said the inflight coffee drink is available for passengers to purchase for $4. The…
O’Hare Airport to Restore Terminal Transfer Bus Service on March 1
By Jeff L. Tucker, The Chicago Times February 24, 2023 CHICAGO – The Chicago Department of Aviation announced Thursday that secure airside bus service between Terminal 5 and Terminals 1 and 3 will resume operation on March 1. “After having to suspend this service due to the COVID-19 pandemic and…
United Improves Family Seating Options
By Grant McCormick, The Chicago Times February 21, 2023 CHICAGO – United Airlines announced Monday that it has implemented an improved family seating policy that eases restrictions to allow children under 12-years of age to sit next to an adult in their party for free. According to United the new…
Deere Reports First Quarter Net Income of $1.959 Billion
By Walter H. Archer, The Chicago Times February 18, 2023 MOLINE, IL – Deere & Company reported Friday a net income of $1.959 billion for the first quarter ended January 29, 2023, or $6.55 per share, compared with net income of $903 million, or $2.92 per share, for the quarter…
Abbott Declares Quarterly Dividend
By The Chicago Times Business Staff February 18, 2023 ABBOTT PARK, IL – Abbott Laboratories declared on Thursday a quarterly common dividend of 51 cents per share. According to Abbott, this is the 397th consecutive quarterly dividend to be paid by Abbott since 1924. The cash dividend is payable May…
Northrop Grumman Board Declares Quarterly Dividend
Northrop Grumman February 15, 2023 FALLS CHURCH, VA – The board of directors of Northrop Grumman Corporation (NYSE: NOC) declared a quarterly dividend of $1.73 per share on Northrop Grumman common stock, payable March 15, 2023, to shareholders of record as of the close of business Feb. 27, 2023. Northrop…
Metra Approves New Strategic Plan
By Jeff L. Tucker, The Chicago Times February 16, 2023 CHICAGO – Metra announced Wednesday the approval of a new 2023-2027 strategic plan that focuses on addressing the operational and financial challenges of a post-COVID world and sets ambitious goals for the agency’s evolution and growth. The My Metra, Our…
Bally’s To Open Dealer Academy
By Al Brown, The Chicago Times February 15, 2023 CHICAGO – Bally’s has announced Tuesday that it will be opening a dealer training centers in hope of recruiting local talent for their planned River West casino. According to the announcement, Bally’s will partner with City Colleges of Chicago to offer…
IRS Will Not Tax Most 2022 State Issued Relief Checks
By Al Brown, The Chicago Times February 12, 2023 WASHINGTON, DC – The IRS announced Friday that it will not tax most relief checks issued by states in 2022. The IRS said it will not challenge the taxability of payments related to general welfare and disaster that were issued by…
Walmart to Close Three Chicago Area Stores
By Sloan Wilson, The Chicago Times February 12, 2023 CHICAGO – Walmart announced Wednesday three stores in the Chicago area will be closing. “We are grateful to the customers who have given us the privilege of serving them at our Homewood, Lincolnwood, and Plainfield locations. We look forward to serving…
Dover Declares Quarterly Cash Dividend
By The Chicago Times Business Staff February 11, 2023 DOWNERS GROVE, IL – The Board of Directors of Dover Corporation declared a regular quarterly cash dividend on Friday of $0.505 (fifty and one-half cents) per share that is payable on March 15, 2023, to shareholders of record as of February…
US Army Approves Northrop Grumman CIRCM Systems
By Frank Savage, The Chicago Times February 10, 2023 ROLLING MEADOWS, IL – Northrop Grumman Corporation announced that its Common Infrared Countermeasures (CIRCM) system has achieved Initial Operational Capability (IOC) which the U.S. Army has demonstrated the ability to field, employ, and maintain CIRCM in significant quantities on its rotary…
Abbott Acquires Cardiovascular Systems, Inc.
By Grant McCormick, The Chicago Times February 9, 2023 ABBOTT PARK, IL – Abbott announced on Wednesday that it has reached an agreement to acquire medical device company Cardiovascular Systems, Inc. CSI owns rights to an innovative atherectomy system used in treating peripheral and coronary artery disease. According to the…
Boeing to Retain ICBM Guidance Contract
By Grant McCormick, The Chicago Times February 6, 2023 ARLINGTON, VA – Boeing has been chosen by the United States Air Force as the prime contractor for the nation’s intercontinental ballistic missile guidance subsystems support. Boeing announced the contract is worth up to $1.6 billion over 16 years and will…
Newmont Seeks to Acquire Newcrest
By John McPhaul, The Chicago Times February 6, 2023 DENVER – Newmont Corporation announced Sunday that has submitted a non-binding proposal to acquire 100% of the issued share capital of Newcrest Mining Limited by way of a scheme of arrangement. Newmont proposes to combine two of the sector’s top senior…
Australia Orders 40 UH-60M Black Hawks
By Jack Beringer, The Chicago Times February 04, 2023 STRATFORD, CT – Australia announced Friday it will acquire 40 Sikorsky UH-60M Black Hawks from Sikorsky Aircraft, a Lockheed Martin company. The deal between the Australian and United States governments is expected to be worth about $1.95 billion with deliveries to…
Ford 4 Quarter Profit Plummets 90%
By Jeff L. Tucker, The Chicago Times February 3, 2023 DEARBORN, MI – Ford Motor Company announced Thursday that fourth-quarter net income plummeted 90% from a year earlier. Ford executives admitted that costs are too high in this inflationary period and vowed to slash spending this year. In a press…
GM Declares Quarterly Dividend
Press Release General Motors Company January 30, 2023 DETROIT – General Motors Co. (NYSE: GM) announced today that its Board of Directors has declared a first quarter 2023 cash dividend on the company’s outstanding common stock of $0.09 per share payable Thursday, March 16, 2023, to all common shareholders of…
Amazon to End Free Grocery Delivery on Prime Orders Under $150
By Brooks M. Deering, The Chicago Times January 28, 2023 SEATTLE – Bad news for Prime grocery members as Amazon announces that it will end free grocery delivery for orders under $150. In an email, Amazon said Prime members who use Amazon Fresh will be charged $3.95 to $9.95 for…
McDonald’s: California Putting Bad Politics Over Good Policy
An open letter from Joe Erlinger, President of McDonald’s USA: January 25, 2023 Whether you’re a lawmaker, a business owner or leader, or an everyday voter, one thing is clear: California has become a dramatic case study of putting bad politics over good policy. Last fall, the legislature passed a…
T-Mobile: Data on 37 Million Customers Stolen
By Willard Hughes, The Chicago Times January 21, 2023 BELLEVUE, WA – T-Mobile announced Thursday that the data of nearly 37 million customers has been stolen by an unidentified malicious intruder in November. In a filing with the U.S. Securities and Exchange Commission, the data breach was discovered on January 5. …
Chicago Auto Show Partners with Hyatt Regency McCormick Place
By Jeff L. Tucker, The Chicago Times January 19, 2023 CHICAGO – The Chicago Auto Show announced that it will partner with Hyatt Regency McCormick Place to provide exhibitors, media, and consumers with special room rates during the auto show from February 11-20 at McCormick Place. The Hyatt Regency McCormick…
Meijer Launches Enhanced mPerks Program to Benefit Customers
By John Armour, The Chicago Times January 13, 2023 GRAND RAPIDS, MI – Grocery giant Meijer announced the expansion of its popular digital coupon and rewards program “mPerks” to make it even easier for customers to save cash on products. The revamped mPerks program will offer personalized rewards and savings…
Metra to Rollout Train-Tracking Site
By Jeff L. Tucker, The Chicago Times January 11, 2023 CHICAGO – Metra announced the rollout of metratracker.com, a new real-time train-tracking website that lets passengers see where their trains are and when they will reach their destination. The new site is expected to make it easier to view schedules…
Burger King Offers Free French Fries
By Chicago Times Business Staff January 11, 2023 MIAMI – Burger King announced that it will be giving away free French fries every week for the next six months. Burger King, the third largest burger franchise, has decided to extend its popular Frequent Fry’er promotion which is available for Royal…
Kellogg’s Vitamin D Petition Accepted by FDA
By Brooks M. Deering, The Chicago Times January 10, 2023 BATTLE CREEK, MI – The U.S. Food and Drug Administration has accepted cereal giant Kellogg Company’s petition to fortify certain products with Vitamin D. The FDA already allows levels of added Vitamin D in cereal but will now extend the…
Mars Announces Return to Super Bowl LVII
By Ned Fielder, The Chicago Times December 27, 2022 MCLEAN, VA – Mars, Incorporated announced Thursday that their M&M’S brand will be making a return to the Super Bowl as an advertiser. Mars has been a major advertiser over the decades during the Super Bowl showcasing M&M’s and other Mars…
AMC Collapses, Proposes Reverse Stock Split
By Willard Hughes, The Chicago Times December 23, 2022 KANSAS CITY, MO – AMC Entertainment’s stock collapsed Thursday after the company announced a new $110 million capital raise and a proposed reverse stock split. AMC stock was halted briefly after the opening bell as it hit a new 52-week low…
Microsoft Handed $64 Million Fine From French Government
By Brooks M. Deering, The Chicago Times December 23, 2022 PARIS – Microsoft, the world’s leading software company, has been ordered to pay $64 million after French authorities found it guilty of breaching local regulations. The French government said it had imposed the fine over the Microsoft’s unscrupulous use of…
FedEx To Continue Cost Cuts As World Recession Looms
By Sloan T. Wilson, The Chicago Times December 22, 2022 MEMPHIS, TN – Shipping giant FedEx announced Tuesday it plans to cut $1 billion more in costs after further weak demand diminished quarterly profit. FedEx executives said Tuesday it will be able to cut another $1 billion beyond what was…
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. Sugar…
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 $1.74…
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 airbag…
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 inflation…
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 employees…
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 Sollers…
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 led…
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 a…
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, which…
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 if…
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 reached…
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 a…
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 of…
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 and…
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 implementation…
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 Brotherhood…
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 maker…
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 in…
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 share…
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, fell…
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 and…
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 foot…
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 energy…
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. …
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 revised…
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. …
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 uncapped…
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 from…
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 Motor…
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 East…
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 by…
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%, in…
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 Edge…
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 Illinois…
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 close…
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 false…
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 economic…
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 have…
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 communist…
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 Diego…
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 which…
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 1,400…
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 seen…
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, local…
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. …
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 during…
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 North…
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 overturn…
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’s…
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 rises…
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 unit…
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%, which…
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 believe…
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 received…
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 reported…
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 companies…
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