Category Archives: Business

Illinois Receives 2 Bids In Sale Of Dilapidated Thompson Center

by Sloan T. Wilson, The Chicago Times

October 12, 2021

CHICAGO — According to state authorities, two offers have been received for the 1.2 million square-foot Thompson Center at 100 W. Randolph St.

The specifics of the ideas will not be published until a winning plan is chosen.  J. B. Pritzker, the governor, is likely to select one of the bids before the end of the year.  The transaction might be completed as early as April 2022.

In May, Pritzker issued Requests for Proposals for the sale of the Thompson Center.

“The sale of the Thompson Center has been discussed for nearly 20 years and we are taking another important step to making it a reality . . . selling the property provides a unique opportunity to maximize taxpayer savings, create thousands of union jobs, generate millions of dollars in real estate taxes to benefit the City of Chicago and spur economic development.” Pritzker said in a statement.

According to the state, bringing the 1.2 million square foot facility up to date would cost more than $325 million.  Additionally, it is estimated maintenance and restoration would exceed $525 million by 2026.

Illinois rents office space in seven Chicago Loop locations for $21.3 million per year in base rent and operational expenditures.  The state now occupies roughly 780,000 square feet of Thompson Center space.

The Thompson Center, designed by the late Helmut Jahn, opened in 1985 and encompasses a whole city block of valuable real estate.

Markets Continue Sell Off For Third Day In A Row

by The Chicago Times Business Staff

October 12, 2021

NEW YORK — Stocks in the United States finished down Tuesday, after fluctuating between minor gains and losses earlier in the trading day.

The Dow Jones Industrial Average closed at 34,378.34, down 117.72 points.  The S&P 500 fell 10.54 points to 4,350.65.  The Nasdaq fell 20.28 points to 14,465.92.

Weighing on investor’s minds for the rest of the week includes the start of earnings season, reports related to supply-chain issues, growing inflation eroding corporate profits, and Biden’s support of authorizing the IRS the capability to review bank transactions $600 or over.

Samsung To Mass Produce Most Advanced 14 Nanometer DRAM

by The Chicago Times Business Staff

October 11, 2021

Seoul – Tech giant Samsung Electronics Co., Ltd., the global leader in advanced memory technology announced today that it has commenced mass production of the industry’s lowest 14-nanometer (nm) DRAM based on extreme ultraviolet (EUV) technology.

Samsung intends to broaden its 14nm DDR5 portfolio to include support for data center, supercomputer, and corporate server applications.  In addition, Samsung aims to increase the density of its 14nm DRAM chip to 24Gb in order to better satisfy the fast increasing data demands of worldwide IT systems.

PRICES AT THE PUMP EXPECTED TO INCREASE

by John McPhaul, The Chicago Times

October 11, 2021

CHICAGO – While certain parties worry about what information is post on “social media”, gas prices continue to rise throughout the country as oil prices hit a seven-year high.  Many states are now surpassing $3.20 per gallon.

According to data from GasBuddy, the national average price of gas is at $3.25 per gallon, up from 5.2 cents a week ago.  Furthermore, data gathered from more than 150,000 gas stations throughout the country, prices are up 7.5 cents from a month ago and more than $1 from a year ago.  Diesel is up more than 10 cents from last week and now costs $3.45 a gallon, according to the data.

Oil prices have been nearing a seven year high, with West Texas Intermediate crude oil prices topping $80 per barrel, according to CME Group.

Some argue that the spike in prices is pent up demand now being unleashed as the worldwide pandemic “eases”, while others site the Biden administration’s move to shut down the oil industry that was vibrant under the previous administration.  Many experts believe the country was nearly energy independent before the 2021 regulations took effect.  Whichever argument is true, prepare to pay at the pump.  High prices transcend party politics as families decided what they can afford to spend.

Dow Collapses 250 Points As Investors Await Earnings Season To Begin

by The Chicago Times Business Staff

October 11, 2021

NEW YORK — As investors remained focused on the release of new inflation data and third quarter profits this week, all three major U.S. stock indexes closed down Monday, marking their biggest one-day point declines in a week.

The Treasury market was closed in commemoration of Columbus Day, while the rest of the markets were open as normal.  The next significant data release in the coming week is the September consumer-price report for the United States, which is due out on Wednesday.

The Dow Jones Industrial Average plummeted 250.19 points to end at 34,496.06.  The S&P 500 dropped 30.15 points to close at 4,361.19.  While Nasdaq fell 93.34 points to finish at 14,486.20.

Hasbro, Inc. CEO Goldner To Take Leave of Absence

by The Chicago Times Business Staff

October 10, 2021

PAWTUCKET, RI — Hasbro, Inc. announced today that CEO Brian D. Goldner is taking a medical leave of absence that will take effect immediately. 

“After careful consideration, I have decided to take a medical leave to focus on my health. I feel confident knowing the Company will be in the skilled hands of Rich Stoddart as Interim CEO, our highly experienced management team and the best employees in the business. Hasbro’s future couldn’t be brighter as we continue to Supercharge the Blueprint and build the world’s leading play and entertainment company.” Mr. Goldner said in a statement.

“It has been a privilege to serve Hasbro for the past seven years as a Board member. I am humbled to step in as Interim CEO and lead the Company as it continues to execute the Brand Blueprint strategy, while Brian takes time to focus on his health. Hasbro has the most creative teams across the consumer products, digital gaming and entertainment businesses, and there’s no limit to what we can accomplish together.” added Mr. Stoddart in a statement.