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Business - Chicago Tribune



Business news from the Chicago Tribune. Get money tips, stock market updates and the latest Chicago business news.



Last Build Date: Thu, 19 Oct 2017 04:51:13 -0500

Copyright: ©2017 Chicago Tribune
 



Ferrara Candy to be acquired by Nutella maker Ferrero

Wed, 18 Oct 2017 14:25:00 PDT

Lemonheads, meet Nutella.

Ferrara Candy, the Oakbrook Terrace-based maker of Brach's, Trolli and Lemonhead candy, is being acquired by Ferrero, the Italian maker of Nutella and Tic Tacs.

The acquisition has been reviewed by the Federal Trade Commission. Financial terms were not disclosed.

Ferrero...

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Illinois no longer a contender for Toyota-Mazda plant or its 4,000 potential jobs

Wed, 18 Oct 2017 13:15:00 PDT

Illinois is no longer a contender for a manufacturing plant Toyota and Mazda want to build in the U.S., losing out on as many as 4,000 jobs the Japanese automakers expect to create.

Mark Denzler, vice president and chief operating officer of the Illinois Manufacturers’ Association, confirmed Wednesday...

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University of Illinois plans public-private Chicago innovation center with Rauner backing

Wed, 18 Oct 2017 11:40:00 PDT

Gov. Bruce Rauner and the University of Illinois are pursuing a sprawling innovation center in the South Loop with two other research universities, but the project’s backers have yet to forge a political consensus and a lack of detail about how it would be funded has created uncertainty about the...

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Apple flagship store, Mag Mile office building sold for $360 million

Tue, 17 Oct 2017 14:45:00 PDT

Apple’s new Michigan Avenue home has been sold as part of a $360 million deal that includes the 35-story office tower on the same plaza.

A venture of Walton Street Capital on Oct. 4 completed the acquisition from another Chicago-based firm, Zeller Realty Group, according to Cook County property...

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Macy's has deal to sell top half of State Street flagship

Wed, 18 Oct 2017 04:41:00 PDT

Macy’s has struck a preliminary deal to sell the top half of its State Street flagship building to a Canadian real estate investor that plans to convert the space into offices.

Toronto-based Brookfield Asset Management, one of the world’s largest real estate owners, has agreed to buy floors 8 through...

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Report: Illinois ranks 29th in tax climate for business

Tue, 17 Oct 2017 14:10:00 PDT

Illinois’ tax code ranks 29th among the 50 states in its neutrality and transparency, dropping a spot from last year’s ranking due to rate increases on individual and corporate income, according to a study released Tuesday.

The Tax Foundation’s annual State Business Tax Climate Index ranks states...

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Again Illinois' richest person, Ken Griffin increases fortune by $1 billion

Tue, 17 Oct 2017 09:05:00 PDT

Ken Griffin has done it again.

With a net worth of $8.5 billion, an increase of $1 billion from last year, the founder of hedge fund Citadel defended his title as Illinois’ richest person on the 36th annual Forbes 400 ranking of the richest Americans, released Tuesday.

Falling in line behind Griffin...

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Walgreens expanding tech office in Chicago, doubling downtown employees to 600

Tue, 17 Oct 2017 13:30:00 PDT

Walgreens is expanding its Chicago technology office, adding space and doubling its employees to 600 through new hires and relocations from its Deerfield headquarters, the company announced Tuesday.

The office, located on two floors in the historic Sullivan Center at 36 S. Wabash Ave., will house...

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Bidding high is worth the risk to win Amazon's second headquarters

Tue, 17 Oct 2017 03:00:00 PDT

Ever want something so badly you were willing to pay much more than anyone else? For those hoping to bring Amazon’s second headquarters to Chicago, that’s probably the mindset.

Yes, bidding high is a risk worth taking by Mayor Rahm Emanuel, Gov. Bruce Rauner and other government and business leaders,...

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Chicago and Illinois submit bid for Amazon's HQ2

Mon, 16 Oct 2017 14:25:00 PDT

The Chicago area has formally joined the fray to land Amazon’s second headquarters, which will bring up to 50,000 high-paying jobs to the winning North American city.

Mayor Rahm Emanuel and Illinois Gov. Bruce Rauner said the Chicago area’s bid for HQ2 was submitted electronically Monday, the first...

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Bronzeville's Michael Reese Hospital site is latest offering for Amazon's HQ2

Mon, 16 Oct 2017 14:24:00 PDT

Add the former Michael Reese Hospital site, once pegged as the Olympic Village in Chicago’s failed bid for the 2016 Summer Games, to the list of potential homes for Amazon’s second headquarters.

A group of Chicago firms including Farpoint Development and Draper & Kramer plans a multibillion-dollar...

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Lurie Children's Hospital seeks state permission to add beds for cancer patients

Mon, 16 Oct 2017 12:30:00 PDT

Lurie Children’s Hospital wants to add another 24 beds for cancer patients — the hospital’s latest attempt to grow, even as other area hospitals pull back on their pediatric offerings.

The hospital has filed an application with the state to double its intensive care unit beds for children with cancer...

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Illinois joins lawsuit as insurers brace for end of Obamacare subsidies

Sat, 14 Oct 2017 17:10:00 PDT

For months, the Trump administration has threatened actions to undermine Obamacare.

Now, less than three weeks before consumers can start buying health insurance on the Affordable Care Act’s exchange Nov. 1, the administration has made good on some of its threats, raising a host of questions for...

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Cub fever is back — will bosses be as forgiving this year?

Mon, 16 Oct 2017 06:50:00 PDT

Craig Benson fell asleep during the ninth inning of the Cubs game Thursday, sometime after 11 p.m., missing the team’s Game 5 victory over the Washington Nationals in the National League Division Series.

“I didn’t wake up until 4 a.m., and I had to ask my wife what happened,” said Benson, 46, as...

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What's next for Obamacare after Trump scuttled subsidy payments

Fri, 13 Oct 2017 17:28:00 PDT

President Donald Trump rocked the health-care world late Thursday by finally following through on a threat to end billions of dollars in subsidy payments that are made to insurers to lower deductibles and out-of-pocket costs for lower-income Americans.

Trump cast his decision as one that would...

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Trump's plan to end Obamacare subsidies stirs uncertainty in Illinois

Fri, 13 Oct 2017 14:31:00 PDT

The state’s largest insurer, Blue Cross and Blue Shield of Illinois, said Friday it plans to remain on the state’s Obamacare exchange next year despite President Donald Trump’s decision to end subsidies to health insurers.

Whether other Illinois insurers flee the state’s exchange is still unclear.

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Space may be the final frontier, but some Chicago companies are already participating in celestial economy

Thu, 12 Oct 2017 12:50:00 PDT

Picture people living in outer space, breathing inside helmets, going about their daily activities. What are they wearing? At a cosmic cocktail party, are they drinking champagne? Lee Anderson needed to know.

The Chicago-based fashion designer keeps a sketch pad full of fashion astronauts, as she...

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With $65 million renovation soon underway, Congress Theater looks to reopen in 2019

Thu, 12 Oct 2017 10:25:00 PDT

Michael Moyer’s memories of the Congress Theater include taking his son, then in the fifth grade, to a Billy Idol concert.

The Logan Square institution closed in 2013 after a string of code violations, but Moyer is leading an investment group that plans to start a $65 million renovation in the...

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Outcome Health puts 3 employees on leave amid claims it misled advertisers: report

Fri, 13 Oct 2017 04:45:00 PDT

Outcome Health has placed three employees on leave following a monthslong investigation by the Wall Street Journal into whether the Chicago startup misled pharmaceutical clients about the reach and effectiveness of their ads, according to the newspaper’s story published Thursday.

The company delivers...

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Future of football safety could come down to research in Riddell's suburban Chicago office

Thu, 12 Oct 2017 11:05:00 PDT

With youth participation waning and football facing increased concerns over head trauma, the future of the game could well come down to the work being done in a windowless room in a generic suburban Chicago office building.

That’s where Riddell, the nation’s largest football equipment manufacturer,...

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Rauner seeks to keep details of business lawsuit secret, court filing shows

Thu, 12 Oct 2017 05:00:00 PDT

Gov. Bruce Rauner, who worked in the private equity industry before becoming Illinois’ chief executive, wants to keep secret details of a lawsuit filed against him last week by a fellow investor in a Michigan mortgage business, court records show.

Harreld N. “Kip” Kirkpatrick III and Kirkpatrick...

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North and west of Loop, skyline looking up

Wed, 11 Oct 2017 14:15:00 PDT

Chicago’s skyline could be growing taller north and west of the Loop.

North of the Loop, JDL Development wants to spend $700 million to develop two luxury residential towers on a parking lot just west of Holy Name Cathedral, including one that would become the city’s sixth-tallest skyscraper.

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Cook County retailers cheer soda tax repeal: 'This was a nightmare'

Wed, 11 Oct 2017 14:00:00 PDT

Daniel Stein estimates Cook County’s sweetened beverage tax has cost his vending machine company about $75,000 so far, a figure that doesn’t even include lost sales.

The Dec. 1 repeal of the penny-per-ounce tax on sugar and artificially sweetened beverages likely will cost him more before it’s...

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High-salt restaurant meals win watchdog group's scorn

Wed, 11 Oct 2017 13:20:00 PDT

A health advocacy group is using a tongue-in-cheek approach to call out chain restaurants on their high-sodium meals.

The Centers for Science in the Public Interest on Wednesday named the winners of its MilliGrammy Awards, which highlight dishes that have more sodium than is recommended Americans...

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With pop tax repealed, Preckwinkle says up to commissioners to fix budget

Thu, 12 Oct 2017 04:55:00 PDT

Cook County commissioners on Wednesday finished the job and repealed the short-lived pop tax, but Board President Toni Preckwinkle suggested afterward that their work is just beginning.

Soda drinkers won’t have to pay the much-reviled tax come Dec. 1, which is also the day after the County Board’s...

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Puerto Rico economy at ‘a near standstill’ as businesses wither, wait for power

Wed, 11 Oct 2017 08:16:00 PDT

Economic activity has skidded to a near halt in significant parts of Puerto Rico, leaving the hurricane-smashed island on a knife’s edge between slow recovery and partial collapse. Thousands of small businesses are teetering toward insolvency, unable to operate.

Heading into the fourth week since...

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Parkway Bank buys naming rights to Rosemont entertainment district

Wed, 11 Oct 2017 13:15:00 PDT

Parkway Bank has acquired the naming rights to Rosemont’s 13-venue entertainment district and will rebrand the area as Parkway Bank Park, officials announced Wednesday.

Currently called MB Financial Park, the 200,000-square-foot area will be renamed beginning Jan. 1. Rosemont will receive $600,000...

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CME, linchpin of Chicago finance, says it's not tied to the city

Wed, 11 Oct 2017 08:50:00 PDT

CME Group has a message for Illinois legislators who see the $47 billion global derivatives trading giant as a piggy bank to help solve the state's fiscal woes.

Chief Executive Officer Terry Duffy said that the exchange is less rooted in its historical home of Chicago because it now barely relies...

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Muhammad Ali Enterprises sues Fox for $30 million over unauthorized Super Bowl ad

Tue, 10 Oct 2017 12:45:00 PDT

Muhammad Ali Enterprises filed a $30 million lawsuit against Fox Broadcasting on Tuesday in federal court in Chicago, claiming the network used the late boxer’s identity in a promotional video for Super Bowl 51 without permission.

The three-minute video, called “The Greatest,” ran before the start...

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Most men think gender gap at work is far smaller than study shows it is

Tue, 10 Oct 2017 15:18:00 PDT

Most men think gender bias in the workplace is less prevalent than a new study shows it is, and they’re also less likely than women to prioritize an even playing field.

But both sexes tend to discount the level of discrimination that exists in corporations, especially for women of color, according...

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Why Big Food is paying fat cash for small brands like RXBar and Boomchickapop

Tue, 10 Oct 2017 07:45:00 PDT

Some of the deals are staggering to contemplate — $600 million for a protein bar company started four years ago in a west suburban basement, $250 million for a popcorn brand launched in a Minnesota couple’s garage, and $700 million for an organic broth maker acquired by the world’s largest soup...

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Harvey Weinstein's sexual harassment allegations show directors need to stop hiding in the boardroom

Tue, 10 Oct 2017 04:00:00 PDT

Blame bad boardroom behavior for corporate America’s sexual harassment crisis.

There probably would be fewer incidents of harassment if more boards of directors — the folks ultimately responsible for a company’s conduct — had the guts to crack down on such wicked and destructive ways, particularly...

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Trump touts economic development bill 'which nobody knows about'

Tue, 10 Oct 2017 09:33:00 PDT

President Trump said he has an economic development bill, “which nobody knows about,” that would provide incentives to keep companies in the U.S. and “severely” penalize them if they move offshore.

"It's both a carrot and a stick," Trump said in an interview with Forbes that appeared online Tuesday.

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Facebook growing Chicago office space to accommodate hundreds of new employees

Mon, 9 Oct 2017 12:40:00 PDT

Social media giant Facebook is making a big expansion in Chicago, where it’s adding enough office space to accommodate hundreds of new employees.

Facebook has added three floors in a Wacker Drive office tower, growing its Chicago office to more than 100,000 square feet, according to people familiar...

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Lagunitas moves into Wrigley Field, taking over some Goose Island tap handles

Mon, 9 Oct 2017 09:30:00 PDT

Just in time for the playoffs, the Cubs have made one of their most significant trades of the season: Lagunitas IPA has replaced nearly 30 Goose Island draft handles throughout Wrigley Field.

While Goose Island beer remains available at the ballpark and is still carried by vendors through the aisles,...

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Terlato's Chimney Rock winery believed to be spared by Napa Valley fire

Tue, 10 Oct 2017 14:45:00 PDT

As the devastation of Northern California’s wildfires is assessed, a Chicago-area wine company is holding out hope that its prized vineyards and wineries are unscathed.

As of Tuesday afternoon, Chimney Rock and Rutherford Hill, both Napa Valley wineries owned by Lake Bluff-based Terlato Wine Group,...

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Richard Thaler of the University of Chicago wins Nobel for work in behavioral economics

Mon, 9 Oct 2017 14:30:00 PDT

Richard Thaler, a University of Chicago professor considered a founder of the field of behavioral economics, won the Nobel Memorial Prize in economics Monday for his research using psychology and economics to understand how people make economic decisions.

Unlike historical economic theory that...

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White House to order health care alternatives

Mon, 9 Oct 2017 11:07:00 PDT

The White House is finalizing an executive order that would expand health plans offered by associations to allow individuals to pool together and buy insurance outside their states, a unilateral move that follows failed efforts by Congress to overhaul the health care system.

President Donald Trump...

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Why booking your holiday flight could be more complicated this year

Mon, 9 Oct 2017 05:00:00 PDT

Crowded airports and blizzard-related cancellations get most of the headlines, but for some passengers, the holiday travel headaches start weeks in advance with the hunt for flights.

Which tickets guarantee a family with small kids can sit together? How many checked bags — and bag fees — will be...

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Amazon's HQ2 quest sent Chicago looking for an 'in,' Mayor Emanuel's emails show

Fri, 6 Oct 2017 17:17:00 PDT

When Amazon announced its search for a second corporate headquarters last month — launching competition so fierce a Georgia city offered to create a new town named after the company — Chicago officials realized they had a potential inside contact.

“Have you looked at the board of amazon. Jamie...

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Founded in a suburban basement four years ago, Chicago-based RXBar sells to Kellogg for $600 million

Fri, 6 Oct 2017 07:00:00 PDT

Four years after launching in a west suburban basement, RXBar, maker of a fast-growing line of protein bars, is being sold to Kellogg Co. for $600 million.

The sale, expected to close in November, will add a trending brand to Kellogg’s snack portfolio while allowing Chicago-based RXBar to continue...

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Cook County pop tax likely to be repealed next week as 3 more commissioners switch sides

Fri, 6 Oct 2017 17:03:00 PDT

The controversial Cook County soda pop tax now has a likely expiration date of Dec. 1, with enough commissioners backing its repeal to override a veto by Board President Toni Preckwinkle.

Twelve of the board's 17 commissioners have now signed on to the repeal ordinance, slated for a key test vote...

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When Cubs win, Fox Sports wins, but World Series repeat will be difficult for both

Fri, 6 Oct 2017 08:00:00 PDT

The Cubs’ storybook run to a World Series championship last year was a ratings and revenue hit for Fox Sports, and TV executives are hopeful that a sequel is in the offing.

Fox hauled in $409.4 million in national TV advertising revenue during the Cubs-Indians series — the most in World Series...

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Nonprofit puts workers on track for higher earnings, job retention, report shows

Fri, 6 Oct 2017 03:00:00 PDT

Individuals who found jobs with the help of Skills for Chicagoland’s Future, a Chicago nonprofit, earned more and were more likely to be in their jobs two years later than those who found employment through other means, according to a report released Friday.

The 5-year-old agency has helped more...

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John Daley flips on soda tax, boosting repeal effort

Fri, 6 Oct 2017 06:25:00 PDT

Cook County Commissioner John Daley announced Thursday he’ll vote to repeal the controversial soda tax, dealing a serious blow to Board President Toni Preckwinkle’s attempt to keep it in place.

The change of heart by Daley, the brother of the former Chicago mayor and a longtime Preckwinkle ally,...

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Sears CEO Edward Lampert opens his wallet, again, with $100 million loan

Thu, 5 Oct 2017 10:30:00 PDT

Sears Holdings is getting another cash infusion from CEO Edward Lampert in the run-up to retail’s key holiday season.

Sears borrowed $100 million from affiliates of Lampert’s hedge fund, ESL Investments, which also agreed to lend up to $100 million more by Dec. 1.

Sears tapped funds made available...

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With or without Amazon, old post office site is ready for its comeback

Thu, 5 Oct 2017 04:00:00 PDT

The former old main post office, among Chicago’s most long-awaited and significant downtown redevelopment projects, doesn’t need Amazon’s stamp of approval.

But getting it would sure be nice.

While undergoing a $600 million rehab, the massive art deco complex and adjacent area is expected to be...

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Videos during surgery? Some plastic surgeons go too far, Northwestern researchers say

Wed, 4 Oct 2017 13:30:00 PDT

One plastic surgeon cradled the skin and fat he removed as part of a patient’s tummy tuck like a baby, and used a Snapchat filter to impose an infant’s face on it.

Another surgeon showed up in a video, lip-syncing in front of an unconscious person whose backside was exposed.

In a different video,...

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Cars' new tech keeps drivers connected, increases risk of distracted driving, study finds

Wed, 4 Oct 2017 22:05:00 PDT

Automakers increasingly are outfitting their vehicles with accouterments so drivers can surf the web, tweet or update their Facebook status. But using them while driving is just as dangerous as trying to balance your checkbook behind the wheel, says a study released Thursday.

A driver of a car...

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Blackhawks sell practice rink naming rights to MB Bank

Wed, 4 Oct 2017 18:00:00 PDT

The Chicago Blackhawks’ new $65 million practice rink, set to open in late November, has a new name: MB Ice Arena.

The team sold exclusive naming rights for the privately funded facility to MB Financial Bank. Terms of the deal, announced Wednesday, were not disclosed, but executives said the bank’s...

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Massive development along Chicago River's North Branch is new option for Amazon HQ2

Wed, 4 Oct 2017 04:20:00 PDT

A 30-acre site that includes the Chicago Tribune printing plant could become Chicago’s next riverside development — and another option in the city’s bid to land Amazon’s planned second headquarters.

Tribune Media is planning a redevelopment of the property that would add about 9 million square...

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Chicago's once-dismissed sales tax lawsuit against Kankakee gets new life

Wed, 4 Oct 2017 13:00:00 PDT

Chicago’s once-dismissed lawsuit against Kankakee and Channahon to recover lost sales tax revenues got new life last week after a state appellate court said the case may move forward.

Chicago and Skokie, also a plaintiff in the 2011 lawsuit, alleged that the municipalities and several brokers,...

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University of Chicago's Business School gets $75 million gift

Wed, 4 Oct 2017 08:56:00 PDT

A couple who met at the University of Chicago's business school four decades ago is donating $75 million to their alma mater, the second-biggest gift ever for the graduate program.

Students of the Booth School of Business who earn the highest honors will become Amy and Richard Wallman scholars...

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Ford plans $14B in cost cuts as part of new CEO's strategy

Wed, 4 Oct 2017 06:17:00 PDT

Ford Motor Co.'s new CEO plans to cut $14 billion in costs, drop some car models and focus the company's resources on trucks, SUVs and electric vehicles as part of a renewed effort to win over skeptical investors.

Jim Hackett, who became Ford's CEO in May, met with around 100 investors in New York...

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Ace Hardware acquires majority stake in e-commerce startup The Grommet

Tue, 3 Oct 2017 14:35:00 PDT

Ace Hardware has acquired a majority stake in The Grommet, an e-commerce startup that brings to market products from independent entrepreneurs and emerging companies, officials announced Tuesday.

Launched in 2008, The Grommet has worked with more than 2,500 inventors, entrepreneurs and small businesses...

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Six months to go: A peek inside McDonald's new Near West Side headquarters

Tue, 3 Oct 2017 10:50:00 PDT

With six months to finish the job, construction on McDonald’s new $250 million headquarters on Chicago’s Near West Side is moving forward at a blistering pace.

The building’s concrete frame was completed last month, and McDonald’s CEO Steve Easterbrook and other employees attended a “topping-off”...

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Chicago ATM fees lower than NY, other major cities

Tue, 3 Oct 2017 09:05:00 PDT

Chicagoans may have to pay more to buy soda, but at least it costs them less to get their money out of an ATM than in most other major cities.

ATM fees in Chicago actually declined last year to an average of $4.44 per transaction, the seventh-lowest average out-of-network ATM fee among the top...

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Vegas shooting raised gun-makers' stocks but industry in a 'Trump slump'

Mon, 2 Oct 2017 14:25:00 PDT

In the aftermath of the horrific mass shooting in Las Vegas, some investors seized an opportunity to turn a quick buck by investing in the stocks of domestic gun-makers.

This type of opportunistic buying happens after mass shootings. Usually, that’s when cries for tougher gun regulations surface...

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Treasure Island plans new Uptown store with 'produce butcher,' cocktails and more

Mon, 2 Oct 2017 14:15:00 PDT

Treasure Island Foods plans to open its first new location since 2009 in Chicago’s Uptown neighborhood next summer, part of the company’s efforts to evolve and grow in a fiercely competitive industry.

Similar to chains like Mariano’s and Whole Foods Market, Treasure Island is expanding prepared...

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Frank Thomas' new sports bar, 35, opens in Berwyn at site of shuttered Big Hurt Brewhouse

Mon, 2 Oct 2017 07:00:00 PDT

An arm of Italian beef chain Buona Beef is managing the 35 Sports Bar & Grill in Berwyn, a reincarnation of a Frank Thomas-inspired restaurant that has opened on the spot of the former Big Hurt Brewhouse.

The bar and grill, which opened late last month, is owned solely by Frank Thomas, the White...

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After Las Vegas massacre, gun manufacturer stocks jump, following predictable pattern

Mon, 2 Oct 2017 10:40:00 PDT

The grim predictability of stock-market reactions to U.S. mass shootings-where before a final tally of casualties can be reached, shares of gun makers rise-continued Monday in the wake of a Las Vegas attack that killed at least 58 and wounded 515.

Historically, gun stocks have experienced a bump...

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Former Equifax CEO will apologize for massive data breach, details missteps in company's response

Mon, 2 Oct 2017 08:57:00 PDT

The former chief executive of Equifax plans to apologize for the credit reporting company’s massive data breach when he testifies Tuesday before a congressional committee, as well as detail the missteps in response to the hack that exposed the Social Security numbers and birthdates of as many as...

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Cook County Land Bank to sell homes directly to homebuyers

Fri, 29 Sep 2017 13:15:00 PDT

A vacant brick bungalow on South Luella Avenue in Chicago’s South Shore neighborhood requires some work — in fact, quite a bit of work.

The orange kitchen, despite having a coveted island, needs updated appliances, new cabinetry and flooring. The toilet in the main floor bathroom is broken and...

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Ex-Life Time Fitness VP, friends indicted in Chicago for insider trading

Fri, 29 Sep 2017 16:25:00 PDT

A former executive at a major Minnesota-based fitness firm and eight other people are accused in a new federal indictment of using insider information to make nearly $900,000 by scooping up stocks before word of the company's sale pushed share prices higher in 2015, according to charging documents...

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Fed-up Illinois homeowners consider moving: 'It’s not just the property taxes on my home; it’s all of them'

Fri, 29 Sep 2017 17:58:00 PDT

Even after watching Hurricane Irma wreak havoc on Florida, Rik Mallin is sticking to his plan.

Mallin is fixing up his Villa Park home so that he can sell it, move to the Florida Panhandle and escape Illinois’ rising taxes.

“I’m getting out,” said Mallin, 67. “It’s not just the property taxes on...

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Fly the W, protect the 'C': Cubs defend trademarks as they defend World Series title

Thu, 28 Sep 2017 15:00:00 PDT

The Chicago Cubs clinched their third consecutive postseason run Wednesday and while the players gear up to defend last year’s World Series title, attorneys are preparing to defend the team’s ability to cash in on the on-field success.

Before the start of last year’s postseason run, Major League...

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Beam Suntory CEO rides whiskey boom at home and abroad

Fri, 29 Sep 2017 04:00:00 PDT

“The great American export story that is bourbon” is how Matt Shattock, the soft-spoken native Brit at the helm of Beam Suntory, begins to describe his company’s growing presence in the Land of the Rising Sun.

This year, Chicago-based Beam Suntory — a private subsidiary of the Japanese firm Suntory...

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Chicago sues Equifax over data breach: 'A financial fraud was committed here'

Thu, 28 Sep 2017 11:40:00 PDT

The city of Chicago is suing Equifax, hoping to impose penalties on the credit reporting bureau and seeking restitution for Chicagoans whose sensitive data might have been stolen as part of a widespread breach.

The lawsuit, filed Thursday in Cook County Circuit Court, alleges Equifax violated the...

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Abbott wins FDA approval for diabetes device that doesn't require routine finger pricks

Wed, 27 Sep 2017 15:45:00 PDT

Abbott Laboratories has gained clearance to start selling in the U.S. the first continuous glucose monitor that does not require people with diabetes to routinely prick their fingers.

The U.S. Food and Drug Administration on Wednesday approved Abbott’s FreeStyle Libre Flash Glucose Monitoring System...

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Halloween is here with a copyright lawsuit over banana costumes

Thu, 28 Sep 2017 08:55:00 PDT

This Halloween, you'll probably see someone in a banana suit. Yes, he or she will be outfitted in a bright yellow costume, their face filling a hole in the middle of the fruit as arms and legs poke through the polyester peel. Hilarious.

Turns out, those bananas are big money, so much so that one...

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AbbVie protects blockbuster drug Humira for 5 years through settlement

Thu, 28 Sep 2017 14:35:00 PDT

AbbVie’s top-selling drug Humira won’t have to compete in the U.S. against a similar medication made by rival Amgen for five years, thanks to a settlement between the two companies.

The settlement is good news for North Chicago-based AbbVie and its shareholders, but it could mean higher prices...

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Dear corporate Chicago: It’s time to step up for Puerto Rico

Wed, 27 Sep 2017 13:25:00 PDT

Some big local companies are launching relief efforts to aid hurricane-ravaged Puerto Rico. It’s an important start, but a bigger and better corporate rescue mission is needed.

That’s an important message coming from the city’s Puerto Rican community, where neighborhood and business leaders are...

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Hugh Hefner, Playboy founder who built his empire in Chicago, dies at 91

Thu, 28 Sep 2017 05:00:00 PDT

Some years ago, sitting in his castlelike mansion in the Holmby Hills neighborhood of Los Angeles, Hugh Hefner was telling a visitor about the Halloween party taking place there in a few days. It would be — what? — the 7,435th party of Hefner’s exceptional charmed and successful life, a lavish...

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A Playboy's guide to Hugh Hefner's Chicago

Tue, 26 Sep 2017 22:00:00 PDT

All it took was the purchase of a Marilyn Monroe photo from a suburban calendar company. That's the spark Playboy creator Hugh Hefner needed to complete his vision for a gentleman's publication. Visit the Chicago sites that have shaped the 90-year-old's career and life.(image)



Inside the old main post office, a $600 million 'blank canvas'

Wed, 27 Sep 2017 08:25:00 PDT

Chicago’s prominence in the mail-order catalog industry led to the creation of the world’s largest post office in the city in the 1930s, when the old main post office was completed.

These days, a small army of construction workers is pushing aside the dust of those bygone days — more than 23 tons...

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Chicago's Amazon bid committee includes big lineup of corporate chiefs

Wed, 27 Sep 2017 07:20:00 PDT

Chicago is tapping some big names in its business community to woo Amazon's second headquarters and 50,000 jobs to the area.

United Airlines CEO Oscar Munoz, former U.S. Commerce Secretary Penny Pritzker, Loop Capital Chairman and CEO Jim Reynolds and Abbott Chairman and CEO Miles White will chair...

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Glass-topped boat to offer dinner cruises on the Chicago River starting next year

Wed, 27 Sep 2017 04:00:00 PDT

Dinner cruises are coming to the Chicago River.

Odyssey Chicago, which has operated dining cruises off Navy Pier since the early 1980s, is having a glass-topped boat constructed that will cruise the Chicago River starting next summer. It will be the first dinner cruise on the river, marking a further...

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Restaurants make gains in antibiotic-free chicken, but not on beef, pork

Tue, 26 Sep 2017 22:00:00 PDT

The number of quick-service restaurants vowing to serve antibiotic-free chicken has gone up since last year, but they’ve struggled to take the same step with beef and pork, a coalition of advocacy groups said on Wednesday.

Fourteen of the top 25 chain restaurants have taken action on chicken, up...

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Chicago puppy mill ban upheld by appeals court

Tue, 26 Sep 2017 14:25:00 PDT

A Chicago ordinance banning the sale of pets from large commercial breeders does, in fact, have teeth, a federal appeals court ruled.

The 7th U.S. Circuit Court of Appeals in Chicago last week affirmed the city’s right to enforce the so-called puppy mill ordinance and upheld the dismissal of a...

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Equifax dumps CEO in wake of damaging data breach

Tue, 26 Sep 2017 12:05:00 PDT

Equifax CEO Richard Smith stepped down Tuesday, less than three weeks after the credit reporting agency disclosed a damaging hack to its computer system that exposed highly sensitive information for about 143 million Americans.

His departure follows those of two other high-ranking executives who...

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For sale: John Hancock Center offices, parking … and name

Tue, 26 Sep 2017 03:59:00 PDT

The John Hancock Center’s office space and parking are for sale in a possible $330 million-plus deal that could lead to a name change.

Brokers representing a venture led by Chicago-based developer Hearn Co., the property’s owner, have begun marketing it to prospective buyers, Hearn Co. said. One...

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$2.5 million Bloomberg grant funds UIC study on Cook County soda tax

Mon, 25 Sep 2017 10:55:00 PDT

Former New York Mayor Michael Bloomberg has spent millions on advertisements touting the public health potential of Cook County’s controversial sweetened beverage tax.

Now, thanks to about $2.5 million in funding from his Bloomberg Philanthropies, researchers at the University of Illinois at Chicago...

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Puerto Rico economic crisis grows in wake of Maria's human toll

Mon, 25 Sep 2017 09:43:00 PDT

All of Puerto Rico has lost electricity. Entire towns are swamped in the deluge. Streets have become rivers and trees have crushed homes.

Hurricane Maria is Puerto Rico's worst in nearly a century, a double blow as it follows the destructive Hurricane Irma by just two weeks. The costs, both human...

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NFL's top sponsors stay quiet after Donald Trump's call for a boycott

Mon, 25 Sep 2017 08:27:00 PDT

As NFL owners and players rushed to defend their right to protest in the wake of President Donald Trump's criticism, one group of stakeholders has remained largely silent — the league's corporate partners.

The National Football League and its 32 teams made $1.25 billion from corporate partners...

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How Preckwinkle's pop tax backfired

Mon, 25 Sep 2017 05:16:00 PDT

When Cook County Board President Toni Preckwinkle first floated the idea of a pop tax to commissioners last October, a big part of her pitch was an appeal to their sense of self-preservation.

"We said to people, 'We're going to take one tough vote in the next three years, that's it. Then we're...

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Goose Island Beer names new president

Mon, 25 Sep 2017 07:51:00 PDT

Goose Island is getting a new boss, and it’s a homecoming.

Todd Ahsmann, a friend of former Goose Island brewmaster Greg Hall's since childhood, has been tapped to take over as the brewery’s president and general manager. The man currently in that role, Ken Stout, is stepping into the newly created...

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A year in, Whole Foods' Englewood project still a work in progress

Fri, 22 Sep 2017 12:55:00 PDT

Almost one year ago, the doors of Englewood’s Whole Foods Market swung open, the culmination of a bold plan to open an upscale grocery store in one of Chicago’s poorest neighborhoods.

No “mission accomplished” banner has yet been hoisted at 63rd and Halsted.

Whole Foods — anchor of the city-subsidized...

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How big a deal? Amazon's massive HQ2 in Chicago scale

Fri, 22 Sep 2017 03:57:00 PDT

Chicago leaders can be excused for dreams of landing Amazon's second headquarters, even as many residents struggle to comprehend its enormous scope. As the city readies its bid, here are some numbers to bring HQ2's potentially enormous impact into perspective.(image)



Rauner vetoes geolocation privacy bill aimed at protecting smartphone users

Fri, 22 Sep 2017 15:45:00 PDT

Groundbreaking Illinois legislation meant to protect mobile phone users from having their location information trafficked by companies without their permission is going nowhere, at least for now.

Gov. Bruce Rauner vetoed the proposed Geolocation Privacy Protection Act on Friday, leaving it to the...

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Caterpillar CEO's plan is starting to pay off, but big changes keep coming

Fri, 22 Sep 2017 04:00:00 PDT

As Caterpillar completes its headquarters move to the Chicago area from Peoria, the heavy equipment manufacturer also is set to pounce on some new business opportunities.

Many of those possibilities are expected to come courtesy of the Asia-Pacific region and especially China, which is in the throes...

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Make way for maple, the new taste of fall

Thu, 21 Sep 2017 14:05:00 PDT

Pumpkin spice has held a special place in consumers’ hearts and Instagram feeds for years, but trends indicate the flavor’s glory days could be fading.

Maple, on the other hand, is rising.

Dunkin’ Donuts already offers a maple pecan latte, and Starbucks plans to introduce one Friday. And maple-infused...

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Goose Island landlords worry 'railroad trolls' will derail North Side development

Thu, 21 Sep 2017 10:15:00 PDT

Major zoning changes expected to spark a wave of residential, office and retail development near the Chicago River have bumped into an unexpected obstacle from the area’s gritty past: rail cars.

Property owners in the North Side Industrial Corridor are unhappy about the arrival of rows of train...

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Mars Food moves North American HQ to Goose Island

Thu, 21 Sep 2017 11:40:00 PDT

Mars Food is opening a new North American headquarters in Chicago’s Goose Island neighborhood, according to the company.

Mars Food, a business unit of Mars Inc., previously based its North American business in Los Angeles. The new 20,000-square-foot office, located on West Blackhawk Street, will...

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Shutterfly lawsuit tags Illinois as battleground in facial recognition fight

Thu, 21 Sep 2017 03:22:00 PDT

Just as Apple is pushing iPhone users to become more comfortable with facial recognition software, a lawsuit highlighting privacy concerns surrounding the burgeoning technology is moving forward in federal court in Chicago.

The lawsuit against photo-sharing site Shutterfly, which seeks class-action...

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Illinois submits big Obamacare rate increases to the feds

Wed, 20 Sep 2017 19:45:00 PDT

Hundreds of thousands of Illinois consumers who buy health insurance on the state's Obamacare exchange will likely see average rates increase by 16 to 37 percent next year for the lowest-priced plans, according to a new analysis.

The Illinois Department of Insurance submitted rates to the federal...

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SEC reveals 2016 hack of filing system that may have led to illegal trading

Thu, 21 Sep 2017 08:37:00 PDT

The federal agency responsible for ensuring that markets function as they should and for protecting investors was hacked last year and the intruders may have used the nonpublic information they obtained to profit illegally.

The disclosure arrived two months after a government watchdog said deficiencies...

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Oak Brook to bid for Amazon headquarters at McDonald's site

Tue, 19 Sep 2017 10:38:00 PDT

Oak Brook officials are hopeful that the 2018 move of McDonald's corporate offices to Chicago provides the perfect fit for e-commerce giant Amazon's search for a 50,000-job second headquarters.

Oak Brook is throwing its hat in the ring to be part of an official bid to Amazon officials looking to...

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How to build a rich life, even if you aren't a financial genius

Wed, 20 Sep 2017 04:00:00 PDT

You don’t have to be a genius, a math brain or know anything about the stock market to invest your money well and retire comfortably.

Most people don’t think of themselves as investors. But just about anyone with a fourth-grade education can get key money decisions right — like feeding a 401(k)...

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FCB Chicago ad agency CEO says big ideas still work on little screens

Tue, 19 Sep 2017 12:10:00 PDT

In a world where TV viewing is shifting to small mobile screens and online ads are targeted to an audience of one, Michael Fassnacht, CEO and president of FCB Chicago, is still thinking big.

Fassnacht, 50, helms one of the oldest and largest ad agencies in Chicago and sees the fragmenting media...

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Before the breach, Equifax sought to limit exposure to lawsuits

Tue, 19 Sep 2017 19:05:00 PDT

Before Equifax discovered a massive computer breach that exposed sensitive information about millions of Americans, the company lobbied Congress on legislation to limit how much it could be forced to pay if sued by consumers, and it pressed lawmakers to roll back the powers of its regulators.

Since...

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