business
Bulls: New practice facility a go, but entertainment complex needs a tax break
The Bulls on Friday nailed down plans to build a new, 55,000-square foot practice facility in a United Center parking lot, but construction of a $95 million entertainment complex on the east side of the stadium hinges on an extended property tax break.
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ITW Chairman, CEO David Speer dies at age 61 after illness
Illinois Tool Works Inc. Chairman and CEO David B. Speer of Winnetka has passed away after an illness. He was 61. The Glenview-based industrial equipment maker announced Sunday that E. Scott Santi, 51, has been elected chief executive officer to succeed Speer.
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Entering new waters via tiny chip
Swimmers will know in real-time this summer whether their neighborhood lake is safe from high bacteria, thanks to a test developed by a Chicago biotech startup. The startup, FCubed, LLC, invented the detection technology, which works with technology created at the University of Notre Dame …Read More
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Sears sales, shares tumble
Somewhere, somebody must have had a party this weekend on the proceeds from shorting the stock of retailer Sears Holdings (SHLD). Looking back, the stock looked like the biggest candidate for a pratfall this side of Groupon (GRPN). Sears shares lost more than 18 percent …Read More
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J.C. Penney CEO struggle to reinvent department store, way we shop
NEW YORK — J.C. Penney CEO Ron Johnson seems unfazed that the department store chain’s mounting losses and sales declines have led to growing criticism of his plan to change the way we shop. Perhaps that’s because this isn’t the first time during Johnson’s 30-year …
FCC ruling pushes Tribune toward bankruptcy exit
The Federal Communications Commission granted Tribune Co. a permanent waiver Friday from rules that ban a newspaper publisher from owning broadcast stations in the same market. The decision is a prerequisite for Tribune to come out of bankruptcy.
Unemployment rate in Illinois stays at 8.8 percent in Oct.
The unemployment rate in Illinois remained at 8.8 percent in October for the second straight month and was down from 10 percent in October 2011, the Illinois Department of Employment Security said Thursday. But the state added fewer jobs month-over-month.
Sears shares sink more than 16 percent
Shares of Sears Holdings Corp. sank more than 16 percent in trading Friday. The steep drop follows the company’s third quarter earnings report released Thursday after the market closed. The shares were down $9.48 , or 16.2 percent at $49 in morning trading.
Twinkie maker Hostess to close; 1,415 Illinois workers to lose jobs
Hostess Brands says it is going out of business, closing plants that make Twinkies and Wonder Bread and laying off all of its 18,500 workers, including 1,415 at three Illinois locations. “We have members who’ve had 40 years there. ... Their dream was working there and retire there,” an Illinois union official said.
Obama to congressional leaders: Fiscal cliff is ‘urgent business’
President Obama appealed for cooperation and compromise from congressional leaders Friday, saying that surmounting the so-called fiscal cliff at year’s end is “urgent business.”
U.S. industrial production drops 0.4 percent
Superstorm Sandy depressed U.S. industrial output in October. The Federal Reserve says industrial output fell 0.4 percent last month. Excluding the storm’s impact, production at the nation’s factories, mines and utilities would have been up about 0.6 percent.
Infant travel beds recalled after baby dies
A children’s safety equipment manufacturer has agreed to recall about 220,000 infant travel beds after reports of one infant’s death and nine others entrapped or distressed while inside the portable sleep tents.
Judge prevents demolition of former Prentice Women’s Hospital — for now
A Cook County judge Thursday granted temporary landmark status to Northwestern University’s former Prentice Women’s Hospital and questioned the procedures city officials used to clear the way for the building’s potential demolition.
Stocks finish higher on optimism over budget talks
Optimism that President Barack Obama and Congressional leaders will reach a deal on the budget deficit and avoid the “fiscal cliff” helped stocks notch their first advance in four days. The Dow closed up 45.93 points at 12,588.31. The S&P; 500 rose 6.55 points to 1,359.88.
Ikea regrets use of forced labor in East Germany
Swedish furniture giant Ikea says it “deeply regrets” the fact that some of its suppliers used forced prison labor in communist East Germany more than two decades ago.
United Airlines suffers another large computer outage
A week before the busy Thanksgiving holiday travel season, United Airlines faced the risk of further alienating customers as it grappled with yet another computer problem that delayed hundreds of flights around the globe Thursday, including at Chicago O’Hare.
