By Julie Wernau
Hyatt Hotels Corp. faced the wrath of religious leaders Tuesday as hotel workers called for a boycott of three Hyatt branded Chicago hotels.
“I think it is immoral. It’s immoral. It’s immoral for Hyatt to be treating its workers the way they are treating them: A year without a contract,” Rev. Calvin Morris boomed into a microphone outside Hyatt’s downtown headquarters. “We’re going to boycott these hotels, and we do so with good conscience.”
The world’s largest group of Jewish Clergy, the Central Conference of American Rabbis, has pledged its support for the worker-led boycotts, which with the addition Tuesday of Hyatt Regency Chicago, Hyatt O’Hare and Park Hyatt in Chicago, now number 10 at Hyatt properties across the country. Approximately 250 rabbis, cantors and other Jewish leaders have also signed a pledge in support of the boycotts. Get the full story »
Aug. 24, 2010 at 3:18 p.m.
Filed under:
Economy,
Policy,
Updated
By Dow Jones Newswires
Federal Reserve Bank of Chicago President Charles Evans said Tuesday the economic recovery is “extremely modest” but he believes it’s unlikely the economy will fall into a double-dip recession. Get the full story »
Aug. 23, 2010 at 9:33 a.m.
Filed under:
Insurance,
Investing,
Updated
By Chicago Confidential
Lou Simpson, the Chicago-based investor with such a stellar track record he once was considered the successor to Warren Buffett, is retiring at the end of the year after decades managing Geico’s investment portfolio.
Geico is owned by Buffett’s investment vehicle, Berkshire Hathaway. Simpson, 73, who grew up in Highland Park, is the only person other than Buffett who controls Berkshire investments.
“I wish he weren’t” retiring, Buffett told me. “Obviously, I would keep him employed till he was 100. I was very surprised when he called me a month ago and said, ‘At 74, I’d just as soon turn it over to somebody else.’ It was not a happy day at Berkshire. But I’m happy for him.” Get the full story »
Aug. 20, 2010 at 12:14 p.m.
Filed under:
Economy,
Housing,
Mortgages,
Policy,
Real estate,
Updated
By Mary Ellen Podmolik
The Treasury Department said Friday that the nation’s housing market “remains fragile” and reported that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June. Get the full story »
Aug. 20, 2010 at 10:57 a.m.
Filed under:
Economy,
Jobs/employment,
Manufacturing,
Updated
By Associated Press
Caterpillar Inc. officials said Thursday they don’t expect a double-dip recession because the world’s central banks haven’t made major errors and the economy has been improving throughout 2010, especially in the developing world.
New CEO Doug Oberhelman and other executives met with analysts in New York and discussed the opportunities ahead for the world’s largest maker of construction and mining equipment. The Peoria, Ill.-based company also affirmed its long-term profit goals.
“We don’t think the world has ended,” said Oberhelman, who has been with Caterpillar since 1975. “We think there is going to be fantastic growth in our industry in the future.”
Aug. 19, 2010 at 11:03 a.m.
Filed under:
Earnings,
Retail,
Updated
By Reuters
Most retail stocks were lower Thursday, with Sears Holdings Corp. shares down 7.6 percent to $62 after the department-store operator posted disappointing second-quarter results.
Sears reported a larger-than-expected second quarter loss early Thursday and that sales dropped by $93 million to $10.5 billion. Get the full story »
Aug. 19, 2010 at 10:15 a.m.
Filed under:
Autos,
IPOs,
Updated
By Reuters
General Motors Co. took a big step toward repaying a controversial taxpayer-funded bailout by declaring plans for a landmark stock offering that represents a critical test for the Obama administration.
The automaker said it planned to list the shares on the New York Stock Exchange and the Toronto Stock Exchange in an initial public offering that comes amid a still-weak global market for cars that is vulnerable to a further downturn.
The Obama administration wants to be able to cast its $50 billion GM bailout as a financial success in the face of public skepticism and Republican political opposition but some analysts are still wary of the offering. Get the full story »
Aug. 18, 2010 at 5:33 p.m.
Filed under:
Airlines,
Airplanes,
Updated
By Ameet Sachdev
Flight attendant Robert Johnson stands in between first class and coach on an American Airlines 737-800 plane in 2009. (Stacey Wescott/Chicago Tribune)
As part of its quest for more non-ticket revenue, American Airlines will begin charging customers who want to sit in the first few rows of coach.
The price will begin at $19 per flight. Longer flights will cost more. For example, a seat on a Chicago to Honolulu flight will cost $39. A seat on a flight to Boston from O’Hare International Airport will cost $29.
American did not specify how many rows of seats will be affected by the new charges. Customers who purchase these coach seats also will be allowed to board in the first boarding group after first-class passengers and elite frequent fliers. Get the full story »
Aug. 18, 2010 at 3:30 p.m.
Filed under:
Agriculture/Farming,
M&A,
Updated
By Ameet Sachdev
BHP Billiton Ltd. took its $38.6 billion offer for Potash Corp. of Saskatchewan Inc. direct to its shareholders, a day after Potash’s board rejected the bid by mining company.
Shares of Potash, the world’s largest fertilizer producer, continued to trade Wednesday well above BHP’s $130-a-share offer. The stock closed at $147.93, up 3.3 percent, on the New York Stock Exchange. Shares soared 27.7 percent Tuesday to close at $143.17, after news of BHP’s offer broke. Get the full story »
Aug. 18, 2010 at 9:43 a.m.
Filed under:
Bankruptcy,
Updated
By Ameet Sachdev
U.S. bankruptcy filings have reached the highest level since 2005, government data show, as the economy slows and the unemployment rate hovers just below double digits.
Bankruptcy filings in Illinois rose 18 percent in the quarter ended in June. There were 21,691 bankruptcy filings between April and June, according to the Administrative Office of the U.S. Courts, up from 18,311 a year earlier.
Consumer bankruptcies rose 19 percent to 21,094, and business bankruptcies rose 4 percent to 597. Get the full story »
From Bloomberg
The Securities and Exchange Commission has started a formal probe of possible insider trading by current and former officers and directors of mall owner General Growth Properties Inc.
General Growth, which has operated under bankruptcy protection since April 2009 and plans to exit later this year, disclosed the probe in its bankruptcy case Tuesday and in its quarterly report filed with the SEC last week. Get the full story »
By Mary Ellen Podmolik
Donald Trump and his lenders have inked a new loan agreement that resolves long-standing litigation related to the development of his Trump International Hotel & Tower in Chicago.
Trump and his lenders, led by Deutsche Bank Trust Co. Americas and Fortress Credit Corp., last week agreed to extend the term on an approximate $600 million construction loan for five years. So, all litigation between the parties has been dismissed. Get the full story »
Aug. 17, 2010 at 4:29 p.m.
Filed under:
International,
Policy,
Politics,
Tourism,
Travel,
Updated
By Kathy Bergen
Chicago moved up two slots, to No. 6, in an updated ranking of global cities, coming in behind New York, London, Tokyo, Paris and Hong Kong.
The ranking aims to show how much influence a city has beyond its own borders. It was conducted by Foreign Policy magazine, management consulting firm A.T. Kearney and the Chicago Council on Global Affairs, and comes two years after the inaugural ranking by these same parties.
The top four cities retained their hold over the two-year period, though the ranking also showed growing momentum in Asia and the Pacific, with five of the 10 cities deemed most global. In addition to Tokyo and Hong Kong, those cities included Singapore, Sydney and Seoul. Get the full story »
Aug. 17, 2010 at 1:58 p.m.
Filed under:
Agriculture/Farming,
M&A,
Updated
By Tribune staff report
Shares in Potash Corp. were up about 27 percent in afternoon trading on the New York Stock Exchange after the company said its board had received and rejected an unsolicited takeover bid from BHP Billiton Ltd. The bid is worth about $38.49 billion. Potash said it undervalues the fertilizer producer.
BHP Billiton, an Australian natural resources company, is offering to buy Potash for $130 per share, a 16 percent premium over Monday’s closing price. Potash, which has its U.S. headquarters in Northbrook, said its board has adopted a shareholder rights plan, also known as a poison pill, to give the company time to better develop alternatives to enhance shareholder value. Get the full story »
Aug. 17, 2010 at 10:20 a.m.
Filed under:
M&A,
Updated
By Ameet Sachdev
Pactiv's new owner, Rank Group, sells products like Reynolds Wrap foil. (Bill Hogan/Chicago Tribune)
Pactiv Corp., the Lake Forest maker of Hefty trash bags, announced an agreement Tuesday to be acquired by New Zealand’s Rank Group Ltd. in a transaction valued at about $6 billion.
Privately-held Rank Group will pay $33.25 in cash for each Pactiv share, or about $4.6 billion. The sale price represents a premium of about 39 percent over Pactiv’s closing price of $23.97 on May 14, the day prior to published reports regarding a potential transaction.
Rank Group also will assume Pactiv’s $1.5 billion debt. Pactiv said the deal is targeted to close by the end of the year. Get the full story »
