SEC accuses suburban man of $1.2M in fraud
(Crain’s) — A suburban Chicago businessman has been accused by the Securities and Exchange Commission of bilking a number of elderly investors out of $1.2 million and spending the money on cars, college tuition and other personal expenses.
A lawsuit filed Wednesday by the SEC in U.S…
Hostage drama hits Wheaton
(AP) — A hostage situation drew swarms of police and emergency crews to a bank in suburban Chicago Friday, where a suspect remained holed up inside, city officials said.
Police blocked off several streets in downtown Wheaton, about 20 miles west of Chicago and requested a halt to rail traffic…
AFSCME approves 4-year deal with Illinois
(AP) — Members of Illinois' largest state employees union have approved a four-year contract that increases their pay 15.25 percent.
The American Federation of State, County and Municipal Employees, which represents more than 37,000 state workers, announced the deal on Friday that replaces a…
UR Chicago mag to cease print, go Web only
(Crain’s) — The free monthly entertainment magazine UR Chicago hitting the streets over the weekend will be the last edition for the print publication after advertisers drifted toward other marketing formats.
“Over the past year, we found it hard to attract just print advertising,” said…
Navistar's growth pinned to overseas markets
(Crain’s) — Navistar International Corp. predicted Friday that overseas sales will be the foundation of the company’s growth strategy in the future.
CEO Daniel Ustian said joint ventures with Indian truckmaker Mahindra and Peoria-based Caterpillar Inc. will give Navistar exposure to foreign…
Avoiding a strike at Boeing won't be cheap
(Crain’s) — Even though Boeing Co. managed to temporarily avoid a strike that would shut down its assembly lines, the company’s labor woes are far from over. And any resolution is going to be expensive.
After 80% of the International Assn. of Machinists rejected management’s contract…
Stepan, Nalco Holdings form energy-related JV
(AP) — Chemical company Stepan Co. said Friday it formed a global joint venture with Nalco Holding Co. to market chemicals designed to increase crude oil and gas production from existing fields.
Northfield-based Stepan said a dramatic rise in crude oil prices has created renewed interest in…
Moto shares end down after Nokia warns of industry weakness
(AP) — Shares of Motorola Inc. and some other makers of cell phones were down Friday after Nokia Corp., the largest in the field, said it expected the market to be affected by the weaker consumer confidence in several markets.
Motorola's stock hit a low of $8.69 for a 5-percent decline from…
Boeing, union met with mediator
(AP) — Representatives from Boeing Co. and the machinists union met with a federal mediator Thursday as the clock ticked on an unusual two-day contract extension after union production workers soundly rejected a contract offer and voted to strike.
Members of the union representing 27,000…
Exec resigns from hedge fund firm Citadel
(Reuters) — A Citadel Investment Group LLC executive who ran an unprofitable credit investment group for the large hedge fund company has resigned, a person familiar with the matter said on Friday.
Joe Russell, who was instrumental in making Citadel's investments in E*Trade Financial this…
Illinois biz group leader mulling run for governor
(Crain’s) — Illinois Chamber of Commerce president Doug Whitley is mulling a run for governor.
On Thursday he informed the Springfield-based business group’s board that he is forming an exploratory committee to run as a Republican for governor in the 2010 election, and the chamber issued a…
10 things to do this weekend
LEARN. The Chicago Architecture Foundation tours have always pointed out great historical buildings. This weekend one tour will point out great historical women, too. The two-hour WOMEN OF INFLUENCE tour will introduce you to the stories of Mary Jane Richardson Jones, an African-American pioneer in…
Tune in daily to WBBM-AM to hear Assistant Managing Editor Ann Dwyer on the "Noon Business Hour."
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Chicago Business Today - Sept. 5
GOP may have first candidate for governor... Navistar lands $752 million deal for military trucks... Plus: Take a look at Illinois' burgeoning wine industry.
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