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Old July 31st, 2007, 04:25 AM   #1
The Urban Politician
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The Chicago Economy Thread: News and Commentary

And so we begin again.
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Old July 31st, 2007, 04:26 AM   #2
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Wow, the first one maxed out already?

You even beat the original US Economy Thread to it.
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Old July 31st, 2007, 04:28 AM   #3
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What happened to the old thread is a damn shame. There was lots of great work in there and I would often refer back to the archives to dig out articles and other information. It is kind of sad. I feel like I have lost something close to me.
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Old July 31st, 2007, 04:28 AM   #4
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Ah, now I understand:
http://www.skyscrapercity.com/showthread.php?t=500962
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Old July 31st, 2007, 05:00 AM   #5
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Quote:
Originally Posted by bnk View Post
What happened to the old thread is a damn shame. There was lots of great work in there and I would often refer back to the archives to dig out articles and other information. It is kind of sad. I feel like I have lost something close to me.
^ Never fear, bnk. As General Maximus' master said to him in Gladiator, "So we will go to Rome, where we will have bloody adventures"

And we, too, my friend, will create new adventures, in the new and improved (administrator-friendly) Economy Thread!!
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Old July 31st, 2007, 05:01 AM   #6
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Quote:
Originally Posted by Bond James Bond View Post
Wow, the first one maxed out already?

You even beat the original US Economy Thread to it.
It's impossible to beat the US Economy Thread at anything.
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Old July 31st, 2007, 05:12 AM   #7
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to the old one
to the new one?
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Chi-town, Chi-town we're gonna show em how we get down
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Old July 31st, 2007, 06:51 AM   #8
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July 30, 2007
Citadel takes over Sowood Capital's credit portfolio
(Reuters) — Hedge fund Citadel Investment Group LLC said on Monday that it took over Sowood Capital's credit portfolio following speculation last week that heavy losses might force the smaller hedge fund to shut down.
Crains



Tax hike a concern after Daley warns of deficit
$217 million budget shortfall expected next year

By Gary Washburn | Tribune staff reporter
7:21 PM CDT, July 30, 2007
In an announcement that could herald the approach of tax and fee increases, Mayor Richard Daley's budget chief said Monday that the city faces a projected $217 million budget shortfall in 2008.
Tribune



Venture Capital Flows Into Midwest Life Sciences at Record Rate in 2007 7/30/2007
CHICAGO – Anxious to find out how the Midwest has been faring on the VC funding front, I went to a focused source on both the Midwest and the life sciences sector: BioEnterprise. This organization is based in Cleveland and is dedicated to the growth of bioscience companies.
Midwest Business
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Old July 31st, 2007, 06:52 AM   #9
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God I love reading these articles UP. Thanks for posting them, and making it easy for us.
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old August 1st, 2007, 06:15 AM   #10
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Chicago helps China glow
ENGINEERING | Office here helps on $3.3 billion dam project

July 31, 2007
BY MARY WISNIEWSKI [email protected]
The construction of a 1,000-foot-high dam that will provide as many as 10 million Chinese with electricity has a Chicago connection.

The Chicago office of MWH, a Colorado-based engineering firm, will supply engineering and construction management consulting for the Jinping I Hydropower project, to be built along the Yalong River in the Sichuan province of Southwest China.
Sun Times



Boeing orders in India expected to grow as air travel expands
Bloomberg News
July 31, 2007
NEW DELHI - Boeing Co. on Monday raised its 20-year sales outlook for India as demand for transporting people grows in the world's second-most populous nation.
Tribune



Aon to unload its Combined insurance unit
By James P. Miller and Becky Yerak | Tribune staff reporters
4:44 PM CDT, July 31, 2007
Chicago insurance broker Aon Corp. said late Tuesday that it plans to spin off or sell its Combined Insurance company subsidiary, which that has historically served as a reliable source of cash for Aon.
Tribune



Huron Consulting buys Atlanta firm
By James P. Miller | Tribune staff reporter
8:43 AM CDT, July 31, 2007
Huron Consulting Group Inc. of Chicago disclosed Tuesday morning that it paid $60 million to acquire the Atlanta consulting firm Callaway Partners LLC.
Tribune



The Greatest Trading City in the World
Da Bears. Da Bulls. Da traders.

Chicago is the "greatest trading city in the world," according to a survey in the June/July 2007 issue of Trader Monthly magazine. The magazine, which is aimed at professional traders and hedge fund managers, ranked 50 cities worldwide in an effort to find the ultimate place to live and trade.

The rise of electronic markets had theoretically leveled the global playing field, making it possible to fire off winning trades while enjoying a poolside cocktail in Tahiti.

Still, Chicago, once hog butcher to the world and formerly stacker of wheat, beat out the glamorous, the glitzy, the exotic and the tax havens to take the top prize. The magazine said it rated a mixture of work and lifestyle factors, from trading infrastructure, taxes and access to capital to weather, nightlife and time zone.
World Business Chicago



Below, a link to a study about the role of the arts in Chicago's Economy. PDF warning:

http://www.artsalliance.org/docs/res...inalReport.pdf
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Old August 1st, 2007, 03:19 PM   #11
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AWWWWWW old one gone oh well. OMG were running without a budget(kewl) um i wonder how would it be to have a casino downtown?
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Old August 2nd, 2007, 05:30 AM   #12
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WestJet orders 20 Boeing 737s in expansion
Bloomberg News
August 1, 2007
CALGARY, Canada - WestJet Airlines Ltd., Canada's second-biggest carrier, said Tuesday that it has ordered 20 737 Boeing Co. airplanes as it expands its service, both domestically and to foreign countries. Terms of the transaction weren't announced.
Tribune



Water Streets acquires diagnostic company
By Bruce Japsen | Tribune staff reporter
Private equity firm Water Street Healthcare Partners said it has committed $50 million in equity to acquire a majority stake in Alpine Biomed and related investments in the California-based diagnostic company.
Tribune



Aug. 01, 2007
CME volume jumps in July; exchange begins buyback
(Reuters) — Rapid movement in U.S. interest rates and other financial instruments helped drive derivatives volume at CME Group up 40 percent in July, the world's largest futures exchange said on Wednesday.
Crains



Aug. 01, 2007
By Ann Saphir
GTCR buys 2 firms to broaden arts and crafts holdings
(Crain’s) — GTCR Golder Rauner LLC on Wednesday bought Woodridge-based Wilton Industries Inc., the nation’s biggest cake decorations maker, and Dimensions Holdings LLC, a Reading, Pa.-based hobby products maker, in a bid to broaden its footprint in the arts and crafts business.
Crains
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Old August 3rd, 2007, 04:38 AM   #13
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Aug. 02, 2007
Esmark buys ArcelorMittal's Maryland steel plant
(AP) — Steelmaker ArcelorMittal said Thursday it will sell its Maryland steel plant to privately held steel distributor Esmark Inc.
Crains



McCormick Place annex opens
Tribune staff report
12:45 PM CDT, August 2, 2007
The doors of McCormick Place West, the latest addition to the city's convention center, were officially opened this morning and Mayor Richard Daley was among the dignitaries who cut the ribbon.
Tribune



Aug. 02, 2007
By Thomas A. Corfman and Eddie Baeb
William Blair to anchor new skyscraper on Chicago River
(Crain’s) — In a deal sure to reshape the downtown office market, Chicago investment bank William Blair & Co. LLC has signed a letter of intent to anchor a new skyscraper on a site along the Chicago River, where the river forks into north and south branches, according to real estate industry sources.
Crains



Aug. 02, 2007
Boeing books 149 plane orders in July
(Reuters) — Boeing Co. booked 149 plane orders in July, marking its busiest month since December, as new buyers lined up for its lightweight 787 Dreamliner, which made its public debut last month.
Crains



New Report: Indiana Life Sciences Start-Ups See Surge in Venture Funding 8/2/2007
INDIANAPOLIS – According to a survey by Ernst & Young and VentureOne, investment in Indiana life sciences start-ups totaled $43.5 million in the second quarter. The amount is the highest since the survey began in 1991.
Midwest Business
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Old August 6th, 2007, 05:16 AM   #14
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3 is the loneliest number
TECH | Motorola falls behind Samsung in cell sales; still No. 1 domestically

August 3, 2007
BY HOWARD WOLINSKY [email protected]
It's confirmed now: Motorola, which invented the cell phone, has slipped to the No. 3 ranking in sales globally.

The world as we know it hasn't ended. Your Motorola cell phone will still work. No reason to take a RAZR to the wrist.
Sun Times



Aug. 02, 2007
Dell to buy Buffalo Grove-based software firm
(AP) — Computer maker Dell Inc. said Thursday it agreed to acquire Buffalo Grove-based ASAP Software for approximately $340 million to bolster its software business.
Crains



Aug. 04, 2007
By Ann Saphir
CME Group loses key battle on CBOE rights
(Crain’s) — CME Group Inc. lost a key legal battle in its bid to protect Chicago Board of Trade members’ rights at the Chicago Board Options Exchange, entitlements the CME says are worth as much as $1.9 billion.
Crains



By Steven R. Strahler
Blue-sky days for Mansueto's mags
Entrepreneur's touch — and his millions — help revive struggling business pubs
Joe Mansueto is on vacation this week, taking a break from his Morningstar Inc. CEO duties at his woodsy retreat in Michigan. But for Mr. Mansueto, vacation means kicking back with another business: He'll spend part of the week setting 2008 strategy with about 10 executives of his magazine publisher, Mansueto Ventures LLC.
Crains



Supercollisions on the horizon?
Fermilab out to sell neighbors on massive project

By Russell Working | Tribune staff reporter
August 5, 2007
The project staggers the imagination: a machine that would stretch 20 miles through the bedrock 400 feet beneath Kane, DuPage and perhaps Will Counties. It could help physicists discover mysterious forces of the universe and new dimensions in the fabric of space and time.
Tribune
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Old August 6th, 2007, 06:13 AM   #15
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Quote:
Originally Posted by The Urban Politician View Post
[

Supercollisions on the horizon?
Fermilab out to sell neighbors on massive project

By Russell Working | Tribune staff reporter
August 5, 2007
The project staggers the imagination: a machine that would stretch 20 miles through the bedrock 400 feet beneath Kane, DuPage and perhaps Will Counties. It could help physicists discover mysterious forces of the universe and new dimensions in the fabric of space and time.
Tribune
This one is a long way out and there is allot of competition for this project but to get this one would be like snagging the 2020 Olympics after we finished with 2016.

There are [real] Billions of dollars riding on this project.

Perhaps this could offset the supercollider [fiasco] loss to Texas under Bush 41. I believe if Illinois was chosen for that one it would have never been canceled and we would have the best supercollider in the world right now.

We do not have the red fire ants that helped scuttle the Texas failure.



Good work TUP.
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Old August 7th, 2007, 04:34 AM   #16
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I.B.M. Near Supercomputer Contract

By JOHN MARKOFF
Published: August 6, 2007
SAN FRANCISCO, Aug. 5 — The National Science Foundation is planning to award I.B.M. a contract to build the world’s fastest supercomputer at the National Center for Supercomputing Applications at the University of Illinois at Urbana-Champaign, according to documents that were accidentally placed on a federal government Web site for a short time last week.
New York Times



McDonald's to sell Boston Market
Associated Press
12:44 PM CDT, August 6, 2007
A spokesman for private equity firm Sun Capital Partners said Monday it had agreed to buy the meat-and-potatoes Boston Market restaurant chain from its parent, McDonald's Corp.
Tribune
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Old August 9th, 2007, 02:21 AM   #17
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I.B.M. Near Supercomputer Contract

By JOHN MARKOFF
Published: August 6, 2007
SAN FRANCISCO, Aug. 5 — The National Science Foundation is planning to award I.B.M. a contract to build the world’s fastest supercomputer at the National Center for Supercomputing Applications at the University of Illinois at Urbana-Champaign, according to documents that were accidentally placed on a federal government Web site for a short time last week.
]
http://www.nytimes.com/2007/08/06/te...in&oref=slogin

The award has been eagerly pursued by a number of supercomputer centers and state governments. Word of the decision to award the contract to I.B.M. to build a production version of a computer that is now intended for the Pentagon’s Defense Advanced Research Projects Agency has created widespread concern in the past week among some computer scientists involved in designing and building the nation’s high-performance computers.

The new computer is to be the first supercomputer capable of one thousand trillion mathematical operations a second — a computing benchmark known as a petaflop. Placing it in Illinois, however, has led to expressions of concern in California and Pennsylvania, where computing laboratories also bid on the contract.



Confirmed.




World's fastest supercomputer coming to Illinois

(http://www.dailysouthtown.com/news/5...mm_808.article)

August 8, 2007

The Associated Press

CHAMPAIGN -- A federal government board has recommended that the world's fastest supercomputer be built at the University of Illinois.

National Science Foundation spokeswoman Leslie Fink says the decision by the board that governs the foundation all but guarantees the $400 million system will be built at the university's National Center for Supercomputing applications.

Center director Thom Dunning says the real work will now begin.

He said the center and the foundation still must negotiate project details. And, according to Dunning, scientists from the university and IBM have to work out how to build and power the supercomputer.

The supercomputer is expected to be running by 2011. Pennington said it will give scientists the power to tackle a new range of projects that aren't now possible.
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Old August 9th, 2007, 03:32 AM   #18
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Take that Silicon Valley!
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Old August 9th, 2007, 05:01 AM   #19
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^ Yeah, that's really great news
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Old August 9th, 2007, 06:09 AM   #20
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There was another, larger article about this in today's Sun Times, but for some reason it's not accessible right now, so you'll have to get the third rate version:

Area got the call for its talent pool

August 8, 2007
In June 2006, AirCell won the Federal Communications Commission's auction of radio spectrum to provide Internet service on aircraft within the United States.

Fran Phillips, AirCell senior vice president of airline solutions, said the company paid $30 million for the exclusive use of the spectrum.
Sun Times



New McCormick Place West building brings jobs, opportunities
By Jean Lachowicz



The cranes and construction equipment that have been looming over I-55 at Lake Shore Drive soon will give way to tens of thousands of busy conventioneers at the new McCormick Place West Building, scheduled to open later this summer.

When workers broke ground on the project in 2004, those heading the effort anticipated opening the building in March 2008. Yet in an era when cost overruns are common and delayed schedules frequent, the McCormick Place West Building actually ran several months ahead of schedule and came in on budget.
Near West Gazette



Boeing wins $10M Navy contract
St. Louis Business Journal - 9:39 AM CDT Wednesday, August 8, 2007

The Boeing Co. won a $10 million contract from the U.S. Navy, the Department of Defense said Monday.

The order is for the design, development, fabrication/assembly and qualification of up to 20 EA-18G extended low band radomes, or devices used to house radar antenna.
St Louis Business Journal



Another article about this:

Associated Press
Illinois to Get Fastest Supercomputer
By DAVID MERCER 08.08.07, 8:30 PM ET
CHAMPAIGN, Ill. - By 2011, the University of Illinois should be the home of the world's fastest supercomputer.
Forbes
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