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Discussion Starter · #1 ·
We have a finanacial areana looking strong thread that showcases some of the positive economic developments in our fair city.

This thread is meant as the mirror image....you know turned 180 degrees.....focusing on not so good news in our city.

Most of us here love Chicago, but all is not perfect and I just thought we should present the good w/ the bad.
 

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Discussion Starter · #2 ·
Chicago losing major trade show

http://www.chicagotribune.com/business/chi-0605100189may10,1,4851656.story?coll=chi-business-hed

Food show's exit takes bite out of city's status

By John Schmeltzer, Tribune staff reporter. Tribune staff reporter Kathy Bergen contributed to this report
Published May 10, 2006

The Food Marketing Institute said Tuesday that 2007 would be the last year it hosts its trade show in Chicago, delivering a blow to this city's status as both a convention and food industry capital.

The trade show, one of Chicago's biggest for the past two decades, brought about 40,000 exhibitors and delegates from 130 countries to the city this week. Organizers said future conventions would rotate through various cities in search of a better deal and friendlier venue rules. FMI also plans to scale back the trade show to every other year, alternating with educational seminars and events, in order to save money.

"Chicago is very expensive," said Tim Hammonds, president and chief executive of Washington-based FMI, who said exhibitors have complained "for years" about the difficulty of dealing with McCormick Place work rules that make set-ups more costly. Only New York is more expensive, FMI officials said.
 

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Discussion Starter · #3 ·
Corruption in Chicago, Is Daley Next?

http://www.chicagotribune.com/news/...10,1,3935420.column?coll=chi-opinionfront-hed

Boss' son rebuilt machine in own image


Published May 10, 2006

It was years ago, at a cozy dinner, just the two of us--we each decided to try the sea bass and boiled rapini--when Mayor Richard M. Daley told me a whopper about Chicago politics.

This was the whopper in which Daley denied using an army of political payrollers to keep his wrought-iron thumb pressed firmly on Chicago's throat.

"The [TV] networks and press come in, asking, `Machine, machine?'" he told me about those out-of-town reporters coming to cover Chicago's 1996 Democratic National Convention. "You almost hurt their feelings when you tell them, there's--what?--maybe six wards that can do anything. There's no machine. There's nothing."

I bring this up now because on Wednesday the mayor's political underlings will stand trial in federal court for alleged crimes connected with amassing a giant taxpayer-funded political machine of precinct workers to benefit their master. And now he's under siege.
 

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Discussion Starter · #5 ·
http://www.chicagotribune.com/business/chi-0606020153jun02,1,4589512.story?coll=chi-business-hed

this could spelll some trouble for us here

http://www.chicagotribune.com/business/chi-0606020153jun02,1,4589512.story?coll=chi-business-hed

NYSE spans Atlantic in merger deal
$10 billion purchase of European markets to create a behemoth

By David Greising
Tribune chief business correspondent
Published June 2, 2006

In a historic trans-Atlantic merger, the New York Stock Exchange agreed to pay $10 billion to buy Euronext NV, a deal that creates significant new competitive challenges for Chicago's two major futures exchanges.

The deal follows weeks of high-profile bidding pitting Germany's Deutsche Boerse AG against the NYSE. The Chicago Mercantile Exchange, the Chicago Board of Trade and the Nasdaq market are among the many exchanges that will need to redefine their competitive standing--and perhaps consider mergers of their own--in response to a new entity called NYSE Euronext.

The NYSE's purchase would take the legendary Wall Street exchange closer than any other to becoming a one-stop marketplace for the trading of all financial instruments: stocks, options, futures and corporate bonds. It would have active, open markets 12 hours a day, and create a significant opportunity for streamlining technology and cutting costs.

Chicago's exchanges will have to deal with more than just the marketplace competition. Both now must consider whether mergers will be required in order to remain competitive in a rapidly consolidating global marketplace.

Chicago market sources late Thursday speculated that merger talks between the Merc and the Nasdaq are likely. The Board of Trade could become the target of takeover advances by NYSE Euronext, sources said. The Board of Trade already uses Euronext's highly regarded electronic trading platform for the financial futures that produce the bulk of the exchange's trading volume.
 

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Discussion Starter · #6 ·
^^^^this is here because of its relation to the above article^^^

http://www.chicagotribune.com/busin...2,1,7129826.story?coll=sns-business-headlines

Deutsche Boerse Vows to Pursue Euronext

By ANGELA CHARLTON
Associated Press Writer
Published June 2, 2006, 9:09 AM CDT

PARIS -- As officials of the New York Stock Exchange and Euronext touted their revolutionary $9.96 billion union, rival bidder Deutsche Boerse AG said it has no intention of abandoning its pursuit of Euronext and its four European stock exchanges.

Issuing a statement even as NYSE Group Inc. CEO John Thain and Chairman Jan-Michiel Hessels held a news conference to explain their deal, Deutsche Boerse reiterated that its bid, which Euronext executives advised shareholders against accepting, was a good offer.

The NYSE agreed Thursday to buy Euronext, which operates the Paris, Amsterdam, Brussels and Lisbon exchanges, for $9.96 billion in cash and stock. Deutsche Boerse has not released terms of its bid, but analysts have estimated it to be worth around $11 billion. It is believe the bid would require the combined company to carry more debt than the NYSE offer.

Deutsche Boerse's persistence reflected the drive among stock exchanges to consolidate and extend their reach. A marriage between NYSE and Euronext would handle a staggering $2.1 trillion in stock trades each month and boast a market value of about $20 billion.

NYSE and Euronext officials stood by their deal to form NYSE Euronext.
 

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Of course...

Macy's parent cutting 155 jobs

By Kevin Orland
Bloomberg News
Published June 2, 2006, 1:20 PM CDT

Federated Department Stores Inc., the owner of Macy's and Bloomingdale's, plans to cut 155 jobs mostly in the Minneapolis and Chicago areas as the company continues to absorb the Marshall Field's chain.

Some of the cuts will involve Internet customer support jobs, as work from Marshall Field's is transferred to Macy's in July, Cincinnati-based Federated's Macy's North unit said yesterday in an e-mailed statement. About 100 of the jobs will be cut in the Minneapolis area, and 29 will be in the Chicago area, the company said. The remaining firings will be scattered among eight states in the Midwest that Macy's North encompasses.

Federated bought May Department Stores Co., owner of the Marshall Field's chain, in August for $11 billion, and the company has said the Field's name will be eliminated in September when it converts about 400 May stores to the Macy's name for a total of more than 850. Macy's North has a workforce of about 25,000, with more than 5,600 in the Minneapolis area.

Federated shares fell $1.26 to $72.43 as of 1:43 p.m. in New York Stock Exchange composite trading. The shares had risen 11 percent this year through yesterday.


Copyright © 2006, Chicago Tribune
 

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Andrew Corp. is bought out by Minneapolis Company.
 
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