Latest Chicago Work+Money news

U.S. economy in for rough patch, economist says

Wed, 20 Aug 2008 00:00:05 -0500

Private equity pool dry for banks seeking capital

Tue, 12 Aug 2008 00:00:05 -0500

The battered bank sector is looking for ways to shore up its shaky balance sheet in the wake of the financial crisis brought on by the collapse of investments in mortgage-backed securities. One solution that has been proposed by both Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson is private equity investment in the banking sector.

Roosevelt is latest university to go straight to Uncle Sam for student loans

Mon, 11 Aug 2008 00:00:06 -0500

Jennifer Smith already had her Chase loan application approved and had submitted her paperwork to the financial aid office at Roosevelt University in Chicago when she was told that, instead, she would be borrowing directly from Uncle Sam.

“They never told me why,” the 24-year-old integrated marketing communication major said. “All of a sudden I had direct loans of this and that much.”

On the public payroll

Mon, 04 Aug 2008 00:15:57 -0500

Want to know how much your city and state officials make?

Peat International's global success story

Mon, 04 Aug 2008 00:01:14 -0500

What if a hospital or manufacturing plant could process its waste into synthetic fuel that would, in turn, provide power to that business? If that process could be done on site at a cost of just 22 cents per pound of waste, companies across the country would surely jump on the technology, right?

Not so fast.

Northbrook, Ill.-based Peat International Inc., which bills itself as a waste-to-resources company, has found success selling its waste treatment systems overseas in Taiwan and India.

Demonstrators lash Bain Capital over future of childcare centers

Fri, 01 Aug 2008 00:11:04 -0500

A group of Chicago parents, activists and workers fear the buyout of a for-profit education and social service provider by one of the nation's largest private equity firms will result in deep budget cuts and a reduction in quality.

The group of 70 demonstrated Thursday in front of Bain Capital LLC's Chicago offices. Holding homemade signs, the group expressed concern that Bain's recent takeover of Watertown, Mass.- based Bright Horizons Family Solutions would lessen the quality of services locally provided by the company's centers.

Furloughs landing pilots in state of flux

Thu, 31 Jul 2008 09:22:35 -0500

Pilots have always been experts in direction, rarely having to veer too far off course in order to reach a destination. Life outside the cockpit can be trickier, though, and as the nation’s airlines begin implementing the largest round of furloughs since the aftermath of the September 11 terrorist attacks, pilots are finding themselves in unfamiliar territory -- lost.

Beer prices chugging upward

Thu, 31 Jul 2008 08:38:27 -0500

Looking to drown your economic sorrows in a tall, frothy pint of beer? With food, gas and energy prices soaring to all-time highs it sounds like a good way to relax and forget about the financial problems plaguing Americans across the U.S.

Unfortunately, beer prices are on the rise, as well, due to increased input costs for brewers; a worldwide hops shortage; and the soaring price of barley.

Industry experts don’t expect beer prices to drop for at least two years if at all.

Used car dealerships feeling the pinch

Fri, 25 Jul 2008 00:00:05 -0500

As Skyway Chevrolet in South Chicago prepares to close its doors, General Manager Dan Biegel’s advice to other car dealerships is simple: Get the right inventory.

With credit availability low and gas prices high, drivers are looking to buy the cheapest cars with the best gas mileage. As a result, unlike fuel-efficient models such as Toyota Motor Corp.’s Prius, gas-guzzling trucks and sport utility vehicles have been downright unpopular with prospective buyers.

Chicago home sales drop 28% in June

Thu, 24 Jul 2008 15:09:07 -0500

Sales and median prices for existing homes in Chicago and the state dropped in June as the real estate market remained strained by low consumer confidence and a troubled economy.

In the nine-county Chicago market, total home sales dropped 27.9 percent to 7,656 units. The median home sale price for the Chicagoland area was $256,000 in June 2008, off 3.3 percent from $264,700 in June 2007.

In Cook County, median prices were off a slight 0.9 percent in June at $274,500 compared to $277,000 in June 2007.

Illinois home sales, which include single-family homes and condominiums, were down 27 from a year ago to 11,643 units, according to the Illinois Association of Realtors latest report.