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Workers vote to unionize Chicago coffee chain Intelligentsia

Business / Business News /

Workers at Chicago-based specialty coffee company Intelligentsia Coffee voted to unionize Monday, the latest in a string of union votes at coffeehouses across the city in recent months.

The vote affects nearly 30 workers at Intelligentsia’s five Chicago cafes, including two in the Loop, and one each in Lakeview East, East Ukrainian Village ...Read more

GOP's Phillips to leave FTC, boosting Khan's advantage

Business / Business News /

Republican Federal Trade Commissioner Noah Phillips said he plans to step down this fall, which will hand an even bigger majority to progressive Chair Lina Khan to advance her agenda.

Phillips told the agency last week about his plan to leave, a move that may require him to recuse himself from some cases.

“This fall is the right time for me...Read more

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Whole Foods cofounder is building chain of cafes, wellness centers

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Whole Foods Market co-founder John Mackey is planning a second act when he retires from the Amazon-owned grocer next month: building a chain of plant-based restaurants and wellness centers that offer fitness and spa services.

Corporate records list Mackey, 68, as a partner in Healthy America LLC, a startup that raised about $31 million from ...Read more

Martin Peers: Axios purchase comes with some sticker shock

Business / Business News /

The siren call of digital media startups is hard to resist, even in a market as rocky as this one.

That was illustrated sharply on Monday by the premium price that Cox Enterprises, owner of the Atlanta Journal-Constitution, agreed to pay to buy the prominent startup Axios. The $525 million headline valuation that Cox is putting on the five-year...Read more

Illinois consumers sue health insurer Centene, saying they couldn't find in-network doctors

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Consumers in Illinois and other states are suing health insurance giant Centene and its Chicago-based subsidiary Celtic Insurance Co., alleging the insurers defrauded them by overcharging them for plans that didn’t deliver the benefits they promised.

Six consumers, including two in Illinois, are seeking class-action status for the lawsuit, ...Read more

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The nation's top consumer watchdog wants to protect your personal data and digital wallet

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Rohit Chopra heads the Consumer Financial Protection Bureau (CFPB), the federal agency tasked with protecting consumers and their money. The CFPB in recent years has sued student loan servicers, investigated redlining — or discriminatory lending — in mortgages and other loans, and is now focusing on "buy-now-pay-later" firms, payment apps, ...Read more

UPS to acquire health care logistics firm Bomi Group

Business / Business News /

UPS announced plans to acquire Italian-based health care logistics firm Bomi Group to expand the reach of its health unit globally.

Through the acquisition, UPS said it will gain temperature-controlled facilities in 14 countries, 350 temperature-controlled vehicles and nearly 3,000 employees in Europe and Latin America.

Kate Gutmann, president...Read more

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To retain nurses and other staffers, hospitals are opening child care centers

Business / Business News /

When Jennifer Lucier and her husband found out they were expecting a baby in 2016, they immediately made three phone calls.

The first was to her mother. The second was to her husband’s family. And the third was to the Roper St. Francis Healthcare Learning Center.

That last call, she felt, was particularly urgent. Lucier wanted to secure a ...Read more

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Nursing homes are suing the friends and family of residents to collect debts

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ROCHESTER, N.Y. — Lucille Brooks was stunned when she picked up the phone before Christmas two years ago and learned a nursing home was suing her.

“I thought this was crazy,” recalled Brooks, 74, a retiree who lives with her husband in a modest home in the Rochester suburbs. Brooks’ brother had been a resident of the nursing home. But ...Read more

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The Great Fire slowed interest in wood buildings, but Chicago's first mass timber tower could soon take shape

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CHICAGO — Developer Sterling Bay is set to begin construction of Chicago’s first mass timber building, a nine-story, apartment tower in the Lincoln Park neighborhood. If approved by City Council, the $50 million development may kick off widespread use of the modern technique, already popular in other cities, which boosters claim is more ...Read more

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Socially responsible investing 2022: How to get started in 6 steps

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If you want to put your dollars into causes you care about, one of the easiest ways to get started is through socially responsible investing. The strategy prioritizes financial return with the caveat that the money is invested to fuel positive change in three key areas: environmental, social and corporate governance (ESG). Perhaps you’re ...Read more

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Commentary: The fatal flaw in your retirement plan's target date funds

Business / Business News /

There was a major development in 2006 that transformed how Americans invest for retirement. It solved one problem, but created another that will be causing extra pain to people who retire in this economy.

The mid-2000s was the start of the nudge revolution, where policy makers thought they could coax people into more desirable behavior. The ...Read more

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Musk questions why SEC not investigating Twitter spam data

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The world’s richest person Elon Musk has taken his concern about Twitter Inc. to the social media site again.

Responding to a thread initiated by another user, Musk said the deal to buy the company “should proceed on original terms” if Twitter would provide their method for sampling accounts and confirm them to be genuine. “However, if ...Read more

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Feds should issue no-interest student loans to address debt crisis, report says

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BOSTON — A new report from a Boston-based research center found that nearly a quarter of all student loan payments made in 2019 went to interest, and is calling for a no-interest loan structure to be implemented to address the college debt crisis.

The Hildreth Institute report said that if the federal government was to implement this program ...Read more

Warner Bros. Discovery stock drops after disappointing forecast

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Shares of Warner Bros. Discovery sank Friday after the media and entertainment giant reported disappointing earnings and lowered profit projections for the recently combined company.

The New York-based company’s stock fell $2.73, or 16%, to $14.74 a share as Wall Street gave a cool response to the company’s second-quarter results, in the ...Read more

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California DMV accuses Tesla of false advertising. At issue: Autopilot and Full Self-Driving

Business / Business News /

The California Department of Motor Vehicles has accused Tesla of false advertising in its promotion of the company’s signature Autopilot and Full Self-Driving technologies.

The agency alleges the electric carmaker misled customers with advertising language on its website describing Autopilot and Full Self-Driving technologies as more capable ...Read more

US consumer borrowing jumps by more than $40 billion, second-most ever

Business / Business News /

U.S. consumer borrowing surged in June, reflecting a jump in credit-card balances and a record increase in non-revolving lending that includes auto and school loans.

Total credit increased $40.2 billion from the prior month, second only to March’s $47.1 billion spike, Federal Reserve figures showed Friday. The median forecast in a Bloomberg ...Read more

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US job growth surges, tempering recession worries and pressing Fed

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U.S. employers added more than double the number of jobs forecast, illustrating rock-solid labor demand that tempers recession worries and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation.

Nonfarm payrolls jumped 528,000 in July, a broad advance that beat all estimates and was the largest in five ...Read more

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Wealthy Americans escape tax hikes in bill but will face beefed-up IRS

Business / Business News /

Wealthy Americans dodged getting hit by tax increases in the Democrats’ economic package, but they likely will face a much better-funded Internal Revenue Service equipped with new auditors and technology to uncover tax avoidance.

Top-earning Americans should be prepared for audit levels they haven’t seen in decades as the agency prepares to...Read more

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Rivian likely excluded from new federal EV tax credits

Business / Business News /

ATLANTA — Rivian may be getting lots of tax incentives from state and local leaders in Georgia to build a massive new factory, but the company's leaders are feeling snubbed by Congress.

The U.S. Senate recently reached an agreement to reform federal electric vehicle tax credits, expanding the program overall while placing new caps on vehicle ...Read more