Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Ferrero has cut the ribbon on its first chocolate processing facility in North America in downstate Bloomington. The company will produce chocolate for several of its brands, including Butterfinger, Crunch and Kinder. The plant will include a 70,000-square-foot expansion and will eventually include a $214 million facility to make Kinder Bueno chocolate bars. Ferrero already has manufacturing plants on Chicago’s south side and in suburban Franklin Park. It has two other global processing plants in Europe in addition to the new Bloomington site. Last year, Ferrero opened a new Innovation Center and research and development lab in Chicago’s Marshall Field building.

Also, Electric vehicle maker Rivian says its net loss widened in the first quarter to nearly $1.5 billion but revenue nearly doubled compared with the same period a year ago. Listen for more below:

Segment 1: Aki Ito, Chief Correspondent at Business Insider, joins John to talk about her piece that explores why it’s extremely difficult to find a high-paying job.

Segment 2: Philippe Weiss, President, Seyfarth at Work, talks to John about what companies need to be aware of “collateral damage” when it comes to work harassment.

Segment 3: Dennis Rodkin, residential real estate reporter for Crain’s, joins John to talk about a new step in the homebuying process, and a new home development in Harvard.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

An auction will reportedly happen Friday for assets belonging to the shuttered Foxtrot grocery stores. Crain’s reports the online auction will include inventory, intellectual property, equipment and other items. JPMorgan Chase Bank will run the auction. Foxtrot is a Chase debtor. It’s unclear whether the store’s sister retailer, Dom’s, will be part of the auction. Dom’s wasn’t mentioned in the auction announcement. Neither was the parent company, Outfox Hospitality. 

Also, teen retail chain Rue21 has declared bankruptcy and will close all 540 of its stores including 20 in Illinois. Listen for more below:

Segment 1: Ilyce Glink, owner of Think Glink Media and Best Money Moves, joins John to talk about a Canadian economist who believes the stock market is in for a major correction, the numbers behind Friday’s labor report, and a new Gallup poll that says inflation is the #1 financial issue Americans are facing.

Segment 2: Marc Fredman, Chief Strategy Officer, CCC Intelligent Solutions, joins John to talk about their mission to make the process of making insurance claims easier through the use of AI and modern, flexible technology.

Segment 3: Meghan Harte, Executive Director, LISC Chicago, joins John to talk about the recent Commercial Corridor Manager Pitch and Project Showcase, a ‘Shark Tank’ style competition featuring a diverse range of visionary projects aimed at revitalizing communities across Chicago’s South and West sides.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago-based Hyatt Hotels will partner with Peloton to give guests an upgrade and other perks. The company’s putting Peloton equipment and related content in guest rooms at its properties and customers who use the machines will be rewarded with Hyatt loyalty points. In addition to bikes and rowing machines, guests will have access to Peloton classes on TVs. Loyalty points can be used for future bookings, upgrades and other experiences. Hyatt says it’s the first hospitality brand to reward customers for working out. 

Also, the Chicago Reader is returning to a weekly newspaper starting in June. Listen for more below:

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Rivian has announced it is adding 500 jobs to its manufacturing plant in downstate Normal. The announcement coincided with the State of Illinois providing immediate incentives totaling $75 million to Rivian to aid its expansion. The package also includes tax incentives worth $634 million over the next 30 years as long as Rivian keeps at least 6,000 jobs in the state. Rivian is expanding its plant to produce a new, smaller electric SUV. 

Also, an early-stage venture capital firm in Chicago says its new fund has raised $98 million. Listen for more below:

Segment 1: Phillip Shaw, CFP, Senior Advisor, Goldstone Financial Group, tells John about the numbers behind today’s labor report, inflation continuing to be stubborn, how many rate cuts he expects the Fed to make this year, the likelihood we see a recession, and what he’s telling investors right now.

Segment 2: Chef Richard Sandoval, Casa Chi, joins John to talk about his new restaurant in the Intercontinental Hotel. Chef Sandoval tells us what makes this restaurant unique, why he’s excited about the space, and what people should eat and drink when they visit. They are open:

Wednesday and Thursday from 4pm to 12am
Friday and Saturday from 4pm to 1am
Sunday from 2pm to 10pm

Segment 3: Nallely Suárez Gass, Founder, Drop Needle Drinks, tells John about her female-owned and operated company that sells a new line of sparkling wine-based ready-to-drink cocktails!

Segment 1: Mark Hamrick, Washington Bureau Chief and Senior Economic Analyst for Bankrate.com, joins John to talk about the Fed announcement on interest rates, the continuing effort to fight inflation, and what he’s expecting from tomorrow’s April labor report.

Segment 2: Bree Fowler, Senior Writer, CNET, joins John to talk about World Password Day,  A bipartisan group of senators pushing for restrictions on the use of facial recognition technology by the TSA, and lawyers for both the Department of Justice and Google presenting arguments to conclude antitrust case.

Segment 3: Anthony Stefani, Partner, The Stefani Restaurant Group, and spokesperson for Castaways Beach Club, tells John about the return of the iconic Castaways this Memorial Day!

Segment 4: Richard Bloomfield, Founder, Funkytown Brewery, joins John to talk about why he and his lifelong friends decided to start a craft brewing company, how their beer stands out from the competition, what it’s like being a black-owned beer business in Chicago, their mission to continue outreach in the Black community, and their collaboration beer with Sam Adams.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago’s WCIU-TV will begin operating as an independent station this summer. The station is dropping its CW26 branding and will return to being “The U.” CW programming will return to WGN-TV starting Sept. 1. WCIU says it’ll continue airing local shows like Block Club Chicago’s “On The Block” plus high school sports and Chicago Sky Games. Its new lineup will include sitcoms and a game show. The CW is owned by Nexstar Media Group, the parent company of WGN Radio and TV, and carries shows like “Walker,” “All American” and LIV Golf. 

Also, Amtrak is launching a new daily route between Chicago and Minneapolis-St. Paul. Listen for more below:

Nationally syndicated financial columnist and author Terry Savage joins John to talk about the market showing some weakening, if there is a chance the Fed might actually raise interest rates again, what today’s Fed announcement will mean for the market, her thoughts on J.B. Pritzker’s comments regarding inflation, and everything you should know about buying I bonds right now. And as always, Terry answers all of your financial questions.