Wintrust Business Lunch

Segment 1: Tom Fortino, Founder and Principal, Alpha Wealth Group, joins John Williams to talk about the market and to break down details on the Personal Consumption Expenditures Price Index. Tom also talks about how Social Security COLA is expected to be 2.5% in October.

Segment 2: Ted Rossman, Bankrate.com Senior industry analyst, joins John to explain that over 2 in 5 U.S. adults have at least one unused gift card, totaling about $27 Billion and what this money could do for the economy.

Segment 3: Jeff Rosati, Rosati’s Pizza CFO, joins John to talk about some of the ways Rosati’s Pizza is celebrating their 60th anniversary and how people can get involved on the festivities.

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

A new survey shows optimism among small businesses in Chicago for the upcoming year. The University of Illinois-Chicago conducted the survey, called the 2024 Small Business Outlook. It shows the majority of companies anticipate positive performance over the next year. 67% of businesses surveyed expect growth during the 12 month period. 26% say they expect to sustain current operations. And 7% expect some contraction. Some of the small business owners have concerns about recruiting talent and potential tax increases. The survey results are based on responses from small businesses across various industries.

Also, Chicago-area consumers slowed their pace of spending in the first six months of this year. Listen for more below:

Segment 1: Steven Esposito, President of Yellowstone Wealth Management in Lake Forest, talks to John about the market broadening, why there is a negative perception of the economy despite it being healthy, and if he believes the Fed will continue to cut rates.

Segment 2: Bree Fowler, Senior Writer, CNET, joins John Williams to talk about Meta unveiling updates to the company’s virtual reality headset and Ray Ban smart glasses, government scientists and artificial intelligence experts from at least nine countries and the EU meeting in San Francisco after the U.S. elections to coordinate on safely developing AI technology, and X releasing its first transparency report since Elon Musk’s takeover.

Segment 3: Emily Stewart, Senior Correspondent, Business Insider, tells John how credit scores have become a weapon of mass seduction.

Segment 4: Pam Vieau and Marcy Goetz, Mother/Daughter team at Happy by Chocolate, tell John how they got into the chocolate business, when the hobby turned into a business, how they come up with the recipes, and to recommend some of their best-selling chocolates.

Nationally syndicated financial columnist and author Terry Savage joins John Williams to talk about a surprising drop in consumer confidence despite the economy being good overall, and if the spending slowdown creep into the holiday season. Terry also answers your financial questions.

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

A Chicago-based Medicare Advantage insurer has raised $140 million in new funding. Zing Health will use the funding to expand its integrated, chronic special needs focused plans to more beneficiaries. It also plans to invest in integrating its member experience with high quality care providers. Zing Health provides managed care Medicare Advantage plans with supplemental benefits and access to care through a network of provider partners. Each member receives personalized care tailored to their health conditions and social needs through a mix of technology and value-based care delivery.

Also, new stats show the pandemic exodus from Chicago was not as bad as first thought.

Segment 1: WGN Business Reporter Steve Alexander tells John about Kmart closing its last full-size U.S. store.

Segment 2: Philippe Weiss, President, Seyfarth at Work, joins John to talk about how retailers need to be prepared when customers get politically heated up.

Segment 3: Harold Redman, President and CEO, ECHO Incorporated in Lake Zurich, tells John about how many people they employ from the Lake Zurich area, the efficiency of their facility, ECHO being a recipient of a Green Business Award from the Village of Lake Zurich, the 10 products they launched at a media event last week, who typically uses their products, the advancements of battery technology, their partnership with Susan B. Komen, and how business has been going this year.

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

Chicago-based Hyatt Hotels is expanding its global footprint. The company has announced more than 20 new properties in the U.S., Canada, Mexico, Latin America and the Caribbean. The new locations will expand Hyatt’s brand in several new regional markets, including Peru, Costa Rica and Dominican Republic. Since 2017, Hyatt has doubled the number of luxury rooms in its global inventory. The hotel chain says the new locations underscore Hyatt’s position as a premier hotel brand for high-end travelers. The other new locations are in California, Arizona, Utah and Florida. 

Also, the president of the Federal Reserve Bank of Chicago says more interest rate cuts are on the way. Listen for more below:

Segment 1: Ilyce Glink, owner of Think Glink Media and Best Money Moves, joins John to talk about the latest on a bill to fund the government, the difference between a conforming loan and a nonconforming loan, the number of housing units authorized to start construction stagnating, and what the Fed cutting interest rates will mean for you.

Segment 2: Jim Dallke, Director of Communications, TechNexus Venture Collaborative, tells John about Nanograf, a Chicago battery startup, landing $60M for a new facility in Flint Michigan, and the founder of Bonobos building friendship startup called Pie.

Segment 3: Robert Garvey and Dana Hokin, founders of Robert’s Pizza & Dough Co., join John to talk about being awarded #50 out of “The Best 100 Pizzerias in the World” by 50 Top Pizza. Robert’s also received the special award for “Performance of the Year 2024 – Robo Award!”

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

World Business Chicago is hosting a weeklong conference this week called Future of Fintech Week. The event will focus on the future of finance technology in Chicago. Industry leaders, entrepreneurs and investors in FinTech will gather to focus on growing the sector locally. Chicago Inno says Fintech activity has been trending up in the past year after peaking in 2021. Activity in the sector has fluctuated in actual activity and deal size. World Business Chicago sponsors several programs aimed at attracting growth capital for local entrepreneurs. The conference runs through Friday. 

Also, a Chicago startup that focuses on shipping reports a successful funding round. Listen for more below:

Segment 1: Craig Bolanos, Co-Founder and CEO of Wealth Management Group, joins Jon Hansen to talk about the Fed cutting rates earlier this week, what the Fed decision means for investors, why you should not fear investing when the market is high, and the importance of the labor market.

Segment 2: Chris Geier, CEO, Sikich, tells Jon what their company does, his belief that trust is at the core of their culture, why they implemented a flexible work policy, how it has helped them find better candidates for employment, and how successful the policy has been overall.

Segment 3: Ryan Messner, President of the Historic Downtown Long Grove Business Association, tells Jon everything you need to know about this weekend’s Apple Fest!