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

Gas prices could spike in the Chicago area after a power outage impacted the ExxonMobil refinery near Joliet. Damaged transmission towers have been fixed but it’s unclear whether power’s been fully restored to the facility. It lost service for several days. Gasoline futures for the Chicago area shot up nearly 15 cents and GasBuddy.com says prices at the pump could jump 20 to 40 cents in the Great Lakes region as a result. There are three refineries in the Chicago area and when one of them goes down, analysts say there is little to no cushion of extra supply in the area. 

Also, United Airlines says its third-quarter profit will fall short of Wall Street expectations. Listen for more below:

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

Farm machinery maker Deere & Co. is planning more layoffs. The Moline-based company has notified salaried employees there’ll be additional global salaried workforce reductions beginning July 24th. The company says the decision is due to declining customer demand, rising costs, and prevailing economic uncertainties. Deere recently announced hundreds of layoffs of production workers in Dubuque, Davenport and East Moline. Meanwhile, the company has announced it will no longer participate in “cultural awareness parades” after being criticized by a right leaning commentator for funding a Pride event. 

Also, Deere and Accenture have told employees to work from home when the Democratic National Convention comes to Chicago next month. Listen for more below:

Nationally syndicated financial columnist and author Terry Savage joins John Williams to talk about how she is able to avoid financial scams, the Dow and S&P both performing extremely well this year, the inflation environment having a better outlook, and how many Fed rate cuts we will see this year, how AI is impacting the economy, and the importance of diversifying your portfolio. Terry also answers all of your financial questions. And joining John and Terry once again is money manager Dr. Bob Froehlich, who explains why he remains guardedly optimistic on the stock market this year. 

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

Northwestern Memorial Hospital and Rush University Medical Center are among the top hospitals in the country. That’s according to U.S. News & World Report’s 2023-2024 Best Hospitals list. University of Chicago Medical Center is also high up in the rankings. Northwestern and Rush are listed on the honor roll of hospitals, recognized for exceptional performance across specialties, procedures and conditions. Northwestern ranked high for 20 procedures and conditions. Rush ranked high in 18. UChicago Medical Center ranked high in 16. U.S. News annually ranks hospitals in 15 specialties and 20 procedures and conditions.

Also, a new report says the cyberattack on CDK Global cost car dealerships an estimated $1 billion in lost sales. Listen for more below:

Jennifer Bias, owner, Camp Aramoni, joins John to talk about the camp being a destination for boutique camping, how she came about to running a campground, how she ‘stumbled’ into finding the land, what the facility is like when you come for a stay, the restaurant on site for the campers, what other amenities they offer, how close they are to beautiful state parks, the great towns nearby where you can take a day trip, and their upcoming “Dinner in the Field” event on Saturday July 27.

Segment 1: Tom Gimbel, job expert and founder of LaSalle Network, joins John to talk about what employees need to know if they are posting on social media and how business leaders need to be transparent about company policy.

Segment 2: Philippe Weiss, President, Seyfarth at Work, joins John to talk about how business leaders can take lessons from athletes competing in the Paris Olympics.

Segment 3: Jennifer Bias, Owner, Camp Aramoni, joins John to talk about the camp being a destination for boutique camping, how she came about to running a campground, how she ‘stumbled’ into finding the land, what the facility is like when you come for a stay, the restaurant on site for the campers, what other amenities they offer, how close they are to beautiful state parks, the great towns nearby where you can take a day trip, and their upcoming “Dinner in the Field” event on Saturday July 27.

Segment 1: Phillip Shaw, CFP, Senior Advisor, Goldstone Financial Group, tells John about inflation continuing to come down, what that means for Fed policy and interest rates, how many rate cuts he expects to see this year, why he says inflation is personal, the concern over mounting credit card debt, and how people should navigate their investments right now.

Segment 2: Jim Dallke, Director of Communications, TechNexus Venture Collaborative, tells John about a Chicago biotech startup hauling in $45M in new funding, a Chicago cancer-fighting startup helping the Mayo Clinic and others top institutions to help surgeons better see and fight tumors, and why tech funding in Chicago is continuing a downward trend.

Segment 3: Dawn Melchiorre, Executive Director of Cradles to Crayons Chicago, joins John to talk about the mission of Cradles to Crayons to break down hidden barriers to education and empower children to feel safe, valued, and ready to learn. Dawn explains how Cradles to Crayons provides school supplies to children to give them the best opportunity to succeed in the classroom.

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

A Chicago-based cannabis operator raised nearly $95 million in April. And according to a group that tracks fundraising by startups, it’s the largest money round for a Chicago startup in the second quarter of this year. PharmaCann made the haul according to Pitchbook. Biotech company Advanced Medicine Partners landed the second-highest funding round of the quarter in Chicago with $60 million. Chicago Inno says other companies raising big funds were Clearcover at $55 million and Hopscotch Primary Care at $45 million.

Also, Crain’s reports a mostly vacant office building on the Magnificent Mile could become residential soon.

Segment 1: Paul Nolte, Senior Wealth Advisor and Market Strategist, Murphy & Sylvest, joins John to talk about the inflation data released yesterday, how the market has been reacting to inflation data, what last week’s job report might mean for the economy, what all this data means for Fed policy on interest rates, and how many rate cuts he expects the Fed to make this year.

Segment 2: Robert Sevim, President, Chicago Region, Savills, joins John to talk about the state of the commercial real estate industry in Chicago.

Segment 3: Dr. Beth Conerty, iFAB regional innovation officer and associate director of business development at the Integrated Bioprocessing Research Laboratory, part of the College of Agricultural, Consumer and Environmental Sciences at U. of I., joins John Williams to talk about the Illinois Fermentation and Agriculture Biomanufacturing (iFAB) Tech Hub being awarded approximately $51 million from the Tech Hubs Program through the Department of Commerce’s Economic Development Administration. Dr. Conerty explains what the tech hub does, and what they will do with the money.

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

The Revival Food Hall in Chicago’s Loop will be revived under a new name and with new ownership. The owners of the food court on Clark Street said it would close by the end of the month because they failed to get favorable lease terms. Now, an Atlanta-based hospitality firm has announced acquisition of Revival and says it plans to keep everything the same except for the name. A new name for the food court is expected to announced later. 

Also, A major financial boost for Stellantis will help expand its Belvidere plant and create more jobs. Listen for more below: