Crain's Chicago Business

ChicagoBusiness.com serves as the official news platform for Crain's Chicago Business, which is part of a collection of over 20 business publications owned by Crain Communications. As a leading source for news, insights, and information on the business landscape in metropolitan Chicago, ChicagoBusiness.com caters to decision-makers in both the private and public sectors. To ensure their audience stays informed, Crain's employs a dedicated team of more than 20 skilled journalists. Additionally, Crain's publishes a weekly magazine titled Crain's Chicago Business, offering in-depth analysis, commentary, special reports, and various features. The organization also creates databases, hosts live events, and develops sponsored content, all aimed at enhancing readers’ understanding of the local business environment.

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Pritzker budget team slashes state's revenue forecast by $536 million

1 day ago | chicagobusiness.com | John Pletz |Ann Dwyer

The governor’s budget office now expects about $500 million less in revenue for the coming fiscal year, which will make it more challenging for the General Assembly to come up with a budget. The Governor’s Office of Management and Budget said today it now expects $54.9 billion in revenue for the fiscal year beginning July 1. Its previous forecast called for $55.5 billion.
Hub International lands $29 billion valuation in $1.6 billion round

2 days ago | chicagobusiness.com | Swetha Gopinath |Aaron Kirchfeld

Hellman & Friedman-backed Hub International Ltd. has raised $1.6 billion in fresh equity in a funding round that values the insurance brokerage at $29 billion. The round is being led by T. Rowe Price Investment Management Inc., Alpha Wave Global and Temasek, and includes participation from other new and existing investors, Hub said in a statement Monday. H&F, Hub’s majority owner, had been working with Morgan Stanley and Goldman Sachs Group Inc.
GOP tax bill prioritizes Trump campaign pledges, increases SALT

2 days ago | chicagobusiness.com | Erik Wasson |Ari Natter |Nancy Cook

President Donald Trump’s campaign tax pledges — no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors — are the centerpiece of a multitrillion dollar package that will serve as Republicans’ signature legislative effort. In a draft version of the tax bill released on Monday, House Republicans highlighted the president’s populist priorities in a package that would enact those tax cuts through 2028.
U of I's scrapped Discovery Partners Institute project in South Loop to undergo state audit

2 days ago | chicagobusiness.com | Brandon Raphael Dupre

Illinois officials will be taking a closer look at the scuttled Discovery Partners Institute project in the South Loop, a now-scrapped plan to build a $285 million research and teaching facility on the south end of the 62-acre neighborhood development known as The 78. The Illinois Audit Commission approved a resolution late last month calling on the Illinois Auditor General to investigate the reported $30 million in taxpayer funds spent on the project led by the University of Illinois. Sen.
Quantum park planned for South Works site signs an Australian startup

2 days ago | chicagobusiness.com | John Pletz

An Australian quantum startup plans to join the Illinois Quantum and Microelectronics Park. Diraq, which is a Fermilab partner and one of the startups being incubated in a federal government quantum program, says it will join the quantum park that is being built on the former U.S. Steel South Works on the Far South Side.
Chicago Public Schools puts 20 old properties up for sale

2 days ago | chicagobusiness.com | Becky Vevea

This story was originally published by Chalkbeat. Sign up for Chalkbeat Chicago’s free daily newsletter to keep up with the latest news on Chicago Public Schools. The buildings have sat empty for 12 years. Several are architecturally significant with striking details and character taking up multiple city blocks. But many are in rough shape, with copper stripped from the pipes, broken windows, and graffiti covering walls. One had to be torn down after an extra-alarm fire last year.
Inside McDonald’s global marketing playbook-how CMO Morgan Flatley is scaling ‘fan truths’

2 days ago | chicagobusiness.com | Erika Wheless

McDonald’s executive Morgan Flatley can still vividly recall the moment that sparked the fast food giant’s marketing renaissance. It was the summer of 2019 and Flatley, then U.S. chief marketing officer, was in New York listening to a pitch from Wieden+Kennedy during a hotly contested agency review for the McDonald’s creative account. “I still remember it so well,” Flatley said. “About midway through the pitch, the team put this idea of ‘fan truths’ on the board.
Trump's vow to cut U.S. drug prices drags pharma stocks down

2 days ago | chicagobusiness.com | Rachel Zhang |Derek Wallbank |Hadriana Lowenkron

President Donald Trump said he plans to order a cut in US prescription drug costs to bring them in line with other countries, spurring a drop in pharmaceutical shares worldwide. Trump said drug prices will be cut by “59%, PLUS!” in a social media post on Monday.
Dan McGrath: Not even popes can mend the North Side-South Side schism?

5 days ago | chicagobusiness.com | Dan McGrath |Dan Mcgrath

So, according to the best available evidence, Pope Leo XIV is a White Sox fan, despite the Cubs’ bold but premature efforts to co-opt him. Good to have that settled. Cubs or Sox might be the most important choice a Chicagoan faces in life, bigger than where to go school, what job to pursue, which car to drive or whom to marry.
UBS in talks to sell its hedge fund unit O’Connor to Cantor

5 days ago | chicagobusiness.com | Irene Perez |Irene Pérez |Todd Gillespie

UBS Group AG is in talks to sell its hedge fund unit O’Connor to Cantor Fitzgerald LP, a move that would end a more than three-decade run of ownership by the Swiss bank, according to people familiar with the matter. The deal could involve a possible revenue sharing agreement, one of the people said. In that case, Cantor would acquire the unit from UBS’s asset management division, and the Swiss bank would receive some of the proceeds, the person said.