Latest news with #Chicago-based
Business Upturn
2 days ago
- Business
- Business Upturn
Dr. Anosh Ahmed Foundation Announces Plans for AI Data Center Development on Chicago's West Side
By GlobeNewswire Published on July 19, 2025, 01:52 IST Chicago, IL, July 18, 2025 (GLOBE NEWSWIRE) — Dr. Anosh Ahmed Foundation, owned by Dr. Anosh Ahmed, a physician and entrepreneur based in Chicago, has announced that discussions are underway with international investors to develop an artificial intelligence (AI) data center on Chicago's West Side. The project is designed to contribute to local economic development while positioning Chicago as an emerging hub for AI-driven industries. Dr. Anosh Ahmed oversees community distribution with the Anosh Foundation team The proposed facility would support a wide range of sectors, including healthcare, education, and technology infrastructure. Dr. Ahmed has confirmed interest from several Dubai-based investors, with formal agreements currently in progress. As part of the initiative, the Anosh Inc. Foundation plans to establish a dedicated classroom within the future facility to provide AI-focused educational programming for local youth. The classes are expected to cover introductory coding, machine learning, and real-world AI applications. 'We're building more than infrastructure, we're investing in opportunity,' said Dr. Ahmed. 'Through this project, we aim to equip young people from underserved areas with tools to engage in the growing technology economy.' The initiative is part of a broader mission led by Dr. Ahmed and the Anosh Inc. Foundation to bridge access gaps in education, healthcare, and technology. Further details regarding project timelines, construction plans, and program enrollment are expected to be released later this year. About Dr. Anosh Ahmed Dr. Anosh Ahmed is a Chicago-based physician, entrepreneur, and philanthropist. Through his family office and charitable foundation , he has supported a range of initiatives across healthcare, real estate, and community development. He frequently shares insights on transformative leadership and is recognized for his work in underserved communities worldwide. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Chicago Tribune
2 days ago
- Business
- Chicago Tribune
Frederick Ford, real estate executive and first Black Union League Club president, dies at 98
Chicago commercial real estate executive Frederick Ford was the first Black president of the venerable Union League Club of Chicago, a position he used to lobby city officials to build a new main public library instead of repurposing an old Loop department store.. Trained as an accountant, Ford rose to become the chief financial officer and then vice chairman of Draper and Kramer, the Chicago-based real estate developer and property manager founded in 1893. 'Fred was quite brilliant, but beyond the fact that he was brilliant, he was just about the nicest guy you ever met in your life,' said Murray 'Trip' Wolbach III, a retired Draper and Kramer senior vice president. 'He was a numbers person, but he was so much more than that, and what separates Fred in my mind from your typical numbers man is his humanity.' Ford, 98, died of complications from pneumonia July 14 at Northwestern Memorial Hospital, said his daughter, Rebecca. Ford lived in Dearborn Park in the Printers Row neighborhood and previously had been a longtime resident of Gary. Born in St. Louis, Ford was the son of Florence Ford and Lafayette Ford, who had been the president of the National Alliance of Postal Employees. Unable to get into the segregated University of Missouri, Ford moved to Illinois and received a bachelor's degree in accounting in 1948 from the University of Illinois Urbana-Champaign, where he was the first Black president of the student senate. He picked up a master's degree in accounting from the U. of I. the following year, and in 1953 passed Illinois' certified public accountant exam. While at the U. of I., Ford met his future wife, Dorothy, who was working as a waitress at a YMCA where Ford worked as a lifeguard. The couple married in 1953. From 1949 until 1951, Ford worked for a small accounting firm founded by Mary T. Washington, who was the first Black female CPA in the U.S. In 1951, he joined Draper and Kramer as an accountant. He soon rose to become supervisor of special accounting and then controller and finally chief financial officer. Larry Mages, a retired lawyer who represented Draper and Kramer, said Ford was 'unflappable.' 'He was calm — not excitable — and he approached problems, issues and questions very thoughtfully,' Mages said. 'And viscerally, gut instinct-wise, he had very good instincts, but if he had the opportunity to take time to think something through, that's what he did. He was just always kind of a calming influence no matter what was going on around him.' Mages characterized Ford as a rare talent within Draper and Kramer. 'There are two types of people in the real estate industry: the numbers and finance people and the real estate people,' Mages said. 'He combined those things and had them both.' Ford joined the YMCA's board of managers in 1965, and in 1968, he was appointed to Gary's school board. In 1969, Ford was the first Black member admitted to the Union League Club of Chicago. The move was not without controversy, as some members circulated a letter complaining that the club's board had acted 'imprudently in making a major change in tradition without ascertaining fully the wishes of the entire membership,' according to a 1969 Tribune article that quoted the letter. The club's president at the time, LaSalle National Bank Chairman Milton Darr, had served on the Chicago YMCA board with Ford, and in response to dissident club members, he wrote a letter to the club membership emphasizing that Ford was a 'highly qualified gentleman' and that the action had been taken following normal club admission processes. Ford told the Tribune in 1969 that 'my relationship with club members has been just fine. I'm at the club about three times a week, and if I had not seen the letter, I would never have known about the incident. Frankly, it hasn't changed my attitude at all. I think it will all blow over in time.' In 1985, Ford became the club's first Black president for a one-year term, by tradition. Speaking on behalf of the club in 1985, Ford lobbied Chicago Public Library board members to decide against converting the old Goldblatt Bros. department store, at the corner of State Street and Jackson Boulevard, into a permanent central library. He did not think a retrofitted former retail store was adequate. 'We cannot have a good educational system without a good library system,' Ford told the Tribune in 1985. Ford's was one of several voices raised in opposition to the Goldblatt's plan, and ultimately, city officials decided to construct the Harold Washington Library a block to the south. It opened in 1991. 'I had such admiration for all his accomplishments,' said retired accountant and former Federal Reserve Bank of Chicago Chair Lester McKeever, a longtime friend and pioneering Black businessman in Chicago himself. 'He wound up being a leader wherever he went. As the Union League's very first Black president, that was another demonstration of how important he always (was).' After retiring as Draper and Kramer's chief financial officer in 1991, Ford remained with the firm as vice chairman. He remained in that role for the next two decades or so. Ford and his wife also had a home in Naples, Florida. In addition to his daughter and his wife, Ford is survived by a son, Lafayette; a son-in-law, former Tribune reporter Don Terry; and two grandchildren. A memorial service is planned for September at the Union League Club.
Yahoo
3 days ago
- Business
- Yahoo
United Airlines' CEO Sees a 'Less Uncertain' World Now
United Airlines (UAL) is the latest airline to offer signs that the industry sees clearer skies ahead. The company late Wednesday issued a new full-year forecast that was in line with analysts' expectations. CEO Scott Kirby said the current economic environment is more stable than it was earlier this year. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," Kirby said in a statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year." The Chicago-based carrier said it expects full-year earnings per share of $9 to $11. That's below a prior estimate of $11.50 to $13.50 but above the $7 to $9 range it said would be likely in a recession scenario. Wall Street analysts have called for EPS of $10, according to Visible Alpha. Last week, rival Delta Air Lines (DAL) reported better second-quarter results than analysts had expected and reintroduced its full-year outlook after withdrawing its forecast in April amid tariff uncertainty. Southwest Airlines (LUV) and American Airlines (AAL) are slated to report their results next week. Shares of United, which rose more than 2% on Wednesday, gave some of that back in after-hours trading. For the second quarter, United reported revenue of $15.2 billion, up 2% year-over-year but below the analyst consensus from Visible Alpha. Adjusted earnings of $1.27 billion, or $3.87 per share, fell from $1.38 billion, or $4.14 per share, in the year-ago quarter, topping estimates. United stock is down 9% since the start of the year through Wednesday's close. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
3 days ago
- Business
- Business Insider
Federal workers say they're exhausted, anxious, and left in the dark after 6 months of DOGE
Jill Hornick feels like she's at a funeral. She has been a Social Security field office employee for 34 years, and serves as the administrative director of a Chicago-based union representing her colleagues. Since President Donald Trump and the Department of Government Efficiency began large-scale cuts of the federal workforce, Hornick said her emotions have moved from denial to acute pain, "like a death in the family." Some days, she's numb. Others, she finds everything funny, laughing until her ribs hurt. She knows she's not alone: Thousands of federal workers have lost their jobs, and thousands more who remain continue to grapple with the fallout. To mark the six-month anniversary of DOGE's cost-cutting initiatives, Business Insider spoke with 22 current federal workers about the impact on their daily routines, work responsibilities, and office moods. Some said they're struggling to shoulder heavy workloads with shrinking numbers, while others are worried they'll be next to receive a pink slip. A few supported the Trump administration's efficiency goals, but now worry they may have gone too far. A report found that 216,670 jobs were cut in March due to DOGE actions, and thousands more have left their government posts this summer through retirement, buyouts, quits, and deferred resignations. A July 8 Supreme Court ruling, which gives the Trump administration the green light to continue mass firings, puts tens of thousands of additional federal jobs at risk. One thing is clear: The initial shock of mass firings has worn off, and federal workers are settling into a new stage of processing — grief. 'A lot of it is red tape that leads to nothing' The employees left behind told BI that their responsibilities continue to grow. Many feel "exhausted" and "burnt out" with little time during the day to take breaks, eat lunch, or catch up on work between meetings. A few employees said their agencies still require them to write the weekly "five things" email, though it's unclear whether managers are looking at them. "Mine doesn't even read mine, since she knows I'm doing my job," one National Oceanic and Atmospheric Administration employee said. Some employees said that DOGE has also made it harder to get approval to buy computer monitors and chairs, book necessary travel, or move forward with research. As one National Weather Service employee put it, "We're still having to go through four or five different layers just to get basic office supplies." Some said that their project funding was sometimes cut so far into the process that they had already bought materials, booked contractors, or purchased plane tickets, making that money and effort feel wasted. "A lot of it is red tape that leads to nothing," another NOAA employee said. DOGE's agenda appears to have slowed following Musk's May exit, but a Department of Defense worker feels the initiative "severely damaged the functionality of the federal government." Federal workers emphasized that their agencies play an important role in public safety: They help mitigate damage from climate change and natural disasters, further scientific research, process taxes and court cases, ensure people enrolled in government aid get their monthly checks, and more. "We want to do our jobs, and do it well, and we're hoping the rest of the country and the lawmakers see that and they realize how life-saving we really are," the NWS employee added. At some agencies, the pressure of staff cuts has been coupled with limited communication from leadership. Federal workers told BI they often hear about layoffs or policy changes from news outlets or coworker group chats, not their bosses. Some agencies — like the Social Security Administration and the National Aeronautics and Space Administration — have recently changed leadership or have interim heads. A NASA employee said the whole agency is in "limbo," with no clarity on what will happen next with staff cuts or future projects. It's a feeling they've carried for months, they said. Edwin Osorio, a Social Security field office employee in New York City, said he agrees with the mission of DOGE and reducing wasteful spending, but he wishes the office had more checks and balances. He said it would be better if DOGE was part of Congress, not the White House. "Being out of the Executive Branch, it's the same as having the umpire for a Yankee game wearing a Yankee cap," Osorio said. "It makes no sense at all." Have a tip? Contact these reporters via Signal at alliekelly.10, alicetecotzky.05, julianakaplan.33, asheffey.97, and neinbinder.70. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely. 'We're all in it together' Some employees try to keep in touch with former coworkers; others feel like the people they've known for years suddenly vanished. They wonder who will be next to leave. "We've already lost so many talented, hardworking people who just didn't want to stick around and found better opportunities outside the federal government," the Department of Defense employee said. "Can't really blame 'em." Still, there's a sense of camaraderie among some who remain. "We're all in it together," one federal worker said. "That solidarity helped get me through this period." Government workers are also increasingly feeling the mental toll of unpredictability. The NWS employee said they feel a "yo-yo of emotions" and recently visited a therapist to help treat their anxiety. Others said staff cuts and schedule changes have made it difficult for them to make financial decisions and coordinate childcare. They do their best to cope — some have turned to creative hobbies like art or music, others try to exercise and find a few minutes of quiet every day. Almost all told BI that morale within their offices has tanked: "Laugh at work in 2025?" an Office of Personnel Management employee said. "That's a stretch." No federal agencies have announced further plans for staff cuts under the new SCOTUS ruling, and the initial reduction-in-force deadline was moved from August to October. BI asked the Trump administration about federal employees' specific concerns, including mentions of growing workloads, anxiety over being fired, and disruptions to their agency function. White House Principal Deputy Press Secretary Harrison Fields responded that "the previous administration artificially bloated the public sector," and "President Trump was elected to reduce the size of government, make it more efficient, and generate an economic boom the likes of which we've never seen." Many of the federal workers BI spoke with are weighing whether they will stay. Some said it's too challenging to land a comparable job in the private sector, while others are actively looking for non-government work. A few, like Hornick and Osorio, feel committed to their public service mission and can't imagine working anywhere else. "Employees walking around on eggshells, thinking, 'How much longer until I break? How much longer until I can't handle it anymore?'" Osorio said. "Only problem is: It's not easy to get a job, and it's not easy to replace a federal job where you do have reasonable benefits." He wishes that more people understood the real-life impact of DOGE on federal workers. "These are human beings who love the country, the same as the rest of the public. They love their family the same as the rest of the public. They have favorite baseball teams and favorite movies," he said. "And yes, if you cut them, they bleed too."
Yahoo
3 days ago
- Business
- Yahoo
CNA Financial Hits Another 52-Week Low. Is This the Kiss of Death for Loews?
CNA Financial (CNA), a large Chicago-based commercial property and casualty insurer, hit its 12th new 52-week low of the past 12 months on Tuesday. That's not great news for Loews Corporation, the New York holding company that owns 92% of CNA's stock. I've admired Loews for a long time. Run by the Tisch family for years — the current CEO is Ben Tisch, who succeeded his father, Jim, at the beginning of 2025 — it has had a history of great success in the markets, as well as some less successful periods. More News from Barchart Dear Nvidia Stock Fans, Mark Your Calendars for July 16 How to Buy Tesla for a 13% Discount, or Achieve a 26% Annual Return Retirement Ready: 3 Dividend Stocks to Set and Forget Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. I'm fascinated by holding companies such as Loews and Berkshire Hathaway (BRK.B). I enjoy the complexity and the difficulty in valuing these businesses. As a result of hitting its 12th 52-week low, CNA stock has declined nearly 10% over the past year, while Loews stock has increased by over 14%. Despite Loews' relative outperformance, this could be the kiss of death for the holding company. Here are my two cents on both sides of the argument. A Quick History Lesson Brothers Bob and Larry Tisch's first significant move was to build the Americana Hotel in Bal Harbour, Florida, in 1956. The Loews name came in 1960 when it acquired Loew's Theaters for an estimated $17 million. After acquiring tobacco maker Lorillard in 1968, the Tischs created Loews Corporation a year later, dropping the apostrophe from its name. They acquired 83% of CNA Financial in 1974 for approximately $206 million. Today, its 92% stake is worth $10.8 billion, a compound annual growth rate (CAGR) of 8.1%. Keep in mind that this doesn't include the dividends received over the years from Loews' stake in CNA. Nor does it consider the investment portfolio the holding company amassed, similar to Berkshire Hathaway. Fast forward to today. CNA is part of a holding company that owns three other private subsidiaries: Boardwalk Pipelines, Loews Hotels, and Altium Packaging. In addition, the holding company has $3.5 billion in cash and investments at the corporate level. It's the ultimate sum-of-the-parts is greater than the whole business. The Pros of Owning CNA Stock Despite the Poor Performance As I mentioned earlier, the ownership of CNA isn't just about capital appreciation, but also about the dividends received, and to a much lesser extent, the share repurchases made by CNA--$20 million in 2024 and $24 million in 2023--which increase its ownership stake without requiring any additional investment. As of March 7, 2025, Loews owned 248.41 million shares of CNA stock. CNA paid out $1.76 in quarterly dividends and a $2.00 special dividend. This year, it will pay out $1.84 in quarterly dividends, and it already paid a $2.00 special dividend in March. Loews has collected $1.89 billion in dividends from CNA over the past two years. In 2024, in addition to the $934 million in dividends from CNA, it received $400 million from Boardwalk Pipelines. Over the past five years, CNA has made $7.95 in special dividends, nearly a $2 billion additional payout to Loews. Like Buffett, Loews prefers to receive dividends rather than pay them out. Loews had paid a quarterly dividend of $0.0625 since June 2006. The $0.25 annual rate yields just 0.3%. Ultimately, CNA has paid out $16.35 in dividends over the past five years. Based on its current share price of $43.33, its effective yield is 37.7%, not the 4.25% stated. That's why Loews isn't disappointed with CNA stock's performance over the near-term and long-term. The Cons of Owning CNA Stock Over the Years Los Angeles money manager Capital Group has an excellent piece on its American Funds website about market timing. The example it gives to explain why time in the market is far more beneficial than market timing involves two investors, each investing $10,000 annually in the S&P 500 over 20 years through Dec. 31, 2024. One investor invests $10,000 annually at the year's low for the index. The other invests a similar amount at the year's high. The difference in the annual return over 20 years between the two strategies was just 171 basis points — 12.25% for the market lows and 10.54% for the market highs. I mention this because the Tischs could have invested the $206 million they used to acquire 83% of CNA Financial in the stocks of the S&P 500, which was created in March 1957. However, adjusted for inflation, the CAGR for the index from Jan. 1, 1975, through July 15 was 5.2%, 290 basis points less than CNA's CAGR over the same period. Furthermore, the dividends Loews would have missed by investing in an S&P 500-like vehicle would have compounded the underperformance. The one argument you could make, and this is entirely in hindsight, is that it could have invested in Walmart (WMT) stock, which has generated a cumulative return over the past 5o years (July 1975 to July 2025) of 1,071,697.75% according to Statmuse. Based on this return, a $206 million investment in Walmart in July 1975 would be worth approximately $2.2 trillion today. Of course, Walmart's market cap is just $763 billion, so Loews wouldn't have been able to invest anywhere near $206 million in the rapidly expanding discount retailer that owned 125 stores at the end of 1974, up from 78 a year before. The Bottom Line While a newcomer to CNA stock would see its performance--up 30% over the past five years, one-third the return of the S&P 500--and wonder why Loews keeps holding. The Tischs have billions of reasons for holding firm. Loews remains an excellent long-term buy for patient investors. This latest bout of underperformance will pass. CNA is most certainly not the kiss of death for Loews. On the date of publication, Will Ashworth did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
