Latest news with #corporateheadquarters
Yahoo
07-08-2025
- Business
- Yahoo
Editorial: Brandon Johnson and friends think it's ‘a privilege to do business in Chicago.' Wrong.
In the later years of Richard M. Daley's mayoralty and especially during the tenure of Rahm Emanuel, the city of Chicago served as a magnet for corporate headquarters relocations, particularly from the suburbs. United Airlines moved its headquarters to Willis Tower from Elk Grove Village, shifting thousands of employees to the city. Kraft Heinz consolidated its base in Chicago from Northfield. McDonald's moved its home office to the West Loop from its longtime base in west suburban Oak Brook in 2018. These are just a few of the examples. At the time of these moves, the city was perceived as hot. Even companies that didn't go so far as to relocate their headquarters to Chicago opened satellite offices in the city, believing that they needed a physical presence to attract younger workers. The era we're talking about wasn't that long ago — less than a decade — but it feels like ancient history. Post-pandemic, downtown Chicago lost its mojo and, unlike New York City, has failed to recover adequately in the midst of relentless fiscal crises and poor municipal leadership. Chicago's progressive mayor, Brandon Johnson, routinely describes the corporate decision-makers in his city as the 'ultra-rich' (when he refers to them at all). With Johnson declaring on Tuesday that the city's finances are at a 'point of no return' — whatever that means — the mayor and his progressive allies believe they may have found the answer to their seemingly never-ending quest for massive revenue infusions that affect only the wealthy. A heretofore obscure advocacy group, the so-called Institute for the Public Good, has proposed a new city tax on companies and other large employers that would require them to pay 5% of their total payroll for anyone working in the city who makes $200,000 or more (including noncash compensation like stock options). The group estimates such a levy would generate $1.5 billion a year. Voila! A Chicago budget deficit now topping $1 billion in 2026 would disappear thanks to something this group pitches as a 'tax on the privilege of doing business in Chicago.' The group in a July release said the initiative was based on a similar tax Seattle passed several years ago. Seattle's 'JumpStart tax,' as that city branded the levy, 'has exceeded revenue expectations since 2020 — generating $1.2 billion in four years,' the group claimed. What the Institute for the Public Good neglected to disclose was that revenue from the JumpStart tax fell short of projections in 2024, with Mayor Bruce Harrell acknowledging that major corporations had moved 'thousands of high-paying jobs' out of Seattle to evade the tax. Amazon, for example, shifted jobs from Seattle to Bellevue, Washington. 'Large corporations should pay their fair share … but we also must recognize businesses will make choices based on their bottom line,' Harrell said. Indeed. That's how a competitive economy works. Its rules apply to municipalities just as much as they apply in the business world. The predictable corporate response to Seattle's tax, it should be noted, came even though the rates Seattle is charging are considerably less than the 5% Johnson and some progressive aldermanic allies are contemplating. In addition, the state of Washington doesn't charge an income tax on individuals or businesses. Illinois, of course, already charges a corporate income tax exceeding 9% — the second highest in the country. Imagine how much more quickly Chicago corporate employers would respond to such an egregious tax given the tax burden they already shoulder 'for the privilege of doing business in Chicago.' Such a tax would be aimed straight at the heart of companies that in the past have stuck by this city through thick and thin. Think Northern Trust. Think law firms like Jenner & Block. And, yes, United Airlines. So far, at least. For the last several years, there's been speculation about a potential United headquarters move to Denver, where the company acquired 113 acres near one of its hubs and has major growth plans. United has denied plans to move, but a tax along these lines easily could have Chicago's hometown airline calling another city home. Who could blame them? This tax could also be such a boon for the likes of Evanston that it boosts the market for high-rise office towers, soon to be filled with new offices for companies that used to base their high earners in Chicago. Suburban municipalities will be licking their lips. Already, Chicago in recent years has lost an alarming number of major corporate headquarters to locales perceived as friendlier to business. Three years ago, Caterpillar moved to Texas. Boeing decamped for the Washington, D.C., suburbs the same year. And, perhaps most famously, Citadel, one of the nation's most prominent hedge funds and market makers, left Chicago — where it was born — for Miami in 2022. Citadel's workforce once numbered 1,100 in downtown Chicago, most of whom were compensated well above the $200,000 threshold Mayor Johnson now wants to tax. In a few short years, Citadel's Chicago headcount now is at just 250, we understand. Once company bosses make up their minds that the 'privilege of doing business' in a certain place is no longer worth the expense and headache, it doesn't take long for them to act. Progressives who lack respect for billionaires like Citadel CEO Ken Griffin may feel they can afford to sniff at the loss of hundreds of his highly paid employees. But the departure of those 850 Citadel workers has meant hundreds of millions in lost spending power, including tax receipts. Keep chasing folks like that out of town, and that 5% tax soon will need to be raised to something like 7.5% and surely more later. That's how once-flourishing cities like Chicago end up circling the drain. Submit a letter, of no more than 400 words, to the editor here or email letters@ Solve the daily Crossword
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Huqiao Games Establishes New Headquarters in Hong Kong, Appoints John Kavvouras as Managing Director
HONG KONG, July 15, 2025 (GLOBE NEWSWIRE) -- Huqiao Games, a provider of specialized support services for the gaming industry, today announced the opening of its new corporate headquarters in Hong Kong. As part of this strategic move, John Kavvouras has been appointed as Managing Director of the Hong Kong office. "Establishing our headquarters in Hong Kong positions us at the heart of Asia's gaming ecosystem, which is growing significantly faster than Western markets," says John Kavvouras, newly appointed Managing Director. "Hong Kong's proximity to key gaming markets provides the ideal platform to expand our services globally." Mr. Kavvouras brings over 15 years of business experience to his role, with expertise in finance and emerging market development. His knowledge will be instrumental in developing new strategic initiatives to support the evolving needs of the gaming industry. This transition also sees founder Wojtek Jaworski stepping into a new role, focusing on direct engagement with the dynamic Chinese gaming landscape, leveraging his deep understanding to foster innovation and growth. "The future of gaming lies in Asia, where innovative monetization models, a massive user base, and a growing middle class create ideal conditions for growth," explains Mr. Kavvouras. "Our move to Hong Kong is a fundamental redirection of our strategy to better serve clients who are increasingly looking East for growth and inspiration." The new headquarters will serve as the center of Huqiao Games' global operations. The firm plans to expand by recruiting local talent with experience in the Asian gaming market. Furthermore, Huqiao Games is actively seeking strategic partnerships with Chinese institutional investors to capitalize on the burgeoning PC gaming sector and empower Chinese developers to expand their reach globally. About Huqiao Games Founded in 2021, Huqiao Games specializes in helping Western game developers successfully enter Asian markets. The company has assisted over 96 studios from Europe and North America, including partnerships with Owlcat Games and Butterscotch Shenanigans. Media Contact:
Yahoo
27-06-2025
- Business
- Yahoo
Pluralsight moving headquarters to Texas, laying off 17% of workforce
Utah-borne online education company Pluralsight on Thursday announced it is laying off 17% of its global workforce and moving its corporate headquarters from Utah to Westlake, Texas. 'Over the past year, we have been transforming our business to position the company for sustained growth and to enhance the value we provide for our customers,' Pluralsight CEO Erin Gajdalo said in a statement. 'As we focus on the growth and sustainability of our business, we determined that a new and rightsized headquarters is in the best interest of Pluralsight.' The new headquarters in Texas will add another location to the company's lineup that already includes Dublin, India, Austin, Texas and, of course, Draper. Despite moving headquarters, Gajdalo said the company won't soon forget its Utah roots. 'To our team members, partners, and customers in the Salt Lake area and Utah more broadly, we remain fully committed to serving you with excellence, and we expect our total employee population in the state to remain consistent,' Gajdalo said. 'Utah is where Pluralsight was founded more than 20 years ago and we are grateful to the state for the important role it has played in Pluralsight's history.' The latest move comes four months after Pluralsight reached a settlement agreement in a class action lawsuit, agreeing to split $20 million among tens of thousands of investors who purchased stock in 2018 and 2019. The suit was originally filed in the U.S. District Court for the Southern District of New York in August 2019 and transferred to the District of Utah two months later. A handful of public employee retirement funds alleged that the company and some executives misled investors about the 'size and productivity of Pluralsight's sales force,' artificially inflating the stock price before and during a secondary public offering, before 'disappoint(ing) financial results' and the resignation of an executive caused shares to plummet in value by almost 40%, court documents say.
Associated Press
18-06-2025
- Business
- Associated Press
Reece Companies Announces New Headquarters in Orlando Amid Rapid Expansion
'The new headquarters will provide our team with a world-class work environment. It will serve as a showcase for the innovative design and technology solutions we bring to our clients.'— Alex Reece ORLANDO, FL, UNITED STATES, June 18, 2025 / / -- REECE COMPANIES is proud to announce the acquisition of a new corporate headquarters at 7335 Lake Ellenor Drive, Orlando, FL 32809, formerly home to KMI International. As part of its continued expansion across Central Florida, the company is strengthening its regional presence and investment footprint, demonstrating its long-term commitment to growth, innovation, and leadership in the real estate industry. With this expansion, REECE COMPANIES is actively growing its team and currently hiring across multiple departments to support its next phase of development. The newly acquired building will serve as a hub for innovation, collaboration, and modern design. The space will include a showroom, state-of-the-art conference rooms, full-service kitchen, modernized restrooms, and an executive office complete with sauna and a shower. The design reflects the company's goal of setting a new standard in workplace luxury. Incorporating the latest in technology and intelligent design, the headquarters will also feature: • A fully integrated automated system for climate, security, and lighting • A high-definition security camera network for on-site and remote monitoring • Custom cabinetry and designer lighting accents • Sleek, modern furnishings that align with the company's commitment to functional aesthetics 'We are thrilled to make 7335 Lake Ellenor Drive our new home,' said Alex Reece, CEO of Reece Companies. 'This move represents a significant milestone for our company as we continue to expand our footprint in Central Florida. The new headquarters will provide our team with a world-class work environment. It will serve as a showcase for the innovative design and technology solutions we bring to our clients.' As Reece Companies continues to strengthen its footprint in Central Florida, the new headquarters will play a pivotal role in shaping its strategic growth, serving as both a base of operations and a showcase of the company's craftsmanship and capabilities. About Reece Companies: Reece Companies is a dynamic real estate investment and development firm committed to redefining growth through bold investments and visionary leadership. Specializing in commercial real estate and high-end residential remodeling, the company transforms underutilized properties into vibrant, high-performing spaces. Reece Companies leads projects that span commercial developments, luxury homes with smart features, and strategic partnerships across emerging industries. Its portfolio includes Lincoln Financial Services LLC, The Phoenix Property Group LLC, Bamberg Investments, and America's Escape Game. Each company contributes to the company's diverse expertise in real estate, entertainment, and strategic investment. With a strong focus on innovation, quality, and long-term value, Reece Companies is rapidly becoming a driving force in Florida's evolving commercial and residential real estate landscape. Amanda Sheffield Reece Companies +1 407-988-3397 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
CTV News
15-05-2025
- Business
- CTV News
A diabetes drug company is lobbying the Sask. government as Ottawa recommits to pharmacare
A sign for Eli Lilly & Co. appears outside their corporate headquarters in Indianapolis on April 26, 2017. (AP Photo/Darron Cummings, File)
