Pete Scales News
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American Airlines and United Airlines agreed with Chicago on a scaled-back $1.17 billion expansion plan for O’Hare International, ending a legal battle over growth at the nation’s second-busiest airport.
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Chicago, whose credit ranking has been cut by Fitch Ratings twice in less than three months, is delaying next week’s $804 million bond sale, said Pete Scales, a spokesman for Chief Financial Officer Gene Saffold .
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Chicago plans to offer about $1 billion in taxable and tax-exempt debt to expand O’Hare International, the second-busiest U.S. airport , even as it faces a lawsuit from the hub’s two largest carriers.
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Tax-exempt bonds had their worst monthly returns of 2010 as rising U.S. Treasury yields and record state and local fixed-rate debt sales sparked withdrawals from mutual funds investing in municipal securities.
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Chicago and San Antonio, the third and seventh most-populous U.S. cities, are selling a total of $750 million in Build America Bonds amid an Internal Revenue Service audit of previous sales of the taxable securities.
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Chicago’s next mayor will take over a city that is almost out of cash after Richard M. Daley spent most of the $3.5 billion gained from leasing parking meters, garages and a 7.8-mile elevated toll road.
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Chicago, whose credit ranking has been cut by Fitch Ratings twice in less than three months, is borrowing $487 million, including $423 million in taxable Build America Bonds, to improve and expand the city’s water system.
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Wal-Mart Stores Inc. ’s divide-and- conquer strategy prevailed in Chicago by pitting construction workers against employees who will stock shelves and ring registers.
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Chicago, the third most-populous U.S. city, had its credit ranking on $6.8 billion in general- obligation bonds cut one level to AA- by Fitch Ratings.
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Wal-Mart Stores Inc. ’s quest to open a third store in Chicago may hinge on whether the retailer is promising to pay workers at least 50 cents more than the Illinois minimum wage.
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