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Choose Chicago CEO stepping down from tourism role as city prepares for DNC and…

Choose Chicago CEO Lynn Osmond is stepping down to focus on a family health matter after less than two years at the helm of the city’s tourism arm. The decision, announced Thursday, leaves a void at the top of the organization vested with promoting Chicago as a travel destination, as the city prepares to welcome the Democratic National Convention and the return of NASCAR this summer. Advertisement “It has been gratifying to serve as CEO of Choose Chicago for nearly two years, but, right now, I have to put my family first,” Osmond said in a news release. “I know this is the right decision for me, my family, and for the organization…

Fed president says March ‘probably’ too early for rate cut after hot inflation…

The rocky path of inflation back to the Federal Reserve’s 2% target rate reflected in the latest Consumer Price Index figures means that it is likely too soon for the central bank to cut its policy rate in March, Cleveland Fed President Loretta Mester said on Thursday. “I think March is probably too early in my estimation for a rate decline because I think we need to see some more evidence,” Mester said in an interview with Bloomberg TV. “I think the December CPI report just shows there is more work to do and that work is going to take restrictive monetary policy.” The central bank in December forecast cuts to its benchmark…

Hundreds of sacked Scots factory workers to get share of £1.2m employment payout

HUNDREDS of sacked factory workers are set to get a share of a £1.2million payout after they won a legal action over their flawed redundancy process. Stoneywood paper mill, based in Aberdeen , went into administration in September 2022 after operating for over 250 years. 1 Stoneywood Paper Mill at the Bridge of Don area in the city of Aberdeen closed in September 2022 Credit: Alamy Trade union Unite lodged a mass legal action against Arjowiggins Scotland - the company which owned the mill - on behalf of around 300 members who were dismissed. They claimed their members had not been properly consulted over their redundancies. Tonight…

Why Apple faces its biggest crisis since it was saved by the iPod

Tim Cook did not hold back. “This is obviously a disaster,” he told finance executives in a 2018 email, ordering his lieutenants to improve the underwhelming sales of Apple’s latest iPhones. Apple’s business in China was sliding, leading to the company’s first profit warning in 16 years. One executive described the performance as “an extreme problem”, while another said employees needed to respond as if it were a “five-alarm fire”, according to emails recently released as part of a lawsuit against Apple. Apple chief Tim Cook with the latest iPhone, the 15 Pro Max. Credit: Bloomberg The company later reported two consecutive…

Australians don’t do 30-year fixed home loans, but that’s not all bad

Would you like to take out a home loan where the bank can’t change the interest rate for 30 years? Americans can lock in their mortgage rates for decades, but that’s not necessarily as good as it sounds. When the Great Depression hit nearly a century ago, the US started pivoting away from variable rate home loans towards fixed rate loans. Variable rates can change based on market interest rates, whereas fixed rates remain the same over the life of the loan. The president at the time, Franklin D. Roosevelt, wanted to make homeownership more affordable. Americans can lock in their mortgage rates for decades. Credit: Louise Kennerley…