Takeda has announced that they will be eliminating many pharmaceutical jobs in Chicago.

The drug maker said they will cut as many as 500 jobs as part of a restructuring plan that will eliminate 1600 employees nationwide.

The Japan-based company said the cuts are being made at its Deerfield-based Takeda Pharmaceuticals North America headquarters and will reduce head count there by 28 percent, including 300 workers locally.

Cuts also will be made at Takeda Global Research and Development Center in Lake Forest, which employs 840 people. Twenty percent of the workforce there will be cut.

According to the SunTimes.com, the cuts are being made “to reduce costs and better align the organizations with the company’s current product portfolio, which is challenged by development delays and patent expirations of some of our core products,” spokeswoman Kara Hoger said in a statement.

Commonwealth Edison Co. has an extraordinary offer: $500 million upfront to the state of Illinois, plus a pledge that the electric company will create 2,000 green jobs in Chicago through the development of a more efficient smart grid for electrical transmission.

But the power company says the deal is only good if they get to lock in their rates and profits.

Illinois has found itself mired in an unprecedented financial crisis as of late.

According to the Chicago Tribune.com, lawmakers are calling it an indecent proposal, questioning whether ComEd thinks they’re so desperate they’ll take cash to keep consumer electric bills artificially high.

“I think whenever the state finds itself in a situation where a private interest can put a price tag on favorable treatment, it’s a bad way to conduct business,” said Rep. John Fritchey, D-Chicago, who added that the proposal “raises a lot of red flags.”

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Continental and United Airlines have agreed to merge, which many say will result in the loss of hundreds of airline jobs in Chicago and in other parts of the United States where Continental has established hubs (click here).

A formal announcement will come on Monday.

According to Chron.com, the carrier will be based in United’s home of Chicago and take United’s name, the sources said. Jeff Smisek, chairman, CEO and president of Houston-based Continental, will be CEO of the merged carrier and he will have offices in Houston and Chicago, they said.

United’s CEO Glenn Tilton will become non-executive chairman until Dec. 31, 2012, or on the second anniversary of the closing of the deal, whichever is later. Then Smisek takes the helm as chairman.

The deal — which had earlier bogged down over price — will be an all-stock swap. Continental shareholders get 1.05 United shares for each Continental share they own.

That values the deal at about $3.2 billion, based on Friday’s closing share prices and the latest publicly available outstanding shares. United’s shareholders will own a 55 percent stake in the merged company with Continental’s shareholders holding the remaining 45 percent.

Houston is expected to be the largest hub of the combined carrier and continue to be its gateway to Latin America. Continental employs 16,500 people in Houston and the sources said it should remain a top private employer in the city.

Read the rest of this entry »

Wal-Mart is putting a lot of force behind it’s recent bid to open not one, but two new Supercenters in Illinois, in order to create hundreds of new retail jobs in Chicago.

Wal-Mart wants to open a Wal-Mart Supercenter proposed in the empty lot in the Chatham neighborhood next to the Dan Ryan Expressway. That store, which would create hundreds of union construction jobs and hundreds of ongoing retail sales jobs, has been stalled by the City Council Finance Committee at the behest of organized labor.

The ambitious company is also planning on building a store in an empty lot between 103rd and 111th streets next to the Bishop Ford Freeway. Wal-Mart is the critical element in an ambitious development called Pullman Park, which would bring thousands of jobs to the Far South Side.

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Gov. Pat Quinn finally approved legislation allowing him to dole out $50 million to small business owners who hire new workers, a move that he promoted by saying that it would create many new Chicago jobs (click here).

According to PantaGraph.com, the plan, which is similar to a proposal floated by his Republican opponent, would give businesses employing fewer than 50 workers a $2,500 tax credit for each new employee hired after June 30.

The worker must say in the job for at least one year and earn a minimum of $25,000.

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