Sears Tower will take Willis name

For Chicagoans it may be the architectural equivalent of having to watch Michael Jordan finish his career in a Washington Wizards uniform: The Sears Tower is turning into something called the Willis Tower.

That’s right, the tallest building in the United States is getting a new name later this year, building management said Thursday.

It’s all part of a deal with London-based Willis Group Holdings. Along with moving 500 employees into 140,000 square feet on multiple floors of the 110-story building this summer, the Willis Group gets the naming rights as part of its lease agreement with the real estate investment group that owns Sears Tower.

Washington

Sunoco limits use of bisphenol-A

Sunoco has begun restricting sales of a controversial chemical used in baby bottles and food containers that some researchers believe can harm infants.

The move by the gas and chemical giant makes Sunoco the first manufacturer to acknowledge safety concerns about bisphenol-A, or BPA, which recently led retailers like Wal-Mart to pull thousands of baby and water bottles off store shelves.

Environmental groups want to ban BPA in products for infants because of concerns that it can interfere with biological functions needed for growth. But government scientists have issued conflicting opinions about the chemical’s risks.

In light of that uncertainty, Sunoco said in a letter Thursday it has begun requiring customers to guarantee that its BPA will not be used in food and water containers for children under 3.

McLean, Va.

Fixed home loan rates slip further

Rates on 30-year-fixed mortgages declined this week amid reports of a weakening job market and easing concerns over inflation, Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage slipped to 5.03 percent this week from 5.15 percent last week. A year ago, the 30-year fixed-rate mortgage averaged 6.13 percent.

This week’s average rate on a 15-year fixed-rate mortgage fell to 4.64 percent from 4.72 last week. Last year at this time, the 15-year rate averaged 5.60 percent.

From wire reports