Aldermen voted to freeze Chicago’s “One Fair Wage” ordinance Wednesday, halting required raises for tipped workers like waiters who now get paid below the city minimum.

The City Council’s move stops the increases for at least two years. The veto-proof majority — just one alderman voted against the change — hardly marks an end to the...Read more

Elon Musk wants to take investors on a ride to the moon — and beyond.

His pioneering rocket company SpaceX filed Wednesday for what's expected to be the largest initial public offering in history, potentially raising at least $75 billion and valuing the company at well over $1 trillion.

The registration statement with the Securities and ...Read more

The top U.S. securities regulator is delaying the launch of a wave of novel exchange-traded funds that would let investors wager on events such as elections and economic data as the agency weighs how far the $15 trillion ETF wrapper can stretch.

Securities and Exchange Commission Chairman Paul Atkins said Wednesday that he has instructed staff ...Read more

A day after declaring it would cost $8 billion to rebuild Penn Station — and a day before the Amtrak Board was scheduled to meet — Transportation Secretary Sean Duffy announced Wednesday that a coalition of Halmar, the U.S. arm of Italian company ASTM Group, and the construction firm Skanska would be in charge of the massive project.

The ...Read more

A Californian is suing Fashion Nova after receiving multiple early-morning texts from the retailer.

The Beverly Hills-based retailer violated federal law that bars companies from sending telephone solicitations before 8 a.m. or after 9 p.m. local time, the lawsuit filed in Northern California last month claims.

Fashion Nova's "unlawful conduct...Read more

Two California companies at the front of the global race to bring battery-powered air taxis to the public are trying to trip each other up in court.

While Joby Aviation and Archer Aviation are based within an hour of each other in Northern California, they are bitter rivals, each hoping their own small electric vertical take-off and landing ...Read more

Meta Platforms Inc. is alerting thousands of employees that they’re being laid off, part of a previously announced restructuring aimed at reducing costs while the company invests heavily in artificial intelligence.

The company notified workers around the world Wednesday morning, starting with employees across Asia, who got the note at 4 a.m. ...Read more

Target posted its strongest sales quarter since its pandemic surge, but analysts question whether persistent economic uncertainty will stall the company’s progress.

The retailer on Wednesday reported a 5.6% increase in comparable sales for the February-to-April period. The company also raised its full-year guidance to 4% net sales growth, up ...Read more

Lupa Systems, the media and tech holding company owned by James Murdoch, is set to acquire nearly half of Vox Media.

As part of the deal, Murdoch's company will own Vox Media's podcast network, Vox.com and New York Magazine, once an asset of his father, industry giant Rupert Murdoch. Terms of the deal were not disclosed, but the price tag was ...Read more

Target posted its strongest sales quarter since its pandemic surge, but analysts question whether persistent economic uncertainty will stall the company’s progress.

The retailer on Wednesday reported a 5.6% increase in comparable sales for the February-to-April period. The company also raised its full-year guidance to 4% net sales growth, up ...Read more

CHICAGO — Traffic has been down across the restaurant industry over the past few years, but you wouldn’t know it by the crowds at the annual National Restaurant Association show at McCormick Place this week.

The four-day event through Tuesday featured packed exhibition halls, overflowing parking garages and aisles jammed with some 53,000 ...Read more

A visitor has filed a $5 million lawsuit against Disneyland for allegedly failing to properly disclose the use of facial-recognition technology at park and collecting sensitive data on guests.

Summer Christine Duffield of Riverside County, California, filed the lawsuit after a May 10 visit to Disneyland and sister park California Adventure, ...Read more

The federal government is suing Minnesota to block a new state law that prohibits Minnesotans from making bets on prediction markets like Kalshi and Polymarket.

Minnesota is the first state in the country to outlaw the popular platforms that allow users to bet on the outcomes of a wide range of real-world events, from who will win the NBA ...Read more

U.S. regulators are pausing some cyber-related examinations of the largest banks, giving the lenders more breathing room as the firms dig into the risks exposed by Anthropic PBC’s new Mythos AI model.

The Federal Reserve and Office of the Comptroller of the Currency want to give banks time to bolster their systems against cyber threats ...Read more

McDonald’s Corp. said it doesn’t expect to reach a goal of reducing emissions from its supply chain and franchised restaurants by 2030, the timeline it had originally laid out.

“In many regions, growth in energy demand is outpacing the current speed of clean energy deployment,” the company said in a statement Tuesday. “At the same...Read more

WASHINGTON — The airplane part that cracked and caused a UPS cargo jet's engine to fly off the plane’s wing had fractured 10 times in the past, aviation accident investigators said Tuesday.

After the fatal crash in November, UPS’ inspection of its remaining MD-11 fleet found another three instances of the same part shifting out of place, ...Read more

Michigan is set to give as much as $5 million to help Jeff Bezos-backed electric vehicle startup Slate Auto expand its Troy headquarters.

A state economic development board on Tuesday approved the taxpayer-funded grant for the Michigan company, which is ramping up toward production of its mid-$20,000 battery powered pickup trucks by the end of ...Read more

A global supply crunch has US refineries producing jet fuel at a record pace while skew output away from gasoline, setting up a potential transport fuels production clash during the peak summer travel period.

Refiners in the US Gulf Coast are some of the most price sensitive in the world, tailoring their petroleum product output to make as much...Read more

Shein, one of the largest fast-fashion retailers in the world, is set to acquire the "quiet luxury" apparel brand Everlane, media reports said.

Shein will buy Everlane from majority owner L Catterton for $100 million, according to a deal signed Saturday, Puck reported. Everlane was once valued around $600 million at its peak in the 2010s.

The ...Read more