Dave Schwan has the business news of the day with the Wintrust Business Minute.

Chicago’s minimum wage is now $16.20 an hour. A new law puts the minimum wage on equal footing with small and large businesses. Until now, it was a tiered system. The tipped minimum wage rises to just over $11 an hour. It’ll continue to rise for five years.  

If you’re driving this Fourth of July Weekend and watching gas prices, they’re going up in Illinois due to a tax hike.  Listen for more below:

Segment 1: Tom Fortino, Founder and Principal, Alpha Wealth Group, and host of “The Alpha Wealth Hour” on WGN Radio, joins John talk about the inflation data released today, the market reaction to the data, why ‘the trend is your friend,’ if he sees buying opportunities, what economic data has him concerned, the relatively healthy economy, and how many Fed rate reductions he expects to see this year.

Segment 2: Kara Demirjian, Senior Vice President, TCCI Manufacturing, joins John to talk about how they manufacture and design air conditioning compressors for electric vehicles, how the compressors are used, their state-of-the-art EV innovation hub currently being built, why the EV innovation hub is so critical, and her thoughts on the future of EV’s in the marketplace.

Segment 3: Anuj A. Shah, Managing Director, Stax, tells John about what their business does, the way their business thinks about sustainability, and how they embed sustainability into their clients strategy.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

DeVry University has announced a partnership with Chicago’s innovation hub 1871 aimed at fostering and advancing artificial intelligence advancements and entrepreneurship. As part of the partnership, DeVry participated in 1871’s annual AI Innovation Summit this week during Chicago AI Week. The event centered around AI innovation and critical industry topics. DeVry University uses AI learning technologies to improve student and classroom experiences. In 2020, the school introduced its first AI and machine learning course. It also runs an AI lab.

Also, North Chicago-based Abbvie has acquired biotech company Celsius Therapeutics in a deal that’s reportedly worth $250 million. Listen for more below:

Segment 1: Michael Jacobson, President and CEO, Illinois Hotel & Lodging Association, to talk about the health of the Chicago area hotel industry. With NASCAR, Lollapalooza and the Democratic Convention (plus conventions!) coming to town, can we expect hotel occupancy be near capacity for the summer?

Segment 2: Bree Fowler, Senior Writer, CNET, joins John to talk about Amazon joining the exclusive $2 trillion club Wednesday, what to expect from Amazon Prime Day, and the Supreme Court ruling that the Biden administration can continue to contact social media companies and urge them to take down posts that they view as disinformation.

Segment 3: Dr. Nathaniel Keohane, President, Center for Climate and Energy Solutions, joins John to talk about the hidden costs of extreme heat and how climate is impacting the economy.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Walgreens stock dropped sharply after the Deerfield-based company cut its 2024 profit forecast. The pharmacy chain blames a worsening retail environment and says it’ll close a significant number of its underperforming U.S. stores. Walgreens didn’t say how many of the 8,700 stores would be affected. Management will also make more organizational changes but stopped short of discussing further job cuts. The store closures will be part of what the company describes as a multi-year footprint optimization program. Over the past year, Walgreens shares have dropped more than 45%.

Also, a Chicago-based robotics company has raised more than $27 million in a Series A funding round. Listen for more from below:

Segment 1: Scott Bauer, CEO of Prosper Trading Academy, joins John from the CBOE trading pit to talk about why open outcry trading is still so essential.

Segment 2: Liv Peterson, Events Producer with Overflow After Dark (OAD) Productions at Overflow Coffee in the South Loop, tells John about the incredible legacy of the space that houses the coffee shop and event space, the historical significance of the building, what makes their spot unique, the types of events they hold, and their upcoming event taking place this Saturday.

Segment 3: Attorney Rae Kaplan of Kaplan Law Firm joins John Williams to talk about federal judges halting key parts of President Joe Biden’s new student loan repayment program.

Segment 4: Laura Ellis, chief strategy officer, executive vice president and president of residential sales, Baird & Warner, joins John Williams to separate fact from fiction about new home buying rules.

Segment 1: Tom Gimbel, job expert and founder of LaSalle Network, joins John to talk about some employers mandating vacation time, if you should apply for a job if you don’t have all the requirements listed on the job posting, and how a job search often comes down to timing.

Segment 2: Faron Daugs, CFP, Founder and CEO, Harrison Wallace Financial Group, joins John to talk about market performance this week, why tech and AI is winning big, how AI has been impacting the economy, the difference between stocks like Nvidia and the dot com boom, if we’ll see a broader market, the Fed being very calculated about interest rates, and why he tells clients to be disciplined in their investing.

Segment 1: Ilyce Glink, owner of Think Glink Media and Best Money Moves, joins John to talk about how Generation Z has been disproportionately pummeled by rising prices, higher housing costs, larger student loan balances and more overall debt than the millennials before them, how your name could help you get a free ride to college, and the impact climate change is having on the economy.

Segment 2: Jim Dallke, Director of Communications, TechNexus Venture Collaborative, tells John about American Express acquiring restaurant reservation service Tock, VC firm Nurse Capital announcing the close of its inaugural $1M fund, and Level Ex’s technology on SpaceX’s Polaris Dawn mission. 

Segment 3: Anthony Tiritilli, President of Development, Lynd Living, joins John to talk about the growth of build-to-rent communities.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago-based restaurant software company Tock is being acquired by American Express for $400 million. The reservation software was developed by Alinea owner Nick Kokonas and former Google engineer Brian Fitzpatrick and founded in 2014. It employs about 200 people. American Express says Tock will operate as its subsidiary under the American Express Global Dining banner. American Express also owns the online reservation company Resy and has been beefing up its related payments and loyalty technology. The company says it’s creating a world-class digital experience platform that’ll include a wide range of benefits for diners and restaurants. 

Also, hackers are demanding tens of millions of dollars in ransom from Hoffman Estates-based CDK Global. Listen for more below:

Segment 1: Michael Miller, Economics Professor, Western Washington University and Professor Emeritus at DePaul University, chats with John about the 2025 tax battle and the difference in the corporate tax plans being proposed by President Biden and Donald Trump.

Segment 2: Paul Kostopanagiotou, Owner, Nicky’s of Beverly, tells John about their restaurant that has become a staple in the Beverly neighborhood of Chicago. Paul talks about the food they offer, how business has been the last few years, their extensive happy hour menu, how they support local farms, artists and musicians, and what you should know about Nicky’s Summer Music Series.

Segment 3: Ann Logue, writer specializing in business and finance, joins John Williams to talk about the retirement Catch-22. Her most recent book is “Options Trading.”