INDUSTRY
The shakeup at GE continues
The management shakeup continues over at General Electric. Steve Bolze, former CEO of the GE Power division, is retiring after he was passed over for the top post at the Boston-based industrial giant. Bolze led GE Power for 11 years and was one of the top contenders for CEO Jeff Immelt’s job. But Immelt and the GE board instead picked John Flannery, the head of GE Healthcare, and announced Flannery’s new role on Monday. So Bolze, who was based in Schenectady, N.Y., is exiting. GE promoted Russell Stokes, a 20-year GE veteran, to take Bolze’s place. Stokes, who will remain in Atlanta, ran the GE Energy Connections business, which is being merged into GE Power. — JON CHESTO
DINING
Thirteen restaurants in the Seaport, Fort Point make changes to improve access
Thirteen restaurants located in the Seaport and Fort Point neighborhoods have restructured their dining spaces to comply with the American with Disabilities Act, Acting US Attorney William D. Weinreb said Wednesday. The changes include the installation of accessible tables and bar surfaces; the removal of architectural barriers; and the installation of ADA-required directional signage. According to the Department of Justice, the Atlantic Beer Garden, the Barking Crab, Barlow’s, Bastille Kitchen, the Daily Catch, Del Frisco’s, and Row 34 have entered into voluntary compliance agreements to address accessibility issues. The other six restaurants — Empire, Morton’s Steakhouse, Legal Harborside, Temazcal Tequila Cantina, Babbo Pizzeria, and Gather — were said to only have required minor work to achieve compliance with the ADA. — SHELBY GREBBIN
MEDIA
Fox News has dropped its motto
Fox News is “Fair and Balanced” no more. In the latest sign of change at the cable news network, the “Fair and Balanced” motto that has long been a rallying cry for Fox News fans — and a finger in the eye of critics — is gone. The channel confirmed on Wednesday that slogan and network have parted ways. “The shift has nothing to do with programming or editorial decisions,” the network said in a statement. Instead, the slogan was dropped in part because of its close association with Roger Ailes, network’s co-founder, former chairman and the originator of the phrase, who was fired in August in a sexual harassment scandal. The network said that “Fair and Balanced” was shelved as a marketing tool after Ailes’ departure. In its place is a new motto: “Most Watched, Most Trusted.” Another Fox slogan, “We Report, You Decide,” also has been retired, although the network said that it returns occasionally. — NEW YORK TIMES
PENSIONS
Carmen’s union rebuts report on health of MBTA pension fund
Representatives of the Boston Carmen’s Union met with a group of state lawmakers and staff Wednesday to defend the financial health of the MBTA pension fund and refute management’s warnings that the system is in crisis. The union, which represents the majority of Boston-area transit workers, presented an 11-page rebuttal to T management’s predictions that the retirement system on its current course will need an additional $1 billion over the next 18 years. In particular, the union challenged management’s worst-case scenario of a 4 percent investment return for the coming two decades. Over the 10 years ended in 2015, the $1.5 billion T pension plan had an annualized 5.8 percent return, compared with 5.9 percent for the larger state employee retirement system. If the state and other pension plans were to assume a 4 percent return, “all plans would be in ‘crisis,’ ” the Carmen’s Union report states. Recent returns have been modest: Including 2016, the T pension had a 3.9 percent annualized return for the last three years, according to management, compared with 5.3 percent for the state fund. Brian Shortsleeve, the T’s acting general manager, is pressing the pension fund to make changes so taxpayers and riders don’t have to absorb the system’s rising liabilities. Even if the T pension were to achieve 7 percent investment gains over the coming years — its stated target is 7.75 percent — it would still see a $636 million shortfall, said Shortsleeve, who is stepping down this month. The T’s contribution to the pension is rising to 20 percent of payroll next year, from 18 percent currently, for a $9 million increase. This year, the T contributed $87 million to the fund. — BETH HEALY
FOOD
Company based on Soup Nazi’s recipes files for bankruptcy
A company that sells soup from the recipes of the chef who was the real-life model of the Soup Nazi on ‘‘Seinfeld’’ has filed for bankruptcy less than a month after its chief financial officer was arrested on charges he cheated the government out of employment-related taxes. Soupman Inc., based in Staten Island, sells soups made from the recipes of Al Yeganeh (right). Yeganeh and his soup stand were the inspirations behind the ‘‘Seinfeld’’ television show character, who shouted the catchphrase ‘‘No soup for you!’’ — ASSOCIATED PRESS
AUTOMOBILES
GM extends summer shutdown due to slow sedan sales
General Motors is extending the normal two-week summer shutdown for at least two US car factories because of slumping sedan sales. Union officials say the Lordstown, Ohio, plant near Cleveland and the Fairfax plant in Kansas City, Kan., will close for as many as five weeks in June and July. The company confirmed that some car factories would be shut down longer than usual. Lordstown makes the Chevrolet Cruze compact sedan, while Fairfax builds the Chevrolet Malibu midsize car. — ASSOCIATED PRESS
FASHION
Dolce & Gabbana takes on boycotters
Italian fashion house Dolce & Gabbana has heard the criticisms over its support of First Lady Melania Trump. Its response? The equivalent of a disinterested catwalk hair flip and a shrug — and not the fabric kind. Last week, Dolce & Gabbana rolled out a line of $245 T-shirts clearly meant to flout the objections of those who have called for a boycott of the luxury fashion label. ‘‘Dolce & Gabbana boycotts itself,’’ the brand tweeted last Thursday. The only thing missing was the crying-laughing emoji. The brand also released a video of a fake protest urging people to boycott Dolce & Gabbana. — WASHINGTON POST
RETAIL
Americans cut their spending in May
Americans cut spending at gasoline stations, department stores, and electronics shops in May as retail sales registered their biggest drop in 16 months, a cautionary sign for the economy. The Commerce Department said Wednesday that retail sales dropped 0.3 percent, the first decline since February and the sharpest since a 1 percent decrease in January 2016. Economists had expected sales to increase slightly in May after rising 0.4 percent in April. Over the past year, retail sales have risen a solid 3.8 percent. Last month, sales fell 2.8 percent at electronics stores, the biggest such drop since March 2016. They fell 2.4 percent at gasoline stations and 1 percent at department stores, which have struggled with competition from online retailers. — ASSOCIATED PRESS
TAXATION
Appeals court upholds Philadelphia tax on sugary drinks
An appeals court has upheld Philadelphia’s 1.5-cent-per-ounce tax on sweetened beverages, saying it doesn’t duplicate the state sales tax. The Commonwealth Court’s 5-to-2 decision Wednesday backed a decision by a city judge in December. The court majority says the beverage tax, imposed on distributors, doesn’t hit the same subject or people as the sales tax. The two-judge dissent says the ordinance that allows the beverage tax duplicates the sales tax because it can only be imposed ‘‘in relation to the retail sale of sugar-sweetened beverages.’’ If fully passed onto consumers, the tax is $1.44 on a six-pack of 16-ounce bottles. City officials say the tax has brought in more than $25 million since taking effect in January but will likely fall short of projected revenues this year. — ASSOCIATED PRESS