President Trump endorsed new legislation on Wednesday that would reduce legal immigration to the U.S. and evaluate visa applications based on merit, with a preference for people with higher education or job skills. The legislation would represent a dramatic overhaul of the current system and lead to a significant decrease in the number of green cards issued to immigrants.

The real reason car sales are falling. After seven years of gangbuster sales, the U.S. auto market is skidding badly. The only real wild card in the market is the replacement rate. Vehicles haven’t been hitting the junkyard quick enough to maintain what had been a record pace. 

Jaden Smith’s company sued Hampton Creek over a trademark dispute. The teenage son of actor Will Smith co-founded the bottled water startup Just Goods, which claims that Hampton Creek revised its brand to emphasize the word “just”, breaking an agreement between the two companies. The suit could jeopardize the Just Mayo maker’s efforts to reform its image after a long year of scandals.

An airline fare war is brewing, courtesy of Frontier. The discount carrier is embarking on a major expansion, with a heavy focus on Florida and Denver. By spreading its lower fare flights across most of the country, Frontier says it will save travelers more than $1 billion. It will also likely trigger a pointed response from United and Southwest Airlines.

Fyre Festival founder seeks plea deal on fraud charge. The U.S. government is in plea negotiations with Billy McFarland, the man behind the disastrous music event in the Bahamas who was charged with wire fraud in its aftermath. McFarland has yet to formally respond to the charges. He could face years in prison if convicted.

How unicorns trick you into thinking they’re real. Unicorns aren’t real, and neither are the valuations ascribed to many of the startups that say they’re worth $1 billion or more. About half of private companies with these valuations wouldn’t have earned the title without the use of complex stock mechanics, according to a new study.

Rents are at an all-time high in Canada’s biggest city, approaching prices in Brooklyn and London. Potential tenants have become so desperate they’re driving the streets looking for rentals and creating Tinder-style profiles to attract landlords. And prices are likely to keep rising, given new laws that builders say discourage construction.