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Monday, June 14, 2021

The Week in Business: A $900 Million Mistake

Walmart, the nation’s largest personal employer, mentioned that it could increase wages for 425,000 of its staff. That means about half of its 1.5 million staff in the United States will make at the very least $15 an hour. But lots of its staff will nonetheless earn much less. Walmart’s minimal wage stays at $11 an hour, in contrast to these of its greatest rivals like Target and Amazon, whose wages each begin at $15 an hour. The company’s announcement got here a few week after its chief government, Doug McMillon, met with President Biden and mentioned the administration’s curiosity in elevating the nationwide minimal wage to $15 an hour from its present rate of $7.25 an hour.

Texas is recovering from a freakish chilly snap that left hundreds of thousands with out energy and working water for days, however its financial system stays stricken. Its agriculture business has been literally frozen, and livestock are dying. Several semiconductor corporations needed to idle manufacturing, compounding a global shortage of computer chips that has already slowed automobile manufacturing at vegetation worldwide. But devastating incidents like this one could turn out to be the brand new regular. Economists — together with one prime Federal Reserve official — are warning that banks have to be higher ready for extra climate-change-related disruptions to manufacturing, energy, and different industries.

The House of Representatives plans to carry its first ground vote on the Biden administration’s $1.9 trillion pandemic rescue bundle this coming Friday. Democrats hope to cross the measure earlier than March 14, when further federal unemployment advantages ($300 per week, offered on prime of present state unemployment advantages) are set to run out. Through a legislative loophole, the stimulus invoice could possibly be permitted with a easy Congressional majority and no Republican help.

The Australian authorities has proposed a legislation to make tech corporations pay information retailers for the content material that’s shared on their platforms (and, in flip, helps them rake in promoting {dollars}). This poses apparent issues for giants like Facebook and Google, that are taking reverse approaches to the proposal. Facebook adopted a combating stance by indefinitely blocking all information hyperlinks from its platforms. Google, however, introduced a three-year deal to compensate Rupert Murdoch’s News Corp for its content material, and mentioned that related partnerships are in the works. Other nations could comply with in Australia’s footsteps if the legislation succeeds.

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