Walmart, the largest U.S. employer, said Tuesday it is raising its starting hourly wages starting in February, according to a news release. In a statement to employees, Walmart CEO John Furner stated that “starting next month, we’ll begin investing in higher wages for associates.” “This includes a mixture of associates’ regular annual increases and targeted investments…
Spotify to Trim 6 Percent of Workforce in Latest Tech Layoffs
Music streaming service Spotify said on Monday that it will cut six percent of its workforce, or about 600 jobs, joining a growing list of technology companies in announcing job cuts to lower costs. CEO Daniel Ek announced the restructuring in a message to employees that was also posted on the company’s blog. “Over the…
J&J Tops 4th-Quarter Earnings Forecasts as Profit, Revenue Slip
Johnson & Johnson beat earnings expectations in the final quarter of 2022 even as a strong dollar and sinking COVID-19 vaccine sales hurt revenue. The health care giant also debuted on Tuesday a better-than-expected 2023 earnings forecast. J&J said fourth-quarter earnings slipped 26 percent to $3.52 billion and revenue declined 4.4 percent to $23.71 billion….
Wall Street Opens Lower as Earnings Roll In, Chipmakers Retreat
U.S. stock indexes opened lower on Tuesday, as corporate reports from bellwethers including 3M, Johnson & Johnson, and GE pushed earnings season into high gear, while chip companies retreated after bouncing in the previous session. The Dow Jones Industrial Average fell 184.84 points, or 0.55 percent, at the open to 33,444.72. The S&P 500 opened…
Microsoft Announces ‘Multibillion-Dollar Investment’ in Artificial Intelligence ChatGPT Creator
Microsoft is investing billions in OpenAI, the creator of the artificial intelligence system ChatGPT, the tech giant has confirmed. In a blog post on Jan. 23, the company announced the third phase of its “long-term partnership with OpenAI” through a multiyear, multibillion-dollar investment aimed at accelerating “AI breakthroughs to ensure these benefits are broadly shared with the world.”…
World Shares Mixed After Tech Gains Power Wall Street Rally
January 24, 2023
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BANGKOK—World stocks were mixed Tuesday after a Wall Street rally driven by heavy buying of tech shares as investors bet the Federal Reserve will trim its rate hikes as it makes headway in tamping down inflation. Germany’s DAX edged 0.1 percent lower to 15,086.68 while the CAC 40 in Paris gained 0.2 percent to 7,024.63….
US Supreme Court Seeks Biden Admin Input on Texas, Florida Social Media Laws
January 24, 2023
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The Supreme Court has invited the Biden administration to give input on laws in Florida and Texas that allow users to sue large social media companies over censorship. NetChoice, a coalition of trade associations representing Twitter, Facebook, Google, and other social media and e-commerce companies, brought the case to challenge the states’ laws. Both state laws…
Microsoft, Amazon Results to Highlight Softening Cloud Business
Slower cloud spending by inflation-hit businesses is expected to stall the sales momentum at Amazon.com Inc. and Microsoft Corp. and add to the troubles of the sector that laid off thousands this month. After years of blistering growth, most recently fueled by remote working and studying during the pandemic, cloud demand has cooled in the…
Sharpie-Owner Newell to Cut 13 Percent of Office Roles
Newell Brands Inc. said on Monday it will cut about 13 percent of its office positions, in a bid to save costs amid stubbornly high inflation that has pressured consumer spending. The sharpie maker joins a growing list of companies in corporate America—from Wall Street Banks and tech companies such as Spotify Technology SA to…
German Cartel Office Initiates Proceedings Against PayPal
BERLIN—Germany’s cartel office regulator said on Monday it had initiated proceedings against payment company PayPal Europe over the possibility that it hindered competition. The subject of the proceedings was PayPal’s rules for extra charges and the presentation of PayPal in the terms of use for Germany, the watchdog said. PayPal did not immediately reply to…
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