The U.S. Justice Department has filed its second antitrust lawsuit against Google in two years, accusing the tech giant of using its dominance in the online advertising market to stifle competition. The lawsuit, which is backed by 8 states, seeks to make Google divest parts of its business. It is the latest sign that the U.S. government is taking a hard stance against tech giants, and the first blockbuster antitrust case against a Big Tech company under the Biden administration.
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Walmart, the largest private employer in the United States, announced Tuesday that it will be raising its minimum wage from $12 to $14 an hour to attract and retain workers in a tight labor market. This pay raise will affect 3,000 stores, increasing the average pay to $17.50 an hour from $17. The move is part of a larger trend of companies offering higher wages and benefits to attract and retain workers, with other companies likely to follow suit in the coming months.
Key takeaways: The Conference Board’s Leading Economic Index (LEI) has declined for the tenth consecutive month. The index is a key barometer for the health…
Elon Musk took the witness stand for a second day on Monday in a trial over a controversial tweet from 2018, in which he claimed he had "funding secured" to take Tesla private for $420 a share. Musk is attempting to explain the thought process behind the tweet and push back at the idea that it was partly a joke. U.S. Judge Edward Chen has already ruled the tweet was false and reckless, and Musk is now trying to convince the jury that he did not know the tweet was false when he sent it.
Spotify announced that it will lay off 6% of its workforce in order to reduce costs, with CEO Daniel Ek taking full responsibility for the difficult but necessary decision. This follows other tech giants such as Amazon and Microsoft cutting jobs in the wake of the pandemic, with the industry having cut roughly 50,000 jobs in January alone. Spotify will provide severance and other benefits to those affected, as part of its effort to remain competitive and provide the best service to its customers.
Treasury Secretary Janet Yellen has warned of the potential consequences for everyday Americans if the debt limit is not raised.
US Hits $34.1 Trillion Debt Ceiling, White House and House Republicans Negotiate Potential Solutions
US Hits $34.1 Trillion Debt Ceiling, White House and House Republicans Negotiate Potential Solutions
The US has officially hit its $34.1 trillion debt ceiling and the government has begun "extraordinary measures" to pay bills. House Speaker Kevin McCarthy has accepted an invitation from President Biden to discuss a solution, while Senate Minority Leader Mitch McConnell has said the US "never has and never will" default on its debt. House Republicans have threatened to hold the Biden administration hostage over the debt limit, and the outcome of negotiations between the White House and House Republicans could have a significant impact on the financial security of American households.
Google, one of the world's leading technology companies, has announced a 6% workforce reduction of 12,000 employees, as the economic boom experienced during the pandemic begins to slow. This is one of the biggest rounds of layoffs ever for the company, and adds to the tens of thousands of job losses recently announced by other tech companies such as Microsoft, Amazon, and Facebook parent Meta. The layoffs are a sign of the times, and a reminder that the tech industry is not immune to the effects of the pandemic.