Walmart, the largest private employer in the U.S., has reduced starting pay for new store employees involved in picking and packing online orders and restocking shelves. The move raises questions about whether companies are facing a cooling labor market or adjusting to a return to pre-pandemic shopping patterns. New employees on the digital or stocking teams now earn around a dollar less per hour than if they were hired several months ago.

However, Walmart clarified that no current employees in these roles faced a pay cut. The company also adjusted pay bands for more experienced employees, increasing wages for approximately 50,000 store employees. Walmart’s decision reflects efforts to maintain consistent starting pay across different roles and ensure better customer service. The retailer’s e-commerce sales have remained strong but not as robust as in the early pandemic period.

Apple shares fell about 3% on Thursday, following a 4% decline on Wednesday, amid reports suggesting that the Chinese government may ban its workers from using iPhones. The reported restrictions, which have not been officially announced, raise concerns that Apple’s products could become entangled in the escalating tensions between the US and China. Greater China, including Hong Kong and Taiwan, accounts for 18% of Apple’s total revenue and is where the majority of its products are assembled. While the ban on government employees could impact iPhone sales, the larger threat lies in encouraging consumers to use domestic technology instead. Analysts also cite increased competition from Huawei as a reason for concern.

Chinese retailers have recently started taking orders for Huawei’s new phone, which incorporates a Chinese-manufactured chip and has garnered significant attention on social media. The US imposed sanctions on Huawei in 2019, hampering its business and raising questions about the efficacy of restrictions on chip-manufacturing technology. Despite the potential challenges, Apple’s recent earnings report indicated growth in Greater China sales, with users switching from Android to iPhones.

A new World Bank report reveals that online gig work is increasing globally, particularly in developing countries, providing crucial employment opportunities for women and young people. The report estimates up to 435 million global online gig workers, with a 41% increase in demand between 2016 and early 2023. However, concerns about the lack of job security and social protections in the gig economy are raised.

The report emphasizes the importance of developing good jobs with basic labor standards and social safety nets. The study also highlights the low social insurance coverage among gig workers worldwide and the lack of retirement savings. While acknowledging the exploitative nature of online gig work, experts argue that the limited options available make it a better alternative for many workers in developing nations.

Ford Motor Co has revealed that around 8,000 U.S. workers represented by the United Auto Workers union will receive an average increase of $4.33 per hour as outlined in their current contract from 2019. The announcement comes as talks between Ford and the UAW for a new contract approach a strike deadline on September 14. Despite Ford’s wage increase proposals being deemed insufficient by the union, the company was the first among the Detroit Three automakers to present a detailed economic proposal. The pay increase is available to permanent hourly manufacturing employees who were hired before the 2019 contract effective date and were earning at least $24.40 per hour as of September 1, 2023.

Major U.S. airlines are voicing concerns over a significant increase in jet fuel prices, which is expected to contribute to elevated costs during the busy summer travel season. According to Airlines for America, jet fuel prices in Chicago, Houston, Los Angeles, and New York averaged $3.18 per gallon on Tuesday, registering a more than 30% surge compared to July 5. As fuel and labor costs represent the largest expenses for airlines, the spike raises questions about the extent to which carriers have been able to pass the increased costs onto customers this summer, following a decline in fares from last year.

Riot Platforms, a Bitcoin mining company, has shifted its strategy to rely on energy credits from selling power back to the Texas grid to mitigate losses. The company recently earned $31.7 million in energy credits, surpassing the value of its Bitcoin mining revenue. The move comes after the crypto market reversed in 2022, leading to significant losses for Riot Platforms. Despite the challenging market conditions, Bitcoin’s recovery in 2023 boosted Riot’s stock.

The company’s unique power strategy aims to make it one of the lowest-cost producers of Bitcoin in the industry. Bitcoin miners overall have faced challenges due to low trading volume and ballooning energy prices, prompting them to seek alternative sources of income. Riot Platforms has a mutually beneficial relationship with the Electric Reliability Council of Texas (ERCOT), wherein the agency pays miners to reduce power consumption to alleviate strain on the grid. The credits earned by Riot comprise energy sold back to the ERCOT grid and demand response credits. Texas has become an ally of the Bitcoin mining industry, offering financial incentives. However, a bill to cut off the mining industry from these credits ultimately stalled.

U.S. venture capital (VC) firms are redirecting their investments toward defense technology and industrial development due to increasing trade restrictions with China. The move comes after years of political tensions led to numerous sanctions and trade restrictions between the two largest economies. With the Chinese tech market becoming riskier, VCs are finding new opportunities on their home turf, as the U.S. government actively encourages investments in semiconductors and other critical industries. This shift in focus is driven by a desire to protect U.S. values and recognize defense technology’s growing potential and impact. The tech community is also more open to working with the government on defense contracts.

Google has announced new rules that will require election ads created with artificial intelligence (AI) to carry a clear disclosure. As concerns grow about the ease of creating and spreading deceptive information online with AI tools like OpenAI’s ChatGPT and Google’s Bard, the policy comes ahead of the 2024 presidential and congressional elections. Starting mid-November, election advertisers must disclose if their ads contain digitally altered or generated content that does not depict real events. This step aims to promote responsible political advertising and provide voters with the transparency needed to make informed decisions.

Crab fishermen in Alaska face significant challenges as crab populations in the Bering Sea have drastically declined in recent years. The red king crab fishery has been closed, and the snow crab fishery has been severely limited. The collapse in crab populations is believed to be connected to rising ocean temperatures and altered ecosystems due to climate change. Fishermen are experiencing financial hardships and are forced to find alternative sources of income, such as working as salmon tenders. The future of the crab fishing industry remains uncertain as researchers continue to investigate the causes of the collapse and determine appropriate catch limits.