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McDonald’s Chairman and CEO Chris Kempczinski spoke out against the restaurant industry’s practice of allowing tipped wages, which often results in servers being paid less than the minimum wage. He supports President Trump’s efforts to eliminate federal taxes on tips, but notes that this does not benefit McDonald’s workers who do not earn tips. Kempczinski argues that the current system creates an uneven playing field and advocates for a standard federal minimum wage that does not depend on tips.

U.K. Deputy Prime Minister Angela Rayner has resigned after an independent inquiry found that she did not pay enough tax on her recent house purchase. Rayner, who acknowledged the error in her purchase of an apartment in Hove, maintained that she acted in good faith but took full responsibility for the mistake.

Prime Minister Keir Starmer expressed sadness over Rayner’s resignation but supported her decision to step down. Rayner’s journey from a teenage single mother to trade union official and lawmaker has been marked by her no-nonsense attitude and plain-speaking manner, making her a popular figure in the Labour Party and a potential successor to Starmer.

U.S. job growth weakened in August with a sharp increase in the unemployment rate, reaching nearly a four-year high of 4.3%. This has confirmed that labor market conditions are softening, prompting expectations for an interest rate cut from the Federal Reserve this month. The economy lost jobs in June for the first time in over four years, attributed to President Donald Trump’s import tariffs and immigration policies reducing the labor pool. With more unemployed individuals than job vacancies in July, uncertainties over trade policies continue to impact businesses, highlighting the need for stability in the labor market over inflation concerns.

Despite a disappointing job growth number in August, economists are hopeful for revisions that may ease the strain seen in various sectors like healthcare, social assistance, and government employment. The U.S. Treasury yields fell on the data, reflecting concerns over the declining labor market conditions and reinforcing the likelihood of a rate cut by the Fed.

David Ellison, CEO and chairman of Paramount, has announced a new policy requiring employees to work in the office five days a week starting in January 2026. This move is aimed at building a stronger, more connected, and agile organization that can deliver on the company’s goals and compete at the highest level. E

mployees who do not wish to make the transition have the option to seek a buyout until September 15. This change comes as Paramount looks to thin the herd ahead of looming staffing cuts, with the company expected to lay off between 2,000 and 3,000 employees as part of cost-cutting measures.

Boeing is taking steps to replace employees in its defense unit as a strike by 3,200 workers continues into its second month without a new contract agreement. The company is hiring permanent replacement workers for manufacturing roles to ensure they can continue supporting their customers, particularly in assembling and maintaining F-15 fighter jets and missile systems. The strike, led by the International Association of Machinists and Aerospace Workers District 837, began on August 4 after workers rejected a contract offer from Boeing.

OpenAI is making waves in the tech industry with the announcement of its new AI-powered hiring platform, the OpenAI Jobs Platform. This service aims to connect businesses with employees by using AI to match companies with the perfect talent. Led by CEO of Applications Fidji Simo, OpenAI is expanding its offerings beyond its core consumer product, ChatGPT, and diving into new markets with initiatives like the OpenAI Academy and OpenAI Certifications.

U.S. oil and gas producer ConocoPhillips is set to reduce its workforce by 20-25% as part of a restructuring plan announced by CEO Ryan Lance. The company’s shares have dropped 4.2% to $94.91, reflecting the challenges faced by the third largest U.S. oil producer in the current economic climate.

Rising costs, particularly a $2 increase per barrel, have left ConocoPhillips lagging behind its competitors and necessitated the workforce reduction. The company aims to make most of the job cuts before the end of the year, affecting between 2,600 and 3,250 employees. ConocoPhillips’ net income has also seen a decrease, prompting the need for cost reduction and margin enhancement measures.