News

Intel has been fined €376 million ($400 million) in an EU antitrust case for its anti-competitive practices dating back nearly two decades. The initial fine of €1.06 billion in 2009 was invalidated last year, but the court agreed that Intel illegally excluded rivals from the market, leading to the reopening of the case. The chipmaker had reportedly paid HP, Acer, and Lenovo to halt or delay products from rival company Advanced Micro Devices (AMD). Intel is currently reviewing its options regarding an appeal to the European Courts while awaiting approval for German state subsidies worth nearly €10 billion.

New York City’s tech startup scene has experienced significant growth in recent years, attracting investors and fostering a thriving ecosystem. The success of companies like Datadog, UiPath, and MongoDB, with their initial public offerings and market caps ranging from $9 billion to just under $30 billion, has created wealth and turned early employees into angel investors. The city has seen a sevenfold increase in annual capital deployed over the past nine years.

Furthermore, established tech firms like Google and Salesforce have bolstered their presence in New York, making it easier for startups to find skilled talent. Venture capital firms, including Andreessen Horowitz and Sequoia Capital, have expanded their city presence, further fueling growth. Entrepreneurs and investors exhibit confidence in New York’s potential to build successful businesses as the city’s startup scene matures.

General Motors (GM) and Stellantis have announced further layoffs as a consequence of the ongoing United Auto Workers (UAW) strike. GM has paused production at its assembly plant in Fairfax, Kansas, citing a shortage of critical stampings that would have been supplied by its factory in Wentzville, Missouri, where workers went on strike last week. Approximately 2,000 workers have been affected by this decision. Stellantis, on the other hand, is laying off around 370 employees at three parts factories in Ohio and Indiana due to storage constraints related to the strike at its Toledo Assembly Complex. The plants manufacture parts for Jeep vehicles.

The UAW-represented workers initiated strikes at the Wentzville and Toledo plants, along with a Ford Motor factory in Wayne, Michigan, after failing to reach a new contract agreement with the three automakers. The ongoing strikes have impacted nearly 13,000 GM, Ford, and Stellantis workers. GM has stated that the Fairfax workers will not be eligible for supplemental unemployment benefits as a result of the strike, and both companies are urging for serious progress in negotiations to avoid further strikes.

Amazon has announced plans to hire 250,000 employees in the United States to handle the holiday rush and meet the surge in demand. This number is a significant increase from the 150,000 workers hired last year. The company will be recruiting full-time, part-time, and seasonal warehouse and delivery employees, offering hourly wages ranging from $17 to $28. In addition, Amazon is providing sign-on bonuses worth $1,000 to $3,000 in select locations.

The average hourly pay for warehouse and delivery workers will now be $20.50, up from $19. This move follows Amazon’s efforts to address labor tensions and criticisms over its warehouse injury record. The e-commerce giant, which currently has approximately 1.46 million global employees, aims to attract and retain talent by improving compensation packages.

Walmart is opening a dedicated pet services center in Dallas, Georgia, as it seeks to tap into the lucrative pet industry. The center will offer veterinary visits, grooming services, and a range of pet products. Walmart aims to capitalize on the growing trend of treating pets as family members, with pet health care and services accounting for a significant portion of the industry’s revenue. As consumers become more price-sensitive, Walmart’s low-price reputation may provide a competitive advantage. The retailer plans to open more pet services centers in the future and is also introducing automated ordering for pet supplies.

British lawmakers have passed a new internet safety law aimed at holding digital and social media companies accountable. The law requires platforms like TikTok, Google, Facebook, and Instagram to remove illegal content, protect children from harmful material, and give users more control over their online experience. Failure to comply could result in hefty fines and potential criminal charges for senior managers. However, critics argue that the law threatens online privacy and freedom of speech, and raises concerns about potential backdoors for encryption technology. The legislation is part of broader international efforts to regulate the tech industry.

Amazon’s hardware division, Lab126, responsible for devices like the Kindle and Echo, is reportedly facing challenges that have led to lowered morale. Mass layoffs, key executive departures, and a pipeline of underwhelming devices in development have all contributed to the division’s struggles. Anonymous current and former employees revealed that Lab126 has been working on various new devices, including a carbon monoxide detector, a household energy consumption monitor, a home projector, a digital measuring device, and a virus-testing device. However, many of these devices have faced financial or market concerns and some projects have been canceled.

Amazon hopes to revitalize interest in its Alexa voice assistant, which faces competition from AI chatbots like Google and Microsoft-backed OpenAI’s ChatGPT. The company has plans to unveil refreshed versions of existing products at an upcoming launch event but has not disclosed its full agenda. Overall, Lab126’s losses and shifting strategies have contributed to a decline in morale, with employees highlighting poorly selling devices and a lack of consistent profitability for Alexa. The division’s leader, Dave Limp, plans to step down later this year, and his successor is expected to be Panos Panay from Microsoft.