News

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.

Fast-food workers in California are set to receive pay increases following a compromise between the restaurant industry and unions. Under the deal, a nine-person council will determine future wage hikes in the fast-food industry through 2029. Starting April 1, California workers at fast-food chains with at least 60 locations nationwide will have a wage floor of $20. The council will have the authority to annually raise the minimum wage by 3.5% or the consumer price index change from 2025 to 2029. The agreement resolves a battle that had the potential to escalate for years and cost the restaurant industry over $100 million. The compromise protects local restaurant owners and avoids joint-employer liability changes for franchised businesses.

Hollywood studios are facing challenges in making streaming profitable as the industry undergoes significant changes. The rise of streaming platforms like Netflix has disrupted the traditional economics of the media industry, and legacy media companies are struggling to compete. While streaming remains a focus as consumers increasingly opt for it, the high costs and low revenues per subscriber are catching up with studios. This has led to job cuts, content budget reductions, and the exploration of various business models to piece together profits. The lack of transparency in streaming viewership data has also created contention in contract negotiations with writers and actors. To make streaming profitable, studios are subsidizing the subscription model with advertising, licensing content to other platforms, cracking down on password sharing, and adopting hybrid models that combine subscription fees and ads.

Oregon-based company Agility Robotics is set to open its RoboFab factory, the first of its kind, to mass produce its first line of humanoid robots named Digit. The facility, once fully built out, will have a 10,000 unit annual max capacity and employ over 500 people. The robots are designed to work alongside humans in warehouses and factories and have the ability to traverse stairs, maneuver tight spaces, and assist with material transportation. While some may be concerned about potential job displacement, Agility Robotics views Digit as a solution to labor shortages and an opportunity to meet increasing demand.

Leading banks, including Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Wells Fargo, Charles Schwab, UBS Group, and Lazard, have announced job cuts as part of their cost-cutting efforts amid an uncertain economic outlook. While some banks have already implemented layoffs, others are preparing for future reductions in order to streamline operations and improve efficiency. The affected positions range from support staff in compliance and risk management to underperforming employees. These job cuts reflect the banks’ strategies to position themselves for a challenging economic climate.