News

According to Energy Secretary Jennifer Granholm, the United States government plans to make $12 billion available in grants and loans to support automakers and suppliers in retrofitting their plants for the production of electric and other advanced vehicles. Additionally, domestic battery manufacturers will receive $3.5 billion in funding.

The move aims to accelerate the adoption of electric vehicles and address concerns raised by automakers and the United Auto Workers (UAW) union regarding proposed environmental regulations. The UAW has warned that a rapid transition to EVs could endanger jobs in states like Michigan, Ohio, Illinois, and Indiana. The funds will be sourced partially from the Inflation Reduction Act and the Energy Department’s Loans Program Office.

Amazon and Shopify have announced a significant integration allowing Shopify merchants to offer “Buy with Prime” in their stores. This feature enables customers to use their Amazon wallet payment method for purchases on Shopify while enjoying fast, free delivery and the option for returns through Amazon’s fulfillment network. This partnership is surprising given that Shopify previously discouraged merchants from using “Buy with Prime,” but Shopify now aims to give its merchants more choice and expand their selling capabilities.

Amazon will release an app for U.S. Shopify merchants to easily integrate “Buy with Prime” into their Shopify Checkout, leveraging their existing settings and third-party app integrations. This move allows merchants to retain complete control of their brand and customer data while offering customers the convenience and benefits of Amazon Prime. The announcement has positively impacted Shopify’s stock, which rose 4% in aftermarket trading and increased by over 6% after the markets opened.

Walmart requests its pharmacists to voluntarily reduce their working hours and take pay cuts to decrease costs, mainly targeting those in higher wage brackets. This move comes as Walmart pharmacies face pressures from low-profit margins on weight-loss medications and the company’s $3.1 billion legal settlement related to opioids. This year, Walmart’s shares have risen significantly as it becomes a favored choice for bargain shoppers during inflation.

Company representatives have confirmed the reduced hours, citing decreased drug demand during the summer and requests for work-life balance from pharmacists. However, industry experts argue that the underlying reason for the reduction of hours lies in the shortage of pharmacy technicians rather than demand fluctuations. The shortage of technicians, coupled with increased workloads due to the popularity of certain medications, has prompted the scaling back of pharmacists’ hours.

Danish toymaker Lego has reported a 1% increase in revenue during the first half of 2023, reaching 27.4 billion Danish krone ($4 billion), while its publicly traded competitors, including Mattel and Hasbro, have experienced double-digit declines. Despite macroeconomic pressures such as higher material and shipping costs, Lego’s diverse range of products and strong brand appeal have allowed it to maintain market share and offset expenses. The company remains optimistic about its future growth and expects to outpace the market by offering fresh and relevant sets and expanding into new markets, notably China.

The latest Job Openings and Labor Turnover Survey (JOLTS) report from the Labor Department reveals that U.S. job openings have dropped to their lowest level since March 2021. This decline suggests a gradual slowdown in the labor market, leading to expectations that the Federal Reserve will maintain interest rates unchanged in the coming month. The report also highlights a decrease in the number of people quitting their jobs, indicating decreased confidence in the labor market among Americans.

Despite the tightening labor market conditions, with 1.51 job openings for every unemployed person, economists believe that the excess demand decline is mainly due to companies reducing vacancies rather than increasing layoffs and unemployment. The decrease in job openings was primarily seen in professional and business services, healthcare and social assistance, and state and local government sectors.

In contrast, the transportation sector saw an increase in open positions. The report suggests declining job openings could result in slower growth in August. As a result, industry experts anticipate that the Federal Reserve will keep interest rates unchanged in September.

Amazon CEO Andy Jassy has told employees during a Q&A session that it is time to “disagree and commit” to the company’s return-to-office policy, which requires corporate employees to be in the office three days a week. This comes after months of pushback from employees against the policy. Jassy stated that it was unfair for some employees to be in the office while others refused. The new policy, announced in February, was enacted in May and reflects Amazon’s belief that in-person engagement leads to better collaboration.

Twitch has made changes to its Partner Plus program, which allows streamers to take home a higher percentage of their earnings. Previously, streamers needed to maintain a minimum of 350 paid subscribers for three consecutive months to qualify. However, Twitch has now announced that higher subscription tiers will count for extra towards meeting this requirement. Tier 1 subs count as 1 point, Tier 2 subs count as 2 points, and Tier 3 subs count as 6 points. Despite this change, many streamers are still urging Twitch to include gifted subs in the count. The new revenue share system under the Partner Plus program will commence on October 1.