News

General Motors’ Ultium Cells, in partnership with LG Energy Solution, has reached an agreement with the United Auto Workers (UAW) union to raise worker pay at its battery plant in Ohio by an average of 25%. The wage increase is a significant development, as it marks the first major organized battery plant in the United States.

The UAW and Ultium have been engaged in labor negotiations for around 1,100 workers at the plant since last year. The agreement addresses worker pay but does not encompass other aspects. If ratified, workers will receive retroactive pay ranging from $3,000 to $7,000. The UAW membership ratification vote is expected to conclude by August 27.

Brooklyn-based fintech startup, Teamshares, aims to address the lack of succession plans in small businesses by acquiring retiring owners’ companies and promoting employee ownership. Teamshares installs a new president, trains them, and grants employees 10% of the business’s stock, with a promise to increase ownership to 80% within 20 years.

The company generates revenue from various fintech products, such as insurance and credit cards, that it sells exclusively to the acquired businesses. Teamshares aims to eventually expand its offerings to other small businesses and plans to stay independent, with a potential future IPO.

The European Union’s Digital Services Act (DSA) has empowered users in the region to reject personalized content feeds based on AI tracking on mainstream social networks like Facebook, Instagram, TikTok, and Snapchat. Platforms are now required to offer non-personalized and chronological feeds as an alternative.

The DSA has sparked a quiet revolution, allowing users to regain control over the algorithmic manipulation of their attention and creating a potential shift in platform dynamics. This article highlights the significance of this regulation and its impact on user autonomy, exploring the changes implemented by major platforms as a result.

Nordstrom, an upscale department store, announced that its sales and profits fell in the fiscal second quarter, reflective of cautious spending by shoppers. However, the results exceeded Wall Street expectations. Despite the positive news, Nordstrom’s stock dropped nearly 5% in after-market trading. Factors impacting sales included changes in the timing of the company’s anniversary sale and the wind-down of its Canadian operations.

The company reaffirmed its annual financial outlook, predicting a sales decline for the year. Conversely, Gap Inc. reported a profit compared to a year-ago loss but saw an 8% decline in sales across all its brands. Gap estimates a decrease in net sales for the third quarter and the year overall.

Uber has raised the minimum age requirement for new drivers in California to 25 due to the rising costs of commercial auto insurance in the state. The new rule only applies to drivers signing up to transport passengers and not for those delivering food through Uber Eats. The decision comes as Uber aims to control costs and improve its profitability. The company hopes to collaborate with lawmakers and industry experts to explore potential legislative and regulatory changes for the benefit of all California drivers.

The Canadian regulator responsible for implementing the country’s online news law announced that it will begin setting up a framework for negotiations between news organizations and internet giants in autumn. The aim is to initiate mandatory bargaining by early 2025.

The Online News Act, which requires tech firms like Google and Facebook to pay for news, became law in June but has yet to take effect. Google and Meta have both expressed concerns about the law’s feasibility for their businesses, with Meta already ending news sharing on its platforms. The Canadian Radio-television and Telecommunications Commission (CRTC) will oversee the negotiations and plans to hold a public consultation on the framework this autumn. The CRTC expects to publish the final framework and code of conduct in the summer of 2024, enabling mandatory bargaining to begin once news organizations and arbitrators are in place by early 2025.

Mastercard and cryptocurrency exchange Binance have announced that they will be ending their crypto card programs in Argentina, Brazil, Colombia, and Bahrain as of September 22. The Binance cards enable users to make payments in traditional currencies using their cryptocurrency holdings. The decision is unrelated to Mastercard’s other crypto card programs.

Binance is currently facing legal and regulatory challenges, including a lawsuit from US regulators. Mastercard’s head of crypto and blockchain stated earlier this year that the company is seeking more partnerships with crypto firms. The Binance Card will no longer be available to users in Latin America and the Middle East.