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| Hello Insiders! Today's business newsletter covers: - 🚙 Cruise told to reduce its robotaxi fleet by 50% by California's DMV after multiple incidents reported last week.
- 🤝 UPS workers approve the new deal that increases their average annual salary to $170,000.
- 💵 U.S. employees are demanding nearly $80,000 to switch their jobs.
Also, tell us if you think that UPS's decision to increase the average salary for workers to $170,000 will inspire other unions and companies to increase overall pay here. If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Arbër
p/Arber | |
| 1 | | Cruise has been told by California's DMV to reduce its robotaxi fleet in San Francisco by 50% after multiple collisions were reported last week. The order will remain in effect until investigations into the accidents conclude. More: - Cruise now can't operate more than 50 robotaxis during the day and 150 at night.
- The decision to reduce its fleet comes less than two weeks after California regulators gave permission to Cruise and Waymo to operate robotaxi trips around San Francisco at any time of day and charge for them.
- Before the approval, Cruise could only offer robotaxi fares from 10 p.m. to 6 a.m.
- Last week, a Cruise driverless car crashed with a fire truck, leaving one person injured, while another Cruise vehicle got stuck in wet concrete.
- Cruise confirmed the incidents on social media platform X and added that it would provide any data required from regulators to show that its autonomous vehicles positively impact overall road safety.
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What happened: UPS workers have approved the new labor deal that will increase their average salary to $170,000, including benefits. Full workers will be paid on average $49 per hour, a significant increase from the $16.50 hourly wage U.S. couriers and messengers averaged in 2021. More details: The deal passed with 86.3% of the votes, the highest in the history of the union. With this new deal, part-time workers will make a minimum of $21 an hour, up from the current minimum of $15.50. Current workers will get $2.75 more an hour this year and $7.50 an hour more over five years. The deal, which was reached last month, will affect around 340,000 UPS employees. Why it matters: Workers stated that they would go on strike if a deal were not reached between the Teamsters union and UPS management by July 31. If the strike were to be called, it would mean that $3.8B worth of goods a day, which represents 5% of US GDP, would remain blocked. Furthermore, the success of the Teamsters union in negotiating a higher salary could motivate other unions across the country to try and emulate the same tactic. | | | |
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| 3 | | U.S. workers are demanding nearly $80,000 in annual salary to change their jobs, according to a new report. The figure represents an all-time high since "reservation wages" began being measured in 2014. More: - The term reservation wage is used to show the minimum acceptable salary offer that would convince an employee to switch jobs.
- This figure rose to $78,645 Q2 2023, an 8% increase from 2022 and a 22% increase from 2020.
- According to data, employers have increased the average full-time offer to $69,475, a 14% YoY surge.
- The actual expected annual salary rose to $67,416, which is also an all-time high.
- The likelihood of switching jobs slightly fell to 10.6% compared to 11% YoY, while expectations of being offered a new job also fell to 18.7%, a relatively sizable drop from 21.1% in 2022.
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| 4 | | Vinfast's share price yesterday surged 128% compared to its IPO price last week. The stock was at one point trading at $46.98. More: - Vinfast, the Vietnam-based EV maker that went public last Tuesday via a SPAC, opened at a price of $22 per share.
- The stock's high volatility has been attributed to the fact that 99% of the company is controlled by its founder, Pham Nhat Vuong, leaving a small number of shares available for trading.
- The stock has jumped or slumped 14% or more every day over the past six sessions.
- About $428M worth of VinFast's shares were traded as of mid-day yesterday.
- The company, founded in 2017, sold 24,000 vehicles last year.
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| 5 | | Norway's data regulator has stated that Meta is breaking European data privacy rules in the country. The country has been fining Facebook $94,115 per day since Aug. 14. More: - While Facebook has asked that Norway pause the fines for a three-month period, authorities representing the regulator in court have stated that the fine is valid because Meta is breaching the European General Data Protection Regulation (GDPR).
- Meta has told a Norwegian court that it is already committed to asking for consent from users and that Datatilsynet, Norway's premier regulator, did not give the company enough time to answer its questions.
- The regulator has said that Meta has not provided specific answers on when and how it would seek consent from users to use their data.
- Datatilsynet could make the fine permanent by referring its decision to the European Data Protection Board if the latter agrees with the Norwegian regulator's decision.
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| 6 | | Axiom Space has raised a $350M Series C funding round to expand its human spaceflight services and space infrastructure capabilities. The company is best known as a NASA contractor. More: - Axiom Space provides human spaceflight services and develops human-rated space infrastructure.
- It operates end-to-end missions to the International Space Station today while developing its successor, Axiom Station, a commercial space station in low-Earth orbit.
- The company claims that it is the only company that has connected its modules to the International Space Station.
- Recently, the company won a $1.2B contract from NASA to provide spacesuits. The contract includes a guaranteed payment of $370M.
- The round was led by AlJazira Capital and Boryung Co.
- Since its inception in 2016, the company has raised $505M.
- Axiom is based in Houston, Texas.
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- Thoma Bravo will finalize its $2.3B acquisition of ForgeRock this week, according to reports.
- AT&T has announced the launch of a 5G wireless home service named Internet Air. The service will be available for 55$ per month.
- Thrive Capital co-led a $300M funding round for fintech startup Ramp. The round values the company at $5.8B.
- U.S. mortgage rates rose to the highest level since late 2000 last week, reaching 7.31%.
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Term of the Day S&P 500: The S&P 500 is a stock market index that consists of 500 of the largest publicly traded companies in the United States. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
INSIDE BUSINESS LEADERBOARD (30 DAYS) |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Aaron Crutchfield | |
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