- Amazon announced that it is raising its minimum wage for all U.S. employees to $15 per hour beginning in November. The change will benefit more than 250,000 total Amazon employees and will include holiday seasonal employees – of which there were over 120,000 last year.
- Shares of online payments company, PayPal, have soared 9 percent after the company beat earnings and revenue expectations. The company’s popular peer‐to‐peer payment application, Venmo, grew total payment volumes by 78 percent in the third quarter.
- Toys ‘R’ Us lenders have canceled its bankruptcy auction and instead plan on reviving the toy retailer’s brand, along with subsidiary Babies ‘R’ Us. Earlier this year, Toys ‘R’ Us was reportedly $5 billion in debt before liquidating assets and closing hundreds of store locations.
- U.S. automaker, Ford, revealed it will be making layoffs as part of a $25 billion reorganization plan that aims to cut overall costs. Ford CEO Jim Hackett said that President Trump’s auto and metal tariffs have squandered nearly $1 billion of the company’s profits, while its stock has dropped 25 percent this year.
