FT News Briefing The Amazon wage effect
Jun 28, 2021
The UK’s financial watchdog has stepped in, halting Binance's operations, highlighting the regulatory challenges faced by crypto exchanges. Meanwhile, Denmark is taking a bold stand by pushing tech giants to fairly pay for news. The ripple effects of Amazon’s competitive wage strategy are reshaping labor markets, forcing many U.S. companies to reevaluate their pay structures. This intense wage competition is deepening the labor shortage issue, particularly impacting small businesses battling against larger corporations for talent.
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UK Cracks Down on Binance
- The UK's FCA ordered Binance to cease all regulated activities in Britain.
- This significant crackdown follows similar warnings from other countries like Japan and Germany.
Danish Media's Bargaining Tactic
- Danish media companies are forming a collective bargaining group.
- They aim to force Google and Facebook to pay for news content, leveraging EU copyright law.
Amazon's Wage Influence on Levi Strauss
- Levi Strauss's CEO noted Amazon's $15-$20 hourly wage.
- This has forced Levi's to consider raising their own wages to compete.