Global stocks mixed…Biden to sign gov’t worker wage hike
BEIJING (AP) – Global stock markets are mixed after Wall Street rose to a record as investors look ahead to this week’s Federal Reserve meeting for assurance that U.S. interest rates will be kept ultra-low. Tokyo and Frankfurt declined today while Shanghai advanced and London was little-changed. Wall Street futures are higher after the benchmark S&P 500 index rose 0.2% on Monday as gains for tech, bank and consumer stocks outweighed declines in health care shares.
WASHINGTON (AP) – President Joe Biden is preparing to sign an executive order to increase the minimum wage to $15 an hour for federal contractors. Administration officials say the order will provide a pay bump to hundreds of thousands of those workers. They say that workers will become more productive as a result, so the increase should not be costly to taxpayers. The increase to be approved under today’s executive order could be dramatic for workers who earn the current minimum of $10.95 an hour. Those workers would receive a 37% pay hike, though the increase would be rolled out gradually, under to the terms of the order.
DETROIT (AP) – The trade association representing most major automakers is offering guidelines for manufacturers to advertise partially automated driving systems. The Alliance for Automotive Innovation says its members support the voluntary principles. They come as two federal agencies ramp up scrutiny of Tesla’s Autopilot diver-assist system after two men were killed in a fiery crash earlier this month near Houston. The principles say that any vehicle with such a system should have driver monitoring as standard equipment. Cameras should be considered to make sure drivers have eyes on the road. The alliance represents companies that account for 99% of U.S. new vehicle sales. But Tesla is not a member.
TOKYO (AP) – Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology. The acquisition was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as “smart cities,” robotics and automated driving. Toyota says the Woven Planet project will bring together an international team of engineers and researchers in mobility services, as well as bring together the software and sensor assets and automated driving systems.
UNDATED (AP) – DoorDash is launching lower-priced delivery options for U.S. restaurants, responding to criticism that the commissions it charges are too high for the beleaguered industry. The San Francisco-based delivery company says it will offer a new basic plan which will charge restaurants 15% per order for delivery, or around half the cost of previous plans. Restaurants can pay commissions of 25% or 30% for other plans if they want more visibility in DoorDash’s app or lower customer delivery fees. DoorDash says it developed the plan over the last year after restaurants asked for more options.