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11 mentions found


☆ Golden Opportunity to Boost Job, Labor Market: Raise the Minimum Wage
  + stars: | 2024-08-08 | by ( Emily Stewart | ) www.businessinsider.com   time to read: +11 min
The federal minimum wage, which has been stuck at $7.25 an hour for 15 years. Given the situation, here's an idea: Why not raise the federal minimum wage right now? Getting anything done legislatively is always a challenge, especially in an election year, but polls indicate a higher minimum wage is broadly popular. AdvertisementOnce the minimum wage gets so high that it starts to cause a bunch of job loss, that's a problem. If a higher minimum wage lifts millions of people out of poverty, that's incredible.
Persons: it's, Yannet Lathrop, California's, It's, Jacob Vigdor, Vigdor, Justin Wiltshire, Michael Reich, David Neumark, shouldn't, we've, they've, Emily Stewart Organizations: Bureau of Labor Statistics, National Employment, New York Times, Congressional, University of Washington, University of Victoria, UC Berkeley's Center, Dynamics, University of California, Business Locations: Nebraska, Florida, Washington ,, Washington, West, Wisconsin, Iowa, Mississippi, South Carolina, Seattle, California, British Columbia, New York, Irvine, America, Wiltshire
☆ The US minimum wage has been $7.25 since 2009. What that means for the economy
  + stars: | 2023-11-11 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +7 min
Efforts to raise federal minimum pay have fallen flatHowever, despite numerous efforts, raising the federal minimum wage above $7.25 an hour has been unsuccessful. Lagging the rising cost of livingIn many ways, the federal minimum wage seems like a relic of the past. Recent wage gains could be lostThe actual economic impact of a federal minimum wage increase is heavily debated. “The new conventional wisdom is that at least a moderate minimum wage increase has minimal effects on employment,” Reich told CNN. “But this new paper says that a really big minimum wage increase actually increases employment.”
Persons: Ken Rose, he’s, ” Rose, Sandy, ”, Michael Reich, Biden’s, ” Yannet Lathrop, Lathrop, Alex Wong, hasn’t, Rose, “, ” Ken Rose, Ken Rose Joe Bishop, ” Bishop, Reich, ” Reich Organizations: Los Angeles CNN, Tiburon Fine, CNN, Bureau of Labor Statistics, Economic, Institute, Dynamics, University of California, Democrats, National Employment, U.S, Capitol, United Auto Workers, United, Walmart, Costco, Starbucks, Tiburon, Congressional Locations: Sandy , Utah, American, Berkeley, Washington ,, United States, Amazon, Utah, Louisville , Kentucky, Louisville, Jefferson County , Kentucky
☆ Tesla stock tumbles 5% after the EV maker cuts prices again
  + stars: | 2023-04-10 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +2 min
Tesla stock fell as much as 5% on Monday following news of more price cuts for electric vehicles. The EV maker announced over the weekend that it will reduce vehicle prices by as much as $5,000. Others are using it to support forecasts that Tesla stock isn't attractive to buy at current levels. Still, earlier price cuts from Tesla helped boost vehicle sales, as it reported a 36% increase in first-quarter deliveries last week. In April so far, Tesla stock has dropped roughly 14%, following the 68%-gain it made through the first three months of 2023.
☆ Tesla to build Shanghai factory to make Megapack batteries
  + stars: | 2023-04-09 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, April 9 (Reuters) - Tesla Inc (TSLA.O) is opening a factory in Shanghai, capable of producing ten thousand Megapack energy product per year, to supplement output of Megapack factory in California, the company said in a tweet on Sunday. Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said. Chinese battery giant CATL (300750.SZ) has also been deepening its collaborations with clients including Tesla in energy storage battery supplies, which its Chairman Robin Zeng expected to have a larger market than batteries powering electric vehicles (EV). The company began producing Model 3 cars in Shanghai in 2019 and now is capable of producing 22,000 units of cars per week. Tesla planned to expand the Gigafactory Shanghai, its most productive automaking plant, to add an annual capacity of 450,000 units, Reuters reported last May.
☆ Tesla to build Shanghai factory to make Megapack batteries, Xinhua reports
  + stars: | 2023-04-09 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, April 9 (Reuters) - Tesla Inc (TSLA.O) will build a factory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported on Sunday. Elon Musk's automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai. Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said. Chinese battery giant CATL (300750.SZ) has also been deepening its collaborations with clients including Tesla in energy storage battery supplies, which its Chairman Robin Zeng expected to have a larger market than batteries powering electric vehicles (EV). Tesla planned to expand the Gigafactory Shanghai, its most productive automaking plant, to add an annual capacity of 450,000 units, Reuters reported last May.
☆ Tesla to open a new Megafactory in Shanghai, China, company says
  + stars: | 2023-04-09 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +1 min
Tesla will open a new Megafactory in Shanghai, China, that is capable of producing 10,000 Megapacks a year, the company announced in a tweet Sunday. A Megapack is a very large battery that stores energy, helps stabilize the power grid and prevents outages. Tesla currently has a Megafactory in Lathrop, California, that is capable of producing 10,000 Megapacks units each year, according to the company's website. In a tweet Sunday, Tesla CEO Elon Musk said the factory in China will supplement output from the factory in California. Tesla and Musk did not immediately respond to requests for comment.
☆ Elon Musk reveals plans for a new factory making Megapacks on Shanghai visit, while Apple mulls 'decoupling' from China
  + stars: | 2023-04-09 | by ( Sam Tabahriti | ) www.businessinsider.com   time to read: +4 min
Elon Musk announced plans Sunday for a new battery factory in Shanghai during a visit there. Rep. Mike Gallagher met with Apple CEO Tim Cook earlier this month to discuss ties with China. While the Tesla CEO is continuing to invest in China, other companies may be looking at ways to distance themselves. Gallagher told Bloomberg that he didn't expect companies to sever all ties with China. Tesla, Apple, and Gallagher didn't immediately respond to requests for comment from Insider, made outside normal working hours.
☆ Elon Musk meets with California Gov. Newsom at Tesla's new engineering headquarters to discuss expansion
  + stars: | 2023-02-22 | by ( Yasmin Khorram | ) www.cnbc.com   time to read: +3 min
Tesla CEO Elon Musk and his staff are meeting Wednesday with California Governor Gavin Newsom and touring Tesla's new engineering headquarters. As the pandemic hit in March 2020, Musk and state officials clashed over reopening the Tesla plant in Fremont, California. In 2021, following repeated threats to leave the state, Musk moved Tesla's headquarters to Austin, Texas. Since then, Musk has made his political stance clear, characterizing California as a one-party state that is burdened with overregulation and high taxes. Tesla said it had 47,000 employees in California in 2022, according to a January 2023 blog post.
☆ Over 8 million workers just got a raise. This map shows the states that raised their minimum wages.
  + stars: | 2023-01-03 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com   time to read: +6 min
Georgia and Wyoming have state minimum wages below the federal minimum wage. If the federal minimum wage was higher than the state's minimum wage, we noted the federal amount as the last minimum wage paid to employees in the state. The following map shows what year the minimum wage increased and the current minimum wage in every state:Over half the states have minimum wages above the federal minimum wage of $7.25. California, which has been raising its minimum wage annually over the past few years, saw its minimum wage increase to $15.50 on January 1, 2023. The effects of a minimum wage increaseSome economists and critics of a minimum wage increase argue that a raise would negatively impact employment, but that may not be the case.
☆ A 10-year fight to raise the minimum wage has slashed the Black-White wealth gap in half in some states. The South still has a long way to go.
  + stars: | 2022-11-29 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com   time to read: +4 min
The federal minimum wage has been stuck at $7.25 for 13 years, despite attempts to raise it. The National Employment Law Project analyzed the impact of local hikes to the minimum wage since 2012. That year marked the first action by Fight for 15, a worker movement calling for a $15 minimum wage. But those disparities among workers in states with a higher minimum wage versus those in states still adhering to the federal minimum wage means that workers in the South are left behind, according to Lathrop. In Washington, DC the minimum wage is $16.10 an hour, but five states — Alabama, Louisiana, Mississippi, South Carolina and Tennessee — have no minimum wage, defaulting to the federal minimum.
☆ PG&E's Tesla battery facility catches fire in California
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Lucy Nicholson/File PhotoSept 20 (Reuters) - A fire outbreak at PG&E Corp's (PCG.N) energy storage facility on Tuesday that uses battery packs made by Tesla Inc (TSLA.O) has shut down part of Highway 1 in California. This came about a year after another fire broke out in a Tesla's "Megapack" battery unit in Australia during testing of one of the world's biggest energy storage projects. read morePower producer PG&E said it was working with firefighters to stop the fire from spreading at the California facility, which is one of the biggest utility-owned, lithium-ion battery energy storage systems in the world. Tesla last year broke ground on its factory in Lathrop, California, to produce its large-scale, utility storage battery unit Megapack. PG&E in April announced the commissioning of its 182.5-megawatt (MW) Tesla Megapack battery energy storage system (BESS) – known as the Elkhorn Battery – located at its Moss Landing electric substation in Monterey County.
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