Cheddar Afternoon Business Report 1/11: Walmart, Bitcoin, FacebookPosted: Updated:
Walmart is the latest company to announce big changes brought about by the new federal tax bill. The retail giant will raise its starting wage to $11 an hour and extend maternity and paternal leave benefits, as it sees savings from the legislation. The company will also give some employees a one-time cash bonus of $1,000. Walmart is the country's biggest private employer.
Bitcoin prices are plunging after South Korea's government said it plans to ban trading in the cryptocurrency. Governments around the world have been struggling to figure out how to regulate the cryptomarket. In South Korea, officials have raised concerns over the frenzy caused by trading in Bitcoin, suggesting the use of these assets could lead to increased crime.
Facebook is getting into the local news game by testing a new section in its app called "Today In." It features a feed of local news, events and announcements which will be approved and vetted by Facebook's news partnerships team. It will also show emergency updates from local authorities. The test is only running in six U.S. cities for now.