Hope you’re all staying heat. Right here’s your fast roundup of enterprise and tech information to know for the week forward. — Charlotte Cowles

Citigroup made an embarrassing mistake final summer time and by accident wired $900 million to a bunch of lenders as an alternative of a a lot smaller curiosity cost it meant to ship. Citigroup has been attempting to reclaim the cash, which it despatched on behalf of the sweetness firm Revlon, ever since. And sometimes, recipients of money wired in error are required to return it. However final week, a decide dominated that the lenders might maintain all of it. His reasoning: They’d grounds to imagine that the cost, which lined all that Revlon owed, was intentional. The determination is a significant blow to Citigroup, which says it can enchantment.

That was the query posed by members of Congress after they grilled key gamers in the GameStop buying and selling frenzy that hijacked the inventory market final month and precipitated many traders, each massive and small, to lose pots of cash. On the heart of the listening to was Vlad Tenev, the chief govt of the net brokerage agency Robinhood, which dealt with a lot of the GameStop trades however immediately halted them after they reached a fever pitch on Jan. 28. Mr. Tenev defined — once more — that the GameStop trades had been stopped due to new necessities from the clearinghouses that carry out them. He apologized to his customers for the corporate’s failings, however he additionally insisted that Robinhood had carried out nothing fallacious and didn’t privilege highly effective enterprise companions on the expense of small-time traders, as some critics have instructed. It’s unclear what — if something — lawmakers and regulators will do to curtail turmoil like this in the longer term.

Walmart, the nation’s largest non-public employer, stated that it could increase wages for 425,000 of its staff. Meaning about half of its 1.5 million employees in the USA will make a minimum of $15 an hour. However lots of its employees will nonetheless earn much less. Walmart’s minimal wage stays at $11 an hour, not like these of its largest rivals like Goal and Amazon, whose wages each begin at $15 an hour. The firm’s announcement got here a couple of week after its chief govt, Doug McMillon, met with President Biden and mentioned the administration’s curiosity in elevating the nationwide minimal wage to $15 an hour from its present fee of $7.25 an hour.

Texas is recovering from a freakish chilly snap that left tens of millions with out energy and working water for days, however its financial system stays stricken. Its agriculture trade has been actually frozen, and livestock are dying. A number of semiconductor firms needed to idle manufacturing, compounding a world scarcity of pc chips that has already slowed automotive manufacturing at vegetation worldwide. However devastating incidents like this one might turn out to be the brand new regular. Economists — together with one prime Federal Reserve official — are warning that banks must be higher ready for extra climate-change-related disruptions to manufacturing, energy, and different industries.

The Home of Representatives plans to carry its first flooring vote on the Biden administration’s $1.9 trillion pandemic rescue package deal this coming Friday. Democrats hope to move the measure earlier than March 14, when further federal unemployment advantages ($300 every week, offered on prime of present state unemployment advantages) are set to run out. By means of a legislative loophole, the stimulus invoice may very well be authorised with a easy Congressional majority and no Republican assist.

The Australian authorities has proposed a legislation to make tech firms pay information shops for the content material that’s shared on their platforms (and, in flip, helps them rake in promoting {dollars}). This poses apparent issues for giants like Fb and Google, that are taking reverse approaches to the proposal. Fb adopted a preventing stance by indefinitely blocking all information hyperlinks from its platforms. Google, alternatively, introduced a three-year deal to compensate Rupert Murdoch’s Information Corp for its content material, and stated that related partnerships are in the works. Different international locations might comply with in Australia’s footsteps if the legislation succeeds.

Retail gross sales jumped 5.3 p.c in January, indicating that Individuals spent the stimulus checks they obtained on the finish of the 12 months as an alternative of saving them. Parler, the social community that was pressured offline after it drew tens of millions of Trump supporters calling for violence across the time of the Capitol riot, is again up and working. And New York’s lawyer normal has sued Amazon, accusing the corporate of offering insufficient security safety for employees in New York Metropolis throughout the pandemic and retaliating towards staff who raised issues.

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