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March 14 (Reuters) - Shares of Uber Technologies (UBER.N) and Lyft Inc (LYFT.O) rose in premarket trading on Tuesday following a California court's ruling on treating drivers as independent contractors rather than employees, removing some future regulatory risks for the rideshare companies. A three-judge panel of the state appeals court on Monday reversed a lower court ruling in 2021 that the ballot measure, known as Proposition 22, was unconstitutional. Jefferies analysts estimate Lyft, DoorDash (DASH.N) and Uber have potentially avoided a hit of between $20 million and $170 million to their 2024 core earnings. Uber has dominated the rideshare and food delivery space thanks to massive scale, flexibility and presence in multiple global markets, crushing rivals Lyft and DoorDash. Shares of Lyft, which on Monday hit a record low, were up 6% in premarket trading.

☆ A Japanese airline was forced to cancel its $50 fare promotion after its site crashed immediately after the tickets went on sale
▼ + stars: | 2023-03-09 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Japan Airlines' Smile Campaign included a flat rate of $48 for one-way domestic ticketsThe airline's website crashed seconds after the tickets went on sale at midnight on March 9. The website was down for over 10 hours, leading the airline to discontinue the promotion. Almost as soon as Japan Airlines' latest promotion started it was over. The tickets went on sale at midnight local time on March 9 and the website crashed almost immediately. The airline also canceled a similar promotion for flights in the month of June which was scheduled to go on sale on March 12.

☆ China tightens requirements on classifying banks' asset risks
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 11 (Reuters) - China on Saturday tightened risk management requirements on banks, requiring them to classify financial-asset risks in a timely and prudent manner, in a bid to better assess lenders' credit risks. The rules will help "commercial banks evaluate credit risks more accurately and reflect the true quality of their financial assets," said the People’s Bank of China and the China Banking and Insurance Regulatory Commission (CBIRC). The new rules, it said, will help prevent credit risks more effectively, the regulator said. Saturday's rules urge banks to scrutinise the underlying assets when they classify risks for asset management or securitisation products. Lenders will also be required to strictly abide by the rules when assessing credit risks in debt restructurings.

☆ Chipotle, Starbucks and top chains spend millions to stop landmark state worker law
▼ + stars: | 2023-01-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The council could raise the fast-food industry minimum wage as high as $22 an hour, versus a $15.50 minimum for the rest of the state. California’s fast-food industry has more than 550,000 workers. Less than 4% of restaurant workers nationwide are unionized. This makes it nearly impossible to organize workers at fast-food and retail chains with thousands of stores. If restaurant worker compensation increased by 60%, limited-service restaurant prices would jump by up to 22%, the study also found.

☆ Indian government gets bids for majority stake in IDBI bank
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 7 (Reuters) - The Indian government has received multiple bids for a majority stake in IDBI Bank (IDBI.NS), an official said in a tweet on Saturday, after the deadline for expressions of interest closed earlier in the day. The government, which owns 45.48% of IDBI Bank, is looking to divest a 30.48% stake in the lender, alongside state-owned Life Insurance Corp of India (LIC) (LIFI.NS), which will sell a 30.24% stake from its holding of 49.24% in the bank. Ahead of Saturday's deadline, India's market regulator this week allowed the government to reclassify its shareholding in IDBI Bank as "public" post sale, making it simpler for the new buyer to meet the minimum public shareholding norm. India's finance ministry on Monday also extended an exemption to the new buyer of IDBI Bank that allows it to maintain a 25% minimum public shareholding in the lender. The time limit to increase the public shareholding in the lender would be specified in due course, the government said.

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WASHINGTON, Nov 14 (Reuters) - The U.S. Supreme Court on Monday turned away another challenge to a federal ban imposed under former President Donald Trump on devices called "bump stocks" that enable a semi-automatic weapon to fire like a machine gun. The Supreme Court in 2019 declined to block the ban from going into effect. The justices last month rejected appeals by a Utah gun lobbyist and firearms rights groups of lower court rulings upholding the ban as a reasonable interpretation of a federal law prohibiting machine gun possession. Bump stocks use a gun's recoil to bump its trigger, enabling a semiautomatic weapon to fire hundreds of rounds per minute to let it shoot like a machine gun. Two sets of plaintiffs filed lawsuits seeking compensation for having to destroy or surrender their bump stocks in the Court of Federal Claims, which hears monetary claims against the U.S. government.

☆ Uber reports another loss but beats on revenue and the stock is up
▼ + stars: | 2022-11-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +4 min

Uber reported a third-quarter loss Tuesday but beat analysts' estimates for revenue and showed a surge in bookings. He said October is tracking to be the company's "best month ever for both Mobility and total company Gross bookings." Here's how Uber's largest business segments performed in the quarter:Mobility (gross bookings): $13.7 billion, short of analysts' estimates of $13.83 billion according to StreetAccount. Delivery (gross bookings): $13.7 billion, short of analysts' estimates of $14.01 billion according to StreetAccount. That trend continued during the third quarter, as Uber's mobility segment reported $3.8 billion in revenue while delivery reported $2.8 billion.

☆ Biden Goes After Gig Workers
▼ + stars: | 2022-10-12 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The labor market is cooling while more Americans are using side hustles like driving for Uber to cope with rising prices. Yet now the Biden Administration is declaring war on the so-called gig economy and countless companies that utilize freelancers. The Labor Department on Tuesday proposed a rule that aims to reclassify millions of independent contractors as employees. About 20 million Americans work as independent contractors, which have more autonomy than employees and can set their own hours and work for multiple companies at the same time.

☆ Uber, Doordash plunge after Labor Department proposes change to gig worker classification
▼ + stars: | 2022-10-11 | by ( Lauren Feiner | ) www.cnbc.com time to read: +3 min

The Biden Labor Department released a proposal Tuesday that could pave the way for regulators and courts to reclassify gig workers as employees rather than independent contractors. The proposed rule, if adopted, could raise costs for companies like Lyft , Uber , Instacart and DoorDash that rely on contract workers to pick up shifts on their own schedules. Shares of Uber and Lyft fell more than 11% Tuesday morning, while DoorDash dropped about 9%. The new proposed rule will still need to make its way through the formal regulatory process, including allowing time for the public to submit comments, before it is adopted. It added that the rule "Does not reclassify Lyft drivers as employees," and also doesn't force it to change its business model.

☆ Uber, Lyft and DoorDash tumble as Biden administration proposes gig-worker rule that eases path to full employee
▼ + stars: | 2022-10-11 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

DoorDash, Lyft and Uber all fell Tuesday after the Biden administration proposed a change to employee classifications. The companies say the contractor classification is more attractive to workers seeking a flexible schedule. Shares of Uber tumbled 7.6% to $25.43 in midday trading, while DoorDash fell 3% to $46.21, and Lyft plummeted 7.4% to $11.86. The Biden administration took steps last year toward changing the classification by rescinding a Trump-era rule that made it easier for gig employers to classify workers as contractors. Instead of waiting to see the full ramifications of the Trump Labor Department's rule, the Biden administration said in its notice to the Federal Register that it's moving to walk back the rule now.

☆ Proposed labor rule could give millions of gig workers employee status
▼ + stars: | 2022-10-11 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

CNN Business —The Biden administration is proposing a new labor rule that could classify millions of gig workers as employees — a move that would challenge the low-cost labor models behind Silicon Valley heavyweights such as Uber, Lyft and DoorDash. The proposed rule announced by the Labor Department on Tuesday aims to broaden the test that determines whether workers are entitled to protections such as minimum wage and overtime pay under federal law. The new rule would affect workers in a wide range of industries like home care, trucking, delivery services, and hospitality, according to the Labor Department. Shares of Uber (UBER (UBER)) and Lyft (LYFT (LYFT)), whose drivers are considered independent contractors, fell nearly 10% on the news of the proposed rule. A 45-day public comment period on the proposed rule will start October 13.

☆ Meta’s headset makeover yields a $1,500 toy in search of a purpose
▼ + stars: | 2022-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

On Tuesday, Meta unveiled its latest effort in that mission, the Meta Quest Pro headset. But it costs $1,500 — nearly four times that of the company’s cheapest Quest 2 headset. Wages are up an estimated 5% this year in manufacturing — that’s not keeping up with inflation, but it is in line with the national average. “But by and large our manufacturing jobs today are high tech.”Bottom line: The labor story in America remains one where the narrative of recent history doesn’t quite hold. In most downturns, we’ve seen manufacturing decline, giving it a bad rap as a job that’s going extinct.

☆ Biden's surprise move to reclassify cannabis could supercharge legal weed — but it also carries big risks for companies and investors
▼ + stars: | 2022-10-07 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

He announced pardons for federal cannabis possession and ordered a review of how cannabis is scheduled. While Biden's announcement stopped far short of decriminalization, he outlined three key steps:He's pardoning people federally convicted of simple cannabis possession. Biden's announcement signals that his administration — quiet on cannabis until now — will finally push for federal cannabis reform. Stifel analyst Andrew Partheniou called Biden's announcement "the most important development in US cannabis history," in a Friday morning note. If the government decides to regulate cannabis like a pharmaceutical, that could undermine the recreational cannabis industry as it currently stands.

☆ There's a debate raging in video games over whether loot boxes should be classified as gambling
▼ + stars: | 2020-07-05 | by ( Isobel Asher Hamilton | ) www.businessinsider.com time to read: +7 min

There's a debate raging over whether in-game loot boxes encourage kids to gamble. In the UK, the House of Lords this week recommended the legal reclassification of loot boxes in video games as gambling. Experts are divided over whether paying for loot boxes has a causal link to gambling and one told Business Insider it could be "apocalyptically stupid" to regulate loot boxes like gambling without doing more research. In some games, players are able to trade the rewards they get from loot boxes with each other for real money. The 71% figure referred to the share of players in the sample who had played games with loot boxes, not the share of games containing loot boxes.

Persons: —, David Zendle, Zendle, Pete Etchells, Andrew Przybylski, Przybylski Organizations: Service, FIFA, Steam, Juniper Research, University of York, Bath Spa University, Oxford Internet Institute, Business

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