DIRS.INFO The most relevant business & tech news

☆ Stripe’s $50 bln reset is relative sign of health
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Stripe’s valuation cut is arguably still a relative sign of strength. The newly attained price tag is a 53% cut from its 2021 valuation of $95 billion. And by some metrics Stripe seems to be valued at a discount relative to its publicly listed peers. Stripe’s $50 billion is 3.5 times last year’s gross revenue, while Dutch payment firm Adyen (ADYEN.AS) trades on a multiple of 4.7 times. The valuation cut reflects the reality of how an economic slowdown affects fintech businesses like Stripe.

☆ Canada petrol king shows belated faith in own plan
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Alimentation Couche-Tard (ATD.TO) is expanding its empire of petrol station rest stops. On Thursday, the $44 billion Canadian gas station giant said it would buy some of TotalEnergies’ (TTEF.PA) European assets for 3.1 billion euros. The swoop is also a sign that Couche-Tard is more confident in its own business model than in the recent past. Back then, it seemed Couche-Tard was looking to diversify its empire of highway rest stops. But if EV battery power or home-charging facilities improve, Couche-Tard’s business model may not stack up.

☆ Larry Fink finds way to dodge ESG crosshairs
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters Breakingviews) - Seismic events elsewhere are making it easier for BlackRock (BLK.N) to inch away from the environmental, social and governance crosshairs. The $8 trillion asset manager’s chair Larry Fink used his annual investor letter to theorise that inflation might stay around 4%, predict stricter bank capital requirements, and namecheck his favourite 80’s band, Talk Talk. BlackRock still backs these objectives, but Fink’s 2023 letter doesn’t even mention ESG. The good news for Fink is that U.S. banking collapses and spiralling inflation mean his detractors’ attention is, at least for now, elsewhere. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

A three-judge panel of the San Francisco-based court reversed a lower court ruling in 2021 that the ballot measure, known as Proposition 22, was unconstitutional. The Service Employees International Union (SEIU) and several gig drivers who challenged Prop 22 will likely appeal the decision to the California Supreme Court, the state's top court. Prop 22 was approved in November 2020 by nearly 60% of voters in California. It exempted app-based drivers from a 2019 state law known as AB5 that makes it difficult to classify workers as independent contractors rather than employees. "Across the state, drivers and couriers have said they are happy with Prop 22, which affords them new benefits while preserving the unique flexibility of app-based work," West said.

☆ Gig workers still pose roadblock for Uber and Lyft
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 14 (Reuters Breakingviews) - Uber Technologies (UBER.N) and Lyft (LYFT.O) dodged a pothole, but bigger roadblocks may be on the horizon. Jefferies estimates Uber, Lyft and food delivery service DoorDash (DASH.N) will avoid a $20 million to $170 million knock on next year’s earnings thanks to the ruling. A group of Uber and Lyft drivers in New York City staged a strike in February over demands for higher wages. And with a tight job market, competition for workers from employers in other sectors – like retailers, which are hiking minimum wages – is stiff. The Biden administration could still step in, too, having proposed new guidelines for classifying independent workers as employees.

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.

☆ Today is Equal Pay Day. Here’s what that means
▼ + stars: | 2023-03-14 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

This year, Equal Pay Day falls on March 14. And Equal Pay Day, inaugurated in 1996 by the National Committee on Pay Equity, now arrives about a month earlier than it used to. Back in 2005, for instance, Equal Pay Day was April 19. The bad news is that Equal Pay Day is even still a thing in 2023, since pay equity remains a long way off. Equal Pay Day varies widely for different groupsThe actual marking of Equal Pay Day in March for women overall is largely symbolic, in part because the date varies widely by race and ethnicity, occupation, geography, age and other issues.

☆ Some companies have used a legal loophole to avoid paying overtime by giving workers exaggerated job titles
▼ + stars: | 2023-02-23 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Companies are getting away with not paying their workers for overtime, a new NBER paper shows. That's because of a loophole in federal law where employers don't have to pay managers overtime. Companies have also been cutting pay for other workers by classifying them as contractors. That loophole involves misclassifying workers as managers, even if they don't have actual managerial duties. They weren't getting paid for overtime, and an Atlanta court awarded them $35 million in addition to unpaid overtime.

☆ How Putin's Russian goon squad used Mexican gig workers to troll an American election
▼ + stars: | 2023-02-18 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +25 min

Posting to social media sounded like an easy work-from-home gig, so he applied. This post from the Prigozhin-backed Social CMS network in Mexico referred to America as "we." He verified his account by providing chat transcripts, screenshots, contracts, and internal company documents. But just because Social CMS didn't yield an immediate, large-scale impact doesn't mean it should be ignored. "I didn't know who are you," wrote the person who is listed in the corporate directory as Prigozhin's media liaison.

☆ U.S. unemployment system still plagued by delays 3 years after pandemic-era downturn
▼ + stars: | 2023-01-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

Patrick T. Fallon | Afp | Getty ImagesThese days the U.S. unemployment system is somewhat of an anomaly. At the pandemic-era nadir, just 52% got a "timely" first payment of unemployment insurance, for example. Unemployment claims spiked as businesses closed amid stay-at-home orders to contain the virus' spread. States get funding based on their administrative workload, like the volume of claims states are paying. That's especially true for one CARES Act program, Pandemic Unemployment Assistance.

☆ If you're a gig worker, your boss might be using a technicality to underpay you
▼ + stars: | 2023-01-26 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Many workers are classified by employers as independent contractors, rather than employees. The Biden administration has proposed a rule making it easier for gig workers to be counted as employees. NELP finds that 10% to 30% of employers — and potentially more — misclassify workers as independent contractors, "which indicates that several million workers nationally may be misclassified." Truck drivers misclassified as independent contractors may lose between $11,076 and $18,053, according to EPI's estimates. The Biden administration is taking aim at misclassification, hoping to crack down on it and offer an easier pathway for independent contractors to be considered employees.

☆ Get ready for a gig-worker boom that could make it harder for contractors to earn a living
▼ + stars: | 2023-01-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Current gig workers could end up worse off because of the added competition. Many US gig workers are already struggling to earn a steady income. He says it's been very difficult for him to get ahead financially since he began gig work in 2019. If more competition does come, gig workers will have to decide whether the income justifies the hours they're putting in. Some full-time gig workers, who research has found account for roughly 3% of US adults and between 30 and 60% of overall gig workers, are making over six figures.

☆ This chart shows just how much faster Amazon still delivers your packages despite years of effort by other retailers
▼ + stars: | 2023-01-18 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

But when it comes to speed, Amazon still has an advantage. As of July, customers received their Amazon orders 1.9 days on average after placing them online, according to data from NielsenIQ provided to Insider Intelligence. Orders from other retailers, including big box chains such as Target and Walmart, reached customers in 4.4 days. Delivery speed data from Insider Intelligence NielsenIQ, Insider IntelligenceBoth Amazon and its rivals have improved their delivery times since October 2020, according to the data. The data includes all orders shipped to customers, including deliveries to customers to both Amazon Prime members and non-members.

☆ Gig workers choose freedom in their careers — but some worry about how retirement will look
▼ + stars: | 2023-01-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A survey of 2,000 freelancers revealed more than half of respondents felt pressured to save a certain amount for retirement. The average freelancer anticipates needing at least $350,000 saved up to retire, Talker reported. One gig worker told Insider financial literacy and investments are key to planning for timely retirement. "When I'm able to decide what I want to do with my time, there are things I can do to help me learn and grow my own business," Hill told Insider. However, Hill said retiring from gig work in a timely manner is something only the financially literate can achieve, adding that odd jobs alone probably aren't enough to successfully reach that milestone.

☆ IRS holds off on new rules for gig workers
▼ + stars: | 2023-01-13 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS holds off on new rules for gig workersCNBC's Robert Frank joins 'Squawk Box' to discuss the IRS decision to delay new restrictions on gig worker reporting, accountant tips for managing business payments, and delineating business payments from personal ones.

☆ Tesla, Uber, Amazon, Starbucks: The 2023 Just 100 list biggest gainers, losers and surprises
▼ + stars: | 2023-01-10 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

Where does it continue to post mixed performance: significantly lower worker scores than other companies, and importantly, than other auto companies. 505, well out of the Just 100 rankings. "We figured it out to our satisfaction this year ... and it wouldn't surprise you that the vast majority of gig workers did not receive benefits." "Market forces will drive them to offer gig workers more," he said, and in fact they already are. Starbucks and Amazon and unionization Amazon and Starbucks were both outside of the Just 100 rankings in 2022.

☆ A delivery driver's car was stolen with her kids inside — and it reveals the complicated reality of juggling gig work and childcare
▼ + stars: | 2022-12-23 | by ( Gloria Dawson | ) www.businessinsider.com time to read: +4 min

A DoorDash delivery driver had her car stolen with her infant twins inside. The children were eventually found, but the frightening incident highlighted a reality for many gig workers — their kids come with them on deliveries. It is not uncommon for delivery drivers to bring children along for deliveries, and it is allowed under DoorDash's guidelines. Last year, a DoorDash delivery driver in Georgia had her car stolen with her 1-year-old daughter inside. In San Francisco, a DoorDash driver's car was also stolen with his children inside last year.

☆ IRS delays $600 income reporting rule for U.S. gig workers
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 23 (Reuters) - The U.S. Internal Revenue Service said on Friday it would delay a new rule requiring more extensive reporting by gig workers and others who are paid through third party apps, after complaints the rule was too onerous. The rule, part of the COVID-19 relief bill called the "American Rescue Plan," would have required people paid over $600 in 2022 on third party payment apps like Venmo or PayPal to report that figure as income to the tax agency. "The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. Millions of Americans earn significant portions of their income through freelance gigs, selling items through websites like eBay and Etsy and through home rental apps. Reporting by Heather Timmons; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

The proposal would require that workers be considered employees, entitled to more benefits and legal protections than contractors, when they are "economically dependent" on a company. Most federal and state labor laws only apply to a company's employees, who can cost employers up to 30% more than independent contractors, studies suggest. Federal law requires agencies to adequately explain their decision to withdraw and replace existing rules. The rule would treat companies as so-called "joint employers" under federal labor law when they have indirect control over working conditions such as scheduling, hiring and firing, and supervision. The 2020 rule barred NLRB staff from putting off elections while related cases alleging illegal labor practices are being litigated.

☆ Gig workers are choosing freedom over being chained to a desk — but that still leaves question marks around retirement
▼ + stars: | 2022-12-22 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

☆ 'Secure 2.0' would provide a limited federal 'match' on contributions for retirement savers with lower income
▼ + stars: | 2022-12-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Under a provision included in a legislative proposal known as "Secure 2.0" — which is included in an omnibus appropriations bill that cleared the Senate on Thursday and awaited a House vote — a retirement "saver's match" would be implemented, essentially changing how an existing tax credit works. That amount would be a maximum 50% of up to $2,000 in contributions to a qualifying account (so a maximum $1,000 match per individual). The current credit isn't always useful for taxpayersThe move to allow a federal matching contribution is being sought because the current tax credit is nonrefundable, meaning that if you owe no federal income tax, you don't get the credit. The match would be "a direct, substantial way to increase the retirement savings of lower and middle-income workers, and incentivize good retirement planning habits," Carlisle said. More than 108 million people would be eligible for the saver's match, according to the American Retirement Association.

☆ It's not just Taylor Swift. Musicians describe the 'demented struggle' of touring in a shrinking industry where one giant company sells the tickets for most major venues.
▼ + stars: | 2022-12-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +14 min

On top of that, the Justice Department is reportedly investigating the 2010 merger of industry leaders Ticketmaster and Live Nation. Live Nation Entertainment said in a statement that it owns and operates just over 100 of the nearly 4,000 total live music venues in the United States. "Put simply, artists, venues, and consumers should no longer be at the mercy of a single seller," Sens. At the same time, Live Nation Entertainment is seeing a record year due to more shows than ever. "We always welcome the opportunity to discuss important issues facing the live entertainment industry," Live Nation said in a statement.

☆ VIRTUAL ASSISTANTS: How to start your own business, create a flexible schedule, and make six figures in revenue
▼ + stars: | 2022-12-08 | by ( Alexandra York | ) www.businessinsider.com time to read: +9 min

Virtual assistants joined the workforce in record numbers as the gig sector grew amid the pandemic. "Everyone I know needs a virtual assistant, and everyone I know has a really hard time finding one," she added. Read more: Why virtual assistants are the affordable solution to business owners' labor shortageRead more: I'm a virtual assistant making $10,000 a month. With the increased number of virtual assistants, it's important to differentiate yourself from others in the field, people told Insider. Read more: Founder Finances: A virtual assistant mentor shares the budget that helps her reach $15,000 in monthly sales.

☆ Uber launching driverless robotaxis in Las Vegas
▼ + stars: | 2022-12-07 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

While the autonomous vehicles are currently only available for ride hailing in Las Vegas, there are plans to expand to Los Angeles “at a later date,” according to the release. Uber said it plans on launching a fully driverless service with Motional in 2023. U.S. ride-hailing firm Uber Technologies Inc (UBER.N) and driverless tech-maker Motional said on Wednesday they launched their public robotaxi service in Las Vegas. UberMotional has been offering robotaxi services in Las Vegas since 2018 through Uber rival Lyft, though rides before 2020 were offered under parent-company Aptiv. The sale came after a a five-year run of developing self-driving vehicles that was marred by litigation and a fatal crash.

☆ Robinhood to pay a 1% 'match' on customer contributions to retail individual retirement accounts
▼ + stars: | 2022-12-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The retail brokerage will pay a 1% "match" on contributions its customers make to a Robinhood individual retirement account, the firm said Tuesday. The firm is billing it as the first-ever match paid to retail IRA customers (i.e., outside of a workplace retirement plan.) A 401(k) match is a common retirement benefit offered by employers that sponsor a workplace retirement plan. How the match worksA 401(k) match is generally structured as a share of employee contributions. There aren't any contribution or account minimums to get the Robinhood match, and trades don't carry commissions.

Search resuls for: "Gig Workers"

25 mentions found