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TORONTO, Nov 11 (Reuters Breakingviews) - Some members of the shared economy are seeing a resurgence in the side hustle as inflation bites. People are becoming more interested in driving for Uber Technologies (UBER.N) and listing their abodes on Airbnb (ABNB.O) in order to make an extra buck. U.S. President Joe Biden last month proposed a new gig worker rule that could fundamentally change how companies classify their workers. But the shared economy seems to be holding up fine, even if the economy isn’t. Uber Technologies on Nov. 1 said revenue grew 72% year-on-year to $8.3 billion in the third quarter.

Prosecutors in Manhattan charged the company with being involved in a 15-year tax fraud scheme. Asked whether former President Donald Trump, who was running the business at the time, was aware of the scheme, McConney said Weisselberg told him that Trump knew about it. He said the payments system stopped after Trump was elected president and one of his tax advisers, Sheri Dillon, reviewed the company's business practices. On cross-examination by Trump company lawyer Susan Necheles, McConney painted Weisselberg as the lone bad actor, calling him a "micromanager" who had to sign off on all financial decisions. Weisselberg, who worked for Trump for decades and was indicted alongside the company last year, pleaded guilty to 15 felony charges in August.

Companies Trump Organization Inc FollowNov 10 (Reuters) - Former President Donald Trump was aware of allegedly illegal tax practices at his namesake real estate company, a senior executive indicated in testimony on Thursday during the Trump Organization's criminal trial on charges of tax fraud. McConney was given immunity from prosecution in exchange for testifying, and remains employed by the Trump Organization. Asked whether he helped people evade tax, McConney said, "Evade is a very strong word. McConney said a former general counsel, Jason Greenblatt, received bonuses as non-employee compensation until 2011 when the company's accountant told McConney to stop. McConney also identified Trump's initials on a memo concerning the reduction of Trump Organization executive Matthew Calamari's salary by $72,000, reflecting rent for his apartment.

☆ A plan to tax the rich to fund electric cars is on the ballot in California
▼ + stars: | 2022-11-08 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —California has long been a leader among states, and even countries, in promoting a shift to electric cars, including with its plans to ban the sale of purely gas-powered cars by 2035. Opponents of the ballot initiative claim it’s really just an attempt by one tech company to benefit itself at the expense of other priorities. Opponents of the ballot initiative claim Lyft’s support is self-serving. But a rule like Prop 30, which would make it easier for just about anyone in California to buy an electric car, including Lyft drivers. And electric cars are too expensive for lower income residents to afford, so the financial support is needed, especially with sales of gas cars being banned in the future.

☆ I'm a 'model' golf caddy in Vegas. What I wear impacts my tips, and I'm often the mama bear for drunk or rowdy golfers.
▼ + stars: | 2022-11-08 | by ( Elle Hardy | ) www.businessinsider.com time to read: +7 min

Ariana Sokol is a contract golf caddy for Platinum Tees in Las Vegas, Nevada. Golfers book us directly through Platinum Tees, and we go to caddy at different courses around Las Vegas. The first time I set foot on a golf course was my first round after I got the job. I now know the primary course I work at like the back of my hand, so I'm almost like a flight attendant. I always get to the golf course with my makeup on and my hair done.

☆ Uber whistleblower says current business model 'absolutely' unsustainable
▼ + stars: | 2022-11-02 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

REUTERS/Pedro NunesLISBON, Nov 2 (Reuters) - Mark MacGann, the whistleblower behind the so-called Uber Files, said on Wednesday that the ride-hailing company seemed to be taking steps toward improving its work culture but that its business model was still "absolutely" unsustainable. MacGann said Uber's current CEO, Dara Khosrowshahi, and his executive team "have done a lot of good things, but they have so, so far to go." "My message to Uber is: 'you've done well, (but) you can do it so much better (because) the current model is absolutely not sustainable,'" MacGann told a news conference during Europe's largest tech conference, the Web Summit, in Lisbon. He said Uber recently reiterated that the "core of its business model is independent contractors, since everybody wants to be self-employed, everybody wants flexibility." "Uber is pumping tens of millions of dollars in Europe, United States, other parts of the world fighting legislation," he said.

☆ Salary ranges are coming to NYC job ads on Nov. 1—here's what to know
▼ + stars: | 2022-10-31 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

Experts say legislation that promotes salary transparency from the employer's side is key to closing racial and gender wage gaps. What the law requiresThe law specifically states that beginning Nov. 1, "employers advertising jobs in New York City must include a good faith salary range for every job, promotion, and transfer opportunity advertised." It covers job ads calling for full- or part-time employees, interns, domestic workers, independent contractors or any other category of worker protected by the New York City Human Rights Law. What to expect on Nov. 1Some major companies began including their pay ranges on job ads prior to the Nov. 1 deadline. If a company isn't complying with the law, job seekers and workers can file complaints or leave an anonymous tip with the city's Commission on Human Rights, which may initiate an investigation.

NBC News, in collaboration with the International Consortium of Investigative Journalists, The Washington Post, and Arab Reporters for Investigative Journalism, interviewed more than 40 current and former employees of contractors at military bases. According to an NBC News analysis, at least 10 companies with substantiated trafficking violations since 2007 have received billions in new government contracts. ‘Mad scramble’Foreign workers are crucial for the more than 700 military bases with U.S. service members around the world. One company that continues to get work at Middle East bases despite past violations documented in an Army compliance agreement is Tamimi, Abdulla’s employer. Lusambu Karim, a 50-year-old Ugandan, told NBC News about trafficking violations he said he encountered working for Aegis in Afghanistan from 2018 to 2020.

☆ Uber plans to appeal a landmark court ruling that gave employee status to 4 New Zealand drivers
▼ + stars: | 2022-10-25 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

New Zealand's employment court ruled that four Uber drivers should be treated as employees. The case was jointly taken by two unions and has been hailed as a victory for the union movement. Uber said it was "disappointed" by the ruling and planned to file an appeal. New Zealand's employment court does not have the right to make broader rulings of employment status beyond the four drivers directly involved in the case. Kiwi drivers consistently tell us that the flexibility that comes with driving with Uber is what they value most."

☆ Uber looks to boost digital ad revenue with new advertising division
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Uber Technologies Inc (UBER.N) has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers. With a reach of 122 million monthly active users globally, the company said on Wednesday it will sell ad space inside its ride-hailing and UberEats apps, along with in-vehicle digital ads, sponsored mails and storefront ads. "While consumers are making purchase decisions and waiting for their destination or delivery, we can engage them with messages from brands relevant to their purchase journeys," said Mark Grether, general manager for Uber's advertising division. Uber, which entered the ad business in 2019, has said it aims to reach $1 billion in advertising revenue by 2024. read moreMeanwhile, a U.S. proposal last week that would potentially deter gig workers from being treated as independent contractors is also set to push up costs for companies such as Uber and Lyft. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Savyata Mishra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ This couple started their business with just $5,000. Now it brings in $5 million a year—with Kevin O'Leary as an investor
▼ + stars: | 2022-10-19 | by ( Jamie | Brian Ratner | ) www.cnbc.com time to read: +4 min

It was important to understand every facet of our business, from social media to customer service, before we made any costly decisions. I also did my best to connect with every local parent-teacher association, business owner and media outlet. Great customer service will get you far. It was a tough negotiation, but we landed a deal with Kevin O'Leary for $600,000 in exchange for 19% equity. O'Leary and his team have helped us immensely in growing the business nationally and weathering the pandemic.

☆ Is the Uber, Lyft and gig economy battle over workers nearing its end game?
▼ + stars: | 2022-10-16 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

With federal regulators set to tighten Trump-era labor standards that let Uber and Lyft, as well as food-delivery services like Doordash, treat gig workers as independent contractors with few protections under labor law, shares dropped sharply last week. But while a shift, the Department of Labor proposal doesn't immediately transform gig workers into employees entitled to overtime pay, unemployment insurance and other benefits. "It seems like the start of a Game of Thrones battle between the Department of Labor and the gig economy,' Wedbush analyst Dan Ives said. Uber believes the Department of Labor is focused less on ridesharing and more on industries such as construction that also use gig workers, pointing out that the proposed rule doesn't single out rideshare drivers. Uber drivers also supply their own cars and gasoline, though the company in March added a per-trip fuel surcharge that goes directly to drivers.

☆ Souring Economy Gives Tech Freelancers a Lift
▼ + stars: | 2022-10-12 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Like most companies, he said, it enlists freelancers with specific skills across a range of capabilities, including AI and analytics. “The pandemic and, more recently, the turbulence in the economy, spurred demand for greater labor flexibility both among employers and workers,” Mr. Herbert said. Sebastián Siseles, a vice president at Freelancer.com, said freelance work also allows IT job seekers—especially younger workers—to reduce the risk of being dependent on a single employer. By adapting to remote work during the pandemic, employers “opened the window” to hiring more freelancers, Mr. Siseles said. Many tech-enabled companies such as Uber Technologies Inc., Lyft Inc. and DoorDash Inc., which rely heavily on gig workers, have opposed similar efforts in the past.

☆ 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.

Oct 12 (Reuters) - Business groups will almost certainly file lawsuits in an attempt to delay or derail a rule proposed by the Biden administration on Tuesday that would limit companies' use of independent contractors, experts said. Business groups will lobby for changes to the proposal before it is finalized in the coming months but ultimately will likely have to make their case in court that the rule is invalid, legal experts said. Register now for FREE unlimited access to Reuters.com Register"There's going to be years of litigation over this," said Michael Lotito, a San Francisco-based lawyer who represents employers and business groups. Any lawsuit would likely seek to block the rule from taking effect while challenges make their way through appeals courts, which could take years. Individual businesses, workers and trade groups could also bring narrower legal challenges to the new rule.

☆ Bill Nygren is looking to stocks with 'unsustainably low' price-earnings ratios. Here are his picks
▼ + stars: | 2022-10-12 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The volatile market is pushing some cyclical stocks' price-earnings ratios to levels that Bill Nygren, portfolio manager at Oakmark Funds, sees as "unsustainably low." "When the markets are really volatile like they have been, that tends to lead to an increase in the distribution of P/E ratios," Nygren said on CNBC's "Squawk on the Street." Nygren said that recession fears are driving down companies' P/E ratios. This number is what you get when you divide a stock's price by the annual earnings per share. Nygren said stocks that are currently selling at lower-than-typical P/E ratios have long-term value for investors who can wait out current pressures on company earnings and share values.

☆ Gordon Haskett upgrades Lyft to a buy, says shares can more than double from here
▼ + stars: | 2022-10-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Gordon Haskett said the 74% pullback in Lyft shares this year creates an enticing entry point for investors looking for a bargain. Analyst Robert Mollins upgraded shares of the ridesharing stock to a buy rating with a $24 price target, noting that Lyft is trading at an attractive discount to Uber and shares can more than double from Tuesday's close. Along with the pullback in shares, Mollins highlighted several additional catalysts for the stock going forward, including continued improvement to driver supply — specifically in California. Compared to Lyft, Uber shares have slumped about 41% this year. Lyft said Tuesday the proposal has "no immediate or direct impact" on its business at this time.

☆ U.S. needs to do more to tackle inflation, deputy Treasury chief says
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 12 (Reuters) - The United States still needs to do more to bring down inflation, which is still too high globally, Deputy U.S. Treasury Secretary Wally Adeyemo said on Wednesday, adding that the country is moving toward a more healthy labor market going forward. "Inflation around the globe is too high. And what we're doing in the United States is the Federal Reserve is doing its part in terms of using its tools to bring down inflation," Adeyemo said. "And what the president is focused on is doing what we can to expand supply in the US economy." "We can do both things, in terms of bringing down costs in the economy while putting employees into the right classification.

☆ Here's the outlook for corporate financial results as the worsening global economy is poised to lift the US dollar higher
▼ + stars: | 2022-10-12 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

Good morning, this is Jason Ma and today's edition highlights the outlook for corporate financial results as the US dollar rises. Here's what a strong dollar means for stocks as earnings season heats up. If the reading tops 8.3%, then expect the stock market to sell off by 5%, the bank's trading desk said. But readings below 8.1% could spark some big gains for the stock market. How has the strong dollar affected your portfolio?

Gig company stocks were hammered by the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. 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. Millions of Americans are working "gig" jobs and this labor has become vital to some transportation, restaurant, construction, health care and other industries. "Misclassification deprives workers of their federal labor protections, including their right to be paid their full, legally earned wages," Walsh said. Seth Harris, President Joe Biden's former top labor adviser, said the rule will not directly impact how courts determine whether workers are employees or independent contractors.

☆ U.S. government back and forth on 'gig' workers, contractors
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

A DOL proposal in September 2020 made it easier for companies to classify workers as independent contractors if they operated an independent business and had opportunities for profit or loss. BIDEN ADMINISTRATIONThe administration of Democrat Joe Biden blocked the Trump rule in May 2021. A U.S. district judge in Texas in March 2022 blocked the Biden administration withdrawal and ordered the Trump rule to take effect. In June 2022, the DOL said it would develop a proposed rule on determining employee or independent contractor status. It held forums in June to hear from workers and companies.

☆ Uber, Lyft slump as U.S. proposal on workers a potential blow to gig economy
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

read moreAnalysts said there is a lot of uncertainty around the proposal expected to come into effect next year, but the move was "a clear blow to the gig economy". Lyft said the move does not require a change of its business model, while Uber said it plans to engage with authorities. Gig companies have long been criticized for the lack of benefits they offer their independent contract workers, who have also faced a rise in living costs this year. The companies have rejected calls for reclassification, saying surveys showed the majority of their workers do not want to be employees. Slammed by the fears, Uber, Lyft and Doordash were set to erase over $10 billion in their collective market valuation.

Gig company stocks were hammered on the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. Employees can cost companies up to 30% more than independent contractors, studies suggest. U.S. Labor Secretary Marty Walsh in a statement said businesses often misclassify vulnerable workers as independent contractors. Those groups have said that any broad rule would hurt workers who want to remain independent and have flexibility. Worker advocacy groups have said that companies are increasingly misclassifying employees as independent contractors, depriving workers of fair pay and benefits to pad their profits.

☆ Labor proposal could upend rules for gig workers, companies
▼ + stars: | 2022-10-11 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Misclassifying workers as independent contractors denies those workers protections under federal labor standards, promotes wage theft, allows certain employers to gain an unfair advantage over businesses, and hurts the economy, the department said Tuesday. The misclassification of workers has negatively impacted delivery workers, custodians, truck drivers, waiters, construction workers and more, according to the department. Wedbush analyst Dan Ives said the proposal would constitute a major change for workers and employers from previous years. Last year the Biden administration repealed a Trump-era rule that would have made it easier to classify workers as independent contractors. The repeal meant the Labor Department was able to continue using existing rules under the 1938 Fair Labor Standards Act to determine whether a worker should be classified as an independent contractor.

☆ New Biden labor rule would make contractors into employees
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 11 (Reuters) - The U.S. Department of Labor proposed a rule on Tuesday that would make it more difficult for companies to treat workers as independent contractors, a change that is expected to shake up the business models of the ridesharing, delivery and other industries that rely on gig workers. The proposal would require that workers be considered a company's employees, who are entitled to more benefits and legal protections than contractors, when they are "economically dependent" on the company. The Labor Department said it will consider workers' opportunity for profit or loss, the permanency of their jobs, and the degree of control a company exercises over a worker, among other factors. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Shepardson and Nandita Bose in Washington, Daniel Wiessner in Albany, New York; Editing by Doina Chiacu and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

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