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Ride share and food delivery drivers to strike on Valentine’s Day

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Thousands of drivers affiliated with ride-sharing giants Uber and Lyft, as well as food delivery app DoorDash, are poised to stage a widespread strike on Valentine’s Day.

This marks the first major strike action since the public listing of Uber and Lyft in 2019.

Drivers intend to gather outside airports and Uber offices across the nation, highlighting their grievances regarding pay disparities.

The announcement comes shortly after Lyft’s commitment to bridging the gap if drivers earn less than 70% of what passengers pay after deductions.

Lyft response

“We are constantly working to improve the driver experience,” Lyft stated ahead of its upcoming quarterly results announcement.

Independent contractors driving for these platforms have long criticised the companies for taking disproportionately high commissions, leaving them struggling to make ends meet.

Shantwan Humphrey, a driver from Dallas, Texas, emphasised the challenges faced by drivers: “By not paying drivers a livable wage, drivers are barely able to afford the bare necessities.”

The Justice For App Workers coalition, representing approximately 130,000 drivers and delivery workers, revealed plans to halt airport rides between 11 am and 1 pm in ten U.S. cities as part of the strike.

Dwindling earnings

Nicole Moore, president of the California-based Rideshare Drivers United union, expressed frustration over dwindling earnings due to algorithmic pricing. “Whatever calculations and algorithms they’re using, it’s absolutely useless,” Moore remarked.

Data from Gridwise, which analyses gig mobility, showed a 17.1% decrease in monthly average gross earnings for Uber drivers in 2023, while Lyft drivers experienced a modest 2.5% increase.

Despite these figures, Uber defended driver earnings, citing an average of $33 per utilised hour as of Q4 2023, with the majority of drivers reportedly content with their earnings.

DoorDash, another major player in the gig economy, did not immediately respond to requests for comment on the impending strike.

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Warner Brothers & Discovery considers splitting up to boost stock value

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Warner Bros Discovery is considering a strategic breakup to enhance its stock performance, according to a Financial Times report.

The potential move aims to unlock value by separating its media assets from its reality TV and lifestyle businesses.

This decision follows pressure from investors to improve stock performance, amidst challenges in the media industry #featured #trending

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Investors worldwide grow increasingly optimistic about Trump winning the election

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Investors are increasingly optimistic about Donald Trump’s potential re-election, prompting a resurgence in the so-called ‘Trump trade’.

Market participants are closely monitoring Trump’s political strategies and public sentiment, influencing their investment decisions.

Kyle Rodda from Captial.com joins to discuss all the latest.

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Netflix expands use of ads despite slow subscriber growth

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Netflix is intensifying its efforts to introduce an ad-supported tier amidst a plateau in subscriber growth.

The streaming giant hopes to attract new users and boost revenue by offering a cheaper alternative that includes advertisements.

This move marks a significant shift from its traditional ad-free model, reflecting Netflix’s response to competitive pressures and evolving consumer preferences.

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