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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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Nvidia’s market dominance is driving Wall Street to new records

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Nvidia’s stellar results propel Wall Street to unprecedented heights.

Nvidia’s latest financial results have become the catalyst for Wall Street’s surge to record highs.

The renowned graphics processing unit (GPU) manufacturer reported exceptional performance, beating market expectations and instilling newfound confidence in investors.

Nvidia’s revenue and earnings exceeded projections, driven by robust demand for its GPUs across various sectors, including gaming, artificial intelligence, and data centres.

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Money

How the Australian market reached its 15-year high

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Australia’s financial landscape is experiencing a historic surge as the market reaches 15-year highs, prompting investors to delve into the key factors driving this remarkable growth.

The Australian economy has demonstrated resilience and adaptability, navigating global challenges to emerge as a standout performer in the post-pandemic era.

A confluence of factors has contributed to the Australian market’s ascent. Strong economic fundamentals, including robust GDP growth and low unemployment rates, have instilled confidence among investors.

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Rate hike fears loom for New Zealand following RBNZ meeting

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As the Reserve Bank of New Zealand (RBNZ) convenes for its latest meeting, speculations are rife regarding the possibility of a rate hike and the potential repercussions for the market.

With the global economic landscape in a state of flux, central banks play a crucial role in shaping monetary policies to navigate uncertainties and spur economic recovery.

Analysts and investors are closely monitoring the RBNZ’s statements and actions, particularly regarding interest rates.

Speculation is mounting that the central bank may consider a rate hike to address concerns related to inflation and to align with global trends.

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