News

Labor and Employment

Reuters | Equities.com |

Uber Technologies Inc and Lyft Inc together are spending nearly $100 million on a November California ballot initiative to overturn a state law that would compel them to classify drivers as employees.

That sum looks less huge, however, than the potential costs of complying with the existing law, according to a Reuters analysis.

The two ride-hailing companies would each face more than $392 million in annual payroll taxes and workers’ compensation costs even if they drastically cut the number of drivers on their platforms.


Reuters | Equities.com |

Cineworld, the world's second-biggest cinema operator, said it was considering temporarily closing all its screens in the United States and Britain after studios pulled major releases such as the latest James Bond film.

The Regal cinema owner, which began reopening in July after COVID-19 lockdown restrictions started to ease, employs 37,482 people across 787 venues in the U.S., Britain and central Europe, with 546 sites in ...


Reuters | Equities.com |

The outlook for the aviation industry has deteriorated again due to rising coronavirus infections and renewed travel restrictions, Airbus chief operating officer Michael Schoellhorn was quoted as saying on Saturday.

With air travel at a fraction of normal levels due to restrictions and travellers’ fears related to the pandemic, airlines have slowed deliveries of new aircraft.

Airbus has said it needs to shed 15,000 posts worldwide.


AP News | Equities.com |

Wall Street’s major stock indexes fell on Friday after President Donald Trump tested positive for the coronavirus, but the losses ended up milder than investors braced for early in the morning.

The S&P 500 slumped 1.7% as soon as trading began, only to churn through another turbulent session. By the end of the day, it had trimmed its loss to 1%, down 32.38 points at 3,348.42. Despite the drop, most of the stocks in the index were higher, and the S&P 500 still managed to close out its first winning week in the last five.

The paring of losses came as optimism rose that Washington may be able to get past its partisanship to deliver more support for the economy. House Speaker Nancy Pelosi told airlines in the afternoon to stop furloughing workers because aid for them is imminent. She said a wider rescue package for the economy, one that investors have long been agitating for, could also perhaps be on the way.


AP News | Equities.com |

America’s employers added 661,000 jobs in September, the third straight month of slower hiring and evidence from the final jobs report before the presidential election that the economic recovery has weakened.

With September’s hiring gain, the economy has recovered only slightly more than half the 22 million jobs that were wiped out by the viral pandemic. The roughly 10 million jobs that remain lost exceed the number that the nation shed during the entire 2008-2...


Reuters | Equities.com |

U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid.

American Airlines and United Airlines began laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief.

Late Thursday, ...


Reuters | Equities.com |

Amazon.com Inc on Thursday said more than 19,000 of its U.S. frontline workers contracted the coronavirus this year, or 1.44% of the total, a disclosure long sought by labor advocates that had criticized its pandemic response.

Amazon said the number is far lower than expected, given the infection rate for the general population. The company, which encouraged other companies to report comparable figures, expects it will ramp to testing 50,000 U.S. employees per day for the virus by November.


Reuters | Equities.com |

Gap Inc said on Thursday it will virtually hire seasonal staff for the busy holiday months to help the apparel retailer fulfill online orders and man its customer contact centers as consumers shop heavily online due to the pandemic.

The company said to make its hiring process safe and easy, it will allow candidates to apply online for any role in three minutes or less.

Retailers are preparing for a holiday season that would mostly include sales from online shop...


AP News | Equities.com |

The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to sustain a tentative recovery that began this summer.

The Labor Department’s report, released Thursday, suggests that companies are still cutting a historically high number of jobs, though the weekly numbers have become less reliable as states have increased their efforts to root out fraudulent claims and process earlier applications that have piled up.


Reuters | Equities.com |

U.S. private employers stepped up hiring in September, but diminishing government financial assistance and a resurgence in new COVID-19 cases in some parts of the country could slow the labor market’s recovery from the pandemic.

Private payrolls increased by 749,000 jobs this month, the ADP National Employment Report showed on Wednesday. Data for August was revised up to show 481,000 jobs added instead of the initially reported 428,000. Economists polled by ...