Actionable insights straight to your inbox

logo_equities.svg

Uber To Continue Food Delivery in California Even If Ride-Hailing Is Forced To Shut Down

A company spokesman on Monday said that Uber’s food delivery unit did not appear to be impacted by a lawsuit filed by California’s attorney general and a subsequent court order that would force Uber to treat its ride-hail drivers as employees.

Image source: Uber Technologies

(Reuters) – Uber Technologies Inc on Monday said it would continue operating its food delivery business Uber Eats even if its ride-hail business is forced shut in California at the end of this week following a court order.

A company spokesman on Monday said that Uber’s food delivery unit did not appear to be impacted by a lawsuit filed by California’s attorney general and a subsequent court order that would force Uber to treat its ride-hail drivers as employees.

Uber in a court filing on Wednesday said it would be forced to shut down its ride-hailing operations in California if a court ruling that blocks it from classifying its drivers as independent contractors goes into effect on Friday morning.

Reporting by Tina Bellon in New York; Editing by Sandra Maler.

_____

Source: Reuters

With pandemic-induced supply chain bottlenecks receding, semiconductor stocks have been riding a bullish trend, making higher lows and higher highs.
To say the current situation isn’t pretty now seems an understatement, and it’s likely to remain chaotic for a while. Which is why it’s so important for leaders of all kinds not to fall prey to the very human tendency to go negative.
Bargain-hunting friends of mine have been asking: “Should I buy First Republic?” After all, First Republic is prestigious. Facebook founder Mark Zuckerberg got a mortgage there. Dozens of customer surveys rate its satisfaction scores higher than super-brands like Apple and Ritz-Carlton.
Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.