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Uber, Lyft and DoorDash Workers May Gain Employee Benefits Under New Labor Rule

This week, the Biden administration’s Department of Labor announced a significant change in a federal labor rule that classifies United States workers as either independent contractors or full employees. The new policy, published Wednesday, January 10, would make an increased number of freelance workers across many industries eligible for full-employee status, potentially obligating their employers to furnish them with higher wages, certain benefits and other worker protections. This development will certainly not go uncontested by corporations, especially by Fortune 500 companies wholly dependent on freelance “gig” workers, among…

Universal Music, home to Taylor Swift, to reportedly cut hundreds of jobs

Universal Music Group, home of billionaire singer Taylor Swift, plans layoffs that can number in the hundreds this year, a company spokesperson said Friday. The job cuts, which are expected in the first quarter, will mostly be in its recorded music division, Bloomberg News reported earlier in the day. UMG did not comment on the exact number of jobs it may be cutting as the world’s largest record label joins a wave of company’s that have announced layoffs this year. As of 2022, the company had nearly 10,000 employees globally, as stated in that year’s annual report. The company’s third-quarter revenue — fueled by Swift, who’s “Era’s…

Why Are Stocks Down Today?

With stocks down today, it appears many investors are taking a cautious approach to this current environment. Earnings season has just begun, with several large banks kicking off the festivities. At first glance, some investors may take some solace in the numbers reported, at least when it comes to those of JPMorgan Chase (NYSE: JPM ). JPMorgan reported a record annual profit of $49.6 billion, with the company’s loan margins and acquisition of First Republic Bank driving these strong tailwinds. Unfortunately, for JPMorgan’s rivals Bank of America (NYSE: BAC ), Wells Fargo (NYSE: WFC ) and Citigroup (NYSE: C ), results came in much…

With volatility everywhere, business as usual will not cut it in 2024

As we enter 2024 our economic focus will no doubt remain on the hangover of a caused by higher interest rates. But as painful as they are, higher rates are just part of the economic cycle. What we should be focused on are the strategic responses by and to the massive structural changes under way in the global economy and geopolitical world order. It's why 2024 will be characterised by uncertainty, volatility, and fragility. On the economic front, climate change and rampant technological advancement, , are driving disruption and structural change. These two mega forces are upending fundamental economic structures and relationships…

Venezuela Kills Off Petro Cryptocurrency

INTERNATIONAL BUSINESS TIMES NEWSLETTER SIGNUP My account Log Out Jan 12, 1:06 PM EST World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion NEWSLETTER My account Log Out US Edition World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion Listings & More Spotlight Glossary SMB Forum Glossary K-Wave CEO Spotlight Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NEWSLETTER Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States World…