Oil edges up on Saudi output cut and Iran sanctions
NYC reins in Uber with cap on ride-hail vehicles
09 August 2018, 03:58 | Hattie Nash
NYC votes to stop Uber's unchecked growth, give drivers a minimum wage
On Wednesday, the New York City Council voted 36-6 to effectively cap the rapid-fire growth of ride-hailing services like Uber, Lyft, and Via and by nudging their fleets of black cars off the road and forcing companies to pay drivers a living wage. "It would also allow the Commission address incomes for app-based drivers, 85 percent of whom now make below minimum wage". "We take the Speaker at his word that the pause is not meant to reduce service for New Yorkers and we trust that he will hold the TLC accountable, ensuring that no New Yorker is left stranded", the company said in a statement. A surge in ridership has coincided with increased resident frustration with the local subway system.
Bhairavi Desai, the executive director of the New York Taxi Workers Alliance, said the councils" vote set a precedent for the world as companies like Uber and Lyft use technological innovation "to return us to a time of sweated labor, destroying lives and livelihoods across the planet'.
Mayor Bill de Blasio (D) has supported the legislation and is expected to sign it into law.
United States senator presents letter from Trump for Putin
A reported text of the draft bill published on Wednesday sent Russia's rouble to lows against the dollar last seen in April. Trump sparked outrage by accepting Putin's word over that of his intelligence agencies at a Helsinki news conference.
The package, opposed by major ride-hailing companies, is aimed at reducing traffic congestion and increasing driver paychecks in the wake of the explosive growth of for-hire vehicles.
But opponents say the regulations could result in longer wait times and higher prices for ride-hail services.
"These sweeping cuts to transportation will bring New Yorkers back to an era of struggling to get a ride, particularly for communities of color and in the outer boroughs", Joseph Okpaku, Lyft's vice president of public policy said.
New Yorkers who regularly rely on Uber, Lyft and other ride-hailing services to travel around the city's five boroughs may find the apps less convenient in the next year. That's in contrast to 14,000 taxi drivers.
Gold said the outstanding 40,000 licenses belong to black auto and livery drivers, workers Uber will aim to recruit.
In a statement, Lyft decried the measure's passage - arguing the cap would make hailing a ride more hard across the city, particularly in less dense areas.
China to hit U.S. with tariffs on USA imports worth $17bn
At that time, Beijing threatened a 25 percent tariff on US crude imports, although it did not issue a specific date for the move. Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of U.S. threats.
Samsung Galaxy Note 9 cases already on sale
The latest leaks have also suggested that Galaxy Note 9 could come in 128GB and 512GB internal storage options. S Pen, the stylus bundled with Samsung Galaxy Note phones, is also set to get a major upgrade this year.
Category 3 Hurricane Hector roars in Pacific far from land
That would put the storm on a virtual collision course with Kilauea Volcano , situated on the southern portion of the island. CNN meteorologist Haley Brink said it was too early to tell if the hurricane would trigger an eruption of Kilauea.
Oil Rises After OPEC Sources Say Saudi Crude Output Fell
USA sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4. Observers have dismissed Trump's call for Saudi Arabia to abruptly increase oil production as political "noise".
Chase Elliott gets first Cup victory
AJ Allmendinger drove the No. 23 to a second-place finish Saturday in the Xfinity race at The Glen. Elliott sprinted away from Truex after Truex bobbled in the bus stop on the penultimate lap.