Stocks rally to new highs
From CNN Business Anneken Tappe
US stocks finished higher on Wednesday, after the Federal Reserve left interest rates unchanged and said it didn’t expect to raise interest rates this year. Fed Chairman Jerome Powell said the central bank expects any increases in inflation over the summer months to be temporary and not concerning for its monetary policy at the moment.
Meanwhile, the Fed also upgraded its consensus outlook with expectations for higher economic growth and lower unemployment.
Stocks jumped in response, and the
Dow closed at a new all-time high and above 33,000 points for the first time ever. The index closed up 0.6%, or 189 points.
Uber classifies drivers as workers after Supreme Court ruling
Ride-hailing firm will pay its UK drivers minimum wage following court ruling, but has diverged from the court’s interpretation that drivers should be paid from when they log in, not just when passengers are on board
Share this item with your network: By Published: 17 Mar 2021 14:45
Ride-hailing firm Uber has agreed to pay its UK drivers the minimum wage, but only for the time they are assigned to trips, rather than, as the Supreme Court explicitly ruled, from when they log in to the app.
On 19 February 2021, the UK Supreme Court ruled that drivers should be classified as workers rather than self-employed individuals, giving Uber’s roughly 70,000 drivers the right to be paid the national minimum wage, to receive statutory minimum holiday pay and rest breaks, as well as protection from unlawful discrimination and whistleblowing.
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Mar 17, 2021 08:16 EDT with 16 comments
Uber has finally recognised its 70,000 drivers in the UK as employees rather than self-employed, according to The Mirror. It’s the culmination of a five-year battle between the firm and its workers. The decision comes a little under a month since the UK’s Supreme Court came down on the side of drivers.
Under their new terms, Uber employees will gain the minimum wage which stands at a rate of £8.72 ($12.13) per hour for those over the age of 25. As employees, they will also be entitled to a range of rights including sick pay, parental leave, and a pension.
British court rulings reflect global movement towards greater accountability for multinational corporations
By Oliver Holland and Liberty Bridge, a partner and solicitor at Leigh Day
For Zambian farmers, Nigerian fisherman and Bangladeshi shipyard workers, recent judgments from the UK courts have provided clarity that multinational companies can be held accountable for the harm caused to individuals by their operations. Claims that are based on whether a UK company can owe a duty of care to a foreign claimant even where damage has been caused by a third party is a rapidly evolving area of law – there is a global movement towards greater accountability for multinational corporations and these recent judgments show the UK courts are leading the way.