New York State Attorney General Letitia James has announced that Uber and Lyft have agreed to pay a combined $328 million to settle allegations of wage theft and failure to provide mandatory paid sick leave. This settlement will benefit over 100,000 drivers in New York, guaranteeing them a minimum of $26 an hour in wages and mandatory sick leave. The Attorney General's office is committed to protecting workers' rights and ensuring that companies are held accountable for their actions.
Posts published in “Financial”
The Federal Reserve has left interest rates unchanged, citing strong economic growth and a strong jobs market. Federal Reserve Chairman Jerome Powell noted that the central bank is committed to using all of its tools to keep inflation in check and ensure that the economy remains strong. The Fed is open to additional rate hikes should inflation quicken in coming months.
Hurricane Otis, a category 5 storm, hit Mexico's resort city of Acapulco on Wednesday, leaving at least 27 dead and causing major damage. The government has unveiled a $3.4 billion recovery plan to help the city rebuild, including tax breaks and financial assistance for affected families. Images of the destruction show buildings and homes damaged, streets flooded, and trees and debris scattered across the city, with the government providing food, water, and medical care to those affected.
Key takeaways: The CBO report has revealed that the bill would be a net loss for the government, decreasing revenue by $26 billion and increasing…
Donald Trump Jr., Ivanka Trump and Eric Trump are set to appear in court this week to testify in the civil fraud trial against their father, former President Donald Trump, and the Trump Organization. New York Attorney General Letitia James has claimed that the Trump children were aware of and knowingly participated in a scheme to inflate the value of the Trump Organization's assets. Senior legal analyst Elie Honig explains that the Trump children could be "damned if they do and damned if they don't" when it comes to taking the Fifth Amendment. The $250 million civil fraud trial is set to begin Monday and could have major implications for the Trump family and the Trump Organization.
The Education Department has released a new plan to provide debt relief to four groups of borrowers with federal student loans, estimated to be up to 12 million people. The proposal is open for public comment and will be finalized after a period of review, with details on implementation and when it will take effect yet to be released.
Key takeaways: The UAW’s strategy of negotiating and striking at all three automakers simultaneously appears to have paid off. The agreement between the UAW and…
After six weeks of striking, the United Auto Workers (UAW) and General Motors (GM) have reached a tentative agreement on a new labor contract, featuring a 25% wage increase across a four-and-a-half year deal with cost of living adjustments. The agreement still needs ratification from the union's national council and a majority of members, and if approved, employees will return to work at some point in November. The strike has cost GM an estimated $2 billion in lost profits and has affected more than 50,000 workers.