(Reuters) – Shares of Uber Inc, Lyft Inc and Doordash Inc fell about 10% on Tuesday on fears that a U.S. proposal to deter companies from treating workers as independent contractors would raise costs for the barely profitable firms. The U.S. Labor Department’s proposal will require workers to be considered a company’s employees – who…
By Devik Jain and Amruta Khandekar (Reuters) -European shares fell for a fifth straight session on Tuesday, as investors fretted about the prospects of a global economic downturn and corporate profits being squeezed by rising interest rates as central banks step up their fight against inflation. The region-wide STOXX 600 index closed down 0.6%, hitting…
FORT WORTH, Texas (AP) — American Airlines said Tuesday that its revenue rose faster than expected over much of the summer, but costs also increased sharply. The airline said third-quarter revenue rose about 13% over the same period in 2019, before the pandemic, compared with its previous forecast of a 10% to 12% gain. Airlines…
COLUMBUS, Ohio (AP) — Honda says it will build a $3.5 billion joint-venture battery factory in rural southern Ohio and hire 2,200 people to staff it as the company starts to turn the state into its North American electric vehicle hub. Honda, which announced its first Ohio factory 45 years ago, also plans to invest…
The Biden administration proposed new standards Tuesday that could make it more difficult to classify millions of workers as independent contractors and deny them minimum wage and benefits. The U.S. Department of Labor rule, which could take months to take effect, would replace a scrapped Trump-era standard that had lowered the bar for classifying employees…
By Shreyashi Sanyal (Reuters) – U.S. stocks fell on Tuesday in the run-up to third-quarter results from companies as profit expectations drop amid rising interest rates and stubborn inflation, while gains in drugmaker Amgen limited declines on the Dow. Analysts now expect profit for S&P 500 companies to have risen 4.1% in the third quarter…
By Alex Lawler LONDON (Reuters) -Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in COVID-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk…
General Motors, which plans to go almost entirely electric by 2035, is creating a new energy division that will produce chargers for electric vehicles, as well as solar panels and other energy-related technology for homes and businesses. The company said Tuesday that the unit, called GM Energy, will create systems for households and commercial customers…
LONDON (AP) — The Bank of England on Tuesday expanded its emergency effort to quash upheaval on financial markets unleashed by the government’s plan to slash taxes, saying fluctuations in bond prices posed a “material risk” to Britain’s fiscal stability. The U.K. central bank said it will now buy inflation-linked securities — which offer protection…
WASHINGTON (AP) — The International Monetary Fund is downgrading its outlook for the world economy for 2023, citing a long list of threats that include Russia’s war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic. The 190-country lending agency forecast Tuesday that the global economy would eke…
