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Chinas one-year loan prime rate (LPR) until June 22 will be announced in ten minutes.Goldman Sachs lowered its gold price target, predicting the Federal Reserve will not cut interest rates this year. Guinea officially announced a ban on the export of raw gold ore to promote localized processing. A chart provides a quick overview of the pre-market gold and silver prices converted between domestic and international markets.June 22 – A single dissenting vote in the Bank of Japans latest interest rate decision indicates that the window of opportunity for "hawks" to push interest rates back to normal levels is closing. Toshiro Asada, a new member who only participated in his second policy meeting, voted against raising the benchmark interest rate to its highest level since 1995, contrary to the majority of his colleagues. He is also the first policy board member appointed by Prime Minister Sanae Takaichi, and made almost no attempt to hide his support for loose monetary policy in the vote. This new members actions provide a microcosm of the future direction of the policy board under Kazuo Uedas leadership. Takaichi plans to appoint another member this month who favors a "rebound" policy to replace Junko Nakagawa, whose term is expiring. Meanwhile, two other staunch "hawks" will also have their terms expire in about a year, giving Takaichi the opportunity to nominate more new members, significantly altering the overall inclination of the nine-member policy board.On June 22nd, Galaxy Securities research report stated that the East Asian conflict in the first half of 2026 led to rising oil prices and intensified inflation expectations, causing the market to shift its expectation of a Federal Reserve rate cut to a rate hike within the year. Coupled with the realization of liquidity, this put downward pressure on gold prices after their initial surge. The market has already fully priced in a single Fed rate hike in the second half of the year. If the Middle East conflict and the Strait of Hormuz blockade ease in the second half of the year, oil prices and inflation decline, and market expectations for marginal easing of the Feds monetary policy rise, gold prices are expected to resume their upward trend. Furthermore, the escalating global order and US debt and credit issues, along with the substantial progress of "de-dollarization" in the global credit currency system, will continue the long-term logic of gold price increases, driving central banks, investment institutions, and individuals to increase their gold purchases and gold asset allocation. This will support the medium- to long-term upward trend of gold prices and the valuation of A-share gold stocks.Japanese Prime Minister Sanae Takaichi: The Bank of Japan is expected to work closely with the government to implement appropriate monetary policy in order to achieve the 2% inflation target.

Uber pays New Jersey $100 million in delinquent taxes on drivers' employment status

Skylar Williams

Sep 13, 2022 11:09

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Uber Technologies (NYSE:UBER) paid New Jersey $100 million in back taxes for misclassifying drivers as independent contractors, the New York Times reported on Monday.


Uber noted that it disagreed with New Jersey's classification of drivers as "workers" and that it only paid a portion of the more than $1 billion the state first demanded in its audit. In the statement, there was no mention of the payment amount.


"Nationally and in New Jersey, drivers are independent contractors who work at their own discretion... We anticipate engaging with legislators to deliver benefits while preserving drivers' desired flexibility "The Uber representative told Reuters.


Due to driver misclassification, the New Jersey Department of Labor and Workforce Development fined Uber and its subsidiary Raiser in 2019 for unpaid unemployment taxes for the years 2014 to 2018, which the company contested.


According to the New York Times, the state's labor office has now claimed that their initial assessment was merely an estimate conducted without Uber's involvement.


A later audit concluded that Uber and its subsidiary owed a total of $100 million in delinquent taxes, penalties, and interest, according to the report.


New Jersey claimed in the report that the settlement suggested that these laborers were "presumed to be employees." Uber declared that the payment was not a "settlement."


In the study, Robert Asaro-Angelo, the commissioner of the labor department, is reported as saying, "Our efforts to prevent misclassification of workers in New Jersey continue to advance."

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