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January 12th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices fell during the session, with the market exhibiting volatile trading as it digests the clearly overbought condition on the Relative Strength Index (RSI), especially given the negative signals from related indicators. Currently, prices are accumulating bullish momentum, which may help prices rise again. Meanwhile, Brent crude oil futures remain under dynamic support, with prices trading above the 50-day EMA, further enhancing the likelihood of a price rebound in the near future.January 12th - According to sources, Federal Housing Finance Agency Director Jerry Pulte was a key figure behind the Trump administrations decision to subpoena the Federal Reserve. Some sources indicated that some of Trumps allies were concerned about the move, fearing that the legal action against Fed Chairman Jerome Powell would disrupt the bond market. They also worried that it would prevent Powell from leaving the Fed after his term expires in May. Powell could continue serving as a Fed governor until 2028, but he has not indicated whether he will leave as is customary. Some sources said that some of Trumps senior aides were only informed of the subpoena on Friday night when Powell received it.On January 12th, Google announced on the 11th that it will partner with major retailers such as Walmart to expand the shopping functionality of its Gemini AI model, upgrading the Gemini app from a "smart assistant" to a "virtual merchant" capable of directly completing transactions. The Gemini app will introduce an "instant checkout" feature, allowing consumers to purchase goods from select merchants within the chat interface, without needing to open any external interface. Walmarts incoming president and CEO, John Furner, stated that the shift from traditional web or app search to "agent-driven commerce" represents the next major evolution in the retail industry. Industry insiders believe that the application of AI in e-commerce and its impact on consumer behavior will be a key focus of the conference. Google stated that the shopping functionality of the Gemini AI model will initially be available only to US users, but will expand to international markets in the coming months.On January 12, Clover Biotech (02197.HK) announced that its Pre-F trimeric subunit recombinant protein respiratory combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3), developed based on the companys self-developed Trimer-Tag vaccine R&D platform, have completed the first batch of subject enrollment in Australia and officially started Phase 2 clinical trials.On January 12th, Citigroup pointed out that Indonesias fiscal deficit this year may far exceed the statutory limit, as the government increases spending on the nationwide free meal program and reconstruction projects in flood-stricken provinces of Sumatra. In a report on Monday, Citigroup economist Helmi Arman revised his 2026 budget deficit as a percentage of GDP upward to 3.5% from the initial 2.7%. Citigroups base case assumption is that the government will amend the National Fiscal Law by the second half of this year to relax the long-standing 3% fiscal deficit cap. Arman stated that if the authorities choose to significantly cut spending to maintain fiscal discipline, they may avoid exceeding the limit. He predicts that by 2029, Indonesias debt-to-GDP ratio will rise from approximately 39% in 2025 to 42%.

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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