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Fitch: If the energy price shock is prolonged due to the war in Iran, the limited fiscal buffers of sovereign states in Central and Eastern Europe will face downward pressure on their ratings.French President Emmanuel Macron stated on April 2nd that attempting to reopen the Strait of Hormuz militarily is "unrealistic." Speaking to reporters during his visit to Seoul on Thursday, he said such an action would be time-consuming and uncertain, and would expose participating parties to the risk of being attacked by Irans Islamic Revolutionary Guard Corps. "This has never been an option we chose; we consider it unrealistic," Macron said. "We must be able to reopen this strait because it is strategically important for energy, fertilizers, and international trade, but this can only be achieved through negotiations with Iran." He indicated that the first step should be a ceasefire, followed by restarting negotiations, and that safeguarding operations could help ensure ships are not attacked. "The world cannot afford a situation where Iran can decide to open or close the strait at any time," Macron added.On April 2nd, Gong Zheng, Deputy Secretary of the Shanghai Municipal Committee and Mayor of Shanghai, conducted research on Shanghais leading industries in Pudong New Area. Gong Zheng stated that during the 15th Five-Year Plan period, Shanghai should accelerate the upgrading and competitiveness of its leading industries, and cultivate a large number of high-growth technology companies. He expressed hope that high-growth technology companies like Muxi would maintain their innovative momentum, continue to make breakthroughs, and fully utilize the resource advantages of Shanghai and Zhangjiang, strengthening industry-academia-research collaboration and upstream-downstream coordination to serve the digital transformation needs of various industries in Shanghai and help improve the quality and efficiency of all sectors. He also stressed that government departments should strengthen their service awareness, conduct thorough research and visits to key enterprises, promptly identify new situations and problems in industry development, address enterprise issues and demands with a "solution-oriented" approach, and promptly introduce industrial policies and measures to amplify the synergistic effects of policies, creating a first-class environment for the development of Shanghais leading industries.April 2 - US stock futures extended their losses, with Nasdaq 100 futures down more than 2%, Dow Jones futures down about 1.4%, and S&P 500 futures down about 1.6%.CME Group: In March, the average daily trading volume hit a new monthly high of 41.1 million contracts.

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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