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On July 4, JPMorgan Chase published a research report, maintaining its positive view on Standard Chartered Group, pointing out that although Standard Chartered was involved in the lawsuit related to Malaysias 1Malaysia Development Berhad (1MDB), and was accused of allowing more than 100 intra-bank transfers between 2009 and 2013 to help hide stolen funds, the lawsuit may take several years to resolve, and it is estimated that the groups distribution of more than US$8 billion from 2024 to 2026 and the repurchase plan of US$2.75 billion in fiscal 2025 will have limited impact. JPMorgan also pointed out that in the worst case, the fine is as high as US$2.7 billion, equivalent to 37% of the profit forecast of US$5.3 billion in 2027, which is estimated to bring a 72 basis point drag on the banks Tier 1 capital ratio (CET1) in 2027, which is still within the controllable range, and it is believed that the actual penalty amount will be much lower than this. Morgan Stanley continues to list Standard Chartered as its top choice among Hong Kong banking stocks, believing that Standard Chartered is less affected by the decline in HIBOR and the risks of Hong Kong commercial real estate; and is a major beneficiary of the internationalization of the RMB; and has a clearer digital asset development strategy, which allows it to better withstand the impact of stablecoins than its peers. The target price is HK$135 and the rating is "overweight".According to TASS: Russian air defense forces destroyed 48 Ukrainian drones at night.US President Trump: Letters regarding tariffs will be sent out starting this Friday. It is expected that 10 to 12 countries will receive relevant notifications on Friday.US President Trump: Will speak with Ukrainian President Zelensky on Friday. Disappointed with the call with Russian President Putin. Does not think Putin intends to stop the action.According to the Financial Times: British Chancellor of the Exchequer Reeves is expected to deliver a speech at the official residence on July 15 to announce the UK pension reform plan, including a review of the retirement reserves of companies and their employees.

Washington Governor Legislates Uber and Lyft Driver Compensation

Charlie Brooks

Apr 01, 2022 09:57

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Drivers will receive a minimum of $1.17 per mile and 34 cents per minute, with a minimum salary of $3.00 each trip.


Drivers will also have access to paid sick time, family medical leave, and long-term care programs, as well as workers' compensation, a government-mandated program that compensates employees who are injured or ill on the job in the United States. Drivers will also have the option to dispute their removal from the applications.


In Seattle, which adopted its own ride-hailing pay guideline in September 2020, drivers will continue to receive a minimum of $1.38 per mile and 59 cents per minute, for a total of at least $5.17 every trip.


The measure, which was backed by Uber and Lyft, eliminates local regulatory authority by prohibiting cities and counties from imposing extra restrictions on businesses.


Additionally, the rule stipulates that ride-hailing drivers are not considered workers, a point of contention for certain labor organizations and gig economy businesses such as Uber and Lyft. The gig economy's employers, who employ independent contractors, oppose any reclassification, while some labor organizations contend that drivers should be classified as employees with enhanced benefits.


"This new legislation provides drivers what they want - the ability to maintain their independence while obtaining unprecedented new perks and protections," Ramona Prieto, Uber's director of public policy in the Western United States, said in a statement. Uber anticipated the rule will be copied in more cities, states, and nations, she said.


"Drivers won this victory because labor groups, politicians, and app-based firms listened to them and then collaborated to pass a historic bill that benefits them," Jen Hensley, Lyft's director of government relations, said in a statement.


The Teamsters union Local 117, which also pushed for the Seattle wage norm, backed the new Washington legislation.


Prior to this regulation, only Seattle and New York City had established minimum wage guidelines for ride-hailing drivers in the United States.


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