- Uber Technologies, Inc (NYSE:UBER) prosecuted the New York City Taxi & Limousine Commission (TLC) for approving a fare hike for ride-hail apps and taxi drivers amid driver shortage, rising operational costs, and higher inflation.
- Uber aimed to prevent an increase in rates it must pay drivers in NYC by December 19, TechCrunch reports.
- TLC voted to increase the per-minute rates of ride-hail drivers by 7.42% and per-mile rates by 23.93% to attract more drivers to cater to the post-pandemic increasing demand.
- Also Read: California Dumps Lyft-Backed Proposal to Tax Rich For EVs And Green Initiatives
- Uber called the increases “dramatic, unprecedented and unsupported hikes,” noting that earlier fare increases ranged from 1.46% to 5.34% and reflected inflation.
- Uber said the rule would force Uber to spend an additional $21 million to $23 million per month, a cost from which the company could not recover.
- Uber could alternatively offset the additional payments by increasing rider fares. However, the hike would result in a 10% increase for riders, which would depress the number of rides requested through the Uber platform.
- Uber said fewer requested rides translated into fewer opportunities for drivers’ income.
- The Challenged Rule could very well harm driver earnings, undermining the purpose of these regulations.
- Previously Uber appealed against California’s controversial law on the employment status of gig workers.
- Price Action: UBER shares traded higher by 0.19% at $26.60 premarket on the last check Monday.
Portage Biotech Provides Research And Development Update; Highlights Its Clinical Strategy For Its Adenosine And iNKT Platforms; Development Goals Are Focused On Producing Phase 1b/Phase 2 Efficacy Readouts In Multiple Tumor Types Over The Next Two Yea…
--The Company Highlights its Clinical Strategy for its Adenosine and iNKT Platforms--
--Clinical Development Goals are Focused on Producing Phase 1b/Phase 2 Efficacy Readouts in Multiple Tumor Types Over the Next
