economy | Common News Update

Feb192021 by adminNo Comments

Uber loses Supreme Court battle on drivers’ rights in gig economy test

Technology

Uber has lost its battle in the Supreme Court over drivers' rights - a decision that could have far-reaching implications for millions of people in the gig economy.Following a lengthy legal fight, the UK's highest court ruled against the taxi app firm and concluded drivers should be classed as workers, not independent third-party contractors, which means they are entitled to basic employment protections, including minimum wage and holiday pay. The victory paves the way for drivers to claim compensation running into thousands of pounds.Yaseen Aslam, co-lead claimant and App Drivers & Couriers Union president said: "I am overjoyed and greatly relieved by this decision which will bring relief to so many workers in the gig economy who so desperately need it."Co-lead claimant James Farrar, ...

Feb122021 by adminNo Comments

Chancellor’s priority revealed as economy suffers deepest annual slump since 1709

Business

The chancellor says his priority remains protecting jobs as official figures showed the coronavirus crisis had dealt the worst blow to the economy since the Great Frost of 1709.The Office for National Statistics (ONS) said early estimates, subject to revision, suggested that gross domestic product (GDP) tumbled by 9.9% in 2020. Live COVID updates from the UK and around the world Image: Scores of businesses including restaurants and pubs endured a miserable 2020 It was a consequence of large parts of the economy being placed in hibernation through unprecedented lockdowns and other restrictions on normal activity as efforts to contain COVID-19 took their toll on output.The figures showed a fightback from the record quarterly slump betw...

Jan182021 by adminNo Comments

Despite pandemic, China’s economy grew 2.3% in 2020

World

Jan. 18 (UPI) -- China's economy grew faster than expected last year, making it one of the only major economies to see expansion amid the COVID-19 pandemic. The National Bureau of Statistics of China on Monday reported gross domestic product increased by 2.3% compared to 2019 as countries worldwide struggled due to lockdowns and border closures put in place to stamp out spread of the coronavirus. Advertisement "The performance was better than we expected," Ning Jizhe, head of the bureau, said during a press conference. The Asian nation was the original epicenter of the virus, which first emerged in its central Wuhan city in December 2019 before spreading the world over. In the first three months of the year, China posted a 6.8% contraction, its first on record, as it placed cities with p...

Jan142021 by adminNo Comments

German economy shrank 5% in pandemic year 2020

World

The German economy shrank by 5% in the pandemic year 2020ByThe Associated PressJanuary 14, 2021, 9:49 AM• 2 min readShare to FacebookShare to TwitterEmail this articleFRANKFURT, Germany -- The German economy shrank by 5% in the pandemic year 2020, bringing to an end a decade of growth as lockdowns wiped out much business and consumer activity.The pandemic downturn was smaller than that experienced during 2009, when the economy shrank by 5.7%The state statistics office Destatis said Thursday that only the construction sector showed an upturn as industry and services saw deep declines. Agriculture, financial services, real estate and information and communication suffered smaller declines.Industry fell 9.7% while services including cultural and sporting events, which have suffered widespread...

Jan112021 by adminNo Comments

Chancellor: UK economy will get worse before it gets better

Business

The chancellor has warned that there are tough times ahead for the UK economy as it struggles through a third national lockdown.In an update to MPs on Monday, Rishi Sunak said: "We should expect the economy to get worse before it gets better." Mr Sunak said restrictions placed on people and businesses were necessary to limit the spread of the coronavirus but that they would also have a "significant" economic impact.Last week the chancellor launched a £4.6bn support package for businesses and he has previously announced emergency help for the economy worth £280bn.The latter figure includes the job protection and furlough scheme which is to run until the end of April. ...