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Tag: economy

California passes landmark gig economy rights bill

California passes landmark gig economy rights bill

Business
California lawmakers have passed a bill that paves the way for gig economy workers to get holiday and sick pay.Assembly Bill 5, as its known, will affect firms like Uber and Lyft, which are based in California and depend on those working in the gig economy.Some estimates suggest costs for those firms would increase by 30% if they have to treat workers as employees.But opponents of the bill say it will hurt those people who want to work flexible hours.If it is signed into law, the bill will change how employees are treated in the gig-economy, which has been a cornerstone of the model adopted by ride-hailing firms and food delivery apps.But California state senator Maria Elena Durazo said underpaying workers wasn't innovative. Assembly Bill 5 would put into...
UK’s economy back in growth, though recession risk remains

UK’s economy back in growth, though recession risk remains

Business
By James Sillars, business reporter The UK economy recorded growth of 0.3% in July, boosting hopes that a pre-Brexit recession can be avoided.According to the Office for National Statistics (ONS), UK output bounced back from zero growth the previous month thanks to a partial recovery in the dominant services sector. However, the number-crunchers warned of a weaker underlying picture for services, which account for 80% of the economy, across the remainder of 2019. ...
Trump considers new tax cut to boost US economy

Trump considers new tax cut to boost US economy

Business
President Donald Trump has confirmed he is considering a new, temporary payroll tax cut to help boost the US economy.White House officials had earlier dismissed reports that the administration was discussing the move.But speaking to reporters, the president said a "payroll tax is something that we think about, and a lot of people would like to see that".US workers pay payroll taxes on their earnings to finance health insurance, social security, and pensions.Mr Trump has been talking up the US economy in recent days amid growing unease about a potential recession. "We're very far from a recession," he told the reporters.A strong economy is seen as key to his re-election prospects in 2020, but continuing trade tensions with China have sparked concerns about...
UK economy shrinks for the first time since 2012

UK economy shrinks for the first time since 2012

Business
Media playback is unsupported on your device The chancellor has told the BBC that he does not expect the UK to slide into recession after data showed the economy shrank by 0.2% between April and June.Sajid Javid was speaking after the Office for National Statistics said the economy had contracted for the first time since 2012.The surprise decline came after Brexit stockpiles were unwound and the car industry implemented shutdowns.The pound sank after the data was released, raising fears of a recession.Against the dollar sterling fell to $ 1.2025. Against the euro, it dropped throughout the day to €1.0736, a level not seen since the global financial crisis a decade ago.Rob Kent-Smith, head of GDP at the ONS, said manufacturing output fell and t
Manufacturing in worst decline for six years as economy fears deepen

Manufacturing in worst decline for six years as economy fears deepen

Business
By John-Paul Ford Rojas, business reporter Britain's manufacturing sector suffered its worst month since 2013 in June as it endured a hangover from Brexit stockpiling earlier in the year, according to new figures.The downturn - also blamed on reduced exports amid a global slowdown - prompted factory employers to cut jobs for the third month in a row and added to fears over the wider economy. It comes after the Bank of England recently cut its UK growth forecast for the second quarter to zero, as no-deal Brexit fears and the US-China trade war weigh on demand.Other forecasters think UK GDP is likely to have shrunk in the April-June period.The latest reading of 48.0 from the closely-watched IHS Markit/CIPS manufacturing purchasing managers' index (PMI) ...