Driver Strikes Set to Disrupt Ride-Sharing and Delivery Services on Valentine’s Day

Driver Strikes Set to Disrupt Ride-Sharing and Delivery Services on Valentine’s Day

Driver strikes are anticipated to sweep across the United States on Valentine’s Day, as thousands of drivers affiliated with ride-sharing giants like Uber (NYSE:UBER), Lyft (NASDAQ:LYFT) and food delivery app DoorDash (NASDAQ:DASH) demand fair compensation, according to driver advocacy groups.

The protests come on the heels of Lyft’s recent announcement of guaranteed weekly earnings for drivers, a move aimed at attracting more drivers to its platform. Lyft, scheduled to reveal its quarterly results soon, expressed its ongoing commitment to enhancing the driver experience.

These drivers, operating as independent contractors, allege that the platforms levy excessive commissions. Jonathan Cruz, a Miami-based driver associated with the Justice For App Workers coalition representing over 100,000 drivers, highlighted the scale of the upcoming strike, emphasizing its nationwide scope. While Uber downplays the significance of such actions, CEO Dara Khosrowshahi revealed that

U.S. drivers earned approximately $33 per utilized hour in the last quarter.

Despite some drivers joining these platforms to supplement their income, others rely on them as their primary source of livelihood. Nicole Moore, president of the Rideshare Drivers United union in California, criticized the adverse impact of algorithmic pricing on driver earnings, citing significant declines despite increased utilization.

Data from Gridwise indicates a notable decrease in Uber drivers’ monthly earnings in 2023, while Lyft drivers experienced a slight increase, underscoring ongoing concerns regarding driver compensation across the gig economy.

US Stock Futures Hold Steady After Record-Setting Week, Eyes on Economic Data and Earnings

US stock futures hinted at a relatively stable start to the trading week on Sunday evening, following a week marked by record-setting performances in the broader S&P 500 index.

As of 6:30 pm ET (11:30 pm GMT), Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures showed a slight decline of 0.1%.

Investors are gearing up for a week packed with significant economic data releases, including key CPI and PPI figures, retail sales data, and the Michigan consumer sentiment index.

Moreover, market participants will closely monitor speeches by several Federal Reserve officials, including Bowman, Barkin, Kashkari, Bostic, Barr, and Daly. These speeches often offer valuable insights into the central bank’s stance, influencing market sentiment.

Furthermore, the earnings season enters its fourth week, with notable companies such as Coca-Cola Co (NYSE:KO), Airbnb Inc (NASDAQ:ABNB), Zoetis Inc (NYSE:ZTS), Cisco Systems Inc (NASDAQ:CSCO), Applied Materials Inc (NASDAQ:AMAT), and Deere & Company (NYSE:DE) scheduled to report their financial results.

Last Friday, the S&P 500 closed above the historic 5,000 level, registering a gain of 0.57%. The NASDAQ Composite, focused on technology stocks, also saw a notable increase of 1.25%. Conversely, the Dow Jones Industrial Average experienced a slight decline of 0.14%, shedding 54.46 points.

In the bond market, the yield on United States 10-Year Treasury notes stood at 4.177%.

North Carolina Upgrades Financial Management with Oracle Cloud ERP

North Carolina has made a significant move towards modernizing its financial management system by transitioning to Oracle Fusion Cloud Enterprise Resource Planning (ERP). This transition marks a pivotal step in replacing an outdated mainframe system that has plagued the state’s agencies for 35 years, resulting in data silos and operational challenges.

Clayton Darnell, chief deputy state controller, highlighted the limitations of the legacy system, stating that it hindered operations by compartmentalizing critical data and requiring constant maintenance. The adoption of Oracle Cloud ERP is poised to revolutionize financial operations, promising greater efficiency and agility across state agencies.

Oracle Cloud ERP offers a comprehensive suite of financial management tools, including capabilities for financials, procurement, project management, and supply chain management. Additionally, the platform incorporates Oracle Cloud Enterprise Performance Management (EPM), which simplifies complex reporting and expedites decision-making processes.

Rondy Ng, executive vice president of Applications Development at Oracle, emphasized the importance for state agencies to embrace new technologies and foster a culture of continuous innovation to meet the evolving needs of constituents.

One of the key advantages of Oracle Cloud ERP is its self-updating feature, which ensures that customers receive the latest technologies every 90 days. This capability enables organizations to adapt swiftly to new business opportunities and stay ahead in a rapidly changing landscape.

Investing is like planting a money tree in the garden of financial growth. It’s the art of turning a single penny into a flourishing forest of wealth. But remember, just like tending to a garden, investing requires patience, a keen eye for opportunity, and the occasional pruning of bad choices. So, grab your watering can of knowledge, sprinkle some diversification, and watch your portfolio bloom into a bouquet of success. After all, in the garden of finances, the green thumb is the one that counts!