Uber and Lyft drivers are suing New York State for unemployment benefits.
Four drivers from Uber and Lyft, along with a law group called the New York Taxi Workers Alliance, filed a federal court complaint against Governor Andrew M. Cuomo and the state Department of Labor, saying the state had illegally failed to pay benefits to drivers in a timely manner.
The lawsuit says drivers should wait months to receive unemployment benefits, if they do, compared to the two to three weeks the state has said are typical of other workers. The plaintiffs are seeking an injunction demanding that the State pay their benefits and the benefits of other drivers to whom they are owed immediately.
Some drivers are being directed to a federal pandemic assistance program aimed at contractors, although the state considers them employed and conventional unemployment benefits would pay them much more. According to the lawsuit, a major problem is that the state has not forced Uber and Lyft to provide worker earnings data that employers should normally provide.
An Uber spokesman said the company provided the state with the requested earnings data, but he declined to elaborate whether the data would be sufficient to promptly calculate unemployment benefits. Lyft said the company was working with the state to provide access to earnings data.
Jack Sterne, a Cuomo government spokesman, said: "During this pandemic emergency, we have moved heaven and earth to get every unemployed New Yorker their benefits as quickly as possible – including Uber and Lyft drivers."
The New York Stock Exchange's trading floor reopened on Tuesday, albeit with a small number of heads, to allow space for social distance measures to remain in effect. Governor Andrew M. Cuomo rang the opening bell to mark the start of negotiations at 9:30 am
Trading brokers and trading staff will be allowed to return, while designated market makers – the specialized traders who buy and sell to "market" certain securities – will continue to operate remotely.
Returners must comply with a number of restrictions to regain access to the floor, including avoiding public transport, undergoing temperature checks at the entrance and wearing a face mask. They are also expected to maintain a social distance of two meters and avoid physical contact, such as shaking hands.
The ability to trade electronically drowned out the impact of the market's closing of more than two months of trading, one of the most significant interruptions in trading operations since 1914, when it closed for about four months when the United States entered the First World War.
At that time, trading was the only way to trade shares listed on the stock exchange. But the minimum volume has dropped from about 70% of all New York Stock Exchange trading activities in the early 1990s to less than 20%, according to academic studies.
But even that probably exaggerates the impact of the floor. In the past decade, the New York Stock Exchange's share in American stock trading has dropped from 80% to around 24%, with US shares now being shared by 12 public exchanges and many other non-public locations.
This means that the share of shares that is actually affected by the New York Stock Exchange's meat and bone traders is very small – as little as 1%, according to a recent study.
Americans are feeling worse about the present, but a little better about the future than they were a month ago, according to a survey by the Conference Board.
After two months of decline, with the coronavirus pandemic forced to widespread crashes, the consumer confidence index increased slightly this month in a preliminary reading, as "the gradual reopening of the economy helped to improve consumers' spirits," said the research group on Tuesday.
"While the decline in confidence appears to have stopped at the moment, the uneven path to recovery and the potential second wave are likely to keep a cloud of uncertainty hanging over consumers' heads," said Lynn Franco, senior director of economic indicators for the council.
The share of respondents who say that business conditions are good decreased from 19.9% to 16.3%, while those who say that conditions are bad increased from 45.3% to 52.1%. 43.3% said they expected trade conditions to improve in the next six months, up from 39.8%, while those who expected a decline decreased to 25.4%, to 21.4%.
Wall Street's focus was on the economic recovery on Tuesday, and stocks rose along with oil prices.
The S&P 500 rose almost 2%, with the shares of the companies most likely to benefit from lifting restrictions on travel and trade. Shares in Delta Air Lines, United Airlines and other major carriers have increased, as has Marriott International.
Oil prices rose all month, with the restart of factories and the resumption of travel, raising expectations that demand would increase. On Tuesday, intermediate Texas oil in West Texas rose 1% more, and shares in energy companies like Chevron and Halliburton were also higher.
It was a turbulent period for stocks, with the S&P 500 alternating between gains and losses daily last week, as expectations of a possible recovery from the coronavirus pandemic faced the reality that the damage is still serious and is likely to continue for some time.
News of progress in vaccine development – even on a small scale and at an early stage – was a factor that fueled the gains.
Tuesday was no exception, after the biotechnology company Novavax said on Monday, it was starting testing its vaccine in humans, with preliminary results expected in July. On Tuesday, pharmaceutical giant Merck said it bought the rights to develop a potential drug that has "potent antiviral properties against various strains of coronavirus" and was also starting to work on vaccine candidates.
The reopening of companies was another. A largely symbolic opening on Tuesday was that of the New York Stock Exchange. A small number of traders were returning to the stage, wearing masks and following rules of social distance, the exchange said.
Shares in Europe and Asia were also higher on Tuesday, with investors ignoring negative news, such as mounting tensions between the United States and China and the fuel political situation in Hong Kong. Instead, they focused on Japanese leaders gradually raising emergency measures there, while European leaders also moved to ease travel restrictions.
But any gains are susceptible to a sudden change in sentiment if the reopening results in new outbreaks or new concerns about the longevity of the economic downturn.
Here are the business news to watch this week.
Companies Software companies that have benefited from the move to remote work are expected to report robust gains: Box and Workday on Wednesday, and Salesforce and Zscaler on Thursday.
Space SpaceX's first manned flight is scheduled to launch on Wednesday from Kennedy Space Center in Florida. The Falcon 9 rocket will take two astronauts to the International Space Station, the culmination of 10 year effort to restart America's space program.
Habits Pandemic buying habits have been good for retailers like Costco, Dollar General and Dollar Tree, which report gains on Thursday.
🛍😱 Disconnections were less gentle with clothing and accessories retailers like Ralph Lauren, who posted earnings on Wednesday, and Abercrombie & Fitch, Burlington Stores, Nordstrom and Ulta Beauty, who reported results on Thursday.
Judge️ A judge in Vancouver is expected to announce on Wednesday whether Meng Wanzhou, the CF. Huawei, may be extradited to the United States to face charges of fraud. She was arrested in Canada in December 2018.
The European Central Bank warned on Tuesday that the pandemic could create huge aftershocks in the financial system, destabilizing banks, as well as highly indebted companies and governments.
So far, banks have resisted the crisis, mainly because regulators have forced them to reduce their dependence on borrowed money after the financial crisis and recession in 2008, the central bank said in its annual survey on the health of the financial system in the zone. euro.
But it is too early to appear clear, the report said. Eurozone banks are affected by low profitability and the stock market values them at only a third of the book value of their assets. Creditors such as BBVA in Spain or Société Générale in France recorded huge losses in the first quarter of 2020, while others like Deutsche Bank were just unprofitable.
The central bank praised governments for quickly implementing tax cuts and other measures to help businesses and consumers survive the loss of income. But the central bank also warned that the economic stimulus will leave governments with much greater debt, which could be a huge burden in the future.
The Department of Health and Human Services has disbursed $ 72 billion in donations since April to hospitals and other health service providers through a program that was part of the CARES Act economic stimulus package. The money was intended to prevent them from capsizing during the coronavirus pandemic.
So far, wealth is flowing largely to hospitals that had already accumulated deep financial reserves to help them weather an economic storm. Smaller and poorer hospitals are receiving small amounts of federal aid in comparison.
This spring, the Providence Health System, one of the country's largest and richest hospital chains, received at least $ 509 million in government funds, one of the many rich beneficiaries of a bailout. A Providence spokeswoman said the donations helped make up for the coronavirus losses.
Twenty major recipients, including Providence, have received a total of more than $ 5 billion in the past few weeks, …