Uber Technologies, Inc. (UBER) NYSE – Nasdaq wins the license deal to resume operating in London, but only for 18 months. That’s great news for drivers and customers. However, there is still more legal ramifications for the company as A group of U.K. Uber drivers in London, Nottingham, Glasgow, and Birmingham started a legal challenge against the company’s subsidiary in the Netherlands.
Analyst Price Target on UBER
$42.09 ▲ (18.20% Upside)
Based on 26 analysts offering 12 month price targets for Uber Technologies in the last 3 months. The average price target is $42.09 with a high forecast of $50.00 and a low forecast of $34.00. The average price target represents a 18.20% increase from the last price of $35.61. Source Tip Ranks
The complaints allege access to personal data and algorithmic accountability. The complaint entails the company is not complying with the GDPR. The App Drivers and Couriers Union (ADCU) cautiously welcomes the decision of the Westminster Magistrates Court to renew Uber’s license thus securing the jobs of 43,000 drivers employed by Uber. However, the ADCU believes lessons must now be learned by Uber and Transport for London if we are not to see yet another repeat of this licensing decision making crisis.
The App Drivers and Couriers Union (ADCU) cautiously welcomes the decision of the Westminster Magistrates Court to renew Uber’s license thus securing the jobs of 43,000 drivers employed by Uber. However, the ADCU believes lessons must now be learned by Uber and Transport for London if we are not to see yet another repeat of this licensing decision making crisis.
Uber deducts 25% of all fares from drivers and in return is responsible for making sure all operations are in full compliance with the law. Uber’s continuous failure to meet its obligations has threatened the livelihoods of 43,000 vulnerable workers most of whom are already earning well below the minimum wage. Yaseen Aslam, President of ADCU said:“Uber drivers pay the company 25% of every fare and in return are entitled to expect the company to operate the business in a safe and compliant manner. Instead Uber has put profit first and placed the livelihood of 43,000 workers at risk. It is time for the Mayor of London to break up the Uber monopoly by limiting the number of drivers allowed to register on the Uber platform. The reduced scale will give both Uber and Transport for London the breathing space necessary to ensure all compliance obligations – including worker rights – are met in future.” Source: ADCU
California Prop 22
In other news very important California elections coming up on the ballot. Proposition 22,is the official the App-Based Drivers as Contractors and Labor Policies Initiative is a California ballot proposition that will appear on the ballot for the general election on November 3, 2020.
WHAT YOUR VOTE MEANS
YES, A YES vote on this measure means: App-based rideshare and delivery companies could hire drivers as independent contractors. Drivers could decide when, where, and how much to work but would not get standard benefits and protections that businesses must provide employees.
NO, A NO vote on this measure means: App-based rideshare and delivery companies would have to hire drivers as employees if the courts say that a recent state law makes drivers employees. Drivers would have less choice about when, where, and how much to work but would get standard benefits and protections that businesses must provide employees.
PROYes on 22 PROTECTS app-based drivers’ choice to be independent contractors—by 4:1 margin drivers support independence! • SAVES rideshare, delivery services & hundreds of thousands of jobs • PROVIDES drivers new benefits, earnings guarantee • STRENGTHENS public safety • ENDORSED by overwhelming majority of drivers, community, public safety, small business groups • VoteYesProp22.com
CON No on 22 stops billion-dollar app companies like Uber, Lyft, and DoorDash from writing their own exemption to California law and profiting from it. 22 denies their drivers rights and safety protections they deserve: sick leave, healthcare, and unemployment. Companies profit: exploited drivers lose rights and protections. Vote NO.
FOR ADDITIONAL INFORMATION
Yes on 22—Save App-Based Jobs & Services
No on Prop 22, Slam the Brakes on Uber, Lyft and DoorDash
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