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Uber strike in Vancouver: Video of live YVR airport protest

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Over 100 Uber and Lyft drivers gathered Wednesday (Feb. 14) near Vancouver International Airport (YVR) to protest working conditions and wages for an international day of “strike” action on Valentine’s Day.

In B.C. and across Canada, rideshare and food delivery drivers aren’t considered employees and aren’t part of a union. While they can’t hold an official strike, many of them have “gone dark” on their respective apps. In some cases, they plan to stay offline for 24 hours, while others plan not to provide services during the YVR protest.

The strike is held under the banner: “No love for Uber/Lyft this Valentine’s Day!”

Vancouverite Kuljeet Singh has worked as a gig driver for over four years and says drivers aren’t guaranteed to make B.C.’s minimum hourly wage and may still be blocked from working if a customer complains.

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“It is not a human telling you [that] you did something wrong…it is the algorithm or the app,” he told V.I.A. “No police complaint. No investigation…there’s no video, no discussion.”

After their account is blocked, drivers must appeal to Uber’s support team, which often involves a call outside of the country for two or three hours.

Uber spokesperson Keerthana Rang told V.I.A. ahead of the strike that the company was aware of the strike but the company isn’t expecting it to have a significant impact on operations.

“That’s because the vast majority of drivers are satisfied — earnings remain strong, and as of last quarter, drivers in Vancouver are making $36.03 during engaged time per hour before tips.”

She also said Uber drivers who participate in the protest will not be deactivated or reprimanded.

“Uber never spoke to us about the strike.”

But the protesting drivers said the company didn’t address their concerns ahead of the protest and many of them aren’t guaranteed to make minimum wage if rides aren’t available during a lengthy shift.

“Uber never spoke to us about the strike,” Singh told V.I.A. from Wednesday’s protest at the airport. “They never talked to us about this.”

The frustrated worker is one of many who say that B.C.’s major rideshare and food delivery companies have shortchanged workers, resulting in low wages and poor working conditions.

The large crowd gathered in the sunshine in Chester Johnson Park near YVR after 10 a.m. after they reportedly were told to move by airport staff.

People shouted: “We want our rights,” “We want fair pay”, “We need transparency,” “Shame on Uber,” “Shame on NDP,” “We need security,” and other chants throughout the demonstration.

Signs read things like “Independence equals poverty,” “Uber Sell Out,” “Honk to Support,” “Uber drivers on strike,” and other messages with worker demands and support slogans.

Singh said more drivers joined the crowd as the demonstration continued. He also spoke to drivers who were taking their services offline in support of the “strike” though they did not attend the gathering.

Uber/Lyft drivers want to be employees instead of “gig” workers

A Facebook group called BC(van) Uber/Lyft Drivers group, with upwards of 1,000 members, includes hundreds of drivers from across the Lower Mainland and many of them say they plan to join the protest. Singh streamed it live on the page.

Toronto-based Ejaz Butt, who is the secretary of the International Alliance of App-Based Transport Workers, says Canadian drivers are asking for several important changes.

Instead of being contract or “gig” workers, Uber and Lyft drivers want “employee status with a union.” Currently, a driver could be on a 12-hour shift but might only work for three hours — and they won’t be paid for the remaining time. This means they could end up making well below the minimum wage, Butt told V.I.A.

Drivers also say rideshare companies aren’t transparent about what the customer pays for the trip.

“We want data shared with full transparency,” he said.

Gig work includes paid work outside of traditional employment, including app-based ride-hailing and food-delivery work. These workers can typically set their hours.

The B.C. government has identified several issues with gig work over the past couple of years, including low and unpredictable wages, being cut off from the job without warning, and a lack of workers’ compensation coverage if injured on the job.

The Global Day of Strike against Transportation and Delivery Gig Corporations took place across cities across Canada, the United States, Mexico, and Britain on Feb. 14.

Lyft did not respond by V.I.A.’s deadline for comment on the story.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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