SURREY (NEWS 1130) — Uber says they are not backing down, despite threats from Surrey’s bylaw office to stop ride hailing operations in the city.
In a statement released to NEWS1130, Uber says, “The Passenger Transportation Board and the provincial government have given Uber all necessary licences authorizing Uber to continue operating across Metro Vancouver and in the City of Surrey.”
It adds, “We look forward to working with all Councils on a path forward for the regional licencing of this new industry.”
— Tarnjit Parmar (@Tarnjitkparmar) January 25, 2020
Some councillors speculate the directive came straight from Mayor Doug MacCallum, who has been a vocal opponent of ride-hailing.
In a statement Friday morning, McCallum said provincial approval of Uber and Lyft hasn’t changed his stance.
“What continues to be my chief concern is the unfair advantage that has been created without any regard as to how it will impact those who are employed in the taxi industry,” he explains.
“It is no secret that a large percentage of cab drivers live in Surrey and the modest wages they earn go to support their families.”
McCallum argues the taxi industry already meets all the needs of passengers.
RELATED ARTICLE: Letter demanding Uber stay out of Surrey unexpected, unrealistic, undemocratic: councillor
Following the approval of Lyft and Uber services, Premier John Horgan said the approval from the province means Uber and Lyft can’t be kept out of Surrey.
“Our legislation makes it pretty clear that they can’t,” Horgan says.
“I respect Mr. McCallum’s view on this, but we can’t restrict activities in Surrey as opposed to Coquitlam, or Richmond. These companies will be able to operate in the Lower Mainland, they will be permitted by the Passenger Transportation Board and our legislation provides for that.”
In November 2018, the provincial government passed a ridesharing legislation in which it particularly prevented municipal governments from prohibiting ridesharing vehicles.
Stock market news live updates: Stocks close higher, S&P 500 snaps 5-day losing streak – Yahoo Canada Finance
U.S. stocks rose Thursday, stymieing this week’s rout across equities from stretching into another day after rate jitters and recession chatter hampered a seasonally bullish period for Wall Street.
The S&P 500 (^GSPC) climbed 0.8% after five straight days of losses, while the Dow Jones Industrial Average (^DJI) bounced 180 points, or also about 0.5%. The technology-focused Nasdaq Composite (^IXIC) advanced 1.1% after the index had its worst first week of December since 1975, per data from Bespoke Investment Group.
In other markets, U.S. Treasuries held steady after the 10-year yield slid below 3.5% to a nearly three-month low. Oil fell, with the commodity plunging more than 10% this week to trade near year-ago levels. West Texas Intermediate (WTI) crude futures closed around $72 per barrel.
Meanwhile, filings for unemployment insurance rose slightly last week. Initial jobless claims, the most timely snapshot of the labor market, came in at 230,000 for the week ended Dec. 3, an increase of 4,000 from the previous week’s revised level, Labor Department figures showed Thursday.
Shares of Rent the Runway (RENT) surged 74% after the company raised its full-year revenue forecast and reported results that beat Wall Street estimates. CEO Jennifer Hyman also said the company’s restructuring plan was “substantially complete” and will focus on “substantially improving cash burn” in the future.
Another round of earnings is on the docket for traders after the bell Tuesday, with headliners including Broadcom (AVGO), Costco (COST), Lululemon (LULU), and DocuSign (DOCU) on deck to report. Costco is Yahoo Finance’s Company of the Year.
Investors are nearing the Federal Reserve’s highly anticipated last rate-setting meeting of 2022 next week. U.S. central bank officials are scheduled to convene Dec. 13-14 and expected to lift their benchmark interest rate by 50 basis points.
While the Fed’s next policy move is largely priced in, uncertainty remains around how high the key policy rate will need to go, how long the U.S. economy will weather a higher interest rate environment, and whether it may trigger a recession. Wall Street’s big banks, along with traders, are pricing in a pause at around 5%, but some have warned rates can go higher if economic and labor market momentum keeps at the current pace.
“We do not yet think the Federal Open Markets Committee is ready to signal the end of rate hikes is coming soon, but mathematically with the dot plot in hand, the December step toward ‘sufficiently restrictive’ will put them just 75 bps away from the Summary of Economic Projections’ (SEP) median terminal rate,” UBS economist Jonathan Pingle said in a recent note. “The Chair seems likely to remind everyone that the SEP is not a commitment, and depends on how the economy and data unfold.”
More price data is due out ahead of the meeting and will offer traders – and Fed officials – a snapshot of where inflation is trending. The Producer Price Index (PPI), a measure of inflation at the wholesale level, is set for release on Friday, while the all-important Consumer Price Index (CPI) is due out on Tuesday, day one of the Fed meeting.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Key inflation measure shows price pressures cooled off in November, but remain high – CNN
Another key inflation measure shows price pressures cooled off but remained stubbornly high in November, despite the Federal Reserve’s monthslong efforts to fight inflation through higher interest rates.
The Producer Price Index, which measures prices paid for goods and services by businesses before they reach consumers, rose 7.4% in November compared to a year earlier, the Bureau of Labor Statistics reported Friday. That’s down from the revised 8.1% gain reported for October.
US stocks fell immediately after the report, as economists surveyed by Refinitiv had expected wholesales prices to have risen just 7.2%, annually. The higher-than-expected inflation readings raised concerns about whether the Fed will be able to slow the pace of rate hikes.
But futures for the Fed funds rate still show a strong likelihood of a half-point increase at the central bank’s policymaking meeting next week, rather than the three-quarter point hike instituted at the last four meetings.
The PPI report generally gets less attention that the corresponding Consumer Price Index, which measures prices paid by US consumers for goods and services. But this is a rare month in which the PPI report came out before the CPI report, which is due out Tuesday.
That and the Fed meeting scheduled for Tuesday and Wednesday next week is making this inflation report of particular importance to investors.
“Next Tuesday’s CPI release will be more important than today’s data, but with traders on edge, any indication that prices remain elevated and that inflation is more sticky than currently believed is a negative for markets,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.
Overall prices rose a seasonally adjusted 0.3% compared to October — the same monthly increase as was reported in both September and October — but were slightly higher than the 0.2% rise forecast by economists.
Stripping out volatile food and energy prices, core PPI rose 6.2% for the year ending in November, down from the revised 6.8% increase the previous month. Economists had forecast only a 5.9% increase.
Core PPI posted a 0.4% increase from October, a far bigger rise than the revised 0.1% month-over-month rise in that previous month, and twice as big as the 0.2% rise forecast by economists.
Keystone pipeline temporarily closed following Kansas oil spill
The energy company in charge of the pipeline has not said what caused the spill or how much oil was released.
The Keystone pipeline has halted operations following an oil spill into a creek in the United States state of Kansas. The pipeline carries more than 600,000 barrels of oil from Canada to the Texas Gulf Coast each day.
Canada-based TC Energy said in a press release that it shut down the pipeline on Wednesday night in response to a drop in pipeline pressure. The company has yet to offer information on the scale and cause of the spill.
“The system remains shut down as our crews actively respond and work to contain and recover the oil,” the release said.
The spill resulted in oil leaking into a creek in northeastern Kansas and the company has said they were using machinery to prevent the oil from moving further downstream. Pipelines have long spurred concerns about the destructive potential of oil spills.
Another pipeline previously proposed by TC, the Keystone XL pipeline, would have been 1,930 kilometres (1,200 miles) long and cut across US states such as Montana, South Dakota and Nebraska.
That proposal spurred strong opposition from advocates who said it would increase the chance of spills, undermine the rights of Indigenous communities and worsen climate change.
Former President Donald Trump approved a permit for the contentious project in 2017 but a court halted construction in 2018 before the permit was cancelled by President Joe Biden’s administration last year.
TC finally abandoned the effort in June 2021 but has since filed a claim seeking remuneration for losses it says it faced because of the cancellation.
The spill on Wednesday occurred several years after the Keystone pipeline leaked about 1.4m litres (383,000 gallons) of oil in eastern North Dakota in 2019.
As word of the shutdown spread on Wednesday, oil prices ticked upwards by about five percent.
“It’s something to keep an eye on, but not necessarily an immediate impact for now,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which tracks gasoline prices, according to the Associated Press. “It could eventually impact oil supplies to refiners, which could be severe if it lasts more than a few days.”
In their statement, Keystone said their primary focus was the “health and safety of onsite staff and personnel, the surrounding community, and mitigating risk to the environment through the deployment of booms downstream as we work to contain and prevent further migration of the release”.
Previous Keystone spills have resulted in stoppages that lasted up to two weeks. However, analysts have noted that the current stoppage could possibly last longer because it involves a body of water.
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