Study suggests most Uber, Lyft drivers in Seattle not poorly paid By Reuters


© Reuters. FILE PHOTO: A sign marks a rendezvous location for Lyft and Uber users at San Diego State University in San Diego

By Tina Bellon

(Reuters) – Most ride-hail workers in Seattle are part-time drivers whose earnings are roughly in line with the city’s median, a study of data provided by Uber and Lyft showed, defying some perceptions of drivers working full-time for little pay.

The Cornell University study, published on Monday, comes as lawmakers in several U.S. cities and states debate the future of the gig economy and whether workers should be treated as employees rather than independent contractors.

The study examined 14,000 drivers during one week in October 2019 and showed that 75% of Seattle drivers work fewer than 20 hours per week, with only 5% working full-time. The authors say it was the first time real-world data directly provided by Uber Technologies Inc (N:) and Lyft Inc (O:) has been analyzed.

The median driver earned roughly $23.30 per hour after expenses and including tips, compared with Seattle’s median of roughly $25.50. But 8% of drivers earned less than Seattle’s minimum wage of about $16, with that share significantly larger among those who drive only occasionally.

The companies paid to cover the university’s research-associated costs, but did not influence the study’s methodology or outcome, Louis Hyman, a Cornell professor and the lead author, said in an interview on Wednesday.

Hyman said the findings surprised him, as he expected most drivers to be seriously underpaid, but added policymakers might consider an earnings floor to address those making below minimum wage.

The Cornell study has been criticized by two researchers at the University of California, Berkeley, and New York’s New School, who also analyzed the Seattle ride-hailing market.

Using city data and a driver survey, the researchers found drivers net only about $9.70 an hour, with a third of all drivers working more than 32 hours per week. The researchers said Cornell wrongly included tips and excluded some of the time drivers spend waiting for a trip request.

Hyman responded that the other researchers wrongly calculated tax rates and said his study was based on comprehensive real-world data as opposed to a sample-sized survey.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Starbucks to pause paid advertising across social media to help stop hate speech By Reuters


© Reuters. A Starbucks store sign is shown during the coronavirus disease (COVID-19) outbreak in Valparaiso

(Reuters) – Starbucks Corp (O:) will pause advertising on all social media platforms as it explores the best ways to help stop the spread of hate speech, the company said in a statement on Sunday.

The company will “have discussions internally and with media partners and civil rights organizations to stop the spread of hate speech,” the statement https://stories.starbucks.com/stories/2020/creating-welcoming-and-inclusive-online-communities said.

A CNBC report https://www.cnbc.com/2020/06/28/starbucks-latest-company-to-pause-ads-across-social-media-platforms.html on Sunday added that this social media pause by Starbucks will not include YouTube, which is owned by Alphabet Inc’s (O:) Google. It will continue to post on social media without paid promotion.

It also said that though Starbucks is pausing advertising, it is not joining the “Stop Hate For Profit” boycott campaign, which kicked off earlier this month.

More than 160 companies, including Verizon Communications (N:) and Unilever Plc (L:), signed on to stop buying ads on Facebook Inc (O:), the world’s largest social media platform.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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My friends shame me for being 26 and making $105,000 — far more than they earn. ‘I secretly feel like I’m paid too much’


Dear Moneyist,

I have an old group of friends I’ve been close with for more than 15 years.

Two years ago, I graduated from college after struggling to get my undergraduate degree in computer science for eight years. I entered the workforce making what I knew to be a lot of money for someone my age. At 26, I make $105,000 a year. I’m incredibly lucky and privileged to do so.

My problem comes from one of my friends, in particular, who repeatedly shames me for my salary. I don’t recall if I’ve ever told her exactly how much I make, but she will occasionally say things like, “You make too much money” or, “You make more than enough to afford X.”

Also read: Why there are so few women in Silicon Valley

Recently, during a game night when given a funny prompt to draw (“I had too much money, so I bought this car”) she called on me. Some of her assumptions are right. I do secretly feel like I’m paid too much for what I do, and I know my salary has to do with the tech industry instead of my skill.

However, I want to be able to have open and honest conversations with these friends about navigating money as young adults. When I get a raise or a promotion at work I want to be able to celebrate with my friends, and not feel like they’ll judge me or make snide remarks about my salary.

How should I approach this friend? Should I accept that I’m privileged and lucky and stop sharing money related things with them all together?

Making Too Much

Dear Making,

Yes. That’s the short answer. Now for the long one:

You are worth $105,000 a year — and more. At twice that salary, I have no doubt that the value that you bring to your company still pales in comparison to the money they pay you. You don’t need your friends to believe in you for you to believe in yourself, or to know that you’re worth every penny.

It is my experience that it’s best to tell someone how you feel. When your friends make comments about your salary, even if they don’t know how much you make, ask them to stop and tell them why. You don’t have to make excuses for yourself. You don’t have to tell them how fortunate you feel.

Once you tell them how you feel, it’s up to them. Once you lay out your feelings, and ask them to leave any comments about your job and salary off the table, your job is done. They can respect your wishes or choose not to respect them. You can’t change them. Nor are you responsible for them.

And if they do not respect your wishes? Then you have a choice to make and that is when you are responsible for your own actions. You choose to stay and endure their slings and arrows or you excuse yourself and find other friends who will show you the respect that you deserve.

Also see: I received my ex-husband’s $1,200 stimulus check because we filed joint taxes in 2018. Should I give him the money or return it to the IRS

If someone talks negatively about your achievements or aspirations, or believes you’re not up to the job, or suspects they should be doing what you’re doing or earning what you’re earning, it has nothing to do with you. This is all about their insecurities, not yours. It’s really not your problem.

So don’t discuss your salary with your friends. You don’t even have to discuss work with these friends, if you don’t want to. If they ask you how much money you spent on a piece of clothing, remind them that you hate talking about money, and that you would rather not talk about it.

You should never have to apologize for being who are and/or for achieving what you have achieved. You have worked hard for this — and you should enjoy it. You are only accountable to yourself. If you are in a toxic situation, by all means ask yourself why you choose to remain in it.

I say that because there is another person whispering in your ear: Your saboteur. After you have spoken to your friends, turn your attentions to your saboteur. You can be far less diplomatic here. Tell her: “I am where I am because of who I am. Now do yourself a favor — and get lost!”

You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.

Want to read more?Follow Quentin Fottrell on Twitterand read more of his columns here

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group where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.





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Naomi Osaka overtakes Serena Williams as the highest paid female athlete in the world


Forbes released its annual list of the highest paid athletes on the planet, and some tennis players showed how lucrative the sport can be — especially when it comes to endorsements.

Naomi Osaka, 22, is the first female athlete on the list at no. 29, overtaking fellow tennis player Serena Williams as the highest paid female athlete in the world. Osaka earned $37.4 million thanks in part to deals with Nike, Nissan Motor and Procter & Gamble
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Williams, 38, is the only other woman on the list; she brought in $36 million, and is no. 33 on Forbes’s list.

And Roger Federer, 38, tops the entire list of highest paid athletes for the first time, with $106 million in earnings both on and off the court. Forbes says he has “the best endorsement portfolio in sports,” including deals with Uniqlo, Mercedes-Benz
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Credit Suisse, as well as 10 others.

Soccer stars Cristiano Ronaldo ($105 million), Lionel Messi ($104 million) and Neymar ($95 million) are right behind Federer with Los Angeles Laker star LeBron James ($88.2 million) rounding out the top five. Some of the top brands that helped these athletes get into the top five were
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Pepsi
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, Adidas
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, and Mastercard
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.

Here’s the list of the top 10 highest paid athletes, according to Forbes:

1) Roger Federer (tennis): $106.3 million

2) Cristiano Ronaldo (soccer): $105 million

3) Lionel Messi (soccer): $104 million

4) Neymar (soccer): $95.5 million

5) LeBron James (basketball): $88.2 million

6) Stephen Curry (basketball): $74.4 million

7) Kevin Durant (basketball): $63.9 million

8) Tiger Woods (golf): $62.3 million

9) Kirk Cousins (football): $60.5 million

10) Carson Wentz (football): $59.1 million

The youngest athlete on the list is 19-year old NBA star Zion Williamson at no. 57 with over $27 million in earnings.

Basketball players had 35 athletes in the top 100 — the next highest is football with 31 athletes, and soccer with 14 athletes.

The 100 top athletes earned a combined $3.6 billion this year, a 9% drop from 2019 as the coronavirus stopped many sporting events throughout the world.

Unlike salaries from soccer, baseball, and basketball, player salaries for football player were not impacted by the coronavirus because the NFL season has not yet started.



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Some are calling for a revival of the 2009 Cash for Clunkers program that paid up to $4,500 for old cars


As new vehicle sales plummet, is it time again for Cash for Clunkers? The prospect of such a program to jump-start retail sales with government incentives moves to the front burner in some quarters. Just over a decade ago, the federal government gave cash vouchers to owners with old cars if they’d scrap them in favor of a new vehicle.

Was Cash for Clunkers successful?

Back when the program made its debut on July 1, 2009, it was very popular and ran out of its initial $1 billion stake in just over a month. An additional $2 billion was authorized to keep it afloat until November. At the time, Autotrader observed that the program helped drive July’s shopper traffic on the site to over 15 million visitors.

It’s easy to see why the program was so popular. Participants could get $3,500 to $4,500 for their old vehicles, no matter the condition, as long as they were less than 25 years old with up-to-date registration. Cash for Clunkers sought to scrap older, less fuel-efficient cars and trucks in favor of new ones with better fuel economy and safety equipment.

Some estimate that Cars for Clunkers was responsible for removing more than 700,000 old cars and trucks from the road. Industry data suggests that removing so many vehicles led to an increase in used vehicle prices. Critics believe that scrapping otherwise running vehicles deprived the poor from access to safe, affordable, personal transportation.

How would a new Cash for Clunkers program work?

An industry voice calling for a new Cash for Clunkers program is Adam Jonas, an auto analyst for Morgan Stanley.
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He believes in several proposals, including a $5,000 government coupon to scrap a car. The payment may predicate on the vehicle having as much as 60% domestic content, costing less than $60,000 and a household income cap for recipients.

As before, the Cash for Clunker program is said to have benefits in removing old, fuel-inefficient cars and trucks off the road. In addition to getting better fuel economy, the new cars would also produce fewer emissions and offer the latest in safety equipment.

Why is Cash for Clunkers needed now?

Retail sales dropped precipitously during March, a trend that continued in April because of the inability of dealers to conduct retail sales. Only recently have new vehicle sales been reclassified as an essential service. Sales are continuing through innovative online programs that allow for virtual shopping and at-home deal completion through tools like Autotrader’s Dealer Home Services. Even as the economy reopens, there are signs that the downturn could continue as a result of job losses.

While some inventories may have grown due to production cuts and a drop in sales, it’s uncertain whether generous incentives will continue or whether the industry is prepared to handle pent-up demand if the economy turns around. It’s that uncertainty that’s behind the push for Cash for Clunkers.

Also see: 8 affordable new cars priced well below $20k

Analyst Jonas believes that the reconstituted program may be needed to get sales moving again. He told Barron’s that “we don’t think the [car makers] are going to fail the way some did back in 2008 and 2009. But the industry is going to need support.”

He projects that the government will spend more than the $3 billion the last time. “We’re expecting about $10 billion of stimulus that drives $50 billion of purchases and adds about four million of SAAR [seasonally adjusted annualized rate, a measure of car purchases] over a six-month period beginning in the fall and then into early 2021.”

Auto industry interest

So far, auto execs have been noncommittal to the program’s revival. Ford
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is said to be holding internal discussions on the possibility. Mark LaNeve, Ford’s vice president of U.S. marketing, sales and service, told Automotive News, “We think some level of stimulus somewhere on the other side of this would help not only the auto industry and our dealers, which are a huge part of our overall economy, but will help the customers as well. We’re in discussions about what would be the most appropriate.”

Also see: These 3 EVs are the lowest cost to own over 5 years

And: Ford posts $2 billion first-quarter loss, sees even bigger loss in next quarter

He added that “Cash for Clunkers was very effective at that time. It would be nice to think we could have something equally as effective for 2020 when we get out of this because it was a great program.”

Congress has yet to weigh in with a formal proposal, but Debbie Dingell, a Congresswoman whose district includes Ford headquarters, told Bloomberg: “It’s out there as an idea along with many other ideas. We’re working with the entire ecosystem of automakers, workers, their unions, suppliers, dealers and consumers.”



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