What’s going on? Uber lost a major UK Supreme Court ruling (which has last for 5 years), forcing it to treat the 25 riders, who brought the case, as employees. What does that mean? Uber famously treats its drivers as freelancers, but this court ruling means it’ll have to treat, at least 25 of them,…
Tag: uk
Ep 127: The US Economic aid package
What’s going on? Despite taking more than half a year and deteriorating of some many economic indicators, the US government finally put together a $900 billion coronavirus economic aid package. What does this mean? It’ll become the second-biggest economic rescue measure in the US’s history – second only to the $2 trillion aid package passed…
Ep 121: Global Oil Demand Forecast Cut
What’s going on? The International Energy Agency (IEA) cut its forecast for global oil demand, despite the recently announced vaccine. What does this mean? Oil’s price has been rising since Pfizer and BioNTech reported the success of their coronavirus vaccine trial, renewing hopes for an uptick in demand. But the IEA doesn’t expect demand to rise significantly till late…
Journal Report 4: The British Pound As Brexit Approaches
What’s going on here? When it came to the switch from currencies to the euro, the Germans gave up their Deutsche mark, the French franc disappeared, and the Dutch guilder was no more, the Greeks gave up their drachma, and the Italians retired the lira. However, the British pound remained the currency of choice for…
Ep 64: Thomas Cooked
What’s going on here? Thomas Cook, the world’s oldest travel company, has abruptly shut down, leaving 500,000 stranded passengers around the world feverishly Googling “max number of days it’s ok to wear the same socks.” All 21,000 of its employees’ jobs at risk. FYI: The 178-year-old U.K.-based firm specialized in low-cost package vacations, bundling flights and accommodations in over…
Ep 26: Tesco Eats It
What’s Going On Here? Tesco (UK’s 100-year-old largest retailer), reported weaker-than-expected sales growth thanks to a rotten grocery market. What Does This Mean? Tesco’s UK sales grew only 0.4% last quarter (down from 1.7% in the previous one). Sales in central Europe fell by 5%. Tesco (like other retailers) pointed to the weather: an unseasonably cold May and the previous hottest-since-records May was a…
Ep 22: Sinking Island
What’s Going On Here? The UK’s manufacturing output in April fell by the most in over 17 years; The British economy shrank. What Does This Mean? British manufacturing production in April fell by 3.9% compared to March. Brexit was partly to blame. With the UK initially planning to leave the EU in March, companies stockpiled goods in anticipation of potential supply shortages, helping…
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