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“They approve the reasoning of the Employment Tribunal, which relied on a number of features of Uber’s working arrangements as being inconsistent with the driver having a direct contractual relationship with the passenger,” the Court of Appeal said in a summary. Uber said it would appeal the verdict, meaning the legal process will continue. “This decision was not unanimous and does not reflect the reasons why the vast majority of drivers choose to use the Uber app,” said a spokeswoman.
“We have been granted permission to appeal to the Supreme Court and will do so.”, Uber, which could be valued at $120 billion in a flotation, has faced protests, regulatory crackdowns and license losses around custom cufflinks near me the world as it challenges existing competitors and rapidly expands, In Britain, the self-employed are entitled to only basic protections such as health and safety, but workers receive the minimum wage, paid holidays and rest breaks, Uber has introduced a number of benefits for drivers this year..
Unions argue that the gig economy - where people often work for various firms at the same time without fixed contracts - is exploitative, whilst Uber says its drivers enjoy the flexibility and on average earn much more than the minimum wage. Uber says its practices have been widely used for decades in Britain by minicabs, private hire vehicles which cannot be hailed in the street like traditional black taxis. The Independent Workers Union of Great Britain, which backed the two drivers in the case, attacked Uber for appealing court decisions which have gone against the firm.
WASHINGTON (Reuters) - U.S, home sales unexpectedly rose in November, but recorded their biggest annual decline in 7-1/2 years as the housing market remained mired in weakness amid higher mortgage rates which have custom cufflinks near me made home purchases more expensive, There are concerns that the persistent housing market weakness could spill over to the broader economy, which continues to be bolstered by robust consumer spending, The Federal Reserve raised interest on Wednesday for the fourth time this year and forecast fewer rate hikes next year..
The U.S. central bank made no mention of the housing market in a statement accompanying its rate decision. “The trend in housing is clearly slowing as affordability takes a bite,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. The National Association of Realtors said existing home sales increased 1.9 percent to a seasonally adjusted annual rate of 5.32 million units last month. October’s sales pace was unrevised at 5.22 million units. Sales have now increased for two straight months.
Economists polled by Reuters had forecast existing home sales falling 0.6 percent to a rate of 5.20 million units in November, But in November, existing home sales, which make up about 90 percent of U.S, home sales, tumbled 7.0 percent from a year ago, custom cufflinks near me the largest annual drop since May 2011, Sales are down 2.3 percent in the first 11 months of 2018 compared to the same period last year, In addition to the higher mortgage rates, the housing market is being constrained by land and labor shortages, which have led to tight inventory, Though house price inflation has slowed significantly, it continues to outpace wage growth, sidelining some first-time homebuyers..
A survey on Monday showed confidence among single-family homebuilders dropped to more than a 3-1/2-year low in December. Single-family homebuilding dropped to a 1-1/2-year trough in November, government data showed on Tuesday. The dollar trimmed losses against of a basket of currencies after the Fed’s rate decision, while U.S. Treasury prices were mostly higher. Stocks on Wall Street gave up earlier gains. A separate report from the Mortgage Bankers Association on Wednesday showed applications for loans to purchase a home tumbled almost 7 percent last week from the previous week.
The decrease in applications came despite the 30-year fixed mortgage rate falling to a three-month low, But at 4.63 percent, the 30-year fixed mortgage rate is more than 60 basis points higher than it was at the end of 2017, “We think the drag from rates will persist into 2019,” said Daniel Silver, an economist at JPMorgan in New York, Last month, existing home sales rose in the Northeast, Midwest and populous South, They fell in the West, which the custom cufflinks near me NAR said was experiencing a marked shift from very fast sales and exorbitant prices to slowing demand and price growth..