Oct 8, 2018

Next challenge for the gig economy: wage stability

A London Uber user hails a ride. Photo: Leon Neal/Getty Images

We previously reported that the gig economy has not been living up to some of its grand promises, with ride-hailing drivers making 53% less now than in 2014.

Driving the news: Another danger of the gig model is income instability, with workers raking in $1,000 one week and a mere $100 the next.

What's going on: An Irish startup called Trezeo, which has caught the attention of London VCs and MIT academics, thinks it can provide security for those gig workers by collecting all their money and paying it back out to them in steady paychecks.

  • For a flat fee, Trezeo also offers "income advances" so customers can pick up quick cash in emergencies.
  • The startup just won a grant from MIT to scale its business and plans to move next into pensions and mortgages for gig workers.

Go deeper

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 8 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.