May 9, 2019

Uber settles with drivers over claims of being misclassified

Uber's mobile app icon. Photo: Ali Balikci/Anadolu Agency/Getty Images

On the eve of its IPO, Uber revealed in a new regulatory filing that it has settled with thousands drivers over their claims of being misclassified as independent workers, and expects to spend $146 million to $170 million on the agreements.

The big picture: At the same time, it also disclosed a new, similar legal challenge filed by drivers in Australia.

Why it matters: Much of Uber's (and Lyft's) business model depends on its drivers being contractors instead of employees, which would be costlier as it would have to provide them with benefits like health insurance. Both ride-hailing companies have fought numerous such lawsuits over the years.

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Peter Navarro defends hydroxychloroquine use in heated CNN interview

White House economic adviser Peter Navarro defended the use of anti-malarial drug hydroxychloroquine to treat coronavirus during a CNN interview Monday, highlighting "the possibility" that it has therapeutic efficacy.

Why it matters: Navarro did not deny reporting from Axios' Jonathan Swan that he got into a heated exchange in the White House Situation Room over the weekend with infectious disease expert Dr. Anthony Fauci about the drug's prospects against the illness.

Special report: Health care workers vs. coronavirus

Photo Illustration: Sarah Grillo/Axios. Photos: Angela Weiss/AFP via Getty Images, Bruce Bennett/Getty Images, and Europa Press News/Europa Press via Getty Images

Health care workers are at an especially high risk of catching the coronavirus, because of their prolonged exposure to patients who have it. Making matters worse, the U.S. doesn't have enough of the protective equipment, like masks and gloves, that keeps them safe.

  • And yet these workers, with loved ones of their own, keep showing up at hospitals across the country, knowing that more Americans than they can possibly care for are depending on them.
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Backed by the Fed, bond investors get bullish

Illustration: Sarah Grillo/Axios

The Fed's massive injections of liquidity have reopened much of the bond market, and after back-to-back weeks in which more than $100 billion flowed out of bond funds, investors have regained their bearings and now see opportunity.

What's happening: But after the hemorrhaging outflows relented last week, bulls may now be sticking their heads out a bit too far. Junk bond funds took in more than $7 billion for the week ended April 1, according to Refinitiv Lipper, setting a new weekly record.