Today we are watching…
1. Uber (#uber)
California is trying to re-write the rules of the gig economy by pulling its foundations from underneath it. The state believes these contracts are just a new way to underpay workers, but Uber and its peers argue that nobody is forced to take a gig if the math doesn’t work for them. “If you’ve got some extra time and a vehicle, the gig economy gives you a side job!” they say. Unfortunately for Uber, a judge Los Angeles isn’t convinced, and has rejected its request to pause a new bill that reclassifies workers as employees. There’s a social science here for investors to pre-empt. The only group capable of changing a politician’s mind are the voters, so will the masses raise their voice?
2. International Airlines Group (#iag)
A British Airways flight just touched down in London from New York, flying at the fastest subsonic speed ever recorded by a commercial aircraft. 3,451-miles across the pond were completed almost two hours earlier than expected, the plane travelling as quickly as 825mph in four hours and six minutes thanks to tailwinds from Storm Ciara! Airlines love to flaunt their reliability, especially as flight schedules are one of a customer’s first concerns when choosing which carrier to book with. British Airways, owned by IAG, has cancelled all flights to and from China due to the coronavirus. Will flyers appreciate that, or will they lament the new flight schedule?