A driver for Uber in California is an employee, not a contractor. That's according to a California ruling that eventually could push up costs for the smartphone-based ride hailing service and hurt the closely watched start-up's valuation. The California Labor Commission's decision could ripple through the burgeoning industry of providing services via smartphones. It also has potential implications for other “crowdsourced” services such as Uber rival Lyft, chore service TaskRabbit, and cleaning service Homejoy. The ruling - which Uber insisted applied to only one driver, Barbara Ann Berwick--was the latest in a series of legal and regulatory challenges facing the company and other highly valued start-ups in the United States and other countries.
US chocolate maker Hershey cut its sales growth forecast for the year, blaming weaker growth in China. The chocolate maker now estimates net sales will increase by 2.5-3.5 percent this year, down f...
Greece says it will run out of money at the end of the month if a deal with its creditors the European commission, the European Central Bank and the International Monetary Fund cannot be reached. T...
Europe was scrambling Friday to pick up the pieces after another failed meeting over Greece's bailout that reinforced fears that the country was heading for bankruptcy and a possible euro exit. Ami...
Chinese stocks are poised to post their worst weekly performance since the financial crisis due to a flurry of initial public offerings (IPOs) and concerns about stricter trading rules. A record $1...
Alejandro Rhett is probably regretting that night out right about now. The J. Crew vice president of men's merchandising is currently getting a massive amount of backlash, after the public learned ...
E-commerce giant Alibaba is an underdog in the global cloud computing industry, but it has one thing going for it: it's Chinese. Alibaba this week scored a minor deal with China's northeastern port...
The Russian government has condemned the freezing of Russian accounts in France and Belgium as part of an effort to enforce a $50 billion judgment for the destruction of the Yukos oil company. An a...
Shares in the wearable technology company Fitbit have soared more than 50% on their first day of trading in New York. Initially priced at $20 a share, they jumped to $30.40 in early trading. The co...
Want some stock in FitBit? Don't sweat it. FitBit, the maker of fitness-tracking wearables, became a public company on Thursday, as stock in the market leader of the wearable fitness shot up more t...
Time is running out for Greece to secure the funds it needs to pay a €1.6bn (£1.1bn) loan repayment due to the IMF. The country's total debt is €320bn so even if a deal is done it would just be a s...
The US Department of Labor has said that US inflation rose 0.4% in May, mainly driven by a sharp increase in petrol prices. The 10.4% petrol price increase in May was the biggest since June 2009. C...
Wearable tech company Fitbit has garnered a valuation of more than $4bn (£2.5bn) after selling shares in its initial public offering (IPO). Fitbit raised $732m after pricing its shares at $20 each,...