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Driver shortage, looming regulation cloud Uber, Lyft recovery
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By Tina Bellon and Akanksha Rana (Reuters) - As U.S. customers gradually hail more rides after a year of pandemic restrictions, Uber Technologies Inc's and Lyft Inc's recovery story is clouded by driver shortages and regulatory threats to have workers reclassified as employees. U.S. President Joe Biden campaigned on the promise of delivering benefits to gig workers and U.S. Labor Secretary Marty Walsh last week intensified the debate, telling Reuters in an interview that "a lot of gig workers should be classified as employees." Shares in Uber and Lyft dropped as much as 8% and 12% respectively following Walsh's comments, with the companies' business dependent on low-cost flexible labor. While a reclassification of independent contract workers is not foreseen quickly and some analysts expect a compromise between regulators and ...Read More on Datafloq
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