Market

Voters in trend-setting California backed a ballot proposal by Uber and its allies that cements app-based food delivery and ride-hail drivers' status as independent contractors, not employees, according to a projection by data provider Edison Research. REUTERS: Voters in trend-setting California backed a ballot proposal by Uber and its allies that cements app-based food delivery and ride-hail drivers' status as independent contractors, not employees, according to a projection by data provider Edison Research. Victory in the most expensive ballot contest in state history is a rebuke to state legislators and allows Uber, Lyft and allies to set the employment terms of the gig economy that they helped create. Some had threatened to leave California, their home market, if they lost. The ...

...as of 10:30 a.m. Eastern time: (1) Stocks are jumping, tech stocks especially. The Dow's up more than 500 points. The Nasdaq is up almost 4%! Why? No blue wave. No matter the outcome of the presidency, this makes the prospect of major tax hikes (sell your winners, i.e. tech) less likely. It means no killing the filibuster, which could have introduced frequent major policy swings, as we've discussed. It more or less means the "good" kind of D.C. gridlock, in which any big changes require a large consensus, not just a slim majority. (2) Bond yields are slumping. The 10-year, which ran up to a high of 0.94% early last night when the Democrats' prospects looked more promising, has now slumped to 0.75%. Wow. The reason for that, people say, is much lower odds of any major Covid relief pack...

Virgin Australia looks set to cut basic fares and start charging fees for items like checked baggage and food under new chief executive Jayne Hrdlicka, prompting a wider industry shake-up as the country's airlines reawaken from the coronavirus crisis. SYDNEY: Virgin Australia looks set to cut basic fares and start charging fees for items like checked baggage and food under new chief executive Jayne Hrdlicka, prompting a wider industry shake-up as the country's airlines reawaken from the coronavirus crisis. Virgin's shift from being a full-service carrier will also mark the end of a decade-long arms race with Qantas Airways Ltd for corporate travellers involving lavish airport lounges, celebrity chefs and lie-flat business seats on longer domestic flights. Unusually for airlines glob...