Financial Daily Dose 8.13.2020 | Top Story: Uber and Lyft Warn Gig-Worker Ruling Could Push Them Out of California

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Ride-hailing companies Uber and Lyft are warning that California’s new moves forcing them to classify their drivers as employees could force them both to shutter their operations altogether in that state (at least while they appeal the adverse ruling). The strategy’s become a tried-and-true approach for Uber at this point – Bloomberg and MarketWatch and Mashable

Billionaire entrepreneur and former head of National Amusements—the theater chain company he ran that eventually welcomed CBS, Viacom, Paramount film, Blockbuster video, and Simon & Schuster into its fold—Sumner Redstone died this week at 97. Here’s a look back at the awfully remarkable life of the man who declared “content is king” – NYTimes and WSJ

And at his awfully public feud with daughter (and current ViacomCBS chair) Shari Redstone – NYTimes and WSJ

Your business angle to the announcement from the Big Ten and Pac-12 that they’ve pushed back their college football seasons until at least the spring? Try the serious disruption to the “flow of more than $1 billion from advertisers to the television networks that count on a slate of game broadcasts every fall.” Yep, that’ll do – NYTimes

And while we’re at it, the business take on the White House’s announced WeChat ban, with U.S. companies by the dozen protesting that outlawing the app “could undermine their competitiveness in the world’s second-biggest economy” – WSJ

A not-so-subtle reminder from several Federal Reserve officials this week that the country’s inability to suppress the coronavirus will only exacerbate the recent slowdown in U.S. economic activity – WSJ

Secrecy-shrouded data analysis software company Palantir Technologies is reportedly targeting September as the time it’ll go public through a direct listing of its shares – Bloomberg

Goldman Sachs and Barclays are among the handful of firms making a play for GM’s credit card business (and its $3 billion in outstanding balances). Should Goldman win the business from current GM partner Capital One, it’ll be the second major corporate partner (after Apple) for DJDSol’s venture into the credit card biz – WSJ

An investment coalition backed by mall owner Simon Property Group and licensing firm Authentic Brands Group appears poised to snap up bankrupt clothier Brooks Brothers for $325 million, a bid improved by some $20 million from a month ago – NYTimes and WSJ

With that Ch. 11 talk out there, quick reminder that bankruptcies among larger businesses are now officially at their highest level since 2010, “in the aftermath of the Great Recession” – Marketplace

REI is seeking buyers for its “custom-made new headquarters” before it ever moved in after determining that it would allow its surprisingly productive employees to keep working from home even after the pandemic is over – WSJ and MarketWatch

World’s largest hedge fund Bridgewater Associates has moved to compel its former co-CEO Eileen Murray to arbitrate her gender bias suit against the company, arguing that “her confidentiality agreement mandates” that forum – Law360

A cocktail of growing Sino-US tensions, a cratering global economy, and the pandemic has pushed Chinese President Xi Jinping to pivot to an increased focus on its domestic consumption, markets, and companies “as China’s main growth drivers”—a policy China’s dubbing “domestic circulation” – WSJ

The early reviews are in, and it’s clear that the White House is the only thing that’ll displace TikTok’s short-video dominance. Because it sure as heck won’t be Instagram Reels – NYTimes

Stay safe.

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