Uber

The US crackdown on trade finance for Russia from international banks – designed to impede imports needed for the continuing assault on Ukraine – is biting hard, reports the FT, quoting an investor who thinks ‘the logical endpoint of this is turning Russia into Iran’. Quite right too: sanctions like these are a vital non-military way to hobble Vladimir Putin’s campaign. But war and finance intersect in many different ways. Consider also the fate of 400 western-owned commercial aircraft that were leased to Russian airlines before the invasion in February 2022. Now stuck in Russia or its satellites, unmaintained to western standards and unfit to fly back into our airspace, they’re a potential multibillion loss for their owners and insurers.

Airbnb is in trouble. Nick Gerli, CEO of real estate consulting firm Reventure, reports, “The Airbnb crash is real,” along with a list of the top ten cities where the company’s revenue has collapsed. “Watch out for a wave of forced selling from Airbnb owners later this year,” Gerli forbodes. https://twitter.com/nickgerli1/status/1673774695693385728 Last month the Wall Street Journal reported, “Airbnb reported higher revenue and profit in the first quarter, but customers reserved fewer-than-expected stays and the company gave a mixed outlook for the second quarter, spooking investors.” And while Investors Business Daily this week forecast “a new, more promising comeback attempt” for Airbnb stock, murmurings of an “Airbnbust” are hard to ignore.

Karens are, to use a leftist term, “problematic.” In use as a pejorative for four or five years now, “Karen” appropriates a common Generation X girl’s name to refer to an entitled middle-aged woman who demands exceptional treatment, undeserved deference and unearned “privilege” to make her way through life or to express power through unwarranted concern for others. Karens are generally believed to be middle-class or slightly above, sport an unsmiling no-nonsense mien and favor a pert bob hairdo that stylists now routinely call the “speak-to-the-manager,” after a request Karens commonly make when they encounter disappointment.

The Biden administration’s Department of Labor recently released a new interpretive rule regarding whether workers are classified as employees or independent contractors. The action reverses a Trump-era rule that simplified the classification process, and was dedicated to preserving the gig economy. Employees are much more expensive than independent contractors — possibly by as much as 30 percent. This is, in part, because independent contractors are not subject to federal minimum wage or overtime regulations, among others, and are not protected by the National Labor Relations Act, meaning it is more difficult for them to unionize. This all may seem rather trivial, but the impact on both the consumer and the worker will be significant.

I’m getting into the backseat of an Uber in Washington, DC with a cup of coffee in one hand and a tattered, floppy cloth mask in the other. I’ll make a half-assed attempt to mask up! indulging the Democrats’ last gasps of Covid political theater, only on airplanes and in Ubers, and that’s just to avoid the hassle of getting banned if you don’t. My mask — I only own one — is about as snug as a Kleenex with too-wet noodles for straps. It covers my contagion holes for only a few moments at a time when the loose cloth rests on the tip of my nose. The struggle to keep it up for the duration of the journey is my own bit of theater. “Do you need to switch that mask out?” a flight attendant once asked me. “Oh, no, I could never do that.

Back in November, when Downing Street’s pandemic responses looked daily more incompetent, the announcement of a ban on sales of new petrol and diesel cars by 2030, ten years earlier than originally planned, was largely greeted — along with the rest of the ‘Ten Point Plan for a Green Industrial Revolution’ — as another exercise in Johnsonian distraction and thin-air number-plucking. Auto makers responded defensively, citing the huge costs of re-engineering model ranges in short order and the shameful failure of ministers to encourage investment in plug-in networks for electric vehicles. Meanwhile, Tesla founder Elon Musk announced he would site a battery ‘gigafactory’ in Germany because Brexit made the UK ‘too risky’.

Early experiences of Uber in London did not encourage me to become a regular user. My first driver thought I wanted to go to Birmingham when the ride had been booked from Clapham to Mayfair. The next was a furious driver who would have seen off Lewis Hamilton at Hyde Park Corner. Call me old-fashioned, but I still prefer the pottering black cab with its opinionated Essex-dweller at the wheel and the possibility of paying in cash. So my own modus operandi is unaffected by Transport for London’s decision not to renew Uber’s license in the capital and I’m not in the least upset about it. OK, life today is all about apps, cashless convenience and the individual’s right to make choices and take risks.