Uber and Lyft delayed plans to pull their businesses out of Minneapolis on May 1 after the city council pushed back an effective date to increase the minimum wage by two months.Minneapolis City Council unanimously passed the extension to July 1 for the increased minimum hourly wage during a Thursday meeting, according to CNN.The delay gives lawmakers time to hash out a compromise with Uber and Lyft, which said they were going to end operations in Minneapolis if the drivers’ wages were lifted to the equivale ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: A ride share car displays Lyft and Uber stickers on its front windshield in downtown Los Angeles, Jan. 12, 2016. The ride-hailing companies Uber and Lyft said they will delay their plans to stop operating in Minneapolis after city officials decided Wednesday, April 11, 2024, to delay an ordinance requiring increased pay rates fo ...

Given the growth of Uber's stock in recent months, investors who missed that opportunity might wonder if they have a second chance in Lyft's (LYFT -0.67%) stock. The fact that Lyft shares more than doubled in value over the last year could reinforce such a feeling.Still, Uber and Lyft are not always in the same businesses, nor do they serve all of the same markets. Such differences call into question whether Lyft will follow in Uber's footsteps or continue to underperform its main competitor. Let's venture ...

Uber and Lyft claim they will cease operating in the Minneapolis area in protest of a minimum pay ordinance that the city council voted to approve last week.The bill, to go into effect on 1 May, would establish a minimum pay of $1.40 per mile and $0.51 cents per minute for rideshare drivers, with a $5 per ride minimum. The city council voted to override the mayor’s veto of the ordinance, prompting Uber and Lyft to threaten to leave the region in response.Minneapolis would be the only city in the US without ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: In this Feb. 9, 2021 file photo, a passer-by walks past a sign offering directions to an Uber and Lyft ride pickup location at Logan International Airport, in Boston. Lyft and Uber are threatening to halt operations in Minneapolis because of a city ordinance to increase wages for app-based drivers, the latest back-and-forth that ...

Uber and Lyft will reportedly halt their operations in Minneapolis after the city council voted to require that drivers be paid a minimum wage of $15.57 per hour.The rideshare companies said they will stop operating there on May 1, Reuters reported Friday (March 15).Uber said it was “disappointed” in the city council’s decision and said the move will put 10,000 people out of work. Lyft said the law passed by the council is “deeply flawed,” according to the report.Online platforms may be shaken by wage hikes ...

Key TakeawaysUber and Lyft said they will end operations in Minneapolis on May 1 because the companies will not pay the wages required under a new law. The city council approved a plan Thursday regulating how drivers get paid, which supporters said would ensure rideshare drivers are paid the equivalent of the city's $15.57 per hour minimum wage.The companies argued the decision would impact thousands of its workers in the city. Don’t expect to get a ride from Uber (UBER) or Lyft (LYFT) cars in Minneapolis a ...

Uber and Lyft said they will stop operating in Minneapolis after the city council voted to overrule the mayor's veto of a minimum wage law impacting rideshare drivers.  Lyft said it is "shutting down operations in Minneapolis" when the law takes effect on May 1. Uber said it will stop operating its transportation network in the entire metro area, including the airport, that same day. The ordinance, which faced fierce pushback from the ride-share industry, establishes minimum driver pay of $1.40 per mile and ...

Lyft and Uber said they will cease operations in Minneapolis after the city’s council voted Thursday to override a mayoral veto and require that ride-hailing services increase driver wages to the equivalent of the local minimum wage of $15.57 an hour.Lyft called the ordinance “deeply flawed,” saying in a statement that it supports a minimum earning standard for drivers but not the one passed by the council.“It should be done in an honest way that keeps the service affordable for riders,” Lyft said. “This or ...

It has been about a month since the last earnings report for Lyft (LYFT) . Shares have added about 11.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Lyft due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Earnings Beat at Lyft in Q4Lyft reported fourth-quarter 20 ...