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July 10th - Last month, the United Arab Emirates (UAE) boosted its crude oil production to a record high. This powerfully demonstrates that Abu Dhabi has taken a bolder approach than any of its Persian Gulf neighbors in the face of supply disruptions caused by the conflict with Iran. According to the International Energy Agency (IEA) monthly report, the UAEs average daily production in June was 4.1 million barrels. This figure surpasses the peak production of 4 million barrels per day reached in 2020 during its brief price war with Saudi Arabia over OPEC+ policy. Abu Dhabis aggressive strategy has become increasingly apparent since the outbreak of the conflict, ranging from utilizing its vast fleet to chartering more vessels controlled by South Koreas Sinokor Group (which currently operates the worlds largest fleet of very large crude carriers). Many of these vessels operate in a "shadow" manner, turning off their digital transponders to transport crude oil out of the Persian Gulf undetected. The UAE announced its withdrawal from OPEC at the end of April to escape the organizations production restrictions and pursue its expansion plans. This strong resumption of production largely occurred before the surge of merchant ships in the Strait of Hormuz this week.According to Iranian reports, flight operations at Mashhad Airport in Iran are currently unaffected.The onshore yuan closed at 6.7784 against the US dollar at 16:30 on July 10, up 151 points from the previous trading day.Goldman Sachs expects the South African Reserve Bank to keep interest rates unchanged in July, following dovish comments from the bank.IEA Monthly Report: OPEC+ production is expected to increase by 5.3 million barrels per day in 2027.

Uber pays New Jersey $100 million in delinquent taxes on drivers' employment status

Skylar Williams

Sep 13, 2022 11:09

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Uber Technologies (NYSE:UBER) paid New Jersey $100 million in back taxes for misclassifying drivers as independent contractors, the New York Times reported on Monday.


Uber noted that it disagreed with New Jersey's classification of drivers as "workers" and that it only paid a portion of the more than $1 billion the state first demanded in its audit. In the statement, there was no mention of the payment amount.


"Nationally and in New Jersey, drivers are independent contractors who work at their own discretion... We anticipate engaging with legislators to deliver benefits while preserving drivers' desired flexibility "The Uber representative told Reuters.


Due to driver misclassification, the New Jersey Department of Labor and Workforce Development fined Uber and its subsidiary Raiser in 2019 for unpaid unemployment taxes for the years 2014 to 2018, which the company contested.


According to the New York Times, the state's labor office has now claimed that their initial assessment was merely an estimate conducted without Uber's involvement.


A later audit concluded that Uber and its subsidiary owed a total of $100 million in delinquent taxes, penalties, and interest, according to the report.


New Jersey claimed in the report that the settlement suggested that these laborers were "presumed to be employees." Uber declared that the payment was not a "settlement."


In the study, Robert Asaro-Angelo, the commissioner of the labor department, is reported as saying, "Our efforts to prevent misclassification of workers in New Jersey continue to advance."

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