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- Lyft to launch nationwide fuel savings program as drivers feel pinch from rising...
Lyft is rolling out a temporary relief plan for its drivers across the U.S. as rising gas prices continue to cut into earnings.The company announced Wednesday that the 60-day program will begin on March 27 and run through May 26. Drivers can earn cash back and save on fuel when they use the Lyft Direct debit card at participating gas stations nationwide."Gas prices have jumped significantly in the past few weeks, and we know that hits hardest for drivers who depend on driving for their income," Lyft said in a statement. "When costs fluctuate, we know relief matters."LAX APPROVES RIDESHARE FEE HIKE THAT COULD PUSH UBER AND LYFT FARES SHARPLY HIGHERThe plan gives top-tier drivers an extra 2% cash back on fuel, with mid-tier drivers getting an additional 1%. These incentives stack on top of existing rewards, which can total up to 10% depending on driver status.Drivers can also save an extra 14 cents per gallon through Lyft’s partnership with the Upside app, with the option to redeem points for further discounts.Altogether, Lyft estimates total savings could reach as much as 98 cents per gallon for its highest-performing drivers, based on average U.S. gas prices of $3.97.LYFT TO LAUNCH FEATURE FOR ELDERLY PASSENGERS LATER THIS YEARAs of Wednesday, gas prices hovered at around $3.98 per gallon, according to AAA."Drivers are feeling the cost of rising gas prices, which ultimately impacts their earnings," Yuko Yamazaki, vice president and head of driver at Lyft, said in a statement. "When costs spike, we want drivers to choose Lyft because they feel like the platform works for them, not against them."Gas prices have surged more than 30% in recent weeks, driven by global energy disruptions tied to the conflict involving Iran, according to Reuters. UBER ROLLS OUT NEW APP FEATURES TO MAKE RIDE HAILING EASIER FOR SENIORSLyft also noted that drivers using electric vehicles can access separate charging incentives.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe move follows a similar announcement from DoorDash earlier this week. Its program, running through April 26, combines cash-back incentives with weekly payments to help offset fuel costs for active Dashers.FOX Business' Amanda Macias contributed to this report. [TheTopNews] Read More.34 mins ago - Iran Says ‘Non-Hostile’ Ships Can Sail Through the Strait of Hormuz
Ships with no ties to Israel or the United States would be allowed to pass, the government said, but it was unclear if any vessels would try. [TheTopNews] Read More.39 mins ago - New proposal would cap Social Security benefits at $100K for wealthy couplesSocial Security is facing the threat of insolvency in less than a decade and a new proposal would cap the amount of Social Security benefits that a couple could receive each year at $100,000.The aging of America's population is draining the balance of Social Security's main trust fund, which is projected to be depleted in 2032. Funds for Social Security benefits are drawn from the trust fund along with payroll taxes, and they would be automatically cut by law at the time of insolvency to match incoming revenue, reducing benefits by an estimated 24% across the board.The nonpartisan Committee for a Responsible Federal Budget (CRFB) launched a Trust Fund Solutions Initiative to explore options for improving Social Security's solvency, with one such proposal capping six-figure benefits to the wealthiest couples.The Six Figure Limit (SFL) proposal would put in place a $100,000 cap on the total benefit a couple retiring at the normal retirement age can receive, with adjustments based on marital status and claiming age. For single retirees, the limit on Social Security benefits would be $50,000.SOCIAL SECURITY'S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING AUTOMATIC BENEFIT CUTSCRFB noted that while only a small fraction of retirees is currently receiving $100,000 in Social Security benefits as a couple or $50,000 as an individual, such figures will become more common over time as Social Security's benefit formula changes.The SFL would cap Social Security benefits such that no couple collecting benefits at their normal retirement age could claim retirement benefits greater than $100,000 per year.It would also adjust the limit based on marital status and the age at which they begin receiving benefits. A couple who delayed collecting benefits as long as possible until age 70 would have a $124,000 limit, whereas a couple who start collecting benefits as early as possible at age 62 would have a $70,000 annual limit.SHOULD THE SOCIAL SECURITY COLA BE MEASURED WITH A SENIOR-FOCUSED INFLATION METRIC?CRFB worked with Jason DeBacker of the Open Research Group to model a trio of options, including a $100,000 limit indexed to inflation, a limit frozen at $100,000 for 20 years and then indexed to average wage growth, and a limit frozen at $100,000 then indexed to average wage growth after 30 years.It found that the inflation-indexed SFL would save $100 billion over 10 years, while closing 20% of Social Security's 75-year shortfall and 55% of the shortfall in the 75th year. Both the 20-… [TheTopNews] Read More.1 hour ago
- Iran war fuels Asia energy crunch as India, Japan, others feel strainThe latest phase of the Iran war is locked on the Strait of Hormuz and critical energy infrastructure. Already, its effects are rippling thousands of miles away in Asia.Asia is at the front line of the energy crisis, with shortages hitting nearly every country. Roughly a fifth of the world’s oil flows through the Strait of Hormuz, with some 80% going to Asia, according to the International Energy Agency.As Iran refuses to open the strait, Asia is scrambling to mitigate disruptions and is being forced to take measures reminiscent of COVID-era actions.Asia is especially susceptible due to its heavy import dependence, weaker currencies and large populations. And the impact has hit households fast.The conflict has disrupted sectors from air travel and shipping to gas supplies. People are struggling to cook and businesses across the board are bearing the brunt as liquefied petroleum gas imports slow.A STATE-BY-STATE LOOK AT GAS PRICES AS IRAN CONFLICT PUSHES OIL HIGHERWidespread disruptions have hit South Asia in particular, which is extremely reliant on Middle Eastern oil. India, which imports nearly 90% of its crude and about half its natural gas from abroad and is the world's third-biggest oil importer and consumer, has been left especially vulnerable.Yesterday, President Donald Trump and Indian Prime Minister Narendra Modi spoke on the phone, their first call since the Feb. 28 war broke out. In a post on X, Prime Minister Modi stressed, "Ensuring that the Strait of Hormuz remains open, secure and accessible is essential for the whole world."The Strait of Hormuz serves as a conduit for more than 40% of India's crude oil imports.This week, two tankers bound for India sailed through the strait. Vessels with ties to China, Pakistan and Thailand have also transited successfully, while several other Asian governments are in talks with Tehran to secure passage.But a lot of these imports are expected to be used for non-power, industrial purposes such as fertilizer production, leaving the public left in the lurch.In a new move that shows the precariousness of the situation, India’s Reliance Industries, which operates the world's biggest refining facility, reportedly bought 5 million barrels of Iranian oil. The deal marks India's first such purchase since 2019 and comes days after the U.S. temporarily lifted sanctions."All our kitchens run on gas and so, they’ve all been hit," Indian hospitality veteran AD Singh told FOX Business. "We have been forced to stop serving several items and shorten our… [TheTopNews] Read More.3 hours ago
- Rowe warns of massive workforce shakeup, says Sanders is right: ‘Revolution un...A rare point of agreement is emerging across ideological lines as concerns grow over how artificial intelligence could reshape the American workforce.mikeroweWORKS Foundation CEO Mike Rowe joined FOX Business’ Stuart Varney on 'Varney & Co.' to discuss how rapid technological change is colliding with a long-standing shortage of skilled labor, creating what he sees as a turning point for the economy.Rowe’s warning echoes a broader message gaining traction across the political spectrum. Sen. Bernie Sanders, I-Vt., has also pointed to mounting pressure on workers and a changing economic landscape, framing the moment as one of major disruption.DATA CENTER BOOM POWERING AI REVOLUTION MAY DRAIN US GRIDS — AND WALLETS"I actually agree with Bernie Sanders... I think we're on the cusp of a revolution, unlike anything we've ever seen," Rowe said.Rowe pointed to a surge in demand for skilled trades as companies race to build out the infrastructure needed to support Artificial Intelligence, data centers and energy expansion. In some parts of the country, he said, electricians are commanding salaries that rival or exceed many white-collar roles, with employers competing aggressively for a limited pool of workers.THE INVISIBLE LAYOFF: AI IS QUIETLY LOCKING AMERICANS OUT OF THE JOB MARKET, CEO WARNSThat shift, he argued, could flip long-held assumptions about education and career paths, as industries once seen as secondary become central to supporting a new digital economy."This new era is going to be a renaissance for electricians, steamfitters, pipefitters, welders, CNC operators," Rowe said.Rowe warned the scale of the coming buildout, which he described as tied to trillions of dollars in investment, will test whether the U.S. workforce is prepared to meet the moment as companies and institutions scramble to close the skills gap.GET FOX BUSINESS ON THE GO BY CLICKING HERE [TheTopNews] Read More.3 hours ago
- Meta and Google found liable in landmark social media addiction trial
The verdict marks the end of a five-week trial on the addictive nature of social media platforms. [TheTopNews] Read More.3 hours ago
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