Uber drivers protest cuts in New York City

BLOOMBERG: Drivers strike today after a 15 percent fare cut.

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Last week Uber Technologies Inc., the ride-hailing leader, reduced its uberX rates in New York City by15 percent. A trip from Midtown to LaGuardia Airport is now $37.12, compared with $43.67 before.

The lower fares mean drivers don’t have as much down time between trips, said Matthew Wing, an Uber spokesman. Over the weekend, drivers spent 39 percent less time without a fare and as a result saw a 20 percent increase in hourly earnings compared with two weekends earlier, Wing said.

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