Aus state sets minimum pay for Amazon contractors

The measure, to be phased in over three years from March 1, requires companies which hire drivers with their own small vehicles to pay a minimum of A$37.80 per hour in Australia's most populous state

Australia's New South Wales state ordered employers of freelance delivery drivers such as Amazon.com Inc to pay a minimum rate, a decision hailed by a union as making it the world's first jurisdiction to compel the retailer to follow laws on such payments. The measure, to be phased in over three years from March 1, requires companies which hire drivers with their own small vehicles to pay a minimum of A$37.80 ($27.20) per hour in Australia's most populous state.

Meituam tumbles

Meituan tumbled the most in nearly seven months after China issued new guidelines asking for food delivery platforms to cut fees, showing that investor angst over the nation’s tech giants remains high. Shares of the food delivery giant sank 15%, wiping out $26 billion in its market value.