Uber has agreed to pay $9 million to the California Public Utilities Commission (CPUC) after refusing to hand over data about riders and drivers who were sexually assaulted, and pay a separate $150,000 fine, according to a settlement agreement reached Thursday. The CPUC will give $5 million of that money to the California Victim Compensation Fund, and the remaining $4 million will “go to address physical and sexual violence in the passenger carrier industry,” according to The San Francisco Chronicle, which reported on the agreement Thursday. Uber will also now provide data about the assaults to the CPUC, though it…
Author: Temitope N.
The unrest that has ripped through South Africa in the past week will force its economy to contract by 3% in the third quarter and drag down full-year growth, Wall Street bank JPMorgan said on Friday. Rioting broke out in several parts of the country, which has Africa’s most industrialised economy, following the jailing of former President Jacob Zuma last week for his failure to appear at a corruption inquiry. The week of looting has destroyed hundreds of businesses and killed more than 100 people. The flare-up prompted JPMorgan to revise Q3 growth quarter-on-quarter projections sharply lower from a previous…
The naira fell marginally against the U.S dollar at the parallel market segment on Friday after maintaining stability for five consecutive sessions simultaneously. However, the local unit clinched a pronounced gain at the official market after it also remained unchanged in the previous session on Thursday. Data gleaned on abokiFX.com, a website that displays parallel market rates in Lagos showed that naira closed at N506.00 per $1 at the black market window on Friday. This implies a N1.00 or 0.20 per cent devaluation from the N505.00 rate it was trading since July 9. However, data published on the FMDQ Security…
The consumer price index (CPI), which measures the rate of change in prices of goods and services, dropped to 17.75 percent in June from 17.93 in May. This is according to the ‘Consumer Price Index Report for June’, released by the National Bureau of Statistics (NBS), on Friday. This implies that prices continued to rise in June 2021 — but at a slightly slower pace than it did in May 2021. On month-on-month basis, the Headline index increased by 1.06 percent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent). The…
President Muhammadu Buhari said the Kano–Kaduna rail project is crucial to the establishment of a supply chain in railway transport within its corridor, Kano–Kaduna-Abuja, as it links the major commercial cities of Kano and Kaduna to the Federal Capital Territory (FCT), Abuja. Speaking at the ground-breaking ceremony for the Kano – Kaduna railway project in Kano on Thursday, the president said: “the take-off of construction activities on this segment of the Lagos – Kano vividly represents the commitment of this administration in the revival of Nigerian railway system, to reduce the deficiency in our transportation infrastructure and drive effective and…
The Minister of Transportation, Mr. Chibuike Amaechi, yesterday hinted that the proposed Kano-Kaduna railway project would greatly boost trade as well as present the opportunity for Nigerians to traverse between Abuja and Kano via Kaduna with relative ease. Amaechi, in his remarks at the groundbreaking ceremony of the project at Zawaciki, Kudu Local Government Area of Kano State, noted that the project is part of the third and outstanding segment of the Lagos-Kano railway modernisation project. The minister stated that the first segment-Abuja-Kaduna railway line-was flagged off for commercial operation in July 2016, and just recently, the second segment, the…
The Edo State Traffic Control and Management Agency (EDSTMA) has concluded plans to ensure strict enforcement of colour codes for commercial taxi operators in the state. In a statement, Managing Director, EDSTMA, Dennis Oloriegbe, said the agency is undertaking the exercise in compliance with the law and order guiding the operation of commercial vehicles in the state. Oloriegbe said: “EDSTMA hereby reiterates Edo State Government’s existing directives on the use of unauthorized color code of all intra-state commercial vehicles within Benin metropolis except for vehicles painted with authorized color code, ‘Yellow and Red.’ “Consequently, any intra-state commercial vehicle found in…
The Board of Directors of First City Monument Bank Limited (the Bank) have announced the appointment of Mrs. Oluwatoyin Olaiya as Executive Director, Risk & Compliance. This follows the approval of the Central Bank of Nigeria (CBN). Mrs. Olaiya is a finance and risk management professional with over 30 years of experience. Prior to her appointment, she was the Chief Risk Officer / Divisional Head Risk Management at FCMB, overseeing Enterprise Risk Management, Risk Policy, Credit Administration, Credit Underwriting and Monitoring. She has been responsible for redefining the Bank’s risk policies, improving risk management culture across the institution, and proactively…
FMDQ Securities Exchange Limited has continued to avail its credible and efficient platform, as well as tailor its Listing and Quotation services to suit the needs of issuers and its registration members (sponsors of issuances on FMDQ Exchange). Following its due diligence process, the Exchange, through its Board Listings and Markets Committee, has approved the quotation of the FBNQuest Merchant Bank Limited ₦7.34 billion Series 19 Commercial Paper (CP) under its ₦100.00 billion CP Programme, on its platform. The net proceeds from this CP will support the issuer’s short-term funding requirements. FBNQuest Merchant Bank Limited is a merchant banking firm…
The UN warned Thursday that a “perfect storm” was brewing, with a raging pandemic disrupting access to routine vaccinations, leaving millions of children at risk from measles and other deadly diseases. A full 23 million children missed out on basic childhood vaccines last year, as routine health services were hit worldwide by restrictions aimed at controlling Covid-19 and many parents shunned the clinics that were open for fear of exposure to the virus. It marks the highest number in over a decade and 3.7 million more than in 2019, according to data published Thursday by the World Health…