Evergrande’s $78 Billion Revenue Inflation Scandal Unveiled
China’s embattled property behemoth Evergrande and its founder, Hui Ka Yan, are facing allegations of inflating revenues by a staggering $78 billion (£61.6 billion) in the two years preceding the firm’s default on its debt. The country’s financial regulator has imposed a hefty fine of $583.5 million on Evergrande’s mainland subsidiary, Hengda Real Estate. Additionally, […]
Class Action Lawsuit Against Uber in Australia Settled for $178M
Uber has agreed to pay A$271.8 million ($178.3 million; £140 million) to settle a lawsuit in Australia, as confirmed by a law firm representing taxi operators and drivers. The class action, filed by Maurice Blackburn Lawyers on behalf of over 8,000 taxi and hire car owners and drivers, alleged income losses due to Uber’s aggressive […]
TikTok Faces Ban in US as House Approves Ownership Bill
The US House of Representatives has approved a significant bill that could result in the ban of TikTok in America. Under this legislation, TikTok’s Chinese parent company, ByteDance, would be mandated to divest its controlling stake within six months, failing which the app would be prohibited in the US. Despite receiving substantial bipartisan support, the […]
FG Requests Names, Transaction Details from Binance on Top 100 Nigerian Users
The Federal Government has reportedly sought detailed information from cryptocurrency trading firm Binance concerning its top 100 users in Nigeria. This move is part of the government’s efforts, facilitated by the Office of the National Security Adviser (ONSA), to establish negotiations with Binance and address concerns regarding cryptocurrency transactions in the country. According to reports […]
Google’s Gemini AI Chatbot Limits Election Inquiries
Google has officially announced that it is implementing restrictions on the types of election-related inquiries users can pose to its Artificial Intelligence (AI) chatbot, Gemini. In a recent blog post, the tech giant revealed that this policy has been initiated in India, which is scheduled to conduct elections commencing in April. This decision aligns with […]
Airbnb Prohibits Surveillance Cameras in Rentals
Airbnb has announced a comprehensive worldwide ban on the use of security cameras inside rental properties, with the updated policy set to take effect at the end of the upcoming month. This modification is aimed at streamlining the company’s regulations on security cameras, emphasizing the paramount importance of guest privacy. Concerns raised by Airbnb users […]
Funeral Rites Conclude as Herbert Wigwe, Wife, and Son Are Laid to Rest
In a somber event marked by tears and tributes, Herbert Wigwe, his wife Chizoba, and their son Chizi were laid to rest in their hometown of Omueke, Isiokpo in Rivers State after a week-long series of funeral rites. The trio, alongside former Group Chairman of Nigerian Exchange Group Plc (NGX Group), Abimbola Ogunbanjo, as well […]
Binance Ends Naira Services Amid Regulatory Scrutiny
Cryptocurrency exchange giant Binance has announced the termination of its naira services, amid ongoing regulatory scrutiny and a faceoff with the Nigerian government. In a statement released on Tuesday, Binance outlined the timeline for the closure of its naira services and advised users to take necessary actions regarding their NGN assets. “Users are encouraged to […]
CBN Reduces Exchange Rate for Import Duties
In a significant move aimed at recalibrating import dynamics, the Central Bank of Nigeria (CBN) has announced a 5.3% reduction in the exchange rate used to calculate import duties. The adjustment, revealed through the official trade portal of the Nigeria Customs Service, comes amidst a period of relative stability in the exchange rate between the […]
CBN Revokes Operational Licenses of 4,173 Bureaux de Change
The Central Bank of Nigeria (CBN) has taken the decisive step of revoking the licenses of 4,173 Bureaux De Change (BDC) Operators, exercising powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015. The announcement was made […]
