NYC taxi drivers to go on hunger strike over debt
Debt crisis over medallion loan repayments causes anguish, driving some to suicide.
The yellow taxi is a symbol of New York, but the industry has collapsed under compounding economic pressures, and many drivers say the city鈥檚 response has been woefully inadequate. Now they鈥檙e planning a hunger strike. Medallions are permits that allow drivers to own their taxis. Buying one used to be a path to a middle-class life. With prices reaching $1 million, buyers were pushed toward reckless loans, while the city made a profit. The drivers have lobbied for relief and the city鈥檚 Taxi and Limousine Commission has finally proposed a relief plan. We hear more from one of the drivers camping in front of the City Hall - Augustine Tang.
Also in the programme, Credit Suisse Group is to pay $475 million to American and British authorities to resolve bribery and fraud charges related to a $2 billion scandal over Mozambican government-guaranteed loans which came to be known as tuna bonds - they were originally intended to help build up a domestic tuna fishing fleet in the country. A Credit Suisse subsidiary also pleaded guilty to a conspiracy charge in New York.
Plus - the 大象传媒's Clare Williamson reports on whether edible insects are likely to become a significant source of protein for humans in the coming years.
And, the television show Squid Game has become streaming giant Netflix's most popular series. But it has led to a row between South Korea's SK Broadband and Netflix, as the internet service provider is suing Netflix to pay for costs from increased network traffic and maintenance work, thanks to the surge in viewers.
PHOTO: New York City taxi drivers protesting/Augustine Tang
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- Wed 20 Oct 2021 00:06GMT大象传媒 World Service
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Business Matters
Global business and finance news and discussion from the 大象传媒