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Business

In a huge blow to Uber in the UK London’s transport regulator has rejected its application to renew its license to operate in the city.

In a statement today TfL said it has concluded that Uber is “not fit and proper to hold a private hire operator licence”.

“TfL’s regulation of London’s taxi and private hire trades is designed to ensure passenger safety. 

Private hire operators must meet rigorous regulations, and demonstrate to TfL that they do so, in order to operate.  

TfL must also be satisfied that an operator is fit and proper to hold a licence,” it said. techcrunch.com
Upstate New York-based coffee brand Death Wish Coffee has recalled all of its Nitro Cold Brew canned coffees due to a slight risk of the toxin that can cause botulism.

Tests performed by Cornell labs showed a slight risk of the toxin Clostridium botulinum, which causes botulism.

According to the Centers for Disease Control and Prevention, botulism attacks the nerves and can cause muscle weakness and difficulty breathing, which can lead to death.

According to founder Mike Brown, testing showed no degradation in the quality or shelf stability of the cans, and no illnesses were reported.

Death Wish Coffee is available at Price Chopper/Market 32, Healthy Living Market & Cafe and independent retailers.

The cold brews have been pulled from store shelves, and customers who have purchased it are urged to either dispose of it or return it to the store with proof of purchase for a full refund. syracuse.com
Three marketers who say they purchased video ads on Facebook have sued the social networking service for allegedly providing incorrect metrics about the length of time that users spent watching video ads.

The marketers allege in a potential class-action that Facebook "induced" advertisers to purchase video ads -- and to pay higher rates for them -- by overstating the time that people spent watching video ads.

The complaint stems from recent revelations that Facebook inflated the average time spent viewing ad clips by 60% to 80%.

Facebook said in September that its mistaken calculations didn't affect billing.

But the marketers contend that the incorrect metrics made video ads appear more valuable than was the case.

"By misrepresenting the average time its millions of consumers spent watching posted advertising videos, Facebook induced advertisers, like Plaintiffs, to continue to purchase video advertisements based on the belief that the advertisements were more successful than they actually were," marketers Tom Letizia, Mark Fierro and Greg Agustin allege in a class-action complaint filed late last week in U.S. District Court for the Northern District of California. mediapost.com
The company partnering on President Trump’s new golf course in Dubai awarded a multimillion-dollar contract to a firm owned by the Chinese government — violating Trump’s promise to avoid foreign government transactions while he’s in office.

Trump’s partner, DAMAC, gave a $32 million contract to the Middle East subsidy of the China State Construction Engineering Corporation to help build part of the upcoming Trump World Golf Club in Dubai.

DAMAC and the Chinese company both announced the deal in press releases earlier this year, with barely any mention of Trump. 

McClatchyDC first reported the connection to the President’s company.

It is unclear when the deal was struck, but both companies announced the agreement after Trump took office.

The course is scheduled to open in 2018. msn.com
Volkswagen updated its plans for electric cars with a complete overhaul of its investment strategy.

After announcing an initial investment of $10 billion in EVs earlier this year, which was still smaller than the German automaker’s investments in gas-powered cars, they now promise to spend up to 70 billion euros (~$84 billion USD) in order to bring 300 electric vehicle models to market by 2030.

More interestingly, most of the investment 50 billion euros (~$60 billion) will be in battery production in order to support their electric car ambitions for the next decade.

A slide that leaked from a VW presentation about its upcoming electric vehicles showed that they have 4 new models coming under the VW brand within the next few years, but also several more under Audi, Porsche, and the automaker’s other brands.

While it’s still more talk than action, this move is significant because it would mean that the board has approved an investment schedule for electric vehicles and an investment of this size should get things going. electrek.co
US banking regulators ordered Pakistan's Habib Bank to shutter its New York office after nearly 40 years, for repeatedly failing to heed concerns over possible terrorist financing and money laundering, officials said Thursday.

Habib, Pakistan's largest private bank, neglected to watch for compliance problems and red flags on transactions that potentially could have promoted terrorism, money laundering or other illicit ends, New York banking officials said.

The state's Department of Financial Services, which regulates foreign banks, also slapped a $225 million fine on the bank, although that is much smaller than the $629.6 million penalty initially proposed.

Habib has operated in the United States since 1978, and in 2006 was ordered to tighten its oversight of potentially illegal transactions but failed to comply.

New York regulators said Habib facilitated billions of dollars of transactions with Saudi private bank, Al Rajhi Bank, which reportedly has links to al Qaeda, and failed to do enough to ensure that the funds were not laundered or used for terrorism.

"DFS will not tolerate inadequate risk and compliance functions that open the door to the financing of terrorist activities that pose a grave threat to the people of this State and the financial system as a whole," DFS Superintendent Maria Vullo said in a news release. indiatimes.com
 Lego said it would lay off 8 percent of its staff and revamp its business after reporting its first fall in sales in more than a decade on Tuesday.

The Danish toymaker announced a 5-percent decline in mid-year revenue a month after abruptly removing its chief executive, suggesting it is facing its biggest test since flirting with bankruptcy in the early 2000s.

Lego said it could not promise a return to growth in the next two years, a jolting acknowledgement for a group widely admired for embracing the digital era and tying up lucrative franchises from Harry Potter to Minecraft.

“We have now pressed the reset-button for the entire group,” executive chairman Jorgen Vig Knudstorp said, acknowledging the business had grown too complicated.

He would seek a return to a leaner and more efficient organization to respond to “losing momentum ... which we think could ultimately lead to stagnation or even decline.”

Lego said revenues had disappointed in its core markets of the United States and Europe, after a decade of double-digit growth and launches spanning Lego sets, video games, movie franchises, robotics and smartphone applications. reuters.com
Denmark’s biggest company is selling off the country’s last oil firm as the world’s top wind turbine-producing nation transitions to renewable energy. 

Last month, A.P. Moller-Maersk, the famed industrial and shipping conglomerate, agreed to sell its oil and gas division to French giant Total.

Pending regulatory approval, the $7.45 billion deal is expected to close by next year, Bloomberg reported.

The move comes three months after Dong Energy, the Danish firm that’s spearheading offshore wind development in the United States and across Europe, sold its oil and gas business to a German buyer for $1.3 billion.

The Nordic nation still needs revenues from its North Sea oil fields to fund its transition to clean energy, and Total promised to do so.

But Denmark has pledged to completely wean itself off fossil fuels by 2050. huffingtonpost.com
21st Century Fox has decided to stop airing Fox News in the U.K., ending a long-running carriage deal in Britain with pay TV giant Sky.

"21st Century Fox has decided to cease providing a feed of Fox News Channel in the U.K.," the conglomerate said Tuesday.

"Fox News is focused on the U.S. market and designed for a U.S. audience and, accordingly, it averages only a few thousand viewers across the day in the U.K."

It added: "We have concluded that it is not in our commercial interest to continue providing Fox News in the U.K."

A Fox representative said the news network's U.K. feed came to an end Tuesday afternoon.

"21st Century Fox has decided they will no longer broadcast Fox News in the U.K.," a Sky representative said. hollywoodreporter.com
In another sign that the petroleum era is drawing to a close, Denmark is selling off its last oil company with barely a peep.

Once considered a strategic asset, on a par with national carriers or shipyards, the oil and gas division of A.P. Moller-Maersk A/S is being bought by French giant Total SA.

The $7.45 billion deal is expected to be completed by 2018, pending regulatory approval.

Coming just three months after the sale of Dong Energy’s North Sea oil and gas production to German-based Ineos AG, Maersk’s move to offload its oil division has been welcomed by the government and trade unions alike.

Even the nationalist Danish People’s Party, which supports the government in parliament, didn’t object.

The irony is that Denmark will need the income from oil and gas to finance its green transition and meet a pledge to stop using fossil fuels by 2050, and that will mean keeping up production from the North Sea fields, which Total has promised to do.  bloomberg.com