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Business Matters: NYC taxi drivers to go on hunger strike over debt

New York City taxi driver protest.jpg

20/10/2021 GMT

NYC taxi drivers to go on hunger strike over debt

BBC World Service - Business Matters, 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’s response has been woefully inadequate. Now they’re 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’s 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 BBC'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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