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London regulator will defend decision not to renew Uber’s license in court: mayor

LONDON: London Mayor Sadiq Khan said on Thursday that the city’s transport regulator will defend its decision in court not to renew the license of Uber to operate in the British capital. Uber has until Friday to submit its appeal and can continue to operate until the appeal process has been exhausted, which could take several months. “The courts now will consider the appeal from Uber and of course TfL (Transport for London) will defend the decision they made,” Khan said during a monthly question time session. Read More:…

US regulator seeks to fine Pakistan’s HBL up to $630 million

ISLAMABAD: The New York State Department of Financial Services (DFS) is seeking to fine Pakistan's Habib Bank nearly $630 million over what it calls "deficiencies relating to compliance with state and federal laws" at the bank's only US branch, ARY News reported on Monday. The move is being termed as an attack on Pakistan's financial institutions after US President Donald Trump's August 22 speech, in which he overlooked Pakistan's sacrifices in war on terror and instead accused Pakistan of "sheltering terrorists".…

SECP orders stockbrokers investigated for market manipulation

KARACHI: The Securities and Exchange Commission of Pakistan on Saturday announced it had ordered an investigation into brokers suspected of market manipulation on the Pakistan Stock Exchange (PSX). It did not name the brokers, but issued a strongly worded statement describing their tactics to manipulate prices on the PSX over several years. "These securities brokers deliberately interfered with the workings of the market to defraud investors," it said in a statement. It said the brokers entered bids and offers with…

Russia starts blocking LinkedIn website after court ruling

MOSCOW: Russia's communications regulator ordered public access to LinkedIn's website to be blocked on Thursday to comply with a court ruling that found the social networking firm guilty of violating a data storage law. LinkedIn, which has its headquarters in the United States, is the first major social network to be blocked by Russian authorities, setting a precedent for the way foreign Internet firms operate. It has over 6 million registered users in Russia. The Kremlin said that the decision was legal and that…

Dutch regulator says Tesla’s ‘Autopilot’ name a concern

BERLIN: The Dutch agency that approved electric carmaker Tesla's "Autopilot" driver assistance system for use throughout Europe is concerned the name could be misleading, a spokeswoman said on Monday, after Germany asked the company to stop using the term in advertising. Therese de Vroomen added, however, she was not sure whether the agency - the Dutch Road Traffic Service (RDW) - would take any action to follow up on its concerns. Tesla's "Autopilot" driver assistance system has been the focus of intense scrutiny since a…

Uber faces pressure in Dubai as regulator signs deal with Careem

DUBAI: Ride-hailing service Uber is under pressure in Dubai, one of the Middle East's major markets, after the emirate's transport regulator signed an agreement with local rival Careem and warned other such firms that they must do the same. Under the deal between Careem and Dubai's Roads and Transport Authority (RTA), announced on Tuesday, Careem's customers will be able to book all of the 9,841 taxis and 4,700 limousines operating in the emirate through the company's app. Currently, Careem users in Dubai, a city of…