Nigerian tribunal upholds $220 million fine against Meta for violating consumer, data laws

ABUJA, April 25 (Reuters) - A $220 million fine against Meta Platforms by Nigeria's competition watchdog for violating local consumer, data protection and privacy laws has been upheld following an unsuccessful appeal, Nigeria's Competition and Consumer Protection Tribunal said on Friday.
Nigeria's Federal Competition and Consumer Protection Commission (FCCPC) fined Meta last July for discriminatory and exploitative practices against Nigerian consumers, compared with other jurisdictions with similar regulations.
Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Reuters

28 minutes ago

• Reuters

Escalating Hormuz tensions drive up Middle East war risk insurance costs, sources say

LONDON, June 23 (Reuters) - U.S. and Israeli attacks on Iran and Tehran's reprisals have doubled the price of insuring shipments to the Middle East and the Gulf in the last week, insurance sources said on Monday. War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago, as risks grow to the critical Strait of Hormuz, the sources said. The cost of a seven-day voyage is based on the value of the ship and the increase will add tens of thousands of dollars each day in additional costs. While underwriters typically price risk and rates individually, the current 0.5% level reflected rates on Monday, the sources told Reuters and The Insurer, a Reuters publication. "The position (on rates) is subject to constant change," said David Smith, head of marine with insurance broker McGill and Partners. Iran carried out a missile attack on a U.S. airbase in Qatar on Monday after the U.S. bombed Iranian nuclear sites at the weekend. The conflict has raised concerns Iran could close Hormuz, the strait between Iran and Oman through which around 20% of global oil and gas demand flows. That has spurred forecasts of oil surging to $100 a barrel. Shipping rates for supertankers, which can carry 2 million barrels of oil, have also soared, more than doubling in a week to over $60,000 a day, freight data shows. War risk rates have hovered around the 0.3% level in the Gulf for many months. Rates in the Red Sea area spiked to 1% in 2024 after Iran-backed Houthis launched attacks on commercial ships which they said were in solidarity with Palestinians fighting Israel in Gaza. War risk rates for Israeli ports have soared in recent days, quoted as much as 1%. London's marine insurance market opted on June 18 not to widen waters around the Gulf deemed high risk, which is closely watched by underwriters. "The listed areas have been left unchanged as ships calling or transiting most of the Middle East already have to notify underwriters, who can then assess such voyages on their merits," said Neil Roberts, secretary of the Joint War Committee, which comprises syndicate members from the Lloyd's Market Association and representatives from the London insurance company market.

The Guardian

4 hours ago

• The Guardian

AustralianSuper criticised for buying up shares in Whitehaven Coal while claiming to be committed to net zero

A major Australian superannuation fund is under fire for substantially increasing its investment in the coal company Whitehaven, and being on the brink of becoming its biggest backer, while still claiming to be committed to reaching net zero emissions. Shareholder advocacy groups said AustralianSuper was moving against the trend of its peers with recent share purchases in the company, which they said were 'flying in the face of environmental, social and governance (ESG) commitments'. Clean energy finance organisation Market Forces said the super fund was 'on the precipice' of becoming Whitehaven Coal's largest investor, with shares worth about $395m. Recent disclosures by Whitehaven, first reported by the Australian Financial Review, reveal AustralianSuper now owns 70.9m shares in the company, or 8.47% of shares on issue, after the recent purchases. AustralianSuper is the second-largest shareholder in the coal company and, according to Market Forces, holds nearly triple the combined shares of all of the other top 30 super funds in their default investment options, based on the latest disclosures effective as at December 2024. Market Forces said 'after fully and publicly divesting from the company in 2020', AustralianSuper now held its biggest interest in Whitehaven in 10 years. Sign up to get climate and environment editor Adam Morton's Clear Air column as a free newsletter 'How on earth can AustralianSuper call itself a responsible investor after buying millions of shares in Whitehaven Coal?' Market Forces' senior analyst, Brett Morgan, said. 'AustralianSuper is backing Whitehaven's expansion plans, which would result in nearly 5bn tonnes of carbon pollution from burning coal, equivalent to running all of Australia's coal-fired power stations until 2062.' Morgan said the organisation had been contacted by dozens of AustralianSuper members concerned 'that their fund is greenwashing and endangering a safe future for their retirement'. An AustralianSuper spokesperson said the fund remained committed to its long-term goal of net zero by 2050. 'Whitehaven's acquisition of BHP's metallurgical coal assets changed the company's revenue profile and made it a more attractive investment given their importance in steel making,' the spokesperson said. Metallurgical coal is used primarily to make steel while thermal coal is primarily used for electricity generation. Sign up to Clear Air Australia Adam Morton brings you incisive analysis about the politics and impact of the climate crisis after newsletter promotion 'The energy transition is not linear, which means thermal coal will be an important stabilising source of electricity for the grid for some time to come, both domestically and overseas.' But Naomi Hogan, from the Australasian Centre for Corporate Responsibility, said climate-aware investors across the superannuation sector had been making an effort on ESG and emissions reductions and 'this AustralianSuper move is going against the trend of its peers'. 'Metallurgical coal investing cannot be used to shield against scrutiny of coal,' Hogan said. 'Last year ACCR published research based on a global survey of 500 investors in the steel value chain, which found that 80% of investor respondents believe metallurgical coal's risk profile will increase in the next decade.' Hogan said AustralianSuper, having previously 'talked up' the importance of its companies aligning with the objectives of the Paris Agreement, now has a 'huge amount of work ahead to bring [Whitehaven's] emissions into line'. 'ACCR will be looking closely at AustralianSuper's disclosures outlining its ESG risk assessment of this investment,' she said.

Scottish Sun

4 hours ago

• Scottish Sun

Brits urged to fill up tanks ahead of 'petrol price shock' at pumps following oil price high

Use out petrol price tracker to see how much more you are paying at pump FUEL FRENZY Brits urged to fill up tanks as 'petrol price shock' days away Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BRITS are being urged to fill up their tanks as petrol prices could rocket in a matter of days. Fears are mounting that Iran may retaliate to US strikes on its nuclear sites by closing the world biggest shipping facility of oil. Sign up for Scottish Sun newsletter Sign up 1 The Strait of Hormuz is sees around a fifth of the world's global oils supply pass through. Credit: Reuters The Strait of Hormuz, which lies between Oman and Iran, sees around a fifth of the world's global oil supply pass through. Iran's parliament voted on Sunday, June 22 to close the strait but it requires approval from the country's Supreme National Security Council. However, threats of the route being blocked led oil prices to surge to their highest price in six months when markets opened today. Brent crude, the international benchmark for oil prices, hit $81.40 (£60.41) a barrel when the market opened on Monday. But it later dropped to trade 0.3% lower on the day at $76.76 (£56.97) by early afternoon in London. When the price of crude oil rises, the amount punters pay for petrol also tends to increase. Fuel prices had been edging down, but prices have slightly increased since conflict between Israel and Iran intensified earlier this month. Susannah Streeter, head of money and markets, warned fuel prices could be "severely disrupted if the conflict is prolonged"/ She added: "If the Strait is closed there are fears it will lead to an oil price shock." Ben Perks, managing director at Orchard Financial Advisers also warned the "price of petrol will almost certainly rise". He explained: "The rise in this overhead can lead to price rises on everything that's transported. Warning over petrol station mistake which can cost £1,000s "It's a waiting game to see how markets will react, but as things in the Middle East heat up, it's likely to cause volatility." It is not the first time that punters have been warned of price hikes at the pump due to a global conflict. When Russia - one of the world's biggest producers of oil - invaded Ukraine fuel prices also shot up. But Simon Williams, RAC head of policy said the rise in oil costs might not be enough to "cause a major hike at the pumps". 'As retailer margins have been high for some time, the oil price rise has squeezed these to fairer levels for drivers. He added: "If, however, retailers are set on maintaining margins of around 12p a litre, we may well see the average price of fuel go up further." SHOULD YOU FILL YOUR TANK NOW? The price of petrol is currently at 132.06 per litre, but experts fear that this could rise further if the Strait closes. In light of the news, Tony Redondo, founder at Cosmos Currency Exchange said it would be "wise for consumers to fill up their tanks now". He explained: "The effect at the petrol pumps of even a partial closure of the Strait of Hormuz would be immediate and significant". Tony said the closure could spike Brent crude, up 15% to over $80/barrel, may push prices to 152p/litre very quickly. He also warned a full closure could see oil hit $100-$150, driving petrol up towards £2/litre. He said: "That's why now could be a smart time to fill up your tank before any further hikes come into effect." However, it is important to only fill up your tank if you need to and if you can afford it. Markets also fluctuate on a regular basis, so if oil prices spike it does not mean it won't edge down at a later date. How else can I cut fuel costs? ONE way to save is by signing up for major supermarket loyalty schemes, which can give you discounts of up to 5p per litre. Esso has partnered with Nectar, allowing you to get 5p off per litre when you redeem 300 Nectar points. BP drivers can use the BPme rewards card to earn one point for every £1 spent in-store or on a litre of regular fuel, with £1 off fuel or shopping for every 200 points. Loyalty schemes from Texaco, Shell, Sainsbury's, and Tesco also offer savings on fuel and shopping bills. You can further reduce fuel costs by driving more efficiently by: Accelerating gradually without over-revving. Driving in the highest gear possible. Allowing your car to slow down naturally instead of braking unnecessarily. Don't forget about clutter in your car. Extra weight from tools, toys, or rubbish can increase fuel consumption by as much as 12%. Clearing out unnecessary items can make a noticeable difference to your costs. How can I find the cheapest petrol stations? Websites like can help you find the cheapest petrol stations near you. The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel. To use it, simply register, enter your postcode, choose how far you're willing to travel (up to 20 miles), and select your fuel type. Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches. Your savings will depend on how often you fill up, which varies based on how frequently you use your car. Prices also differ by location and change week to week, so it's always worth checking to make sure you're getting the best deal. isn't the only option for comparing fuel costs. Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average. Plus, has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories