TAXI FOCUS from USA
BAILOUT UP TO $500M PROPOSED FOR NYC TAXI DRIVERS TRAPPED IN LOANS
A high-level panel appointed by the New York City Coun- cil and Mayor Bill de Blasio intends to pro- pose a bailout for thousands of taxi drivers trapped in exploitative loans that could cost as much as $500 mil- lion, several panel members said last month. According to The New York Times, the panel, which has been meet- ing regularly since last summer, wants a new public-private partnership to essentially absorb much of the debt that the drivers took on in recent years in order to buy medallions. Many of the medallions were sold at artificially inflated prices by industry lead- ers who brought about one of the biggest speculative loan bubbles since the American financial crisis. The drivers, nearly all of whom are immigrants, were channelled into reckless loans totaling billions of dollars, leaving many bankrupt and struggling to survive. The proposal would call for the partnership to buy medallion loans at discounted prices and ease the burden on borrowers by forgiving much of the debt and lowering interest payments, panel members said. Panel members cautioned that they were still working out the details of the proposal. But some top city officials indicated they tentatively support the idea. Mr de Blasio, who had previously expressed scepticism about a city- funded bailout, said he would respond to the proposal after reviewing it in its final form. He added that he liked that it would mostly be funded privately. “It is the best idea I’ve heard so far,” he said in a news conference, adding, “I’m open to a proposal. I think this is a healthy step for- ward.”
Some panel members said the partnership would aim to raise up to $500 million, while others, including leaders of the City Council, said the numbers were still being finalised and the report would not list any amounts. The city might have to contribute a portion of the total, but most of the money would come from private donors. Investors could receive incentives for contributing to the fund and would earn a return on the loans. The 19-member panel, which is headed by two powerful members of the Council, was set to release a report with the proposal last month. Bhairavi Desai, founder of the Taxi Workers Alliance, a group of drivers, who is on the panel, expressed confidence in the plan. “This is the most optimistic I have ever felt about solving this crisis,” said Ms. Desai, adding that several donors have already expressed interest. The proposal would be the most far-reaching step taken so far in response to a New York Times investigation that revealed more than a decade of exploitative practices in the industry.
FEBRUARY 2020
from Israel
ISRAELI TAXI DRIVER FINDS $60K IN HIS CAB AND TRACKS DOWN OWNER
A taxi driver in Israel got an unexpected surprise on a recent Friday when he fin- ished his shift. Moshe Barkat found a bag containing $60K, so he immediately set out to find its owner, the Jerusalem Post reported. “People usually forget cell- phones or small change, but this sort of sum?” said Barkat, who lives south of Tel Aviv, to Israel’s Channel 12. With his wife’s help, he fig- ured out which passenger likely left the bag. So he drove from his home in Bat Yam to Tel Aviv Sourasky Medical Centre, where he had dropped off an elderly woman in a wheelchair, accompanied by two young men, according to the Times of Israel. “I thought they would cry from joy, but it didn't happen,” Barkat told the reporter. The money was for a medical procedure at the hospital. Though the good news wasn’t received as he expected, he never planned on keeping the cash and hopes his story sends a message to the public that taxi drivers are honest people. “I am a man of faith,” he said. “The money isn’t mine, and I returned it wholeheartedly.”
from South Africa
PARENTS HORRIFIED AS 58 CHILDREN CRAMMED INTO TAXI IN SOUTH AFRICA
Traffic officials in Bela-Bela, Limpopo were left stunned by the sight of a taxi packed full of young schoolchildren. Once they pulled the vehicle over – crammed almost four times to its capacity – officials were able to get the kids out safety – all 58 of them. According to the South African, the video clip has surfaced online, depicting the moment the youngsters were set free. The traffic authorities were audibly stunned by what they’ve seen. When the news reached the parents, many were furious and seemingly unaware of the death-trap in which their young ones had been travelling. The Limpopo traffic department’s Joel Seabi confirmed the inci- dent. He said officials will visit the affected schools to further deal with the matter. We’re not sharing the footage which was circulated on social media, as it fails to protect the childrens’ identities.
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