Business
Meta reaches $18 billion of settlements over children’s social media addiction
Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.
Meta Platforms on Wednesday agreed to make major changes to Facebook and Instagram and pay up to $18 billion to resolve claims by most U.S. states that it designed those platforms to addict children and misled consumers about their safety.
Reuters reported that the settlements end a federal trial that had been one of the highest-profile tests of allegations that social media companies harm children.
It said that while Meta will not undergo a fundamental overhaul, the accords represent a sweeping effort to define how it serves young users.
The focus of this case was to protect our kids,” Colorado Attorney General Phil Weiser said in a statement.
“The relief we are getting in this settlement is very meaningful and well beyond what any court has ordered or is likely to order.”
Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.
These limits could be tightened if other social media companies adopt similar terms.
Meta will also enhance measures to prevent children from accessing age-restricted content.
The settlement does not require Meta, which denied wrongdoing in agreeing to settle, to abandon personalized recommendations or targeted advertising.
The total payout represents about three to four months of profit for the Menlo Park, California-based company.
Business
Naira Exchange Rates Wednesday, August 26
Today, the Naira Black Market exchange rate for 1 US Dollar is 1,400 Naira,. This means 100 US Dollars = 140,000 Naira.
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,400 Sell ₦1,405
Great British Pound(GBP) Buy ₦1,900 Sell: ₦1,920
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,346.98
Great British Pound (GBP) ₦1,837 54
EURO (EUR) ₦1,571.52
Swiss Franc (CHF) ₦1,678.89
Chinese Yuan (CNY) ₦200.37
Japanese Yen (Yen) ₦8.46
West African CFA (XOF) ₦2. 40
West African Unit Account (WAUA) ₦1,849. 43
Saudi Riyal (SAR) ₦358.73
South African Rand (ZAR) ₦84.11
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,400 Sell ₦1,405
Great British Pound(GBP) Buy ₦1,900 Sell: ₦1,920
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,346.98
Great British Pound (GBP) ₦1,837 54
EURO (EUR) ₦1,571.52
Swiss Franc (CHF) ₦1,678.89
Chinese Yuan (CNY) ₦200.37
Japanese Yen (Yen) ₦8.46
West African CFA (XOF) ₦2. 40
West African Unit Account (WAUA) ₦1,849. 43
Saudi Riyal (SAR) ₦358.73
South African Rand (ZAR) ₦84.11
Business
NAFDAC Gives Conditions For Reopening Sealed Factories of Alcoholic Manufacturers
The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees…
• NAFDAC DG, Prof Mojisola Christianah Adeyeye
The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday gave the conditions for the reopening of sealed factories of alcoholic beverages manufacturers nationwide.
At a press briefing in Lagos, the agency’s Director – General, Prof Mojisola Christianah Adeyeye, also directed the Distillers and Blenders Association of Nigeria (DIBAN), the Association of Food, Beverage and Tobacco Employers (AFBTE), and their member companies who have not comply with the ban on alcoholic beverages packaged in sachets and PET (plastic) bottles below 200ml to do so.
“Affected manufacturers are required to immediately commence a nationwide recall of all alcoholic drinks packaged in sachets and PET bottles below 200ml from distributors, warehouses, and other points within the supply chain and submit to the agency for destruction,” she said.
Emphasising on reopening sealed factories, she said: ” NAFDAC imposed investigative charges on defaulting companies found to have violated regulatory directives relating to the manufacture and distribution of alcoholic beverages in prohibited package sizes.
The affected companies are required to settle the applicable charges within the stipulated period and comply fully with all regulatory directives issued by the Agency.
The Agency wishes to emphasize that all recalled alcoholic products shall be subjected to inventory verification and destruction under NAFDAC supervision in accordance with the terms of the enforcement undertaking. Manufacturers shall bear the full cost of such destruction exercises.
Furthermore, before any sealed facility involved in the production of alcoholic beverages in sachets or PET bottles below 200ml can be reopened, NAFDAC will require satisfactory evidence that the production lines used for the prohibited package sizes have been dismantled, permanently disabled, or reconfigured to prevent the manufacture and packaging of alcoholic products in sachets and PET bottles below 200ml.
Such dismantling or reconfiguration shall be carried out under the direct supervision and verification of NAFDAC officers.
The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees.Successful destruction of recalled products under NAFDAC supervision. Verification of the dismantling, reconfiguration, or decommissioning of equipment used for prohibited package sizes.Satisfactory inspection and certification by NAFDAC that the facility is compliant with all regulatory requirements.”
Meta reaches $18 billion of settlements over children’s social media addiction
Naira Exchange Rates Wednesday, August 26
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