In a landmark decision, South Africa’s Supreme Court of Appeal has nullified a government permit granted to state utility Eskom for the construction of a 3,000-megawatt natural gas power plant in Richards Bay. The court ruled that the project lacked proper public consultation, rendering the authorization invalid. This ruling mandates Eskom to reapply for the permit after conducting the necessary public participation processes. The proposed plant, part of the government’s strategy to address chronic electricity shortages and reduce reliance on coal, has faced significant opposition from environmental groups. These groups argue that Eskom’s operations have historically caused environmental injustices and pollution in nearby communities. The judgment aligns with previous rulings against energy companies that failed to engage affected communities adequately. Richards Bay, the site of the planned plant, is also set to host South Africa’s first liquefied natural gas import terminal. Environmental advocates have welcomed the court’s decision, emphasizing the need for accountability and sustainable development. Eskom and the Department of Forestry, Fisheries, and the Environment have yet to comment on the ruling.
分类： business
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Boeing, Honeywell sued by Air India crash victim families
In a tragic incident that shook the aviation world, Air India Flight 171, bound for London’s Gatwick Airport, crashed shortly after takeoff from Ahmedabad, India, on June 12, 2025. The disaster claimed the lives of 260 people, including 229 passengers, 12 crew members, and 19 individuals on the ground. Only one passenger survived. The families of four victims have now filed a lawsuit against Boeing and Honeywell, alleging that faulty fuel cutoff switches were responsible for the crash. The lawsuit, filed in Delaware Superior Court, claims that the switches, manufactured by Honeywell, were defectively designed and positioned in a manner that made them susceptible to accidental activation during normal cockpit operations. The plaintiffs cite a 2018 Federal Aviation Administration (FAA) advisory that recommended inspections of the switches’ locking mechanisms to prevent inadvertent movement. However, Air India reportedly did not conduct these inspections. The preliminary investigation by India’s Aircraft Accident Investigation Bureau (AAIB) found that the throttle control module, which includes the fuel switches, had been replaced in 2019 and 2023 on the ill-fated aircraft. The report also noted that all applicable airworthiness directives and alert service bulletins had been complied with. Despite this, the lawsuit argues that the switches’ design and placement ‘effectively guaranteed that normal cockpit activity could result in inadvertent fuel cutoff.’ Aviation safety experts, however, have expressed skepticism, stating that the switches’ location and design make accidental activation unlikely. Boeing has declined to comment, and Honeywell has not yet responded to requests for comment. The lawsuit seeks unspecified damages for the deaths of Kantaben Dhirubhai Paghadal, Naavya Chirag Paghadal, Kuberbhai Patel, and Babiben Patel. Legal experts suggest that targeting manufacturers like Boeing and Honeywell is a strategic move, as they do not enjoy the same liability limits as airlines. Additionally, U.S. courts are perceived as more favorable to plaintiffs compared to many foreign jurisdictions. This case marks the first lawsuit in the United States related to the Air India Flight 171 crash.
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Air India crash victims’ families sue aerospace firms Boeing and Honeywell
The families of four victims from the tragic Air India Flight 171 crash in June have initiated legal action in the United States against aerospace giants Boeing and Honeywell. The lawsuit, filed on Tuesday, alleges that negligence on the part of these companies led to the catastrophic incident, which claimed the lives of 260 people. The plaintiffs argue that faulty fuel switches, a critical component of the Boeing 787 Dreamliner, were the primary cause of the crash. According to the lawsuit, both Boeing and Honeywell were aware of the design risks but failed to take corrective measures. The preliminary investigation by India’s Aircraft Accident Investigation Bureau (AAIB) revealed that the fuel switch was inadvertently moved from the ‘run’ to the ‘cut-off’ position, resulting in a sudden loss of thrust. The families claim that this design flaw allowed for the accidental cutoff of fuel supply, leading to the disaster. The lawsuit also accuses the companies of not issuing adequate warnings or providing replacement parts to address the issue. Represented by the Texas-based Lanier Law Firm, the families are seeking accountability for what they describe as a preventable tragedy. A more comprehensive report on the crash is expected in 2026.
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Groups that have bid for TikTok or expressed interest
In a significant development amidst ongoing U.S.-China trade tensions, President Donald Trump announced a landmark agreement on Tuesday that allows TikTok to continue its operations in the United States. This breakthrough comes after months of negotiations aimed at de-escalating a trade war that has rattled global markets. The deal, reminiscent of earlier discussions this year, mandates the transfer of TikTok’s American assets from China’s ByteDance to U.S. owners, potentially concluding a year-long saga.
President Trump highlighted the interest of several major companies in acquiring TikTok, extending the deadline for the sale or shutdown of the app to December 16. TikTok, boasting approximately 170 million American users, has drawn attention from various potential buyers. The new agreement stipulates that ByteDance will retain a 19.9% stake, just below the 20% threshold, while a consortium including current shareholders Susquehanna International Group, General Atlantic, and KKR will hold the remaining 80%. New investors such as Andreessen Horowitz and Oracle are also expected to participate.
Oracle, with a market value exceeding $871 billion, plays a pivotal role in TikTok’s U.S. operations, providing essential cloud computing services and managing servers hosting American user data. Additionally, investment firm Silver Lake is set to invest under the new deal. Meanwhile, tech giant Amazon, valued at over $2.5 trillion, made a last-minute offer to acquire TikTok’s assets outside of China.
Other notable bids include a late-stage proposal from Tim Stokely, founder of OnlyFans, in partnership with the Hbar Foundation, and a $30 billion all-cash offer from a group led by tech entrepreneur Jesse Tinsley, featuring YouTube personality MrBeast. AI-powered search engine startup Perplexity AI has also proposed acquiring TikTok’s U.S. operations, with plans for the U.S. government to own up to 50% of the new entity upon a future IPO.
Entrepreneur Frank McCourt, with the support of Reddit co-founder Alexis Ohanian, has launched ‘The People’s Bid,’ aiming to acquire TikTok’s U.S. operations and run the app on technology that empowers users to control their data. Microsoft, previously a top bidder in 2020, remains a potential contender, with President Trump expressing a desire for a competitive bidding process.
This agreement marks a critical juncture in the U.S.-China trade relationship, addressing national security concerns while ensuring the continuity of a widely-used social media platform in America.
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US wins release of Wells Fargo banker barred from leaving China, sources say
Chenyue Mao, a senior executive at Wells Fargo, has been permitted to leave China after months of being barred from exiting the country. The lifting of the exit ban follows high-level negotiations between U.S. and Chinese officials, marking a significant development in the ongoing efforts to ease tensions between the two economic powerhouses. Mao, who leads Wells Fargo’s international factoring and cross-border strategies, has already returned to the United States, according to sources familiar with the matter. The resolution of Mao’s case coincides with a broader agreement reached in Madrid, where the U.S. and China agreed to transfer ownership of TikTok to U.S.-controlled entities, a move aimed at de-escalating the trade war that has rattled global markets. The Chinese Foreign Ministry had previously cited Mao’s involvement in a criminal investigation as the reason for the exit ban, emphasizing that the decision was made in accordance with Chinese law. Wells Fargo, the White House, and the U.S. Embassy in Beijing have not commented on the matter. The U.S. State Department reiterated its commitment to the safety and security of American citizens but provided no further details. Mao’s case has reignited concerns among foreign businesses about the risks of operating in China, where several executives have faced similar restrictions in recent years. Wells Fargo’s presence in China is notably smaller than that of its Wall Street peers, with its Shanghai and Beijing branches employing around 63 staff as of 2024. The bank had suspended all travel to China following Mao’s exit ban, a policy that remains in effect. Other major banks, however, have continued their operations in the country without interruption. The U.S.-China Business Council, representing 270 American companies, recently concluded a visit to Beijing to strengthen bilateral commercial ties, underscoring the complex dynamics of U.S.-China relations.
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Ghana central bank delivers another larger-than-expected rate cut
In a bold move signaling confidence in Ghana’s economic recovery, the Bank of Ghana announced a record-breaking interest rate cut of 350 basis points on Wednesday, reducing its main rate to 21.5%. This decision marks the second consecutive aggressive rate reduction, following a 300 basis point cut in July, bringing the cumulative reduction to 650 basis points over two meetings. The central bank’s decision reflects a sustained decline in inflation and an improving macroeconomic outlook in the West African nation, renowned for its gold and cocoa production. Economists had anticipated a more modest cut of 200 basis points, but the Monetary Policy Committee (MPC) opted for a more substantial reduction, citing favorable economic conditions. Leslie Dwight Mensah, an economist at the Institute for Fiscal Studies, praised the move, stating, ‘The MPC has been emboldened by the expectation that inflation will soon reach the target range of 8-10%. This is a positive development for the economy, particularly the real economy sector.’ Bank of Ghana Governor Johnson Asiama highlighted the nation’s robust economic growth, with GDP expanding by 6.3% year-on-year in the second quarter of 2025, up from a revised 5.7% in the same period last year. The services sector showed particularly strong improvement. Inflation has also been on a steady decline, dropping for the eighth consecutive month to 11.5% in August, the lowest since October 2021. Asiama expressed optimism that inflation would continue to ease, projecting it to fall within the bank’s target range of 8% (±2%) by the end of the fourth quarter. This rate cut is expected to stimulate economic activity, particularly in sectors sensitive to borrowing costs, further solidifying Ghana’s recovery trajectory.
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Could the US interest rate cut boost the housing market?
The US housing market continues to grapple with affordability issues, even as mortgage rates have recently seen a modest decline. Aileen Barrameda, a prospective homebuyer in Los Angeles, remains undeterred by stubbornly high mortgage rates, which are double what she secured at the start of the COVID-19 pandemic. ‘If I have the means to get in the market, I might as well do it now because homes are just going to get more expensive,’ she said. Housing costs remain a critical concern for Americans and a focal point in political discourse. President Donald Trump had previously expressed hope that Federal Reserve interest rate cuts would ease mortgage burdens. Last week, the average rate on a 30-year mortgage, the most popular home loan in the US, fell to 6.35%, marking the largest weekly decline in the past year and the lowest level in 11 months, according to Freddie Mac. However, despite the Federal Reserve’s recent rate cut, borrowing costs are unlikely to decrease significantly further. The Fed’s decisions indirectly influence mortgage rates by affecting interbank lending rates, which in turn impact consumer loan and savings rates. Banks had already anticipated the Fed’s move, leading to preemptive mortgage rate cuts, leaving little room for further reductions. Fed Chair Jerome Powell acknowledged that significant rate changes would be necessary to substantially impact the housing sector, though lower rates could boost demand and support builders. Rising inflation risks could also push mortgage rates higher if banks expect the Fed to halt further rate cuts. Nicole Stewart, a Redfin real estate agent in Boise, Idaho, noted that the recent rate decline has spurred some buyer activity, but the market remains unaffordable for many. Many homeowners locked in historically low rates during the pandemic, around 3%, and are reluctant to sell, reducing housing supply and driving up prices. Julia Fonseca, an associate finance professor at the University of Illinois Urbana-Champaign, highlighted that roughly 80% of mortgage borrowers have rates below the current average, limiting the impact of recent declines. Kristin Carlson, a first-time buyer in Boise, has been monitoring the market for four years and sees the recent rate dip as a step closer to purchasing. However, she remains cautious, balancing borrowing costs with other factors like seasonality and finding the right home. Matt Vernon, head of consumer lending at Bank of America, described the market as cautiously optimistic but still strained. ‘The dip in rates has certainly got buyers’ attention, but it hasn’t necessarily changed their perception of the challenges,’ he said.
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Rwanda’s economic growth slows in Q2 2025
KIGALI, Sept 17 (Reuters) – Rwanda’s economic expansion decelerated in the second quarter of 2024, primarily due to subdued performances in the industrial and services sectors, according to the national statistics office. The economy grew by 7.8% year-on-year during this period, a notable decline from the 10.2% growth recorded in the same quarter of the previous year. The statistics office highlighted that industrial output increased by 7%, a significant drop from the 13% growth seen in the second quarter of 2023. Similarly, the services sector expanded by 9%, down from 12% in the same period last year. In contrast, the agricultural sector showed resilience, growing by 8% compared to 4% in the previous year. Rwanda’s economy, heavily reliant on agriculture, tourism, and manufacturing, faces challenges as global economic uncertainties and domestic factors weigh on key sectors. Analysts suggest that targeted policy interventions may be necessary to sustain growth momentum in the coming quarters.
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Exclusive: Adani-led Sri Lanka container terminal to double capacity ahead of deadline
The Adani Group, in collaboration with its partners, is advancing the expansion of the $840 million Colombo West International Terminal in Sri Lanka, aiming to double its capacity by late 2026, ahead of the original schedule. This development comes despite the group’s decision to withdraw a $553 million funding request from the U.S. International Development Finance Corp, opting instead to finance the project through internal resources. The terminal, strategically located next to a facility operated by China Merchants Port Holdings, highlights Sri Lanka’s pivotal role in the geopolitical competition for influence in the Indian Ocean between India and China. The first phase of the fully automated terminal became operational in April, with the second phase now underway. Zafir Hashim, head of transportation at John Keells Holdings, a key partner, revealed that the project is progressing three to four months ahead of the February 2027 deadline. Upon completion, the terminal will handle 3.2 million containers annually, significantly boosting Colombo’s port throughput. The majority of the terminal’s business originates from India. Despite controversies, including allegations of bribery against Adani Group Chairman Gautam Adani—which the group has denied—Hashim expressed confidence in the partnership, stating that Adani has been a reliable collaborator. Adani Ports and Special Economic Zone holds a 51% stake in the terminal, with John Keells owning 34% and the Sri Lanka Ports Authority holding the remainder. Sri Lanka is also exploring further renewable energy investments with Adani, despite earlier disagreements over wind power projects. In February, Adani withdrew from two proposed $1 billion wind projects after the Sri Lankan government sought to renegotiate power purchase rates. However, the group later showed renewed interest by purchasing bid documents for smaller wind projects, signaling potential future collaborations.
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Fed Reserve cuts interest rates but cautions over stalling job market
In a significant move reflecting growing concerns over the U.S. economy, the Federal Reserve announced a 0.25 percentage point reduction in its key lending rate on Wednesday, bringing the target range to 4%-4.25%. This marks the first rate cut since December 2022 and signals the potential for further reductions in the coming months. The decision, supported by 11 of the 12 voting members of the Federal Open Market Committee, underscores the central bank’s response to a weakening labor market and broader economic risks. Federal Reserve Chair Jerome Powell emphasized that while unemployment remains low at 4.3%, downside risks in the job market have become increasingly apparent. The move contrasts with the Fed’s July assessment, which described the labor market as ‘solid.’ Stephen Miran, a temporary member with ties to the White House, notably advocated for a more aggressive 0.5 percentage point cut. The decision comes amid persistent political pressure from President Donald Trump, who has repeatedly criticized the Fed for its reluctance to lower rates. Trump has accused Powell of stifling economic growth and even threatened to remove him from his position. Despite the political backdrop, analysts argue that the Fed’s decision was driven by economic fundamentals rather than presidential influence. Inflation, which surged post-pandemic, has moderated significantly, while job growth has stalled, with the U.S. reporting minimal gains in August and July and a net loss in June—the first since 2020. Economists predict further rate cuts, with Wells Fargo forecasting a 0.75 percentage point reduction by year-end. However, the Fed remains divided on future policy, with seven members opposing additional cuts and one advocating for rates below 3%. Powell acknowledged the complexity of the current economic landscape, stating, ‘There are no risk-free paths right now.’ The Fed’s independence has also come under scrutiny, as Trump’s administration has sought to influence its decisions through personnel changes and legal battles. Critics warn that such actions threaten the central bank’s autonomy, a cornerstone of its credibility. Despite the political drama, the Fed’s latest move is seen as a necessary step to address economic headwinds and support borrowing costs across the nation.