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Meta, TikTok may be sued by the mother of a NYC teen who was killed while "subway surfing"
A New York judge has ruled that Meta Platforms, TikTok's owner ByteDance and the mother of 15-year old Manhattan boy who was killed while "subway-surfing" on a moving subway train must face a lawsuit for wrongful death. Justice Paul Goetz ruled that Norma Nazario could try to prove Meta, ByteDance and TikTok "goaded" Zackery to subway surfing after he became addicted to Instagram and TikTok where he viewed "dangerous challenge" content. Meta, ByteDance, and Snapchat parent Snap are facing thousands of lawsuits claiming that their platforms cause harm to schools, governments, and children. Zackery Nazaario died in 2023 after he and a girlfriend climbed on top of a Brooklyn bound J train while it was crossing the Williamsburg Bridge. His mother claimed that a low beam hit Zackery and caused him to fall, between subway cars which ran over him. Zackery, she said, had posted several videos on his social media pages about subway surfing. Meta and ByteDance referred to Nazario's passing as "heartbreaking," while claiming immunity from any user-generated content under Section 230 (of the federal Communications Decency act) and the First Amendment's free speech clause. The Manhattan judge told Norma Nazario that she could prove that her son was targeted due to his age. Goetz wrote that "based on the allegations made in the complaint, it is plausible that social media defendants played a role that went beyond neutral assistance in promoting the content and involved active identification of the users most likely to be affected." Goetz stated that Norma Nazario could pursue wrongful-death, product liability and negligent claims. He said that common sense, "reality of living in this city," and the "realities" of New York City should have made Zackery aware that subway-surfing was dangerous. Meta, ByteDance, and their attorneys had no immediate comments. The lawyers of Norma Nazario did not respond immediately to requests for comments. The MTA didn't immediately respond to the same request. New York City Police has said that at least six people will die from subway-surfing in 2024. Nazario v ByteDance Ltd et al., New York State Supreme Court New York County No. 151540/2024. Reporting by Jonathan Stempel, New York Editing Mark Potter
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US Supreme Court dismisses American Airlines' appeal of the ruling that bars JetBlue alliance
The U.S. Supreme Court denied on Monday the request of American Airlines that a court decision overturning a ruling that found that American Airlines' now-scrapped U.S. Northeast Partnership with JetBlue Airways had violated federal antitrust laws. The Justices rejected an appeal by American Airlines from a lower court decision in a case brought by the U.S. Justice Department, which led to the termination of the proposed “Northeast Alliance,” which would have permitted the two carriers coordinate flights and pool revenues. American Airlines argued the 1st U.S. Circuit Court of Appeals in Boston had ruled that antitrust violations were committed. Circuit Court of Appeals embraced a hostile attitude towards collaboration between businesses. This was in contrast to other courts who require proof of harm to all consumers, not only the customers of collaborators. The company said that the ruling invalidated an airline joint venture which increased competition on all markets and "threatens a havoc to productive collaborations in all shapes and sizes." The Justice Department, along with six other states and Democratic President Joe Biden, filed a lawsuit in 2021. Under Biden's administration, the Justice Department gave a high priority to boosting airline competition and enforced U.S. Antitrust laws aggressively. The Justice Department, under Republican President Donald Trump, has continued to defend government's win in the American Airlines/JetBlue case. They claim that the 1st Circuit ruling upholding the judge's decision preventing the alliance was based on "uncontroversial" antitrust principles. The alliance was announced by the U.S. Transportation Department in July 2020, and approved just days before Trump's first term ended in January 2021. American Airlines, the largest airline in the United States, and JetBlue, which is the sixth largest, have teamed up to fly into and out of New York City, Boston and coordinating their schedules, as well as pooling revenue. The Justice Department argued the alliance would harm consumers by removing incentives for American Airlines to lower prices in order to attract customers away from JetBlue. JetBlue is a disruptive competitor with historically low fares. In Boston, U.S. district judge Leo Sorokin sided with Justice Department in 2023 and found that the alliance was in violation of antitrust laws. JetBlue ended the alliance after Sorokin’s ruling. It was unsuccessful in its attempts to gain approval for the $3.8 billion purchase of Spirit Airlines that has been dropped. Biden’s Justice Department successfully challenged the deal. American Airlines filed an appeal, however, because it said the ruling would prevent them from entering into a similar arrangement in the future, including one with JetBlue. A panel of three judges from the 1st Circuit upheld Sorokin’s decision.
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Spain's electricity grid denies blame for blackout and pledges record investments
At a tension-filled shareholder meeting held on Monday, the chair of Spanish grid operator Redeia defended her company following a massive blackout that occurred in April. She also pledged to make record investments. Redeia is under fire for a major power outage on April 28, which left much of Spain and Portugal without electricity. Chair Beatriz Corredor, however, again placed the blame on power companies. Corredor, along with Redeia Chief executive Roberto Garcia Merino defended Redeia’s actions both before and during blackout, including their planning of power sources for voltage control and management of the Interconnector with France. The government's report on the blackout cited Redeia as having failed to calculate the right mix of energy. This was one of the main factors that prevented the grid from being able to handle a sudden surge in voltage, which ultimately caused the blackout. The largest energy companies in the country have also criticised how the power link is managed with France. BLACKOUT FALLOUT In an unplanned vote, held on the request of a shareholder, Corredor won the support of her shareholders. Redeia's CEO said that the company always adhered to existing rules and procedures, and therefore, it was not necessary to set aside funds to cover costs incurred due to the blackout. Corredor admitted that it faced risks to its brand. She added that "the numerous episodes of misinformation... have intensified public scrutiny and pressure on Redeia." Corredor has pledged to defend its company and employees "in the face unfounded and often very serious accusations that seek to undermine our reputation". Analysts, politicians and energy firms have all called for increased investment in Spain's electricity grids. Corredor, without providing details, said that the next strategic plan of the company will include an unprecedented amount of investment. Garcia Merino stated that investments have increased in recent years, and they will exceed 1.4 billion euro ($1.6 billion) by 2025. Pietro Lombardi reports. ($1 = 0.8537 euro) Editing by Inti Lombardo and Mark Potter
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Turkey sets sustainable aviation fuel requirements for airlines and suppliers
Turkey's civil aviation authority announced on its website that it will issue mandates to airlines and jet fuel providers in order to increase the uptake of sustainable aviation oil, with an aim of reducing aviation emission by 5% by 2020. This move will help comply with the U.N. International Civil Aviation Organization’s emission reduction program that will be mandatory by 2027. New rules will require airlines to use enough SAF on international flights that involve Turkey to achieve the 5% emission reduction goal. The new rules will require that jet fuel suppliers within the country purchase SAF in order to achieve this target and that domestic oil refiners Tupras & Socar begin producing SAFs. It said that the authority would publish the minimum targets for emission reductions before the end the third quarter of each year. The authority also added it would penalise any airlines or jet fuel suppliers who did not comply. The authority stated that airlines must load 90% of their SAF for international flights to Turkey. According to the International Energy Agency, aviation is responsible for 2,5% of global CO2 emissions. Tupras, Turkey’s largest oil refiner and a major producer of SAF, said that it aims to produce 20 metric tons at one of its main plants by 2026. The company hopes to increase production to 400,000 tonnes by building a second unit at its Izmir refining plant, subject to final investment decisions. DB Tarimsal Enerji is a local biofuel company that also aims at producing 100,000 tons of SAF in a new facility. According to Turkey's energy regulator, the demand for jet fuel in Turkey fell by 4% to 6,26 million tons or 135,000 barrels a day last year. Reporting by Enes Tunagur Editing by Mark Potter
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INDIA RUPEE - Rupee finishes month and quarter slightly lower than most Asian counterparts
The Indian rupee fell on Monday, ending the month and the quarter slightly lower. It trailed most Asian counterparts amid muted portfolio flows and was weighed down due to the country's deficit in external investments. The dollar closed the day at 85.7550 against the currency, down by 0.3%. In the face of a general dollar decline, most Asian currencies have suffered modest losses. The Indian rupee has not changed much in the past year, but Asian currencies such as the Taiwan Dollar and Korean won, which are closely monitored by the rupee, have increased about 13% and 8 % respectively. Meanwhile, the offshore Chinese Yuan, another closely-tracked currency, is up more than 2%. Analysts cite India's deficit in external investment as one of the main reasons for the rupee's poor performance. Investors are hedging against the persistent weakness of the dollar and boosting currencies in countries like Korea and Taiwan that have large investment surpluses. The dollar index has fallen over 10% in the first half of the year, weighed down by concerns over U.S. fiscal and trade policies, fears over the future independence and expectations for a reduction of benchmark interest rates. The rupee has also suffered from a sluggish portfolio flow, with foreign investors pulling a net of about $0.5 billion out of local bonds and stocks over the quarter April-June. Analysts expect the rupee to be supported by a weaker dollar despite the relative underperformance. DBS stated in a report that "we see scope for USD/INR consolidating in an 84 to 86 range with a downward bias." It added that it might lower its USD/INR forecast if US Federal Reserve pivots toward a rate reduction later this year, setting the stage for further USD weakness. On that day, traders reported that dollar bids by foreign banks and state-run bank weighed down on the rupee despite the fact most Asian counterparts posted gains.
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Second ally of Biya's Biya in the presidential race
Bello Bouba Maigari, the Tourism Minister of Cameroon, has accepted nomination by his party to run for president in an upcoming election expected to take place in October. The long-serving president Paul Biya is yet to declare whether he intends to run again. Why it's important Maigari is a former Prime Minister who has served President Biya as a close ally for over 30 years. He accepted the nomination of the National Union for Democracy and Progress on Saturday. However, he did remain in his cabinet position. In recent days, he is the second minister of government from the north to announce his presidential candidacy. This could signal a possible rupture in the strategic alliance that Biya’s central government has with influential northern elites. CONTEXT Biya, 92, has been in power since 1982. He hasn't confirmed if he intends to run for reelection. Maigari announced her candidacy last week, following the resignation of Issa Bakary from the government. He was a former spokesperson for the government and cited widespread calls for change. Three provinces in northern Cameroon, Adamawa, North, and Far North, have over 2,000,000 voters. They hold significant electoral power. By the Numbers According to preliminary data, more than 8 million Cameroonians are registered to vote in the nation of 30 million people that produces cocoa and oil. Reporting by Amindeh Blaise Atabong, Editing by Ayen deng Bior and Joe Bavier
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Early heatwave causes wildfires to rage in Turkey and France
On Monday, a heatwave in the region prompted firefighters to battle wildfires across Turkey and France. The wildfires in Turkey have raged for the second day, and were fanned on by strong winds. Forestry Minister Ibrahim Yumakli confirmed this, and said that four villages, as well as two neighbourhoods, had to be evacuated. As smoke billowed from hills marked by charred trees, footage of teams using tractors and water trailers as well as helicopters to carry water was shown. Scientists say that climate change has caused the summers to become hotter and dryer, causing wildfires in Turkey's coastal areas. Authorities and local media reported that in France, where temperatures will peak on Tuesday and on Wednesday, wildfires broke on Sunday, when temperatures reached 40 degrees Celsius. Authorities said Monday that the fires had been brought under control, but they were not yet out. Meteo France, the weather service in France, has issued an orange heatwave warning for 84 departments of France. This alert will last until mid-week. The Education Ministry announced that 200 schools would be closed at least in part over the next few days due to the heat. HEATWAVE RHINE SHIPPING IMPACTS Commodity traders claim that the heatwave has caused a drop in water levels along Germany's Rhine River. This has affected shipping and increased freight costs for cargo owners. The Rhine is a major shipping route for grains, minerals and petroleum products. Cologne could see temperatures of up to 40 C. Temperatures were predicted to reach 42 C in Seville, south Spain, where world leaders were gathered for a United Nations Conference. The heat was a problem for tourists. Mehrzad Joussefi from the Netherlands said that it was "really hot right now". The national weather service AEMET has said that Spain is on track to have its hottest ever June. AEMET has forecast that the heatwave will peak on Monday. Ruben delCampo, spokesperson for the weather service, said that intense heat would continue to be felt in Spain over the next few days. The Health Ministry of Italy issued red alerts on heatwaves in 21 cities including Rome and Milan. IlMeteo.it, a weather forecast website, said that temperatures could reach 41 C on Monday in Florence and 38 C in Bologna. According to its president, the Lombardy Region, which is part of northern Italy's industrial heartland and includes the region of Lombardy, plans to ban outdoor work during the hottest hours of the day. This follows a union request. Heat can have a variety of health effects, but experts are particularly concerned for the elderly, babies, outdoor workers, and those who are struggling financially. Swiss Re stated earlier this month that extreme heat worldwide kills 480,000 people each year, exceeding the combined toll of floods, earthquakes, and hurricanes. It also poses a growing risk to infrastructure, economy, and healthcare systems. The EU's Copernicus Climate Change Service C3S said this month that global surface temperatures were 1.4 C above the pre-industrial period between 1850-1900, when humans started burning fossil fuels at an industrial scale. Scientists believe that the burning of fossil fuels is the primary cause of climate changes. The planet experienced its hottest year ever in 2018. (Additional reporting from Emma Pinedo and Alvise Arinelli in Madrid; Writing by Ingrid Melander, Editing by Janet Lawrence.
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Dubai at 17-year High, Dubai and other Gulf markets mix in early trading
The major Gulf stock markets traded mixed on Monday morning, with the Saudi index falling on profit-taking while the Dubai exchange reached its highest level for seventeen years. Dubai's main stock index rose 0.7% to its highest level since May 2008. Blue-chip developer Emaar Properties also gained 0.8%. National Central Cooling Co. (Tabreed), meanwhile, grew by 2.1%. Tabreed, a private equity firm, and CVC DIF's infrastructure strategy division, CVC DIF plan to buy Multiply Group, based in Abu Dhabi,'s district cooling company. CVC DIF has entered into a partnership with Tabreed to purchase PAL Cooling Holding for a value of approximately 3.8 billion dirhams (1.03 billion dollars). Multiply Group shares rose more than 6%, to 2,52 dirhams. This is the highest since over a year. In Abu Dhabi the index rose 0.6%. Market attention was also focused on the resumption of trade negotiations between the United States, and Canada. Canada has repealed its digital service tax to help advance trade negotiations with America, Canada's Finance Ministry said in a Sunday statement. Saudi Arabia's benchmark stock index fell 0.1% on Monday, ending a five-day streak of gains. The drop was caused by the 1.4% decline in Al Rajhi Bank, and a 0.2% fall in Saudi Aramco, an oil giant. The oil prices, which are a major catalyst for Gulf financial markets, have continued to fall on fears about increased production from OPEC+. Last week's 12% drop was a result of this. Qatar Navigation lost 1.3%, while the Qatari index dropped 0.2%.
Moody's: India's new rules on infrastructure lending will support loan growth
Moody's Ratings stated on Monday that India's final rules for easing provisions in loans to infrastructure projects under construction are likely to boost credit growth.
Moody's reported that the Reserve Bank of India cut its provisioning requirement from 5% to 1% earlier this month. This move is expected to increase banks' willingness and ability to fund infrastructure development.
Moody's stated that they expect that the finalization of guidelines will reduce uncertainty and support medium-term economic growth.
Moody's reported that infrastructure credit declined by 0.8% from April 2024 to April 2025, after the Reserve Bank of India tightened lending standards in May. Moody's added that non-bank financiers of infrastructure also lagged behind, with an annualised growth rate of 6.9% between March 2024 and September 2024 compared to 13.2% for NBFCs as a whole.
In India, prolonged project delays and overly-optimistic revenue forecasts led to major loan defaults. Lenders are now cautious about infrastructure lending. The new rules will be in effect starting Oct. 1.
Ratings agency says state-owned banks, non-bank lenders and those most exposed to infrastructure will see a slight negative impact on their profitability if loans aren't disbursed before October 1. However, this is likely to be a one-off event.
Moody's stated that additional steps, such as extended deadlines and commercial operations for project completion will support asset quality. (Reporting by Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee)
(source: Reuters)