Nedbank funding about-face puts future of two new South Africa coal plants in doubt

first_imgNedbank funding about-face puts future of two new South Africa coal plants in doubt FacebookTwitterLinkedInEmailPrint分享Fin24:This decision fits with the banking group’s commitment to “green” funding, responsible lending and supporting sustainability initiatives. The bank says its initial proposal for funding the construction of the Thabametsi and Khanyisa independent power producers (IPPs) has lapsed and will not be renewed.This follows a corporate policy announced in early 2018 that the bank would no longer fund the construction of any new coal-fired power plants beyond its existing commitments to fund Thabametsi and Khanyisa, which were included as part of the new coal IPP programme in the South African Department of Energy’s draft integrated resource plan for electricity, Draft IRP 2018.The proposed Thabametsi 557 MW coal-fired power station, which would be largely owned by Japan’s Marubeni and South Korea’s Kepco, was planned to be built near Lephalale in Limpopo, while the Khanyisa 306 MW power station was to be sited near eMalahleni in Mpumalanga. The biggest shareholder of Khanyisa would be Saudi-owned Acwa Power.Nedbank says that it would prefer to offer financing for projects in energy efficiency and renewable energy, such as landfill gas, solar, hydro and wind projects. The bank says in its core business of lending and investing, it has a crucial role to play in transforming the economy and addressing climate change and that it seeks to “use [its] financial expertise to do good for individuals, businesses and society.”Nedbank’s announcement follows reports in September 2018 of Standard Bank’s withdrawal of financing the construction of coal-fired power. Currently, it appears that FirstRand, ABSA and the Development Bank of South Africa (DBSA) are still willing to offer funding for the Thabametsi and Khanyisa projects, but this may change. Nedbank and Standard Bank have followed the global trend of financial institutions refusing to fund the construction new coal-fired power plants.Funding is not the only challenge faced by the two new coal IPPs. Credible high court challenges (reviews of the environmental authorisations) are underway, and atmospheric emission licenses, water-use licenses and generation licenses for both projects are either outstanding or being challenged.More: Nedbank withdraws funding for new coal IPPslast_img read more

Willian reveals what Mikel Arteta told him about Arsenal’s ambitious Champions League plan

first_imgAdvertisement Metro Sport ReporterFriday 21 Aug 2020 8:43 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.6kShares Willian and Arteta share bold ambitions (Picture: Getty Images)Willian has revealed that Mikel Arteta’s lofty ambitions of winning the Champions League within the next three years convinced him to sign for Arsenal.The winger made the switch to the Emirates on a free transfer after running down his contract at Chelsea.Willian brings plenty of experience to the north London club, having won two Premier League titles, an FA Cup and the Europa League over a seven-year spell at Stamford Bridge.The one trophy that has evaded the 32-year-old is the Champions League, and Arteta assured the Brazilian of a plan to win the competition by the time his three-year contract with the Gunners expires.AdvertisementAdvertisementADVERTISEMENT‘One of the reasons I wanted a three-year deal was to be part of a plan, not just a player passing through,’ the winger told SunSport.‘When I talked with the manager he told me why he needed me for three years. Comment Willian reveals what Mikel Arteta told him about Arsenal’s ambitious Champions League plan Arteta has already had a taste of silverware (Picture: Getty Images)‘It was that he first wanted to qualify for the Champions League and win it by the time I left. That was what I wanted to hear.‘I was at Chelsea for seven years and won everything except the Champions League.‘Hopefully this move will give me the trophy I haven’t got as well as another Premier League title.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalWillian will be 35 when his three-year deal expires, but the winger insisted his physical condition will be of no concern.‘My age is no big thing,’ the Brazil international added. ‘If you look after yourself, live right and train right, today’s players can still be at top level when they are 35. For me it is not a problem.‘I have a lot to play for with Brazil too and I want to be at the next World Cup.‘If I do well at Arsenal then that will happen.’MORE: Gabriel reconsidering Arsenal move after Manchester United submit bid at 11th hourMORE: Arsenal or Napoli? Lille president confirms club have recommended next move to GabrielFollow Metro Sport across our social channels, on Facebook, Twitter and InstagramFor more stories like this, check our sport page Advertisementlast_img read more

Heart risk seen in widely used drug for diabetes

first_imgAn article in a leading medical journal Monday raised serious safety questions about the widely used diabetes pill Avandia and renewed skepticism about the vigilance of federal drug regulators. The analysis, based on a review of more than 40 clinical studies involving nearly 28,000 patients, showed that Avandia significantly increased the risk of heart attacks, compared with other diabetes drugs or a placebo. Both the study’s lead author and the editors of The New England Journal of Medicine, in which the article appeared, cautioned that the research method used left the findings open to interpretation. But they said the study nevertheless raised important concerns. And the publication of the study on the journal’s Web site prompted the Food and Drug Administration to issue a public safety alert and to advise users of the drug – an estimated 1 million people in this country and 2 million worldwide – to consult their doctors about the potential cardiovascular risks. “We decided we needed to reanalyze the complex dataset ourselves to make a better-informed decision,” Dr. Robert J. Meyer, a director of the agency’s office of drug evaluation, said Monday. Meyer said that the agency was close to completing its analysis and would convene an advisory panel as soon as possible to review the drug. The FDA is conducting an estimate of excess heart attacks that might be attributed to the drug, but Meyer, saying the results were not final, declined to disclose the number. He noted that Avandia’s label already carries a warning of cardiovascular risks. Meanwhile, the FDA advised Avandia patients to check with their doctors. “We’re expecting dozens if not hundreds of phone calls tomorrow,” said Dr. John B. Buse, chief of endocrinology at the University of North Carolina in Chapel Hill. “I’ve told our staff to tell people who call that this is not cause for panic. We can discuss it further at their next visit.” But Buse, a president-elect of the American Diabetes Association, said he would not be surprised if some doctors ultimately switch patients to an alternative drug unless additional details are released supporting Avandia’s safety. The New England Journal of Medicine posted the paper on its Web site, ahead of its planned print publication on June 14. Early Web postings are made by the journal’s editors in matters they consider to have public health importance. Information on the study was not supposed to be released until 5 p.m. Monday, after the closing bell on Wall Street, but it was inadvertently published Monday morning by two wire services. The company’s stock began falling almost immediately and was down more than 8 percent by midafternoon, before finishing down 7.85 percent, at $53.18. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! The journal’s editor in chief, Dr. Jeffrey M. Drazen, said: “We view this as the best publicly available data on a very important question. It shows what we regard as a preliminary, but worrisome, signal about cardiovascular toxicity of this drug.” The drug’s maker, GlaxoSmithKline, issued a news release defending Avandia’s safety and strongly disagreeing with the conclusions of the journal article, which it said was based on incomplete evidence. Glaxo’s stock fell by nearly 8 percent on the news. While the analysis took Wall Street and many doctors by surprise, Glaxo and the FDA disclosed Monday that they had known about the signs of potential cardiovascular risk since last August, when the company, on its own initiative, submitted a similar analysis to the agency. That disclosure prompted questions on Capitol Hill about why patients and doctors had not been informed earlier. Regarding the delay, the FDA said the significance of the studies had not been confirmed and in fact was contradicted by some other studies. last_img read more