Contura Sale of 2 Wyoming Mines Unlikely to Ease Powder River Basin’s Low-Price Problem

first_img FacebookTwitterLinkedInEmailPrint分享SNL:Coal prices in the Powder River Basin are low, and the recent sale of Contura Energy Inc.’s two mines in the region is unlikely to change that, according to analysts.Seaport Global Securities LLC analysts Mark Levin and Nathan Martin estimated in a Dec. 18 note that about 93 million tons of PRB coal had yet to be priced at the end of the third quarter — about 26% of total production in the region.“We think this is one major reason why PRB production will likely come in lower than flat in 2018,” they said. “Moreover, with so much coal yet to be priced, we are beginning to believe that absent a big move in natural gas prices and/or a very cold rest of December through February, PRB producers will put out 2018 volume guidance in late January/early February that is well below flat YOY.”The analysts called Contura’s decision to sell its Eagle Butte and Belle Ayr mines to Blackjewel LLC “a good one, maybe even a great one,” noting the move reduces Contura’s balance sheet asset retirement obligation from $200 million to $83 million, frees up $25 million in unrestricted cash, create significant income tax deductions, provides $50 million in royalty payments and reduces capital expenditures by $10 million to $12 million.However, the move will not likely help prices in the PRB.More: Western coal faces declining output, stagnant pricing despite Contura mine sale Contura Sale of 2 Wyoming Mines Unlikely to Ease Powder River Basin’s Low-Price Problemlast_img read more

Hempstead Stabbing Leaves Man Dead

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 39-year-old Freeport man was stabbed to death outside of a bar in Hempstead over the weekend, Nassau County police said.Three men attacked Rolando Cruz after an argument escalated in front of El Nuevo bar on Fulton Avenue at 1:10 a.m. Sunday, police said.The victim, who was taken to a local hospital, was pronounced dead shortly later.Homicide Squad detectives ask anyone with information regarding this case to call Crime Stoppers at 1-800-244-TIPS.  All callers will remain anonymous.last_img read more

Governor Wolf Announces 51 New Jobs with Hearth & Home Technologies Expansion in Dauphin County

first_img Jobs That Pay,  Press Release Harrisburg, PA – Governor Tom Wolf announced today that Hearth & Home Technologies (HHT), a hearth products manufacturer, will expand its presence in Halifax, Dauphin County by consolidating an out-of-state stove manufacturing site into its site in Pennsylvania – a move that will create at least 51 new jobs over the next three years.“I’m excited to share the news that Hearth & Home Technologies – already a major employer in this rural area– will be expanding its Dauphin County operations and increasing the size of its current Pennsylvania workforce by around 25 percent,” said Governor Wolf. “Pennsylvania has a long manufacturing history and HTT already knows the advantages that our borders provide. I commend HHT on its continued commitment to the commonwealth and anticipate its continued success into the future.”In response to its excess domestic stove manufacturing capacity, HHT will consolidate its manufacturing operations from Colville, Washington into its Halifax, Pennsylvania facility. The company has committed to an investment of at least $3.45 million in the consolidation project. HHT has also committed to the creation of 51 new, full-time jobs over the next three years, and to the retention of its current Pennsylvania workforce of 200 employees. The company plans to initiate hiring of new employees in mid-to-late 2017.“We appreciate the support of the Dauphin County community and Governor Wolf in this transition,” said President of Hearth & Home Technologies, V.P. Berger. “We are confident that our terrific team in Halifax will take this opportunity to continue to deliver high-quality, on time, best cost products for our customers.”HHT received a funding proposal from the Department of Community and Economic Development that consists of a $300,000 Pennsylvania First program grant and $102,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs. The company has also been encouraged to apply for a $1.5 million low-interest loan from the Pennsylvania Industrial Development Authority.The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.Hearth & Home Technologies is an operating division of HNI Corporation (HNI). HNI Corporation provides products and solutions for the home and workplace environments and is a leading global provider and designer of office furniture and the leading manufacturer and marketer of hearth products. HNI’s hearth products include a full array of gas, electric, wood, and biomass burning fireplaces, inserts, stoves, facings, and accessories.In 2016, DCED approved nearly $1.1 billion in low-interest loans, tax credits, and grants for projects across the commonwealth and secured private sector commitments for the creation and retention of more than 245,000 full-time jobs. In the same timeframe, the Governor’s Action Team completed 77 projects – creating and retaining more than 36,800 jobs. For more information about the Governor’s Action Team or DCED, visit Governor Tom Wolf on Facebook: February 15, 2017 Governor Wolf Announces 51 New Jobs with Hearth & Home Technologies Expansion in Dauphin Countycenter_img SHARE Email Facebook Twitterlast_img read more

Keen interest in deceased estate with potential

first_imgThe home at 15 Natasha St, Wynnum West.A DECEASED estate has sold under the hammer in Wynnum West after attracting strong interest from buyers looking for a bargain. Selling agents John Ford and Scott Kelleher, of Ray White Manly, saw the property at 15 Natasha St go for $492,000 last weekend.Mr Ford said the auction attracted seven registered bidders and drew an opening bid of $350,000.“We pretty much had three (active) bidders to the mid-fours and two bidders took us the rest of the way,” he said. Mr Ford said the new owners were owner occupiers. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020Inside the home at 15 Natasha St, Wynnum West.“The property was a good renovator on a big block,” he said. “We had between 25 and 30 groups through and a lot of expectations for (the property) to sell around the mid-fours.” The bayside agent said the Wynnum West market was performing well.“It’s a very good market for the first homebuyers looking to renovate and for investors,” he said. “The Wynnum and Manly markets attract the second and third time buyers and the Wynnum West and Manly West attract a different clientele.”last_img read more

FTT an ‘obstacle’ to Capital Markets Union, experts warn European Commission

first_imgThe financial transaction tax (FTT) proposed by a minority of European Union countries could act as a significant obstacle to the success of the Capital Markets Union (CMU), asset management and pension fund associations have warned.In responses to the European Commission’s green paper on the CMU, the European Fund and Asset Management Association (EFAMA) and the Investment Association, its UK counterpart, warned that the FTT could be counter-productive and act as a potentially significant obstacle to success.Concerns were shared by the UK’s National Association of Pension Funds (NAPF), which argued that it would be hard to contain the impact of the FTT to the 11 European countries that have agreed to introduce it, as the initial proposal from 2012 would have seen the fee levied when UK investors acquired shares in German or French firms.It added that two NAPF members estimated that the FTT would see increased transaction costs of €35m and €5m, respectively, although it did not disclose the size of the pension funds in question. “The NAPF accepts there is a case for tackling some aspects of market behaviour to encourage long-term responsible investment,” the organisation said in its consultation response.“But better stewardship, not a new tax, is the best way forward.”For its part, PensionsEurope had previously warned the Commission that it should avoid any measures – including the FTT – that would “lock capital in the pension funds”.The Investment Association also warned that the impact of the FTT could spill over into capital markets not participating in the levy.It said the tax would introduce “distortions in the capital markets across the EU” – counter to the purpose of a more unified CMU.EFAMA echoed the concerns, noting that the distortions would see capital flow predominantly towards countries not participating in the tax.“FTT would increase the costs for investors, as it will render EU investment funds more expensive,” it said.“It would also jeopardise long-term savings, growth and investment, as it would channel investments to products not subject to FTT.”While negotiations between the 11 participating member states have been slow to see progress, and the introduction of the FTT, the Association of the Luxembourg Fund Industry previously warned of the “nightmare” scenario that would occur if the joint proposal failed and saw 11 individual taxes launched.last_img read more

PensionsEurope warns of unintended consequences of bank capital rules

first_imgEU bank capital rules should be amended to address the unintended negative consequences they have for pension schemes using derivatives, the European occupational pensions association has told the European Commission.Responding to a Commission consultation on the implementation of Net Stable Funding Ratio (NSFR) rules, PensionsEurope said these, alongside leverage-ratio requirements for banks, would have a detrimental impact on pension funds and their service providers.The requirements are part of new EU bank capital rules introduced in response to the financial crisis, designed to shore up banks’ capitalisation.However, PensionsEurope and others in the European pensions industry believe certain aspects of the new requirements – set out in the Capital Requirements Directive (CRD) IV – will have unintended consequences for pension schemes by incentivising banks to accept cash only as collateral for non-cleared over-the-counter (OTC) derivative trades, whereas previously they would also accept high-quality government bonds. The NSFR and leverage-ratio rules are causing a movement toward cash-only collateral agreements with banks in the derivatives market, according to PensionsEurope.This, in turn, generates “a need for (much) higher cash buffers for pension funds and other end users”, it said, increasing their liquidity risks.It can also cause pension funds to rely more extensively on the repo market, it said.PensionsEurope said the impact of the rules “directly contradicts” the objective of the European Market Infrastructure Regulation (EMIR) and “would introduce disproportionate cost and risk to EU pensioners”.It is calling on EU policymakers to consider amending the NSFR and leverage-ratio rules to accept high-quality government bonds, “with appropriate haircuts”, as variation margin (VM) – payment made on a daily or intra-day basis for profits or losses.Pension funds should also be exempt from posting collateral in non-cleared transactions “until non-cash solutions for posting collateral are developed”, said PensionsEurope.The industry group’s comments echo those of several of Europe’s largest pension managers in a submission to a more wide-ranging consultation from the Commission earlier this year.last_img read more

UK roundup: Cardano completes NOW: Pensions acquisition

first_imgThe acquisition was originally announced in February.NOW: Pensions was launched in 2011 by Danish pension fund ATP. It has faced a number of issues over the course of its growth to become one of the UK’s largest auto-enrolment providers.A change of administration provider in 2014-15 led to problems processing and investing contributions. The provider removed itself from TPR’s list of approved master trusts in 2017 and was fined £70,000 by TPR in 2018 in connection with the problems.The provider has also been criticised by rivals for its charging structure, with some arguing that it is possible for smaller pots to be eroded down to zero over time.TPR this morning announced the master trust authorisation of two further schemes. With BCF Pension Trust and the Carey Workplace Pension Trust, the total number of master trusts authorised stands at 33. NOW: Pensions is the pension provider for IPE International Publishers.LGPS pool on-boards ESG analytics tool Brunel Pension Partnership, an asset pool of 10 local authority pension funds, has appointed an environmental, social and corporate governance (ESG) data provider to help it evaluate ESG and reputational risks across its asset managers and their public equity and bond holdings.It has been working with San Francisco-based Truvalue Labs, which has a tool that applies artificial intelligence to scour large volumes of unstructured data for insights into companies’ ESG performance. In a statement, Faith Ward, chief responsible investment officer at the £30bn asset pool, said Brunel liked that Truvalue Labs’ data was not dependent on what companies published about themselves. Cardano has completed the acquisition of defined contribution (DC) pension provider NOW: Pensions from Denmark’s ATP.The transaction, which was completed yesterday, was in part dependent on NOW: Pensions being authorised as an auto-enrolment workplace pension provider. The Pensions Regulator (TPR) announced the £1.3bn (€1.5bn) provider’s master trust authorisation last week.Cardano said that following completion of the acquisition, it now managed more than £25bn of assets and employed 350 people across the UK and the Netherlands.Michaël De Lathauwer, CEO of Cardano, said: “With master trust authorisation now secured, our combined business offers new and existing clients a unique offering of pensions risk management, investment skills, and a bespoke DC platform, which in combination, creates a new force across the UK pensions landscape.” Clifton suspension bridge in Bristol, where Brunel Pension Partnership is based“We evaluated a number of providers on the market and concluded that Truvalue Labs had the tool we wanted as a primary source, both for communicating with managers and for evaluating the risks in our portfolios,” she added.According to a case study document, other factors that prompted Brunel to hire the firm included that it used the Sustainability Accounting Standards Board materiality framework, and the currency of the data.“We like the fact that the information is quite current and fresh,” said Helen Price, assistant investment officer at Brunel. “It’s picking up news stories, which leads to forward-looking outlooks for companies.”Ward noted that the pool had used the tool quite extensively in a live fashion in meetings with asset managers, looking up company information “on the fly” when a manager looks to make a case for a particular company.last_img read more

Bay Front vendors want to be recognised

first_img Tweet Share Share President of the Bay front Vendors Association Roy Romain said cruise ship vendors is calling for assistance in purchasing materials to boost their sales in the slow season.He said Government should also seek to have their role in the industry recognized.“We really want them to see what role we play. We play an important role and they need to come to our rescue and maintain that high standard. Tourism has said that we have treated them much better than other vendors in other Caribbean islands,” he said.Romain said additional assistance will go a long way in ensuring survival for the vendors and their families.Photo credit: blog.moontownbarbados.comDominica Vibes News Sharing is caring!center_img Share 11 Views   no discussions LocalNews Bay Front vendors want to be recognised by: – July 6, 2011last_img read more

Checkout owners of Europe’s leading clubs – Liverpool, Man Utd, Real Madrid

first_img MANCHESTER CITY Part of City Football Group (CFG), majority-owned by Sheikh Mansour bin Zayed Al Nahyan, with Chinese investors led by media and entertainment group CMC Inc holding around 12% and U.S. private equity film Silver Lake just over 10%. Abu Dhabi United Group, the investment vehicle owned by Sheikh Mansour, retained majority ownership after Silver Lake agreed in November to pay $500 million for its stake, making CFG the world’s most valuable soccer group with a $4.8 billion price tag. The group’s investments also include New York City, who play in Major League Soccer, and Melbourne City, as well as stakes in Yokohama Marinos of Japan, Club Atletico Torque of Uruguay, Spain’s Girona, Sichuan Jiuniu of China and Mumbai City. MANCHESTER UNITEDBought by the American Glazer family for 790 million pounds ($1 billion) in 2005. Listed on the New York Stock Exchange since 2012 but the Glazers retain majority ownership of the 20-times English champions. It has a current market valuation of around $3.25 billion. LIVERPOOL John W. Henry heads up Liverpool owners Fenway Sports Group. The European champions and Premier League leaders have been owned since 2010 by the Fenway Sports Group after a 300 million pound deal. Fenway also owns the Boston Red Sox Major League Baseball team. ARSENALAmerican billionaire and sports entrepreneur Stan Kroenke struck a deal to take full control of Arsenal in 2018 by buying out Russian rival Alisher Usmanov, valuing the English Premier League club at around $2.3 billion. Roman Abramovich has owned Chelsea since 2003. CHELSEARussian billionaire Roman Abramovich bought the London club for a reported 140 million pounds in 2003 and they have since become a major force in the European game. JUVENTUSListed on the stock market in Milan, the Agnelli family that founded the Fiat motor group remain the controlling shareholder at Juve, Italian champions for the past eight seasons. Zhang Jindong owns Inter Milan INTER MILAN Chinese electronics retailer Suning Commerce Group Co Ltd bought nearly 70% of Inter Milan for 270 million euros ($307 million) in 2016 in what was the highest-profile takeover of a European team by a Chinese firm. AC MILANU.S. hedge fund Elliott Management last year assumed control of indebted AC Milan and injected 50 million euros to help stabilise the finances of the former European champions whose previous owners include former prime minister Silvio Berlusconi. BAYERN MUNICHGerman champions are 75% owned by their fans, with sportswear brand Adidas, carmaker Audi and insurer Allianz all having stakes of 8.33% each. Real Madrid and Barcelona are owned by their fans. REAL MADRID/BARCELONAThe two Spanish clubs are owned by their fans through membership schemes. They regularly have the highest revenue of any European soccer clubs thanks to their commercial appeal. PARIS SAINT GERMAINOwned by Qatar Sports Investments – established by the son of the emir and heir to the Qatari throne Sheikh Tamim Bin Hamad Al Thani – which bought a 70% stake in PSG in 2011. The remaining 30% was purchased from Colony Capital the following year, at a price that valued the entire club at 100 million euros ($110 million) FacebookTwitterWhatsAppEmail分享 Loading… Real Madrid are the richest club in the world, according to Deloitte in their annual report this year, after they overtook Manchester United at the top of the list. The Spanish giants recorded record revenues of €750.9million (£674.6m) in 2017 – the last financial year available – with United languishing with £611.6m. Six Premier League sides – United, Manchester City, Liverpool, Chelsea, Arsenal and Tottenham – make the top 10 of the richest clubs, with Real, Barcelona, Paris-Saint Germain and Bayern Munich completing the hierachy. But behind the scenes, how do the elite clubs in the Premier League, Serie A, La Liga, Bundesliga and Ligue 1 operate – with the help of the Press Association we take a peak… Promoted Content8 Superfoods For Growing Hair Back And Stimulating Its GrowthThe Funniest Prankster Grandma And Her GrandsonWhich Country Is The Most Romantic In The World?9 Great Actors Who Will Always Be Defined By One RoleBest & Worst Celebrity Endorsed Games Ever MadeWho’s The Best Car Manufacturer Of All Time?7 Facts About Black Holes That Will Blow Your Mind7 Universities In The World With The Highest Market ValueCouples Who Celebrated Their Union In A Unique, Unforgettable WayThe Highest Paid Football Players In The World5 Of The World’s Most Unique Theme ParksDid You Know There’s A Black Hole In The Milky Way?last_img read more

P1.2-M ‘shabu’ seized

first_imgThe 25-year-old resident MohaisinMagondacan yielded the suspected illegal drugs, a police report showed.   Bacolod City – Suspected shabu weighing about 100 grams valued at aroundP1.2 million was seized in a buy-bust operation in Barangay Alijis. Magondacan was nabbed after he soldsuspected shabu to an undercover officer for P1,000 around 3:10 p.m. on Nov.24, the report added.    center_img The suspect was detained in the lockupfacility of Police Station 7, facing charges for violation of Republic Act9165, or the Comprehensive Dangerous Drugs Act of 2002./PNlast_img read more