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Seaport Global analyst: U.S. thermal coal ‘could be a disaster zone in 2020’

first_imgSeaport Global analyst: U.S. thermal coal ‘could be a disaster zone in 2020’ FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):In the second quarter of 2019, average quarterly U.S. coal mining employment declined to the lowest level since the first quarter of Donald Trump’s presidency as production in the first half remains significantly lower than the first or second half of 2018.Average employment in the sector fell by about 2.7% from the first to the second quarter of 2019 while coal production held roughly flat in the same period, S&P Global Market Intelligence analysis of federal data shows. Employment and production figures could look even starker in the next quarter. Blackjewel LLC sent hundreds of miners home and operations were idled in the wake of the company’s bankruptcy early in the third quarter while export markets that propped up the industry in recent periods are showing signs of weakness moving forward.Seaport Global Securities LLC analyst Mark Levin recently wrote that there are few new metallurgical coal projects in the pipeline worldwide as “producers continue to struggle to offset depletion, particularly because geology is getting more difficult, and a lot of excess cash is being returned to shareholders rather than reinvested in new projects.” Domestic thermal coal in the U.S. has long been in decline, but “could be a disaster zone in 2020” based on an expected drop in demand, Levin wrote.Coal production and employment trends vary significantly by location. The nation’s most productive coal region, the Powder River Basin, produced significantly less coal in the first half of 2019 than in the first or second half of 2018. The area produces thermal coal and has limited access to export markets, making it particularly susceptible to a secular decline in U.S. utility coal consumption.Unless other coal producers pick up the slack, quarterly coal production could take a significant dip in the third quarter as Blackjewel’s Eagle Butte and Belle Ayr mines remain closed since July 1 after initial financing for the company’s bankruptcy fell through. The mines accounted for 7.9 million tons of coal production in the second quarter, roughly 11.1% of the 71.4 million tons of coal produced in the period. Contura Energy Inc. is currently negotiating with federal officials to resolve issues with Contura’s proposed purchase of the mines, which it sold to Blackjewel in 2017.Despite a significant amount of production going offline due to the closures, Peabody Energy Corp. President and CEO Glenn Kellow reported that even a month after the Blackjewel mines stopped producing, prices did not change due to ongoing competition from low-priced natural gas and renewables. Peabody and Arch Coal Inc. recently announced they are working toward a joint venture of their operations in the Powder River Basin and Colorado.More ($): U.S. coal employment, production slides as market poised to get even tougherlast_img read more

New RTC judge to handle PECO expropriation case

first_imgGaspar would be the fourth judge tohandle the case following Judge Yvette Go of RTC, Branch 37; Judge Gelveson aspairing judge when Go went on leave; and Amular. RTC, Branch 35’s Judge Daniel AntonioGerardo Amular decided to inhibit from the case. In seeking the expropriation of PECO’sassets, MORE Power cited Section 10 of RA 11212 and Rule 67 Section 2 of theRevised Rules of Court authorizing it to take possession of, exercise controlover, and manage and operate all of the power distribution assets in IloiloCity. MORE Power filed the expropriationcase against PECO in March 2019 a month after President Rodrigo Duterte singedMORE Power’s franchise law (Republic Act 11212) as new power distributor inIloilo City. The city’s new power distributor alsopetitioned the court to determine the reasonable value of PECO’s powerdistribution system assets for just compensation, then order the transfer ofthe ownership of these upon payment of a just compensation. Judge Gelvezon approved the re-raffle. “Notwithstanding that the PresidingJudge performs his duties in accordance with the conscientious dictate of hisconscience and the applicable provisions of law, it has come to a point thatwhatever judgment the Presiding Judge would render in the case would not beaccepted by either the plaintiff or the defendant or maybe tainted with bias,”according to Amular. PECO, on the other hand, questionedthe constitutionality of RA 11212, specifically the sections on expropriation. The expropriation of PECO’s assets inits favor, according to MORE Power, would allow it to “immediately address andcorrect poor services, overcharging, frequent brownouts, expensive rates, oldand unsafe facilities and practices, and other service deficiencies that thiscity’s power users and consumers had long suffered.”center_img “Since the court is the leastunderstood as an institution in the discharge of its function, the lack ofunderstanding of the rules and procedures in connection thereto would affectthe integrity of our courts to uphold the rule of law,” lamented Amular. By MORE Power’s own estimate, however,PECO’s power distribution system is valued at P481,842,450 – way below PECO’sprevious claim that its assets are worth at least P2 billion. In an order dated Jan. 15, Amularstated he opted to have the case re-raffled after consulting Executive JudgeVictor Gelvezon. The case was re-raffled to the sala ofRTC, Branch 33 of Judge Ma. Theresa Gaspar on Monday. PECO’s power distribution franchiseexpired on Jan. 19, 2019./PN MORE Power asked RTC, Branch 37 toissue a writ of possession authorizing it to take immediate control, operation,use, and disposition of PECO’s power distribution system assets. ILOILO City – A new Regional TrialCourt (RTC) branch and a new judge will be handling the expropriation casefiled by MORE Electric and Power Corp. (MORE Power) against Panay Electric Co.(PECO).last_img read more

Charles Sirleaf, Deputy CBL Governor for ‘2nd and Last Term’

first_imgPresident Ellen Johnson Sirleaf has written the Liberian Senate, nominating her son Charles Sirleaf as Deputy Governor of the Central Bank of Liberia (CBL), for his “second and last term.” Mr. Sirleaf was appointed Interim Governor of CBL in 2016 after the resignation of Governor J. Mills Jones, who had completed his term as Governor and needed to do so to enable him to contest for the presidency in the upcoming elections. In her letter read before the Senate plenary during its 15th day sitting yesterday, President Sirleaf informed the lawmakers that: “The Executive Committee of the Central Bank of Liberia has written me on behalf of the Board of Governors to request the reappointment of Mr. Charles Sirleaf as Deputy Governor for Operations.”In keeping with that request, the president’s letter concluded: “I hereby nominate Mr. Charles Sirleaf for consideration of the Honorable Senate for the position of Deputy Governor for Operations of the Central Bank of Liberia. This would be Mr. Sirleaf’s second and last term.” Mr. Sirleaf is an experienced banker, who joined the National Housing and Savings Bank in 1993 as vice-president and became president of the bank in 1998. Before that he worked in Namibia for the United Nations Development Program (UNDP).Sirleaf joined the CBL in January 2004 and served in various departments, including banking and finance. He was later named Deputy Governor for Operations. However, August 2012, Charles Sirleaf along with 45 other government officials were suspended on orders of President Sirleaf for failure to declare their assets to the Anti-Corruption Commission. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Ortega says Nicaragua will compensate Costa Rica for environmental damage

first_imgRelated posts:Costa Rica extends deadline to settle payment with Nicaragua for environmental damage Costa Rica submits arguments against Nicaragua in $6.7 million environmental damage complaint Costa Rica seeks $6 million in environmental damages from Nicaragua in border dispute Costa Rica sues Nicaragua over military camp near border Nicaraguan President Daniel Ortega said his government will pay Costa Ricacompensation over environmental damage associated with Nicaragua’s illegal dredging of the Isla Calero wetlands in 2010.The amount to be paid, however, is less clear: Ortega said his government considers the $6.7 million requested by Costa Rica to be “exaggerated.”The president spoke at an official ceremony Monday night during which he received the credentials of various diplomats, including those of the new Costa Rican ambassador to Managua, Eduardo Trejos.“Of course we will pay, but we first need to clarify the figure they are requesting. Of course, Nicaragua is going to abide by the Court’s ruling,” Ortega told those in attendance at the ceremony, Nicaraguan daily La Prensa reported.Deadline approachesThe International Court of Justice (ICJ) ruled in favor of Costa Rica on Dec. 16, 2015 in case that began when the two countries brought mutual accusations before the Hague-based court.ICJ justices acknowledged Costa Rica’s sovereignty over a small wetland territory known as Isla Calero. They determined that Nicaraguan soldiers violated Costa Rica’s sovereignty when they dredged an artificial canal through the wetland.The court also ordered Nicaragua to compensate Costa Rica for damage caused to its territory along the border area. Costa Rica’s ambassador to the Netherlands, Sergio Ugalde, presented the $6 million compensation request to his Nicaraguan counterpart Carlos Arguello in June.President Luis Guillermo Solís said last week that he hopes Nicaragua complies with the ICJ orders by Dec. 16, the end of the one-year deadline set by the court.“It’s not something that I made up. It’s a court order,” he said, adding that if Nicaragua fails to pay for the damage, Costa Rica will take the case back to the ICJ.Tense relationsDuring his comments on Monday, Ortega also said that he is “infinitely willing” to reestablish fraternal relations with the Costa Rican government. He said there is no reason for current distant relations between the governments and between the two nations.“I want to visit President Solís and personally express everything I just said, and also invite him to come to Nicaragua,” Ortega said, adding that he hopes the two governments can normalize relations.“Because we have to admit it, we haven’t succeeded in doing so,” he said.Below is a timeline of events in the Costa Rica–Nicaragua border dispute: Facebook Commentslast_img read more