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Odds Are Against Completion of Australia Mega-Mine Project

first_imgOdds Are Against Completion of Australia Mega-Mine Project FacebookTwitterLinkedInEmailPrint分享The Guardian:Adani’s operations in Australia appear to be hanging on by a thread, as activists prove effective at undermining the company’s chances of getting the finance it needs.China seems to have ruled out funding for the mine, which means it’s not just Adani’s proposed Carmichael coalmine that is under threat, but also its existing Abbot Point coal terminal, which sits near Bowen, behind the Great Barrier Reef.The campaign against the mine has been long. Environmentalists first tried to use Australia’s environmental laws to block it from going ahead, and then failing that, focused on pressuring financial institutions, first here, and then around the world.The news that Beijing has left Adani out to dry comes as on-the-ground protests against construction of the mine pick up. Two Greens MPs, Jeremy Buckingham and Dawn Walker, have been arrested in Queensland for disrupting the company’s activities.Is China’s move the end of the road for Adani’s mega coalmine in Australia, and will the Adani Group be left with billions of dollars in stranded assets?One by one, each of the big four Australian banks ruled out financing the mineBut Australia’s environmental law leaves very little opportunity for challenging the merits of a minister’s decision – it only allows for challenges on whether those decisions considered everything required by the law. As a result, the minister needed only approve it again, after formally considering the impact on the two species.Another court challenge argued the approval was invalid because the emissions caused by the mine – which would be greater than those of New York City – were a threat to the Great Barrier Reef. Hunt argued in court, successfully, that there was no definite link between coal from Adani mine and climate change.It became apparent Australia’s environmental laws were unable to stop a project like this if the government of the day was determined to push it through.Although further court challenges remained on the cards, they could only serve to delay the project. So activists changed tactics, aiming to undermine the company’s chances of securing finance for the mine and its associated infrastructure.While threats to reputational damage were not effective against Adani Group, since it is family-owned, the same was not true of Australian banks, which were targeted heavily by activists.And one by one, each of the big four Australian banks ruled out financing the mine.By then Adani had seen the writing on the wall, and had shifted to seek finance from overseas institutions. It entered negotiations with the state-owned China Machinery Engineering Corporation (CMEC), which was thought to raise the potential of subsidised Chinese government loans.The Australian government, which was seeking to give Adani its own subsidised loan, had supported the company’s efforts in China, according to a freedom of information request by the Australia Institute that reveals “several hundred pages” relating to formal representations to foreign financiers by the Department of Foreign Affairs and Trade.In a Senate estimates hearing, it was revealed that the minister for trade, Steve Ciobo, and the deputy prime minister, Barnaby Joyce, had written a letter to the Chinese government confirming the mine had received all necessary environmental approvals.But even support from the highest levels of Australian government could not secure Chinese financing for the project – the activists won again.In a letter to ACF’s Geoff Cousins, China’s Australian embassy said that Beijing had “taken note” of his concerns, and that while a Chinese entity had been negotiating with Adani, it had terminated the negotiation process “due to the absence of commercial feasibility”.It also noted that “no Chinese banking institution has made any financing commitment to the project.”“Approaching China would seem like the last roll of the dice so Carmichael is now looking even more like the definition of a stranded asset,” says Simon Nicholas, an analyst from the pro-renewables Institute for Energy Economics and Financial Analysis (Ieefa).“Although there have been many twists and turns on Carmichael already, which makes it hard to predict,” Nicholas says. “Adani is faced with writing off their A$1.4bn investment if they can’t get the project going so they’ll continue to state that they are pursuing funding and make it sound like everything’s under control.”Tim Buckley, also from Ieefa, says the news is a major blow to the Carmichael project, and will mean there is unlikely to be much movement from Adani until after the federal court hears a case brought by representatives of the Wangan and Jagalingou, the traditional owners of the site of the mine.More: Is this the end of the road for Adani’s Australian megamine?last_img read more

U.S. doesn’t own American Dream anymore

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Sam Becker, Cheat SheetCan you name America’s biggest export? While many things probably spring to mind, the answer is something a bit more intangible — culture. Through movies, television shows, music, and all manner of products and services, the American way of life is packed up and shipped across the globe, helping align what we value most with what others around the world do as well.In many ways, what we’re showcasing is the concept of “the American Dream.” It’s a concept that doesn’t have a strict definition, but is typically explained as the ability to improve one’s standing in society through hard work and education, and ultimately share a piece of America’s prosperity with a home, property, and other basic necessities. While the rest of the world becomes more familiar with the concept, a sad reality is settling in on the domestic front.That is, the American Dream is now easier to attain for people who live outside of America than those who live in it. Or, another way to put it is that economic mobility has been stunted in the U.S. As far back as 2004 the progressive think tank The Century Foundation argued that “recent evidence shows that there is much less mobility in the United States than most people assume,” and that “rags to rags and riches to riches are now the norm in this country to a greater degree than in many other developed nations.”It goes on to say: “Our current education system, anti-discrimination laws, and other public policy tools that aim to give the children of poor parents a fair shot at a high income are not getting the job done. We may all believe in the American Dream, but we have a lot of work to do if we are to make that dream a reality.” continue reading »last_img read more

CFO Focus: Scenario planning and your financial future

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr By definition, strategic planning and financial forecasting require making assumptions about the future. However, common sense tells us that the future seldom unfolds as expected. Therefore, a well-developed business plan and forecast should address that inherent uncertainty head-on by explicitly identifying important assumptions and by quantifying the financial impact if those assumptions prove to be inaccurate.Scenario analysis is an indispensable tool for addressing the risks and uncertainties inherent in forecasting and business planning. By linking major risks and uncertainties to key variables in the financial forecast, scenario analysis enables management to quantify the impact of those risks by using an alternative set of assumptions about the future (i.e., by changing key variables).At the most basic level, scenario analysis answers the key question: If the plan assumptions prove to be overly optimistic, how much of the institution’s earnings and net worth are at risk?last_img read more

Hamilton on verge of fourth title with U.S. Grand Prix win

first_imgAUSTIN, Texas (Reuters) – Mercedes won the Formula One constructors’ title for the fourth year in a row on Sunday but Lewis Hamilton was made to wait despite cruising to a U.S. Grand Prix victory at one of his favourite circuits.Hamilton, presented with the winner’s trophy by former U.S. president Bill Clinton, now looks sure to finish off the job and become Britain’s first four times world champion in Mexico next weekend.The Mercedes driver’s fifth victory in six years at Austin’s Circuit of the Americas extended his lead over Ferrari’s Sebastian Vettel, who finished second, to 66 points.There are a maximum of 75 points still to be won from the three races remaining.“I love this track, I think this track is now my favourite to be honest,” said Hamilton, interviewed by Usain Bolt on the podium and joining the Olympic sprint champion’s signature victory pose.“A big congratulations to the team. They work so hard back at the factory and here.”The victory was the 62nd of Hamilton’s career and his ninth of the season.Ferrari’s Kimi Raikkonen took third, despite finishing fourth at the flag, after Red Bull’s Max Verstappen — who had passed the Finn with a great overtaking move — was hit with a five second post-race penalty that dropped him to fourth.“It is an appalling decision. They have robbed all of the fans here,” raged Red Bull principal Christian Horner as Verstappen left the pre-podium room.“It was a great grand prix and they have screwed it up.”Hamilton had started on pole position, waved away for the formation lap by Bolt after an extended pre-race presentation reflecting the sport’s new U.S. ownership and desire to jazz things up.Celebrity boxing title fight announcer Michael Buffer gave his long and resonant call of ‘Let’s get ready to rumble’, after announcing the drivers to the crowd one by one, and the battle was on.“It was a great grand prix and they have screwed it up.”Hamilton had started on pole position, waved away for the formation lap by Bolt after an extended pre-race presentation reflecting the sport’s new U.S. ownership and desire to jazz things up.Celebrity boxing title fight announcer Michael Buffer gave his long and resonant call of ‘Let’s get ready to rumble’, after announcing the drivers to the crowd one by one, and the battle was on.But it was Vettel who struck the first blow from second place on the grid, beating Hamilton into the first corner as the Briton moved across and squeezed him as tight as he could without making contact.Six laps later and Hamilton was back in front and this time he stayed there.“At the start it was looking good, we got past Lewis, but we had to realise we couldn’t go at his pace,” said Vettel.“We were then in no-man’s land and were not quite sure. We decided to pit again, with a fresh set of tyres, and it was a bit more exciting but overall it was not the result we needed.”The German dropped down to fourth after his second stop but passed Mercedes’ Valtteri Bottas with five laps to go and team mate Raikkonen obligingly let him pass.Bottas finished fifth with French driver Esteban Ocon sixth for Force India and Carlos Sainz, on his Renault debut after leaving Toro Rosso, seventh.Mexican Sergio Perez was eighth for Force India with Brazilian Felipe Massa ninth in a Williams and Russian Daniil Kvyat taking a point for Toro Rosso.last_img read more

GPL Review: Players, coaches react to opening day fixtures

first_imgWe brought you the review of all the Premier League matches on the opening day, now we bring you the reactions from the protagonists themselves. Player and coaches have reacted to their side’s game….DAVID DUNCAN BEMOANS POOR FINISHING OF HIS SIDE”I think it was a game of two halves, the first half apparently belonged to WAFA but I thought we came back strongly after those forced changes even though we did not expect it to be part of the scripts. A team that is one goal up will vary their style but it was clear we were the better side in the second half. I just can’t fathom how their goals came. Their difference between their two goal margin and ours was that they took their chances. We had the better chances as far as the 90 minutes of soccer is concerned. So in the game of football if you don’t take your chances, you are punished. We are already battling a number of injuries to our first team players and for a match of this magnitude to make two forced substitiutions will be a blow to any a good team.I am happy we were able to conduct ourselves quite creditably.”BUT JOHN KILLA SEES THEM TO BE EXCUSES”When you lose, you find excuses. I think we had the chances and we deserved the win. The second goal was at the right moment very quick after the first break. But in the first half we already had to score two goals and the we scored the second goal and the second half was good for us and because of the winds they stopped playing a positional game and began to play long balls. They put pressure on our defence and we had to react to it because it was expected. Beating Kotoko on the opening day with our players returning from trials makes me very excited. Duncan has the players and we have the talents but we had to score the third goal to seal the game. I feel very sorry for Felix Annan because had an injury and he had an impressive season for us last year.  But we deserved to win.” FELIX ANNAN IS DISAAPOINTED BUT CONFIDENT THEY CAN OVERTURN POOR START”We are still on course .It is only the first game of the season. We lost and we are disappointed because we prepared well for this game but this is football sometimes you don’t get what you want. So we will go back and prepare well.”SAMUEL TETTEH IS DELIGHTED WITH GOOD START “This game was one of our toughest matches in the league and I think we did well and we are excited about the win. Last year we started poorly in our first two games so we were determined to improve on our start. I am training hard to continue with my fine form from last year.”C.K AKUNNOUR IS DISAPPOINTED WITH HIS SIDE’S SECOND HALF DESPITE WIN”We played and dominated the game in the first half and had chances to score at least two goals. We are very impressed with the first half but not the second and we need to improve. We are a new team and so the inexperience still exists. We are still learning and we will go back to the drawing board and improve on it for our next games. We are not interested in kicking the ball in the air and that’s what we did  in the second half.”  J.E SARPONG BLAMES OVER CONFIDENCE FOR LOSS”It is the first game we have lost and this is football, when the expectations are high things are bound to go this way. When you are overconfident, this happens. I think my boys underrated the strength of Dreams FC because they are newcomers and they felt they have been in the system for long. But for me, it is a wakeup call for the team. When this happens, you sit up and see it is not easy to play in the Premier division. It is the first game of the season, when we play, we train and we will learn from experiences. This is a new team, new players have joined. We have players on the injury who will join. It is not lost yet. This is football.”KENI HAPPY WITH DEBUT WIN”I think today’s game was very difficult, I will respect our opponents. They gave us a difficult time. We did not play as we liked to but I’m very happy with the three points. I’m very happy a lot of our supporters came to watch and this is very positive for our progress.  This is not the way we start this is where we just started and I hope they see a better Hearts of Oak in each game. We came here to win, and we are not here to compete to score seven or ten goals. We just scored enough to win this game so I’m happy.” AND ALEX AKUMEY BELIEVES THE PHOBIANS DESERVED WIN”Hearts of Oak were the better side on the day and they deserved to win.I’m very happy because we introduced seven new players who haven’t even played the Division One before but they impressed us. The supporters saw it and that gives us hope. We hope to build on this performance to win our next games. When you beat a side twice, they become alert and you can see it in Hearts of Oak’s aggression.”AMOS ADEPA LABELS ERIC BEKOE AS REDUNDANT”The strength was in defence and midfield. They had so many touches in the buildup phase so we allowed to have all the ball and then we transition quickly. Their attackers were not sharp enough. Eric Bekoe and Samuel Afful had an off day. Football is about if you know the player, find a way to stop them and tactically we stooped them. Bekoe had such an off day I didn’t realize when he was substituted. The three goals were even a gift.” AND BASH HAILS HIS TACTICAL ADJUSTMENT”We saw them play and we studied them very well and we fought harder than last two weeks. In the second half, I brought in two players and that changed the game. It is all about studying your opponents and countering their threats.”          –Follow Kweku on Twitter: @nana_odum. Get more updates on Facebook/Twitter with the #JoySports hashtaglast_img read more

Kisner keads Penn Hills into showdown at Woodland Hills

first_imgBILLY KISNER (Photos by William McBride)Penn Hills quarterback Billy Kisner rushed for two touchdowns and threw a touchdown pass in the Indians 55-28 win over Seneca Valley, The Indians will have a showdown against rival Woodland Hills on Friday, Oct. 24 at 7:30 p.m.ISIAH JONES of Penn Hills sprints 70 yards for a touchdown in the Indians 55-28 win over Seneca Valley TE’SHAN CAMPBELL of Penn Hills rushed for two touchdowns to help the Indians to a 55-28 win over Seneca Valley in WPIAL action. (Photos by William McBride)last_img read more