FacebookTwitterLinkedInEmailPrint分享Taylor Kuykendall for SNL:Tim Buckley is the Institute for Energy Economics and Financial Analysis’ director of energy finance studies for Australasia. He said that while the “sheer size and profile” of Peabody’s U.S. and Australia operations make “any bankruptcy problematic,” the fall of the world’s top private coal producer would also be highly symbolic of the direction of the industry.“Any bankruptcy of Peabody is of huge symbolic significance — IEEFA works on the premise that technology change will inevitably drive a global electricity market transformation,” Buckley said. “All along firms like Peabody have funded tens of millions of dollars into lobbyists and advertising campaigns denying climate change and trying to use regulatory barriers to favor their self-interest and stop technology change.”Buckley points to gross liabilities of $10.46 billion at the end of 2014 in calling any potential bankruptcy of Peabody “massive” as it has large amounts of debt and other significant unfunded liabilities. He said Australian pension and health liabilities are off-balance sheet and are required to be fully funded by corporate, but in the U.S. unfunded postretirement benefit obligations and net pension liabilities pose a serious problem.Specifically, Buckley noted that in 2014, Peabody had a defined benefit pension and savings plan for one group of staff at $1.0 billion in total and 85% funded. He said a second liability of postretirement health care and life insurance benefits was recorded as an $839.1 million liability, but was zero-funded.“How the board can allow staff to be fully protected and retired employees get zero protection is beyond me,” Buckley said. “So the workers and existing management it seems to me will be pitted against the retired workers. I’m not a lawyer, but that looks at face value like a potential breach of fiduciary duty by the board, given the board of directors was willfully borrowing to pay quarterly dividends until November 2014 when they should have been paying pension liabilities of retired and sick workers.”Buckley also said a bankruptcy process, to be handled in a U.S. court, will pit Australian liabilities against American liabilities, “raising questions of which government will get left to clean up which portion of the inevitable shortfall.” The land reclamation costs, he said, will largely be covered by U.S. and Australian taxpayers.The assets the company owns, Buckley said, face a tough market. He said “almost every global coal mining company” has mines for sale and any potential buyer is flooded with opportunity to buy. However, he said financial institutions are increasingly reluctant to extend credit to the sector.Full article ($): Opponents eye potential ‘massive’ bankruptcy of nation’s largest coal miner ‘Huge Symbolic Significance’ in Peabody’s Fall
Mumbai: Rameshbabu Praggnanandhaa emerged as unconquered king in the World Youth Chess Championship in Mumbai, claiming the gold in the Under-18 Open category on Saturday. The 14-year-old Grand Master from Chennai settled for a cautious draw in the 11th and final round against ValentinBuckels (Germany) to top the charts with nine points. He, however, will also have to thank compatriot, International Master Arjun Kalyan for achieving a crucial draw against top seeded Shant Sargsyan (Armenia). Praggnanandhaa would have been under pressure if Grand Master Shant had won. But Shant could not unravel a determined Arjun, allowing Praggnanandhaa to annex the title. The Championship ended on a high note for India, with six other medals, including three silver, coming their way. Only the Under-16 Girls category proved tough for India, although B M Akshaya gave a good account of herself. Akshaya lost the medal to Anousha Mahdian, sufferingan unexpected defeat to her in the final round. But Indian girls in the Under-14 segment compensated for it, with Divya Deshmukh and Rakshitta Ravi winning two medals. Top seed Womens International Master Divya, who seemed to be out of contention midway through the event, pulled off a well thought-out victory in the last round to clinch silver. Rakshitta too beat overnight leader Bat-Erdene Mungunzul on the top board to earn the bronze. Kazakhstan’s Meruert Kamalidenova, however, was the star of this category, registering five straight wins to clinch the gold. Fide Master L R Srihari (Under-14 Open) and Vantika Agrawal (Under-16 Girls) collected other two silver medals for India, playing out draws in their respective matches. Vantika had an outside chance of pocketing the gold, especially after top seed Polina Shuvalova (8.5) settled for a draw.Also Read | Earlier Padma Shri snub motivated me to do better: Harika Dronavalli, India chess grandmasterVantika, with eight points, however, couldn’t beat Alexandra Obolentseva of Russia, and finished half a point behind Shuvalova. Srihari (8), who was in contention for the gold at the start of the penultimate day, endured draws in the last two rounds to slip to the second position. S Maralakshikari won the bronze, after beating the surprise package of the championship, R Abinandhan. CM Aronyak Ghosh (8) claimed the other bronze for the country in the Under-16 Open category after drawing withIran’s Arash Daghli. He will, however, look back at the WYCC as a missed opportunity, after accepting a quick draw in the penultimate round. Winners: U18 Open: Praggnanandhaa R (IND) 9.0; Shant Sargsyan (ARM) 8.5; Artur Davtyan (ARM) 8.0 U18 Girls: Polina Shuvalova (RUS) 8.5; Vantika Agrawal (IND) 8.0; Alexandra Obolentseva (RUS) 7.5 U16 Open: Rudik Makarian (RUS) 8.5; Stefan Pogosyan (RUS) 8.0; Aronyak Ghosh (IND) 8.0 U16 Girls: Leya Garifullina (RUS) 8.5; Nurgali Nazerke (KAZ) 8.5; Anousha Mahdian (IRI) 8.0 U14 Open: Aydin Suleymanli (AZE) 9.0; Srihari L R (IND) 8.0; Sreeshwan Maralakshikari (IND) 8.0 U14 Girls: Meruert Kamalidenova (KAZ) 8.5; Divya Deshmukh (IND) 8.0; Rakshitta Ravi (IND) 8.0. For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps.