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Alliance CEO Craft sees need for consolidation in U.S. coal industry

first_imgAlliance CEO Craft sees need for consolidation in U.S. coal industry FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):The U.S. coal industry “needs” to consolidate in the face of difficult market conditions and sinking coal demand because of the coronavirus pandemic, Alliance Resource Partners LP CEO Joe Craft said on a May 8 earnings call.“Consolidation is needed in the coal space, and we’re a consolidator,” Craft said, commenting on options available to the Oklahoma-based coal producer to survive the uncertainty in the U.S. economy and among fossil fuel industries in particular. “Nothing [is] currently being done but it needs to happen,” he said. “Whether it does or not, I can’t predict. But that needs to happen. And we are a willing participant in that.”Craft did not specify transactions that could occur in the future. In prepared remarks at the beginning of the call, he said the company believes 2020 “will provide a new foundation for future growth of our partnership” and that “we are committed to continuing this strategy.”The drop in electricity demand created by stay-at-home orders and other social distancing efforts in the U.S. appears set to accelerate the decline of the coal industry as energy markets fundamentally transform in the wake of the crisis. Though the pandemic has yet to push U.S.-based coal-fired power plants toward earlier retirements, a Trump administration official recently told virtual attendees of a fuel buyers conference the industry may perform worse than the U.S. government’s already-grim predictions and that coal plants may retire early.Sustainability-focused think tank Institute for Energy Economics and Financial Analysis concluded in a March report the U.S. coal sector would face pressure to consolidate, with the pandemic expected to exacerbate negative market conditions. Current coal production capacity in the U.S. is “unsustainable,” the think tank stated, and 2020 “will very likely see the beginning of a long-overdue rethinking of production capacity in the U.S.”For Alliance, the pandemic has meant withdrawing its full-year 2020 production guidance in late March and temporarily idling its coal mines in the Illinois Basin while reducing production at other mines. The company is now targeting coal sales and production for 2020 of approximately 28 million tonnes and 27 million tonnes, respectively, or 25%-30% lower than originally guided, with plans to draw down inventories in the second quarter and produce in the back half of the year to meet existing contractual obligations, Craft said. In line with losses expected for major coal producers, Alliance recorded a first-quarter attributable net loss of $144.8 million, falling year over year from a net income of $276.4 million.[Jacob Holzman]More: U.S. coal industry needs to consolidate in light of pandemic, Alliance CEO sayslast_img read more

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Pavia extends quarantine up to April 30

first_imgNow, the wearing of facemask in public is alsomandatory, Gorriceta added. “All home quarantine pass/community quarantinepass prior to the issuance of this executive order shall deemed null and void.One quarantine pass per household shall be issued. Strictly, no issuance ofquarantine pass to persons who are suspected case, probable case and confirmedcase,” read part of the mayor’s executive order. Gorriceta also announced a common municipalisolation/quarantine facility – the Pavia Pilot Elementary School for suspectand probable cases. He urged returning overseas workers to observe a 14-dayquarantine in this facility. ILOILO – The local government of Pavia hasextended its enhanced community quarantine up to April 30. In Executive Order No. 026-B Series of 2020issued yesterday, Gorriceta ordered additional precautionary and preventivemeasures and disease control mechanisms for his town. “The number of confirmed positive cases of thecoronavirus disease 2019 (COVID-19) continue to rise throughout the country,including the municipality of Pavia with two confirmed positive cases,”according to Mayor Laurence Anthony Gorriceta. As for the issuance of new quarantine passes,all barangay councils have been directed to issue new ones starting today. One of these was the adoption of thePhilippine Institute for Microbiology and Infectious Diseases’ (PSMID) practiceguidelines on COVID-19, specifically the new “surveillance definitions” inreporting cases that for several weeks were referred to as persons underinvestigation (PUI), persons under investigation (PUM) and positive cases. Thenew terms are “suspect case”, “probable case” and “confirmed case”. On the other hand, enhanced communityquarantine passes for public and private employees/workers and those withtransactions such as but not limited to purchasing basic goods and commodities,medicines and other emergency needs outside of Pavia shall be issued by theOffice of the Municipal Mayor provided that a barangay certification/homequarantine pass/employers certification or company identification card ispresented. Gorriceta warned violators of the ongoingquarantine. He said they could be charged with violation of Republic Act 9271(Quarantine Act of 2004), Republic Act 11332 (Mandatory Reporting of NotifiableDiseases and Health Events of Public Health Concern Act), and the Revised PenalCode  (resistance and disobedience topersons in authority)./PN The quarantine is supposed to end today.last_img read more

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Houston’s P.J. Tucker’s unique style a hit on, off the court

first_imgDave Chappelle donates P1 million to Taal relief operations Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Winfrey details her decision to withdraw from Simmons film “He came up and told me he has the same jacket,” Goldstein told The Associated Press on Wednesday while wearing a different Balmain jacket. “I couldn’t believe it.”A stunned Goldstein didn’t realize that Tucker was so into fashion.“I’ve never seen him except on the basketball court so I don’t know how he dresses otherwise,” Goldstein said. “But when he told me he had that jacket, one that both of us thought we each had a unique jacket that nobody else had, I gained a new respect for him.”Tucker has also gained his share of respect on the court.He scored a playoff career-high 22 points Wednesday night in a win over the Golden State Warriors in Game 2 of the Western Conference finals. He is an integral part of the Rockets’ success with his ability to shoot the 3 and hold his own in the low post.But Tucker had to work to find an NBA home. He wasn’t a highly regarded draft pick out of Texas; Toronto selected him in the second round in the 2006 draft. He spent just one year in the NBA before heading to Europe to play.It was during those 4 1/2 years overseas that he started taking his fashion seriously.“It wasn’t a moment,” he said. “It was just being there. It started out with suits. Seeing European guys wear suits was incredible. And it wasn’t all like the big fashion house expensive suits, it was like simple stuff but the way the older men dressed in Europe just absolutely amazed me.“In Italy, in France the way the older men dressed was incredible.”Like his game on the court, his fashion wasn’t immediately embraced back in the United States. Steam emission over Taal’s main crater ‘steady’ for past 24 hours Jiro Manio arrested for stabbing man in Marikina Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Don’t miss out on the latest news and information. China population now over 1.4 billion as birthrate falls Jury of 7 men, 5 women selected for Weinstein rape trial Volcano watch: Island fissures steaming, lake water receding It did.“Everybody in fashion knows of those must-have pieces where you’re just like: ‘I’ve got to have it,’” Tucker said. “And I had to have this.”Then he learned the price of the black and gold open front jacket: $25,000.“I had no idea. I was like: ‘Oh all right, that’s cool,” he said with a nervous laugh. “I was at the point of no return.”But before Tucker could wear his most expensive fashion investment, he learned there were actually two of his “one-of-a-kind jacket” when he saw NBA super fan and eccentric 78-year-old millionaire James Goldstein sporting the same piece while courtside at a game .ADVERTISEMENT One person who’s totally on board with Tucker’s style is teammate James Harden. The pair often arrive at the same time and have turned arriving at the arena into a mini fashion show .“He loves walking in the arena with the swaggiest ‘fit,” Harden said. “That’s what he does and I’m here for it. I have his back 1,000 percent.”While Tucker doesn’t mind that pictures of his pregame outfits have become a hit on social media, he insists he’d dress exactly the same way if no one was photographing him.“It’s just me and how I dress,” he said. “I could never just throw on a sweatsuit and go to a game. No. It puts me in that mindset that I’m going to work. I’m taking care of business.”Sports Related Videospowered by AdSparcRead Next MOST READ Off the court, Tucker also defies the norm.He has spent years curating a wardrobe that has helped his style ascend to the upper echelons of fashion.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownTucker was in the Balmain store in Paris during this year’s NBA All-Star break when the manager told him there was a special one-of-a-kind piece that would be perfect for him.When Tucker first laid eyes on the beaded haute couture jacket at the French luxury fashion house he loved it, but was certain it wouldn’t fit his muscular 245-pound frame. US Open set to open second roofed stadium with new Armstrong In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Houston Rockets’ P.J. Tucker arrives for Game 2 of the team’s NBA basketball Western Conference finals against the Golden State Warriors on Thursday, May 17, 2018, in Houston. Tucker’s playing style and defensive grit helped the Rockets to the conference finals. Off the court Tucker has spent years personally curating a wardrobe that has helped his style ascend to the upper echelons of fashion. (AP Photo/David J. Phillip)HOUSTON — P.J. Tucker wasn’t a high draft pick and actually is undersized by NBA standards.At 6-foot-6, the Houston Rockets forward’s intensity and defensive grit helps him overachieve against taller opponents on a nightly basis.ADVERTISEMENT LATEST STORIES “I would come home in the summertime and people would look at me like: ‘What in the world does he have on,’” said Tucker, who breezed into the room to talk with AP about fashion with a coffee cup in one hand, two clothing bags draped over the other arm and a large Louis Vuitton duffel bag slung over his shoulder.Tucker, who describes his style as adventurous and spontaneous, beamed while explaining that he assembled three looks for the interview. The first was what he calls his “anywhere outfit,” a floral-print short-sleeved button-down Dries Van Noten shirt with coordinating cream-colored pants from the same designer, and Nike Air Max 1 shoes with a brown suede accent on the toe.His summer ensemble featured a blue and white striped Balenciaga shirt adorned with piece of striking yellow fabric that ran down half the length of the back and white Alexander McQueen trousers. He finished off that look with the impossible-to-get Off-White X Nike Air Force 1 shoes.But the star of the collection was his final look: a made-to-measure plaid Gucci two-button suit with cropped pants, which he wore without a shirt.“It’s really like a 70s suit, with the large cuffs, with the huge lapels,” he said. “Nobody would wear that a year or two ago but now I love it.”He said there’s nothing he won’t wear and scoffs at people who think he should limit his wardrobe because he’s such a big guy.“People get so scared to try things,” he said. “I think the way you dress should be fun. Wearing stuff that people don’t normally wear or wouldn’t particularly think is their style, I love that.“I think that’s fun and I think everybody should do it.”When he debuted his Balmain jacket before Game 1 of the conference finals, which he paired with black skinny jeans and Saint Laurent boots, not everyone was a fan.“‘You’re like a bull fighter in the jacket,’” he said his teammates told him. “Maybe. I love it though. It’s funny.” View commentslast_img read more