Low crude prices prompt Teck Resources to write off C$910 million at Fort Hills oil sands operation

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Canadian diversified miner Teck Resources Ltd. swung to a net loss of C$891 million in the fourth quarter of 2019 from a year-ago net profit of C$433 million due to C$999 million in write-downs primarily related to the Fort Hills oil sands operation in Alberta.Teck said Feb. 20 that it declared a noncash impairment charge of C$910 million on Fort Hills amid lower market expectations for future oil prices. The company also booked write-downs of C$75 million on the Cardinal River coal mine, also in Alberta, due to low steelmaking coal prices and C$14 million on the Quebrada Blanca copper mine in Chile due to the short remaining life of the cathode operation.The company booked an EBITDA loss of C$755 million from positive EBITDA of C$1.15 billion a year ago. Revenues slipped to C$2.66 billion from C$3.25 billion.During the quarter, it reported lower output on a yearly basis for all products, with 6.7 million tonnes of steelmaking coal, 71,000 tonnes of copper, 149,000 tonnes of zinc in concentrate, 66,000 tonnes of refined zinc and 3.2 million barrels of bitumen.“We remain confident in the longer-term outlook for our major commodities, however, global economic uncertainty has had a significant negative effect on the prices for our products this year,” Teck said, adding that the new coronavirus outbreak may have a “material” impact on demand for its products and prices.For full-year 2019, Teck’s net profit slumped to C$339 million from C$3.11 billion as EBITDA plunged to C$2.48 billion from C$6.17 billion and revenues sagged to C$11.93 billion from C$12.56 billion.[Karl Decena]More ($): Teck in the red after nearly C$1B in impairment charges for Q4’19 Low crude prices prompt Teck Resources to write off C$910 million at Fort Hills oil sands operationlast_img read more

Dudus’ lawyer stands firm

first_img 5 Views no discussions Sharing is caring! Share Convicted Tivoli Gardens don Christopher ‘Dudus’ Coke is surrounded by DEA agents shortly after his extradition to the US.NEW York, USA — The lawyer representing convicted Tivoli Gardens strongman Christopher ‘Dudus’ Coke is standing by controversial statements alleging complicity between United States (US) authorities and the Jamaican government in bringing charges against, and subsequently extraditing, his client.Notwithstanding that the claims have outraged the Jamaican Diaspora here, attorney Stephen H Rosen, in an interview with the Observer, was adamant he is correct in his assessment.Rosen said the only part of his comments that he was prepared to retract was a reference to the US Secretary of State not wanting the Jamaica Labour Party (JLP) to win the last general election.“I meant the State Department, not Secretary of State,” he said in a follow-up interview last week.Rosen said that the previous People’s National Party (PNP) government had a close relationship with the US State and Justice Departments and charged that politics was responsible for Coke’s arrest and subsequent extradition.He said that the US government “has always seem to favour the People’s National Party”.“One of the first acts by the US after the JLP took office was to issue a request for Mr Coke’s extradition,” the attorney noted.Asked if he could provide evidence to support his charges, Rosen referred to the controversial ‘wiretap’ Memorandum of Understanding (MOUs) between the Jamaican and US governments, as well as information on the matter which he said are contained in documents from the Supreme Court of Jamaica.The matter of the MOU’s, signed by Dr Peter Phillips under the previous PNP administration, allowing the US to eavesdrop on local telephone calls, are pivotal to the prosecution’s case against Coke.“I don’t know anything about Jamaica’s internal politics. I have never sat in a room with a Jamaican politician,” Rosen said.“These are (pieces of) information that were gathered by our lawyers in Jamaica and which is available for all to see. I don’t make up these things, I am just a simple lawyer working to provide the best representation for my client,” he said.Rosen also accused the previous PNP government of misleading the Supreme Court on the wiretap evidence.Outside a Manhattan courtroom where he first made most of his charges two Fridays ago, Rosen sought to debunk claims that Coke’s removal from Jamaica had led to a reduction in crimes there.“They moved him out, an election is called, the old government is voted out and a new one takes over, yet there’s more murders in the first few days than before,” he charged.But in a sharp response, Irwin Clare, who heads the Jamaica Diaspora Advisory Board for the Northeast United States, described Rosen’s comments as “an insult to the intelligence of Jamaicans”.He said that there was no evidence of US interference by way of preference in the last elections, which he described as fair and clean.Clare said that while he understands Rosen’s right to do the best for his client, he should not use his position to “attack our democracy and democratic institutions”.But Rosen said that “we can prove the charge of complicity”. He said that Coke’s defence team is now awaiting the next move by prosecutors in the case.A week ago, Friday, the Coke defence team seemed to have won a major victory when Judge Joseph P Patterson ruled that prosecutors had not provided sufficient evidence to support their request for the imposition of the maximum 23-year prison sentence being sought under a plea-bargain agreement.The parties are to return to court on May 22. Rosen has indicated that the defence could go into the discovery process if evidence to back certain claims by prosecutors are produced.BY HAROLD G BAILEYJamaica Observer Sharecenter_img InternationalNewsPrintRegional Dudus’ lawyer stands firm by: – March 26, 2012 Share Tweetlast_img read more

Batesville student earns national scholarship

first_imgPhoto courtesy of FacebookBatesville, Ind. — A future student of Purdue University and Batesville High School alum has been awarded a $2,500 National Merit Scholarship. Joseph Barr is among 3,200 winners out of a field of 15,000 nominees. Barr plans to study computer programming.The scholarships are awarded by a panel that evaluates test scores, course difficulty and demonstrations of leadership.Another list of award winner will be released by the National Merit Scholarship Corporation in July of this year.last_img read more

Syracuse basketball roundtable: Backup point guard, rebounding trouble and Mike Hopkins

first_imgHannah Wagner | Staff Photographer Published on December 17, 2015 at 6:56 pm 2. What must Syracuse improve so it doesn’t continue to get pounded on the boards in conference play?S.B.: Syracuse will continue to get pounded on the boards in conference play. Boeheim has said it. Hopkins has said it. Every box score since the Orange has come back from the Bahamas has said it. The Orange is not going to be a good rebounding team — it’s tough to be one when you play a 2-3 zone defense. But despite that, SU’s best rebounder is Tyler Roberson and then there’s a significant drop off. The Orange has shown a supreme ability to stay in games where it can’t rebound by hitting 3-point shots and keeping a good turnover margin. That’s what Syracuse needs to do to win, and everything else is just a bonus.J.D.: Find a way to be more offensively effective with Dajuan Coleman on the court. Even if he hasn’t been consistent this season, Coleman is the Orange’s biggest player and its best bet to hedge its rebounding issues. Right now, SU doesn’t space the floor well with Coleman and playing Tyler Lydon at center gives it much more offensive versatility. But having Lydon at the five, and usually Roberson at the four, hasn’t cut it on the defensive glass. Because Coleman isn’t a mid-range shooting threat, teams will often play off him and zone a center in the paint. A possible solution is for Coleman to use the soft pressure to his advantage by setting more high ball screens for guards, who then won’t see Coleman’s defender when they come around the screens. It would help the offense flow better with him on the court, and have adverse effects on SU’s rebounding success.M.S.: I don’t think there’s a solution to this one. Unless you snap your fingers and Paschal Chukwu becomes eligible, Syracuse will continue to get outrebounded. Roberson can hold his own, but the combination of Lydon and Coleman down low is just too skinny and rusty, respectively. SU was outrebounded by 15 against St. John’s and nobody seemed to notice just because it’s become the norm. Related Stories Schneidman: Why Tyler Lydon should be used moreDougherty: Syracuse, more than most teams, can’t afford to fall behindWhat we learned from Syracuse’s loss to St. John’s 3. Can any of Syracuse’s recent struggles be attributed to the head coaching change?S.B.: This is an interesting question and one that’s almost impossible to answer. Who’s to say how Boeheim would be handling this situation, since I have no idea. The biggest change for me is that you go from having four coaches to three coaches. At this level, that’s fairly significant. Would Boeheim had gone to the press earlier against St. John’s? Would Boeheim play this person more or another person less? Those are all hypotheticals that no one besides Boeheim has an answer to. It’s tough when you lose your head coach on two days notice. He’s been at Syracuse for 40 years for a reason, he knows what he’s doing. I don’t think him leaving helped, but I have no idea if it hurt.J.D.: I think it could have something to do with it, but not because Hopkins is doing anything wrong per se. It just must be a little weird for everyone not having Boeheim around, because at the end of the day he knows this program better than anyone. Logic would say that a coach with 40 years of experience would have better luck pressing the buttons for a team with a short-handed frontcourt and two freshman playing starter minutes.M.S.: I don’t think so, even in the slightest. It’s so hard to measure the effect a coach has on a game unless he makes some drastic substitution changes, which Hopkins hasn’t done. Boeheim was still around when SU lost to Wisconsin and look how the Badgers have turned out. Georgetown was simply bigger and St. John’s shot the lights out and Hopkins can’t be to blame. Commentscenter_img Sam Maller | Staff Photographer With just three nonconference games remaining, Syracuse’s (7-3) season is taking shape. Many preseason questions have been answered while others have emerged. Beat writers Sam Blum, Jesse Dougherty and Matt Schneidman, take a look at three questions that currently surround the Orange, which has lost three of its last four. SU next plays Cornell in the Carrier Dome on Saturday at noon.For continued men’s basketball coverage, follow along at dailyorange.com and on Twitter, @DOSports.1. Who really is the backup point guard?Sam Blum: There is almost no real backup point guard. Michael Gbinije, the starter, has the ability to become more of a scorer when he’s moving without the ball more, but neither sophomore Kaleb Joseph nor freshman Frank Howard have separated themselves behind him. We first saw in Syracuse’s win over Connecticut in the Bahamas that the Orange will stick with Gbinije when everything’s clicking. But not everything is clicking for Syracuse, and the backup at point has proven to be a weakness. Howard has played more minutes under interim head coach Mike Hopkins. He has limited turnovers on offense and played strong defense. As long as he is getting the bulk of the backup minutes, he’s the de facto backup.Jesse Dougherty: Syracuse really doesn’t have a clear-cut backup point guard right now. After Trevor Cooney and Gbinije — who are both top 20 nationally in minutes percentage, according to Kenpom.com — neither Joseph nor Howard has taken that title. Hopkins has favored Howard in the Orange’s last two losses, at Georgetown and St. John’s, but that was situation-based because of Howard’s ability to get to the rim and create turnovers when Syracuse needed a late comeback. In the flow of a normal game, I don’t think Hopkins has a default preference between the two. Neither has been very good on defense and that’s the biggest reason why they haven’t played all that much, and SU’s last three nonconference games seem like a good opportunity for one of them to pull ahead in the rotation.AdvertisementThis is placeholder textMatt Schneidman: Joseph is still Syracuse’s backup point guard. If we get to conference play and Howard is still the second option behind Gbinije, then we can talk. But Joseph is averaging more minutes than Howard even though it’s seemed the freshman is head coach Jim Boeheim and Hopkins’ option off the bench to run the offense. Facebook Twitter Google+last_img read more

India need to understand that cricket is more than just T20s, says Ian Botham

first_imgFormer England all-rounder Ian Botham is disappointed with Indian cricket right now and wants the third-ranked Test side to improve in the longest format of the game.With India losing three Test series on the trot to England since 2011, the legendary all-rounder said the recent Test series between the two sides are not exciting anymore. The last two away Test series in England saw India lose by 0-4 and 1-3 margins, respectively. They have also lost a home Test series to England back in 2012. (IPL 2016: McCullum just working for money now, says Waugh) “I am disappointed with Indian cricket right now. Cricket is more than just a 20-over game, they need to understand that. England’s contests with India always used to excite me but right now, I don’t know what to say,” Botham said.The 60-year-old former England captain seemed baffled in the manner India have treated Test cricket.”Where is India going in Test cricket? Why is it happening to the team. Is it saturation of Twenty20? India needs to figure out,” the legendary all-rounder said on the sidelines of Laureus World Sports Awards.India may be ranked third in the ICC Test rankings but that does not cut much ice with the veteran who has 5200 runs and 383 wickets in 102 Test matches for England.”Look I don’t understand rankings. England, South Africa and Australia are playing the best Test cricket to my mind,” he was forthright in his assessment.Botham was speaking on how well Australia and England have held on to their Test culture before expressing his disappointment with India, who are interestingly playing mostly Test cricket this year .advertisement”Australia has an established Big Bash, it’s pretty well fitted in the calendar. England is also alright with a proper set up. Look you can have Twenty20 matches but it cannot be week in and week out. People get bored of it,” he said.England are scheduled to tour India in November-December this year to play five Test matches.”That should be a good series, I am looking forward to it because England have been doing really well. They have revamped the system, gone to factory settings and are looking good,” he said.(With inputs from PTI)last_img read more