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Coal Industry Paid Lavish Executive Bonuses as Companies Collapsed

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first_imgCoal Industry Paid Lavish Executive Bonuses as Companies Collapsed FacebookTwitterLinkedInEmailPrint分享Benjamin Storrow for the Casper (Wyo.) Star Tribune:In 2011, the coal industry went on a shopping spree. China’s economy was humming, and there seemed no limit to the amount of coal the country’s steel mills could consume. America’s coal companies, sensing an opportunity, rushed to acquire mines that produced the metallurgical coal essential to steel fabrication.Arch Coal paid $3.4 billion cash for the International Coal Group. Peabody Energy plunked down $5 billion for a majority stake in Australia’s MacArthur Coal. And Alpha Natural Resources shelled out $7.1 billion for Massey Energy, a metallurgical miner based in Appalachia.Executives at the three firms were handsomely rewarded in the following years. The three companies paid their respective management teams a combined $186 million in stock awards, incentives and other forms of compensation between 2012 and 2014, according to a Star-Tribune review of the firms’ financial filings.Their companies did not benefit to the same degree. Alpha, Arch and Peabody have failed to record an annual profit since 2011. Two of the firms, Alpha and Arch, are now in bankruptcy, and Peabody may soon join them.The story of their demise is now well-known. Chinese demand faltered, metallurgical coal prices collapsed and American mining firms watched as the domestic market for thermal coal contracted, decimated by cheap natural gas.But executives’ lavish pay packages, and the acquisitions that preceded them, are now drawing increased criticism as mining firms move to cut payroll, reduce retiree benefits and unload old debts.Peabody and Arch laid off a total of 460 miners at their North Antelope Rochelle and Black Thunder mines on the same day last month. The companies have not said how much the cuts will save. But based on the average annual coal miner’s wage of $82,000, the layoffs would save the pair around $37 million in annual wages, or 84 percent of the $44 million Peabody and Arch paid their executives teams in 2014.Alpha is seeking to cut retiree benefits for some 4,580 nonunion miners and their spouses. That move is expected to save $3 million annually, or about 14 percent of the $20.8 million Alpha paid its management in 2014.“The behavior of these executives seems to me pretty outrageous. They could see the handwriting on the wall,” said Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics in Washington, D.C. “The numbers are there. They started paying themselves out way back in 2012 or early 2013 when the numbers were turning.”The coal industry is hardly alone in offering its executives generous compensation. CEO pay at America’s largest firms grew by 997 percent, adjusting for inflation, between 1978 and 2014, according to data compiled by the Economic Policy Institute, a think tank.But the nature of the coal industry sets the compensation industry executives received apart, observers say. The mining sector is cyclical. Fortunes rise and fall with commodity prices. And coal executives should have recognized they were entering a metallurgical market at or near its height, critics argue.Peabody paid its top executive accordingly. Boyce’s total compensation was $9.5 million in 2012, $10.8 million in 2013 and almost $11 million in 2014, according to filings with the U.S Securities and Exchange Commission.Arch, like Peabody, has continued to hand out bonuses to its executives in recent months. Seven Arch executives, including Eaves, Drexler and Lang, received about $8 million in bonuses three days before the company filed for bankruptcy in January, according to the Wall Street Journal. Eaves received $2.78 million on Jan. 8, while Lang and Drexler collected $1.75 million and $1.17 million respectively.Alpha Natural Resource in January submitted a request in bankruptcy court to pay its executive team up to $14.8 million in bonuses. The additional compensation, which is contingent on Alpha’s financial performance, was needed to address a decrease in executive pay and to navigate a complexities of bankruptcy, the company said.Alpha later reduced the request to $11.9 million — an amount ultimately approved by a federal bankruptcy judge. Alpha has recorded the biggest losses of the three firms analyzed for this story. The company lost $4.4 billion between 2012 and 2014. Bankruptcy filings for 2015 put its losses for that year at $1.3 billion.And like its peers, Alpha rewarded its executives handsomely since its $7.1 billion purchase of Massey Energy. The company paid its management team about $62 million between 2012 and 2014. The value of the company, meanwhile, plummeted. When Alpha released its restructuring plan last month, it set a minimum bid for the sale of its most productive mines. The sum was $500 million.As coal company profits fell, mining firms rewarded executives handsomelylast_img read more

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Notre Dame senior Mikey Wynne leading Notre Dame in final season

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first_imgLeading by one goal against North Carolina on April 22, 2017, then-junior Notre Dame attack Mikey Wynne patiently waited near the net.With a flurry of Tar Heels defenders surrounding him, he watched calmly as his teammate, then senior midfielder Sergio Perkovic, swam move to separate from the Tar Heels defending him. Wynne, noticing the opportunity for a possible attack, moved slightly toward Perkovic. The bait worked; the UNC defender took a step forward, to cover the passing lane while Wynne slid back, faking out the entire Tar Heels defense. Perkovic slung the ball to Wynne, who slotted away his second goal of five on the day.Ever since his freshman season, Notre Dame senior captain Wynne has taken on a large offensive role for the Irish. The Maryland native totaled over 30 points in each of his first three years. Now as a senior, he directs the team on and off the field. In seven games this season Wynne has poured in 13 goals, tying with Syracuse attack Brendan Bomberry. On Saturday, the two will play at opposite ends when No. 7 Notre Dame (5-2, 1-0 ACC) takes on No. 10 Syracuse (4-3, 2-0 ACC) in the Carrier Dome.“I always have looked up to (former Notre Dame seniors) like Jimmy Marlatt, Jack Near, and Conor Doyle for examples to how to lead,” he said. “I just want to be the best example for the guys younger than me.”Entering college in 2013, Wynne was not afraid. He had been prepared for intense competition since a young age.AdvertisementThis is placeholder textWynne grew up in a family with three older brothers, all of whom played lacrosse. The Wynne brothers routinely practiced in his backyard. Whether it was two-on-one, horse, or shooting drills, Wynne’s brothers pushed him to get better, he said.As he grew older, his preparation with his family translated into success. In his final two seasons of high school, he totaled 141 goals and 45 assists. He captained St. Paul’s (Maryland) School in his senior season to the championship game of the Maryland Interscholastic Athletic Association playoffs.“I learned the game at a quick rate,” he said. “I always have played for coaches who played the game so that helped a lot.”In his first game for ND, Wynne totaled six goals in a 14-12 win over Georgetown. He followed that up with a four-goal performance the next game against Michigan. He ended his first season with 33 goals and four assists.To the other Irish players, his success was a result of his work in the pre-season.“The way he played early on was great to see,” former Notre Dame midfielder Near said, “We had seen him play well all throughout fall so I don’t think it was really that surprising when the season came around.”During his freshman season, it was obvious to most on the team that Wynne had natural leadership qualities, Near said.As he progressed throughout college, he grew more into that commanding role.“He does more things now with distributing the ball and understanding the flow of the offense,” Notre Dame head coach Kevin Corrigan said. “Now, he’s capable of of doing a lot of other things as well. His game has continued to evolve as he’s matured.”Now, his job is to set the tone for the next generation of Fighting Irish lacrosse players, just like the upperclassmen did for him.“As a captain, I get to represent all the guys before me who were in my position,” Wynne said. Comments Published on March 29, 2018 at 1:30 pm Contact Adam: [email protected] | @_adamhillman Facebook Twitter Google+last_img read more

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Centre derailing NRC, says Gogoi

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first_imgFormer Assam Chief Minister Tarun Gogoi on Saturday said the Narendra Modi government was trying to derail the exercise to update the National Register of Citizens (NRC) by disclosing data and attacking NRC State Coordinator Prateek Hajela.Mr. Gogoi, who had been the Chief Minister for three terms, said this was an indication that the BJP was not interested in resolving the foreigners’ issue.“The BJP government has focussed on certain districts to claim that the names of Bangladeshi-origin people have been registered in the NRC. If Hajela, conducting the exercise, is doing this, why is he not being removed or transferred? After all, he is not a constitutional authority but a government servant and is directly answerable to the administration,” Mr. Gogoi said.He reiterated that the NRC would end up as “waste paper” and leave out many genuine citizens belonging to different communities.  “This exercise will only be 50% successful. Many among the Bengali Muslims, tea garden workers, Gorkhas and others will miss out while some foreigners will be included,” he said.The Sarbananda Sonowal government in the State , he said, must ensure the inclusion of all legal citizens in the NRC.last_img read more

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SEA Games: PH pugs start gold medal hunt

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first_imgRead Next Back then, the Philippines went home with five gold medals but there were more boxing events.Marcial will vie in 69kg-75kg, Fernandez in 52kg-56kg, and Kazakhstan President’s Cup champion Carlo Paalam in 46kg-49kg in the preliminaries starting at 3 p.m.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutJoining them is two-time champion and Olympian Charly Suarez who will also vie for honor in 69kg-75kg.Bautista will go straight to the quarterfinals in 49kg-52kg division, needing just one victory to ensure at least a medal finish. Don’t miss out on the latest news and information. Man sworn in as lawyer by judge who sentenced him to prison as a teen 20 years ago LOOK: Venues for 2019 SEA Games Flags of SEA Games countries raised at Athletes Village LATEST STORIES SEA Games in Calabarzon safe, secure – Solcom chief MOST READ The same thing with 75kg-81kg bet Marvin John Tupaz, who like Bautista will start his quest on Monday.center_img PH boxing team determined to deliver gold medals for PH PLAY LIST 05:25PH boxing team determined to deliver gold medals for PH03:07PH billiards team upbeat about gold medal chances in SEA Games00:45Onyok Velasco see bright future for PH boxing in Olympics00:50Trending Articles01:35Panelo suggests discounted SEA Games tickets for students02:49World-class track facilities installed at NCC for SEA Games03:04Filipino athletes share their expectations for 2019 SEA Games02:25PH women’s volleyball team motivated to deliver in front of hometown crowd01:27Filipino athletes get grand send-off ahead of SEA Games Glittering start to Tabal’s journey to Tokyo Olympics View comments UPLB exempted from SEA Games class suspension Catriona Gray spends Thanksgiving by preparing meals for people with illnesses Brace for potentially devastating typhoon approaching PH – NDRRMC WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding Philippines’ Eumir Felix Marcial, right, celebrates winning the fight against Singapore’s Tay Jia Wei. Singapore SEA Games Organizing Committee /KUALA LUMPUR — Four of boxing’s “Super Six” begin their quest for gold medals Sunday in preliminary bouts in the Southeast Asian Games at MITEC Hall 8.Eumir Felix Marcial, Mario Fernandez and Ian Clark Bautista, champions of their respective divisions two years ago in Singapore, will lead the crew tasked to duplicate a daunting feat.ADVERTISEMENTlast_img read more

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Streak continues for No 1 Bucks

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Winning 20 games in a season is nothing new to Ohio State men’s basketball coach Thad Matta. Winning 20 games before picking up his first loss, however, is a different story. OSU’s 73-68 win against Illinois on Saturday advanced the Buckeyes’ record to 20-0 and earned Matta his 11th consecutive season with 20 or more wins as a college basketball head coach. Only Mark Few of Gonzaga has started his career with such a streak. “It’s amazing,” Matta said. “You always want to get to 20. I mean, that was kind of like the benchmark for college basketball.” The Buckeyes’ 20-0 start is OSU’s first since the 1961-62 season when the team started the season with a 22-0 record. A season earlier, the 1960-61 squad got off to the best start in program history with a 27-0 record. Both of those teams went on to become the national runner-up in their respective seasons. Despite the Buckeyes’ hot start, Matta said he hasn’t noticed anyone on his team pay any attention to it. “I haven’t heard one guy say one word about not being beaten,” Matta said. “The focus has, I think, been primarily on who’s the next opponent, and you know, the job that we have to do to win that basketball game.” Kansas’ loss to Texas on Saturday — which snapped the Jayhawks’ 69-game win streak at home — leaves OSU and San Diego State as the only undefeated teams in the country. With six of their next eight games coming against ranked opponents — including road matchups at Minnesota, Wisconsin and Purdue — the Buckeyes have their work cut out for them as they attempt to remain unbeaten. “The Big Ten’s a great conference, and there’s no easy games, especially on the road,” senior guard Jon Diebler said. “We’ve got some great tests coming up, and we’re definitely looking forward to those challenges.” OSU’s next test will be when it hosts Purdue at 9 p.m. Tuesday. With a Buckeye roster composed of accomplished veterans and blue-chip freshmen, Matta said the team’s history of success would play a key role in determining how long it remains unbeaten. “You’ve got a lot of guys on this team that have won at the high-school level, at the national AAU level,” Matta said. “I haven’t seen anything in regards to somebody letting their guard down.” read more

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Inzaghi ready for a big team – Eriksson

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first_imgSven-Goran Eriksson is convinced that his Lazio protégé Simone Inzaghi is “ready for a big team” after an impressive spell in charge of the clubThe former Italian forward, who is the younger of AC Milan legend Filippo Inzaghi, has been linked with Juventus recently after establishing Lazio as a top-four contender in the Serie A in his two years in charge.“Inzaghi is ready for a big team,” said Eriksson, according to Football-Italia.“As a player, he was very good tactically. He lives and thinks for football. He can coach any team in the world and he’s shown that he can do a great job.”Cristiano Ronaldo, JuventusSerie A Betting: Match-day 3 Stuart Heath – September 14, 2019 Considering there is a number of perfect starts so early in the Serie A season, as well as a few surprisingly not-so perfect ones….The 70-year-old, who led England to the quarter-finals in both the 2002 and 2006 World Cups, believes that Roberto Mancini would do “very well” if he is to be the new manager of the Italian national side.“Mancini? I don’t know if it’s confirmed, but I’ve heard the rumours. If he were to sit on that bench, it’d be a good opportunity for him and he’d do very well, I’m certain of that,” said Eriksson.“We’re talking about Inzaghi and Mancini, two top Coaches in today’s football.”last_img read more

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Rooney set to meet DC United

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first_imgWayne Rooney is set to travel to Washington this week in order to meet with DC United to discuss his transfer this summer, reports BBCThe 32-year-old has agreed in principle to join the MLS side in America for this summer after growing discontent in his second spell at Everton.The former England captain returned to his beloved boyhood club last summer after falling out of favour under Jose Mourinho at Manchester United.But he struggled in the second part of this season and grew frustrated at Goodison Park.Premier LeaguePremier League Betting: Match-day 5 Stuart Heath – September 14, 2019 Going into the Premier League’s match-day five with a gap already beginning to form at the top of the league. We will take a…It is understood that Rooney intends to use this trip to the American capital as a fact-finding mission.The England and United record goalscorer has been offered a two-year deal at DC, although he will not be able to officially join the squad until July – when the US transfer window opens.After 13 years away, Rooney returned to Everton last summer and finished as the club’s top goalscorer with 11 goals in his 40 appearances.last_img read more

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Bahamas Public Forecast for today and tonight Wednesday March 1st 2017

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first_img Related Items:#magneticmedianews Electricity Cost of Service Study among the big agenda items at September 11 Cabinet meeting Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppBahamas, March 1, 2017 – Nassau – GENERAL SITUATION: A HIGH PRESSURE SYSTEM CONTINUES TO CREATE FRESH BREEZES OVER THE BAHAMAS AS A TROF LIES ACROSS THE CENTRAL BAHAMAS.SPECIAL WARNINGS: BEACHGOERS AND MARINERS SHOULD BE ALERT FOR ROUGH SURF CONDITIONS AND DANGEROUS RIP CURRENTS ALONG  NORTH AND EAST COAST BEACHES.FOR NORTHWEST AND CENTRAL BAHAMASWEATHER: MOSTLY SUNNY WITH THE CHANCE OF A SHOWER; FAIR AND MILD TONIGHT.ADVISORY: A SMALL CRAFT CAUTION IS IN EFFECT.WINDS: EAST-NORTHEAST TO EAST-SOUTHEAST AT 15 TO 20 KNOTS.SEAS: 4 TO 6 FEET.FOR SOUTHEAST BAHAMASWEATHER: MOSTLY SUNNY AND BREEZY; FAIR TONIGHT.ADVISORY: A SMALL CRAFT ADVISORY IS IN EFFECT.WINDS: EAST-NORTHEAST TO EAST-SOUTHEAST AT 15 TO 25 KNOTS.SEAS: 5 TO 8 FEET.DAYTIME HIGH TEMP.:     85°F   29°C       OVERNIGHT LOW TEMP.: 74°F   24°CSUNRISE: 06:32AM WED.           SUNSET: 06:12PM WED.MOONRISE: 08:42AM WED.      MOONSET: 9:27PM WED. ALERT # 2 ON POTENTIAL TROPICAL CYCLONE NINE ISSUED BY THE BAHAMAS DEPARTMENT OF METEOROLOGY THURSDAY 12TH SEPTEMBER, 2019 AT 9 PM EDT The Luxury of Grace Bay in Down Town Provo FORECAST FOR THURSDAYWEATHER: PARTLY SUNNY AND BREEZY WITH FEW SHOWERS.WINDS: EAST TO SOUTHEAST AT 15 KNOTS.SEAS: 3 TO 5 FEET. Recommended for you HIGH TIDE: 09:35AM WED.       LOW TIDE: 3:53PM WED.EXTENDED FORECAST: A COLD FRONT WILL PUSH INTO THE NORTHWEST BAHAMAS ON FRIDAY BRINGING MORE UNSETTLED WEATHER. FORECAST FOR FRIDAYWEATHER: PARTLY CLOUDY WITH SCATTERED SHOWERS AND THUNDERSTORMS.WINDS: EAST TO SOUTHEAST AT 15 KNOTS.SEAS: 3 TO 5 FEET.   ARMSTRONG/tc/sslast_img read more

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Wipro to acquire Israeli aerospace machine manufacturer H R Givon

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Following Health Scare Serena Williams Advocates for Black Mothers

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