Friday, June 3, 2016

Swiss mining company Glencore announced yesterday the closure of its coal mine in Tahmoor, New South Wales, Australia. The mine is to be closed by early 2019, pointing to the downturn of coal prices in global markets.

Glencore stated, “The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them”.

The closure will result in a loss of 350 jobs according to the company, who said they are consulting with the employees.

The mine is not the only operation impacted by the fall of global coal and commodity prices. The Australian arm of mining magnate Peabody Energy has reported losses of almost A$3 billion in 2015. According to latest financial reports for Peabody subsidiary Peabody Australia Holdco lodged via Australian Securities and Investments Commission, the company earned a net loss of A$2.7 billion — after a loss of A$1.2 billion in 2014. Accountants at Peabody Australia have warned the mine might not be able to continue operating, with the market persistently weak since December.

Despite low coal and commodity prices, both the major political parties have been supportive of coal mines. While appearing on the ABC’s Q&A program on Monday night, Coalition MP Steve Ciobo confirmed party support of coal mines. In response to an audience member question, concerning what policies the panellists had planned to combat job and economic loses in Queensland after the mining boom, Ciobo stated the Coalition government supports Adani’s new Carmichael mine in the Galilee Basin — as an example of “transitioning” the state’s economy.

Labor MP Terri Butler said although she doesn’t personally support Adani’s Carmichael project, the state Labor government “didn’t have much discretion” surrounding its approval. Meanwhile, Greens party leader Richard Di Natale criticised responses from the panellists claiming the “great tragedy” is both major parties support of coal mines such as Carmichael.

“If you care about tourism you don’t open up a whopping great big coal mine and fuel catastrophic global warming”, said Di Natale.

Di Natale accused both major parties of being deceitful in “slashing” both the target of and agency funding for renewable energy, leaving no plan to realize the investment potential of the renewable sector.

Saturday, May 26, 2018

On Wednesday, South African cricketer AB de Villiers announced his retirement from international cricket. The 34-year-old batsman uploaded a video message on Twitter saying it was a “tough decision” and he was “tired”.

De Villiers joined the national team, the Proteas, in 2004, featuring in a test match against England. Since then, the South African talisman has featured in 114 test matches for the Proteas, scoring 8765 runs. He has 22 test centuries to his name, the most recent one coming against Australia in March. South Africa went on to win the test series 3–0.

De Villiers’ batting average is above 50 in both test matches and One Day International (ODI) matches. De Villiers has featured in 228 ODI and 78 Twenty20 (T20) matches as well scoring 9577 and 1672 runs in ODIs and T20s respectively.

In a match against the West Indies at the Wanderers Stadium in Johannesburg on January 18, 2015, De Villiers scored 149 runs from 44 balls. In that match, De Villiers scored the fastest half-century in ODIs, reaching 50 runs from seventeen balls, as well as the fastest century in ODIs, with 100 runs from 31 balls.

Chris Nenzani, the President of Cricket South Africa, said, “AB is one of the all-time greats of South African cricket who has thrilled spectators around the world”.

De Villiers announced his retirement four days after he finished his Indian Premier League season with Royal Challengers Bangalore. In the video statement, De Villiers said, “I have no plans to play overseas, in fact, I hope I can continue to be available for the Titans in domestic cricket.”

Thursday, April 28, 2005

Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.