Murray Energy Holdings Co. and its subsidiaries (collectively, Murray) announced today that its chapter 11 plan (the Plan) became effective as of September 16, 2020, and that it has successfully completed a sale of substantially all its assets to a privately held company owned by a group of its former creditors. The United States Bankruptcy Court for the Southern District of Ohio (Western Division) (the Court) approved the Plan on August 31, 2020.
Through the restructuring process, Murray effectuated the sale of substantially all of their assets to American Consolidated Natural Resources, Inc. (ACNR), a new entity formed at the direction of an ad hoc group of Murrays superpriority term loan lenders. The restructuring transactions eliminated more than $8 billion of Murrays debt and legacy liabilities and allowed ACNR to access new financing, providing ACNR with enhanced financial flexibility. Post-transaction, ACNR will continue conducting Murrays business in the normal course, owning and operating 9 mines and preserving thousands of jobs throughout six states. In addition, ACNR will manage and operate the Foresight Energy mines and the Murray Metallurgical mines through two separate management services agreements. ACNR has entered into a new collective bargaining agreement with the United Mine Workers of America, which agreement was approved during Murrays chapter 11 cases.
Robert D. Moore, President and Chief Executive Officer of ACNR, commented, Throughout these complex proceedings, we have been challenged with a global pandemic, extremely volatile coal markets, and months of uncertainty. Our employees and business partners met these challenges, and, together, moved the company forward to todays emergence. Through the efforts and sacrifice of our dedicated employees, the United Mine Workers of America, our secured lenders, and our trade partners and customers, we are a much stronger company today than we were when we sought Chapter 11 protection. As a result of these outstanding efforts, over 4,000 individuals remain working and ACNR will be a viable business partner in the communities in which our operations are located. I want to personally thank all of our employees and business partners for their efforts and their continued confidence in our leadership team.
Additional information, including court filings and background information on the restructuring process, is available at https://cases.primeclerk.com/MurrayEnergy. You may also obtain copies of any pleadings by visiting the Courts website at https://ecf.ohsb.uscourts.gov in accordance with the procedures and fees set forth therein.
About American Consolidated Natural Resources, Inc.
ACNR (together with its affiliates and subsidiaries) is the largest privately owned coal company in the United States and is headquartered in St. Clairsville, Ohio. ACNR will produce approximately 35 million tons of high-quality bituminous coal annually, and such operations include 9 active mines across the Northern and Southern Appalachia Basins (located in Ohio, West Virginia, and Alabama), the Illinois Basin (located in western Kentucky), and the Uintah Basin (located in Utah).
If you would like more information about American Consolidated Natural Resources, Inc., please visit acnrinc.com. Any further inquiries should be directed to [email protected].
TIWW X CE Taiwan Debut on 9/24 in Taipei to Create New Green Gold Value
TAIPEI, TAIWAN – Media OutReach – 24 September 2020 – Organized by Taiwan External Trade Development Council (TAITRA), the Taiwan International Water Week (TIWW 2020) and Circular Economy (CE Taiwan 2020) start their physical exhibition on September 24 in Taipei. Although impacted by the COVID-19, this joint trade show is widely supported by all walks of life, as shown by the participation of a number of indicator units from the industries, the governments, the academia, and the research institutes, such as the Industrial Development Bureau of the Ministry of Economic Affairs, the Industrial Technology Research Institute (ITRI), GSD Technologies, FineTek, Advantech, JU-TIAN Cleantech, and SHUI‑MU International. As this joint trade show is expected to create the most business opportunities and a new green-gold value in the post-COVID-19 era, it is considered this year’s most important professional industry exhibition for water resources and circular economy.
As the pandemic has been accelerating the digital transformation of global industries, TAITRA, as the organizer of the trade show, has also actively launched a number of digital services to help companies expand their global trade business opportunities. For instance, the “Water Week Middle East Business Opportunity Day”, which is the first to debut, connects exhibitors and Middle East buyers by the use of cloud video conferencing services. Meanwhile, the online and offline activities during this period include the online exhibition halls, the one-on-one purchasing video conferences, the global government procurement meetings, the W Stage popular product launches, and the “TIWW X CE Taiwan ON AIR” live show. The last one is considered this year’s most watched new project, as it enables those buyers who cannot visit the exhibition venues in person to view the show as if they are on the scene. The video will be aired at the Taiwan Trade Shows Digital Channel (TTS D’Channel) at 11 a.m. and 5 p.m. on September 25. So, stay tuned and remember to watch.
In response to the Taiwan government’s active promotion of forward-looking plans for the construction of water environment, TIWW takes the sustainable use of water resources as the main theme, under which data analysis, cloud control and other smart water technologies are utilized and various kinds of pumps, water quality monitors and waste and sewage treatment solutions (all of which are energy-saving, power-saving, and environment-friendly) are exhibited. At the same time, under the”5+2 Industrial Innovation Plan,”the industries will transform themselves from a linear economy of “mining, manufacturing, use, and disposal” to a circular economy with sustainable resources. As such, CE Taiwan wishes to guide enterprises to achieve sustainable development through the ESG (Environmental, Social, Corporate Governance) and 3R (reduce, reuse, recycle) strategies, so that they can not only present the cross-industry application of circular economy, the innovative business model, and the technological products featuring green energy and environmental protection, but also combine the two hot topics in the green industry to showcase the trend of generations of energy intelligence, energy saving, and innovation.
“Taiwan International Water Week and Circular Economy Taiwan 2020 ” will be held from 9:30 a.m. to 5:30 p.m. (the closing time on the last day being 5:00 p.m.) at Taipei World Trade Center Hall 1 during the period between September 24 (Thu.) and 26 (Sat.). For more information, please visit www.taiwanintlwaterweek.com.
Founded in 1970 to help promote foreign trade, the Taiwan External Trade Development Council (TAITRA) is the foremost non-profit trade promotion organization in Taiwan. Jointly sponsored by the government, industry associations, and several commercial organizations, TAITRA assists Taiwan businesses and manufacturers with reinforcing their international competitiveness and in coping with the challenges they face in foreign markets.
Unleashing potential, Chengdu displays opportunities in park communities with immersive shows
CHENGDU, China, Sept. 24, 2020 /PRNewswire/ — A news report by National Business Daily:
Southwest China’s Chengdu is to introduce a slew of new scenes and products centering on livable park communities on September 25, as the city makes continuous efforts to boost the new economy sector.
The special event, hosted by the city’s community governance commission and the Chengdu New Economic Development Commission and organized by Chenghua District, is part of the 2020 Chengdu New Economy Double Thousand Project.
The event consists of outdoor displays and indoor press conference. In the outdoor area, visitors can have hands-on experience on multiple products including smart home appliances, daily consumption products, and public service products from companies like China Telecom, Huawei, and Ximalaya.
A press conference will be held in the indoor area, in an unconventional form. It will be an immersive and interactive reality show that tracks one day in the life of a family in a park community. Products and opportunities in building park communities will be interwoven into the morning, noon, and evening chapters of the performance.
"A scene is a point in time and space that triggers emotional responses," director of the show Le Lei said, "visitors can have a deeper experience of the products by taking the perspective of the family in the three scenes we constructed".
A total of 100 new scenes and 100 new products in park communities will be launched at the event, where Huawei, New Hope Group and other renowned companies will have the chance to promote their latest technologies and applications. Besides, the event will unveil a list of top 100 community businesses and enterprises.
To better facilitate the matching of suppliers and buyers, a platform for the transaction of innovative new economy products in Chengdu will be launched on the sidelines of the event. The platform will be able to broker deals online for products and scenes involved in the "Double Thousand Project" with its functions of transaction, service, and management.
To precisely find suppliers for various needs and optimize the allocation of resources are key tasks for the event. By releasing new opportunities to the world, the event is expected to attract investors and organizations to better participate in the development of a park city on the community level.
Big Gaps Found in Climate Risk Disclosures in China
Companies Need to Improve the Breadth and Depth of Climate Reporting
HONG KONG and SHANGHAI, Sept. 24, 2020 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) announced today that the Ping An Digital Economic Research Center and OneConnect in collaboration with Imperial College London released a new report that used natural language processing (NLP) techniques to assess the current state of climate risk disclosures among the largest companies in China and the United States. The report found that Chinese companies in the CSI 300 lag significantly behind their global peers in the S&P 500 in climate risk disclosures and need to work towards wider adoption to catch up.
The report, "Where we stand on climate disclosures and why we need them", applied NLP techniques to analyze 277 documents for climate risk disclosures from 182 companies between July 2019 and July 2020. The tool could enable investors to gauge the quality of companies’ climate disclosures in a scalable fashion.
The report calls for tighter links between climate risk exposures and financial performance and adoption of more forward-looking information in truthful, transparent, and communicable disclosures, with the help of scalable technology tools to automatically assess disclosure quality.
Despite companies increasing adoption of climate disclosure frameworks such as the international Task Force on Climate-related Financial Disclosures (TCFD), there is wide variation in the adoption of specific recommendations. The report found:
1. Japanese companies have the highest incidence of discussions of climate risks in their sustainability reports, followed closely by European and US companies. Chinese companies lag significantly behind their global peers.
- Among the four major equity indices examined, including the CSI 300, S&P 500, EURO STOXX 50, and Nikkei 225, Japanese companies lead in terms of incidence of climate risk discussions. Fifty-two percent of companies in the Nikkei 225, which represents 68% of market capitalization, discuss climate risks in their company reports. Forty percent of EURO STOXX 50 companies, representing 44% of market capitalization, and 33% of S&P 500 companies, representing 53% of market capitalization, do so.
- Chinese companies in the CSI 300 index significantly lag behind. Only 3% of companies, representing 13% of market capitalization, currently discuss climate risks in their sustainability reports.
Source: Analysis of Bloomberg data
2. Among US and Chinese companies that disclose climate risks, the report identified six distinct themes: "Energy usage", "Governance", "Human rights and employee health and safety", "Climate-related risk management", "Emissions", and "Global Reporting Initiative (GRI) reporting and materiality".
- The textual analysis focused on a S&P 500 and CSI 300 companies because they are the most representative indices of the US and China, the world’s two largest economies, which constitute 52 percent of the global equity market.
- "Emissions" is the best covered theme (21.4%), while "GRI reporting and materiality" received the least coverage (10.1%).
- A mapping of the six themes across TCFD’s four recommendations pillars, "Governance", "Strategy", "Risk management", and "Metrics and targets", found that none of the six themes identified fits exactly into the "Strategy" pillar. This suggests that companies under-disclose on "Strategy" related to climate change. "Metrics and targets" is the best covered pillar.
3. Despite international frameworks such as the TCFD, which recommends linking climate risk exposures and financial performance, financial impact metrics are not well disclosed by companies. Purely climate-related metrics have higher disclosure rates.
- Among companies that provide climate disclosures, more than 90% report on metrics related to carbon emissions and energy usage. The rates are similar across most sectors: within every sector, more than 90 percent disclose carbon emission and energy use. Transportation is an exception.
- Disclosure of water usage is less common, with an average rate of 58% of companies in each sector including coverage.
- Land use is considerably underreported, with only 6% of companies disclosing it, possibly because it is only relevant for certain sectors.
- Financial impact metrics are not well disclosed by companies. This is especially true for impact on capital and financing, with disclosure from only 16% of companies.
- An analysis by sector found that insurance companies are more articulate in quantitative disclosures on "asset & liabilities" impacts, together with the Infrastructure and Transportation sectors. The latter are also better than other sectors in covering the "revenue and expenditures" dimension.
4. The report calls for Chinese companies to catch up with their global peers by taking the step to disclose in the first place. For all companies, there is still gap between current state of disclosures and requirements from guidelines such as the TCFD.
- Companies should establish tighter links between climate risk disclosures and financial performance. Companies can conduct analyses on key forthcoming policies related to the transition to a low-carbon economy, for example carbon pricing and changes in energy mix, to project costs and opportunities in terms of cost of capital, valuations, and market share. Ping An is working on asset-repricing models for portfolios that price in climate risks, based on portfolio companies’ specific revenue streams and the potential impact of physical and transition policy risks.
- Companies should move from backward-looking to forward-looking information when disclosing climate risks. Backward-looking data, such as carbon footprints, have limited relevance for company valuations, as the latter are based on future financial prospects. In addition to current emission data, companies should use forward-looking projections, such as future production curves, and disclose investments and/or strategies that companies are currently adopting to address climate risks going forward. The emergence of climate-related tail risk metrics, such as climate Value-at-Risk, which gauges the potential for asset-price corrections due to climate change, is promising and supports market participants’ efforts to screen for resilience in the face of downside risks brought about by climate change.
- Business needs to move to truthful, transparent, and communicable disclosures with scalable tools for automatic detection of disclosure quality. The lack of unified standards, clear definitions, well-accepted methodologies, and stricter enforcement on disclosures may have made it easy for companies to misrepresent their environmental sustainability. Regulators and professional standards bodies must lead companies to move to more trustworthy and transparent disclosures. Analytics tools showcased in this report can be used to assess the comprehensiveness of companies’ climate disclosures and detect potential "greenwashing" or misrepresentation. Application of these tools across particular sectors could inform the creation of standardized indicators of climate risk disclosure that would enable ranking of climate risk disclosure performance in a scalable fashion.
The report is part of a broader joint project on "Climate Risk and Financial Innovation" between Ping An Digital Economic Research Center and Imperial College London. The collaboration aims to leverage cutting-edge academic research and industry expertise to develop robust methodologies for assessing the impact of climate risks on investment assets. These methodologies will be deployed to inform the development of innovative financial products such as disclosure transparency index, new insurance contracts and financial instruments related to climate risk valuation, and the provision of advisory services to the industry.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 210 million retail customers and 560 million Internet users, Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies, "pan financial assets" and "pan health care", which focus on the provision of financial and health care services through our integrated financial services platform and our five ecosystems of financial services, health care, auto services, real estate services and smart city services. Our "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.
In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list. For more information, please visit www.pingan.cn.
About Ping An Digital Economic Research Center
Ping An Digital Economic Research Center utilizes more than 50 TB high frequency data points, more than 30 years of historical data and more than 1.5 billion data points to drive research on the "AI + Macro Forecast" and provide insights and methods towards precise macroeconomic trends.
OneConnect is a leading technology-as-a-service platform for financial institutions in China. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.
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