Latest news with #coalproduction
Free Malaysia Today
11 hours ago
- Business
- Free Malaysia Today
BlackRock, other funds clash with Republican states over climate-investing evidence
The antitrust case claims fund firms, like BlackRock, violated the law through climate activism that reduced coal production and boosted energy prices. (EPA Images pic) WASHINGTON : A lawyer for BlackRock stated yesterday that the Republican states' claim that asset managers had violated antitrust law through their work with industry climate groups was not 'plausible,' as several firms pressed to have the case dismissed. However, a lawyer for the states, which include Texas and 12 others, told the US district judge Jeremy Kernodle that even calling attention to environmental matters, such as by signing on to industry agreements, could have an impact. BlackRock, the world's largest asset manager, Vanguard and State Street are seeking to dismiss the claims in the closely watched antitrust case. The case, filed last November, claims the firms violated antitrust law through climate activism that reduced coal production and boosted energy prices. In pressing for dismissal, Gregg Costa, an attorney for BlackRock, said yesterday that, among other things, the fund firms never voted against the same coal company directors during the years in question, weakening the case. Nor did the plaintiffs bring forward any material such as from a whistleblower showing direct talks among the companies to coordinate their activities. 'It's hard to see how this alleged conspiracy is even possible, let alone plausible,' Costa said. Robert Wick, an attorney for Vanguard, said while the firm held discussions with coal companies, that was only in line with its role as an asset manager. There were no allegations 'that Vanguard ever used its shares to coerce or pressure a coal company to cut its production,' Wick said. Speaking for the states, Cooper & Kirk attorney Brian Barnes said the firms' actions could still have a market impact. 'Jawboning by these defendants as to decisions about market strategy just very clearly has the potential to influence output decisions at the coal company,' Barnes said. The outcome of the lawsuit could have major implications for how the companies, which together manage some US$27 trillion, manage their holdings and passive funds. One possible remedy sought by the plaintiffs would be for the fund firms to divest holdings in coal companies, which BlackRock has said would harm the companies' access to capital and likely raise energy prices. Kernodle, of the US district court for the Eastern District of Texas, said he would take the matter under advisement. He also said that like many Americans he owns shares in various index funds from the firms, including the Vanguard S&P 500 ETF and the BlackRock iShares Core S&P Small Cap fund. While the ownership would not seem to require his recusal, Kernodle said parties who disagree should file their objections within two weeks.
The Independent
a day ago
- Business
- The Independent
Nigel Farage calls for ‘re-industrialisation' of Wales
Nigel Farage has said his party wants to restart Port Talbot's blast furnaces and 're-industrialise Wales'. On a visit to South Wales, the leader of Reform UK said the resumption of traditional steelmaking and coal production is the party's long-term ambition if it comes to power. The speech came one year ahead of the Senedd elections in May next year, where the party is looking to end Labour's 26 years of domination. Addressing reporters, Mr Farage acknowledged that plans to open a traditional furnace could take years and cost 'in the low billions'. The GMB Union has branded the plans 'more lies from an opportunistic chancer'. Port Talbot's remaining blast furnaces were shut down in September last year, with a new electric arc furnace being built in their place. 'Our ambition is to re-industrialise Wales,' Mr Farage said. 'We are going to be using more steel over the next few years than we have probably ever used. 'As we increase military spending and as we attempt a house building programme in Wales, and even more so in England, of massive proportions, just to catch up with the population explosion over the last 20 years, we are going to need a lot of steel.' The Reform leader said 'specific types of coal' are needed in the UK, particularly for a new blast furnace. 'We should be producing ourselves, rather than importing,' he said. While he acknowledged 'mining is dangerous', he said the industry could provide well-paying jobs. Mr Farage acknowledged the plan to open a new furnace would cost 'in the low billions' and would be 'no easy thing'. 'It's a massive, expensive job to re-open blast furnaces, we're going to need cheaper energy, we're going to need much cheaper coal, we are going to need private business partners prepared to come into a joint venture,' he said. Responding to the GMB Union allegations that his party's plans were 'lies', Mr Farage said the union was tied to the Labour Party as one of its biggest funders. He said: 'They see us as a challenge, and therefore, they'll be rude about us. 'What you will find is that increasingly, GMB members are going to vote for us, and the more GMB members vote for us, the more upsetGMB officials and leaders will become. 'Frankly, the trade unions have done nothing to protect British workers through open borders over the last 20-25 years.' During his speech, Mr Farage said he doubted that the electric arc furnace, which is due to come online in 2028, 'will ever, ever be switched on'. Challenged on what evidence he had, he argued that with British energy prices being so high, it would be producing 'very, very expensive secondary steel'. He added: 'I hope I'm wrong, an electric arc furnace is not the real deal, but it's better than nothing.' Mr Farage said the party's campaign for the Senedd election next May 'starts today', but would not say when Reform would announce aleader in Wales. Regional officer Ruth Brady, speaking at the GMB's annual conference in Brighton, said: 'The people of Port Talbot will see this for what it is – more lies from this opportunistic chancer. 'Nigel Farage was happy to let British Steel go to the wall. He'll trot out any line when the cameras are rolling. He doesn't care about steel communities or steel workers.' Ms Brady said the plans to shut the blast furnaces were made by the last Tory government and the union wanted Labour to 'make good on their promises to our members in Port Talbot'.
Bloomberg
19-05-2025
- Business
- Bloomberg
China's Fossil Fuels Production Retreats From Record Levels
Chinese fossil fuels output fell in April from the record levels hit in the prior month, although natural gas, crude oil and coal all delivered increases compared to the previous year as the government continues to prioritize security of supply despite weaker prices. Gas output rose 8.1% year-on-year to 21.5 billion cubic meters, while crude oil increased 1.5% to 17.7 million tons, the statistics bureau said on Monday. Coal production rose 3.8% to 389 million tons, although that was 51 million tons less than March, offering a hint of relief for miners suffering from a slump in prices to four-year lows.
Reuters
19-05-2025
- Business
- Reuters
China's April coal output rises by 3.8% year-on-year
BEIJING, May 19 (Reuters) - China's coal production in April rose 3.8% from a year earlier, statistics bureau data showed on Monday. April coal output was 389.31 million metric tons, up from the year-earlier level but down from March's record monthly high of 440.58 million tons. Production for the first four months of the year was 1.58 billion tons, a 6.6% increase compared with the same period last year. China's coal imports last month fell 16% from a year earlier as weaker prices made imports less profitable and buyers turned to domestic coal.
