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Arch Resources (ARCH) and Consol Energy (CEIX) are merging in an all-stock deal, the two coal miners said Wednesday.
The companies, who have a combined market cap of about $5.2 billion, said the all-stock merger of equals will create a coal producer called Core Natural Resources that will have 11 mines and about 25 million tonnes per annum (Mtpa) of export capacity.
Core Natural Resources will also have stakes in a pair of East Coast terminals and strategic access to ports on the West Coast and the Gulf of Mexico.
The deal, which is expected to close in early 2025, is seen generating between $110 million and $140 million in annual cost and operational synergies, the firms said.
"Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies," Consol Chief Executive Officer (CEO) Jimmy Brock said.
Shares of Consol gained 3.8% to $98.35 as of 12:45 p.m. ET Wednesday, while those of Arch rose 1.8% to $129.06. They are down more than 2% and 22% year-to-date, respectively.
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The United Nations Children Fund’s (UNICEF) says the nutrition supplements meant for malnourished children in some communities in Sokoto State are being st%len and sold in the market.
UNICEF’s Chief of Field Office in charge of Sokoto, Kebbi and Zamfara states, Mr Micheal Juma, disclosed this during the quarterly policymakers’ meeting on Wednesday, August 21, in Sokoto.
Juma noted that the nutrition supplements were provided by donors and distributed to healthcare centers in different communities aimed at enhancing the lives of malnourished children.
According to PMNews, he lamented that some bad elements in the system connived with traders and engaged in selling the supplements to unintended persons.
He stressed that the supplement were openly sold in markets while on investigation at the designated stores, UNICEF discovered that personnel stocked cartons of supplements with stones and other objects to cover their nefarious acts.
Mortgage Applications Decline On Dip In Refinancing
Demand For Home Loans Declined For ...
Investopedia
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Demand for home loans declined for the first time in three weeks despite mortgage rates dropping to the lowest levels in more than a year.
According to data from the Mortgage Bankers Association, the Market Composite Index, a gauge of the volume of home loan applications, dropped by 10.1% for the week ending Aug. 16.
While the rates on 30-year, fixed mortgages declined again this week to 6.5%, the lowest rate since May 2023, it wasn’t enough to increase homebuyer turnout.
“Both mortgage rates and mortgage applications have now stabilized after a few weeks of financial market volatility, which led to a quick drop in mortgage rates,” Kan said.
In fact, applications for home purchases were at their lowest levels since February, said Joel Kan, MBA vice president and deputy chief economist.
"Home sales have slowed despite rising inventory levels,” Kan said. “Even with lower mortgage rates, potential buyers might be more selective now that there are more options.”
Refinancing applications declined from the prior week but were still 23% higher than levels from a month ago. As mortgage rates have fallen nearly half a percentage point over the past three weeks, many homeowners have jumped on the chance to refinance, sending mortgage demand soaring.
Mortgage rates could also be pushed lower if the Federal Reserve takes action on interest rates at its September meeting, where it’s expected to begin lowering borrowing costs for the first time in four years. The Fed’s benchmark interest rate can influence borrowing costs across the economy, including rates on mortgages, car loans, and credit cards.
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The Sarkin Kudun Gatawa in Gatawa District of Sokoto State, Alhaji Muhammad Bawa, has reportedly been k+lled by bandits after weeks in captivity.
The Emir and his son were kidn@pped in July at the Kwanar Maharba area while travelling from Sokoto to his home town, Sabon Birni, the headquarters of Sabon Birni local government of Sokoto State.
The abductors few days after the incident requested the sum of N1 billion as ransom for the release of the victims.
A video later surfaced online showing the Emir pleading for his life. Speaking in Hausa language, he appealed to the Sokoto State Government, Sokoto Sultanate Council, his relatives and friends to help pay ransom for his freedom before the deadline set by his captors.
Alhaji Bawa said that the bandits had issued a deadline for the payment of ransom and failure of which he would be will k+lled.
The traditional ruler, seen in the video with his blood-stained clothes as well as chained hands and legs said, “I am seeking the help of the government. I am their servant, and I have served them for 74 years, including 45 years in government service.
I have always been in the service of the government, and it is the government’s responsibility to help me.”
Also in the video, one of the g¥nmen can be heard speaking in Hausa dictating to the victims what to say.
China Launches Anti-Subsidy Probe On EU Dairy Imports
China Has Launched An Anti-subsidy ...
Investopedia
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China has launched an anti-subsidy investigation into dairy imports from the European Union (EU), a day after the EU updated import tariffs on Chinese-made electric vehicles (EVs).
China's Ministry of Commerce said its investigation will run for the period of April 1, 2023 to March 31, 2024, and will cover EU dairy products including fresh and processed cheese, milk, and cream.
This is the latest tit-for-tat measure as trade tensions escalate between Beijing and the bloc.
On Tuesday, the European Commission (EC), the EU's enforcement arm, announced tariff cuts on Chinese-made imports of Tesla's (TSLA) EVs to 9% from 20.8%, while competitors BYD (BYDDY), Volvo parent Geely (GELYF), and state-owned SAIC will have to pay tariffs of 17%, 19.3%, and 36.3%, respectively.
The two have been launching measures against the other's products in recent months. In June, China announced it might issue anti-dumping tariffs on pork imports from the EU, days after the bloc said it would provisionally impose an additional duty of up to 38.1% on Chinese EV imports.
China is the EU's biggest overseas market for pork, which is the most consumed meat in the country.
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Investopedia
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As market participants await highly anticipated remarks from Federal Reserve Chair Jerome Powell, his colleagues have been providing their own thoughts on interest rates and economic conditions.
Many economists expect Powell, who speaks at the Jackson Hole Economic Symposium on Friday, to once again signal that the Fed could cut the influential fed funds rate soon. They predict he will echo comments from after the last Fed meeting in late July, when he said a September rate cut was on the table.
For more than a year, the Fed has held its benchmark interest rate at its highest levels in more than two decades, raising borrowing costs for businesses and consumers in an effort to discourage spending, balance supply with demand, and, in turn, fight inflation.
But with inflation falling and the labor market weakening, some economists say it’s time to move on interest rates. Not all Fed officials are singing the same tune.
In remarks Tuesday, Federal Reserve Gov. Michelle Bowman said she still sees risks to inflation from issues such as geopolitical tensions and housing demand. These risks, along with uncertainty over how well the labor market is performing, make her want to see more data before committing to an interest rate cut in their next meeting on Sept. 18, she said.
“I will remain cautious in my approach to considering adjustments to the current stance of policy,” Bowman told a group of Alaskan bankers.
Chicago Fed President Austan Goolsbee also said Tuesday he was waiting for more data.
“I don’t think it’s a certainty,” Goolsbee said when asked by whether the Fed was set to cut interest rates in their next meeting.
In an interview with the , Minneapolis Fed President Neel Kashkari said it was appropriate to have a debate about interest rate cuts in September in light of the weakening labor market. However, Kashkari told the paper he didn’t see the need for a cut larger than a quarter point.
His comments come as some economists have argued the Fed needs to make more aggressive cuts to counter further deterioration in the labor market.
Meanwhile, Federal Reserve Vice Chair Michael Barr, Governor Christopher Waller and Atlanta Fed President Raphael Bostic didn’t weigh in on interest rates during speaking engagements this week.
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