Korea’s Hanwha Securities to stop financing Adani’s coal projects in Australia

first_imgKorea’s Hanwha Securities to stop financing Adani’s coal projects in Australia FacebookTwitterLinkedInEmailPrint分享The Guardian:A second major Korean backer of Adani’s Australian coal operation has said it won’t provide any more financial support for the controversial miner, which faces potential debt difficulties related to its Abbot Point export terminal.Guardian Australia has seen a letter from Korean brokerage firm Hanwha Securities – sent to the climate group Tipping Point on 30 July – which stated the firm would cease financing Adani’s coal projects.Last month, the ratings agency S&P Global downgraded its outlook on Adani’s Abbot Point terminal to “stable” after the company’s efforts to refinance debts were hindered by the coronavirus pandemic.The terminal’s Indian parent company, Adani Enterprises, urgently injected $100m needed to meet repayments due in May. Adani Abbot Point has also drawn down on about $170m of shareholder loans to pay off debt – owed to Commbank and Westpac – that was due to mature in November.Adani plans to export coal from its under-construction Carmichael mine from Abbot Point, which has total debts of about $1.5bn. Those debts include about $1.1bn due for repayment by December 2022, according to S&P Global.As the company postpones its efforts to refinance the most immediate Abbot Point debts, environmental activists have now secured withdrawal commitments from two large Korean financiers. Last month, Samsung group company Samsung Securities pledged to cease its financial backing of Adani, just days after protests began to target the group’s electronics branch.[Ben Smee]More: Second major Korean brokerage withdraws financial backing for Adani’s coal projectslast_img read more

All Blacks coach backs Australia’s Super Rugby teams

first_imgLast Updated: 23rd August, 2020 10:03 IST All Blacks Coach Backs Australia’s Super Rugby Teams All Blacks coach Ian Foster has strongly backed Australian involvement in any new Super Rugby competition created next year or after the COVID-19 pandemic COMMENT LIVE TV First Published: 23rd August, 2020 10:03 IST WATCH US LIVE SUBSCRIBE TO UScenter_img Written By Associated Press Television News All Blacks coach Ian Foster has strongly backed Australian involvement in any new Super Rugby competition created next year or after the COVID-19 pandemic.Relations between New Zealand and Australia have soured since the publication of a New Zealand Rugby review which recommended only two Australian teams be invited to join an eight-team tournament which might replace the existing Super Rugby competition from as early as 2021. All five New Zealand teams would remain, along with a new Pacific Islands team.Rugby Australia was angered by the recommendation, calling it paternalistic. If a tournament was organized along the lines suggested, Australia would lose three of its current Super Rugby teams.New Zealand Rugby has been largely unapologetic. For some time NZR has felt the poor form of Australia’s teams has been discouraging to fans and damaging to Super Rugby. It argues that after the financial hit rugby has taken during the pandemic, future tournaments will have to maximize spectator appeal.Rugby Australia has called for patience, saying Australian teams will improve given time but New Zealand is sceptical.Foster stepped into the debate Sunday as a diplomat, insisting he has seen improvement in Australian teams during their domestic Super Rugby tournament this season. Both Australia and New Zealand organized domestic Super Rugby tournaments when the coronavirus pandemic ended the full Super Rugby season in March.“The difference between their first couple of rounds to their last couple has been dramatic,” Foster said. “From an All Blacks coach’s perspective we’ve seen a significant rise in standard in their competition. That bodes well for a Super competition but also for us as we head into a Bledisloe series.”While New Zealand’s Super Rugby Aoteroa was hugely popular with fans, it is not seen as sustainable. Foster said a new format is needed and Australia should be part of any solution“A lot of work is in place saying ‘what does a really sustainable competition look like?’,” he said. “Everyone is taking their time to get that right.“It’s unlikely to happen in 2021 anyway. What we do know is if we get the formula right we’ve got the ability to get our fans engaged and the players excited, then we’re going to continue to get the product we saw this year.“We need variety in the competition. We’ve got five really strong franchises here and enough talent to fill that five. But adding a few more from Australia in whatever format and whatever number is a logical step.”Image credits: AP FOLLOW USlast_img read more