Gov. Greg Abbott did not speak with three of his four COVID-19 medical advisers before the move, according to reports.
Sorry, Agent Pride.
Australia are not short of fast bowlers jostling for room in the Twenty20 World Cup squad, but selectors' headaches intensified on Thursday after Riley Meredith's stirring debut against New Zealand. Displaying blistering raw pace, Meredith captured 2-24 in Australia's 64-run win at a closed Wellington Regional Stadium. A third wicket went begging when Marcus Stoinis dropped Devon Conway in the deep, but Meredith showed more than enough to earn another cap as Aaron Finch-captained Australia look to level the five-match series at 2-2 on Friday.
(Bloomberg) -- Oil traded near $61 a barrel as investors waited for the result of a critical OPEC+ policy meeting later Thursday with no clear steer on just how much supply the cartel will return to a fast-tightening market.“The outcome of today’s OPEC+ meeting is obviously key for market direction,” said Warren Patterson, head of commodities strategy at ING Bank NV, who expects a rise of 1.5 million barrels a day, including the restoration of voluntary reductions by Saudi Arabia. “The market can easily absorb this additional supply, in fact it would be able to absorb even more,” he said.West Texas Intermediate was steady after rising 2.6% Wednesday, when prices got a lift from a record fall in U.S. fuel inventories, while Brent was also little changed. Saudi Arabia and Russia, the most influential OPEC+ members, held talks on Wednesday seeking common ground on production as Riyadh urges caution but Moscow seeks to increase supplies, according to a delegate.Crude has surged this year after the Organization of Petroleum Exporting Countries and its allies slashed collective output to drive a rebalancing of the pandemic-roiled market. The aggressive supply management has helped to drain inventories, while worldwide demand recovers with the roll-out of vaccines. That’s spurred widespread expectations that the single largest actor in the global energy market will now loosen the taps.See also: OPEC+ Silence Has Oil Market Second-Guessing Next MoveVeteran OPEC-watchers still expect some extra barrels from the group, and there’s little chance output will be held at current levels. There are two elements to its debate: first, will the cartel proceed with a 500,000 barrel-a-day collective output hike in April? And second, how will Saudi Arabia phase out the extra cut of 1 million barrels a day it’s been making voluntarily?ING’s Patterson expects that OPEC+ will deliver on both of those components.Heading into the meeting, traders will be mindful that Saudi Arabia has developed a liking for bullish surprises. Energy Minister Prince Abdulaziz bin Salman triggered a surge in prices at the January session by springing a unilateral production cut on an unsuspecting market. Citigroup Inc. has advised its clients not to make bets on this OPEC meeting as “there are too many wildcards,” according to Ed Morse, global head of commodities research.Russian Deputy Prime Minister Alexander Novak outlined his position on Wednesday, saying that while there are many risks including lockdowns, “if we look at the situation, it is much better than a year ago, than in the autumn.”The backdrop to the gathering is a slew of indicators that energy consumption is on the mend in key economies, alongside pockets of lockdown-related weakness. Among recent positive figures, data showed U.S. commutes are slowly returning to normal, and predictions that India’s fuel demand will hit a record. At the same time, Europe’s roads are still quieter than normal.U.S. government figures on Wednesday showed gasoline inventories sank 13.6 million barrels to 243 million barrels last week after a freeze disrupted the refining sector. At the same time, holdings of crude oil expanded.Brent’s prompt timespread was at 51 cents a barrel in backwardation on Thursday. While that remains a bullish pattern -- with near-dated pries above those further out -- it is down from 67 cents on Monday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
KVHI earnings call for the period ending December 31, 2020.
Including Meghan Markle’s secret to long lashes
Researchers say findings show a ‘continued but slowing decline’ in prevalence across country
Law Offices of Howard G. Smith announces an investigation on behalf of XL Fleet Corp. ("XL" or the "Company") (NYSE: XL) investors concerning the Company’s possible violations of federal securities laws.
Melissa Caddick's investors lost nearly $25m, liquidators' report says . Figure almost double Asic’s earlier estimates, while report calls for deeper investigation into missing businesswoman
Tournament of Roses officials said today they are actively planning for a return of the Rose Parade on Jan. 1, 2022. This year’s event was canceled due to the Covid-19 pandemic, only the fourth time the event has been scrubbed in 130 years. The organization is also planning for the return of the Rose Bowl […]
Bidi, the critically endangered eastern black rhinoceros, welcomed a male calf on Monday at the Sedgwick County Zoo in Wichita, Kansas
(Bloomberg) -- Arthur Hayes, the former chief executive of crypto exchange BitMEX who is wanted by the U.S. government, proposed to surrender to authorities in Hawaii on April 6, according to a court filing.Hayes is currently in Singapore, but has discussed surrendering in Hawaii and appearing remotely in a New York court, said Jessica Greenwood, assistant U.S. attorney in Manhattan, according to a transcript of a Feb. 9 hearing. She said arrangements are under discussion that would allow Hayes to live abroad and to travel to the U.S. for court appearances. If there’s a trial, Hayes would come to New York, Greenwood said.Hayes is among founders and executives of BitMEX who were charged last year with violations of the U.S. Secrecy Act “by willfully failing to establish, implement, and maintain an adequate anti-money laundering program” on the exchange.“In so doing, they allegedly allowed BitMEX to operate as a platform in the shadows of the financial markets,” the authorities said.Hayes, Benjamin Delo, Gregory Dwyer and Samuel Reed were charged in New York, where federal prosecutors claimed the exchange served American customers while flouting U.S. banking laws. Hayes said BitMEX was incorporated in the Seychelles because it could bribe authorities there for the cost of “just a coconut,” according to the indictment.Reed was arrested in Massachusetts last year, and federal authorities are still rounding up the remaining defendants.Since the case was made public, BitMEX has distanced itself from Hayes -- he stepped down, and the firm reshuffled its executive ranks and appointed a new CEO. Still BitMEX, which at one time was the world’s largest exchange for cryptocurrency derivatives, is no longer even in the top five, according to tracker Skew.Hayes didn’t return requests for comment. The office of the U.S. attorney for the Southern District of New York declined to comment.(Updates with no-comment in last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- A string of poorly-received bond auctions in the past week is driving home a message -- the Treasuries-led global rout is leaving investors scarred and governments staring at higher borrowing costs.U.S. yields resumed their rise Wednesday after a brief lull that followed a disastrous sale of seven-year Treasury notes last week. Sovereign bond offerings from Indonesia to Japan and Germany have drawn tepid demand and at least one sale was scrapped.. The push for higher rates comes as central bankers attempt to ease investors’ discomfort over the pace of the recent rise.Investors are demanding higher yields to compensate for the risk of further volatility, which may complicate efforts to finance $14 trillion worth of fiscal stimulus globally. Concerns that central banks may withdraw policy support has soured sentiment, amid mounting evidence of a faster-than-anticipated economic recovery.“Investors will be increasingly differentiating countries based on their fundamentals and prospects,” said Tuuli McCully, head of Asia Pacific economics at Scotiabank. “Considering elevated debt levels in some countries, higher funding costs could dampen their economic recovery momentum further.”Clear MessageThe message from Europe and Asia Pacific markets this week is clear. Even though global bonds have stabilized somewhat, investors are still rattled by the prospect of more volatility.In Germany, a sale of 15-year bonds on Wednesday received the weakest demand since the tenor was launched last summer. Japan’s auction of 10-year debt the previous day recorded the lowest bid-to-cover since February 2016.Indonesia’s Finance Ministry agreed to sell 13.6 trillion rupiah ($951 million) of non-Islamic bonds on Tuesday, the least since March 2020, according to data compiled by Bloomberg. Including bills, the sale totaled 17 trillion rupiah, below the government’s revised target of 30 trillion rupiah.There were ominous signs even before last week’s ill-fated U.S. auction, including a drop in coverage ratios for debt sold in Thailand and Australia. Signs of distress also emerged in Italy, while New Zealand ended up accepting just over half of the bids it received for a sale as yields soared.“If there is still no reversal in sentiment, the government may need to accept higher bid yields, or cut down on planned spending,” said Frances Cheung, a rates strategist at Oversea-Chinese Banking Corp. in Singapore.Mexico’s Finance Ministry declared a local-currency sovereign debt sale void last week despite demand that was triple the amount offered. In a statement, the ministry blamed high rates due to market volatility for sinking the 3.7 billion-peso ($178 million) sale.A couple of offerings bucked the global trend. A sale of Italian green bonds racked up 76 billion euros of orders, boosted by its environmentally-friendly tag. In Russia, the Finance Ministry sold the most fixed-coupon notes since June, as mild sanctions from the U.S. failed to deter investors.The U.K. delivered an annual budget Wednesday that tried to balance the need for prolonged economic aid with calls to control the deficit, with Finance Minister Rishi Sunak saying he intends to raise the tax burden to its highest level in over 50 years. While the Debt Management Office’s projected bond sales for 2021-22 were well below the record this fiscal year, the total is higher than expected at 295.9 billion pounds ($413 billion).“We are in an uncomfortable spot where attention is shifting toward elevated asset prices,” said Eugene Leow, a rates strategist at DBS Bank Ltd. in Singapore. “Even as central banks try to reassure, there is this lingering fear that less-loose policy may be on the way.”PerspectiveFor all the jitters, optimists say that higher yields are a sign of confidence and emerging economies continue to enjoy inflows and improved current-account positions. In Asia, central banks have built up their foreign-exchange holdings by the most since 2013.“We remain of the view that fears of a 2013-like Taper Tantrum for emerging markets are overblown,” said Sameer Goel, Deutsche Bank’s global head of EM research in Singapore. “Central banks stand readier as part of fiscal-monetary coordination to quarterback term premia and the cost of capital to governments.”Central banks are clearly on their guard. Federal Reserve Governor Lael Brainard warned Tuesday that bond-market volatility could further delay any pullback in asset purchases while European Central Bank Executive Board member Fabio Panetta said the recent jump in yields “is unwelcome and must be resisted.” Still, the institution as a whole sees no need for drastic action to combat rising yields, according to officials familiar with internal discussions.While the Federal Reserve’s guidance is that a hike is unlikely until at least 2024, money markets in the U.S. are positioned for interest rates to start rising again by the end of next year.“That’s a significant difference, a big gap between the Fed’s message and where the market is, and they will push back against that,” said Kathy Jones, chief fixed income strategist at Charles Schwab & Co. in New York.(Adds details of Treasury selloff in second paragraph and U.K. budget in 12th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Win McNamee/GettyLaw enforcement agencies are stepping up security around the U.S. Capitol Thursday ahead of reports that QAnon supporters convinced Donald Trump will become president that day could turn violent.U.S. Capitol Police have already reported a possible militia plot to attack the Capitol on March 4, and said in a statement that they have “taken immediate steps to enhance our security posture” over several days.What’s not clear is how many QAnon believers are actually on board with the idea that Trump will return to power that day, or plan to take any action themselves.Supporters of QAnon, the pro-Trump conspiracy theory that holds that Trump is conducting a secret war against a nefarious cabal of cannibal-Satanists in the Democratic Party and other liberal institutions, were well-represented in the Jan. 6 Capitol riot.QAnon Believers Duped by Trump, Melania Impersonators on TelegramOut of the more than 250 individuals who have been charged for storming the Capitol on Jan. 6, dozens openly posted about their belief in QAnon and other conspiracy theories. The fur-covered conspiracy supporter known as the “QAnon Shaman” entered the Senate chamber and left a threatening note for Vice President Mike Pence, while another QAnon supporter in a “Q” shirt was captured menacing police officers, later claiming he helped lead the attack on the Capitol to make sure QAnon got credit for the attack.Many QAnon believers who had been promised that Trump’s presidency would bring about a sort of American utopia, along with a violent purge of his opponents in a moment known as “The Storm,” were stunned on Jan. 20 when Joe Biden was sworn into office. In QAnon chat rooms, some supporters said Biden’s successful inauguration caused them to suspect the outlandish conspiracy theory was fake, while others described physical revulsion at the feeling they had been duped.At least some QAnon believers, though, decided that Biden hadn’t really become president. Instead, they borrowed an elaborate theory from the anti-government sovereign’s citizens movement that holds that the United States has been, since the 1870s, a corporation, not a country. In this telling, the United States is a business indebted to bankers in London, and no laws passed since then have been legitimate.A faction of QAnon supporters claimed that, as a result, Trump would return on March 4—the original date of the inauguration until 1933—as the head of the “real” American government.The March 4 theory has been more popular with average QAnon believers than the promoters who make up the conspiracy theory’s public face, according to Travis View, the co-host of QAnon-tracking podcast QAnon Anonymous. While many QAnon leaders have claimed the March 4 is a trap meant to arrest QAnon believers or blame them for violence, “Q”—the anonymous figurehead of the entire movement—hasn’t posted online since December, meaning there is no force to either embrace or dismiss the March 4 idea.View compared the March 4 beliefs to the idea, controversial even within QAnon, the John F. Kennedy Jr. faked his death to help Trump take on the “deep state.”“I think this is another situation in which the rank-and-file QAnon followers picked up on it, but it seems to be an embarrassment to some of the more established QAnon promoters,” View said.On Telegram, the messaging app and social media network where many QAnon believers ended up after being banned from more mainstream platforms in the aftermath of the riot, top QAnon leaders have urged their followers not to gather on March 4, claiming the focus on the date is a ruse meant to undermine them. With “Q” silent, others have cited a “clue” from Q that mentioned both the word “trap” and the phrase “March 4” as proof that the date is meaningless in the QAnon canon.January 6 was widely embraced by both QAnon supporters and other hardcore Trump supporters as a key date, given that it marked Congress’s count of the electoral votes. Plotters openly discussed plans to violently attack the Capitol to disrupt the vote count, and protesters made plans to carpool to Washington swell the pro-Trump numbers in the city. By comparison, there has been significantly less open discussion about March 4.“The main QAnon promoters—they are not on board, they are decrying this as a false flag,” View said.Whatever happens on March 4, QAnon has already been tied to three murders. Most recently, a QAnon believer allegedly murdered an amateur legal expert who deployed sovereign citizen tactics in court.The role of QAnon in the Capitol riot has also continued to be highlighted in the alleged rioters’ court cases.Jacob Chansley, the self-described “Q Shaman” who was among the first to storm the Capitol while carrying a spear and a bullhorn and wearing a headdress, claimed to be a “leader” of the violent conspiracy. He even wore the elaborate costume in several Arizona arrests to raise awareness of QAnon, prosecutors previously alleged.A Federal Aviation Administration employee who took a selfie in front of House Speak Nancy Pelosi’s (D-CA) office was arrested after he claimed to have “Q clearance” to enter the Capitol. Prosecutors state Kevin Strong allegedly told a witness QAnon he had declared that World War III was going to occur on Jan. 6 and that he had a “WW1WGA” flag—representing the popular QAnon slogan “where we go one, we go all”—at his house. Strong also told the witness he believed the QAnon “Storm” was going to cover the cost of a truck he had recently bought, according to a criminal complaint.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
Morgan Carey, the older brother of Mariah Carey, is suing the pop star for defamation and the intentional infliction of emotional distress as a result of the publication of “The Meaning of Mariah Carey.” The lawsuit, filed in New York Supreme Court on March 3, alleges the memoir contains passages that are false and defamatory. […]
(Bloomberg) -- Few fortunes are as volatile as Masayoshi Son’s.The SoftBank Group Corp. founder was briefly richer than Bill Gates at the start of the century before tech stocks crashed. In March 2020, as markets sank under Covid-19 and questions swirled over SoftBank’s investments, his wealth dipped to $8.4 billion, the lowest since 2016.Less than a year later, Japan’s second-richest person has more than quadrupled his fortune to $38 billion, according to the Bloomberg Billionaires Index, hitting the highest level since Bloomberg started tracking billionaire wealth in 2012.The surge is closely tied to the rally in SoftBank shares, which represent more than 95% of his net worth and have climbed almost fourfold from a low at the worst of the pandemic-fueled selloff. The Vision Fund -- the world’s largest investment pool for tech startups -- posted its best quarterly profit, while SoftBank sold assets, bought back stock and settled a legal dispute with WeWork Cos. It’s also gathered supporters along the way, with Paul Singer’s Elliott Management Corp. disclosing last year it took a stake as the stock was undervalued.“SoftBank’s current major assets have huge cashflow and will continue to grow,” said Thomas Hayes, chairman of Great Hill Capital. “If he balances his harvesting of winners, with appropriately timed share repurchases, he will avoid a repeat of 2000, even if tech stocks moderate.”SoftBank’s fate has been deeply intertwined with its founder, to the point the relationship recently raised corporate-governance concerns. Son, who’s also chairman and chief executive officer, is personally invested in a unit that poured about $20 billion into tech stocks and derivatives. The 63-year-old, who owns one-third of that division and has denied there was a conflict of interest, said the program was a way to put SoftBank’s cash pile to use.To amplify his leverage, Son uses a common tactic among the ultra-rich -- borrowing against his stock. He just does it much more than most other billionaires.Recently, though, he’s trimmed his pledges as shares of the Japanese giant have become more valuable. Son had committed about one-third of his stake in SoftBank to more than 16 financial institutions as of Feb. 9, down from 38% in September, according to regulatory filings. That still represents about $18 billion -- one of the highest figures among the 500 richest people in the world. The pledges are used as collateral for loans, whose size could be smaller than the value of the committed shares given the recent rally. Bloomberg doesn’t include the value of pledged stock in net-worth calculations.A representative for SoftBank declined to comment for this story.After closing at an all-time high on Wednesday, SoftBank shares slipped 5.3% Thursday amid a decline in the broader stock market. Its Vision Fund last month posted a record profit for the final quarter of 2020, thanks to a boost in the value of its stakes in newly-listed firms including food-delivery service DoorDash Inc. and Chinese online property agent platform KE Holdings Inc.“Since the Vision Fund launched, the number of golden eggs is in accelerating mode,” Son said at a briefing last month. “We are finally in the harvesting stage.”Some 15 companies have gone public from the Vision Fund, and SoftBank may see between 10 and 20 listings a year from its portfolio of 164 startups, he said. Coupang Inc., a South Korean e-commerce giant, is seeking a U.S. IPO and could be valued at more than $50 billion. Compass Inc., one of the largest U.S. real estate brokerages, has filed for a listing, and Chinese truck startup Full Truck Alliance could go public this year. SoftBank has also joined the SPAC bandwagon with plans for several blank-check companies.SoftBank has also had its share of troubles. The Vision Fund has written down its $1.5 billion holding in Greensill Capital and is considering dropping the valuation to near zero, people familiar with the matter have said. At its worst point last year, investors questioned several of SoftBank’s investments, including WeWork, whose IPO spectacularly imploded.The turnaround has been rapid. In addition to improving the outlook for the startups in the Vision Fund, the rally in tech stocks helped boost the value of SoftBank’s stakes in publicly traded firms like Uber Technologies Inc. The Japanese conglomerate also just settled a lawsuit with WeWork and its co-founder, Adam Neumann, paving the way for another attempt at a potential listing of the office-sharing company.“SoftBank Group may expedite its second attempt to list WeWork,” Anthea Lai, a senior analyst at Bloomberg Intelligence, wrote in a March 1 note. “The additional stake should tighten SoftBank’s control and facilitate potential merger talks with special purpose acquisition companies.”(Updates with stock move in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Members of the OPEC group of oil producers and allies are expected to raise output in a meeting Thursday, in response to a rebound in demand and prices.
(Bloomberg) -- Gabe Plotkin spent the first half of January defending his hedge fund’s portfolio from a Reddit mob, the second half trying to convince investors he can survive a 53% loss, and early February explaining to Congress what happened.Now with the public spectacle subsiding, the most concrete sign is emerging yet that his Melvin Capital Management might actually manage to thrive anew. After adjusting strategy, Plotkin pulled off an almost 22% gain in February, about eight times the return of the S&P 500.So starts the most arduous part of the 42-year-old hedge fund manager’s bid to climb out of the hole left by January’s clash, in which retail investors organized on social media to drive up stocks such as GameStop Corp. that Melvin and others had bet would fall. The episode cost his investors -- including billionaire Steve Cohen, Brown University and the Robin Hood Foundation -- more than $6 billion.But even with the rebound, Plotkin’s fund, which had $8 billion at the start of February, will need to produce an additional 75% gain for earlier clients before they break even. Clients who have stuck by or piled into the firm are betting he’ll be able to do that given his track record, which ranked him as one of the best stock pickers until this year.Last month’s performance was especially welcome for investors who decided to pony up a collective $250 million at the beginning of February -- likely seeing it as an opportunity to increase their exposure to a hedge fund that had been closed to new capital.That vote of confidence followed a late-January investment by Ken Griffin, his partners and his Citadel hedge funds, and Cohen’s Point72 Asset Management, which together gave the firm $2.75 billion in exchange for a three-year minority piece of Melvin’s revenue. The deal came together in a matter of hours.Plotkin said in his testimony to the House Committee on Financial Services last month that Griffin had reached out to him, and that the cash injection was not an emergency bailout.People close to his backers say they doubled down because they have faith in his trading acumen and personally like Plotkin, who’s known as family-oriented and relatively nice in an industry that’s famously cutthroat.Modifying WagersHe’s also a confident risk-taker. Since his days at Cohen’s shop, Plotkin was known for taking big positions on the long and the short side. His recent performance suggests January’s rout hasn’t damaged his ability to make money.He did modify his wagers on stocks he expects to tumble, saying in his testimony that he would avoid crowded shorts. A person familiar with his strategy said he also will take smaller-sized positions to limit exposure to single companies. And Plotkin told his team of data scientists to scour social media and message boards to look for shares that retail investors are rallying around.He has stopped using exchange-traded puts that show up on his quarterly filings with the Securities and Exchange Commission -- clues that allowed his firm to be singled out by the Reddit crowd.Some hedge fund observers question whether Plotkin will still be able to produce blockbuster returns without chunky short positions. In Melvin’s first year of trading, 70% of the fund’s profits came from his bearish bets.Plotkin, who grew up in a middle-class family in Portland, Maine, didn’t have a flashy start to his money management career. Early on he landed at Griffin’s Citadel, hired to evaluate new businesses rather than taking a more coveted investment position. After a year, he jumped to Greenwich, Connecticut-based North Sound Capital, where he was a consumer stocks analyst for two years, with limited trading authority.Then, in 2006, he landed a job at Cohen’s predecessor firm SAC Capital Advisors, and within five years he was managing more than $1 billion in consumer-related stocks. He was among only a handful of managers at the Stamford, Connecticut-based firm with such a large portfolio.Cohen’s HelpInside SAC, he was one of the biggest money makers, known for rigorous research of companies he invested in, former colleagues said. He used detailed models to analyze everything from cash flows to product demand, rather than relying on market information from brokers. He also was an early user of credit-card data.Plotkin announced he was leaving Cohen’s firm in early 2014 to start his own shop, just a few months after SAC pleaded guilty to securities fraud and paid a record fine to resolve charges in the U.S. government’s six-year crackdown on insider trading. Plotkin, who wasn’t accused of any wrongdoing, was among several senior portfolio managers to quit. As part of the settlement, Cohen would -- for a time -- only be managing his own money, thus reducing the amount of cash to be spread among portfolio managers.By that December, Plotkin was up and running at Melvin. He named the firm after his grandfather who ran a convenience store and had the work ethic and integrity he wanted do emulate in his own business. Plotkin raised close to $1 billion, including about $200 million from Cohen’s firm, now called Point72. His only down year was in 2018, when he lost 6%. The next two years his returns were around 50%.Overall, he posted annualized returns about 30% from his start in 2014 through last year.Plotkin declined to comment for this article, but during his House testimony, he signaled confidence that he will turn things around.“We’ll adapt,” he said. “The whole industry will have to adapt.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Two of UFC's longest-tenured heavyweights are on the way out.
The SEC filed a complaint against Rio in 2017 with allegations that it had fraudulently concealed the decline in value of the business. Rio had acquired Riversdale mining for $3.7 billion in 2011, on the premise it would be able to barge 30 million tonnes of coal per year down the Zambezi river, and rail a further 12-15 million tonnes of coal per year to port. But it failed to secure government approvals, and discovered the resource was lower than expected, still raising more than $5 billion in 2012 before impairing the assets as coal prices fell the following year, when Chief Executive Tom Albanese departed.