Department of Interior’s Misstatement on Montana Mine Expansion Causes Short-Lived ‘Market Sensation’ FacebookTwitterLinkedInEmailPrint分享Montana Public Radio: We’re getting perspective now on last week’s news that the U.S. Interior Department said it had approved a major coal mine expansion in Montana. It caused the stock of the mining company involved to temporarily spike.Six days later, Interior rescinded its statement, saying no expansion was approved, and the original approval statement was the result of “internal miscommunication.”Matthew Preston is the research director for North American coal markets for a global research and consulting firm called Wood Mackenzie.Here’s his take on Interior telling the Associated Press that it had approved Westmoreland Coal’s proposal to expand it’s Rosebud Mine outside Colstrip by 10.5 square miles, potentially adding 19 years of life to the mine.“It did cause something of a sensation in the market for a small period, brief, of time, and relatively small scale, but it was something that you can’t just pass over lightly.”Westmoreland’s stock, which lost 93 percent of its value last year, rose by as much as 49 percent on news that Interior had greenlighted the company to mine an additional 60 million tons of coal at Rosebud. That didn’t sound exactly rational to Preston, given that the sole customer for the Rosebud mine’s coal is the Colstrip power plant.“I’m not sure what the market was thinking, because it’s been pretty clear that the life of the Colstrip plant is limited. You know, a third of the plant is going to go away in 2022, and perhaps the whole plant by 2028, so adding another 60 million tons to the reserves they have wouldn’t seem to make much difference. But, the market was somehow interested in that. You know, it’s a market, so sentiment happened to turn, and people took that announcement to heart, I guess.”The Colstrip plant’s life is being limited by at least one of the west coast utilities that buys its electricity. Seattle-based Puget Sound Energy has made it clear that it plans to source its energy in the future from sources with less impact on climate change.Some supporters of coal based energy are optimistic that the Trump administration will turn the industry’s fortunes around, and that that could mean an extended life for the Colstip power plant and the mines that support it. Wood Mackenzie’s Preston doesn’t share that belief.“Yeah, no, I don’t think so. I don’t think anything that the Trump administration is doing right now would change the minds of the folks that are owners of the Colstrip plant. Everybody can change their minds, but the owners of the plant seem set on moving some other direction than coal.”Still, the Interior Department’s statement that the Rosebud mine expansion was OK’d did have an impact on Westmoreland’s stock price, meaning investors potentially made or lost money based on the statement and its retraction six days later.“And it’s certainly unfortunate, from the point of view of the folks that may have made the decision to invest or not invest because of that. I don’t know that there’s any regulations that would come down on specific individuals within the Interior [Department],” Preston says. “I don’t think there’s any — this is my opinion — I wouldn’t expect there to be any ulterior motive to this announcement and then retracting it, I think it was as they state, a miscommunication within the office.”The Interior Department and Westmoreland Coal declined interview requests from Montana Public Radio and Yellowstone Public Radio.More: Interior’s Misstatement On Montana Coal Mine Leads To Small ‘Market Sensation’
1. Recognizing who the competition is. It’s no longer banks and other credit unions that pose the biggest competition. Members now rank their credit union experiences based on all of their experiences with brands and companies. “They’re comparing us against Facebook, against Netflix, against Amazon,” said Michael Upton, chief digital and technology officer at First Tech. “As a financial services company, we believe it is absolutely vital we benchmark ourselves against the type of experiences our members have come to expect, whether they’re online or on their phones.”2. Investing in data analytics. Delivering the relevant, personalized experiences members demand begins with data. Once a credit union has a plethora of member data on hand, though, the next big question is what to do with it all. That’s where a data warehouse and dedicated analytics team can help. By investing in both, First Tech has taken control of its data. Upton noted, “If you understand what’s happening, you can then start to design products and actions.” Already, members are beginning to expect their credit unions to proactively fill needs they don’t know they have.3. Focusing on omnichannel. A member’s credit union experience should be seamless from one channel to another. This is what’s known as omnichannel. First Tech launched an omnichannel experience initiative about two years ago. “Whether our members call us at the contact center, come into our retail branch or choose to come online, the omnichannel is aware of those interactions,” said Upton. “We can create an experience that allows a member to start at one part of the company and complete any of their tasks at any other part of our company.”To learn more about optimizing member experiences, register for the “Jobs to Be Done” webinar – the latest in CO-OP’s Digital Transformation webinar series. “Wow, what a great experience.” Those five words should be at the top of members’ minds after every interaction with their credit union. Whether they’re engaging in person, online or over the phone, members should be guaranteed a positive experience. In fact, it’s what they expect. For three out of five Americans, getting a better experience is a reason to try a new brand or company (or credit union). First Technology Federal Credit Union, a $10 billion institution based in Silicon Valley and serving technology-driven companies, wants to ensure its members don’t feel that need to switch. Creating member loyalty involves three key steps at First Tech. 181SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr As credit unions continue to deal with changing regulatory and economic environments amid the coronavirus pandemic, NAFCU wants to know: What issues are keeping industry CFOs and related financial executives up at night?Via a one-question survey, credit union CFOs, vice presidents of finance, controllers and those in other finance-related roles can share the top three issues they are most concerned about in the next six months to a year, including:taxation;interest compression;decline fee income;default rates; continue reading »
They claimed they were protecting “states’ rights.”And then there was the “New Federalism” advocated by President Ronald Reagan in 1981.For Reagan, it meant cutting federal spending (the main purpose) and transferring responsibilities (mostly responsibilities to the poor and to children) back to the states — who of course couldn’t afford to fulfill them. It wasn’t really about federalism any more than opposition to the New Deal or to civil rights was.Strom Thurmond, the South Carolina senator who led the fight against civil rights, didn’t believe that it should be his home state that provided equality to black schoolchildren.President Reagan’s team was committed to reducing the size of government — and reducing its role in helping the poor and the needy — at both the state and federal level.Justice Louis Brandeis famously wrote of our federal system that the division of powers between the federal government — with its “limited” powers specifically delineated by the Constitution — and the state governments, which continue to possess all powers not given to the federal government, would allow the states to “serve as a laboratory” and “try novel social and economic experiments without risk to the rest of the country.”It took a while, but liberals finally got the idea. So why did the Trump administration announce last week that it intends to ignore the will of the voters, trample the rights of the states and enforce federal marijuana laws that are totally and completely inconsistent with everything states such as California are trying to do?Federal prosecutors are not going to be out there prosecuting recreational users, Trump’s posturing notwithstanding.Juries are composed of the very same people who voted to legalize recreational use. Try finding one that would convict.A dealer who imports and sells to kids across state lines is another thing; Trump didn’t need to make an announcement to give notice to them that federal law enforcement was still interested.All Trump accomplished last week was to prove the blatant hypocrisy that has long plagued the concept of federalism. And tick off a whole lot of people in a whole lot of states.Susan Estrich is a nationally syndicated columnist.More from The Daily Gazette:EDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Beware of voter intimidationFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homes Categories: Editorial, OpinionFor most of the 20th century, “federalism” was the cry of conservatives battling growing federal power that came, constitutionally at least, at the expense of the states.So their response to Franklin Delano Roosevelt’s New Deal was not that children should work endless hours in unsafe conditions but that the federal government had no business legislating programs and laws to end child labor and establish minimum standards for work, labor and hour regulation and the rest.It was only after President Roosevelt threatened to pack the Supreme Court that the conservatives on the Court finally gave in.Likewise, during the civil rights battles of the 1950s and 1960s, the opponents of civil rights in Congress and in the governors’ mansions did not come right out and say that black law students, college students and schoolchildren should attend schools that were both separate and terrible. Justice William Brennan wrote a famous article in the Harvard Law Review during the dark days (for liberals) of Warren Burger’s tenure as chief justice.Brennan called on states to use their own constitutions to protect their citizens where the federal government refused to.Activists on various issues, including the environment and civil rights, increasingly looked to the states to act where the federal government would not.Federalism.Cannabis, anyone?In California, as in a growing number of states, the voters last year approved the recreational use of marijuana — complete with a whopping 15 percent (or higher) tax.Nationally, a majority of Americans support legalization. State after state has approved initiatives allowing first for medical marijuana and, more recently, for recreational use. States’ rights.
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