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Crisil estimates that the industry has lost around 20 per cent of potential revenue which is equivalent to around Rs 40,000 crore.
Fitch Solutions Macro Research said the Bharatiya Janata Party and Indian National Congress have not pledged any significant policy reform for debt-ridden telecom sector. However, their popular poll promises may help the sector by pushing up consumer spending on communications services, it said.
MOSCOW, June 23, 2015 (GLOBE NEWSWIRE) -- Mechel OAO (MICEX:MTLR) (NYSE:MTL), a leading Russian mining and steel group, announces financial results for the 1Q 2015.
"In the first quarter of 2015, the group worked in a dramatically different economic reality. The weakness of Russian national currency helped to improve the company's performance, we managed to nearly triple EBITDA(а) and nearly quadruple our EBITDA(а) margin compared to the same period last year. I would like to note...
"Even though the situation on coal and ore markets remains critical for all producers, we do not intend to decrease production — our leadership in costs enables us to keep our share even as the market is shrinking, preserving our position for the time when coal prices recover, which process we expect may begin in 4Q201...
"Operating income which increased dramatically enabled us to overcome our liquidity crisis and reach restructuring agreements with our major creditors — Gazprombank and VTB. We continue talks with Sberbank and intend to reach a compromise.
"Despite the ruble becoming stronger in the second quarter, Mechel is quite confident with the current exchange rate. If this trend persists, we expect that our results will improve accordingly throughout the year.
"A confident growth of production in our key investment projects — the universal rolling mill and the Elga coking coal deposit — creates the basis for further improvement of the company's financial results, which will enable us in the medium run to bring our debt to a comfortable level."
The 20-percent revenue decrease quarter-on-quarter was largely due to ruble devaluation, as most (60%) of the group's revenue was in rubles.
Devaluation was an even more important factor in the decrease of production costs in dollar terms, which enabled us to maintain EBITDA(a) practically at the previous quarter's level, allowing only a 4-percent decrease. EBITDA(a) margin has meanwhile grown to 19%.
The debt portfolio has largely remained unchanged over this quarter. The decrease of net debt by 3% was mostly due to exchange rate fluctuations.
Trade working capital continued to decline, though at a lesser rate than in the previous periods. The reason for the decline was the necessity of repaying outstanding debt at an accelerated rate to speed up debt restructuring negotiations.
"Early this year the global trend for weaker coal prices continued. As major Australian producers kept to the policy of tough price competition with other global producers for a share in the market, China's demand for imported coal continued to go down as steel facilities were being shut down. Local producers were forc...
"Due to market weakness, in the first quarter the segment demonstrated a decrease in coking coal concentrate sales, particularly exports, having redirected some of its volumes to the domestic market and increasing PCI sales as China's demand for PCI grew. As a result, revenue from sales to external customers went down ...
"We must also note our success in developing the Elga deposit. In this accounting period, we nearly doubled coal production quarter-on-quarter, and continue to increase production in the second quarter."
A decrease in production costs across our product range helped us to significantly increase our EBITDA (a) margin.
The segment's operating income in 1Q2015 totaled $68 million, which is 79% more than $38 million in 4Q2014.
"As domestic prices for the segment's products skyrocketed in the end of 4Q2014 due to ruble devaluation and a growth in export parity prices, the first quarter began with an auspicious market situation for us. However, by the mid-quarter it became evident that the growth potential was exhausted due to a decrease in ef...
"With these conditions in mind, we still maintained production volumes at the level of the previous quarter and did not allow sales volumes to slump. Nevertheless, ruble devaluation led to a decrease in dollar revenue. During the first quarter our management has been working on optimizing expenses what, along with nati...
Despite maintaining steel production at 4Q 2014 level and moderate decline in sales volumes, ruble devaluation led us to the 19% decline in revenue.
"The first quarter is traditionally a period of high load for our facilities. This year it was characterized by our generating equipment's high reliability due to successful repairs and maintenance works conducted last year. This enabled us to increase electricity production, and also the heat production due to the dem...
The management of Mechel will host a conference call today at 18:00 p.m. Moscow time (4:00 p.m. London time, 11 a.m. New York time) to review Mechel's financial results and comment on current operations. The call may be accessed via the Internet at http://www.mechel.com, under the Investor Relations section.
Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel and power. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
Non-GAAP financial measures. This press release includes financial information prepared in accordance with accounting principles generally accepted in the United States of America, or US GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures should be considered in addition t...
Adjusted EBITDA represents earnings before Depreciation, depletion and amortization, Foreign exchange gain / (loss), Loss from discontinued operations, Gain / (loss) from remeasurement of contingent liabilities at fair value, Interest expense, Interest income, Net result on the disposal of non-current assets, Impairmen...
Adjusted net income / (loss) represents net income / (loss) before Loss from discontinued operations, Result of disposed companies, Foreign exchange gain / (loss), Impairment of goodwill and long-lived assets and Provision for the amounts due from related parties, including the effect on income tax and amounts attribut...
GM's Bob Ferguson talks about the importance of the ATS to Cadillac's revival plan.
Back in January, General Motors (NYSE:GM) took the wraps off of its stunning 2015 Cadillac ATS Coupe at the North American International Auto Show in Detroit.
We -- the Motley Fool's John Rosevear and Rex Moore -- were there when it happened. We've brought you reports on this new model, and on its importance to Cadillac -- but there's more to the story.
While we were at the event, we had the chance to talk with GM Senior Vice President Bob Ferguson about the importance of the ATS to GM's effort to make Cadillac into a leading global luxury-car brand. Ferguson knows as much about that effort as anyone: Not only does he run the Cadillac brand, but as a member of GM's Ex...
We know that the transformation of the Cadillac brand is a key part of GM's global strategy, and we know that it's a major effort that will take several more years to fully unfold. But the 2012 introduction of the Cadillac ATS was a key milestone in GM's plan: For the first time ever, GM has a car that can compete head...
The ATS Sedan has proven to be a very strong entry in the compact luxury sedan segment, and we expect the new ATS Coupe to build on the sedan's success. In this video, shot right on the show floor immediately after the ATS Coupe was unveiled, you'll hear Ferguson talk about why the ATS is so important to GM's plans for...
Check out what Ferguson has to say about the ATS, and then scroll down to leave us a comment with your thoughts below.
An Indian woman, who worked here as a domestic help without being paid for the last six years, is awaiting her dues and an exit from Saudi Arabia.
Shamsumma, a native of Kerala's Kollam district, was brought to the kingdom around six years ago by a recruitment agency and was handed over to a Saudi family as a domestic help.
The recruitment agency fixed her monthly wage at 900 Saudi riyals (about USD 240) but was cut down to 700 Saudi riyals (USD 186). After receiving payments for four months, her employer refused to pay her wages, forcing her to stay at a government's housemaid welfare centre here.
Shamsumma was not allowed to speak to or contact anyone. However, two months ago, she managed to get in touch with a compatriot, a native of Kerala, who advised her to call her family to lodge a formal complaint with the Indian Embassy.
The Embassy then succeeded in tracing her whereabouts with the help of local police, an official said. After the intervention of Embassy, the employer agreed to pay her 33,000 Saudi riyals (USD 8792) and make the arrangements for her final exit.
The employer, however, sought three weeks to make the arrangements, Arab News reported today. Shamsumma, who was then taken out of her employer's house, is currently staying at the government's housemaid welfare centre here. Even after three weeks, the employer has failed to fulfil his promise, the report said.
The official further said that embassy is following up the matter and Shamsumma will soon go back home with her dues.
For most Americans, April marks the time when they have their most direct interaction with their government — and it is an experience most of us dread. April is tax time, and each April Americans are confronted with the complicated, stressful mess that Washington calls the Internal Revenue Code.
Our tax code is so complex that almost everybody needs help to comply with the laws, regulations and rules. The IRS estimates that 89% of Americans hire someone else to prepare their taxes or use computer software to assist them. It is no wonder. The tax code fills 25 volumes, and consists of 3.8 million words (as a po...
Complexity is costly. According to a 2010 report from the National Taxpayer Advocate — an independent ombudsman for the IRS — taxpayers and businesses spend about 6.1 billion hours a year complying with the filing requirements for their taxes at a cost of $163 billion. That is in addition to what we actually pay in tax...
Something is terribly wrong with a tax code that is too complicated and burdensome for most citizens to comfortably navigate on their own — and not because they are not smart enough. When Money Magazine asked 45 tax experts to fill out a hypothetical family’s taxes, every one of them came up with a different bottom lin...
There have been efforts to simplify the tax code in the past, including proposals to switch to a flat tax that eliminates the maze of deductions, exemptions, and special rules in exchange for a lower tax rate. The format is so simple that the entire federal tax return can be reduced to a single postcard. The end result...
One would think such a common-sense approach to taxation would be simple to enact into law — but not in Washington. Like so many good ideas that make it past the Beltway, the flat tax meets stiff opposition from those battling to preserve their particular tax breaks. Now many of these tax breaks are good when considere...
The good news is that there may be a way around the Washington gridlock. The Freedom to Choose Flat Tax — as it has been called by many over the years, including Stephen Moore of the Wall Street Journal — bypasses the debate on eliminating special tax breaks and instead lets we the American people decide for ourselves ...
Under the Freedom to Choose Flat Tax, anyone who wants to pay a simple flat tax using a postcard can choose to do so. If certain taxpayers prefer to stick with the current tax code, they can hire an accountant or use a software program and fill out the long form and schedules, taking advantage of all the deductions and...
Providing an option is the fairest approach, because many people have made good-faith financial decisions based on the existing tax code — such as the mortgage-interest deduction for their home. They should not be penalized for those decisions. Still, the simplicity of the Flat Tax “postcard” is an attractive alternati...
If America is to attract new investment, spur entrepreneurs, start new businesses, and get the economy growing again, America needs to simplify its tax code. This is not only good economics, but also good for democracy. American taxpayers — the people who own and pay for our country — should be able to understand how m...
George Allen is a candidate for the U.S. Senate in Virginia, where he was formerly governor and U.S. senator.
A man suspected of shooting to death a well known provider of late-term abortions was in jail Monday while investigators looked into possible connections to anti-abortion groups.
Dr. George Tiller, 67, was serving as an usher during morning services Sunday when he was shot in the foyer of Reformation Lutheran Church in Wichita, Kansas, police said. The gunman fired one shot at Tiller and threatened two other people who tried to stop him.
The suspect, identified by one law enforcement agency as Scott Roeder, was taken into custody some 170 miles away in a Kansas City suburb about three hours after the shooting.
Roeder's ex-wife - who did not want her face shown - says he was obsessed with fighting abortion, reports CBS News correspondent Jeff Glor.
"I think he thinks he's right," she told Glor. "And that he was justified in doing what he's done."
His brother, David Roeder, told The Topeka Capital-Journal the family is "shocked, horrified and filled with sadness at the death of Dr. Tiller" and the possible involvement of their relative.
He called his sibling "kind and loving," but said he suffered from mental illness at times in his life.
"None of us ever saw Scott as a person capable of or willing to take another person's life," David Roeder said.
Tiller had been a lightning rod for abortion opponents for decades. The women's clinic he ran is one of three in the United States where abortions are performed after the 21st week of pregnancy, when the fetus is considered viable, and has been the site of repeated protests for about two decades.
The threat against Tiller was so constant that his clinic had fortress-like security - around the clock guards and surveillance cameras, reports Glor. When he left, he often traveled with a bodyguard, in a bulletproof vehicle.
Sedgwick County District Attorney Nola Foulston indicated that charges against Scott Roeder will not be filed Monday. Foulston noted that the state has 48 hours to charge anyone who is in custody and said she planned to take the full two days to decide. She said any charges would be filed in state court.
Also, a law enforcement official said investigators have searched two homes as part of the inquiry into Tiller's killing. The official, who spoke on condition of anonymity because he was not authorized to discuss the investigation, said the homes are in Merriam, Kansas, and directly across the border in Kansas City, Mi...
Roeder's former wife, Lindsey Roeder, said he had lived at a house in Merriam but moved out months ago.
Roeder, 51, was returned to Wichita and was being held without bail on one count of first-degree murder and two counts of aggravated assault.
Outside the clinic, flowers were placed along a fence, and the anti-abortion group Kansas Coalition for Life left a sign saying members had prayed for Tiller's change of heart, "not his murder."
In Washington, the U.S. Marshals Service said that as a result of Tiller's shooting, Attorney General Eric Holder had ordered it to "increase security for a number of individuals and facilities." It gave no details.
Tiller himself last had protection from the U.S. marshals in 2001. He and other doctors received such protection at different times in the 1990s.
A man with the same name as the suspect has a criminal record and a background of anti-abortion postings on sympathetic Web sites. In one post written in 2007 on the Web site for the militant anti-abortion group Operation Rescue, a man identifying himself as Scott Roeder asked if anyone had thought of attending Tiller'...
But police said all early indications showed the shooter acted alone.
Operation Rescue condemned the killing as vigilantism and "a cowardly act," and the group's president, Troy Newman, said Roeder "has never been a member, contributor or volunteer." He may have posted to the organization's open Internet blog, Newman said, but so have thousands of nonmembers.
Operation Rescue founder Randall Terry, whose protests have often targeted Tiller, called the slain doctor "a mass murderer," adding: "He was an evil man - his hands were covered with blood."
In 1996, a 38-year-old man named Scott Roeder was charged in Topeka with criminal use of explosives for having bomb components in his car trunk and sentenced to 2 years of probation. However, his conviction was overturned on appeal the next year after a higher court said evidence against Roeder was seized by law enforc...
At the time, police said the FBI had identified Roeder as a member of the anti-government Freemen group, an organization that kept the FBI at bay in Jordan, Montana, for almost three months in 1995-96. Authorities would not immediately confirm if their suspect was the same man.
Morris Wilson, a commander of the Kansas Unorganized Citizens Militia in the mid-1990s, told The Kansas City Star he knew Roeder fairly well.
"I'd say he's a good ol' boy, except he was just so fanatic about abortion," Wilson said. "He was always talking about how awful abortion was. But there's a lot of people who think abortion is awful."
The slaying quickly brought condemnation from both anti-abortion and abortion-rights groups, as well as President Barack Obama.
"However profound our differences as Americans over difficult issues such as abortion, they cannot be resolved by heinous acts of violence," Obama said in a statement.
Wichita Deputy Police Chief Tom Stolz said Tiller apparently did not have a bodyguard with him in church, although the doctor was routinely accompanied by one. An attorney for Tiller, Dan Monnat, said the doctor's wife, Jeanne, was in the choir at the time of the shooting.
Monnat said in early May that Tiller had asked federal prosecutors to step up investigations of vandalism and other threats against the clinic out of fear that the incidents were increasing and that Tiller's safety was in jeopardy.
The last U.S. killing of an abortion doctor was in October 1998 when Dr. Barnett Slepian was fatally shot in his home in a suburb of Buffalo, New York. A militant abortion opponent was convicted of the murder.
One of Tiller's lawyers and friends, Dan Monnat, told CBS' The Early Show that Tiller had been supported by his wife and children in his decision to continue providing abortion services.
"If Dr. Tiller is not going to service a woman's right to chose, who will do it?" Monnat said.
"Many of those have been terrorized and run off by protesters," he said about other abortion providers.
There is no more potent or totemic a phrase in the lexicon of the federal Liberal Party than the accusation that a leader is exhibiting "a manic determination to get his own way".
Twice, in Liberal history, these words have triggered a detonation within party ranks. Twice, in the case of John Gorton and then Malcolm Fraser, these words have been used to cripple incumbent prime ministers at the fag-end of a long period of Liberal rule. It is apparent from his actions in recent days that John Howa...
The Prime Minister's concessions to four dissident backbenchers over the rules for mandatory detention came after a long and torrid struggle, and tense backroom negotiations. Howard did not relent easily. But with the Palmer report in the offing, and the Rau and Alvarez Solon debacles creating a jaundiced public view o...
Now, having averted the embarrassing spectacle of Liberal MPs crossing the floor to support a private member's bill to force changes to the most contentious of all his Government's policies, Howard appears intent on turning a tactical retreat into an effective strategic weapon. With a shrewd eye for an opportunity, he ...
Howard's leadership style inevitably becomes a talking point the more he advances towards his late 60s. This is doubly so given the Government he leads is about to assume control of both houses of Parliament for the first time in 25 years. Any hint of stubbornness, of a man too set in his ways and too rigid in his thin...
Already, the Prime Minister faces the charge from Labor's Kim Beazley that a Howard Government in command of the Senate will be force-feeding Australians a diet of raw, untreated ideology. To counter this, the Government has to work to assuage whatever public apprehension exists about the risk of unfettered executive p...
Likewise, Howard has a Liberal deputy eager to have his chance at leading government. Peter Costello will be the beneficiary if the Prime Minister provides ammunition to allow himself to be portrayed as arrogant or heavy-handed, intolerant of alternative views, too hardened in his heart, as well as his arteries, to tak...
After nearly 10 years with Howard at the helm, there was always the prospect that some backbenchers, particularly those outside his orbit, would begin to chafe at the suffocating effects of rigid party discipline aimed at locking in support for the views of the boss.
The Howard Government's hardline immigration policies were to become a lightning-rod for this. The leader of the dissidents, Petro Georgiou, drew up a private member's bill to ease detention rules for asylum seekers, free all women and children from detention, and impose time limits on refugee applicants being held in ...
This reflects a tradition that dates back to the founding of the Liberal Party under Menzies, with the small "l" liberal tradition of placing the highest premium on personal liberties and human rights. Georgiou and his allies had been working to promote change internally but, once they discovered cabinet-approved finet...
That Howard relented before a vote has prevented an ugly break-out of internal brawling. More than that, it has affirmed the principles of free debate within the Liberal Party.
Unlike their Labor counterparts, Liberal MPs are not bound by a formal pledge to vote in accordance with the caucus or party-room majority. Defence Minister Robert Hill crossed the floor no fewer than eight times in his first two years in Parliament.
Attorney-General and former immigration minister Philip Ruddock was another famous "rebel" in 1989, crossing the floor to vote with the Hawke government on a motion supporting a non-discriminatory immigration policy - a move designed deliberately to embarrass John Howard during his first ill-fated and flawed stint as O...
Howard appears not to have forgotten those lessons of the 1980s.
Victorian Liberal backbencher Sophie Panopoulos is perhaps too young to remember. How else to explain the juvenile rhetoric with which she characterised the principled policy stand by four fellow Liberals as the act of "political terrorists". So is she now asserting that Howard's decision to cut a deal amounts to appea...
In fact, Howard will seek to argue this shows a Government pragmatic enough to accommodate strenuous internal policy debates, and a Prime Minister prepared to compromise when strong issues of conscience are raised by people of substance.

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