Siemens to stop selling turbines for new coal-fired power plant projects

first_imgSiemens to stop selling turbines for new coal-fired power plant projects FacebookTwitterLinkedInEmailPrint分享Reuters:Siemens Energy, which builds steam turbines for power plants, will no longer take on new business to supply coal-fired powered stations, it said on Tuesday, making it the latest firm to scale back fossil fuel-related operations.Selling turbines to coal-fired power plants accounts for a low single-digit percentage of the company’s sales, or roughly 820 million euros ($970 million) based on 2020 figures. It has said the business is profitable.Siemens Energy will still meet existing commitments, including placed bids, and honour service contracts for combined heat and power stations.Siemens Energy, which owns 67% of wind turbine maker Siemens Gamesa, makes about 30% of its sales by catering to fossil-fuel power stations, mostly gas, where it competes with General Electric and Mitsubishi Heavy Industries.Fourth-quarter earnings before interest, tax and amortisation (EBITA) before special items fell 87% to 70 million euros ($83 million) due to impairments and restructuring costs.[Christopher Steitz]More: Siemens Energy drops most coal business following spin-offlast_img read more

​FRC proposes changes to pension accounting rules for smaller, micro entities

first_imgThe Financial Reporting Council (FRC), the UK’s financial reporting watchdog, has released proposals for a new accounting regime for both small entities and micro-sized entities.Among the areas of accounting affected by the new accounting regime, which will apply in both the UK and the Republic of Ireland, is pensions accounting.The proposals affecting small entities will replace the Financial Reporting Standard for Smaller Entities (FRSSE).The micro-entities requirements follow the introduction into UK company law in November 2013 of the micro-entities regime.  The Republic of Ireland is consulting on whether to take such an approach.Andrew Mandley, a UK-based pensions consultant at Towers Watson, said he broadly supported the proposals.“I don’t think it will have a huge amount of impact,” he said. “If anything, it is probably more sensible than where we are at the moment.”The release of the proposals means an entity using UK GAAP in the future would report under one of the following:Full IFRS as endorsed for use within the EUThe FRS 101 reduced disclosure frameworkFull UK GAAP in line with FRS 102The small entities regime in section 1A of FRS 102The micro-entities regime in FRS 105Mandley said: “We have FRSSE, which is trying to paraphrase FRS 17, so it feels as though this is a sensible move to bring the smaller entities regime of UK GAAP into line with FRS 102. This strikes me as a pragmatic thing to do.“Different rules apply to micro-entities under FRS 105, but the number of micro-entities that will have to do anything will be few and far between. They are unlikely to be sponsoring a DB plan. If they are, they will be doing so as part of a larger group.”The FRC said each accounting regime from full EU IFRS downwards “correlates to the increasing size and complexity of the entities that are most likely to apply a given standard”.In addition, the FRC has also given entities the option of applying “a more comprehensive regime.”The small entities regime is potentially available to companies, limited liability partnerships and many non-incorporated entities.Alongside this, the micro-entities regime is only available to the smallest incorporated entities.Its requirements are a subset of the small entities regime. Use of the regime is optional, even where an entity qualifies to use it.The FRC issued FRS 102 in March 2013 and revised it in August 2014.It is effective for accounting periods beginning on or after 1 January 2015.FRS 102 replaces more than 70 accounting standards and Urgent Issues Task Force interpretations that ran to more than 2,400 pages with a single document.In a statement, the FRC said it “reflects developments in the way businesses operate and uses up-to-date accounting treatment and language”.The starting point for pensions accounting under the small entities regime is section 28 of FRS 102.FRS 102’s requirements dealing with annual expense are based on the 2011 revisions to IAS 19 ‘Employee Benefits’.FRS 102 retains the differing treatments for defined contribution plans and defined benefit plans used by FRS 17 and IAS 19.This means that, under the small entities regime, a DB sponsor will produce its pensions numbers in more or less the same way as it would under FRS 102.   Accrued pension obligations are therefore discounted using a high-quality corporate bond discount rate. The difference between pension scheme assets and the discounted value of the obligation will be reported on the balance sheet as a net asset or liability.This means a DB sponsor would report a net balance sheet asset or liability using the projected unit credit method and a finance cost based on the discount rate in the income statement.Entities must discount their future pension obligation to arrive at a net present value using a AA-corporate bond discount rate.The proposed minimum disclosure requirements for the small entities regime are set out in paragraph 1A.14(l) of section 1A.The requirements are much less onerous than those in FRS 102.The only requirement is a note on pension commitments that are not already included within the main financial statements. Experts expect this to amount to a description of group or multi-employer DB schemes that are being accounted for on a DC basis.But where an entity has a material pension scheme, it must make a meaningful disclosure to give a true and fair view of its position.This could mean an entity must consider the full set of FRS 102 pension disclosures.Meanwhile, the micro-entities regime dispenses with the standard FRS 102 approach.Instead, a DB sponsor under this regime must instead show a balance sheet liability equal to the present value of any agreed schedule of deficit contributions, the FRC has proposed.  Despite the contrast between the smaller entities and the micro-entities regimes, Mandley believes it will make little difference in practice.“If you are a small entity or a micro entity, it may be that you are participating in a much larger scheme such as an industry-wide scheme.”In these circumstances, he says, under both reporting regimes, the present value of any deficit contributions would be placed on the balance sheet.In the case of a small or micro UK group subsidiary with perhaps one or two employees participating in the group pension scheme, it is likely that the group parent will have a policy of absorbing any pension deficit.“I expect them to allocate the liability within the rest of the group and not burden the subsidiary with the need to do full DB pensions accounting,” Mandley said.Interested parties have until 30 April to comment on the proposals.last_img read more

Dodgers can’t put away Phillies, lose NL West lead

first_imgLOS ANGELES >> Scott Kazmir pitched one of his best games of the season.The weakest link in the Dodgers’ lineup, Josh Reddick, collected a pair of hits.With a one-run lead and nine outs to go, the Dodgers’ vaunted bullpen took over. All the stars were aligned and yet the Dodgers still lost Wednesday afternoon, 6-2 to the Philadelphia Phillies. After the game, Roberts reiterated that he liked the matchups between the left-handed Dayton and the right-handed swinging Tyler Goeddel and Galvis, a switch-hitter.“Grant’s been throwing the heck out of the baseball,” Roberts said.But when catcher Yasmani Grandal set up high and outside, Dayton’s 2-2 pitch was inside and belt-high. Galvis crushed a 377-foot fly ball over the left field fence. After three scoreless and hitless outings to begin his career, Dayton finally had an ERA.Things only got worse from there for the Dodgers, who stranded one runner in the seventh, two in the eighth and two more in the ninth.Dodgers closer Kenley Jansen told Roberts before the game that he wanted to get some work in. The manager obliged with the Dodgers trailing 3-2 in the ninth inning.Jansen promptly loaded the bases on a walk, a single and an intentional walk with first base open. Pinch hitter Ryan Howard then clubbed a double down the left field line, scoring all three runners. It was only the second time this season Roberts used Jansen in a game the Dodgers were losing. Jansen allowed a run the first time, too.“In that situation to get him work, and then also to keep (the Phillies) within one, I felt good about it,” Roberts said.Reddick went 2-for-5 in his first game as the Dodgers’ No. 2 hitter. His line drive to right field in the first inning landed a few feet shy of a home run. Reddick scored from second base when Adrian Gonzalez hit a ball off first base umpire Alan Porter, recorded as an RBI double.Reddick also ran into the final out of the sixth inning when he was caught in a rundown between third base and home plate. With Corey Seager on first base, Roberts called for a double steal, something Reddick hadn’t done much — if ever — while spending his entire career in the American League before last week.“It’s been a long time since I’ve had an attempt at one of those,” Reddick said. “It was kind of uncomfortable for me, but I’ve got to make an adjustment and be better at that. Once I see him throw the ball to second, I’ve got to go. It’s a matter of learning, adapting and adjusting to that kind of play. I’ll get my work in on it. I won’t make that mistake again.”Howie Kendrick scored the Dodgers’ other run, on an RBI single by Rob Segedin in the seventh inning.Phillies starter Jeremy Hellickson had retired 13 consecutive batters when he was removed after five innings because of tightness in his back.“He kind of figured it out, changed it up, started going more off-speed, stuff like that,” Dodgers shortstop Corey Seager said of Hellickson. “He kept us off-balance pretty much.”The Dodgers and the Giants, who finished off their first series win since the All-Star break Wednesday, could be teetering atop the division for a while.“You’ve just got to keep winning series and it’ll handle itself,” Seager said.The Dodgers took two of three from the rebuilding Phillies. They’ll enjoy an off-day Thursday before hosting the Pittsburgh Pirates for three games beginning Friday. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img Needing a win to keep pace with the San Francisco Giants, the Dodgers fell a game behind in the National League West standings after spending less than 24 hours tied for first place.Freddy Galvis’ three-run home run off Grant Dayton in the seventh inning gave Philadelphia the lead for good.“It was a fastball I didn’t execute,” Dayton said. “He took advantage of it, put a good swing on it, and what am I going to say? He got me.”Kazmir (9-6) allowed two runs in suffering his third loss in as many starts, but that’s a bit deceiving. The Phillies advanced only one runner past second base for the first six innings. When Kazmir exited in the seventh, the Dodgers led 1-0.But the Phillies were threatening. Carlos Ruiz singled and Jimmy Paredes drew a walk on Kazmir’s 100th and final pitch. Dodgers manager Dave Roberts summoned Dayton to face the Phillies’ 7-8-9 hitters.last_img read more