MACKAY, Australia (AP) — The Australian mining boom built over a decade on Chinese hunger for energy and raw materials is turning into bust for many business owners as China's cooling growth reverberates through a country accustomed to winning from the rise of an Asian economic giant.
BEIJING (AP) — Voracious demand for wood to feed factories for exports and satisfy wealthier consumers at home has turned China into a magnet for the illegal timber trade, causing other countries to strip their forests as Beijing does little to discourage the practices, an environmental group said in a report released Thursday.
The Australian government pushed a new 30 percent tax on big mining companies through Parliament on Monday but faces an uphill battle to reduce the tax burden on struggling companies outside the booming commodities sector.
The Senate passed the legislation 38 votes to 32, allowing the government to take a bigger slice of profits from a mining boom driven by Chinese and Indian demand for raw materials.
Federal agencies would have to assess the impact projects would have on climate change as part of their reviews under the National Environmental Policy Act, under draft guidelines the White House released Thursday, National Journal reports.
Rep. Jason Chaffetz, R-Utah and the next chairman of the House Oversight Committee, says Rep. Cynthia Lummis, R-Wyo., will head up a new subcommittee charged with monitoring Obama administration environment and energy policies, The Hill reports.
In the Texas legislature, Rep. Phil King has introduced measures that would require local fracking bans to get approval from the state Attorney General, with communities having to bankroll impact studies and reimburse lost tax revenue, FuelFix reports.
The slump in oil prices resumed Thursday, with analysts predicting they could go even lower. U.S. benchmark crude for January delivery dropped $2.36 to settle at $54.11 a barrel on the Nymex, while in London February Brent was back under $60, finishing $1.91 down at $59.27, Reuters reports.
Shell’s decision on whether to proceed with Arctic drilling, expected sometime between now and March, will likely be made more on the basis of court rulings and government reviews rather than oil prices, officials have told Platts.
The National Hockey League has a big climate change goal for its current season: To work with Constellation, an energy services firm, to cut carbon emissions and offset the rest in order to achieve carbon neutrality, National Journal reports.
Bhavesh V. “Bob” Patel – a vice president in LyondellBasell’s international manufacturing operations, will take over as chief executive officer of the chemical company when James Gallogly retires on Jan. 12, FuelFix reports.
Jon Carson, ex-Obama campaign strategist, will be helping SolarCity to find creative ways of persuading people to put solar panels on their roofs, instead of relying on traditional advertising, The Washington Post reports.