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.
The power substation in San Jose where a sniper attack last year raised concern about the security of the country’s grid has been breached again, according to Pacific Gas and Electric, which said thieves cut through a fence and stole some equipment, The New York Times reports.
A corn ethanol plant at the Port of Indiana-Mount Vernon, which Valero Energy Corp. bought in March, has restarted, FuelFix reports. It is expected to boost the company’s output to 1.3 billion gallons a year, making Valero the country’s third-largest ethanol producer.
Oil looks set to finish out the week higher in the wake of another positive piece of data on the U.S. economy, news of an unexpected rise in consumer confidence. West Texas Intermediate crude for October delivery was up 66 cents to $95.21 a barrel on the Nymex, while in London Brent crude settled 35 cents higher to $102.81, Bloomberg reports.
Fighting in Tripoli may have been escalating, but in the east of Libya, the key oil port of Es Sider is once again getting a flow of crude from oilfields after exports there resumed last week following a one-year hiatus, an official told The Wall Street Journal.
Sen. Mary Landrieu, D-La., listed her parents’ home in New Orleans as her address in filing last week to qualify for the ballot in Louisiana, prompting some critics to question her residency status, The Washington Post reports.
Clean Air Act violations for the release of phosgene, methyl chloride and oleum at a West Virginia facility between 2006 and 2010 will cost DuPont $1.3 million in fines, the Environmental Protection Agency and the Justice Department said in announcing a settlement, The Hill reports.
A project to build a big $25 billion water tunnel system in Northern California poses water quality problems to the Sacramento-San Joaquin River Delta and a possible threat to smelt and salmon, the Environmental Protection Agency said in a letter accompanying comments posted online, the Los Angeles Times reports.