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.
Because of market conditions, Alliance Resources Partners isn’t bringing almost 5 million short tons of coal online from several of its operations despite having the capacity to do so, company chief Joseph Craft III said in a webcast last week, Platts reports.
Rep. Kevin Cramer, R-N.D., who was an electricity regulator before being elected to Congress, backs legislation that would let states opt out of compliance with the Environmental Protection Agency’s prospective rule limiting power plant carbon emissions, E&E reports.
A jump in the value of the dollar pressured oil prices Tuesday. U.S. benchmark crude slid more than 2.8 percent, losing $1.69 to settle at $58.03 a barrel, while in London, Brent fell $1.80 - almost 2.8 percent - to $63.72, Reuters reports.
An energy storage system based on batteries will be installed by Duke Energy at the site of a retired coal-fired plant in New Richmond, Ohio, to help regulate grid frequency for PJM Interconnection, the Dayton Daily News reports.
The Clean Energy Technology Center at North Carolina State University is partnering with EnergySage Inc. to launch an online solar energy marketplace to hook up solar vendors with potential customers in the state, Triangle Business Journal reports.