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.
In a speech to oil industry executives Tuesday, Royal Dutch Shell CEO Ben van Beurden is renewing his call for carbon pricing by governments, which he says will “level the playing field” for renewables and natural gas in the energy market, Bloomberg reports.
The nuclear industry is good at safety and physical security but lacking when it comes to cybersecurity, according to a report from the Chatham House think tank that points to a “culture of denial” when it comes to hacking, The Financial Times reports.
An analysis released Monday by the Pace Global Center for Liquefied Natural Gas concludes that overseas power plants burning LNG shipped from the U.S. still would release far fewer greenhouse gases than those burning local coal, FuelFix reports.
The Bureau of Land Management says Cadiz Inc., the company hoping to ship Mojave Desert groundwater to cities in Southern California, needs an environmental review for its pipeline right-of-way over federal land, the Los Angeles Times reports.
Traders were selling in the oil market early Tuesday to cash in on a big jump in the price on Monday. West Texas Intermediate crude lost 35 cents to $45.89 a barrel on the Nymex, while in London Brent fell 20 cents to $49.05, Reuters reports.
The Church of Jesus Christ of Latter-day Saints received the wattsmart Business Partner of the Year award from Rocky Mountain Power Monday, for conserving more than 16-million kilowatt hours of electricity in the eight years since partnering with the utility, the Deseret News reports.