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.
A number of companies that sought to shield themselves from declining crude prices with long-term contracts will start feeling the pinch as those deals expire, and that—combined with more stringent lending standards from banks—will likely see more firms defaulting on their debt in the coming months, according to predictions from Moody’s Investors Services, FuelFix reports.
Researchers keeping tabs on the greater sage grouse in western states have spotted substantially more of them this year, although they say it’s too early to make assumptions about the birds’ future, E&E reports.
Although U.S. trade representative Michael Froman says he's still optimistic that the U.S. and Asian partners can hammer out a major trade deal, their failure to do so last week raises the risk that the talks could become entangled with the 2016 campaign, Politico reports.
New research says most offices are using a decades-old formula that’s based on male physiology and clothing habits, and recommends companies consider easing up on the air conditioning, The New York Times reports.
Republican presidential candidates already have been lining up to denounce the Obama administration's new limits on power plant carbon emissions, with Sens. Ted Cruz and Marco Rubio offering criticism at a Koch-backed Freedom Partners forum in California and Jeb Bush calling the Clean Power Plan “irresponsible and overreaching,” National Journal reports.
House Natural Resources Committee Chairman Rob Bishop's reservations about the Land and Water Conservation Fund mean any proposal to renew its authorization will meet a challenge on Capitol Hill, The Hill reports.