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.
Oil dropped again early Friday, retreating from previous gains, as traders decided news of a drop in Saudi supplies didn't signal a cut in OPEC production. West Texas Intermediate crude for December delivery fell 74 cents to $81.35 a barrel in electronic trading on the Nymex, while in London Brent slid 1.2 percent, trading $1.02 lower to $85.81, Bloomberg reports.
A microbe that eats carbon and releases methane in its place – Methanoflorens stordalenmirensis – is multiplying in the Arctic melt and accelerating the global warming process, according to scientists writing in the journal Nature this week, The Washington Post reports.
Californians for Energy Independence, a political action committee backed by the oil industry, has raised $7.6 million to fight Measure P in Santa Barbara County and Measure J in San Benito County, which prohibit hydraulic fracturing, FuelFix reports.
Despite a negative assessment from an administrative law judge, the Illinois Commerce Commission has approved Commonwealth Edison’s plan to build the Grand Prairie Gateway transmission line, which could bring 1,000 more megawatts of power to the north of the state and grid operator PJM Interconnection when it’s completed in 2017, Platts reports.
Southern Co. subsidiary Southern Power has bought the Solar Gen 2 plant in California from First Solar Inc., and will sell the electricity from it on to San Diego Gas & Electric, The Atlanta Journal-Constitution reports.
Scientists in New England, in a study published in the Journal of Economic Geography, have found that people were more likely to install solar panels on their roof if they live nearby someone else who had done so, The Washington Post reports.
Climate analyst Rick S. Piltz has died from cancer at age 71, he quit the George W. Bush administration after he claimed his bosses were tweaking report language to play down climate change risks, The New York Times reports.