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 European Union moved to suspend talks with Russia on plans to move ahead with completion of the South Stream natural gas pipeline and a plan to boost supplies flowing through the Nord Stream pipeline, Reuters reports.
A group of 26 Senate Democrats including Majority Leader Harry Reid, D-Nev., this evening will kick off an all-night talkathon to boost climate change urgency, with plans to keep speeches going until 9 a.m. Tuesday, The New York Times reports.
FuelCell Energy, Plug Power Inc. and Ballard Power, all manufacturers of fuel cells, posted significant gains on the Nasdaq today ahead of earnings reports expected to show the companies on the way to profitability, Bloomberg reports.
Energy Secretary Ernest Moniz is in India today in an effort to soothe tensions from a diplomatic issue and trade dispute over solar panels, and to renew coordination on climate change and energy policy, E&E reports.
The Senate Foreign Relations Committee led by Chairman Robert Menendez, D-N.J., will hold a hearing on the Keystone XL pipeline Thursday, but no Obama administration witnesses are set to testify, National Journal reports.
A coalition of environmental groups is looking to sway Secretary of State John Kerry against the Keystone XL pipeline through praise, with some touting him as a leader on environmental issues and climate change, Bloomberg reports.
As part of a set of proposals outlining his plan for economic growth, Sen. Marco Rubio, R-Fla., called for lifting the nation's decades-old ban on crude oil exports and streamlining the review process for new natural gas pipelines, The Wall Street Journal reports.
A white paper released by the Western Values Project argues the federal government must increase royalties for drilling on public land if it lifts the 39-year ban on crude oil exports, FuelFix reports.