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.
Six major energy companies – including Houston-based Southwestern Energy Co. and Norwegian giant Statoil – have agreed to monitor and disclose their methane emissions under a new United Nations framework, The Wall Street Journal reports ahead of the official announcement Tuesday.
The Defense Nuclear Facilities Safety Board, in a recommendation to Energy Secretary Ernest Moniz that will be published in the Federal Register Tuesday, says there must be an improvement in emergency preparedness regulations and guidelines to ensure that weapons sites will be better able to cope with potential disasters, including earthquakes and wildfires, The Hill reports.
An official’s pessimistic view of China’s economic growth gave a further downward push to oil prices Monday. The expiring October contract for West Texas Intermediate crude dropped 89 cents to $91.52 a barrel on the Nymex, the lowest close since May, 2013, while in London November Brent shed 1.4 percent to settle $1.42 lower at $96.97, Bloomberg reports.
Production at the Sharara oil field, Libya’s largest -- which had been shut last week because of shelling near a connected refinery -- resumed Monday although at a fraction of its full capacity, an official with National Oil Co. told The Wall Street Journal.
Temperatures this coming winter should be milder than they were during last winter’s deep freeze, but natural gas prices may be higher as industries and electricity generators use more gas, according to American Gas Association vice president Chris McGill, Platts reports.
The company behind the Jordan Cove LNG export facility – Canada’s Veresen Inc – is paying $1.43 billion to take a half interest in the Ruby pipeline system that would bring natural gas from Wyoming to Oregon, Reuters reports.
Although thousands will flock to Art and Helen Tanderup’s farm for a concert against the Keystone XL pipeline in Nebraska on Saturday, many of the residents in the nearby town of Neligh will stay away, The Omaha World-Herald reports.
In an interview with Diane Rehm on NPR affiliate WAMU, Google CEO Eric Schmidt said the tech giant would leave the American Legislative Exchange Council because of the group’s position on climate change and environmental issues, National Journal reports.
According to a filing with the Federal Election Commission, activist Tom Steyer contributed $15 million to his NextGen Climate PAC in August, while the group raised only $3,550 from other sources, The Hill reports.