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MEDIA RELEASE Penrith by-election: Greens vote surge, bad news for Labor in Balmain The doubling of the Greens vote in the Penrith by-election underlines the level of voter anger with Labor and indicates a likely Lower House breakthrough for the party in the NSW 2011 state election. With 60 per cent of the vote counted Continue Reading →
UK study predicts increased floods and droughts will continue for decades after global temperatures are stabillised,
A Filipino boy is carried to safety through floodwaters in Manila in 2009. Extreme weather, including increased floods and droughts, could continue long after global temperatures are stabilised, UK scientists say. Photograph: Jay Directo/AFP
Global warming will continue to bring havoc to the world’s weather systems for decades after reductions are made in greenhouse gas emissions, a new study shows.
Scientists at the Met Office Hadley Centre in Exeter say climate change could bring greater disruption to the planet’s water cycle than previously thought.
Rudd predicts poll thrashing over mining tax
Updated
Mr Rudd says that despite an election nearing, the Government is determined to introduce the tax. (Reuters: Jonathan Ernst, file photo)
Prime Minister Kevin Rudd says he will continue to take a “whacking” in the polls as the stand-off continues over the Government’s proposed resources tax.
In his first appearance on ABC1’s 7:30 Report since his infamous “7:30 Report land” quip, Mr Rudd said it will be a “long-fought and tough debate” over the super profits tax.
His comments come as he faced pressure from his own party to settle the dispute with the mining industry over the proposed 40 per cent tax on above normal profits.
The Opposition is campaigning strongly against the proposal, arguing that it will affect everyone’s cost of living.
Recent surveys showed the Government’s popularity plummeting in the wake of the tax announcement.
Offshore investors retreat on profit tax
The level of overseas investment in the local equity market has fallen due to concerns over the federal government’s proposed resources super profits tax, investment bank Citi says.
Citi equities strategist Richard Schellbach says overseas investment in Australian equities, which accounts for about 40 per cent of trade on the local market, slowed to a trickle in recent times in response to the proposed new tax.
Over the last several years we have chronicled the meteoric rise of the Chinese wind industry, which has experienced an unprecedented ramp up in capacity since January 1, 2006, when the Renewable Energy Law of the PRC went into effect. At the ACORE RETECH 2010 conference earlier this year, which I co-chaired with Li Junfeng, the Deputy Director of the Energy Research Institute of the National Development and Reform Commission, I half-facetiously joked that in wind equipment manufacturing the Chinese finally may have found an industry where runaway capacity development should not be feared. I thought that given the immense needs of the world for renewable energy, the Chinese had finally lighted on an industry where there was virtually no downside to unbridled output. No such luck.
Activists demonstrate neat the White House against BP for its role in the oil spill in the Gulf of Mexico. Source: AFP
BP could be forced to file for bankruptcy protection in preparation for civil and criminal fines exceeding $US40 billion ($46.2bn), one of America’s foremost legal scholars said.
Professor Jody Freeman, director of the environmental law program at Harvard Law School, said that without Government support BP faced an “avalanche of litigation” that threatened to cripple the oil company and could take decades to resolve in the US courts.
“It is going to be overwhelming,” she said. “People within the company will now be quietly looking at possible bankruptcy as a way out.”
Professor Freeman said that the US Government’s decision to raise its estimate for the amount of oil leaking into the Gulf of Mexico to 35-60,000 barrels a day was potentially devastating for BP.
The figure is up to 60 times BP’s initial estimate of 1000 barrels and represents a spill equivalent to the Exxon Valdez incident in 1989 every four days.