Sunday, May 26, 2019

Tag: Coal

The Dark-Money Cabinet

During the Presidential primaries, Donald Trump mocked his Republican rivals as “puppets” for flocking to a secretive fund-raising session sponsored by Charles and David Koch, the billionaire co-owners of the energy conglomerate Koch Industries. Affronted, the Koch brothers, whose political spending has made their name a shorthand for special-interest...

China will need to cut 3.5 million jobs across six core industries as tonic...

A 10 per cent capacity reduction is needed in six main industries, according to new research. China's excess capacity problem is daunting by any yardstick. The nation’s ability to produce manufactured goods outstrips not only the demands of the mainland economy, but that of the entire global economy, as indicated by...

Estonian, Latvian and Lithuanian Baltic Sea ports face historic lull

The ports of Estonia, Latvia and Lithuania are facing a lull in activity, with cargoes from the east into Europe and from the West into Russia finding new routes to circumvent Baltic ports. This according to Russian news journal PolitRussia, which suggests it could also have catastrophic consequences for the...

U.S. to Press China to Curb Industrial Output

BEIJING — The Obama administration plans to use annual talks with leaders in Beijing to push for cuts in excess Chinese industrial output, which has inundated foreign markets with discounted steel, aluminum and other products, Treasury Secretary Jacob J. Lew said in Beijing on Sunday ahead of the meeting. The...

China posts slowest quarterly growth in seven years

China is getting a slow start out of the gate this year, growing at its slowest pace in seven years during the first quarter. Gross domestic product expanded by 6.7% in the three months ended March, compared with the same period a year earlier, according to China's National Bureau of...

King Coal Is Losing His Throne

Peabody Energy joins a growing list of coal miners who are going broke thanks to a perfect storm of cheap natural gas, the slowdown in China, and tougher environmental rules. Peabody Energy, the world’s biggest privately owned coal mining company, filed for bankruptcy protection in the United States on Wednesday....

China shifts axed miners to lower-paid jobs in farming, cleaning

Anticipating millions of layoffs from bloated state-owned coal and steel companies, Chinese authorities are shunting redundant workers into jobs in farming, forestry and public services. While this may keep unemployment rates under check, such jobs generally pay less, and could mean a step down in quality of living, reduced spending...

China to lay off five to six million workers, earmarks at least $23 billion

China aims to lay off 5-6 million state workers over the next two to three years as part of efforts to curb industrial overcapacity and pollution, two reliable sources said, Beijing's boldest retrenchment program in almost two decades. China's leadership, obsessed with maintaining stability and making sure redundancies do not...

Huge steel and coal layoffs show just how big China’s industrial slowdown really is

BEIJING (Reuters) - China said on Monday it expects to lay off 1.8 million workers in the coal and steel industries, or about 15 percent of the workforce, as part of efforts to reduce industrial overcapacity, but no timeframe was given. It was the first time China has given figures...

China Readies $46 Billion for Pakistan Trade Route

Beijing plans to pour $46 billion into infrastructure projects, open new trade routes. Chinese President Xi Jinping is set to unveil a $46 billion infrastructure spending plan in Pakistan that is a centerpiece of Beijing’s ambitions to open new trade and transport routes across Asia and challenge the U.S. as the dominant...

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