News Wrap

IN THIS morning’s News Wrap: South32 demands cash from BlueScope in Supreme Court coal stoush; China coal testing regime ‘significant impost’ on free trade, BHP says; and carbon promises lock in 2.7 degrees of warming, UN says.

Lou Caruana

South32 demands cash from BlueScope in Supreme Court coal stoush

South32 believes it is owed more than $US62 million dollars by BlueScope Steel over several alleged breaches of a coal contract between the two companies, according to the Australian Financial Review.

Supreme Court documents obtained this week reveal the growing dispute between the two companies’ operations in the Illawarra region of New South Wales, which were once a single, vertically-integrated business within BHP before its 2001 merger with Billiton.

China coal testing regime ‘significant impost’ on free trade, BHP says

The world's biggest exporter of metallurgical coal, BHP Billiton, says China's import-coal quality testing regime is a “significant impost” on free trade and some rivals are being forced to sell rejected cargoes at “distressed” prices, according to the Australian Financial Review.

BHP vice-president of marketing for coal Shaun Verner said the testing was hurting sentiment and making it “much more difficult” and slower to sell tonnes into China.

Carbon promises lock in 2.7 degrees of warming, UN says

The United Nations says the world remains on course to exceed dangerous temperature increases even if nations carry out pledges they make at next month's global climate summit in Paris, according to the Australian Financial Review.

An assessment by the UN of 146 national goals and those of the European Union covering about 86% of greenhouse gas emissions found they would cut average per capita pollution by as much as 8% by 2025 and 9% by 2030 compared with the current trajectory.

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