News briefs:July 22, 2010
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Oil prices drive new investment in clean technologyMonday, April 24, 2006
Investors are rushing to fund new ventures in renewable energy as Americans continue to see rising gasoline prices at the pump. The price for crude oil continues to rise to new record highs ($75 per barrel of crude oil on NYMEX as of Friday’s close). According to the results of a survey reported by the San Francisco Gate, in the 1st Quarter of 2006 investments in the clean technology sector has increased by 13% to $3.36 Billion in the US. In addition to attracting venture capital, clean technology companies are receiving a buzz from high profile investors.
Bill Gates, Founder of Microsoft, announced last week that his venture group (Cascade Investments) initiated the purchase of 25.5% ownership in Pacific Ethanol Inc. Pacific Ethanol is an ethanol production company that plans to expand operations by opening a new facility in California. Gates is not alone in high profile investments into the clean energy market, Bob Metcalfe (Founder of 3COM and Inventor of Ethernet), who acts as the managing partner of Polaris Ventures, announced the VC’s first investment into the energy market. Polaris, which manages over $3 Billion in funds, invested $6.8 million into GreenFuel Technologies Corporation of Cambridge, MA. GreenFuel Technologies is an emissions to biofuels company, that utilizes natural algae in their patented bioreactors to turn greenhouse gas emissions from power plants into rich bio fuel. Polaris’s investment into GreenFuel was part of the company’s $18 Million Series B financing round that also included a high profile venture capital investor: Draper Fisher Jurvetson. When asked about the new industry venture, Bob Metcalfe said, “Energy has got to be one of the top five problems the world faces, and it’s been frustrating to watch activists and politicians fail to solve the problem,…Now it’s time for the entrepreneurs and scientists to give it a try.”
According to the International Energy Association, demand for renewable energy fuels will more than quadruple in the next decade. The current jump in oil prices is fueling investment into this relatively new market as investors view clean technology as an emerging opportunity rather than a public relations campaign. As gasoline prices continue to rise, alternative fuels become respectively cheaper and more attractive. In his latest State of the Union Address, President Bush outlined a plan to direct new investment into ethanol production and other clean technologies. According to a poll conducted by CBS News, Americans now see gas prices as one of their top three main concerns. With pressure coming from constituents, politicians are beginning to exert pressure on new spending on renewable technology to promote energy independence. Yet another front in this debate is that of environmental concern. With global warming on the rise, and many European governments eagerly searching for a Carbon Dioxide solution, the promise of reducing these emissions by 46% (as claimed by GreenFuel’s bio reactor system) begins to resonate as a promising environmental and business opportunity.
Australian governments to meet for first COAG meeting of 2006 todayFriday, February 10, 2006
The Council of Australian Governments (COAG) will meet in Canberra today for its first meeting of 2006. Members of COAG are the Prime Minister, State Premiers, Australian Capital and Northern Territory Chief Ministers, and the President of the Australian Local Government Association. COAG is chaired by the Prime Minister.
On the agenda is a wide range of issues such as health, economic reform, regulation, and education.
The state leaders (all of whom are members of the Australian Labor Party), met last night to develop a strategy for dealing with John Howard, Australia’s Prime Minister.
Thousands of trapped miners rescued in South AfricaThursday, October 4, 2007
As many as 3,200 mine workers became trapped in the in Elandsrand mine, a gold mine in South Africa about 50 miles (80 km) west of Johannesburg in Carletonville, Gauteng, after an incident on October 3. All miners have been rescued, and none of them were injured. The mine is owned by Harmony Gold Mining Corporation.
The mining company says that a lift electrical cable broke on a basket that was carrying miners, trapping thousands at least 2,200 meters (1.3 miles) below the earth’s surface. Reports from MSNBC and the Guardian Unlimited say that the shaft may have collapsed when a water or air pipe burst. The rescue operation went well with no complications, with the rescue taking just under 24 hours to complete.
“They were underground when the accident happened and they were not able to surface because an electric feeder cable that is connected to the mine lift was severed,” said a spokeswoman for the mining company, Amelia Soares. The snap was caused by a “fatigued” air pipe which burst and fell down the shaft damaging the “steelwork and electrical feeder cords,” added Soares. “They are all in good condition.”
“They are all safe. There have been no injuries or deaths,” said CEO of Harmony mining, Graham Briggs who also said that the miners were previously contacted and were given “food and water.”
Earlier reports had stated that Lesiba Seshoka, a spokesman with the National Union of Mineworkers, said that the miners have not been heard from for hours and that they could have been enduring temperatures as high as 105 degrees Fahrenheit (40 degrees Celsius).
“This is a terrible situation. The only exit is blocked, probably by a fall of ground,” said Seshoka.
Rescue workers used a mine shaft that is next to the damaged one in an attempt to reach the trapped miners, and lifted them out, 75 at a time. There was no emergency exit in the shaft which is reported to have “not been maintained for ages,” added Seshoka.
“An escape route is the most important thing and they have failed miserably. They need to ensure that the shaft is maintained. This is why we have this disaster. Our main worry is for more than 3,000 people who are underground,” said National Union of Mineworkers for S. Africa chairman, Deon Boqwana.
Current reports say that “negligence” was the initial cause for the pipe burst and that there has been a history of negligence from the mine. “We suspect negligence. Because of continuous operations there is no time to make adequate checks,” said the President of the Miners union, Senzeni Zokwana to reporters during a news conference.
The Elsrand mine is currently under development and has been since February 2001 when Harmony bought the mine. Officials state that the mine will remain closed for a minimum of six weeks, while an investigation is performed, and the mine is deemed safe for miners to continue working in it.
The mine is located in the Witwatersrand Basin of South Africa, which is said to be the location of the largest area of raw gold on the planet.