Tag: australia

China is forcing Australia to confront what many countries are concluding: The coal era is coming to an end. China has now officially blocked coal imports from Australia after months of vague restrictions that dramatically slowed trade and stranded huge ships at sea. For Australia, the world’s largest coal exporter, the decision is a gut punch that eliminates its second-biggest market at a time when many countries are already rethinking their dependence on a filthy fossil fuel that accelerates the devastation of climate change. While Beijing’s motives are difficult to divine, there are hints of mercantilist protection for local producers and the desire to punish Australia for perceived sins that include demanding an inquiry into the source of the coronavirus. China’s commitment to cut emissions may also allow it to be marginally more selective with its vast purchases.

InterGlobe Enterprises of Rahul Bhatia today (15th MAy 2020) said that they are interested in Virgin Australia, the airline that has filed for bankruptcy as travel restrictions due to Coronavirus impacted its financing. InterGlobe (owner of low-cost carrier IndiGo) is among 22 suitors, who have shown interest to bid for Virgin Australia. Virgin Australia, which went into administration last month and reportedly owes more than $7 billion, will help provide access to the Australian domestic market. The biggest reason for so much interest in Virgin Australia, experts say, could be because the Australia law does not have any restriction on ownership be in their carrier- India limits it at 49%.