A Malaysian government-owned palm oil company, whose products include ingredients for biodiesel fuel, is set to hold the year's second biggest initial public offering, after Facebook, The Wall Street Journal reports.
KUALA LUMPUR, Malaysia (AP) — Malaysian palm oil giant Felda said Thursday its initial public offering in June could raise up to 10.5 billion ringgit ($3.3 billion), making it the world's second-biggest IPO this year after Facebook.
State-owned Felda Global Venture Holdings said the estimated proceeds were based on a 4.55 ringgit ($1.4) per share price for retail investors. The IPO, which has met resistance from farmers, comes amid turmoil in financial markets that prompted London-based jeweler Graff Diamonds to Thursday shelve its $1.5 billion IPO in Hong Kong.
The Hill reports that the palm oil industry has hired heavy-hitting law and lobby firm Holand & Knight in its fight against an EPA preliminary finding that palm-based fuels don't qualify as greenhouse-gas-reducing renewable fuels.
The New York Times reports that palm tree plantations in Indonesia are potent emitters of globe-warming greenhouse gases, perhaps even more than the EPA figured in its recent proposal to exclude palm oil from inclusion in new biofuel blends.
The man known as Indonesia's "green governor" chases the roar of illegal chainsaws through plush jungles in his own Jeep. He goes door-to-door to tell families it's in their interest to keep trees standing.
That's why 5,000 villagers living the edge of a rich, biodiverse peat swamp in his tsunami-ravaged Aceh province feel so betrayed.
Their former hero recently gave a palm oil company a permit to develop land in one of the few places on earth where orangutans, tigers and bears still can be found living side-by-side — violating Indonesia's new moratorium on concessions in primary forests and peatlands.
Democratic Virginia gubernatorial candidate Terry McAuliffe switched his position on offshore drilling of the state's coast, supporting a pro-drilling bill introduced by Virginia's Democratic senators, The Washington Post reports.
Senate Environment and Public Works Chairman Barbara Boxer urged NRC Chairman Allison Macfarlane to complete an investigation and hold a public hearing before allowing the San Onofre Nuclear Generating Station to restart, Southern California Public Radio reports.