The planned initial public offering (IPO) of Malayan state-owned enterprise Felda Global Ventures Holdings (FGVH) will take place this month (28th June). It will be underwritten by Deutsche Bank, JP Morgan and Morgan Stanley; with an expected valuation of around 2.5 billion Euro this will be the second biggest IPO ever, trailing Facebook. A significant detail is that FGVH is controlled by the governing part UMNO, led by Prime Minister Mohd Najib Abdul Razak. The upcoming privatisation might be prompted by a need to generate capital for the upcoming elections.
Yesterday, the French President Macron, the President of the World Bank Group, Jim Yong Kim, and the Secretary-General of the United Nations, António Guterres, met with international leaders and committed citizens from around the world in Paris. According to the organisers, the aim of this gathering was to 'address the ecological emergency for our planet' as 'two years to the day after the historic Paris Agreement, it is time for concrete action.'
Ten years after the start of the construction of the Nam Theun 2 dam in Central Laos, it is clear that this mega project has disastrous impacts on people and their environment. The project - originally the flagship of the World Bank, the Asian Development Bank (ADB) and the European Investment Bank (EIB) - did not achieve its intended development goals. In a press release which was sent out this week, Both ENDS and partner organisations call on these multilateral banks to withdraw from large scale hydro dams such as Nam Theun 2. The dam, which became operational in 2010, has profound negative effects on local communities, while they do not benefit from it.
Last June, President Obama called upon the national and international community to give no more public support to foreign coal. Shortly after this, the World Bank and the European Investment Bank EIB followed the example, setting stricter criteria for loans to energy companies, which will make it nuch more difficult, if not impossible for new coal plants to get financing from these banks.
After the second shocking murder of an indigenous rights activist in Honduras in less than two weeks the Dutch development bank, FMO, and the Finish development bank, FinnFund, announced a suspension of all their operations in Honduras. They declare that they will no longer engage in new projects or disbursements in the country, including in new disbursements in the Agua Zarca Project.