Indonesia Plans to Punish Nickel Park for Alleged Breaches

By and Annie Lee
Updated on
Save
Indonesia plans to punish companies for alleged environmental breaches at a huge industrial park that accounts for a large slice of its nickel output, casting a cloud over some of the nation's largest suppliers.
Environmental violations have been found at the Indonesia Morowali Industrial Park, known as IMIP, according to the Ministry of Environment. Among them, there were alleged failures to manage wastewater, air pollution, and use of unlicensed tailing areas, it said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

an hour ago

• Yahoo

Footwear Firms Rejiggering Supply Chains Will See Long-Term Benefits

The threat of higher tariffs may have provided footwear firms with an unintended benefit as they took charge of rethinking their supply chains. That's because U.S. President Donald Trump's return to office for his second non-consecutive term had a built-in expectation that he would make good on his promise to raise tariff rates again. More from WWD Knitwear Brand PH5 Collaborates With Charles & Keith on Capsule Collection The Top Men's Shoe Collections From Pitti Uomo's Spring 2026 Edition May Swiss Watch Exports Slump After U.S. Tariff-led Surge And raise them he did. But this time, footwear firms were better prepared. The footwear industry was under siege in the aftermath of COVID, with shipments on pause amid ongoing supply chain issues. With Chinese production costs rising, some firms were already in the midst of strategizing where else to go even before Trump raised the duty rate on imports from China during his first term back in 2019. But the nature of producing footwear meant moving production to other locations was likely a multi-year process. In the years since COVID, production remains largely in China, although Vietnamese factories had become the go-to place for the manufacture of athletic performance shoes. Indonesia, India and Cambodia are now also growing their footwear production base, as is Mexico and other Latin American countries. Firms in the footwear sector began to move more aggressively their production to other locations outside of China once Trump won re-election in November. And they moved with quick speed to get ahead of any tariff increases. At Wolverine World Wide, less than 10 percent of products are expected to be sourced from China in 2025, down from the mid-teens earlier this year, as the company targets 'near zero' by 2026. Steve Madden Ltd. in May said it had already moved nearly all fall '25 shoe production for its core brands out of China, ahead of its prior mid-teens target for fall '25 and mid single-digits in spring '26. Crocs Inc. CEO Andrew Rees has expressed concern about Vietnam, where its sourcing for the U.S. market is at 47 percent. Vietnam is set to continue with the next round of trade talks with the U.S. later this month. In April, Trump unveiled his plan for global reciprocal tariffs, a move to get countries to re-negotiate their trade agreements with the U.S. Most of those tariffs are on pause through July 9, with the tariff rate set at a temporary 10 percent increase. The exception is China, which saw subsequent increases on some goods as high as 145 percent, but that's now on hold through mid-August as the U.S. and China fine-tune a framework for an agreement that would see duties rise to 55 percent from its current pause rate of 30 percent. Regardless of which trade agreements actually get done, the rethinking of footwear supply chains is expected to be beneficial for down the road. That's true whether tariffs go up or remain the same. And while higher duties impact corporate profits, not to mention higher costs to consumers, moving production to multiple locations allows for better flexibility in keeping goods closer to where they are needed. That's because supply chain 'disruptions are here to stay,' according to Venky Ramesh, AlixPartners' trade and tariff war room expert, who was part of a webinar hosted by AlixPartners. He also spoke about the need for firms to map sourcing and supply chain exposure as well as scenario planning so they can make informed decisions. Other participants also spoke about investing in trade law knowledge, logistics and operations, as well as looking at production components to see if different classifications are possible that could result in lower tariff rates. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Sign in to access your portfolio

Forbes

an hour ago

• Forbes

How You Can Invest In Later-Stage Companies And Help Them Grow

Business investors meeting and signing documents It's fascinating to observe the journey of companies that have navigated past the initial startup phase. These businesses, having secured early-stage funding, often reach a point where their operations feel more stable. Yet, despite clearing those early hurdles, late-stage companies aren't entirely out of the woods. Their founders still frequently need funding to sustain momentum and fuel further growth. I've been particularly interested in this stage because, counterintuitively, securing that continued funding can sometimes be even trickier for late-stage ventures. You might assume early success would be a magnet for investors, but the reality is more nuanced. Investors are understandably more selective these days, especially with lingering anxieties about inflation and overall economic performance. And while a startup may have proven its business model works now, the question of its future viability looms large for potential backers. Venture capitalists understand that risk is inherent in backing any company. But they also don't want to sink their money into businesses where the ROI isn't there. Nor will they be attracted to companies with few (if any) competitive advantages. As I've seen many companies grapple with this crucial next step, it became clear that there are significant, mutually beneficial opportunities for business leaders to leverage their commercial and strategic expertise to help these later-stage companies not just survive, but truly thrive. Here are some ideas. Series C Financing Rounds Later-stage companies haven't made it to the IPO stage yet. However, these startups are past the seed, Series A and Series B funding rounds. Founders got the capital they needed to launch and gain traction. Now, they're looking to sell prospective investors shares to keep the momentum going. Series C financing typically involves purchasing preferred shares in a pre-IPO but established business. Preferred shares mean you have priority over common shareholders when it comes to staking a claim on the company's earnings. In other words, preferred shareholders are first in line when the business is sold and dividends are paid. Individuals, investment, and private equity firms can participate in Series C financing rounds. Yet, co-investor family offices and equity firms are shifting gears. Whether it's participating in Series C rounds or another avenue, sector specialization is rising. Sixty-eight percent of investors are focusing on sectors they have experience in instead of a general approach. Many investors are focusing on their ability to add value to a deal, with commercial relationships and strategic partnerships, and even key executive hires. They're also concentrating on industries, such as AI, cybersecurity, logistics and government tech. Secondary market transactions represent another investment strategy that's attracting interest. Secondary Markets Secondary market transactions involve buying shares in a later-stage company from current owners. These shareholders could be employees and those who got in during the business's seed stage. It's not the same as buying shares during an IPO because these shares aren't available for trading on the stock exchange. What secondary markets do is allow early investors to realize returns before the company goes public or is sold through an acquisition. Because later-stage companies aren't public yet, investors can often secure shares for a discount. The potential for future value and growth is there when (and if) the business goes public. After Series C, the risk of startup failure also decreases dramatically. The failure rate is around 1%, whereas it hovers at 60% between pre-seed and Series A. In a macroeconomy rife with uncertainty, less risky bets are attractive to investors. And the growth of secondary market transactions seems to back up this sentiment. Global secondary transaction volume rose to $128 billion in 2021, while surpassing $100 billion in 2022 and 2023. Online Platforms And Private Equity Firms Online platforms and private equity firms can connect you with investment opportunities outside the traditional markets. If you want to put your money in later-stage companies, specialized platforms and equity firms may provide access. Not everyone has existing relationships with pre-IPO businesses. Even for those who do, these investors might want to broaden their knowledge and portfolio mix with additional opportunities. For instance, Hiive provides access to investments in private companies while SPLYCAP is a private equity firm connecting investors with growth-stage and late-stage businesses. These connections can extend beyond the numbers, including adding value to a firm's commercial and strategic direction. Through its understanding of the AI firm Nanotronics, the company gained a new chief operating officer with 30 years of tech and construction industry experience. As Nanotronics CEO Matthew Putman says, he's 'seen companies and investors connect in ways that feel truly special, beyond just financials. It's about sharing a purpose and growing together, lifting both a fund and my company.' With most investors having a neutral sentiment about the overall market, later-stage companies offering a shared meaning can stand out by leveraging commercial relationships in their network. And online platforms and private equity firms could be the gateway to building those relationships. Helping Later-Stage Companies Grow No matter what stage businesses are in, funding is a critical component of success. Without cash flow, operations stall and services cannot be delivered. More importantly, companies are unable to get to the next milestone. For late-stage firms, the next milestone is usually some type of exit, either an IPO or a sale to a larger company. As investors become more discerning, later-stage businesses can't rely on blanket or generalist funding sources. While undoubtedly less risky than a pre-seed startup, late-stage companies still need to offer investors a distinctive opportunity. Making connections between investors' shared expertise and purpose is one way to stand out. Investment that extends beyond capital raising, elevating companies with proven promise to the next level, is where the real magic lies.

CNN

3 hours ago

• CNN

Why aren't tariffs causing inflation?

Why aren't tariffs causing inflation? For the past year, many economists warned that tariffs would increase prices, but inflation is lower today than when President Trump took office. CNN's Matt Egan breaks down why this might be the case and how economists expect that to change in the coming months. 01:09 - Source: CNN Vertical Trending Now 15 videos Why aren't tariffs causing inflation? For the past year, many economists warned that tariffs would increase prices, but inflation is lower today than when President Trump took office. CNN's Matt Egan breaks down why this might be the case and how economists expect that to change in the coming months. 01:09 - Source: CNN 50 years of 'Jaws' and shark attacks As Steven Spielberg's summer blockbuster 'Jaws' turns 50, CNN's Harry Enten figures out how likely it is to be attacked by a shark and whether we should fear the waters. 01:57 - Source: CNN Erupting volcano puts Indonesians on high alert Mount Lewotobi Laki Laki, one of Indonesia's most active volcanoes, erupted Tuesday, sending an ash cloud high into the air. The country's volcanology agency has raised the alert level to the highest. 00:59 - Source: CNN The NHL Stanley Cup's perfect imperfections The Stanley Cup is one of the most iconic trophies in all of sports, but one of the reasons the NHL's championship trophy is so lionized is its perfect imperfections. CNN's Coy Wire spoke to The Keeper of the Cup Howie Borrow for a tour of some of the trophy's character-building bloopers. 01:02 - Source: CNN Storm chaser captures 'unprecedented' view of monster hailstones falling from sky Storm chaser and research scientist Sean Waugh has documented softball sized (or greater) hailstones in freefall with an ultra-high-tech camera mounted on a retrofitted research vehicle. The goal – to study and better understand what makes gigantic hail form, and how to better detect it and ultimately improve severe weather warnings. Sean speaks with CNN Meteorologist Derek Van Dam while on the road, capturing imagery of this very impactful and expensive natural phenomenon. (edited) 01:47 - Source: CNN Flash flood destroys apartment building An apartment building in West Virginia partially collapsed as flash floods hit the area. The governor's office said at least five people are dead and four people remain missing following the floods. 00:31 - Source: CNN After talking to hundreds of dads, this podcaster shares his two biggest lessons Dr. John Delony speaks to millions of listeners on his popular podcast about mental health, family and relationships. As a therapist, he's used to offering advice to struggling fathers, but we asked him about the biggest lessons he's learned as a dad. 01:32 - Source: CNN Rare deep-sea squid filmed alive for first time Scientists have captured the first-ever footage of the elusive Gonatus antarcticus squid alive in its deep-sea habitat. CNN's Jeremy Roth describes the rare encounter. For more on this story, visit 01:12 - Source: CNN Trump draws boos and cheers at Kennedy Center President Donald Trump drew charged reactions of both admiration and ire at the Kennedy Center's opening night of "Les Misérables." 00:29 - Source: CNN The many adventures of the Stanley Cup Winner's of the NHL's Stanley Cup each get to take the cup for a day and do whatever they want with it. CNN's Coy Wire recounts some of the Cup's wildest days out. 00:43 - Source: CNN BTS members discharged from South Korean military One of the world's biggest boybands could soon be making a comeback with six out of seven members of K-Pop supergroup BTS now discharged from South Korea's mandatory military service. The band plans to reunite at some point later this year. 00:47 - Source: CNN Combs requests mistrial for a second time CNN's Elizabeth Wagmeister explains that Sean "Diddy" Combs' defense team requested a mistrial for a second time, which was denied. Combs' team accused the prosecution of presenting false testimony from Bryana Bongolan, a friend of Cassie Ventura's, who testified that Combs dangled her over a balcony. 01:26 - Source: CNN Tennessee sheriff's office airlifts escaped zebra to safety DEK: A zebra, that escaped from its owner in Christiana, Tennessee was captured on Sunday and airlifted to safety by the local sheriff's office. The animal, named Ed, had been reported missing just a day after he was acquired by its owners in Rutherford County. They have since been reunited. 00:35 - Source: CNN Jamie Foxx breaks down during BET Awards acceptance speech Jamie Foxx was overcome with emotion while accepting the Ultimate Icon Award at the BET Awards. He reflected on his 2023 health scare. 00:45 - Source: CNN See what's coming to your iPhone and other Apple devices Apple announced major software updates at its annual Worldwide Developers Conference. Most of the new features won't reach users' devices for a few months when OS 26 releases this fall. 01:49 - Source: CNN