Latest news with #FormosaPlastics
Yahoo
10-07-2025
- Yahoo
River parish residents sue Formosa Plastics over burial site for their descendants
RIVER PARISHES, La. (WGNO) — Formosa Plastics is in hot water after Inclusive Louisiana and The Descendants Project filed suit claiming Formosa won't allow descendants access to the burial site on the land. 'Formosa Plastics has met them with threats, threats of law enforcement action, threats of litigation and threats and surveillance from private security contractors. Today, our clients say no more,' said attorney from the Center for Constitutional Rights Kayla Vinson. Three arrested, one sought following Kenner shooting The $9.4 billion planned plastics facility was acquired in 2017 in St. James Parish. In 2024, the remains of five enslaved people were discovered by researcher Lenora Gobert. 'Simon, Betsy, Rachel, Stanley and Harry deserve no less than to have their lives, along with the many others interred in the burial site,' said Gobert. The lawsuit claims that since 2019, the residents' only goal has been to honor and dignify their deaths, something they never received. Filing in federal court, Vinson says Formosa has continuously violated the 13th Amendment. 'We envision a place where all future generations can come to pay their respects, not only to these five souls, but all the souls buried on the Bonavista property,' said Co-Founder of Inclusive Louisiana Gail LeBoeuf. 'Our clients are asking the court to issue an order declaring that Formosa Plastics has violated their rights to access to care and to protect the sacred grounds of the Buena Vista Plantation cemetery,' said Vinson. Tractor trailer hauling scrap overturned in Pearl River area Those like Barbara Washington say this shows the ongoing battle their area known as 'Cancer Alley' is faced with. The groups are requesting a judge to end Formosa's power and protection against interference with any of the remains found on the property. 'They poisoned our community by polluting the air, the land and the water with carcinogens and other toxic pollutants and waste, ' said Washington. With the lawsuit in the early stage, Vinson is unsure of a timeline for it to end. 'It could be a few months before there's sort of a next step in the litigation. And it could be years before the litigation is resolved entirely,' said Vinson. A statement attributable to Janile Parks, Director of Community and Government Relations for FG LA LLC says: 'FG is aware of the lawsuit, although it has not formally been served and reviewed. FG remains committed to the St. James Parish community and to preserving its rich history and cultural resources. FG has been and will always be respectful of the remains and unmarked burial site within property the company owns in St. James Parish. With the oversight of and coordination by the appropriate governmental agencies, FG has followed all procedures in researching and preserving the protected area. FG has been fully transparent and cooperative in giving residents access to the burial and one of the plaintiffs were parties to a previous lawsuit concerning the terms of access to the burial site for an event to be held by the plaintiff and other groups in February 2025. Ultimately, FG provided access and the plaintiff's event went forward without incident. Since the event in question went forward by agreement of the parties, the previous lawsuit was dismissed without will continue to work closely with the U.S. Army Corps of Engineers, state regulators and local partners to navigate the final steps in bringing this important project to reality. FG is disappointed by the delays the project has faced, but remains confident that all permits were properly issued. We do not intend to give up the fight for this important economic development project that will benefit the people of St. James Parish and assured, we continue to navigate these ongoing challenges to the project.'Stormy by day with Super BUCK Moon by night for Thursday Judge Seeber bridge to fully close for repairs: DOTD Walmart recalls about 850,000 water bottles after 2 people blinded Three fall into water at Glacier National Park while taking photo: rangers Iconic cereal maker WK Kellogg selling to Ferrero for $3B Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
04-06-2025
- Business
- Forbes
Formosa Heirs Drop Off Taiwan's 50 Richest List Amid Global Chemical Sector Downturn
William Wang. This story is part of Forbes' coverage of Taiwan's Richest 2025. See the full list here. With Taiwan's chemicals sector battling headwinds, brothers William and Wilfred Wang, who draw their wealth from Formosa Plastics Group and first appeared in the ranks of Taiwan's richest in 2018, are among the four dropoffs this year. ss Shares of group flagship, Formosa Plastics Corp., which reported a NT$1.2 billion ($40 million) net loss in 2024, its first in decades, plunged nearly 50% from a year ago. Other major listed units, Formosa Chemicals and Fibre, Formosa Petrochemical and Nan Ya Plastics, also saw their shares slide. One of the world's largest producers of plastics and petrochemicals, Formosa has been buffeted by slowing global demand and oversupply from mainland China. Unlike its mainland rivals, the group is also hamstrung by its reliance on imported raw materials, says Michelle Cheng, an associate at Taipei-based MasterLink Securities Investment Advisory. She adds that Formosa's carbon-neutrality transformation has also been lagging. Looking ahead, she says, the export-led group will have to navigate increasing trade protectionism in mainland China and the U.S., two of its main markets. Cofounded by their late father and headed by William since 2006, Formosa Plastics Group has been trying to weather the storm by expanding in India, Southeast Asia and other markets and also by developing more value-added products. In the past few years, the brothers have stepped away from day-to-day management, handing it over to professionals.
Japan Times
19-05-2025
- Business
- Japan Times
China slaps anti-dumping duties on plastics from U.S., EU, Japan and Taiwan
China on Sunday announced anti-dumping duties as high as 74.9% on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The Chinese commerce ministry's findings conclude a probe launched in May 2024, shortly after the U.S. sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. Stay updated on the trade wars. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW In January the ministry said initial investigations had determined that dumping was taking place, and implemented preliminary anti-dumping measures in the form of a deposit starting from Jan. 24. According to Sunday's announcement, the highest anti-dumping rates of 74.9% were levied on imports from the U.S., while European shipments will face 34.5% duties. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei, which received a company-specific rate of 24.5%. General duties of 32.6% were placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the U.S.-China trade war is easing after the two sides said on May 12 they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of "fundamental challenges" facing the global trading system in a communique on Friday after a meeting in South Korea.
CNN
19-05-2025
- Business
- CNN
China imposes anti-dumping duties on industrial plastics
China announced anti-dumping duties as high as 74.9% Sunday on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The Commerce Ministry's findings conclude a probe launched in May 2024, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. In January, the ministry said initial investigations had determined that dumping was taking place and implemented preliminary anti-dumping measures in the form of a deposit starting from January 24. According to Sunday's announcement, the highest anti-dumping rate of 74.9% was levied on imports from the United States, while European shipments will face a 34.5% duty. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei Corp, which received a company-specific rate of 24.5%. A general duty of 32.6% was placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the US-China trade war is easing after the two sides said they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of 'fundamental challenges' facing the global trading system in a communique on Friday after a meeting in South Korea. On Monday, Asian shares slipped as a mixed bag of Chinese economic data showed the domestic economy was struggling even as US tariffs began to bite into exports. Growth in China's industrial output and retail sales slowed in April, as a trade war threatened to dampen momentum in the world's second-largest economy. However, the impact of tariffs on China's economic activity has yet to cause significant pain, as industrial output fared better than economists' expectations and unemployment eased. Industrial output in April grew 6.1% from a year earlier, slowing from 7.7% growth in March, official data showed. The data released by the National Bureau of Statistics surpassed expectations for a 5.5% increase in a Reuters poll of 24 analysts. Retail sales, a gauge of consumption, rose 5.1% in April, slowing from a 5.9% increase in March. Economists had expected retail sales to grow 5.5%. Fixed asset investment expanded 4.0% in the first four months of 2025 from the same period a year earlier, compared with expectations for a 4.2% rise. It grew 4.2% in the first quarter. Property investment fell 10.3% in the first four months of 2025 from a year earlier, following a drop of 9.9% in the first quarter, official data showed. Property sales by floor area shrank 2.8% in January-April from the previous year, after declining 3.0% in the first three months. New construction starts measured by floor area were down 23.8%, versus a 24.4% slump in January-March.
CNN
19-05-2025
- Business
- CNN
China imposes anti-dumping duties on industrial plastics
China announced anti-dumping duties as high as 74.9% Sunday on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The Commerce Ministry's findings conclude a probe launched in May 2024, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. In January, the ministry said initial investigations had determined that dumping was taking place and implemented preliminary anti-dumping measures in the form of a deposit starting from January 24. According to Sunday's announcement, the highest anti-dumping rate of 74.9% was levied on imports from the United States, while European shipments will face a 34.5% duty. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei Corp, which received a company-specific rate of 24.5%. A general duty of 32.6% was placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the US-China trade war is easing after the two sides said they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of 'fundamental challenges' facing the global trading system in a communique on Friday after a meeting in South Korea. On Monday, Asian shares slipped as a mixed bag of Chinese economic data showed the domestic economy was struggling even as US tariffs began to bite into exports. Growth in China's industrial output and retail sales slowed in April, as a trade war threatened to dampen momentum in the world's second-largest economy. However, the impact of tariffs on China's economic activity has yet to cause significant pain, as industrial output fared better than economists' expectations and unemployment eased. Industrial output in April grew 6.1% from a year earlier, slowing from 7.7% growth in March, official data showed. The data released by the National Bureau of Statistics surpassed expectations for a 5.5% increase in a Reuters poll of 24 analysts. Retail sales, a gauge of consumption, rose 5.1% in April, slowing from a 5.9% increase in March. Economists had expected retail sales to grow 5.5%. Fixed asset investment expanded 4.0% in the first four months of 2025 from the same period a year earlier, compared with expectations for a 4.2% rise. It grew 4.2% in the first quarter. Property investment fell 10.3% in the first four months of 2025 from a year earlier, following a drop of 9.9% in the first quarter, official data showed. Property sales by floor area shrank 2.8% in January-April from the previous year, after declining 3.0% in the first three months. New construction starts measured by floor area were down 23.8%, versus a 24.4% slump in January-March.
