Tag: Investors

The Law Offices of Frank R. Cruz Continues Its Investigation of Loop Industries, Inc. (LOOP) on Behalf of Investors

The Law Offices of Frank R. Cruz continues its investigation of Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “[a] former Loop employee told us that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. We have obtained internal documents and photographs to support their claims.” The report also stated that “Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible,’” according to a former employee. Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”

On this news, Loop’s stock price fell as much as 33% during intraday trading on October 13, 2020.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Loop securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201013006158/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

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Law Offices of Howard G. Smith Announces Investigation of Homology Medicines, Inc. (FIXX) on Behalf of Investors

BENSALEM, Pa.–(BUSINESS WIRE)–Oct 13, 2020–

Law Offices of Howard G. Smith announces an investigation on behalf of Homology Medicines, Inc. (“Homology” or the “Company”) (NASDAQ: FIXX ) investors concerning the Company’s possible violations of federal securities laws.

In June 2019, the Company launched a dose-escalation Phase 1/2 clinical trial for HMI-102, its lead product candidate for the treatment of phenylketonuria. Homology “reported encouraging safety and efficacy data from the dose-escalation portion of the trial” and claimed that the data showed HMI-102 “produced a sustained reduction in phenylalanine (Phe).”

Then, on July 21, 2020, Mariner Research published a report, alleging that the Company’s comments “conveniently ignor[ed] the implications to efficacy and the business.” Citing data from a mouse study, the Phase 1/2 trial, and a key patient’s Facebook posts, the report concluded that HMI-102 “therapy is showing zero efficacy even for a high dose patient,” signifying that “the HMI-102 program is dead in the water.” Moreover, citing internal emails and analyst reports, Mariner Research claimed Homology had selectively discussed the patient’s Facebook posts with sell side analysts covering Homology and major investors.

On this news, the Company’s stock price fell $1.71 per share, or more than 10%, over three consecutive trading sessions to close at $14.77 per share on July 24, 2020, thereby injuring investors.

If you purchased Homology securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201013005999/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2020.

PUB: 10/13/2020 04:30 PM/DISC: 10/13/2020 04:31 PM

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The Law Offices of Frank R. Cruz Announces Investigation of Loop Industries, Inc. (LOOP) on Behalf of Investors

The Law Offices of Frank R. Cruz announces an investigation of Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “[a] former Loop employee told us that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. We have obtained internal documents and photographs to support their claims.” The report also stated that “Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible,’” according to a former employee. Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”

On this news, Loop’s stock price fell as much as 33% during intraday trading on October 13, 2020.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Loop securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201013006085/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

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The Law Offices of Frank R. Cruz Announces Investigation of Homology Medicines, Inc. (FIXX) on Behalf of Investors

The Law Offices of Frank R. Cruz announces an investigation of Homology Medicines, Inc. (“Homology” or the “Company”) (NASDAQ: FIXX) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

In June 2019, the Company launched a dose-escalation Phase 1/2 clinical trial for HMI-102, its lead product candidate for the treatment of phenylketonuria. Homology “reported encouraging safety and efficacy data from the dose-escalation portion of the trial” and claimed that the data showed HMI-102 “produced a sustained reduction in phenylalanine (Phe).”

Then, on July 21, 2020, Mariner Research published a report, alleging that the Company’s comments “conveniently ignor[ed] the implications to efficacy and the business.” Citing data from a mouse study, the Phase 1/2 trial, and a key patient’s Facebook posts, the report concluded that HMI-102 “therapy is showing zero efficacy even for a high dose patient,” signifying that “the HMI-102 program is dead in the water.” Moreover, citing internal emails and analyst reports, Mariner Research claimed Homology had selectively discussed the patient’s Facebook posts with sell side analysts covering Homology and major investors.

On this news, the Company’s stock price fell $1.71 per share, or more than 10%, over three consecutive trading sessions to close at $14.77 per share on July 24, 2020, thereby injuring investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Homology securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201013006049/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

Source Article

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Investors lead push for Australian business to cut emissions more than government forecasts

Major investors and super funds will lead a push for the private sector to make much deeper cuts in national greenhouse gas emissions by 2030 than planned by the Morrison government, including setting a target based on what scientists say is necessary.



a herd of cattle grazing on a dry grass field: Photograph: Mick Tsikas/AAP


© Provided by The Guardian
Photograph: Mick Tsikas/AAP

The newly created “climate league 2030” is calling on investors, insurers, banks and companies to sign up to a goal of reducing national emissions by at least 230m tonnes a year more than the government forecasts by 2030.

It is equivalent to about a 45% cut by 2030 compared with the 2005 benchmark used by the government – the minimum short-term target recommended by the government’s Climate Change Authority for Australia to play its part in keeping average global heating below 2C. They say action is needed now to put the country on a path to net zero emissions by 2050.



a herd of cattle grazing on a dry grass field: Institutional investors that collectively manage assets worth more than $850bn will push business to help cut Australia’s emissions much more than planned by the Morrison government.


© Photograph: Mick Tsikas/AAP
Institutional investors that collectively manage assets worth more than $850bn will push business to help cut Australia’s emissions much more than planned by the Morrison government.

Related: Climate crisis: business, farming and environment leaders unite to warn Australia ‘woefully unprepared’

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The league’s foundation members are 16 institutional investors that collectively manage assets worth more than $850bn. They include Aware Super, Cbus, IFM Investors, the Queensland Investment Corporation, AustralianSuper, Hesta, Lendlease Funds Management and UniSuper.

Aware Super’s chief executive, Deanne Stewart, said it was critical that businesses, investors and governments set and delivered transparent, meaningful and measurable targets and goals “to really shift the dial and achieve lasting action” to halt the potentially devastating impacts of the climate crisis.

“We can do this individually, but collaboratively we have the power to do so much more,” she said. “As a founding member of climate league 2030 we would encourage other investors, businesses and the community to come together, stop talking about the issues and instead start taking meaningful action to support a necessary transition to a low carbon and sustainable economy.”

The aspirational initiative is coordinated by the Investor Group on Climate Change, which based the idea on similar projects overseas, such as We Are Still In and We Mean Business in the US and the Climate Leaders Coalition in New Zealand.

Members are responsible for their own actions, but are expected to demonstrate that they can and will lead to a reduction in national emissions. The group said the league would be open to other parts of the private sector in coming months and promised a progress report late next year.

The league has the support of Mark Carney, the former Bank of England governor now working as a UN special envoy for climate action and finance. He said the $3.5tn Australian super industry was the world’s fifth largest, giving it significant influence and investors were increasingly recognising that “climate risk is investment risk”.

“Achieving net zero emissions by 2050 will require a whole of economy transition and every company, bank, insurer and investor

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ROSEN, A TOP LAW FIRM, Reminds Qutoutiao Inc. Investors of Important October 19 Deadline in …

Press release content from Globe Newswire. The AP news staff was not involved in its creation.

NEW YORK, Oct. 10, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Qutoutiao Inc. (NASDAQ: QTT): (1) pursuant to and/or traceable to Qutoutiao’s September 2018 initial public offering (“IPO”); and/or (2) between September 14, 2018 and July 15, 2020, inclusive (the “Class Period”), of the important October 19, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Qutoutiao investors under the federal securities laws.

To join the Qutoutiao class action, go to http://www.rosenlegal.com/cases-register-1934.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Qutoutiao replaced its advertising agent with a related party, thereby bypassing third-party oversight of the content and quality of the advertisements; (2) Qutoutiao placed advertisements on its mobile app for products whose claims could not be substantiated and thus were considered false advertisements under applicable regulations; (3) as a result, Qutoutiao would face increasing regulatory scrutiny and reputational harm; (4) as a result, Qutoutiao’s advertising revenue was reasonably likely to decline; and (5) as a result of the foregoing, defendants’ positive statements about Qutoutiao’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1934.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s

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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cabot Oil & Gas Corporation (COG)

The Law Offices of Frank R. Cruz reminds investors of the upcoming October 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cabot Oil & Gas Corporation (“Cabot Oil” or “the Company”) (NYSE: COG) securities between October 23, 2015 and June 12, 2020, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On July 26, 2019, the Company disclosed that it had received two proposed Consent Order and Agreements related to two Notices of Violation it had received from the Pennsylvania Department of Environmental Protection in 2017 for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.

On this news, the Company’s share price fell $2.63, or over 12%, to close at $19.16 per share on July 26, 2019.

On June 15, 2020, following a grand jury investigation, the Pennsylvania attorney general’s office charged Cabot Oil with 15 criminal counts due to its failure to fix faulty gas wells, which polluted Pennsylvania’s water supplies through stray gas migration.

On this news, Cabot Oil’s stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (2) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration; (3) that the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (4) that Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Cabot Oil securities during the Class Period, you may move the Court no later than October 13, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to

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Explainer: Indonesia’s jobs law endangers environment, say activists, investors

JAKARTA/SINGAPORE (Reuters) – Environmentalists in Indonesia are calling for the reversal of a controversial law aimed at job creation because it is seen favouring business interests at the expense of the environment and labour.

A demonstrator holds an Indonesian flag during a protest against the government’s labour reforms in a controversial jobs creation law in Jakarta, Indonesia, October 8, 2020. REUTERS/Willy Kurniawan

Indonesia, the world’s biggest producer of palm oil and nickel ore for electric vehicle batteries, has forests bigger than any outside the Amazon and Congo, and environmentalists say the country’s abundant natural reserves could be exploited under the new law.

The reforms are contained in a so-called “omnibus” bill of changes in more than 70 laws, which allowed parliament to vote in a single swoop and pass the measure on Monday.

Thousands of people took to the streets of cities across Indonesia over the past three days, part of protests and national strikes against the law.

The government says the law is needed to improve the investment climate and create jobs in Southeast Asia’s largest economy. It says the environment will be protected.

Here are some of the changes to environmental rules:

AMDAL AND ENVIRONMENTAL PERMITS

The new law merges the approval of business permits with environmental permits.

To get an environmental permit under the previous legislation, companies exploiting natural resources had to produce an AMDAL – a study to assess the impact investments have on the environment and local communities.

The new AMDAL process has removed a requirement for companies to consult environmental experts by only allowing “directly impacted communities” to give input for the assessment.

“Sure, it (AMDAL) is still there, but it is weakened,” Asep Komaruddin, a senior forest campaigner at Greenpeace, told Reuters.

Environment Minister Siti Nurbaya Bakar says undermining environmental laws will now incur more risk to a company as its business permit would also be on the line.

MINIMUM FOREST AREA

The previous law required Indonesian islands have a forest cover of at least 30%. This requirement has been removed, raising concerns that palm oil plantations and mining companies could sharply step up land clearance.

The law risks provinces like Riau, Jambi and South Sumatra, home to massive palm oil plantations, losing natural forests within 20 years, environmental group The Sustainable Madani Foundation said.

“Losing forests is more than just losing tree cover,” said Teguh Surya, the foundation’s executive director.

“(It also means) increasing intensity of forest fires, floods and landslides, harvest failures, a lack of clean water”.

Bambang Hendroyono, an environment ministry official, said the previous 30% threshold was “unscientific” and would be replaced by new metrics.

The new law calls for minimum forest areas to be based on “geophysics”, and “socioeconomic conditions”, but does not provide any specifics.

PENALTIES FOR FOREST FIRES, DUMPING TOXIC WASTE

In previous regulations, companies were responsible for environmental damage in their concessions, even if there was no proof that the company was at fault.

This is known in legal terms as “strict liability”.

Environmentalists say

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Explainer: Indonesia’s Jobs Law Endangers Environment, Say Activists, Investors | World News

By Fathin Ungku, Gayatri Suroyo and Bernadette Christina

JAKARTA/SINGAPORE (Reuters) – Environmentalists in Indonesia are calling for the reversal of a controversial law aimed at job creation because it is seen favouring business interests at the expense of the environment and labour.

Indonesia, the world’s biggest producer of palm oil and nickel ore for electric vehicle batteries, has forests bigger than any outside the Amazon and Congo, and environmentalists say the country’s abundant natural reserves could be exploited under the new law.

The reforms are contained in a so-called “omnibus” bill of changes in more than 70 laws, which allowed parliament to vote in a single swoop and pass the measure on Monday.

Thousands of people took to the streets of cities across Indonesia over the past three days, part of protests and national strikes against the law.

The government says the law is needed to improve the investment climate and create jobs in Southeast Asia’s largest economy. It says the environment will be protected.

Here are some of the changes to environmental rules:

AMDAL AND ENVIRONMENTAL PERMITS

The new law merges the approval of business permits with environmental permits.

To get an environmental permit under the previous legislation, companies exploiting natural resources had to produce an AMDAL – a study to assess the impact investments have on the environment and local communities.

The new AMDAL process has removed a requirement for companies to consult environmental experts by only allowing “directly impacted communities” to give input for the assessment.

“Sure, it (AMDAL) is still there, but it is weakened,” Asep Komaruddin, a senior forest campaigner at Greenpeace, told Reuters.

Environment Minister Siti Nurbaya Bakar says undermining environmental laws will now incur more risk to a company as its business permit would also be on the line.

The previous law required Indonesian islands have a forest cover of at least 30%. This requirement has been removed, raising concerns that palm oil plantations and mining companies could sharply step up land clearance.

The law risks provinces like Riau, Jambi and South Sumatra, home to massive palm oil plantations, losing natural forests within 20 years, environmental group The Sustainable Madani Foundation said.

“Losing forests is more than just losing tree cover,” said Teguh Surya, the foundation’s executive director.

“(It also means) increasing intensity of forest fires, floods and landslides, harvest failures, a lack of clean water”.

Bambang Hendroyono, an environment ministry official, said the previous 30% threshold was “unscientific” and would be replaced by new metrics.

The new law calls for minimum forest areas to be based on “geophysics”, and “socioeconomic conditions”, but does not provide any specifics.

PENALTIES FOR FOREST FIRES, DUMPING TOXIC WASTE

In previous regulations, companies were responsible for environmental damage in their concessions, even if there was no proof that the company was at fault.

This is known in legal terms as “strict liability”.

Environmentalists say the wording of the section is vague under the new law and proof of wrongdoing is now required to prosecute the company.

Officials

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Indonesia’s jobs law endangers environment, say activists, investors

By Fathin Ungku, Gayatri Suroyo and Bernadette Christina

JAKARTA/SINGAPORE (Reuters) – Environmentalists in Indonesia are calling for the reversal of a controversial law aimed at job creation because it is seen favouring business interests at the expense of the environment and labour.

Indonesia, the world’s biggest producer of palm oil and nickel ore for electric vehicle batteries, has forests bigger than any outside the Amazon and Congo, and environmentalists say the country’s abundant natural reserves could be exploited under the new law.

The reforms are contained in a so-called “omnibus” bill of changes in more than 70 laws, which allowed parliament to vote in a single swoop and pass the measure on Monday.

Thousands of people took to the streets of cities across Indonesia over the past three days, part of protests and national strikes against the law.

The government says the law is needed to improve the investment climate and create jobs in Southeast Asia’s largest economy. It says the environment will be protected.

Here are some of the changes to environmental rules:

AMDAL AND ENVIRONMENTAL PERMITS

The new law merges the approval of business permits with environmental permits.

To get an environmental permit under the previous legislation, companies exploiting natural resources had to produce an AMDAL – a study to assess the impact investments have on the environment and local communities.

The new AMDAL process has removed a requirement for companies to consult environmental experts by only allowing “directly impacted communities” to give input for the assessment.

“Sure, it (AMDAL) is still there, but it is weakened,” Asep Komaruddin, a senior forest campaigner at Greenpeace, told Reuters.

Environment Minister Siti Nurbaya Bakar says undermining environmental laws will now incur more risk to a company as its business permit would also be on the line.

MINIMUM FOREST AREA

The previous law required Indonesian islands have a forest cover of at least 30%. This requirement has been removed, raising concerns that palm oil plantations and mining companies could sharply step up land clearance.

The law risks provinces like Riau, Jambi and South Sumatra, home to massive palm oil plantations, losing natural forests within 20 years, environmental group The Sustainable Madani Foundation said.

“Losing forests is more than just losing tree cover,” said Teguh Surya, the foundation’s executive director.

“(It also means) increasing intensity of forest fires, floods and landslides, harvest failures, a lack of clean water”.

Bambang Hendroyono, an environment ministry official, said the previous 30% threshold was “unscientific” and would be replaced by new metrics.

The new law calls for minimum forest areas to be based on “geophysics”, and “socioeconomic conditions”, but does not provide any specifics.

PENALTIES FOR FOREST FIRES, DUMPING TOXIC WASTE

In previous regulations, companies were responsible for environmental damage in their concessions, even if there was no proof that the company was at fault.

This is known in legal terms as “strict liability”.

Environmentalists say the wording of the section is vague under the new law and proof of wrongdoing is now required

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