http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201009230503dowjonesdjonline000228&title=palm-oil-body-rspo-rebukes-indonesias-smart-on-sustainability-claims
Palm Oil Body RSPO Rebukes Indonesia's Smart On Sustainability
Claims
KUALA LUMPUR -(Dow Jones)- The Roundtable On Sustainable
Palm Oil, an industry organization that groups palm producers, environmental
groups and food companies, said Thursday that Indonesia-based Sinar Mas Agro
Resources & Technology (SMAR.JK) has breached its policies and that the
firm's membership in the group is at risk.
"Members who have been found
to not be in compliance and who continue to be in noncompliance with the RSPO
regulations could ultimately face sanctions, including the suspension and,
eventually, the termination of their membership of the RSPO," it
said.
The comments by RSPO could diminish Smart's hopes that global
conglomerates could resume purchases of palm oil products from the company.
Global food giants Nestle SA (NESN.VX) and Unilever NV (
UN), as well as U.S.-based fast food chain Burger King Holdings Inc. (BKC),
are on the long list of food companies that has suspended sourcing of palm oil
from Smart in response to claims by Greenpeace that the producer is involved in
deforestation.
In August, Smart issued results from an independent
audit--carried out by the Control Union Certification and the British Standard
Institute--refuting charges by environmental group Greenpeace that it had
cleared large swathes of land with high conservation value and drained peat
lands to cultivate palm crop.
Smart said the audit provided evidence that
"the firm had operated responsibly and within the laws and regulations set out
by the Indonesian government," but BSI said subsequently that some aspects of
its report were misreported, and that Smart had set up plantations on deep peat
in two estates.
RSPO said on its website that its grievance panel had
written to Smart and its parent firm, the Singapore-listed Golden Agri Resources
Ltd (E5H.SG), about the breaches revealed by the auditors. Golden Agri is not a
member of the RSPO.
The industry body has urged Golden Agri to stop
announcing publicly it was in the process of obtaining RSPO certification for
its estates or that it planned to become a RSPO member.
"Golden Agri is
not a member of the RSPO, nor has the RSPO yet received a membership application
from the company. The panel encourages Golden Agri to submit a full and complete
application for membership (and) documentation RSPO would need in order to
review the application," the agency said.
crude oil on the downward trend.
zhixuen ( Date: 21-Sep-2010 11:39) Posted:
Crude palm oil price surged again. Remain buy call. LoL
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When almost everyone think you are crazy, then you are in right track... Be the minority, then the majority... lol... Short...
Still so stubborn not to go down further... Short more... lol...
When my feeling ask me to short just short... lol...
it went up today leh......
Isolator ( Date: 16-Sep-2010 11:43) Posted:
| More days to down.... |
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how many of golden agri's shares are you holding ?
Isolator ( Date: 20-Sep-2010 11:46) Posted:
| Still sell... |
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On Friday, Golden Agri re-tests its major support at $0.58 and closed at $0.58 with LOW volume of 29.69 million shares traded.
A candle sticks with long upper/lower shadow similar to “Doji”
indicates hesitation of investors in determining the direction ahead.
RSI & MACD are turning bearish as MACD about to converge together.
Important Resistance of Golden Agri: $0.61
Immediate Support of Golden Agri: $0.58
Currently prices are well above the 20/50/100/200 days MA.
As of now, Golden Agri still trends on the rising line as shown on the chart.
SEE ANALYSIS FOR SWIBER
We would not suggest buying this counter now (Ideal entry price =
$0.55) but recommend investors who are vested to watch the support at
$0.58 for any heavy selling down.
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