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News 24861 to News 24870 of about 25698 news within page 2487
24861. 27/08/2002
   
KOTA KINABALU Friday, August 23, 2002 (The Star) - Any proposed increasein sales tax on Sabah palm oil producers will be painless for theindustry, said state Finance Minister Datuk Musa Aman yesterday.He said ministry officials were getting feedback from the industry,including the Malaysian Palm Oil Association (MPOA) and East MalaysiaPlanters Association (EMPA) representatives, before fixing the formula forthe sales tax increase.“We are listening to all suggestions,’’ Musa added after witnessing thesigning of a RM150mil syndicated loan deal between state-owned SawitKinabalu Bhd and three commercial banks here.At the initial meeting withministry officials last week, MPOA and EMPAmembers had indicated that the industry was willing to pay “a bit more’’in the palm oil sales tax.“I think their main concern was that the increaseshould not be too high,”said Musa.
24862. 27/08/2002
   
23 August, 2002 (OIL WORLD) - World import demand for soybeans picked upin July. Combined soybean exports of the USA, Argentina and Brazil increased to an estimated 4.58 Mn T during the month, which is up by 0.5Mn T from June 2002 and by 0.4 Mn T from July 2001.
24863. 23/08/2002
   
(The opinions expressed in this article represent the view of leadingpalm oil market analyst Ivan Wong. They should not be seen as necessarilyreflecting the views of Reuters)KUALA LUMPUR, Aug 21 - CPO production rose 6.9 percent or 65,100 tonnesto 1.01 million tonnes in July. A decline of 2.1 percent or 7,600 tonnesin East Malaysia was more than offset by an increase of 12.5 percent or72,700 tonnes in Peninsular Malaysia. On an annual basis, productionexpanded 12.4 percent.This was the second consecutive month of growth and brought growth inJune-July to seven percent. What is encouraging is that production inPeninsular Malaysia has turned positive in July after 10 months ofnegative growth. Production growth in East Malaysia meanwhile acceleratedto 31.7 percent in July from six percent in the first-six months. For thefirst-seven months this year, production in the country shrank 3.4 percentor 223,800 tonnes to 6.34 million tonnes. The deficit will shrink in thenext three months.Tentatively we estimate production in August to show a month-on-monthincrease of not less than five percent and a year-on-year increase ofeight percent. After two consecutive month-on-month declines in Sabah, thestate is expected to see a seasonal increase of not less than 10 percentthis month. The pickup started in late first month and continued strong infirst-half August.However, there are uncertainties on the sustainability of the pace inlater-half August and September due to a shortage of workers. The HomeMinistry Secretary General disclosed last Sunday that 318,000 illegalimmigrants left the country up to July 31 and 52,000 left in first-halfAugust. A majority of those who left this month were plantation workers inSabah. The August exodus might rise to 70,000.Employers may have to wait a month, if not longer, to recruit newworkers or to re-employ workers who return with proper documents. Palm oilofftake at one million tonnes in July or 11,000 tonnes higher than Junewas 15,000 tonnes above our estimate. This was offset by higher thanexpected imports.Consequently, end July stocks of palm oil at 942,000 tonnes were wellwithin our estimate and 29,000 tonnes higher than a month earlier. Palmoil exports rose a modest 4,300 tonnes to 883,300 tonnes in July and areexpected to show a biggerincrease of some 25,000 tonnes this month. Asthis is unlikely to match the rise in production, stocks of palm oil areestimated to increase 45,000 tonnes to 985,000 tonnes at end August.World market price of soybean and canola/rapeseed and major surged totheir highest levels in more than three years following the USDA releaseon August 12 of an unexpectedly large drop in estimated U.S. SB output andprojected tight supplies for U.S. SB and global oilseeds and vegoils in2002/2003. Hot and dry weather during July had resulted in a big drop inSB yield to 36.5 bushel (0.993 tonnes) per acre. Estimated SB output at2.628 billion bushel (71.53 million tonnes) represents a downward revisionof eight percent from projection made a month earlier and a contraction ofnine percent or 263 million bullish (7.14 million tonnes) from last year'sproduction.Reflecting chiefly contractions in output of canola/rapeseed of 2.3million tonnes and cottonseed of 2.8 million tonnes, world oilseedproduction in 2002/2003 was projected to drop 3.4 million tonnes to 319.9million tonnes. This would mark the first contraction since 1995/1996. TheUSDA projected global output of vegoils to increase 1.14 million tonnes to92.26 million tonnes but because of lower opening stocks, world supply ofvegoils in 2002/2003 is likely to be little changed compared to 2001/2002.Assuming a conservative growth in offtake of 1.37 million tonnes,stocks of vegoils were projected to drop 600,000 tonnes to 6.6 milliontonnes in the year ending September 2003. Stocks at end September 2002were estimated to fall 1.20 million tonnes from a year earlier. Meanwhilein India the Solvent Extractor Association cut its projected decline inedible oil production from the kharif oilseed crop to 500,000 tonnes. Thiswould be attributed chiefly to lower output of groundnut oil, the price ofwhich surged 15 percent or $150 over the last seven days. October CPOfutures settled at 1,519 ringgit and RBD olein at $430 yesterday, up from1,456 ringgit and $412.50 respectively last Friday.
24864. 23/08/2002
   
WASHINGTON, Aug 22 (Reuters) - Led by dilapidated tractors and a lonemule, dozens of black farmers on Thursday marched near the U.S.Agriculture Department to demand compensation for decades of racialdiscrimination that they claim has shut them out of billions of dollars infederal subsidies."This administration has turned a deaf ear to a group of people whodeserve restitution," said John Boyd, president of the National BlackFarmers Association.The farmers, who live mostly in the South, accuse the USDA of notabiding by a 1999 landmark agreement to pay producers who werediscriminated against. In the settlement, the department promised to payat least $50,000 to each affected black farmer.However, the protesters claim few farmers have actually received theirmoney after three years of waiting."Where's our 40 acres?" Philip Haynie, a Virginia farmer, toldreporters while pulling a mule. "We just want what we are entitled to. Wedon't want handouts, just to be treated fairly."The number of black farmers in the United States has steadily dwindledin the past decades, representing about 1 percent of American producers.The protesters claim USDA officials denied their applications for billionsof dollars in farm assistance because of the color of their skin.Agriculture Secretary Ann Veneman, who was in Oregon on Thursday withPresident George W. Bush, has said the administration was committed toensuring black farmers were fairly treated.
24865. 23/08/2002
   
BOGOTA, Colombia, Aug 11 (Reuters) - Colombia, the world's fourth-largestproducer of palm oil, produced 276,700 tonnes in the first six months of2002, down 7.1 percent against the same period last year, a top industrygroup said on Monday.Production in the first half of 2001 reached 297,800 tonnes.The National Federation of Palm Oil Producers (Fedepalma) said exportsin the January-June period reached 58,792 tonnes, down 30.9 percent fromthe 85,064 tonnes shipped in the same period last year.Fedepalma blamed lower exports on less oil extracted and what it saidwere trade restrictions imposed by Venezuela and Mexico.Fedepalma estimates Colombia will produce 580,000 tonnes of palm oilthis year, of which 144,000 tonnes would be exported.Last year, Colombia's palm oil production rose to 547,200 tonnes, up4.4 percent against the 524,000 turned out in 2000.
24866. 23/08/2002
   
Tuesday, August 20, 2002 (The Star) - Primary industries minister DatukSeri Dr Lim Keng Yaik hopes that the Sabah state government will deferincreasing the sales tax on the sale of crude palm oil as the oil palmsector has just recovered from poor prices of the last two years.At present, Sabah charges a five percent sales tax for every 1,000 tonnesor more of CPO sold while Sarawak charges 2.5 percent for sales of between1,000 and 1,500 tonnes and five percent for sales of more than 1,500tonnes.Speaking to reporters after meeting Sabah chief minister Datuk Chong KahKiat here today, Dr Lim said he hoped that the Sabah state governmentwould reduce the tax to be equivalent to those charged by the Sarawakstate government.He said the higher sales tax would put smallholders at a disadvantagebecause state governments in Peninsular Malaysia did not impose any salestax on CPO.“Plantation companies in Sabah had just recovered after what they sufferedin the last two years and I hope they will be given time to recover beforenew additional charges are to be considered. I hope the Sabah stategovernment will listen to my appeal which I am doing on behalf of the oilpalm industry in Sabah,” he saidWith one million hectares of land suitable for oil palm cultivation inSabah, he said additional charges might make potential investors hesitantto come to the state and in turn this would affect the future developmentof the crop. – Bernama
24867. 23/08/2002
   
PARIS, Aug 22 (Reuters) - The European Union plans to allow Germanfarmers to receive hundreds of millions of euros in advanced aid tocompensate them for widespread damage caused by recent rains and flooding,EU officials said on Thursday.The decision, by the EU's grain management committee, still has to beofficially rubber-stamped by the European Commission, probably onWednesday, officials said.It will allow some 516 million euros in arable sector direct payments,due for the next 2002/2003 financial year, to be paid early.These aids are normally paid between mid-November and end-January, butnow they can be paid out between September 1 and mid-October, officialssaid.Officials said this effectively moved the money from the EU's 2002/2003budget to the current 2001/2002 budget. The EU's annual agriculture budgetruns from mid-October.
24868. 23/08/2002
   
AMSTERDAM, Aug 22 (Reuters) - Rapeoil prices in Europe were expected toremain volatile in the near-term as the market digests the effect ofrecent bad weather and demand from the biodiesel sector, European traderssaid on Thursday.Nearby European rapeoil has gained around 13 percent since July 25 despitea pull-back in U.S. soyoil futures. September/October was offered onThursday afternoon at 545 euros per tonne fob exmill, up five fromWednesday evening.Bad weather has forced analysts to cut forecasts for global supplies ofrapeseed this season, but Europe would still see output rise by 300,000tonnes this season to 9.2 million and still have enough to export 700,000tonnes, industry newsletter Oil World said last week.Crop damage from the weather was not as serious as first expected withGermany's harvest seen unchanged and rains not hitting France's good crop,a German trader said."The German area was up so after the lower yield the harvest should beflat. There might be less in Sweden and Poland, but with a good crop inFrance there should be enough thoughout Europe," he said.Higher rapeoil prices was dampening demand from the biodiesel sector,leaving more for the food sector, the trader added. "These prices do notcalculate for biodiesel anymore, it's getting too expensive, so I thinkthey are taking less for biodiesel," he said.
24869. 23/08/2002
   
HAMBURG, Aug 22 (Reuters) - Germany's rapeseed prices are beingsupported by hopes of more export deals while domestic consumers aremoving in and out of the market generating good business on individualdays, traders said on Thursday."There were rumours in the German market this week that Mexico wasseeking more German rapeseed but nothing seems to have come of it yet andit remains a rumour," one trader said.In early August a major French export house sold 24,000 tonnes ofGerman rapeseed to Mexico.This was loaded this week onto a ship in the east German port ofRostock for shipment to Veracruz in Mexico, traders said.Lower rapeseed/canola output in Canada and plus an expected reductionin the U.S. soybean crop has increased international purchase interest inEuropean rapeseed.Traders said Germany's market has seen start-stop business so far thisweek with buyers moving in to take advantage of dips in prices caused byweaker prices for Chicago Board of Trade soybean levels."German mills are currently relatively subdued in their purchases, butthey have been dipping in and out of the market," one trader commented."There have been a couple of days with brisk business levels.""German mills still have a substantial supply requirement but areawaiting price developments and they are concerned about uncertain futurerape oil demand," a trader said.Purchases by producers of bio diesel vehicle fuel from rapeseed havealso been low with bio diesel sales said to remain weak.First talks about advanced sales of Germany's 2003 rapeseed crop alsotook place this week.This year's German rapeseed crop is set to fall to around 4 milliontonnes against 4.2 million tonnes but traders said the market has come toterms with this and priced it in.Rapeseed for delivery in Hamburg in August was on Thursday quoted at260 euros, up about 14 euros on the week.
24870. 23/08/2002
   
HAMBURG, Aug 20 (Reuters) - Palm oil stocks in the main Asian productioncountries of Malaysia and Indonesia are likely to fall on the year betweenSeptember and the end of December 2002, Hamburg-based newsletter Oil Worldsaid.The newsletter said it is significant that recent palm oil pricestrength occurred although Malaysian and Indonesian production isincreasing seasonally."Foreign demand for Malaysian and Indonesian palm oil is high and as aresult of insufficient production, palm oil stocks in Malaysia andIndonesia will decline below the year-ago level as of end September aswell as until end-December 2002," it said."Average palm oil yields are expected to be down from last year inMalaysia and Indonesia partly due to a decline in the biological yieldcycle following the (palm tree) stress resulting from high production inthe last two years."Other factors cutting output are recent dryness in several productionregions and Malaysia's replanting programme which involved 150,000 oldtrees being cut down up to the end of June this year, it added.
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