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News 26791 to News 26800 of about 27557 news within page 2680
26791. 14/06/2002
KUALA LUMPUR, June 13 (Bernama) -- Malaysian palm oil can effectivelycompete with other edible oil in the international market, PrimaryIndustries Minister Datuk Seri Dr Lim Keng Yaik said here Thursday.He said that this could be done by decreasing production cost, increasinglevel and undertaking innovative marketing and packaging.
26792. 13/06/2002
ROME, June 11 (Reuters) - Canada slammed the United States on Tuesday overthe high level of subsidies in its new farm bill which it said increasedprotection for U.S. agriculture and prevented poor countries fromcompeting in global agricultural markets."The United States is building on the already high level of subsidies thatthey had and increasing production, thereby distorting prices," CanadianAgriculture Minister Lyle Vanclief told Reuters during a U.N.-backed WorldFood Summit.U.S. President George W. Bush signed a six-year law last month boostingU.S. crop and dairy subsidies by 67 percent despite protests from U.S.trade partners.The new law adds an estimated $6.4 billion a year to crop and dairyspending and marks a further retreat from free-market reforms begun in1985. The fatter subsidies will become available at harvest."They are adding to what they were doing in the past by being the onlycountry in the world to subsidise pulse crops," Vanclief said, referringto crops of peas and lentils.Canada said in a news release that the U.S. farm bill and EU subsidiesdistorted world commodity markets and hindered developing nations' abilityto compete in world markets."New support payments for some American pulse crops will especially impactdeveloping nations that are significant producers of these crops,"Vanclief said."A fair and market-oriented international trading system is vital toeliminate poverty and hunger."Vanclief told Reuters developing nations would find it harder to competein global wheat, maize, lentil and pea markets due to the increased U.S.farm bill subsidies."They (U.S.) added pulse crops, they increased it (subsidies) to corn,they left it about the same for soybeans," the minister said.U.S. Agriculture Secretary Ann Veneman, in an interview with Reuters onMonday, denied that the U.S. farm bill had increased protection of U.S.agriculture and said the United States was committed to droppingtrade-distorting subsidies."It (the farm bill) does nothing to increase protection at our border,"she said. "It does not change what the developing countries can export toour country."She added: "We want to eliminate export subsidies. We want tosubstantially increase market access by lowering tariffs. Our tariffs areabout 12 percent for food and agriculture. Around the world, such tariffsaverage about 62 percent.""We want to substantially reduce domestic supports that aretrade-distorting."However, the farm bill has come in for widespread criticism fromindustrialised and developing countries alike."We wish there was no such bill because it sets a bad example," AustralianAgriculture Minister Warren Truss told a news conference on Tuesday.The world food summit, organised by the United Nations Food andAgriculture Organisation (FAO), aims to revive enthusiasm in the war onhunger. It ends on Thursday.
26793. 13/06/2002
KUALA LUMPUR, June 12 (Bernama) -- The country's crude palm oil (CPO)output for May 2002 rose by 6.98 percent to 924,797 tonnes from 864,467tonnes a month earlier.Out of this, Peninsular Malaysia's production accounted for 542,042tonnes, higher by 8.58 percent from April's 499,224 tonnes, the MalaysianPalm Oil Board (MPOB) said in a statement here Wednesday.
26794. 13/06/2002
KOTA KINABALU, June 11 (Bernama) -- Local exporters and importers havebeen told to be careful and check thoroughly the details and conditionsset in the letters of credit from their overseas customers.RHB Bank Bhd's manager for marketing and business development, TradeServices Division, Mohd Radzi Md Jani said the letter of credit was apayment mode for imports and exports through a bank and that it containedthe terms of business agreed upon by both the importer and exporter.
26795. 11/06/2002
05/06/2002 (Asia Intelligence Wire) - Since China placed bean oil onto itsproposed list to retaliate against the tariff imposed by the United Stateson China's steel imports, the country has learned to master the techniqueof protecting its own interests under the framework of the World TradeOrganization (WTO), analysts said."While showing a warning to the Bush administration, the selection of beanoil as a retaliative item can give domestic farmers and producers morebreathing room before the impact of the US imports of soybean and beanoil,"said Wang Zihui, an analyst with Beijing-based newspaper ChinaBusiness.Wang's comments came after China submitted a list of US production whichit intends to suspend promised tariff reductions in line with its WTOcommitments. Imports of waste paper, bean oil and electric compressorsfrom the US will be subject to 24 percent tariffs, after the WTO disputesettlement body gives its final jurisdiction against the US tariffs andwill be valid until 2005.The measure was declared two months after US President George W Bushslapped tariffs ranging from 8 to 30 percent on steel imports fromcountries like Japan, the European Union (EU), and China. It also came oneweek after Bush signed a farm bill guaranteeing US$190 billion subsidiesto US farmers over the next 10 years.Compared with the proposed suspension list that would cause total dutiesof US$94 million for US produce, China's reaction on the US farm bill wasquite reserved. On June 4, a joint statement from the Ministry of ForeignTrade and Economic Cooperation (MOFTEC) and the Ministry of Agricultureindicated that the US bill distorted international farm trade, and Chinawould reserve the right to take further action."China's restrictive attitude is quite understandable, because so far itis unclear how much the new farm bill will impact our farmers,"said LuFeng, an agricultural economist with Peking University.According to Lu, there are certain procedures before the bill -- which hebelieves is against the free trade principle -- would play an effectiverole in lowering US farm costs, and major grain exporters such as Canada,Australia and EU look set to suffer the most from the bill.On the issue, China could further watch the concrete reaction of thesecountries, the professor suggested.Larry M Senger, minister-counsellor for the US Embassy to China in chargeof agricultural affairs, contended the subsidy level of the 2002agricultural bill saying it is in line with WTO requirements and is stilllower than the EU's level."It could help Chinese people have easier access to high-quality USfarming products,"Senger said.On the other hand, the country's proposed punitive tariff on the US beanoil could become a powerful weapon to fight back against the risingprotectionism policy of the Bush administration, which appears to be aimedat gaining more votes from US farmers and steel workers for theRepublican.The US agriculture-heavy states that benefited the most from the farm billare traditional supporters of the Democratic. The expected loss fromsoybean growers resulting from China's proposed tariff on bean oilthreatens to weaken the effect of the measure.In fact, the list ranked by China echoes those of the EU and Japan, whichall include agricultural products.While the amount of the tariff China proposed to levy was not very high,it sent a signal that the punishment could be extended to soybean or otherproducts, said Wang of China Business.For domestic soybean growers and bean oil producers, the list has broughtgood news. In the past week, prices for soybean futures in the Zhengzhougrain future exchange has seen a continuous growth.In recent years, China's annual imports of US soybean have reached 1.5million tons, equal to the amount of domestic output. The heavy import hasseriously impacted the domestic market and has caused heavy loss tosoybean growers in China.In March, a regulation on genetically modified organisms (GMO) whichrequires a 270-day inspection period for imported GMO, has stalled therising import of US soybean, 70 percent of which are GMO. Since March, noshipment of imported soybean has docked in Chinese ports, according toChina Business.Reduced soybean imports and the proposed duties on bean oil could greatlystimulate the demand of domestic oil production, increasing the income ofgrowers, China Business quoted Tang Yanli, a senior analyst with theMinistry of Agriculture's Information Center, as saying.Tang predicted the hiking soybean price would end in late June, whensoybean imports resume.After all, domestic growers have harvested the current good market.For the long-term benefit of Chinese growers, the government would have tosignificantly increase its subsidies for domestic farmers, said Niu Li, aneconomist with the State Information Center."Although the import quota system would help reduce the US farm subsidy'simpact on domestic farmers, the bill also urges us to significantlyincrease our own subsidies,"said Niu.According to China's commitments to the WTO, by 2004, the country wouldoffer import quotas of up to 5 percent of its grain outputs, which ensuresthe demand for imported agricultural produce does not fluctuate greatly.At present, China's subsidies for farmers are 2 percent, while the countryhas promised the WTO they would not surpass 8.5 percent."Our subsidies only cost US$10 billion a year while the US would giveUS$190 billion to its farmers, which offers an excuse for us tosignificantly increase our subsidy level in the framework of the WTO,"saidLong Yongtu, vice-minister of MOFTEC, last week.
26796. 11/06/2002
Saturday, June 8, 2002 (The Star) - AFTER hitting a three-year high ofRM1,510 per tonne on Thursday before easing back to RM1,500 yesterday,crude palm oil (CPO) prices will be closely watched next week as a furthersurge will likely prompt renewed buying interest in pure plantation stockswhich hold the potential to trigger a new rally on the KLSE.Market players said genuine buying interest in plantation stocks wouldsoon emerge as industry players were gradually becoming more confident ofa continued strengthening of the CPO price; backed by strong fundamentals,depleting stocks and production, as well as an encouraging export outlook.Late last month, despite the price of CPO breaching the RM1,300 per tonnelevel after plunging to RM673 in June last year, market players were stillreluctant to pick up attractive plantation stocks on the KLSE because theywere unconvinced that the CPO price was trending upwards.
26797. 11/06/2002
(Correction on figures - 1,50,000 tonnes, 3,00,000 tonnes & 6,00,000tonnes should read as 150,000 tonnes, 300,000 tonnes & 600,000 tonnes)
26798. 11/06/2002
ROME, June 10 (Reuters) - United Nations Secretary General Kofi Annan onMonday urged wealthy nations not to subsidise their agriculture, sayingsuch protection prevented poor countries from competing in agriculturalmarkets.Asked whether rich nations should drop protection of their agriculturethrough subsidies, Annan told Reuters in an interview: "Absolutely. Wecannot talk of free trade and truly open markets if we are going to dothat."Speaking on the sidelines of a World Food Summit, he added: "What's thepoint of helping dairy farms in the developing country and then sellingsubsidised powdered milk to their economy which makes it difficult forthem to continue their production."The United Nations estimates that wealthy nations spend some $300 billiona year on farm subsidies and says the money depresses world commodityprices making it impossible for third world farmers to compete in globalmarkets."You put yourself in the shoes of a small developing country, which cannotexport agricultural products because of restrictions and tariffs, adeveloping country that cannot export and compete on world markets becauseits richer partners are heavily subsidised," Annan said.The remarks were his strongest comments yet on the issue. In the past theUnited Nations has limited itself to saying that protection by rich statesof their agriculture created an uneven playing field.In his opening remarks to the summit earlier, Annan said the dumping ofagricultural produce by rich countries on developing countries' marketscould discourage poor farmers from producing and lead to unemployment andlost incomes."We must evaluate carefully the impact of the subsidies that are now givento producers in rich countries," Annan told delegates at the start of thefour day meeting."By lowering food prices in the poorest countries, they may help toalleviate hunger in some cases and in the short term," he said. "Butdumping surpluses can also have devastating long term effects -- rangingfrom disincentives for national production and unemployment -- whilemaking it impossible for developing countries to compete on worldmarkets."Against a backdrop of looming famine in southern Africa, Annan made a callto halt "the gnawing pain of hunger"."In a world of plenty, ending hunger is within our grasp. Failure to reachthis goal should fill every one of us with shame. The time for makingpromises is over. It is time to act," he said, adding: "According to someestimates, as many as 24,000 people die every day, as a result (ofhunger)."Delegates approved a declaration dubbed the "International AllianceAgainst Hunger", renewing a pledge made at a previous food summit in 1996to cut the number of hungry to 400 million people from more than 800million.The summit, organised by the U.N. Food and Agriculture Organisation (FAO),runs until Thursday.
26799. 07/06/2002
HAMBURG, June 4 (Reuters) - Global 2001/02 season production of the mainedible oils will not cover demand and stocks will need to be drawn down,Hamburg-based newsletter Oil World said.In its latest global supply and demand forecast, it said world productionof the seven seed oils plus palm oil is estimated to rise by only 1.9million tonnes or 2.1 percent on the season to 90.3 million tonnes."This is insufficient to cover demand," it said. "We estimate the growthin world consumption to slow down but still to rise by 3.5 million tonnesor 4.0 percent to 91.4 million tonnes.""This will require a considerable reduction of stocks and justifies theprice rally we have seen in May," it said.The newsletter sees large near-term edible oil import demand coming fromIndia and China.It added: "Large soyoil supplies in the U.S., Argentina and Brazil will beabsorbed rapidly in coming months."A major reason for tight supplies is insufficient palm oil output. This isestimated at 23.83 million tonnes up against 23.49 million tonnes lastseason.But global palm oil consumption is estimated to reach 24.40 million tonnesagainst 23.25 million tonnes last season. Inadequate palm oil output isset to keep global demand for soyoil strong up to September 2002, thenewsletter said.This will help generate sharp rises in soyoil output by the U.S.,Argentina and Brazil.
26800. 07/06/2002
NEW DELHI, June 6 (Reuters) - India has abundant stocks of key commoditiesand fears of a war between India and Pakistan have neither triggered panicbuying nor significantly harmed trade, officials and traders said onThursday.But they said grain exports had been hampered by the military using railwagons and due to port bottlenecks, while border tension had cut smugglingof sugar from India to Pakistan.Otherwise, edible oil imports to India, the world's largest buyer of theitem, had grown in recent weeks due to seasonal factors and gold dealerssaid demand for the precious metal was down as a result of highinternational prices.India and Pakistan have massed a million troops, backed by armour andartillery, along their borders in the dispute over Kashmir. India saysPakistan must end incursions by Muslim guerrillas that have stoked a12-year rebellion in Hindu-dominated India's only Muslim-majority state."We have more than adequate supplies of wheat, rice and sugar...there isno panic buying," an Indian Food Ministry spokeswoman told Reuters.She said that as of May 1, India had 62.5 million tonnes of wheat and ricestocks, well above the 24.3 million tonnes of grains which governmentprojections said would be needed as reserves on July 1. India also hassugar stocks of nearly 10 million tonnes.Tanvir Qureshi, vice-president of a supermarket chain owned by tradinghouse Adani Exports Ltd in the border state of Gujarat, said the firm hadnot seen any panic buying."It's normal business. We have not seen any panic buying or stocking up,"she told Reuters.There was no unusual stockpiling of foodstuffs even in the border city ofJammu, the winter capital of Jammu and Kashmir state which is at thecentre of the confrontation and in range of Pakistan's guns."People have become accustomed to all these things (border firing) thatthey take everything lightly...," said local resident Gyan Chand, owner ofa public telephone call office in Jammu.
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