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News 31541 to News 31550 of about 32006 news within page 3155
31541. 05/11/2001
Gua Musang, 3 November,2001 (Berita Harian) – Peneroka rancangan tanahLembaga Kemajuan Kelantan Selatan (Kesedar) akan kehilangan puncapendapatan jika mereka terus enggan menyerahkan ladang getah dan kelapasawit mereka yang sudah tua untuk ditanam semula.
31542. 02/11/2001
02 November 2001 (Business Times) - MALAYSIA’S crude palm oil (CPO) pricesare expected to stay firm between RM900 and RM1,000 a tonne next week onthe back of strong fundamentals.Analysts said expected overseas demand in the near future, especially fromChina, plus the recent cut in India’s import duty on CPO are all good newsthat should boost the commodity’s market sentiment.They said the upside potential for CPO price, however, is likely to belimited in the near term on anticipation that the palm oil closing stockfor October will increase slightly compared with that of the previousmonth.Despite some disruptions in palm oil shipments to Pakistan and West Asiadue to the war in Afghanistan, market watchers view the delays as atemporary setback as demand from these countries are expected to bounceback once the situation in the region improves.Malaysia’s physical CPO closed RM15 higher yesterday at RM960 per tonnefor November (South) from RM945 per tonne the day before.On the Malaysia Derivatives Exchange (MDEX), the benchmark third monthJanuary CPO futures ended RM16 firmer at RM1,006 a tonne from RM990 atonne previously.The price increases were mainly due to news that India has, on Wednesday,slashed its import duty on CPO by 10 per cent to 65 per cent.“The reduction in India’s import duty on CPO was not expected by many...that was why the market reacted positively to it,” a plantation analystwith a foreign research house told Business Times.However, palm oil traders said the reduction in import duty will benefitIndonesia more than Malaysia as the former exports more of its palm oil incrude form, while Malaysia mainly sells its palm oil abroad in refinedform.India has an 85 per cent levy on refined palm oil to help protect domesticrefiners.Nevertheless, the analyst said the tax cut is a reflection of the IndianGovernment’s commitment of making palm oil more affordable to the country’s consumers.“What is more important is that demand from India is still quite strong,”he said.Following the September 11 attacks, palm oil shipment costs have gone updue to war risk-related costs and the increase has to be borne by endusers.Reducing the import duty on CPO will ultimately result in buyers payingless for the commodity, he said.India was the largest buyer of Malaysia’s palm oil in the first sevenmonths of this year at 1.3 million tonnes during the period or 21 per centof the country’s total shipments.China is the second largest buyer at 695,000 tonnes, with Pakistan thirdat 672,000 tonnes.Another analyst said the tax cut on CPO will make the commodity morecompetitive against other edible oils, particularly soyabean oil.Although the situation in Afghanistan had caused palm oil stocks to go updue to delayed shipments to major buyer Pakistan and other West Asiannations, she was optimistic that the setback is only temporary.“On an overall basis, the demand for palm oil from these countries willhave to come back because palm oil is a needed good,” she said.
31543. 02/11/2001
KUALA LUMPUR, Nov 1 (Reuters) - Malaysian palm oil futures rallied againon Thursday, after pausing a day earlier, on news that India had cutimport duty on crude palm oil (CPO).The benchmark third month January futures shot past the 1,000 ringgit atonne barrier at the opening call, touching a high of 1,019 and settlingat 1,013 by the midday break. The contract had closed at 990 the previousday.Profit-takers had entered the market on Tuesday, ending a four-day bullrun spurred by strong exports for October.But news on Thursday that India cut the import duty on CPO to 65 percentfrom 75 chased up prices in Kuala Lumpur again.India is the biggest consumer of palm oil.New Delhi, which has increased duties four times in the past two years,introduced a cut for the first time despite continuous demand to protectits own oilseeds farmers.But some traders said the tax cut might be of more help to Indonesia,which is more aggressive in exporting CPO, than Malaysia, which prefers toship refined palm oil."The market is still digesting what this may mean to exports although ithas gone up for now," a dealer said.Prices of physical crude palm oil and refined products also rallied.The November contract for the southern region was bid/asked at 960/965ringgit a tonne and traded at the same levels. November central was heardat 955/960 ringgit and traded at 955.The December contract for both south and central was bid/asked at at985/995 ringgit, with no business reported.Among refined products, November RBD palm oil was offered at $275 a tonne,December at $285 and January/February/March at 297.50.November RBD olein saw offers for $282.50, December at $292.50 andJanuary/February/March at $305.November and December RBD palm stearin was offered at $245 a tonne andJanuary/February/March at $250.
31544. 02/11/2001
KUALA LUMPUR, Thurs. 02 November 2001 (Business Times) - The palm oilindustry, facing the prospects of sending back 28,300 foreign workers andsustaining a RM1.05 billion loss by the end of next year, wants theGovernment to reconsider the ruling limiting temporary work permits tothree years.
31545. 01/11/2001
KUALA LUMPUR, Oct 31 (Bernama) --Primary Industries Minister, Datuk SeriDr Lim Keng Yaik will head an official four-day Malaysian visit toIndonesia from tomorrow (Nov. 1).Lim said in a statement the purpose of the visit was to discuss commodityissues as well as to further strengthen ties between Malaysia andIndonesia.The other members of the delegation are the ministry's secretary generaland two other officials.Dr Lim will take the opportunity to get to know better the new Ministerswhose responsibilities are related to matters pertaining to commodities inIndonesia under the helm of President Megawati.Other important issues include Malaysian investment activities inIndonesia particularly in the palm oil sector.In this connection, Lim said that he hoped to obtain government togovernment assistance through diplomatic channels on ways to solve currentissues faced by Malaysian investors in Indonesia.-- BERNAMA
31546. 01/11/2001
Financial Post, October 26, 2001, TORONTO - Toronto Hydro-Electric SystemLtd. has launched a large-scale test of vegetable-based biodiesel fuel inits fleet of cars, trucks and vans as a first step to converting to 100%vegetable-based fuel. By using a mixture of vegetable oil and low-sulphurdiesel in its fleet, Hydro expects to improve air quality.
31547. 31/10/2001
PUTRAJAYA ,Wednesday, October 31, 2001 (The Star) - Prime Minister DatukSeri Dr Mahathir Mohamad urged huge plantation companies to contributetowards increasing food production by integrating cattle rearing on theirland and varying their activities to include food commodities.The move, he said, would help reduce the country’s dependence on importedfood besides opening a new avenue for them to break away from thetraditional commodity of palm oil which was too susceptible to pricefluctuations.Agriculture Minister Datuk Effendi Norwawi said Dr Mahathir made the callwhen chairing the second meeting of the co-ordination council for thepublic and private sector in the agriculture sector.Speaking to reporters after the meeting, Effendi said the total acreage ofoil palm estates in the country stood at almost four million hectares andthey could easily support the rearing of at least a million head ofcattle.At the moment there are only about 100,000 head of cattle being reared insuch estates.Effendi said Malaysia had the potential of not only being self-sufficientin food but could also be a major food producer, provided there was aco-ordinated effort involving all related parties.“The main detriment to this is the scarcity of land. All mentris besarhave agreed to allocate land for agriculture, but the problem is that thespace is just not enough because most of the land have been taken up forhousing and township development projects.“That is why we need the co-operation of large plantation companies torealise this potential because they already have large tracts of landsuitable for mixed or integrated agricultural activities,” he said.He said large estates have the requirements to become large-scale foodproducers as they already have the land, sound human resource andfinancial management and good track records in research and development.“At the moment, our self-sufficiency in food production is only about 23%.If we do not consider large-scale production, the best we can hope toachieve within 10 years is to be 28% self-sufficient.“The ministry will be reorganised so as to be more investor-friendly toencourage more active participation of the private sector in theagriculture industry and to provide a strong support especially in newtechnology, marketing, funding and R & D.”
31548. 31/10/2001
10/28/2001 (Business Recorder) - Pakistan and the US signed an agreementlast Saturday, for the supply of 60,000 tonnes of soybean oil worth over$30 million. The US supplies which are scheduled to commence in Januarynext year, will be sold by the government to the private sector inaccordance with the standard practice. It may be recalled that Pakistanwas given last year a donation of 75,000 tonnes of soybean oil and 165,000tonnes of soybean, worth $80 million.While 62,500 tonnes of the soybean oil is reported to have already arrivedin Pakistan by September, the first instalment of 165,000 tonnes ofsoybean was expected this month. It will thus be noted that the USsupplies could prove instrumental in averting a serious shortage of edibleoil in the country that was feared since July this year, as the situationwas further aggravated by the stalled shipments of palm oil from Malaysiawith the dislocation of shipping services to Pakistan, in anticipationanti-terrorism operations in the aftermath of the 11 September terroristattacks on the United States.The soybean and soybean oil gifts would benefit Pakistan in another way aswell. This has reference to the standard practice in such deals, unlikeunder the PL-480 Programme, allowing the government to freely use the saleproceeds in local currency for funding rural development and povertyalleviation programmes in accordance with the country's long-term socialand economic goals. The areas of such funding, including food security andpromotion of broad-based development, will mean a contribution also to theongoing challenging effort for economic restructuring of the country.Another significant feature of this programme is that as the cost ofshipment of the commodities is borne by the United States, it will meanlessening of pressure on the country's limited foreign exchange resourcestoo.It will thus be noted that there is a great deal more to the US commodityoffers than meets the eye. However, it may be noted that together with thequick restoration of palm oil supplies from Malaysia, the import of edibleoil from other sources, including United States, has proved of littleavail in ensuring the expected relief to the consumer from a cut in theprices of vanaspati and cooking oil. Not only the slash in prices hasremained elusive, but a great deal more has continued to add to the woesof the baffled consumer from the unabated price hike. This is a trend thathas come to stay in this country since prices once gone up seldomstabilise at lower levels. For, the remedial measures taking care of oneaspect of price rise are soon found negated by another problem or a set ofthem to keep prices perched at higher levels. The worst part of thisunwelcome tendency is painfully discernible in food items, hitting thelower income groups the most. Thus it invariably serves a sad reminder ofthe sorry state of agriculture that happens to be the predominating sectorof the economy. An idea of the predicament of this vital sector,development of which could have helped the country's economic growth, maybe had in the grim fact that Pakistan has become increasingly dependent onimports for a widening range of food items with the passage of time sinceindependence way back in 1947.In so far as edible oil is concerned, the dependence on its import hascome to affect oilseed too which the country can produce in enoughquantities not only to meet the domestic need but also to earn valuableforeign exchange from exports as well. And as repeatedly pointed out inthese columns, it should serve as a serious reminder of the need of anemergency plan to redouble efforts for boosting edible oil production inthe country from a serious thrust on correcting the situation in ascientifically planned manner. Trying to achieve self-reliance in edibleoil over the past several years, the effort can be seen as having provedcounter productive in a number of ways. This should beckon the governmentand the private sector to a bold new thrust to break the vicious circle ofshortages.
31549. 30/10/2001
10/29/2001(Rueters) - Malaysia's palm oil sector looks to be caughtbetween a rock and a hard place, as demand remains sluggish whileproduction continues to rise, threatening in the process to cause anentirely new headache — storage.Already, a leading palm oil bulker in the south has had to turn awayclients from Sabah and Sarawak, as well as Indonesia, to store some 50,000tonnes of crude palm oil (CPO) as its tanks are full, sources said.Other bulkers appear to be having similar problems with storage capacity,they said, reinforcing concerns that palm oil stock levels are turningcritical not only in Peninsular Malaysia but also Sabah and Sarawak, andeven Indonesia, which is the world’s second largest producer of thecommodity after Malaysia.And the situation could get worse in the coming months in the absence ofsigns of a let-up in production although demand has shown an uptick. Thereare 31 licensed bulkers in the country, with facilities located in Johor,Pahang, Penang, Selangor, Sabah, and Sarawak. Combined, they can hold upto 850,000 tonnes of CPO at a time. Johor leads with a capacity to store267,000 tonnes, followed by Selangor with 247,855 tonnes, Pahang 120,880tonnes, Penang 115,500 tonnes, Sabah 94,840 tonnes and Sarawak 3,600tonnes. Felda Johor Bulkers Sdn Bhd has the largest capacity at 242,000tonnes. The other leading bulkers include Fima Palmbulk Services Sdn Bhd,Butterworth Bulking Installation Sdn Bhd, Wilmar Bulking Installation SdnBhd, and Guthrie Export Sdn Bhd."It is a very tricky situation. Exports have been significantly affectedby developments in Afghanistan. "The market did not anticipate it... animmediate issue is the war risk surcharge, (for which) a quick solutionmust be found," said a executive of a bulker when contacted. If things donot improve soon, producers may have to start selling CPO at even lowerprices, and the authorities consider reactivating the programme to usepalm oil as biofuel to generate electricity, he said.Crop forecaster Ivan Wong has put October production at 1.14 milliontonnes, exports at 850,000 tonnes and closing stocks at 1.37 milliontonnes. Exports for the first 20 days of October rose to 605,137 tonnesfrom 434,472 in the same period of September, according to Cargo surveyorSociete Generale de Surveillance (SGS)."Outlook for the palm oil sector appears clouded at the moment as theglobal economic slowdown has caused commodity prices to weaken generally.Low prices for rival soyabean oil and the extra cost from the war risksurcharge in the wake of the September 11 terrorist attack in the US arenot helping," a trader said.Dealers said CPO prices are expected to remain range-bound in the next fewweeks as investors closely monitor stock levels and also the price ofsoyabean oil, which is hovering at 20-year lows. According to theMalaysian Palm Oil Board, the country’s palm oil stock rose by 36.44 percent to 1.214 million tonnes in September from 890,413 tonnes a monthearlier, with production rising 12.19 per cent to 1.1 million tonnes from981,141 tonnes.Meanwhile, CPO futures prices on the Malaysia Derivatives Exchange (MDEX)closed sharply higher yesterday on assurance by the Government of "warassistance" for the sector. Traders said benchmark January 2002 CPOfutures should fetch between RM860 and RM930 a tonne in the near term amidvolatile trading.The November contract rose RM21 to RM869, December RM17 to RM909, andJanuary 2002 also RM17 to RM933. February 2002 was up RM21 at RM953. Totalturnover jumped to 2,060 lots from 1,622 while open positions increased to12,992 contracts from 12,629 the day before.
31550. 30/10/2001
JAKARTA, Oct 29 (Reuters) - Ministers from Malaysia and Indonesia, theworld's main palm oil producers, will meet this week how to limit palm oiloutput and lift sagging prices, an official said on Monday.Hatanto Reksodipoetro, Indonesia's director general of International Tradeand Industry Cooperation, said Malaysian Primary Industries Minister LimKeng Yaik was due to meet Indonesian Trade and Industry Minister RiniSoewandi on November 2 to discuss palm oil cooperation."Minister Lim will visit Jakarta on November 2...and hold talks to enhancethe cooperation between Malaysia and Indonesia on palm oil," Reksodipoetrotold Reuters."The two may discuss cooperation to set up ways to regulate palm oilsupply to the world market in order to lift prices."Malaysia and Indonesia have been bitter rivals over market share for palmoil, partly because of an oversupply in edible oils.The two countries reached a broad deal in February on moves to liftsagging world prices and agreed to cooperate for better access in Chinaand India.But traders in both countries said no concrete action had been taken tolimit output so far.Malaysia, the world's largest producer of palm oil, last week orderedgrowers to stop planting the crop to support sliding prices of the edibleoil.
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