Archived News

The conception of the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS) was to facilitate trade within the sub-region. But this window is being used by unscrupulous elements as a veritable channel for perpetrating their crimes against the economy. Correspondent OLUWAKEMI DAUDA reports how ‘importers’ are shortchanging Nigeria’s revenue earnings and putting the nation’s industries in dire strait.

The self-regulatory group charged with balancing the successes of the palm oil industry against its labour and environmental abuses has a big year ahead of it, as it tries to bolster its guiding principles without adding costs that price its product out of the market.

Malaysian palm oil prices are forecast to rise to 2,700 ringgit ($685.98) a tonne in the next three months due to falling stockpiles and increased demand from Indonesia, leading edible oils analyst James Fry said on Saturday.

SINGAPORE (Jan 22): The palm oil third-month contract may seek a support at 2,426 ringgit per tonne, and then either hover above this level or bounce towards a range of 2,462-2,491 ringgit.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Jan 23.

KUALA LUMPUR: Malaysian palm oil futures ended a four-session decline with a more than 1 percent gain on Monday evening, rising on the back of bullish sentiment at an industry conference held in Karachi this week.

JAKARTA: Indonesia’s crude palm oil (CPO) exports in December likely edged lower because of lower demand after an import tax hike started on edible oils in India, Indonesia’s biggest CPO importer, while output fell for a second month, a Reuters survey showed.

PETALING JAYA: Crude palm oil (CPO) prices are expected to stay above RM2,400 per tonne mark in the short-term as most estates nationwide enter low production season from January to February, say analysts.

KUALA LUMPUR: The European Union’s (EU) latest move is a potential violation of the World Trade Organisation's (WTO) rules as it is a deliberate attempt to block the access of palm oil into their market, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

Palm oil is the most commonly used vegetable oil in the world and is found in many products we use or eat on a daily basis.

KUALA LUMPUR: The European Parliament’s vote to phase out the use of palm oil after 2020 in the new European Union (EU) renewable energy directive is a regressive step which will fuel further uncertainty surrounding global trade, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

OFFICIALS in Indonesia and Malaysia, the world’s biggest producers of palm oil, have lambasted the European Parliament’s decision to phase out the commodity from motor fuels over the next three years due to environmental concerns.