Archived News

CHINA SHY ON PALM OIL QUOTA DESPITE DROUGHT

INDONESIA SAYS TARGETS 45 PCT CHINA PALM OIL MARKET

360 settlers with dreams of being millionaires threaten legal actionJOHOR BARU, July 9, 2001(The Star) - Some 360 Felda settlers areconsidering legal action against a company managing their land if it doesnot fulfil their dreams of becoming millionaires.Eight years ago, they had converted their 1,477ha land in Cahaya Baru, onwhich they had toiled for over 30 years, for commercial use in a RM544mildeal. Each of them was to get over a RM1mil.They then formed Cahaya Baru Development Berhad (CBDB) and receivedbetween RM140,000 and RM200,000 each as part payment in 1996.But the money has stopped coming. So has development on the proposedcommercial and residential project on their land situated next to thenewly-opened Tanjung Langsat industrial zone.At a much-awaited annual general meeting of CBDB last week, the 366settlers failed to get answers on the progress and future development oftheir land.It is learnt that members were upset with the directors for not being ableto submit last year's audited accounts.Abdul Razak Abdul Rahman, whose father had toiled the land for 30 years,said the company had promised to submit the accounts at an EGM in twomonths.He said the settlers had also requested that the company draw up sale andpurchase agreements to avoid complications later."The AGM was supposed to resolve the problem but now the future of thedevelopment is in doubt."We will wait for the EGM in two months' time and if there are still noanswers from the company, we will take legal action," he said, adding thatthe settlers hoped Mentri Besar Datuk Abdul Ghani Othman would intervene.Declining rubber and palm oil prices prompted the settlers to form thecompany in 1993 with the hope that they would get better returns if theland was used for commercial purposes.In April, they were shocked to find the land being cleared for a housingproject they were not aware of. Repeated queries to the company drew ablank.Felda Cahaya Baru is the first land scheme in Johor where settlers optedto convert their land into commercial use.

M'sian Glove Makers Not Yet Pro-Active On Latex-Protein Allergy

Thursday, July 5, 2001 (The Star) - NOVOZYMES (M) Sdn Bhd, the South EastAsian marketing unit of industrial enzymes producer Novozymes A/S ofDenmark, is keen to collaborate with local companies to develop new valueadded enzyme-based products that will spur their business.

Monday, July 9, 2001 - A RESURGENCE in the price of crude palm oil (CPO)has spurred renewed buying interest in plantation stocks in anticipationof a cyclical recovery in the commodity's price.

BUENOS AIRES, Argentina, July 4 (Reuters) - Argentina should increaseproduction of biodiesel, fuel derived in part from vegetable oils, inorder to boost oilseed output and cut costs for farmers, industry leaderssaid on Wednesday.

JAKARTA, July 5 (Reuters) - Indonesia's lingering economic and politicalcrisis has dimmed hopes of a strong rebound in the country's commercialfeed consumption to pre-crisis levels, a senior industry official said.

KUALA LUMPUR, July 5 (Reuters) - Malaysian palm oil futures broke above900 ringgit, a level last seen on March 30, in anticipation of morepurchases from India and talk about an increased Chinese import quotas,traders said on Thursday.

BANGKOK, July 3 (AFP) - Thailand will next week host an internationalconference to debate the safety of genetically engineered food and crops,which is to be opened by Britain's Deputy Prime Minister John Prescott.

ARGENTINA SOY RISES ON DEMAND FROM ABROAD

Guthrie plans to refinance bridging loan