Archived News

BULLISH export data for Malaysia's crude palm oil (CPO) failed to attractinvestors' interest in plantation counters yesterday as players were takenaback by the sharp decline in CPO prices in both spot and futures markets,analysts say.

CESS collected to support the crude palm oil (CPO) burning project,amounting to RM1.2 million, will go to the Malaysian Palm Oil Board (MPOB)to finance the ongoing research and development (R and D) of the project.

A LEGAL claim for US$25.76 million (US$1 = RM3.80) has been filed againstKumpulan Guthrie Bhd by Indonesia's P.T. Adhiyasa Saranamas which isalleging breach of contract by the Malaysian company.

IPOH - The deal on the minimum wages for rubber tappers and generalworkers in estates is expected to be sealed before year end and will beimplemented early next year.

KUALA LUMPUR, Aug 13 (Bernama) -- Malaysia's total crude palm oil (CPO)production in July declined 3.01 percent or 27,792 tonnes to RM897,063tonnes from 924,855 tonnnes in June, according to the preliminary figuresreleased by Malaysian Palm Oil Board (MPOB).

NEW DELHI, Aug 13 (Bernama) -- With the festive season in India fastapproaching, the demand for edible oil has started to increase.

KUALA LUMPUR, Aug 12 (Bernama) -- The Felda settlers of Jengka 15 in theMaran district of Pahang had depended on their oil palms aka the "goldentree" for their livelihood for about 25 years but poor prices and fallingoutput two years ago had taken a toll on their incomes.

Four consecutive years of fiscal deficit does not seem to hindergovernment spending. Aided by higher palm oil and petroleum prices,domestic liquidity remains ample to finance future government expenditureunder the forthcoming 2002 Budget.

THE Government is pulling the plug on the project to use crude palm oil(CPO) as fuel for power generation following the sharp improvement in thecommodity's prices of late.

ISLAMABAD - The Small and Medium Enterprises Development Authority (Smeda)has proposed to the ministry of industries and production that 15 percentadditional duty should be imposed on imported edible oil to protect thelocal growers involved in the production of edible oil, Smeda sourcesinformed Business Recorder here on Thursday.Sources said, though, prices of edible oils has increased by 70 percent inthe international market during recent months, necessary measures wererequired to protect the local industry from this onslaught.They further said, local production of edible oil has already shrunk from$ 322 million in 1998-1999 to $ 142 million in 2000-2001, and the trendindicates that the government was not encouraging the local industry bytaking required steps.Sources said, Pakistan Oilseeds Development Board (PODB) failed domesticpolicies have forced Smeda to approach the federal government foradditional steps to save the local industry which was badly needed, sothat the country could produce edible oil in such a quantity to meet thenational requirements.Although, the import of palm oil and soyabean oil have decreased by 50percent and 12 percent respectively during the previous year, however,Pakistan has spent about $ 325 million on the import of edible oil fromdifferent markets, sources added.When the Central Board of Revenue (CBR) sources was contacted to know theduties on edible oil, they disclosed that duty on edible oil is the secondhighest after cars.On the other hand, Pakistan Vanaspati Manufacturers Association (PVMA) isdemanding reduction in custom duty on edible oil, as prices of thecommodity were already skyrocketing in the international market. Likewise,prices of ghee and edible oil in the local market were being increasedevery day.Sources said, in a recent meeting, the PVMA has asked the ministry ofindustries and production to reduce duty on tin plate, so that the pricesof ghee and cooking oil could be brought under control.

KUALA LUMPUR, Aug 11 (Bernama) -- If you want to know what's buzzing inthe palm oil industry, perhaps the 2001 International Palm Oil Congress(2001 PIPOC) to be held here Aug 20 to 23 is the best place to be at.

13 August 2001(Business Times) - PALM oil companies, committed to supplycrude palm oil (CPO) for the government-initiated CPO burning project, areasking for a review of the purchasing price.