Indonesia

Jessica Roswall, the Environment Commissioner, announced on Tuesday that the European Union would delay its anti-deforestation legislation for a second year. This will also postpone a ban on palm oil imports, which are linked to deforestation. After complaints from Brazil, Indonesia, and the administration of then-U.S. president Joe Biden and other industries and trading partners in Europe and North America, Brussels delayed the law for an additional year. Roswall told reporters that postponing the implementation of the law was necessary to address concerns about the large volumes of information needed to enter into the information-technology system to enforce the law...

Officials said that two people are still missing in Bali, Indonesia, a resort island. At least 16 people have been killed by flooding this week. Torrential Rains On Tuesday and Wednesday, the rapid rise of floods caused by the rains blocked major roads in Denpasar as well as six out of Bali's eight districts. Some areas also experienced landslides. I Nyoman Maha Putra, an architect and planning expert from the Warmadewa University, Denpasar, stated that the rapid development of the island had not taken into consideration the need for adequate drainage infrastructure. He said, "City planning does not take into...

Industry executives warned on Wednesday that Asia's clean-energy push would stall unless the governments cut fossil fuel subsidies and offered a stable policy direction. They also said they needed to invest in upgrading grids. Executives cited the cancellation of renewables' auctions and the subsidies given to fossil fuel industries as the main obstacles to growth for green investments, at a time that data centres are driving the growth in energy demand. "Coal is still subsidised, and energy and power in general are used to gain votes." Lawrence Wu, Chief Financial Officer for Asia at Portugal-based renewable energy firm EDP Renewables...

On Wednesday, a Swiss court will decide whether or not to hear a lawsuit against Holcim, a Swiss cement giant and one of the largest in the world. The complaint alleges that the company does too little to reduce carbon emissions, contributing to global climate change. Four residents from the Indonesian island Pari, which is repeatedly inundated as sea levels rise due to warmer temperatures, filed a legal complaint with the cantonal court of Zug in Switzerland in January 2023. The court must declare its competence and admit the complaint before proceeding. Next, the court will consider the merits of...

Data from the General Administration of Customs showed that China's coal imports in July fell by 23% compared to a year ago, due to a limited demand for imports. The imports of coal in July were 35.61 millions metric tons. Although down on the previous year, this was a rebound from June's two-year-low as the hotter weather prompted higher air conditioning demands, which supported electricity consumption. The market will be watching to see if China takes concrete steps in the future to reduce production and curb oversupply at home. The National Energy Administration issued a document on July 20 calling...

World Health Organization (WHO) said Thursday that systemic weaknesses in oversight of the global pharmaceutical chain led to medicines formulated with toxic chemicals killing people and compromising health, especially of children. In a joint report with the United Nations Office on Drugs and Crime (UNODC), the WHO reported that since 2022, there have been over 300 deaths in Africa and Asia, as well as the Pacific, linked to syrups that contain industrial chemicals like diethylene glycol and Ethylene glycol. They are illegally substituting pharmaceutical grade ingredients, such as propylene glycerin, sorbitol and glycerin, which are used in the formulation of...

On Monday, the final summit day in Rio de Janeiro for the BRICS group, leaders of developing nations were ready to tackle the challenges that we all face, including climate change, by demanding wealthy nations pay global mitigation of greenhouse gas emissions. As he prepares for the United Nations Climate Summit in November, Brazilian President Luiz inacio Lula da Silva has emphasized the importance of the Global South to combat global warming. In a statement released by BRICS leaders on Sunday, they argued that fossils fuels would continue to play a major role in global energy, especially in developing economies....

Lula draws parallels with the Non-Aligned Movement of Cold War Group condemns attacks against Iran and Gaza, increasing tariffs Xi Jinping skips, Putin online, Modi and Ramaphosa present By Lisandra Paraguassu and Manuela Andreoni RIO DE JANEIRO - On Sunday, the BRICS leaders condemned the attacks in Gaza, Kashmir and Iran during their summit. They portrayed the group as a defender for multilateral diplomacy, while criticizing the U.S. trade and military policy. The expansion of BRICS is a response to the divisions in the G7 and G20 group of major economies and the "America First" policy of U.S. president Donald...

Most areas in Indonesia will see a shorter-than-expected dry season this year due to higher-than-normal precipitation thus far, the country's weather agency said, which is expected to boost the rice crop in Southeast Asia's largest economy. The Indonesian Meteorology and Geophysics Agency had predicted that the dry season would be normal this year. It began in April for most areas and reached its peak from June to August. In a weekend statement, Dwikorita Karanawati, the head of the agency, said: "Our prediction shows there was an anomaly with higher-than-normal rainfall... This becomes the basis for predicting the delayed dry season...

The President of Indonesia, Prabowo Subianto, announced on Thursday that foreign investors were invited to invest in Indonesia's plan for a seawall of hundreds of kilometers to prevent flooding along the north coast Java island. The project builds on a plan from 2014 by the government of Jakarta to protect the city against rising sea levels and subsidence which have caused frequent floods along the north Java coastline. Prabowo announced that he will form an agency for the project to build a giant seawall stretching from Banten province to East Java, which could take up to 20 years to finish....

On Thursday, Prabowo Subito announced that foreign investors were invited to participate in Indonesia's plan for a seawall of hundreds of kilometers to prevent flooding along the north coast on its largest island Java. The wall is expected to cost $80 billion and will be built to prevent flooding. The project builds on a plan from 2014 by the government of Jakarta to protect the city against rising sea levels, land subsidence and flooding along the north Java Coast. Prabowo announced that he will form an agency for the project to build a giant seawall stretching from Banten province to...

The UN's weather agency said that in 2024, unprecedented heat waves in Southwest Pacific will affect more than 10% the surface of the ocean, damaging coral reefs, and placing the last tropical glacier in the region at risk of extinction. In an annual report, the World Meteorological Organization stated that the average 2024 temperature in the region (which includes Australia and New Zealand and southeast Asian island countries like Indonesia and the Philippines) was nearly half a degree Celsius higher than the mean temperatures between 1991 and 2020. Blair Trewin of WMO, who is one of the authors of the...

The price of palm oil futures in Malaysia fell more than 2% Tuesday. It was the lowest since 8 August, after Argentina, which is a major exporter of soyoil, temporarily removed its export tax. This made soyoil less expensive than palm oil. After a slight rise of 0.41% in the previous session, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange fell 102 ringgit or 2.3% to 4,341 Ringgit ($1,034.56) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that the Argentina news caused a massive selloff on the Chicago and Dalian market....

Malaysian palm futures ended lower on Thursday after four sessions of gains. Investors booked profits while an Indonesian industry group reportedly lobbied the government to postpone the B50 biofuel mandate. The benchmark contract for palm oil delivery in October on the Bursa Derivatives exchange lost 30 ringgit or 0.68% to 4,405 Ringgit ($1,046.32) per metric ton. A local news website quoted Eddy Martono, the chairman of the palm oil industry GAPKI as saying that the plan could lead to a decrease in palm oil exports. GAPKI was told that it did not submit a written request, but a government official...

Imports of seaborne coal from Asia increased in July, but this increase was mainly driven by developed economies in North Asia rather than the heavyweights China or India. According to Kpler, the total seaborne imports for fuel used to generate electricity grew by 12% in July from June's figure of 63.02 millions tons. The increase in July imports coincides with a weakening trend for Asia's seaborne shipments of thermal coal, as the top buyers China & India reduced purchases due to abundant domestic supplies and increasing generation from renewables. Kpler data shows that Asia's imports in the first seven month...

The price of Malaysian palm oil futures rose on Tuesday due to bargain-buying and a stronger Dalian palm olein. Traders also expect better export data in the first half August. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery was up 103 Ringgit or 2.46% at 4,290 Ringgit ($1,015.38) per metric ton. The contract dropped 1.37% during the previous session. A Kuala Lumpur based trader reported that bargain buying helped to support prices across the board, while Dalian palm oil recovered from its lows of yesterday. The trader said that the market would also...

The price of palm oil in Malaysia rose on Wednesday as a result of improved demand, a rally of soyoil and a possible reduction of production for June. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery had gained 66 Ringgit or 1.66% to 4,034 Ringgit per metric ton. "Overall, the market has improved. Demand has returned to normalcy." Our preliminary assessment of lower production in the month of June, coupled with the rallying soyoil prices, helped keep palm prices competitive, said Paramalingam Supramaniam at Selangor brokerage Pelindung Bestari. Dalian's palm oil contract, which...

An analysis of the most recent market data revealed that Singapore increased the share of renewables to a new record in May. The country accelerated its local solar power production and imported more renewable energy. Data from the National Electricity Market of Singapore revealed that domestic solar generation rose in May at its fastest rate since March 2024, and renewable imports increased for a third consecutive month, reaching their highest level in over two years. This boosted the share of renewables to 2,58% in the power mix of the city-state. The cross-border trade of power is seen as a key...

Malaysian palm oils futures closed higher on Friday. This was the sixth weekly gain in a row, despite a weak demand for palm oil in major markets. The benchmark contract for palm oil delivery in September on Bursa Derivatives Malaysia Exchange increased 11 ringgit or 0.27% to 4,115 Ringgit ($968.24), the highest closing rate since April 15. This week, the contract increased by 4.79%. Paramalingam Supramaniam said that trading volumes were relatively low and prices had been largely accounted for by most internal and external factors. "For the trend to continue, it will be necessary for more bullish news." Demand...

The price of palm oil in Malaysia rose on Wednesday, supported by higher soyoil prices in Dalian and Chicago, a stronger ringgit and higher crude prices. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange for September delivery had gained 20 ringgit (0.49%) to $4,084 ringgit (US$962.30) per metric ton. Kuala Lumpur based trader stated that the market was in rangebound mode but with a bias towards the positive due to the strength of rival oils and the ringgit's weakness. The Chicago Board of Trade's (CBOT), which trades soyoil, saw a 0.75% increase. Dalian's palm oil contract...

The Malaysian palm futures market extended its losses on Tuesday. This followed three consecutive sessions of gains. It was dragged lower by a drop in soyoil prices in Chicago and profit-taking actions. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 19 ringgit or 0.46% to 4,075 Ringgit ($961.54) per metric ton. A Kuala Lumpur based trader stated that "the futures are in profit-taking mode following recent rally tracking Dalian and CBOT Soyoil sentiment". Chicago Board of Trade Soyoil was down by 0.83%. Dalian's soyoil contract with the highest volume was up by...

Malaysian palm futures continued to fall on Thursday as investors booked profits, and the prices of competing edible oils dropped. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange fell 44 ringgit or 1.11% to 3,904 Ringgit ($923.59) per metric ton. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group, said that palm oil futures had been trading lower due to profit taking, low energy prices, and weakness in other vegetable oil markets, such as those in China and the U.S. Dalian's palm oil contract, which is the most active contract, fell by 0.37%...

The price of Malaysian palm oil futures increased on Tuesday as a result of the stronger Dalian edible oil market, and India's reduced basic import tax for crude edible oils. By midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange had gained 89 Ringgit or 2.29% to $3,967 Ringgit ($934.07) per metric ton. The Chinese edible oil market is a major driver of palm oil futures, and the demand outlook has improved since India, the largest importer of crude edible oils, announced a decrease in import duties. India reduced the basic import duty on...

Malaysian palm futures fell Thursday, reaching their lowest level since September. However, strong Indian buying and short-covering helped to erase some of the early losses. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery had fallen 1 ringgit or 0.03% to 3,727 Ringgit ($874.27) per metric ton. Anilkumar bagani, the research head at Mumbai-based Sunvin Group and a vegetable oil broker, said that "the futures opened lower than expected but quickly gained some ground on the back of Indian purchasing and short covering following a significant drop in recent months." He added that India...