Malaysia

Authorities reported that a fire on a gas pipe operated by the state-owned energy company Petronas in Malaysia injured 33 people Tuesday, just outside the capital Kuala Lumpur. Astro Awani reported that Selangor Fire Department Director Wan Md Razali Wan Ismail said six of the injured had been sent to hospital. The fire is still burning and efforts are being made to put it out. Selangor Disaster Management Committee Chairman Mohd. Najwanhalimi told the state news agency Bernama that there are still people trapped in homes in Kampung Sungai baru, and rescue efforts continue. In a press release, Petronas said...

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

The Indonesian arm of Malaysiabased home improvement merchant Mr do it yourself Group got rid of a wobbly start to rise on its stock market debut on Thursday. The listing came versus the backdrop of broad weak point in Asian stocks after the U.S. Federal Reserve cautioned it would ease the rate of rate cuts in the coming year. Bond yields increased and the dollar was set down near a two-year high up on Thursday. Shares of Daya Intiguna Yasa, the sibling business of Mr do it yourself, opened at 1,550 rupiah, 6% lower than its preliminary public offering price...

U.S. trade officials on Friday announced a brand-new round of tariffs on solar panel imports from 4 Southeast Asian nations after American manufacturers grumbled that business there are flooding the marketplace with unjustly low-cost products. It is the second of 2 initial decisions that President Joe Biden's Commerce Department is making this year in a trade case brought by Korea's Hanwha Qcells, Arizonabased First Solar Inc and several smaller producers seeking to protect billions of dollars in financial investments in U.S. solar manufacturing. This is the latest chapter in a more than decadelong trade war with Chinese companies over their...

Indonesia is wanting to evaluate the way it sets palm oil export levies to maintain competitiveness versus rival edible oils, an official stated on Monday, describing it as a regular move to evaluate its trade policy. Malaysian palm oil futures last week increased as traders prepared for a possible change in Indonesia's export levy or tax structure, though rates fell in early trade Monday, tracking weakness in rival Dalian oils and pressed by a strong ringgit. Indonesia, the world's greatest palm oil exporter, last revised its levies in September this year. We must evaluate export levies routinely to increase the...

Malaysian state energy firm Petronas plans an aggressive expansion in Indonesia that will see it develop a hub for its operations in East Java and invest in expedition in the country's farflung eastern regions, its Indonesia head said on Monday. Indonesian President Prabowo Subianto's government, which took workplace this month, has actually pledged to boost energy advancement, aiming to reverse a decades-long decline in output by the previous OPEC member. Yuzaini Md Yusof, head of Petronas in Indonesia, said the company was motivated by current regulatory actions that made it much easier to develop energy projects. Petronas runs four oil...

Energy firms TotalEnergies, Qatar Energy, Petronas, Cybele Energy, Delcorp and International Group Investment have reached agreements with Guyana over regards to production sharing deals to check out 5 oil and gas offshore blocks, the energy ministry said on Wednesday. A tender launched in 2022 for areas in shallow and deep waters resulted in deals for 8 blocks, part of the federal government's. effort to diversify its energy industry dominated by a. consortium led by Exxon Mobil. The Exxon group, which likewise remains in talks with the federal government. over terms to check out offshore area S8 that is part of...

Norway's sovereign wealth fund has ended observation of Supermax, 2 years after positioning the Malaysian medical glove maker under monitor accusations that the company contributes to human rights infractions. Norges Bank's decision comes by a year after the United States lifted a restriction on Supermax, permitting it to resume sales. The company's. imports were barred from the U.S. in October 2021 over the. alleged forced labor practices. According to the Council on Ethics, the company has. throughout the time of observation reported that it has implemented. numerous steps to enhance conditions, Norges Bank Financial Investment. Management stated in a statement...

Crossborder mergers and acquisitions involving companies in the AsiaPacific area have actually recovered this year and are flourishing in Japan as services look for brand-new development after adjusting to handle greater rate of interest. The total announced worth of such offers rose 25%. year-on-year to $286 billion as of Sept. 30, LSEG data showed,. with around 80% of them transacted with an entity outside the. area. There has actually been a noteworthy pick-up in cross-border. deals as political stability returned to some markets. simply as pent up demand for investments and dealmaking and. modifications to higher interest rates began to...

India has raised the fundamental import tax on crude and fine-tuned edible oils by 20 portion points, the government stated on Friday, as the world's greatest edible oil importer attempts to assist secure farmers reeling from lower oilseed prices The move could lift edible oil prices and dampen need and consequently decrease abroad purchases of palm oil, soyoil and sunflower oil. After the duty walking announcement, Chicago Board of Trade soyoil extended losses and fell more than 2%. New Delhi on Friday imposed a 20% fundamental customs task on crude palm oil, crude soyoil and unrefined sunflower oil from Sept....

A 2nd executive convicted in Switzerland for his participation in a $1.8 billion fraud against Malaysian sovereign wealth fund 1MDB will appeal versus the judgement, his lawyers stated. Patrick Mahony, a Swiss-British national, was sentenced to 6 years by the Federal Criminal Court on Wednesday. The court discovered him guilty of scams, criminal mismanagement and cash laundering. The decision was the latest episode in the 1MDB affair, a. complex tale of international corruption that has caught up a. slew of banks and individuals around the world. given that allegations of misdeed first surfaced in 2015. Mahony was founded guilty in...

The Swiss Federal Lawbreaker Court on Wednesday convicted 2 executives at an oil exploration business accused of embezzling over $1.8. billion from Malaysia's state mutual fund 1MDB. The decision was the latest episode in the 1MDB scandal, a. complex tale of global corruption that has buffeted a. variety of financial institutions and individuals across the globe. considering that allegations of misbehavior first emerged in 2015. Prosecutors declared that Swiss-British national Patrick. Mahony and Swiss-Saudi Tarek Obaid, helped to establish a joint. venture with 1MDB by producing the impression that their company,. PetroSaudi, was backed by the Saudi federal government. This...

Malaysian palm futures closed lower on Monday as they tracked the weakness of rival soyoil on the Chicago market. Meanwhile, escalating U.S. - China trade tensions despite a suspension of tariffs for other countries also weighed down sentiment. At the close, the benchmark June palm-oil contract traded on the Bursa Derivatives Exchange in Malaysia lost 42 ringgit or 1% to 4,170 Ringgit ($945.58) per metric ton. Darren Lim is a commodities analyst at Singapore-based Phillip Nova. He said that despite the U.S. tariff suspension of 90 days, the broader economic headwinds, and lingering uncertainty, have continued to limit any meaningful...

The price of Malaysian palm oils rose for the third session in a row on Friday. This was due to strong demand before Eid al-Fitr, an Islamic holiday. Also, rival vegetable oil prices were strong. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 108 Ringgit or 2.5% to $4420 ringgit (US$996.62) per metric ton. The contract rose 1.03% in the last week, marking its first weekly increase in three. A Kuala Lumpur based trader stated that "Today crude palm oil future prices are up due to strong physical demand because of the holiday...

After three sessions of losses in a row, Malaysian palm oils futures rose on Wednesday. This was due to bargain-hunting after the contract reached a two-month low. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange rose by 0.75% to $4277 per metric ton ($966.34). This week, the contract has fallen by 2.97%. When prices reached the lowest point of the day, they were too cheap to ignore. "We saw a great deal of bargain-hunting today. A lot of buyers came out and there was a (short)covering as well," said Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari....

The price of palm oil in Malaysia fell for the third time on Tuesday, to its lowest close in almost two months. This was due to lower prices for rival vegetable oils at Dalian and Chicago and weaker export data. The benchmark June palm oil contract on Bursa Malaysia's Derivatives exchange lost 58 Ringgit or 1.35% to close at 4,247 Ringgit per metric ton, its lowest price since January 27. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group vegetable oils brokerage, said: "The sentiments in palm oil are bearish right now because it has been forced by the...

Malaysian palm oils futures fell for the second session in a row on Monday, to their lowest levels in almost two months. Pressured by weakness in vegetable oils rivals, a weaker currency helped limit losses. The benchmark June palm oil contract on Bursa Derivatives Exchange fell 1.6% at the closing to 4,305 Ringgit ($971.78) per metric ton, its lowest price since January 31. The contract follows weak external markets, but the ringgit’s weakness cushioned certain losses," said Kuala Lumpur based trader. Dalian's palm oil contract, which is the most active contract, fell 1.1% while soyoil prices dropped by 1.02%. The...

Malaysian palm oils continued to rise on Wednesday. This was due to the stronger edible oils on the Dalian market, and Indonesia's decision of raising its palm oil export tax. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange had gained 50 ringgit or 1.15% to $4,416 ringgit (US$996.84). The futures trading resumed on a bullish tone mainly because Indonesia reaffirmed an increase in export levies for palm oil. Prices also gained strength after the bullish momentum of Dalian vegetable oils futures," Anilkumar Bagani said, head researcher at Sunvin Group. A plantation fund...

Malaysian palm futures rose on Thursday, supported by lower production levels but capped by persistent concerns about demand from key import countries. At the close, the benchmark May palm oil contract on Bursa Derivatives Exchange rose 52 ringgit or 1.16% to 4,533 Ringgit ($1,022.10) per metric ton. The contract fell by 2.98% over the last three sessions. The palm oil market is resilient, despite the recent sell-offs due to uncertainty in global markets over tariffs. Production hasn't picked up since March and demand remains a concern, said Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari. "Even if the production picks up...

Malaysian palm futures rose Wednesday, ending two sessions of losses. The market was awaiting the Malaysian Palm Oil Board (MPOB)'s data. The benchmark contract for palm oil delivery in May on the Bursa Derivatives Exchange gained 69 ringgit or 1.59% to close at $4,418 ringgit (US$997.97) per metric ton. A Kuala Lumpur trader stated that "the futures will attempt to recover some yesterday's loss before resuming their direction, while waiting for the MPOB data next Monday." On March 10, the MPOB will release its monthly statistics. The Chicago Board of Trade's (CBOT) soyoil price rose by 0.77%. Dalian's palm oil...

Malaysian palm futures recovered from the session's early losses and settled higher on Monday. However, weakness in soyoil pricing and lower estimates of palm oil exports for the first two week of February limited gains. The benchmark May palm oil contract on Bursa Derivatives Exchange rose 40 ringgit or 0.89% to close at 1,024.14 ringgit per metric ton. The contract increased by 0.83% Friday. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, explained that crude palm oil futures fell during the midday session due to a weakness in the soyoil market and a lower performance by Malaysian palm...

Malaysian palm futures fell on Thursday, ending a five session rally. Weakened Dalian oils, and a decline in crude oil prices caused by the talks to end the Ukraine/Russia war, weighed heavily on the market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 65 ringgit (1.41%) to 4,556 Ringgit ($1,023.13) per metric ton. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, said that crude palm oil futures fell following a selloff on energy markets, after U.S. president Donald Trump launched diplomatic efforts to end Ukraine's war. He said that...

Malaysian palm futures closed higher on Monday for the fifth session in a row, boosted by a stronger Chicago soyoil price and firmer crude prices. The benchmark contract for palm oil delivery in April on the Bursa Derivatives exchange gained 84 Ringgit (1.96%) to close at $4,373 Ringgit ($978.30). In the last four sessions, it has gained 2.36%. Anilkumar bagani, the commodity research director at Mumbai's Sunvin Group, said that crude palm oil futures were up on Friday, following gains in Chicago soyoil contracts. Bagani said that the U.S. president Donald Trump's tariffs against Mexico, Canada, and China have pushed...

Malaysian palm oil futures closed lower on Tuesday as financiers scheduled revenue after two sessions of sharp gains on lower palm oil stocks and rising oil rates. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange lost 57 ringgit, or 1.27%, to 4,443 ringgit ($ 987.33) a metric heap at the close. The market is presently browsing a vital point, with bullish momentum supported by lower palm oil stocks and rising oil costs. However, concerns over palm oil's cost premium relative to soybean oil are still keeping the market in check, stated Darren Lim, commodities...