Malaysia

Malaysian automaker Proton opened its first assembly plant for electric vehicles on Thursday as it looks to develop its EV sector. The plant, which is located in the Automotive High-Tech Valley of western Perak State - Malaysia's primary auto-making hub – will initially have a capacity to produce 20,000 vehicles annually. Proton stated in a press release that this could be increased to 45,000 cars per year. Proton announced that the e.MAS 7 will be its first EV and then the e.MAS 5 as the entry-level model. Proton's majority owner is the Malaysian conglomerate DRB HICOM, while China's Zhejiang geely...

Kamini Kurmi, a picker at a tea estate in Assam (India's northeastern State), wears an umbrella over her head so that her hands are free to pluck the delicate leaves off the bushes. Kurmi is one of many women who are employed to harvest conventional crops using their dextrous hands, rather than machines. The extreme weather conditions are shrinking harvests in India's tea plantations. This is threatening the future of a beverage industry that has been renowned for refreshing beverages like Assam and Darjeeling. It also threatens a global market valued at over $10 billion per year. Scientist Rupanjali Baruah...

The price of iron ore fell on Wednesday, for the second session in a row. This was due to a rising supply that outweighed brisk short-term demand. The daytime trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.64% less than its previous closing price, which was 777.5 Yuan ($108.70). As of 0714 GMT, the benchmark September iron ore price on the Singapore Exchange remained flat at $102,35 per ton. The daily hot metal production hovered around 2.4 millions tons due to healthy steel margins. This boosted demand for raw materials including iron...

The Malaysian Palm Oil Council stated in a Tuesday statement that the price of crude palm oil is expected to range between 4,100 and 4,300 Ringgit ($970-$1,017) for the next month. This will be driven by the strong soybean oil markets and the festive demand from India. MPOC said that any rise in the price of vegetable oil could be limited by an abundance of oilseeds worldwide, especially soybeans. There are no shortages currently on the market. MPOC reported that global vegetable oil prices recovered from losses in the early part of the year, with soybean oil leading this recovery....

Due to high tariffs, China's exports of used cooking oil to the United States - its biggest buyer - are expected to plummet in the coming months. Sellers will be forced to divert shipments elsewhere or to Europe, according to industry players. The Trump administration has imposed a 125% tariff on Chinese UCO imports starting this month. Three UCO traders in China said that the U.S. shipments, which were worth $1.1 billion last fiscal year, have been falling. The last cargoes are expected to arrive around the end of March or early April, before the trade grinds to an abrupt...

Officials said that the Indonesian government will give more land seized during investigations into illegal palm plantations, to Agrinas Palma Nusantara. This company is now a major player in the industry. Indonesia, the top palm oil producer in the world, has launched a campaign to improve the governance of its palm oil and forest cultivation. This comes after criticisms that palm oil plantations are the main cause of deforestation. Febrie Adriansyah, an official with the Attorney General, said that on Wednesday, prosecutors handed over to Agrinas 536,211 acres (216,997 ha) of confiscated plantation areas from 109 companies. This is in...

David Lammy, British Foreign Minister, said that Britain and the Philippines are committed to an international order based on rules. Lammy, on an official visit to the Philippines, said that both countries had stood together, supporting Ukraine, and promoting a free, open Indo-Pacific. Lammy and his Philippine counterpart said at a press conference that they were charting a course for their relationship in the face of global instability. They also emphasized that it was important to strengthen ties with other like-minded countries, such as the Philippines. The Philippines and Britain have signed a framework agreement for enhanced cooperation in multiple...

A minister revealed that palm oil plantations have been infested in two states of Malaysia, the second largest producer in the world. The country is recovering from flooding which has disrupted its production. Plantation and Commodities minister Johari Abdul-Ghani stated in a Wednesday parliamentary response, which was then published on Thursday, that leaf-eating pests have been reported to be attacking in Peninsular Malaysia. Johor, Perak and Perak account for 1.01 million of the 5.61 million acres of oil palm plantations. In recent months, floods have affected the country's output. The result is that it has hit a six-month low. Perak...

Climate change forces families abroad to send relatives Migrants are at risk of sexual abuse, wage denial, and other forms of abuse. Experts call for better protection in host cities Tahmid Zami Tahmid Zami "Vulnerable individuals who are pushed to their limits by climate shocks make a big gamble in order to pay for migration but end up facing abuse," Ritu Bharadwaj said, one of the authors. The study of Bangladeshi migrants from climate-vulnerable regions who worked in the Gulf revealed that almost all of them had experienced at least one form exploitation, whether it was employer abuse, sexual assault...

U.S. Trade officials announced a new round on Friday of tariffs against solar panels imported from four Southeast Asian countries after American manufacturers complained about the unfairly low prices offered by these companies. The Commerce Department of President Joe Biden is making the second preliminary decision this year on a trade case filed by Hanwha Qcells in Korea, Arizona's First Solar Inc. and several smaller producers to protect billions in investments made in U.S. manufacturing of solar panels. The American Alliance for Solar Manufacturing Trade Committee accused the big Chinese solar panel manufacturers with factories in Malaysia and Cambodia as...

Two sources with knowledge of the situation said that the Trump administration had halted participation by U.S. researchers in U.N. climate assessments. This is part of a broader withdrawal of the Trump administration from climate change mitigation and multilateral cooperation. The order to stop work affects employees of the U.S. Global Change Research Program and National Oceanic and Atmospheric Administration are involved with a working group of the Intergovernmental Panel on Climate Change. One of the sources said that the U.S. won't be attending a major IPCC meeting next week in Hangzhou, China to plan the 7th global climate assessment....

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...

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...

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 Malaysian palm oils rose on Thursday for a second session, with Dalian oil, a stronger competitor, supporting the market. Crude oil and Chicago soybean oil were weaker. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange gained 31 ringgit or 0.76% to $4093 ringgit (US$969.91) per metric ton. Anilkumar bagani, research director at Mumbai-based Sunvin Group, said that the bullish momentum of Chinese vegetable oils during Asian hour supported the market. He added that the gains were capped by a decline in Chicago soyoil and energy prices. Dalian's palm oil contract, which is the...

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...

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...

The Malaysian data centre company Equinix announced on Wednesday that it was looking into alternative sources of energy, as it anticipates an increase in domestic electricity rates to raise its costs. The Malaysian government announced previously that it would increase electricity rates by 14.2% this July. Equinix Malaysia's managing director Cheam Tat Inn said that the company was looking into a variety of renewable energy service providers during a tour of the completed second phase of their data center in Cyberjaya. Cheam didn't specify the renewable sources used or a time frame. Equinix Malaysia operates two data centers, Cyberjaya, and...

Malaysian palm futures have reversed their gains from earlier in the week, due to a stronger ringgit, and weak demand on key markets. Prices also fell for the entire week. The benchmark contract for palm oil delivery in July on Bursa Derivatives Malaysia Exchange dropped 0.79% at the close to 3,880 Ringgit ($911.23) per metric ton. The contract dropped 4.36% in the last week. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, explained that a stronger ringgit, and a lack of enthusiasm in the face of expectations of an increased inventory of palm oil in Malaysia for April,...