- A + A SINGAPORE (June 30): Palm oil resumed an advance as top producer Indonesia considers a plan to increase its biodiesel mandate, a move aimed at slashing its fuel import costs and soaking up bulging edible oil stockpiles. Futures for September delivery climbed as much as 1.5% to RM4,975 (US$1,129) a ton, reversing an earlier drop of 1.9%, before closing slightly higher. Indonesia may raise the required palm content in biodiesel to 35% from the current 30%, a ministry official said. This could tighten palm oil supplies. If the plan materializes, it will likely absorb an additional 1.5 million tons of crude palm oil on top of the 9.7 million to 10 million tons used for the current B30 mix, said Sathia Varqa, owner of Palm Oil Analytics in Singapore. Indonesia has ample stockpiles of around 7 million tons in May, so feedstock for biodiesel isn’t a problem, according to Varqa. “The main barrier would be a surge in crude palm oil exports limiting the feedstock … [Read more...] about Palm oil climbs as Indonesia considers raising biodiesel mandate
Indonesia palm oil board
IBFIM partners FPAM, Indonesia’s FPSB to promote Islamic finance talent development
KUALA LUMPUR: The Islamic Banking and Finance Institute Malaysia (IBFIM) has collaborated with the Financial Planning Standards Board (FPSB) Indonesia and the Financial Planning Association of Malaysia (FPAM) to promote Islamic finance talent development globally via the Islamic Financial Planner (IFP) Executive Programme. In a statement today, IBFIM said this was In line with the aspiration of the Financial Sector Blueprint 2022-2026 to facilitate greater visibility of professional services and talent development. The programme which ran over a span of 12 weeks and was conducted virtually, has successfully produced 52 qualified Islamic financial planners comprising banking professionals, insurance practitioners and academicians from 27 provinces across Indonesia, it said. "Since it was launched, the executive programme has attracted regional participation from Brunei, Singapore and now Indonesia. "To date, IBFIM has produced nearly 2,000 certified Islamic financial planners," … [Read more...] about IBFIM partners FPAM, Indonesia’s FPSB to promote Islamic finance talent development
MPOB to millers: Continue buying FFB or we will revoke your licence
- A + A KUALA LUMPUR (June 30): The government has warned palm oil millers that their operating licences may be suspended if they ceased buying oil palm fruits from smallholders following the sharp fall in the oil’s prices. Deputy Plantation Industries and Commodities Minister Datuk Seri Dr Wee Jeck Seng said the Malaysian Palm Oil Board (MPOB) issued a warning letter to the millers on Thursday (June 30), stressing that action will be taken against those found disrupting the country’s palm oil production. The millers were reminded to carry out their palm oil milling operations and comply with the legislative requirements under the Malaysian Palm Oil Act 1998 (Act 582), Wee said in a statement. Drastic action including suspension of licences would be taken against millers proven to have ceased operations, he said, noting such conduct would render the actual purpose of issuing the licences meaningless. "I view this matter seriously and request palm oil millers not … [Read more...] about MPOB to millers: Continue buying FFB or we will revoke your licence
iDimension, Marine & General, PetChem, Mudajaya, Teck Guan, Farm Fresh, Reach Energy and TM
- A + A KUALA LUMPUR (June 30): Here is a brief look at some corporate announcements and news flow on Thursday (June 30) which include iDimension Consolidated Bhd, Marine & General Bhd (M&G), Petronas Chemicals Group Bhd (PetChem), Mudajaya Group Bhd, Teck Guan Perdana Bhd, Farm Fresh Bhd, Reach Energy Bhd (REB) and Telekom Malaysia Bhd (TM). Information technology solutions provider iDimension Consolidated Bhd has regularised its financial condition and level of operations and hence, it no longer triggers any of the criteria under Paragraph 2.1 of Guidance Note 3 (GN3) of the ACE Market listing requirements. As such, it will be lifted from its GN3 status on Friday (July 1). Shipping firm Marine & General Bhd ( M&G ) returned to the black in its fourth financial quarter ended April 30, 2022 (4QFY22), registering a net profit of RM3.52 million compared with a net loss of RM10.27 million a year ago, mainly due to better vessel utilisation in the … [Read more...] about iDimension, Marine & General, PetChem, Mudajaya, Teck Guan, Farm Fresh, Reach Energy and TM
FMCG Review: Some green shoots appearing, though not yet out of the woods
Representative image PRO Only Highlights - Quarterly performance largely backed by improved realisations - Medium-term triggers China plus and protectionist measures for tyre industry - Valuations not inexpensive; but improved medium-term outlook In the March 2022 quarter, our coverage universe of 14 FMCG (excluding ITC) companies saw revenues, gross profit, EBITDA and net profit growing by 17 percent, 6 percent, 7 percent and 9 percent, respectively, year on year (YoY). Quarter on quarter (QoQ), growth remained flattish. Among individual companies, Adani Wilmar reported one of the highest revenues and gross profit growth of 40 percent and 26 percent, respectively. Tata Consumer Products saw an EBITDA (earnings before interest, taxes, depreciation and amortization) growth... … [Read more...] about FMCG Review: Some green shoots appearing, though not yet out of the woods
Turning the ‘Bulletproof’ Coffee Craze Into a Big Brand
In February, Dave Asprey will cut the ribbon on his first-ever Bulletproof café. After nearly five years, it seems like a logical step for a guy whose butter-infused coffee inspired a cult following. Read on for the story of how Asprey went from experimenting with "biohacking" his own body to building a thriving business. (And check out more stories in our Built From Passion series.) Where the Idea Came From At 20, Dave Asprey was depressed, overweight, and eating to cope with his emotions, which veered from clear and decisive to stricken with fear. After buying disability insurance, "because I got to the point where I wouldn't hire myself," he told Inc . last summer, the former project manager and software entrepreneur became obsessed with his health, from the quality and duration of his sleep to the fat content of foods he consumed. The more he studied himself, the more he realized he wasn't after a quick pick-me-up but the feeling of being on , … [Read more...] about Turning the ‘Bulletproof’ Coffee Craze Into a Big Brand
Shares Of Russia’s Largest Public Company Gazprom Tank 30%
Share to Twitter Share to Linkedin Topline Shares of majority state-owned Russian oil and gas giant Gazprom, which is the country’s largest public company, tanked in trading on Thursday after the company declined to pay out dividends for the first time since 1998 in a sign of the widening impact of sanctions on the Russian economy. Key Facts Gazprom shareholders voted not to pay dividends because under the “current situation it is not advisable to pay dividends based on the 2021 results," the company’s deputy chief executive Famil Sadygov said, according to Reuters, in a nod to worsening economic conditions in Russia as it is cut off from much of the global economy in response to its invasion of Ukraine. That decision is a reversal of the board’s recommendation last month to issue a dividend of 52.53 rubles (96 cents) per share. Shares of Gazprom fell 29.8% to 208.9 rubles ($3.82) on Thursday, and the Moscow stock exchange briefly … [Read more...] about Shares Of Russia’s Largest Public Company Gazprom Tank 30%
Nevada Cannabis Firm Flower One Expands C-Suite With New Hire
Share to Twitter Share to Linkedin Top Nevada-based cannabis cultivator and producer Flower One has made a key hire to its C-suite team. The company has named Tim Shoemake as chief operating officer. His appointment began June 28, 2022. On Shoemake joining Flower One, Kellen O'Keefe, president and CEO of Flower One, expressed unbounded enthusiasm. “We are very excited to have Tim on board, as he brings a unique combination of experience both inside and outside of cannabis to the table,” said O’Keefe, in a statement . “Tim’s expertise in large-scale, highly competitive perishable goods manufacturing makes him a valuable asset, and we look forward to working closely with him to assure we deliver the quality and consistency needed to be successful.” Shoemake echoed O'Keefe's enthusiasm. “I am thrilled to be part of such a fantastic organization, with a clear vision and deep commitment to doing things right," he said, also in a statement. "The … [Read more...] about Nevada Cannabis Firm Flower One Expands C-Suite With New Hire
Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal
This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal
Marine & General returns to the black in 4Q on better vessel utilisation
- A + A KUALA LUMPUR (June 30): Shipping firm Marine & General Bhd (M&G) returned to the black in its fourth financial quarter ended April 30, 2022 (4QFY22), registering a net profit of RM3.52 million compared with a net loss of RM10.27 million a year ago, mainly due to better vessel utilisation in the current quarter and deployment of all tankers of the downstream division under time charter as compared to three tankers in 4QFY21. A net reversal of vessel impairment amounting to RM24.1 million in 4QFY22 compared with RM5.3 million in 4QFY21 also contributed to the improved financial performance. As a result, it posted an earnings per share of 0.16 sen for 4QFY22 compared with a loss per share of 0.46 sen for 4QFY21. Revenue for the quarter rose 35.2% to RM63.24 million from RM46.79 million in 4QFY21, underpinned by improved demand for oil products and higher fleet utilisation. In a statement on Thursday (June 30), M&G said the upstream division … [Read more...] about Marine & General returns to the black in 4Q on better vessel utilisation