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Zuraida: So far, we have no worries because we definitely have no shortages at all. - A + A (May 24): Malaysia, the world’s second-biggest palm oil producer, has ruled out curtailing cooking oil exports as it has enough supplies to meet local demand and will instead focus on targeting subsidies to ensure it benefits the most needy consumers. “So far, we have no worries because we definitely have no shortages at all,” Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said in an interview Tuesday (May 24). “Most of the time we export more than half of what we produce, and we still have an excess to export,” she said from her office in the administrative capital Putrajaya. The nation aims to fill the gap in the edible oil market caused by the Ukraine war, as well Indonesia’s export curbs on palm oil, Zuraida said. She forecasts Malaysia’s palm oil production may rebound to 23 million to 25 million tonnes in 2022, versus last year’s 18.1 … [Read more...] about Malaysia rules out curbs on cooking oil exports, minister says

- A + A KUALA LUMPUR (May 24): Continuous selling in selected healthcare and financial services counters pulled Bursa Malaysia to end at intraday low on Tuesday (May 24), marking its fourth consecutive day of decline, in line with negative sentiment on regional bourses, dealers said. IHH Healthcare Bhd and Public Bank Bhd were among the top losers, falling 15 sen and four sen each to RM6.40 and RM4.50, respectively, contributing a total of 3.62 points to the loss in the composite index. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 11.23 points or 0.73% to end at its lowest level for the day of 1,531.3, from Monday’s close of 1,542.53, after hitting a high of 1,547.84 in the early morning session. The benchmark index, which opened 5.31 points higher at 1,547.84, remained in the negative territory for most part of the day. Market breadth was negative with decliners outpacing advancers 696 to 247, while 406 counters were unchanged, 950 untraded, and 11 … [Read more...] about Bursa Malaysia ends at intraday low on continued selling

- A + A KUALA LUMPUR (May 24): Farm Fresh Bhd's net profit for the fourth quarter ended March 31, 2022 (4QFY22) surged 50.63% to RM17.68 million from RM11.74 million a year earlier, on a higher gross profit margin. In a bourse filing on Tuesday (May 24), the group said the higher gross margin reflected both an increase in sales as well as a price increase of its chilled ready-to-drink (RTD) milk products and ambient RTD products by an average of 5% which it implemented in September and December 2021 respectively. It noted that gross profit margin improved from 27.6% to 28.6% a year ago. Meanwhile, quarterly revenue was marginally up by 0.44% to RM128.07 million from RM127.51 million. It noted that its Malaysian operation's revenue grew by 6.16% to RM120.68 million from RM113.68 million a year ago, driven by the recovery in economic activities and consumer confidence on the heels of further easing of restrictions and reopening of borders. However, revenue fell … [Read more...] about Farm Fresh 4Q earnings up 51% on increase in sales and price hikes, FY22 profit up 121%

- A + A LONDON (May 24): Food protectionism is on the rise in the developing world as governments try to safeguard local supplies, and the effects are threatening to spill over into richer economies. Countries are restricting exports to cope with high prices that have been exacerbated by the war in Ukraine. Malaysia just announced a ban on chicken exports, causing consternation in Singapore, which gets a third of its supplies from there. India has moved to curb wheat and sugar shipments, Indonesia has limited palm oil sales, and some other nations have issued grain quotas. The poorest countries are most vulnerable to surging food prices and shortages, but wealthier economies are not immune. For example, almost 10 million Britons cut back on food in April amid a cost-of-living crisis. US restaurants are shrinking the size of their portions, while France has pledged to issue food vouchers to some households. "Lower-income households in the UK and the US are … [Read more...] about Rising global food protectionism risks worsening inflation woes

- A + A KUALA LUMPUR (May 24): The recent government’s decision to impose an export ban on chicken is expected to pose a threat towards poultry producers’ profitability. An industry expert who spoke to The Edge on the condition of anonymity said that some of the poultry producers already have existing contracts with parties in their export markets and the decision to ban export will affect the producers’ bottom line. “What the government is doing is a short-term measure. In the long run, should the government impose the export ban, it may affect our export level to other countries. “For instance, at the moment, we export (chicken) to Singapore, which accounts for about 10% to 15% of (the country’s) total production and if we impose this export ban, Singapore might shift to source chicken from other countries in the long run. “Some of the local poultry players also will be losing a lot of money, as they already have signed contracts with parties from other … [Read more...] about Govt’s decision to impose export ban on chicken may pose threat to poultry producers’ profitability, says expert

- A + A KUALA LUMPUR (May 24): Logistics and express carrier provider GDEX Bhd posted a net loss of RM1.9 million in the first quarter ended March 31, 2022 (1QFY22), the first time since it was listed in 2005, amid tough competitions at home and higher operating costs. The group reported a 13.16% decline in revenue during the quarter to RM91.89 million, compared with RM105.81 million a year ago, amid lower contributions from its courier services segment. Geographically, Malaysia and Vietnam collectively made up the majority, or 99.6%, of GDEX's revenue, while Singapore contributed the balance 0.4%, according to GDEX. GDEX managing director Teong Teck Lean said in a statement accompanying the results that the group continues to face headwinds in Malaysia due to predatory pricing. "The competitive pricing environment is destructive, with some players offering free delivery service to grow their volume. However, this practice seems to be slowing down and we … [Read more...] about GDEX falls into the red for the first time ever amid stiff competitions in 1QFY22

KUALA LUMPUR: The Cabinet agreed on Tuesday (May 24) that co-operatives involved in the plantation sector will be given the opportunity to recruit foreign workers, effective immediately. This was to enable co-operatives to be involved in the cultivation of food products such as corn, which was currently needed by the country to overcome the issue of shortage of chicken supply in the market. Entrepreneur Development and Co-operatives Minister Tan Sri Noh Omar (pic) said under the existing regulations set by the Human Resource Ministry, a company must be registered with the Companies Commission of Malaysia (SSM) if they wanted to apply to recruit foreign workers. "However, the co-operatives are not registered under SSM because they are under the Co-operative Commission of Malaysia (SKM). "But the Cabinet yesterday had agreed that co-operatives involved in plantations can apply to recruit foreign workers and the confirmation process on the existence of these co-operatives will be … [Read more...] about Co-operatives involved in plantations can take on foreign workers, says Noh Omar