Yuan priced oil futures

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 NEW DELHI (May 24): India is considering cutting an import levy on soybean and sunflower oils, another step in a series of measures the country has taken to cool surging local prices of food. The government is deliberating whether to reduce the agriculture infrastructure and development cess, which is currently 5%, or abolish it, according to a person familiar with the matter. A final decision may be taken this week, said the person, who asked not to be identified as the information is private. A finance ministry spokesperson was not immediately available to comment. The extra levy is used by the government to collect funds for farm infrastructure projects. Curbing the tax could be one of the limited options available for the government to reduce surging vegetable oil prices in the world's second most-populous nation. India has already scrapped base import levies on most cooking oils, including palm oil and soybean oil, and imposed inventory limits to … [Read more...] about India considers tax cut on soybean and sunflower oil to cool prices

- A + A KUALA LUMPUR (May 24): TSH Resources Bhd's profit surged to RM101.86 million for the first quarter ended March 31, 2022 (1QFY22), over 6.5 times the RM15.57 million it recorded in the same quarter last year, thanks to higher palm product prices and gains from the disposal of an estate and palm oil mill, partially offset by lower sales volume. The planter's revenue grew 38.21% to RM337.35 million from RM244.08 million, its bourse filing showed. Earnings per share jumped to 6.99 sen from 1.51 sen. The Sabah-based company did not declare any dividend. The group said 92.57% of its group revenue was contributed by its palm products segment, from which it gained a profit of RM129.41 million — more than double the RM61.14 million it achieved in 1QFY21. Excluding the pre-tax disposal gain of RM53.2 million, the palm products segment's profit would have come in at RM76.2 million, as significantly higher average selling prices (ASPs) of crude palm oil and palm kernel … [Read more...] about TSH’s 1Q profit up six times over on stronger palm product prices, disposal gain

- A + A (May 24): India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. The government is planning to cap sugar exports at 10 million tons for the marketing year that runs through September, according to a person familiar with the matter. The aim is to ensure there are adequate stockpiles before the next sugar season starts in October, the person said, asking not to be identified as the information is private. The move may be announced in the coming days, the person said. India was the world’s biggest sugar exporter after Brazil last year, and counts Bangladesh, Indonesia, Malaysia and Dubai among its top customers. A spokesman for both the food and commerce ministries didn’t immediately respond to a request for comment. Sugar futures in London rose as much as 1.1%. Producers in India plunged, with Shree Renuka Sugars Ltd sliding as much as … [Read more...] about India to limit sugar exports in risk to global food prices

- 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

Brazil's right-wing president Jair Bolsonaro fired the chief executive of oil producer Petrobras -- the second in two months -- after the company refused to sell fuels at a discount to consumers warning it would l ead to diesel shortages . Bolsonaro also called for the election of a new board, according to a statement released close to midnight local time on Monday by the state-controlled company, opening the way to a full executive management shake-up. José Mauro Ferreira Coelho is the third Petrobras CEO fired by Bolsonaro over fuel prices. The president, who is seeking re-election in October but lagging in polls, says Petrobras should use its profits to reduce fuel prices and help control inflation. Bolsonaro, who also fired an energy minister earlier this year, appointed Caio Mario Paes de Andrade to replace Coelho. The government controls Petroleo Brasileiro, as the firm is formally known, with a majority of the voting shares, even if private … [Read more...] about Bolsonaro fires Petrobras CEO who warned of diesel crisis

- A + A KUALA LUMPUR (May 24): The plantations and manufacturing segments have lifted Kuala Lumpur Kepong Bhd’s (KLK) net profit for the second quarter ended March 31, 2022 (2QFY22) to RM546.57 million, up 11.44% from RM490.44 million a year earlier. Earnings per share increased to 50.7 sen from 45.5 sen in the previous year. A bourse filing showed that KLK’s revenue in 2QFY22 climbed 41.56% to RM6.38 billion from RM4.51 billion in 2QFY21. The company also declared an interim dividend of 20 sen per share, to be paid on Aug 2. KLK’s plantations segment's 2QFY22 revenue grew 65.4% to RM423.3 million from RM255.87 million, driven by higher crude palm oil (CPO) and palm kernel selling prices and profit contribution from newly acquired subsidiaries. The manufacturing segment’s revenue, meanwhile, jumped 72.6% to RM377.89 million from RM218.97 million on higher contributions from oleochemical division and refineries as well as kernel crushing operations. For the … [Read more...] about Plantation and manufacturing segments lift KLK’s 2Q earnings 11.44% y-o-y to RM546.57m

GoFirst, the budget airline previously known as GoAir, is looking to expand overseas operations after its Rs 3,600 crore initial public offering is completed, people close to the company told Moneycontrol. The airline plans to start flying to Nepal, Sri Lanka, Malaysia, Cambodia and Vietnam and also increase flights to countries in West Asia, they said. The budget airline plans to launch its delayed IPO in the second quarter of this financial year. Morgan Stanley, Citibank and ICICI Securities are the merchant bankers for the IPO. The company plans to raise 75 percent of the funds through qualified institutional placement, the people said. GoFirst plans to use Rs 2,200 crore raised from the IPO to reduce debt and repay lessors. The remaining Rs 1,600 crore will be deployed to increase operations in India and internationally. “GoFirst has trained its pilots to fly to Kathmandu and will first look at launching flights to Kathmandu and Colombo,” one person said. The airline … [Read more...] about GoFirst to expand international operations with IPO proceeds: Sources

(CNN) In mid-February, privacy and digital rights activists were buzzing about a recent victory: Earlier in the month, the Internal Revenue Service said it would back away from a controversial plan to force taxpayers to use facial-recognition software before they could log in to its website. "This has definitely been a major team effort — the hook, right, left uppercut," Joy Buolamwini, the founder and executive director of the Algorithmic Justice League, said excitedly during a Twitter Spaces session. "So many people coming together for this win." In addition to the Algorithmic Justice League, which raises awareness of the consequences of artificial intelligence, these people came from groups such as Fight for the Future, the Electronic Privacy Information Center and the American Civil Liberties Union. All have been vociferous critics of the IRS in recent months, contacting reporters and urging individuals, legislators, and the IRS itself to halt a plan that, starting this … [Read more...] about Activists pushed the IRS to drop facial recognition. They won, but they’re not done yet

Share to Twitter Share to Linkedin It was late afternoon on April’s first Sunday in Bourgogne. Cold. Overcast. Fierce winds driving the chill into my bones. Braving the elements was necessary for an homage visit to sacred land—Romanée Conti climat, in the commune of Vosne-Romanée. Surprisingly, the vineyards were bustling with activity. Frost threat had dedicated workers installing a host of prevention techniques throughout the region. The following day smoke and soot filled the air from Saint-Aubin to Morey-St. Denis. Small fires dotted the landscape. Large candles on sentry duty lined vineyard rows as far as the eye could see. In an effort to avoid catastrophic losses, like in 2021, Bourgogne wineries employ a wide range of active frost prevention techniques. From torches and heated wooden cauldrons, paraffin candles, burning vine clippings, portable wind machines, and even helicopters, each of these choices produce carbon emissions. In seeking … [Read more...] about Bourgogne Grapples With Fighting Frost Without Producing Emissions