French MPs turn down palm oil tax

Malaysian palm oil futures edged higher on Friday after a run of losses, supported by a weaker ringgit and short covering, although they still marked a second straight weekly loss.

KUALA LUMPUR: The Malaysian Palm Oil Council (MPOC) is relieved French National Assembly MPs voted to reject the proposed palm oil tax in France yesterday.

MPOC chief executive officer Tan Sri Dr Yusof Basiron issued a statement congratulating the French MPs for rejecting the discriminatory palm oil tax.