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Palm oil price at week high on stronger soyoil, weaker ringgit

KUALA LUMPUR: Malaysian palm oil futures climbed to a one-week top in early trade on Wednesday, in line to chart a third consecutive day of gain, as it tracked an increase in U.S. soyoil on the Chicago Board of Trade (CBOT) and a weaker ringgit.

Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 1.4% at 2,043 ringgit ($489.69) a tonne at the midday break on Wednesday, its strongest levels since May 8.

Buffett's Berkshire unveils US$861mil Amazon stake

NEW YORK: Warren Buffett's Berkshire Hathaway Inc said it owned $860.6 million of Amazon.com Inc shares at the end of March, after the billionaire admitted to underestimating the online retailer and its Chief Executive Jeff Bezos

Wednesday's filing includes investments by Buffett(pic) and his portfolio managers Todd Combs and Ted Weschler, but does not say who bought and sold what.

Saudi’s non-oil stimulus may last beyond 2021

DUBAI: Saudi Arabia’s 200 billion-riyal (US$53bil) lifeline to its non-oil economy may be in place for longer than planned as the kingdom supports industries struggling to cope with reforms that pushed up costs and dampened demand.

KL Kepong Q2 net profit 34.6% up

PETALING JAYA: Plantation company Kuala Lumpur Kepong Bhd’s (KLK) net profit in its second quarter ended March 31, 2019 (2Q19) rose 34.6% to RM142.95mil from RM106.15mil a year ago, mainly due to a surplus of RM25.6mil arising from government acquisition of plantation land.

For its plantation sector, net profit dipped 55.8% to RM100.9mil from RM228.4mil previously, dragged by weaker selling prices of crude palm oil and palm kernel.

Gas Malaysia Q1 profit climbs 2.4%

PETALING JAYA: Gas Malaysia Bhd’s earnings in the first quarter ended March 31, 2019 (1Q19) improved by 2.38% year-on-year (y-o-y), on the back of stronger revenue and other operating income, as well as lower operating expenses.

Gas Malaysia’s revenue in the three-month period saw a significant jump of 19.5% y-o-y to RM1.716bil, largely on the back of a higher volume of natural gas sold and higher natural gas tariffs.

Hubline venturing into O&G air transportation

KUCHING: Hubline Bhd’s newly acquired aviation company Layang Layang Aerospace Sdn Bhd will buy eight more aircraft and venture into the air transportation service for the oil and gas (O&G) industry.

According to Hubline vice-chairman Datuk Richard Wee Liang Chiat, Layang Layang Aerospace is in the midst of procuring two additional fixed-wing aircraft and six helicopters (two twin and four single engines) to support the growing demand of general aviation services in the region. (Filepic shows one of the helicopters from Layang Layang with the crew.)