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Slow replanting of palm a blow to Indonesia's efforts on environment

JAKARTA: An ambitious scheme to replant about a fifth of the land under palm oil in Indonesia is running far behind schedule, marking a blow to efforts by the world's top producer to lift yields and fend off attacks on the sustainability of the crop.

President Joko Widodo(pic) launched the scheme in late 2017, but funding had been disbursed to replant less than 15,000 hectares by last November, against an initial 2018 goal of 185,000 hectares, according to data from the Coordinating Ministry for Economic Affairs.  "Since there has been a growing global backlash against palm oil, it is crucial the replanting programme is carried out as soon as possible," said Thontowi Suhada, a researcher at the U.S.-based World Resources Institute (WRI).

Palm falls on weaker US soyoil, crude oil prices

KUALA LUMPUR: Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the U.S. Chicago Board of Trade and crude oil prices.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,175 ringgit ($529.45) a tonne at the close of trade.  Trading volumes stood at 31,538 lots of 25 tonnes each at the end of the trading day.

Muzmi is CEO of TH Plantations

PETALING JAYA: TH Plantations Bhd, the plantation arm of Lembaga Tabung Haji, has named Muzmi Mohamed as its new chief executive officer (CEO).

Muzmi’s appointment takes effect from February 11, according to a filing with Bursa Malaysia yesterday.

KLCI closes lower on selling of Tenaga, Public Bank

KUALA LUMPUR: Bursa Malaysia stayed in the red throughout Wednesday on lacking of strong rerating catalysts while selling of Tenaga Nasional and Public Bank sent the FBM KLCI into the red.