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THE abrupt lifting of Indonesia’s palm oil export ban starting this Monday will once again disrupt the commodity’s price movement in the global edible oil market.
PETALING JAYA: Higher crude palm oil (CPO) and palm kernel (PK) prices helped lift Sime Darby Plantation Bhd’s (SDP) net profit in the first quarter ended March 31, 2022 (1Q22), to RM718mil, a 27.76% increase over RM562mil in 1Q21.
Here's a look at the news highlights from Asean countries in the Star-AseanPlus section for Friday (May 20, 2022)
KUALA LUMPUR: Ministry of Plantation Industries and Commodities (MPIC) is in the midst of discussions with the Ministry of Finance (MoF) to look into the viability of slashing Malaysia’s palm oil export tax to 4-6 per cent from the current 8 per cent.
Indonesia's Coordinating Ministry for Economic Affairs is scheduled to hold a briefing on the Southeast Asian country's reopening of palm oil exports at 0300 GMT on Friday, according to a media invitation.
NEW YORK: Oil prices rebounded from two days of losses in a volatile session on Thursday, bolstered by weakness in the dollar and expectations that China could ease some lockdown restrictions that could boost demand.
HOUSTON:Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.
MANILA (Bloomberg): The Philippines’ presumptive president Ferdinand Marcos Jr is poised to get more support from the legislature after his allies won half of the 12 Senate seats in last week’s elections.
NEW YORK: After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela's government, raising hopes that the market could see some additional supplies.