Analysts positive on CPO export duty removal, but warns of trade war brewing
While most analysts have been fairly positive in the temporary crude palm oil (CPO) export duty removal that became effective on Monday, there were concerns over a possible trade war brewing with other oil palm producing countries. To recap, the Malaysian government has announced a temporary suspension of the CPO export tax for three months, effective from January 8, 2018 to April 7, 2018.
Export tax suspension to boost upstream plantation players
The government’s decision to suspend the crude palm oil (CPO) export tax for three months is expected to benefit plantation companies with significant upstream operations and strengthen the commodity prices for the first quarter of this year. FGV group president and chief executive officer, Datuk Zakaria Arshad said industry players are faced with issues of high CPO stocks level and strengthening of the Ringgit that have pressured the CPO price to around RM2,500 per MT.
Sabah Cement, Ecooils ink agreement for ecologically-processed Pozzolan
Cement Industries (Sabah) Sdn Bhd (Sabah Cement) has signed a sales and purchase agreement with Ecooils Sdn Bhd for a 10-year supply of ecologically-processed pozzolan for use in Sabah Cement’s products. Sabah Cement chief executive officer, Bahrul Razha Chuprat, said the processed pozzolan material, an oil palm by-product, would enable the company to produce its blended cement product for infrastructural projects in Sabah.
Mah warns of TIT for TAT over EU’s palm oil threat
Malaysia, Indonesia and Thailand are ready to join forces and retaliate over the European Union’s (EU) threat to exclude palm oil from its biofuel mix and renewable energy by 2021, which is a discriminatory act and amounts to an attack on the palm oil industry. Such action will affect oil palm smallholders more than anyone else, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, reiterating a major concern to palm oil producing countries.
Bintulu Port a key trade gateway in Sarawak and Malaysia
RAM Ratings has reaffirmed the AA1/Stable/P1 corporate credit ratings of Bintulu Port Holdings Bhd (BPHB) given its function as a key import and export gateway in Sarawak and in Malaysia. In a statement, it said, the ratings mainly reflect its view of Bintulu Port as a government-linked entity and the high likelihood of extraordinary support from both the federal and Sarawak governments.
First IPO of the year debuts at 60 sen on ACE mart
Binasat Communications Bhd made its debut on the Ace Market of Bursa Malaysia at 60 sen, a 14 sen premium above its issue price of 46 sen a share. The telecommunications support services provider, the first company to be listed on Bursa Malaysia for this year, had an oversubscription rate of 34.23 times from the Malaysian public.
Shareholders approve formation of AirAsia Group, more consolidation on the card
Shareholders approved the formation of AirAsia Group Bhd, which will later assume the listing status of low-cost airline, AirAsia Bhd, on Bursa Malaysia. Under a one-for-one share swap deal, AirAsia Group would emerge as an investment holding entity while AirAsia will focus on its airline operations, AirAsia Bhd group chief executive officer, Tan Sri Dr Tony Fernandes told reporters after the company’s Extraordinary General Meeting on Monday.
Malakoff partners Meccanica to develop re projects
Malakoff Corporation Bhd has partnered Touch Meccanica Sdn Bhd to jointly develop renewable energy (RE) projects in Pahang at a total development cost of RM1.3 billion. Malakoff Chief Executive Officer, Datuk Ahmad Fuaad Kenali said the projects, particularly the large-scale solar photovoltaic and mini hydro-power, would likely generate 150 megawatts (MW) of energy.
GDB Holdings Bhd set for listing on ACE Market of Bursa Malaysia
Construction services firm GDB Holdings Bhd (GDB) has received approval from Bursa Malaysia Securities Bhd (Bursa Malaysia) to list on the ACE Market. Established since 2013, GDB has completed construction works for several projects in Kuala Lumpur, namely KL Eco City (Parcel B) and One Central Park.
Malaysia Airlines to resume flights to Brisbane in June
Malaysia Airlines will be reinstating direct flights between Kuala Lumpur and Brisbane effective June 6, 2018. In a statement, the airline said the four times weekly service would be provided using an A330-300 with up to 290 seats every Monday, Wednesday, Thursday and Saturday.
KLIA to test runway surveillance and safety technology
The Kuala Lumpur International Airport (KLIA) is currently testing foreign object debris (FOD) radar detection system, which is based on radio-over-fibre technology, at its runway. Malaysia Airports Holdings Bhd (MAHB) chief strategy officer, Azli Mohamed, said the Linear-Cell Radar over Fibre FOD Detection System had been installed at KLIA’s Runway 2.
Travelling trends: A sign of good economy
Over the years, the preferences of Malaysians travelling abroad have grown tremendously – from only aiming to visit Langkawi to now hunting the Northern Lights in Ireland. All of these have become easier, thanks to the advancement of the Internet which comes in various online platforms, mobile applications and flight promotions, making travelling cheaper and less hassle.
MITI hopes to announce national industry 4.0 policy framework before mid-year
The Ministry of International Trade and Industry (MITI) hopes to announce the National Industry 4.0 policy framework before mid-year, said Deputy Minister Datuk Chua Tee Yong. He said the framework, currently at the last stage of drafting, would be announced by the MITI Minister, Datuk Seri Mustapa Mohamed.
Govt launches register of property managers
The Ministry of Urban Wellbeing, Housing and Local Government has launched the Register of Property Managers with an amendment of Act 242 – Valuers, Appraisers and Estate Agents Act, 1981, gazetted on Oct 17, 2017. Its Minister, Tan Sri Noh Omar said the amendment effectively brings the practice of property management under the ambit of the Board of Valuers Appraisers, Estate Agents and Property Managers.
Source: Borneo Post Online