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Credibility of China-backed trade deal at risk if talks drag on, says Singapore PM

SINGAPORE, Nov 14 — A major China-backed trade deal is at risk of losing credibility if negotiations are further prolonged, Singapore’s prime minister said today, as Beijing said talks on the deal this week were at a “critical moment.” The…


FGV, Dalian to jointly promote palm oil

PETALING JAYA: FGV Holdings Bhd has signed a memorandum of understanding (MoU) with the Dalian Commodity Exchange (DCE) to collaborate in the implementation of DCE’s Palm Oil Internationalisation Project.

The MoU will focus on services offered by FGV’s subsidiary Felda Johor Bulkers Sdn Bhd (FJB). FGV will also be required to provide support for DCE’s research in the palm oil futures and spot markets in Malaysia and Indonesia, as well as promote bilateral cooperation between the two parties.

“The collaboration will potentially contribute an estimated RM1.5 million in revenue, with profitability of RM525,000 per month, based on throughput projection of 50,000 metric tons,” FGV said in a statement today.

DCE, the world’s largest agriculture, plastics, coal, iron ore futures bourse, aims to increase cooperation with palm oil companies in the Belt and Road countries, to expand palm oil futures delivery regionally.

It has a total of 16 futures contracts listed for trading that includes a variety of agricultural and industrial produce.

As at end-2017, DCE had 165-member firms and 3.09 million investor accounts, including 89,300 corporate accounts. DCE had 280 designated delivery warehouses and 14 margin depository banks.

The collaboration will tap on FJB’s extensive experience in the bulking business with over 860,000 tonne of total liquid storage capacity across its terminals in Malaysia, Indonesia and Pakistan. FGV has the world’s largest bulking and storage facilities for vegetable oil.

Through FGV’s subsidiary, FGV China Oils Ltd (FGVCO), this collaboration would also be a catalyst to unlock more potential collaborations in other related industries in China, and B2B ventures, to expand its palm-based business operations in the region.


FGV, Dalian exchange to jointly promote palm oil

PETALING JAYA: FGV Holdings Bhd has signed a memorandum of understanding (MoU) with the Dalian Commodity Exchange (DCE) to collaborate in the implementation of DCE’s Palm Oil Internationalisation Project.

The MoU will focus on services offered by FGV’s subsidiary Felda Johor Bulkers Sdn Bhd (FJB). FGV will also be required to provide support for DCE’s research in the palm oil futures and spot markets in Malaysia and Indonesia, as well as promote bilateral cooperation between the two parties.

“The collaboration will potentially contribute an estimated RM1.5 million in revenue, with profitability of RM525,000 per month, based on throughput projection of 50,000 metric tons,” FGV said in a statement today.

DCE, the world’s largest agriculture, plastics, coal, iron ore futures bourse, aims to increase cooperation with palm oil companies in the Belt and Road countries, to expand palm oil futures delivery regionally.

It has a total of 16 futures contracts listed for trading that includes a variety of agricultural and industrial produce.

As at end-2017, DCE had 165-member firms and 3.09 million investor accounts, including 89,300 corporate accounts. DCE had 280 designated delivery warehouses and 14 margin depository banks.

The collaboration will tap on FJB’s extensive experience in the bulking business with over 860,000 tonne of total liquid storage capacity across its terminals in Malaysia, Indonesia and Pakistan. FGV has the world’s largest bulking and storage facilities for vegetable oil.

Through FGV’s subsidiary, FGV China Oils Ltd (FGVCO), this collaboration would also be a catalyst to unlock more potential collaborations in other related industries in China, and B2B ventures, to expand its palm-based business operations in the region.


‘Substantial progress’ made on massive China trade deal that excludes US

SINGAPORE, Nov 14 — Substantial progress has been made on hammering out a China-backed trade deal, Singapore’s leader said today, driving ahead the world’s largest commercial pact which the United States is excluded from. World leaders…


Samsung drugmaker fined for US$4b accounts breach

SEOUL, Nov 14 — The pharmaceutical arm of giant South Korean conglomerate Samsung was fined today for alleged accounting breaches amounting to nearly US$4 billion, and had dealings in its shares suspended indefinitely. Contract drugmaker Samsung…


Jet Airways shares rise on Tata investment speculation

MUMBAI, Nov 14 — Shares in India’s second-largest airline Jet Airways jumped almost three per cent today following reports that salt-to-steel conglomerate Tata Group might invest in it. Tata is reviewing Jet’s accounts with a view to…


China tech factory conditions fuel suicides, says study

BEIJING, Nov 14 — Difficult working conditions including punishment for minor offences and high staff turnover in Chinese factories that feed the global electronics supply chain contribute to employee suicides, a study published today said. The…


IHH shares rise 10 sen after completing Fortis deal

PETALING JAYA: IHH Healthcare Bhd’s share price rose as much as 2.20% after it completed the acquisition of 31.1% stake in India’s Fortis Healthcare Limited.

The stock rose 2.20% or 10 sen to trade at a high of RM4.64 this morning, from its last adjusted closing price of RM4.54. At midday, the stock was 1.32% or 6 sen higher at RM4.60 with 350,600 shares traded.

Yesterday, IHH told Bursa Malaysia that it can now take formal control of Fortis after completing the RM2.35 billion deal via indirect wholly owned subsidiary Northern TK Venture Pte Ltd (NTK).

NTK now holds 31.1% of the expanded voting share capital. Fortis and its subsidiaries have been consolidated as indirect subsidiaries of IHH.


Danske money laundering scandal is 'tip of iceberg,' whistleblower's lawyer says

LONDON, Nov 14 — Danske Bank's €200 billion (RM942.95 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said….


White House to consider auto tariff recommendations

WASHINGTON: The US Commerce Department has submitted draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25 per cent on imported cars and parts on national security grounds, two administration officials said. The ‘Section 232’ recommendations on ensuring a healthy US auto industry are undergoing an interagency […]