Sabah & Sarawak
CPOPC secretariat to start operations in March
The secretariat for the Council of Oil Palm Producing Countries (CPOPC) based in Jakarta, Indonesia, is expected to start operations by next month. Deputy Minister in the Prime Minister’s Department Datuk Razali Ibrahim said the agreement on this was reached between Malaysia and Indonesia at the CPOPC meeting in Jakarta on Feb 4.
Aggressive promotion, marketing needed to lure global banks to operate in Labuan
Aggressive promotion and marketing is needed to lure more international offshore banks to operate in Labuan, said Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor. He said he had briefed the Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister, to ask Bank Negara Malaysia which is in charge of the Labuan Financial Services Authority to come up with an effective marketing and promotion strategy.
Palm oil stocks dip 12.38 pct to 2.31 mln tonnes in Jan 2016
Malaysia’s total palm oil stocks in January 2016 slipped 12.38 per cent to 2.31 million tonnes against 2.63 million tonnes registered in December 2015, said the Malaysian Palm Oil Board (MPOB) on its website. Crude palm oil stocks for January 2016 declined 18.28 per cent to 1.30 million tonnes against 1.59 million tonnes recorded at end December.
Analysts undeterred by termination of Pet Gas’ RGT in Lahad Datu
AmResearch Sdn Bhd (AmResearch) kepts its valuations and forecasts unchanged for Petronas Gas Bhd (Petronas Gas) following its decision to terminate the proposed regasification terminal (RGT) at Lahad Datu, Sabah. The group along with project partner Sabah Energy Corporation have mutually decided to terminate the RGT project following “prolonged uncertainties concerning the project.
New standard aims to raise bar for ethical palm oil, boost demand
A new, stricter standard for sustainable palm oil aims to unify business efforts to stop deforestation and respect local people’s rights when developing plantations, while boosting consumer demand for the product.
The Roundtable on Sustainable Palm Oil this week launched “RSPO NEXT”, a voluntary add-on to its existing criteria for sustainably grown palm oil, catering for growers, traders and buyers that want to go the extra mile.
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National
Malaysia to sign 3 more ftas next year
Malaysia will sign three more Free Trade Agreements (FTAs) this year, said International Trade and Industry Second Minister Datuk Seri Ong Ka Chuan. He said the three FTAs – with the European Union, Hong Kong and the Regional Comprehensive Economic Partnership (RCEP) — will further enhance Malaysia’s trade and investment volume as well as revenue.
Islamic Finance to overide oil price woes, prospects remain strong
The prospects for Islamic finance remains strong given the growing interest towards syariah-compliant investment asset class, despite the inevitable correlation between oil price and Islamic wealth. Bahrain Central Bank Governor Rasheed Al Maraj said while were some headwinds recently, the long-term growth picture within its strongest markets in the Middle East and Southeast Asia remained robust.
Malaysia maintains sukuk leadership in 2015 – RAM
Malaysia retained its leading position as a sukuk hub last year, accounting for 53 per cent of global issuance at the end of the year.
“This is a strong finish for Malaysia, which has had to contend with the devaluation of the ringgit, slower sukuk issuance and new issuers from other countries,” notes Ruslena Ramli, RAM Ratings’ Head of Islamic Finance.
M’sia’s trade to grow by 2 pct in 2016, says Mustapa
The country’s total trade is likely to grow by two per cent in 2016 amid the challenging economic environment, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said the growth would be supported by the government’s focus on trade in the Asean market.
M’sia ranks 17th in US Chamber International IP Index
Malaysia is ranked 17th out of 38 economies, with countries like Russia, Brazil, Indonesia and Thailand scoring lower in the US Chamber of Commerce’s International Intellectual Property Index (IIPI) 2016 – 4th Edition. In a statement, the US chamber said Malaysia’s overall IIPI score has increased to 14.78 from 14.62 in the previous edition of the index.
IATA: Global airlines to stage strong performance in 2016
Global airlines are expected to stage a strong performance in 2016, driven by increased passenger traffic, said the International Air Transport Association (IATA). Declining oil prices and competitive pressures within the industry would likely translate into further declines in fares this year as fuel hedges unwind.
Malaysian ETFs up 66 per cent total volume in 2015 – i-VCAP
Exchange traded funds (ETF) in Malaysia have grown 66 per cent in terms of total volume, with 28.9 million units being traded on Bursa Securities in 2015 compared to 17.4 million units in the previous year, says i-VCAP Management Sdn Bhd (i-VCAP).