Malaysia's Nov palm oil inventories climb to highest in nearly 20 years - Business News

SINGAPORE: Malaysia's palm oil stockpiles at the end of November rose above 3 million tonnes as a steep decline in exports boosted reserves, official data showed on Monday.Palm oil stocks last month rose 10.5 percent from October to 3.007 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said. The stockpiles are at the highest in at least18 years, according to Refinitiv data going back that far.Rising palm oil reserves could weigh on benchmark palm oil prices, which were falling for a second session on Monday.A Reuters survey based on the median estimate of eight planters, traders and analysts earlier this month showed Malaysia's palm oil stocks would touch the 3-million-tonne mark. "The ending stocks are as per our expectations but a decline of more than 6 percent in production is bit of a surprise," said Santhosh Kumar, chief executive of Singaporean trading and consulting company Arcis Global Merchants Pte Ltd."Most people were looking at a decline of around 3 percent. "The MPOB data showed palm oil production in November slid 6.09 percent from the previous month to 1.85 million tonnes, while exports fell 12.9 percent to 1.375 million tonnes.Demand for palm oil generally tapers down in the last quarter of the year, as colder temperatures in key markets such as China and Europe cause palm oil to solidify, which leads buyers to seek alternative oils.

Source:The Star

December 10, 2018 09:45 UTC

Bursa down for fifth trading day, key Asian markets fall - Business News

KUALA LUMPUR: Bursa Malaysia closed in the red for the fifth trading day on Monday, with the FBM KLCI down 1% while all key Asian markets slid on the US-China trade conflict worries, sparked off by the arrest of the Huawei chief financial officer.At 5pm, the KLCI was down 17.23 points or 1.03% to 1,663.31. Turnover was 2.65 billion shares valued at RM1.37bil. Palm oil stocks last month rose 10.5% from October to 3.007 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said.The stockpiles are at the highest in at least 18 years, according to Refinitiv data going back that far, Reuters reported.Among the banks, CIMB fell 13 sen to RM5.65 and erased 2.21 points, HLFG 50 sen to RM18.86, Hong Leong Bank 30 sen to RM20.30, Public Bank 10 sen to RM24.70, Maybank five sen to RM9.37 while RHB Bank shed one sen to RM5.33. lost 21 sen to RM6.05, GentingM six sen to RM2.81 and MISC nine sen to RM6.01.Tenaga fell 14 sen to RM13.56 and wiped out 1.41 points from the KLCI. The share price was at its lowest since June 28.Prestariang lost 15 sen to 30.5 sen – lowest since March 2012 – with 78.21 million shares done after the Home Ministry confirmed the Immigration Department's RM3.5bil national immigration control system (SKIN) concession had been cancelled.Top Glove lost 35 sen to RM5.55 with 22.25 million units traded, following news that it was accused of forced labour.US light crude oil fell 12 cents to US$52.49 but Brent climbed 21 cents to US$61.88.Petronas Dagangan rose 50 sen to RM25.64, Petronas Gas was flat at RM19.10 while Petronas Chemical and Dialog shed one sen each to RM9.19 and RM3.17Consumer stocks also fell with Fraser and Neave falling the most for the day, sliding 66 sen to RM32.04, BAT 58 sen to RM36.70, Ajinomoto 54 sen to RM18.10 and Carlsberg 34 sen to RM19.26.However, Nestle rose 40 sen to RM144.90 and Heineken 30 sen to RM20.20.

Source:The Star

December 10, 2018 09:42 UTC

Japan's top 3 telcos to shun Huawei, ZTE network equipment - Business News

TOKYO: Japan's big three telecom operators plan not to use current equipment and upcoming fifth-generation (5G) gear from China's Huawei Technologies Co Ltd and ZTE Corp , Kyodo News reported on Monday.The news, for which Kyodo did not cite sources, comes at a time of heightened scrutiny of Chinese tech firms by Washington and some prominent allies over ties to the Chinese government, driven by concerns they could be used by Beijing for spying.Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks.A SoftBank Group Corp spokesman said Japan's third-largest telco was closely watching government policy and is continuing to consider its options. The amount of equipment in use from Chinese makers "is relatively small", he said.The country's top two telecommunications operators, NTT Docomo Inc and KDDI Corp, said the firms had not made any decision yet.Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its "core" network, a spokeswoman said, adding it does not use any ZTE network equipment.Huawei did not respond to Reuters request for comment, while ZTE declined to comment.Huawei has already been locked out of the U.S. market, and Australia and New Zealand have blocked it from building 5G networks amid concerns of its possible links with China's government. Huawei has said Beijing has no influence over it.Japan's decision to keep it out would be another setback for Huawei, whose chief financial officer was recently arrested by Canadian officials for extradition to the United States.World financial markets have been roiled since news of the arrest, on worries it could reignite a Sino-U.S. trade row that was only just showing signs of easing.Shares of SoftBank, which has the deepest relationship with Huawei among the big Japanese telcos, fell the most among the three top Japanese telcos on Monday, ending down 3.5 percent.Industry sources said SoftBank would find it difficult to replace pre-existing Huawei network equipment that is designed for the company and not easily interchangable.Docomo and KDDI shares fell around 1 percent, in a wider market that closed down 2 percent.Earlier, SoftBank's Japanese telecoms unit priced its IPO at an indicated 1,500 yen ($13.31) per share and said it will sell an extra 160 million shares to meet solid demand, raising about $23.5 billion in Japan's biggest-ever IPO.

Source:The Star

December 10, 2018 09:33 UTC

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