Ispire Technology subsidiary reaffirms full compliance with Malaysian laws
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Newsweek
7 hours ago
- Newsweek
Southeast Asian Country Turns Down F1 Return Over Cost Concerns
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Given the high sponsorship costs amid the increase in demand to host Formula One, Malaysia's sports minister, Hannah Yeoh, confirmed in the parliament that her country won't be bringing back F1 any time soon. Yeoh revealed that a Grand Prix would demand a financial commitment of around RM 300 million, which, in USD, as per current exchange rates, is $71 million annually, a figure that exceeds the Malaysian Government's current budget for 20 sports programs. The premier class of racing last raced in Malaysia's Sepang International Circuit (SIC) in 2017, following its debut in 1999. Another challenge for Malaysia to bring back F1 is the high demand, while the sport's calendar stays limited to 24 races a year. Malaysia continues to host MotoGP at Sepang. However, the Malaysian government remains open to hosting F1 if private companies are willing to assist financially. She said: The field waits to restart following a rain delay during the Malaysian Formula One Grand Prix at the Sepang Circuit on March 25, 2012 in Kuala Lumpur, Malaysia. The field waits to restart following a rain delay during the Malaysian Formula One Grand Prix at the Sepang Circuit on March 25, 2012 in Kuala Lumpur, Malaysia."The Formula 1 is a prestigious sports event that is followed by fans around the world. So if we could afford it, it would be good to have it in Malaysia." In the Southeast Asian region, Malaysia faces competition from China, Japan, and Singapore, which continue to host Grand Prix racing. The Thai government recently approved a bid of $1.2 billion to host an F1 street race in Bangkok. Newsweek Sports reported that a 3.54-mile street circuit is being planned that passes through the Chatuchak Park area. The inaugural race is expected to be held in 2028, marking the start of a five-year deal. The announcement arrived months after F1 CEO Stefano Domenicali met with Thailand's Prime Minister Paetongtarn Shinawatra. He said in March: "I was delighted to meet with Paetongtarn Shinawatra, the Prime Minster of Thailand, and her team today to discuss their impressive plans to host a race in Bangkok. I am looking forward to continuing our discussions in the weeks and months ahead" [sic] Paetongtarn Shinawatra said: "It is a great pleasure to welcome the team of Mr. Stefano Domenicali, CEO of F1, at Government House. We had the opportunity to discuss the opportunity of Thailand to host the Formula 1 race, which is a great sport with a worldwide following. "The government confirmed that it will study this joint investment, including the study of the race route (street circuit), the investment budget, and the value for Thailand to receive from hosting the race. All of this is not just the honor of hosting the race, but also an opportunity to develop the city structure in a major way, opening the country to welcome tourists from all over the world to Thailand, developing future industries, and Thailand's high-end service sector in a major way. "I believe that all Thai people will benefit from organizing this event, whether it is large-scale infrastructure investment, job creation, new income generation, and importing new technologies and innovations, which will elevate Thai workers to future industries and the service sector. I am confident that this project will be successful. It is another important opportunity for the country to organize a world-class event, which is expected to start competing in 2028, heading towards becoming a World's Leading Festival & Event Destination." [Translated by Google]
Yahoo
10 hours ago
- Yahoo
Exclusive-India snaps up steeply discounted palm oil from Colombia, Guatemala
By Rajendra Jadhav MUMBAI (Reuters) -Indian importers for the first time bought palm oil from Colombia and Guatemala as producers sitting on surplus stocks offered cargoes at steep discounts, four trade sources with direct knowledge of the matter said. Indonesia and Malaysia dominate global palm oil supplies and are the main suppliers to India, which imported 9 million tons of palm oil in 2023/24. Colombia and Guatemala, the fourth- and sixth-largest producers of palm oil, usually export their surplus stocks to Europe and North America. Rising production in the two Latin American countries and their ability to divert their supplies could weigh on benchmark Malaysian palm oil futures, industry officials said. Colombian and Guatemalan cargoes were offered at steep discounts on a free-on-board (FOB) basis to ensure their landed cost at Indian ports remained lower than supplies from Malaysia and Indonesia, said a Mumbai-based dealer at a global trading house, who declined to be named in line with company policy. Indian buyers prefer quick shipments, and the shipping time from South America is about 45 days, but the discounts were enough to lure them, the dealer said. The landed cost of South American palm oil at Indian ports was more than $10 per ton lower than supplies from Indonesia and Malaysia, another Mumbai-based dealer said. Crude palm oil (CPO) is currently being offered at about $1,165 a ton, including cost, insurance and freight (CIF), in India for October delivery. Freight to ship palm oil from the Americas is about $90 per ton, compared with $45 from Southeast Asia, said Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based brokerage. Vessels will be loaded at South American ports in September to arrive at India's Kandla port in October, said a New Delhi-based dealer. Latin America exports half of its 5 million tons of palm oil, and India's first purchases from the region could open the door to more supplies, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. Palm oil demand has been rising and will remain robust in the coming months due to the festival season in India, Acharya said. Festival season starts in September and sees increased demand for edible oils to produce sweets and fried foods. Demand usually dips again during winter months.
Yahoo
11 hours ago
- Yahoo
Exclusive-India snaps up steeply discounted palm oil from Colombia, Guatemala
By Rajendra Jadhav MUMBAI (Reuters) -Indian importers for the first time bought palm oil from Colombia and Guatemala as producers sitting on surplus stocks offered cargoes at steep discounts, four trade sources with direct knowledge of the matter said. Indonesia and Malaysia dominate global palm oil supplies and are the main suppliers to India, which imported 9 million tons of palm oil in 2023/24. Colombia and Guatemala, the fourth- and sixth-largest producers of palm oil, usually export their surplus stocks to Europe and North America. Rising production in the two Latin American countries and their ability to divert their supplies could weigh on benchmark Malaysian palm oil futures, industry officials said. Colombian and Guatemalan cargoes were offered at steep discounts on a free-on-board (FOB) basis to ensure their landed cost at Indian ports remained lower than supplies from Malaysia and Indonesia, said a Mumbai-based dealer at a global trading house, who declined to be named in line with company policy. Indian buyers prefer quick shipments, and the shipping time from South America is about 45 days, but the discounts were enough to lure them, the dealer said. The landed cost of South American palm oil at Indian ports was more than $10 per ton lower than supplies from Indonesia and Malaysia, another Mumbai-based dealer said. Crude palm oil (CPO) is currently being offered at about $1,165 a ton, including cost, insurance and freight (CIF), in India for October delivery. Freight to ship palm oil from the Americas is about $90 per ton, compared with $45 from Southeast Asia, said Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based brokerage. Vessels will be loaded at South American ports in September to arrive at India's Kandla port in October, said a New Delhi-based dealer. Latin America exports half of its 5 million tons of palm oil, and India's first purchases from the region could open the door to more supplies, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. Palm oil demand has been rising and will remain robust in the coming months due to the festival season in India, Acharya said. Festival season starts in September and sees increased demand for edible oils to produce sweets and fried foods. Demand usually dips again during winter months. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
