Latest news with #EkoListiyorini
Mint
12 hours ago
- Business
- Mint
Wilmar Tumbles After $729 Million Deposit in Indonesia Palm Case
(Bloomberg) -- Asian food titan Wilmar International Ltd.'s shares plunged to their lowest level in more than five years, after the company said several units in Indonesia were pressed to hand over $729 million as a security deposit ahead of a court ruling on a 2022 palm oil export case. In an exchange filing late Tuesday, Wilmar said its subsidiaries agreed to make the so-called security deposit to the attorney general's office ahead of the AGO's appeal. It added that authorities requested the funds of IDR 11.9 trillion — an amount equivalent to nearly two-thirds of the company's net income last year — to demonstrate the companies' 'good faith and innocence'. Shares in Wilmar, whose businesses span from China to Southeast Asia, fell by as much as 4% in Singapore. At around 10:30 a.m. local time, the stock was changing hands at S$2.92, down almost 3% and just off its 2020 low. The deposit is linked to a case in which the Indonesian AGO accused five Wilmar units of wrongdoings during a shortage of cooking oil in the Indonesian market years ago. An Indonesian court panel in March favored Wilmar and two other palm oil traders, but the verdict has been challenged by the AGO with some judges detained for alleged bribery. Wilmar said its units maintain that actions related to the export of cooking oil during the period in question were in compliance with prevailing regulations. The deposit would be returned to the companies if the Indonesian Supreme Court upholds the earlier court ruling, but otherwise could be forfeited in part or full, the company said. The 2022 case, which involved a trade ministry official, revolved around the approval of export permits that didn't meet requirements and a failure to meet obligations at the time for domestic palm oil distribution, a government prosecutor said at that time. --With assistance from Eko Listiyorini. More stories like this are available on
Bloomberg
07-03-2025
- Business
- Bloomberg
America Is Finding Out It's Very Difficult to Import Eggs
By , Nayla Razzouk, and Eko Listiyorini Save US officials are searching across oceans to find enough eggs to ease a shortage that's sent prices soaring, forcing grocery stores to limit customer purchases and restaurants to add surcharges. Poultry trade groups in countries like Poland — the world's second-biggest shipper — to smaller players, like France and Indonesia, say their nations are fielding inquiries from American embassies and the US Department of Agriculture about eggs for export.
Yahoo
11-02-2025
- Business
- Yahoo
Malaysia palm oil production plummets to lowest in nine years due to heavy rains
By Eko Listiyorini (Bloomberg) — Palm oil output in Malaysia fell the most since 2016 as heavy rains and floods disrupted harvesting in the world's second-biggest grower. At least five people were killed and thousands forced to move to safer places last month after days of heavy downpour triggered floods and landslides in several areas of the Southeast Asian nation. The states of Sarawak and Sabah, top oil palm growing areas, were among the worst affected, according to a statement from the country's weather agency. Shrinking supplies in Malaysia could further support the commodity that gained more than 5 per cent in Kuala Lumpur last week. Prices jumped further on Monday, taking gains to 3.3 per cent so far in 2025, after being down 3.6 per cent for the year at the end of January. Palm again commanded a premium over rival soybean oil – an unusual scenario as the commodity is generally the cheapest edible oil because of its round-the-year production, against the seasonal nature of other oilseeds. Oil palm also needs relatively less land to grow. Palm has been trading higher than soy oil since September, except for about a month since 10 Jan. Output in the country fell almost 17 per cent from a month earlier to 1.24 million tons in January, according to data released by the Malaysian Palm Oil Board on Monday. That's the lowest since April 2023 and below the median estimate in a Bloomberg survey last week. Stockpiles dropped 7.6 per cent to 1.58 million tons, missing all analyst estimates in the survey. Exports decreased almost 13 per cent to 1.17 million tons, slightly better than the survey prediction. The MPOB data is very supportive for prices, reinforcing concerns that supplies could be tight in the first quarter, said Sathia Varqa, an analyst at Fastmarkets Palm Oil Analytics in Singapore. More stories like this are available on ©2025 Bloomberg L.P.
