Latest news with #KualaLumpur-based
Business Recorder
5 days ago
- Business
- Business Recorder
Malaysian palm oil down on profit-taking, export data
JAKARTA: Malaysian palm oil futures fell nearly 2% on Tuesday after rising for two straight sessions, as profit-taking and weaker export data weighed. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange lost 82 ringgit, or 1.94%, to 4,148 ringgit ($978.53) a metric ton at the close. The market is focusing on profit-taking following softer Dalian palm oil, a Kuala Lumpur-based trader said. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3% compared to June 1-15 period, while according to cargo surveyor Intertek Testing Services, it fell 6.2%. Dalian's most active soyoil contract was up 0.3%, while its palm oil contract ticked up 0.07%. Soyoil prices on the Chicago Board of Trade were down 0.46%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices fell on Tuesday after US President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.26% against the dollar, making the commodity more expensive for buyers holding foreign currencies. India's palm oil imports jumped to an 11-month high in June as refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil, and to replenish depleted inventories.
New Straits Times
6 days ago
- New Straits Times
Travel agency director among two Bangladeshis held for bribing KLIA enforcement officers
KUALA LUMPUR: Two Bangladeshi men, including the director of a Kuala Lumpur-based travel agency, have been arrested by the Malaysian Anti-Corruption Commission (MACC) for allegedly masterminding a syndicate that facilitated the entry of foreigners by bribing enforcement officers at Terminal 1 of Kuala Lumpur International Airport (KLIA). Sources said the suspects, both in their 50s, were arrested in an operation conducted in Negri Sembilan between 5pm and 7pm yesterday. "Preliminary investigations revealed that the suspects acted as agents for foreign nationals, bribing enforcement officers at the airport to ease the entry process for these individuals at the country's entry points. "The syndicate's modus operandi involved approaching enforcement officers at the airport to engage in 'counter-setting' activities. "The officers involved would then facilitate the immigration clearance process for these foreign nationals," the source said. Both suspects have been remanded for six days starting today until July 20 to assist in investigations into the case. Yesterday, the MACC's Intelligence Division carried out a joint integrated operation known as Op Recruit in Negri Sembilan and Kuala Lumpur. The operation, conducted jointly with the Border Control and Protection Agency and the Immigration Department's Intelligence and Special Operations Division, also involved members of the MACC's elite Anti-Corruption Tactical Squad, following intelligence gathered since early this year. During the raids, the MACC seized three mobile phones and various foreign currencies, including US dollars, Indonesian rupiah, and Bangladeshi taka, with a total value of about RM16,000. According to the source, between January and early this month, the MACC detected 10 transactions amounting to about RM138,000. "Preliminary investigations showed that for each foreigner, enforcement officers were bribed between RM1,800 and RM2,500. "Payments were made in cash through middlemen, typically inside vehicles or at the suspects' residences around Kuala Lumpur and Negri Sembilan," the source added. Meanwhile, MACC Intelligence Division Senior Director Datuk Saiful Ezral Arifin confirmed the arrests when contacted. He said the case is being investigated under Section 16(b) of the MACC Act 2009.
Business Recorder
6 days ago
- Business
- Business Recorder
Palm trades lower on profit-taking, market awaits export data
JAKARTA: Malaysian palm oil futures extended losses on Tuesday due to profit-taking, snapping a two-session winning streak, while the market awaited export data for further direction. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange lost 52 ringgit, or 1.23%, to 4,178 ringgit ($982.60) a metric ton by the midday break. 'Today's market is (focusing on) profit taking after its recent rise on the back of softer Dalian palm oil,' a Kuala Lumpur-based trader said. Dalian's most active soyoil contract was flat, while its palm oil contract slightly gained 0.02%. Soyoil prices on the Chicago Board of Trade were down by 0.43%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices fell on Tuesday after U.S. President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns. Palm oil gains tracking rival oils, higher crude prices Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, slightly weakened 0.05% against the dollar, making the commodity cheaper for buyers holding foreign currencies. India's palm oil imports jumped to an 11-month high in June as refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil, and to replenish depleted inventories. Palm oil may test resistance at 4,257 ringgit per metric ton, a break above which could lead to a gain to 4,295 ringgit, Reuters technical analyst Wang Tao said.
New Straits Times
14-07-2025
- Business
- New Straits Times
Petronas, Baker Hughes partner on Asia energy growth, transition
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and Nasdaq-listed energy technology firm Baker Hughes have signed a memorandum of understanding to jointly explore business opportunities aimed at advancing Asia's energy expansion and transition goals. Under the agreement, both companies will work together to enhance liquefied natural gas services and cross-border talent development, strengthening local operational capabilities across the region. They will also explore digital and artificial intelligence-driven energy solutions, promote sustainable technologies in carbon capture, utilisation and storage, and together expand the use of biofuels and lubricants in the turbomachinery supply chain. Petronas senior vice president of projects, technology and health, safety, security and environment Mohd Yusri Mohamed Yusof said the expanded partnership would enable both companies to accelerate decarbonisation and innovation in energy delivery. "Our extended strategic partnership with Baker Hughes is poised to drive excellence in project delivery, decarbonisation, supply chain resilience, and technology adoption. "It signifies what is possible when two industry leaders unite to foster innovation ecosystems and shape the future of energy. Furthermore, the setting up of an enhanced aeroderivative facility here is a positive development towards the region's cleaner energy pursuit," he said in a statement today. Baker Hughes chairman and chief executive officer Lorenzo Simonelli said this collaboration is an important step to grow alongside customers in Asia-Pacific and also a localisation effort in developing reliable, secure and lower-carbon energy. As a first step, the firm plans to expand its gas technology services facility in Malaysia to include a full aeroderivative gas turbine module repair service, covering disassembly, assembly, grinding, and testing capabilities, which will support over 600 installed gas turbines in the region. Baker Hughes currently operates two turbomachinery facilities in Port Klang and a Kuala Lumpur-based iCenter that provides diagnostics for turbomachinery equipment. The company is assessing the best location for its new expanded gas turbine services footprint in Malaysia.
The Star
11-07-2025
- Entertainment
- The Star
Borneo.TV launch sparks backlash from Sabah creatives and indigenous groups
KOTA KINABALU: was launched to bring Sabah's stories to the world – but instead of celebration, it has sparked backlash from local creatives and indigenous groups who say they were excluded from the process meant to represent them. Unveiled on July 1, the online streaming platform is marketed as a digital showcase under the banner "Sabah in the eyes of the world." However, critics argue the initiative risks cultural insensitivity, legal ambiguity and the sidelining of local voices. Several Sabah-based creatives claimed they were blindsided by the launch, asserting there was no formal engagement with local filmmakers, content producers or cultural custodians before the signing of a memorandum of understanding between Sabah Maju Jaya (SMJ) secretariat and Kuala Lumpur-based IB Media Consultant Work Sdn Bhd. Sabah Film and Visual Association president Chester Pang described the move as disappointing, calling for greater transparency on policies, content curation and communication channels with the local industry. "This kind of exclusion weakens trust and sidelines the very people who've helped build Sabah's creative ecosystem," he said. Safva, representing Sabah in the Malaysian Film Association Coalition, expressed readiness to collaborate but expects clearer policies and meaningful inclusion moving forward. Beyond the creative sector, cultural advocates say the platform may dilute Sabah's indigenous narratives instead of elevating them. Historian and MA63 advocate Remy Majangkim questioned the implications of outsourcing a cultural platform to a non-local entity. "Are these small steps to neutralise our cultural diversity and remove our sovereign identity through new narratives?" he asked, warning that cultural storytelling must come from within the communities it aims to portray. Indigenous rights activist Atama Katama said the move failed to uphold international cultural standards, including the Unesco Convention on Cultural Diversity and the UN Declaration on the Rights of Indigenous Peoples. Sabahan national artist Yee I-Lan echoed those views in a public Facebook post saying that it risks erasing local agency in favour of top-down branding. Legal concerns have also surfaced. Safva legal advisor Yong Yit Jee said it remains unclear whether IB Media holds the necessary broadcasting licences from the Malaysian Communications and Multimedia Commission or complies with the Personal Data Protection Act 2010. "Any income generated from Sabah's content must benefit Sabah's economy. Without transparency in contracts or clear IP protection, Sabah creators could be left vulnerable to exploitation or loss of control over their work," he said. Yong also stressed the need for free, prior and informed consent when indigenous cultural elements are involved, warning of possible legal consequences if this is ignored. Safva and other stakeholders are now calling for the public disclosure of the SMJ-IB Media agreement and for an open dialogue involving groups like Jatiks and other cultural bodies to ensure the platform respects the legal, cultural and economic rights of Sabah's creative community. Previously, SMJ Secretariat chief coordinator Datuk Rosmadi Datu Sulai explained that the government remains open to engaging with local stakeholders. But many in Sabah's creative and indigenous circles remain unconvinced, saying meaningful inclusion requires more than after-the-fact invitations. While many support the idea of sharing Sabah's stories with the world, they say the platform's success depends on how genuinely it involves the communities it claims to represent.
