Latest news with #RM4
Barnama
12 hours ago
- Business
- Barnama
CPO Futures End Higher On Gains In Related Markets, Weaker Ringgit
By K. Naveen Prabu KUALA LUMPUR, July 16 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today supported by stronger prices in related markets. Palm oil trader David Ng said the market tracked gains in soybean oil and palm olein prices on China's Dalian Commodity Exchange (DCE), which lifted sentiment across the broader vegetable oil complex. 'When prices of soybean oil or palm olein rise, buyers may shift to palm oil as a more affordable or available alternative, leading to increased demand and upward pressure on palm oil prices,' he told Bernama. Ng added that the weaker ringgit also lifted market sentiment. 'We see price support at RM4,150 per tonne and resistance at RM4,300,' he said. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said palm oil futures were also lifted by bargain buying after recent declines, with the weaker ringgit making Malaysian palm oil more attractive to overseas buyers. 'Palm oil futures also gained support from stronger soybean oil prices on DCE,' he said. However, Sathia cautioned that further upside may be limited as production conditions improve.
The Sun
13 hours ago
- The Sun
Police bust major heroin syndicate in northern Malaysia, RM4.13m drugs seized
SHAH ALAM: Police have dismantled a heroin base drug distribution network operating in northern Malaysia after arresting three men in coordinated raids across the Klang Valley and Penang. The operation, led by Bukit Aman's Narcotics Criminal Investigation Department (NCID), uncovered 47.526 kg of heroin base and 920 grams of heroin worth RM4.13 million. Selangor Police Chief Datuk Hussein Omar Khan confirmed the arrests on July 12, following raids in Subang Jaya, Seri Kembangan, and Permatang Pauh. The first suspect was detained in USJ 19/4, Subang Jaya, where officers found 14.52 kg of heroin base and 920 grams of heroin hidden in a car compartment. A second raid in Seri Kembangan led to the seizure of 22.55 kg of heroin base, while a third operation in Permatang Pauh uncovered 7.456 kg of the drug. The Penang suspect is believed to be the syndicate's mastermind, sourcing heroin from a neighbouring country before distributing it via two transporters, who earned RM4,000 per trip. Hussein described heroin base as the 'mother of drugs,' explaining its role as a raw material processed into higher-grade narcotics. The suspects face charges under Section 39B of the Dangerous Drugs Act 1952, with remands spanning five to six days. - Bernama
The Sun
16 hours ago
- Business
- The Sun
Pahang leads East Coast with RM4 bln investments in 1H 2025
KUANTAN: Pahang has emerged as the top investment destination in the East Coast, securing RM4 billion in realised investments for the first half of 2025. The figure surpasses Terengganu (RM1.3 billion) and Kelantan (RM1.1 billion), reinforcing the state's economic momentum. Menteri Besar Datuk Seri Wan Rosdy Wan Ismail highlighted that Pahang also attracted RM3.5 billion in committed investments during the same period, reflecting strong investor confidence. 'Pahang is now a progressive and competitive state, with an estimated RM38.4 billion in high-impact investments expected this year,' he said. Key sectors driving growth include manufacturing, oil and gas, and tourism. The state's GDP expanded by 5.7% in 2024, outperforming the national average of 5.1%, with a total value of RM68.7 billion. Since 2018, Pahang's GDP has grown by 23%, equivalent to RM13 billion, attributed to sustainable development policies. Wan Rosdy credited political stability, modern infrastructure, and an efficient investment ecosystem for the progress. 'Pahang 1st Aspiration ensures balanced growth, job creation, and fair wealth distribution,' he added. The state remains committed to enhancing competitiveness and ensuring public benefits from economic advancements. - Bernama
Focus Malaysia
16 hours ago
- Business
- Focus Malaysia
Indonesia's palm oil clean-up sparks ESG concerns, investment caution
LAST week, Indonesia's forestry task force transferred approximately 400,000 ha (988,000 acres) of seized palm oil plantations to a state-owned company, Agrinas Palm Nusantara, as they were allegedly operating illegally in designated forest areas. 'Based on our channel checks, several local plantation companies have surrendered a small portion of their plantation land to the Indonesian authorities. We understand that the impact on their earnings is largely muted,' said Public Investment Bank. However, this development raises regulatory risks for industry players with significant exposure in Indonesia, which could weigh on their valuations over the long term. Meanwhile, the recent surge in CPO prices to over RM4,200/mt may reignite investor interest in plantation counters. We maintain our Neutral outlook with a full-year CPO price forecast of RM4,200/mt. Last week, a total of 394,547 ha of plantation land—spread across Central Kalimantan, Riau, and North and South Sumatra and controlled by 232 companies—was confiscated and handed over to Agrinas, a state-owned company established in early 2025 under the administration of President Prabowo Subianto. The operations were jointly led by the Ministry of Environment and Forestry, Ministry of Defense and Attorney General's Office. The task force is aiming to take over a total of 3m ha of illegally-run plantations in forest area by Aug. With this addition, the total plantation area under the Agrinas Group now stands at 833,000 ha, making the company as one of the largest plantation companies in the world. Based on our checks, several local companies have surrendered plantation land to the Indonesian authorities, ranging from 1,000ha to 6,000ha, some of which are in unproductive condition. We understand that the earnings impact for these companies is relatively muted. However, in our view, this may pose a long-term ESG risk. Given the recent land seizures, we do not rule out the possibility that some plantation companies may exit or scale down their operations in Indonesia over the longer term, due to rising regulatory risks. Investment in replanting activities is also expected to be more cautious, as it may compromise the companies' interests. We are also concerned that the military-led enforcement in plantation could exacerbate the declining trend in Indonesian palm production as we are doubtful over the state's ability to manage these plantations effectively. Based on our rough forecast, if 50% of the entire seized 833,000ha plantation remains unproductive, the annual palm oil production could decline by about 4% or 1.7m mt. —July 16, 2025 Main image: What is palm oil?
The Star
20 hours ago
- The Star
Johor Customs seizes 3.825kg of ganja in two major drug busts
JOHOR BARU: The Johor Customs Department has foiled two drug distribution attempts involving a total of 3.825kg of ganja. Its director, Aminul Izmeer Mohd Sohaimi, said the first case took place on May 21 in Pekan Nenas near Pontian, where the department's narcotics officers uncovered an attempt to distribute cannabis via a local courier service. 'During a detailed inspection of two parcels, our officers discovered compressed plant materials suspected to be ganja, weighing approximately 130g and 97g respectively,' he said here on Wednesday (July 16). Aminul Izmeer added that the seizure led to the arrest of a man believed to be the delivery agent. 'The suspect's arrest resulted in the discovery of a black bag containing another 55g of ganja, three bottles of cannabis smoking paraphernalia and a grinder. 'The total seizure for the case amounted to 762g of cannabis with an estimated street value of RM22,860,' he said, adding that the department also seized a RM10,000 motorcycle from the suspect. Aminul Izmeer said the syndicate's modus operandi involved using courier services to move drugs discreetly to avoid detection from authorities. Meanwhile, in another case, which occurred on June 5, the department's marine unit in Batu Pahat foiled an attempt to smuggle cannabis via illegal maritime routes. 'Acting on a tip-off, enforcement officers raided an unregistered boat moored near the mangrove swamp around the Batu Pahat Ferry Terminal at about 8pm. 'The inspection led to the discovery of a bag containing three compressed blocks of ganja wrapped in Chinese tea packaging, hidden in the front section of the boat,' he said. Aminul Izmeer added that the seized drugs weighed 3.063kg and were valued at RM98,016, while the unregistered boat, worth RM4,000, was also seized. He said the smugglers had used illegal waterways to traffic the drugs, and both cases were being probed under Section 39B(1)(a) of the Dangerous Drugs Act 1952. Aminul Izmeer urged the public to work together with the Customs Department to curb all forms of smuggling activities, including drugs, cigarettes, alcohol, fireworks and vehicles. 'Smuggling activities not only cause revenue loss to the government but also pose serious security and safety threats to the public,' he said. He added that those with information on smuggling activities should contact the Customs toll-free hotline at 1-800-88-8855 or reach out to the nearest Customs office and assured them that their identities would be kept confidential.
