ILEA001428941: Analysts say CPO prices to remain volatile on market, weather uncertainties

Malaysian ringgit foreseen to average MYR 4.26 against USD this year

STORY: Malaysian ringgit foreseen to average MYR 4.26 against USD this year DATELINE: June 14, 2023 LENGTH: 00:02:09 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and Kuala Lumpur street views 2. various of bank notes counting 3. various of customers shopping at a supermarket 4. various of people shopping STORYLINE: The Malaysian Industrial Development Finance (MIDF) Research has revised its foreign exchange outlook for Malaysian ringgit (MYR) to average at MYR 4.26 against U.S. dollar this year, from a previous forecast of MYR 4.20. The research house said on Monday in a note that although this points to a slower appreciation than previously forecasted, it will still be stronger than an average MYR 4.40 recorded last year. Taking into account U.S. Federal Reserve (Fed) pausing rate hikes later this year and no rate cuts despite the United States experiencing below-trend growth, it foresees fund flows to return to emerging markets. Despite the robust

Egypt, UAE firm sign 10-bln-USD deal to build wind power plant

STORY: Egypt, UAE firm sign 10-bln-USD deal to build wind power plant DATELINE: June 7, 2023 LENGTH: 00:01:19 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the signing ceremony and the press conference STORYLINE: An agreement to build a wind power plant in Upper Egypt's Sohag province was signed on Tuesday between Egypt's Ministry of Electricity and Masdar, a renewable energy developer based in the United Arab Emirates (UAE). Under the deal, which is worth over 10 billion U.S. dollars, the wind power plant is planned to have a production capacity of 10 gigawatts, said the Egyptian cabinet in a statement. Mohamed Shaker, Egypt's minister of electricity and renewable energy, said at the signing ceremony that "the project demonstrates the ability of the renewable energy sector in Egypt to attract foreign direct investment." For his part, Sultan Al Jaber, the UAE minister of industry and advanced technology, described the wind power plant as a strategic project and one of the largest pr

Malaysia's FDI up marginally in Q1

STORY: Malaysia's FDI up marginally in Q1 DATELINE: May 13, 2023 LENGTH: 00:01:26 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. Various of Kuala Lumpur city views 2. Various of crowds at a shopping mall 3. Various of crowds on the street STORYLINE: Malaysia's foreign direct investment (FDI) increased by 1.6 percent, reaching a record 893.2 billion ringgit (about 200.18 billion U.S. dollars) at the end of the first quarter of 2023, as compared to the fourth quarter of 2022, official data showed Friday. The Department of Statistics Malaysia (DOSM) said in a statement the manufacturing sector remained the largest recipient of the FDI with a value of 385.3 billion ringgit (about 86.35 billion U.S. dollars) or 43.1 percent of the total FDI. This was followed by financial activities and wholesale & retail trade. According to the DOSM, the country's FDI inflows were largely from Singapore, the United States and China's Hong Kong Special Administrative Region. Xinhua News Agency correspondents reportin

Malaysia's palm oil stock falls to 1.67 million tons in March

STORY: Malaysia's palm oil stock falls to 1.67 million tons in March DATELINE: April 11, 2023 LENGTH: 00:01:45 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of gathered palm fruits 2. various of trucks carrying a bunch of palm fruits on the road 3. various of palm trees plantation area STORYLINE: Malaysia, the world's second-largest palm oil producer, saw its palm oil stock plunge 21.08 percent month on month to 1.67 million tons in March, official data showed Monday. The Malaysian Palm Oil Board said in a statement that the country's crude palm oil production rose 2.77 percent month on month to 1.29 million tons. Malaysia's palm oil exports also surged 31.76 percent monthly to 1.49 million tons. Its palm oil imports slumped 24.25 percent month on month to 39,772 tons. Xinhua News Agency correspondents reporting from Kuala Lumpur. (XHTV)

Petronas FY22 profit surges to record high on higher oil prices

STORY: Petronas FY22 profit surges to record high on higher oil prices DATELINE: March 15, 2023 LENGTH: 00:02:00 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of KLCC Twin Towers, also known as Petronas Twin Towers 2. various of Petronas logo at its office tower 3. various of crowds filling up petrol at Petronas oil station STORYLINE: Malaysia's state-owned oil and gas firm Petroliam Nasional Bhd (Petronas) has said that it posted a record high profit after tax in the financial year ending on Dec. 31, 2022 (FY22), underpinned by higher oil prices. Petronas said that the group's profit after tax for FY22 almost doubled to 101.6 billion ringgit (about 22.35 billion U.S. dollars) from 50.9 billion ringgit a year ago. The group's revenue for the year also surged 51.33 percent to 375.3 billion ringgit (about 83.94 billion U.S. dollars) from 248 billion ringgit a year ago, mainly due to the favorable price impact for major products aligned with higher benchmark prices. The group's capital inve

Malaysia's palm oil stocks down 6.56 pct month-on-month in February

STORY: Malaysia's palm oil stocks down 6.56 pct month-on-month in February DATELINE: March 11, 2023 LENGTH: 00:01:23 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of palm trees plantation area 2. various of gathered palm fruits and a backhoe loader in a palm oil plantation area 3. various of palm fruits STORYLINE: Malaysia's palm oil stocks fell 6.56 percent from January to 2.12 million tons in February, official data showed Friday. According to the Malaysian Palm Oil Board, Malaysia's crude palm oil production also decreased by 9.35 percent month-on-month to 1.25 million tons in February. Meanwhile, the country's palm oil exports slipped 1.99 percent month-on-month to 1.11 million tons. Palm oil imports, on the other hand, plunged 63.81 percent month-on-month to 52,446 tons. Xinhua News Agency correspondents reporting from Kuala Lumpur. (XHTV)

Analysts expect Malaysia's CPO prices to ease in 2023

STORY: Analysts expect Malaysia's CPO prices to ease in 2023 DATELINE: Feb. 14, 2023 LENGTH: 00:01:35 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of palm trees plantation area 2. various of backhoe loader gathering palm fruits 3. various of palm fruits 4. various of trucks carrying bunch of palm fruits on the road STORYLINE: Crude palm oil (CPO) prices in Malaysia are projected to ease in 2023 on stocks normalization, analysts foresaw on Monday. MIDF Research said in a note that it expects Malaysian local delivery prices for CPO to be lower in 2023, ranging between 3,000 ringgit (687.76 U.S. dollars) and 4,000 ringgit, on the expectation of normalization closing stocks of 2 million tonnes to 2.1 million tonnes. It said the CPO price is expected to trade volatile in February to March at circa 3,500 ringgit per tonne to 4,000 ringgit per tonne, benefiting from price disparity between CPO against soybean oil price which to date amounted to 445 U.S. dollars per tonne and 3 years average of

Economists see slower growth for Malaysia in 2023 amid weak external demand

STORY: Economists see slower growth for Malaysia in 2023 amid weak external demand DATELINE: Feb. 14, 2023 LENGTH: 00:03:31 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and street views of Kuala Lumpur 2. various of paddy field 3. various of palm oil plantation 4. various of container vessels at Northport of Port Klang, Selangor 5. various of offshore oil rigs STORYLINE: Economists said on Monday that Malaysia's growth is to moderate in 2023 amid weak external demand after the country registered an economic growth of 8.7 percent in 2022. Hong Leong Investment Bank Research said in a note that in view of the external headwinds and diminishing base effect, it maintained its expectation for Malaysia to grow at a more moderate pace of 4 percent this year. Nonetheless, it said China's recent reopening is anticipated to help push the recovery in tourist arrivals and lend some support to export growth. Domestic demand is also expected to continue to support g

Malaysia's manufacturing sales rise 8.6 pct in December

STORY: Malaysia's manufacturing sales rise 8.6 pct in December DATELINE: Feb. 8, 2023 LENGTH: 00:01:42 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and Kuala Lumpur street views 2. various of container vessels at Northport of Port Klang, Selangor 3. various of factories and trucks on the road STORYLINE: The sales value of the manufacturing sector in Malaysia expanded by 8.6 percent year-on-year in December 2022 to record 156.3 billion ringgit (36.3 billion U.S. dollars) while the overall performance reached 1.8 trillion ringgit (418.4 billion dollars) in 2022, official data showed on Tuesday. The Department of Statistics Malaysia said in a statement that the expansion of the sales value in December 2022 was reinforced by the double-digit growth in transport equipment and other manufacturing subsectors (10.9 percent), particularly in the manufacture of motor vehicles, trailers and semi-trailers industries. The growth was also attributable to the strong in

Malaysia's exports rise 25 pct in 2022

STORY: Malaysia's exports rise 25 pct in 2022 DATELINE: Jan. 19, 2023 LENGTH: 00:02:41 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and Kuala Lumpur city views 2. various of Kuala Lumpur city views 3. various of container vessels at Port Klang 4. various of container vessels at Penang Port STORYLINE: Malaysia's exports rose 25 percent year on year to 1.55 trillion ringgit (358.26 billion U.S. dollars) in 2022, official data showed Wednesday. The expansion in exports was driven by robust exports of electrical and electronic products (E&E), petroleum products, liquefied natural gas (LNG), palm oil and palm oil-based agriculture products, crude petroleum as well as machinery, equipment and parts, the Ministry of International Trade and Industry (MITI) said in a statement Meanwhile, exports to major trading partners, notably the Association of Southeast Asian Nations (ASEAN), China, the United States, the European Union and Japan, registered a new record high. A

Analysts say CPO prices to remain volatile on market, weather uncertainties

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