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OPEC oil output rises in January despite lower prices

11

Feb

OPEC oil output rises in January despite lower prices

OPEC, the Organization of the Petroleum Exporting Countries, has kept its oil production at a high level in recent months despite a slump in world [...]

OPEC oil output rises in January despite lower prices. OPEC, the Organization of the Petroleum Exporting Countries, has kept its oil production at a high level in recent months despite a slump in world crude prices, Xinhua reported. `The increase in crude output was largely contributed by Nigeria, Iraq, Saudi Arabia and Iran,` said the report. Tehran has said that it could significantly increase its oil production shortly after sanctions are lifted. OPEC members have shown no sign of cutting oil production to balance the market. In the past few meetings of OPEC member states in Vienna, the cartel has refused to reduce crude oil production in order to maintain its market share, and the OPEC has kept its output at over 30 million barrels of crude oil per day. Despite the low oil prices, other major oil producers, such as the United States (US) and Russia, have also kept their oil production high. Non-OPEC producers are expected to pump more crude in 2015 than they did a year earlier. However, the cartel still predicts a decline in non-OPEC oil production in 2016.(T.A026)
Editor: B Kunto Wibisono

Wall Street mixed after Yellen's economic warning

11

Feb

Wall Street mixed after Yellen's economic warning

The Dow Jones Industrial Average shed 99.64 points (0.62 percent) to end at 15,914.74.The broad-based S&P 500 lost a scant 0.35 point (0.02 [...]

Wall Street mixed after Yellen's economic warning. The Dow Jones Industrial Average shed 99.64 points (0.62 percent) to end at 15,914.74.The broad-based S&P 500 lost a scant 0.35 point (0.02 percent) to 1,851.86, while the tech-rich Nasdaq Composite Index gained 14.83 points (0.35 percent) to 4,283.59.Stocks had initially rallied as Yellen expressed more concern than in her last public comments in December about global economic conditions and financial market volatility.But those gains evaporated as Yellen also ruled out a rate cut and left open the possibility of further increases later this year."A lot of people thought that was not dovish," said Kenny Landgraf of Republic Wealth Advisors. "A lot of people were looking for her to back off."Analysts said sentiment was also dampened by a fresh slide in US oil prices, after a US government supply report showed stockpiles at a key trading hub rose and US crude production held high despite the recent drop in prices.Technology shares were mostly higher, with Amazon gaining 1.7 percent, Facebook up 1.5 percent and Priceline jumping 4.2 percent.Disney led Dow decliners, slumping 3.8 percent as concerns about sliding operating profit at its ESPN sports network more than offset record quarterly net income of $2.9 billion, fueled by strong sales of its blockbuster film `Star Wars`.Other big Dow losers included IBM, which fell 3.1 percent, and Caterpillar, which lost 2.8 percent. Banking stocks JPMorgan Chase and Goldman Sachs declined 1.2 percent and 0.7 percent, respectively.Time Warner sank 5.0 percent as its fourth-quarter revenue came in at $7.1 billion, well below the $7.5 billion analysts were expecting.SolarCity plunged 29.3 percent after the solar energy company projected a loss of $2.55 to $2.65 per share in the first quarter, wider than the $2.36 analysts had forecast. (Uu.A026)
Editor: B Kunto Wibisonohttp://www.antaranews.com/berita/544609/wall-street-bervariasi-setelah-peringatan-ekonomi-yellen?utm_source=topnews&utm_medium=home&utm_campaign=news

Malaysia Admits That Indonesian Press Is Freer

09

Feb

Malaysia Admits That Indonesian Press Is Freer

"The Indonesian press is in a truly free realm with no one able to control it and each member of the press standing alone. All discussions and [...]

Malaysia Admits That Indonesian Press Is Freer. `The Indonesian press is in a truly free realm with no one able to control it and each member of the press standing alone. All discussions and debates have also been in depth`, he said in Batam on Sunday.He said this during the `Afternoon Tea` event between him and his Indonesian counterpart, Indonesian Minister of Communication and Information Technology Rudiantara. This was part of the events for the 2015 National Press Day in the Riau Islands.He said that Malaysia too is learning through the process of a more liberal media environment. However, he said that in his neighboring country there are constraints due to its society, which is comprised of various ethnic groups, nations, with each having their own sensitivities.`But we will learn and try to control it in the best way possible`, he added.In line with this, General Manager of the Pertubuhan Berita Nasional Malaysia (Bernama) (Malaysian national news agency), Zulkifli Salleh, said that the Indonesian media does indeed give the impression of being more enthusiastic. This is evident from the media having become the fourth pillar in this democratic country.`This is very good. Hopefully we can adopt this enthusiasm in Malaysia`, he said.
 
Malaysia has learned many things from Indonesia since the 1970s. These include how to manage large state and private plantations from PT Perkebunan (Persero), and Petronas, which modeled its national oil revenue sharing scheme on that of PT Pertamina. 
 
In both these sectors, the student eventually outperformed the teacher. Petronas is now the main sponsor for a Formula 1 racing team because of its wealth and business profits. 
Editor: Ade Marboen
http://www.antaranews.com/berita/478819/malaysia-akui-pers-indonesia-lebih-bebas?utm_source=related_news&utm_medium=related&utm_campaign=news

09

Feb

CPO prices predicted to continue rising

Quoting Bloomberg, Friday (5/2) the CPO price for the April 2016 delivery contract at Malaysia Derivative Exchange increased 1.93% to RM 2,580 per [...]

CPO prices predicted to continue rising. Quoting Bloomberg, Friday (5/2) the CPO price for the April 2016 delivery contract at Malaysia Derivative Exchange increased 1.93% to RM 2,580 per metric ton or equivalent to US$ 600.50 per metric ton. In fact, the CPO price has increased 5.60% in the past week.  "So compared to other commodity prices, the CPO price has a better projection,” said Wahyu Tri Wibowo, Analyst at Central Capital Futures. Indeed, this CPO price increase continues to occur amidst slow erosion of other commodity prices. Wahyu suspects there is a chance that the price will continue to climb at least around 20% in 2016. `If the price stays at around RM 2,400 - RM 2,700 per metric ton, then the trend will continue to be bullish," predicted Wahyu. Wahyu's prediction is in line with BMI Research's statement, which suspects that the CPO price could remain in the range of RM 2,700 per metric ton in the next three months. CIMB suspects that the price will increase around 14% on average in 2016 at the level of US$ 2,450 per metric ton.
Meanwhile, Marcello Cultrera, Dealer at Oriental Pacific Futures Sdn in Kuala Lumpur, suspects that the CPO price could move in the range of RM 2,600 - RM 2,700 per metric ton throughout February – March 2016. "The chance of the price continuing to climb at least until the end of the first quarter of 2016 is still wide open," stated Deddy Yusuf Siregar, Research and Analyst at PT Asia Tradepoint Futures. At least Deddy suspects the price will be in the range of RM 2,600 - RM 2,670 per metric ton until the end of the first quarter.
Reporter Namira Daufina/Kontan

Editor: Choirul Arifin
Source: Kontan

http://www.tribunnews.com/bisnis/2016/02/08/harga-cpo-diprediksi-masih-akan-terus-naik

Trade minister urges France to cancel progressive palm oil tax

09

Feb

Trade minister urges France to cancel progressive palm oil tax

The French Parliament plans to gradually increase palm oil taxes starting next year. The tax is stipulated in Amendment No. 367 as adopted by the [...]

Trade minister urges France to cancel progressive palm oil tax. The French Parliament plans to gradually increase palm oil taxes starting next year. The tax is stipulated in Amendment No. 367 as adopted by the French Upper Legislative Assembly on 21 January 2016. In the Trade Ministry’s press release, Friday (5/2/2016), Thomas sent a letter specifically to the French Government. According to him, the palm oil tax is seen as violating the principles of the World Trade Organization (WTO) and the 1994 General Agreement on Tariffs and Trade (GATT). The violation will create price discrimination and will harm Indonesia. According to Thomas, if the plan is materialized, the price of Indonesian palm oil will not be competitive. Ultimately, the food industry in France and the European Union countries will replace palm oil with other vegetable oils at lower prices. “I am asking the French Government to not adopt Amendment No. 367. I am asking the French Government to cooperate with Indonesia to address the problems in France that are related to palm oil,” said Thomas Lembong. Palm oil is one of the strategic commodities in the Indonesian economy. Directly and indirectly, the palm oil sector employs 16 million workers in Indonesia and contributes 1.6 percent to Indonesia’s gross domestic product (GDP). Around 61 cities in Indonesia, including small cities, make a living from the palm oil sector. Moreover, Indonesia’s export revenues from this commodity reach around 19 billion US dollars per year. According to Thomas, if the amendment applies because of environmental factors, this step is also not right. This is because Indonesia has taken a sustainable palm oil policy (Indonesian Sustainable Palm Oil/ISPO). The ISPO ensures that the palm oil is produced in an environmentally friendly manner and does not contribute to deforestation and climate change. Not only that, the Indonesian palm oil industry also participates in the Roundtable on Sustainable Palm Oil (RSPO) to ensure that Indonesia’s palm oil is produced in accordance with sustainability standards. Meanwhile, if related to health issues, Thomas confirms that it is not right. The latest study shows that the consumption of saturated fatty acids from palm oil does not increase the risk of cardiovascular disease. “If there are regulations related to saturated fat consumption, then it must target all food products that contain saturated fat, whether it is palm oil, other vegetable oils or animal fats,” added Thomas.

Author
: Aprillia Ika

Editor
: Aprillia Ika

http://bisniskeuangan.kompas.com/read/2016/02/05/160558826/Mendag.Minta.Perancis.Batalkan.Pajak.Progresif.Sawit

France Impposes Tax on CPO Import, Indonesia Set to Retaliate with High Import Duties

05

Feb

France Impposes Tax on CPO Import, Indonesia Set to Retaliate with High Import Duties

“We force the French who have business interests in Indonesia to be our lobbyists,” said Drajad, in Jakarta, Thursday (2/4/2016). Drajad [...]

France Impposes Tax on CPO Import, Indonesia Set to Retaliate with High Import Duties. “We force the French who have business interests in Indonesia to be our lobbyists,” said Drajad, in Jakarta, Thursday (2/4/2016).
Drajad further explained that France is indeed known to be very protective of its agricultural products and some other production sectors. Because of that, according to Drajad, the Indonesian Government should be firm in facing them.
“Make our position equal to theirs, don't act as if we are begging and asking,” said Drajad.

Meanwhile, the Indonesian Palm Oil Farmers' Association (APKASINDO) believes that the French Government has created a new colonization through regressive taxes.
APKASINDO General Chairman, Anizar Simanjuntak said that the imposition of this regressive tax is unreasonable. The reason being, this tax is considered a form of neocolonialism or a new style of colonization.
“This is neocolonialism in the form of trade competition, so that our CPO will be more expensive than the vegetable oil that is produced by France,” said Anizar.
Because of that, Anizar urged the government to hold negotiations with the French government to cancel the regressive tax levy. The reason being, this new tax regulation has really detrimental impacts on palm oil farmers in Indonesia.
“If the regulation is not cancelled, we palm oil farmers are ready to take the streets to voice our aspirations at the French embassy in Indonesia,” said Anizar.

Writer: Adiatmaputra Fajar Pratama
Editor: Choirul Arifin

http://www.tribunnews.com/bisnis/2016/02/04/prancis-pajaki-impor-cpo-indonesia-siap-balas-dengan-bea-masuk-tinggi

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