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Crude Oil Prices Drop 1% as OPEC Output Surges

13

Oct

Crude Oil Prices Drop 1% as OPEC Output Surges

US West Texas Intermediate (WTI) futures crude closed down 61 cents or 1.2 percent, to $50.18 per barrel. Brent futures crude was down 56 cents, or [...]

Crude Oil Prices Drop 1% as OPEC Output Surges. Brent futures crude was down 56 cents, or 1.1 percent, at $51.85 a barrel at 2:38 p.m. (1838 GMT).
Officials from some of the world's biggest oil trading companies told the Reuters Commodities Summit in London that crude was unlikely to achieve supply-demand balance until well into 2017.
“I don't think they (OPEC) can make any substantial cuts. There are too many uncertain factors involved,” said Gunvor Group's Chief Executive Officer Torbjorn Tornqvist, adding that increasing Nigerian and Libyan output was enough to “wipe out any other deal that has been agreed on. “
Marco Dunand, CEO of Mercuria Energy Group Ltd, said prices could fall to the low $40s if OPEC failed to agree on a cut at the November meeting.
Doubts remain as to the intentions of major suppliers such as Saudi Arabia and Iran and the effectiveness of any agreement to rein in output from record highs.
The prospect of countries from OPEC and non-OPEC members such as Russia coordinating a production curb will support prices above the $50 mark, market participants have said since an initial agreement was struck at the end of last month.
Government officials from major oil producers, including Russia, are meeting in Istanbul this week to try to lay out further details of production cuts ahead of an official OPEC meeting in November.

CPO PRICE OCT 12: Malaysia Stocks Rise Almost 6%, Palm Oil Down

12

Oct

CPO PRICE OCT 12: Malaysia Stocks Rise Almost 6%, Palm Oil Down

The CPO futures contract for December 2016, the most active contract on the Bursa Malaysia, fell 0.11% or 3 points to 2,608 ringgit per ton at 09:53 [...]

CPO PRICE OCT 12: Malaysia Stocks Rise Almost 6%, Palm Oil Down. The CPO futures contract for December 2016, the most active contract on the Bursa Malaysia, fell 0.11% or 3 points to 2,608 ringgit per ton at 09:53 western Indonesia time.
The price of palm oil had previously opened lower by 0.15% or 4 points to a position of 2,607.
On yesterday’s trading (11/10), the price of palm oil closed having spiked by 2.71% or 69 points to 2,611, in line with the weakening performance of the Malaysian ringgit.
Meanwhile, the value of the ringgit this morning was monitored as having weakened by 0.20% to 4.1860 per US dollar at 10:08 western Indonesia time.
As quoted by Bloomberg, the volume of palm oil stock on the Malaysian Palm Oil Board has increased by 5.7% to 1.55 million tons in September, slightly more than the prediction of 1.51 million tons, primarily caused by a sharp decline in exports.
In September, the export volume dropped 20.4% to 1.45 million tons with the fall in exports to India, China, and the European Union being 40.3%, 33.9%, and 27.1% respectively, in line with the reduced competitive level of the price of palm oil (with regard to soybean oil).
Movement in the Price of CPO for the December 2016 Contract

Date

Level

Change

12/10/2016
(As of: 09:53 western Indonesia time)

2.608

-0.11%

11/10/2016

2.611

+2.71%

10/10/2016

2.542

-0.74%

7/10/2016

2.561

-0.70%

6/10/2016

2.579

+0.90%

Source: Bloomberg

Editor: Rustam Agus
http://market.bisnis.com/read/20161012/94/591750/harga-cpo-12-oktober-stok-malaysia-naik-hampir-6-sawit-melemah

National Industry Will Face A New Industrial Revolution

12

Oct

National Industry Will Face A New Industrial Revolution

According to him, this era is marked by the increasing relationship between human, machine, and natural resources through the convergence of [...]

National Industry Will Face A New Industrial Revolution. According to him, this era is marked by the increasing relationship between human, machine, and natural resources through the convergence of information technology and engineering. This era also further strengthens the relationship between the digital world and the industrial sector. He said, the platform; namely Internet of things, or integrate the capabilities of the internet with line production. In Indonesia, there has been one company with such model; that is, at the innovation center of Matsushita. `There has been one assembly line production for electronics,` he explained in Jakarta, Tuesday (10/11/2016). Airlangga assured that industries applying industry 4.0 will have competitive advantages. In implementing the new industrial revolution, according to the Minister of Industry, three policy reinforcements are required. First, implementing of vocational education to improve the quality of industrial human resources through preparation and determination of the Indonesian National Work Competency Standard (SKKNI) in the field of industry.
As well as through the increase of capacity and facilitation of the establishment of Professional Certification Body (LSP) and Competency Test Site (TUK), as well as preparation of competency-based training program.
Second, utilization of digital technology to help small and medium industries (IKM) in penetrating foreign market through e-smart IKM.
“This program is expected to help IKM in obtaining raw materials and technology at relatively cheap prices with easy and cheap financing mechanism so that it will increase the competitiveness of IKM,” explained Airlangga.
Third, collaboration of implemented research and development system to determine the future direction of the industry.
This collaboration includes market research, technology acquisition, growth and innovation development, product design preparation, production system reinforcement, as well as marketing.

–– ADVERTISEMENT ––

Writer
: Pramdia Arhando Julianto

Editor
: Aprillia Ika

http://bisniskeuangan.kompas.com/read/2016/10/12/061600526/industri.nasional.akan.hadapi.revolusi.industri.baru

Vietnam to raise male retirement age to 62, females to 60

12

Oct

Vietnam to raise male retirement age to 62, females to 60

The ministry is collecting feedback from experts and related agencies on its plan to raise the retirement age to 60 from the current 55 for women and [...]

President asks Indonesian exporters to explore new markets

12

Oct

President asks Indonesian exporters to explore new markets

"We must pay attention to the penetration of new markets that we have never taken into account before, such as India and countries in Africa with a [...]

President asks Indonesian exporters to explore new markets. `We must pay attention to the penetration of new markets that we have never taken into account before, such as India and countries in Africa with a population of more than 60 million,` he said after the opening of Trade Expo Indonesia (TEI) 2016 at the Jakarta International Expo Kemayoran, Jakarta, Wednesday. `Africa is good for our products since our middle to low-end products can enter the market. Products that cannot enter the high-end market can find a place there,` he said.India with its population of more than one billion also presents an opportunity for Indonesian products.The President also asked exporters to pay attention to the design and packaging of the products that they intend to export. `In my opinion, design and packaging are very important for penetrating export markets,` he said.The President also appreciated the efforts of the Trade Ministry and the Creative Economy Agency to send designs and product packaging to producers in the regions. `Products from the villages and regions have been sent designs from here and they developed them. If this continues, our products will move up a class,` he said.Good packaging, he said, had led to Indonesian food products such as banana chips entering the Korean and Egyptian markets.The President also asked that efforts to promote Indonesian products be increased to boost exports.The President opened TEI 2016 accompanied by Trade Minister Enggartiasto Lukito and Deputy Governor of Jakarta Djarot Saiful Hidayat.On that occasion, the President presented the Primaduta Award and the Primaniyarta Award to the 30 best Indonesian exporters.Apart from showcasing Indonesia's superior products, TEI 2016 also became a place for interaction among businesspeople from Indonesia and abroad.Trade Minister Enggartiasto said that there had already been a commitment for Rp2.6 trillion in transactions from 14 countries at TEI 2016.
Editor: Maryati
http://www.antaranews.com/berita/589771/presiden-minta-eksportir-indonesia-masuki-pasar-baru

APTRI rejects plan to close 10 sugar factories

12

Oct

APTRI rejects plan to close 10 sugar factories

"The closure of the sugar factories will kill sugarcane farmers and result in a decrease in national sugar production," said APTRI Board of Trustees [...]

APTRI rejects plan to close 10 sugar factories. `The closure of the sugar factories will kill sugarcane farmers and result in a decrease in national sugar production,` said APTRI Board of Trustees chairman Arum Sabil in Jember on Tuesday. He admitted to not having received an official letter regarding the Ministry of State-Owned Enterprises' (BUMN) plan to close 10 sugar factories, and so his party needs to clarify the information being circulated. `I have received a text message about the plan to close 10 sugar factories, but we will clarify it first with the BUMN Ministry and the board of directors before taking further action, because the closure of sugar factories has very large social implications,` he said. So far, he continued, the sugar factories, some of which have been in operation for decades or even centuries, have played an important part in the economies of several regions, and so the planned closure is like a bolt from the blue for the sugar factories, employees and sugarcane farmers. `The sugar factory has fairly large social implications because it is not just profit that the factory is expected to make, and so the government's reason for closing the sugar factory on grounds of efficiency does not make sense,` he said. He admitted to having received input from hundreds of managers of the APTRI Branch Boards (DPC) from several areas where sugar factories were to be closed in 2017, and this has sparked anger among many parties, including sugarcane farmers. `I also regret that new sugar factories, whose land is still unclear and whose yields are not any higher than the 10 sugar factories to be closed, are being encouraged by the government. The government has even issued permits for the import of raw sugar on a large scale,` said Arum, who is also the Coordinator of Pusat Tampung Aspirasi Masyarakat Indonesia (Pustari). He emphasized that APTRI would respond seriously by holding a series of demonstrations with farmers and employees of sugar factories that the government closes, if the policy to close 10 sugar factories is really carried out by the BUMN Ministry. Previously, in a meeting held in Surabaya and attended by Directors of PTPN III, PTPN IX, PTPN X, PTPN XI, Directors of PT RNI together with the Deputy of the BUMN Minister for Industrial Agro and Pharmaceutical Businesses, it was agreed that 10 sugar factories in Java would be closed on Thursday (6/10). The 10 sugar factories to be closed are PG Kanigoro, PG Rejosari and PG Purwodadi in Madiun, PG Toelangan and PG Watoetoelis in Sidoarjo district, PG Meritjan in Kediri, PG Wringinanom, PG Pandjie and PG Olean in Situbondo district, and PG Gondang Baru in Klaten (Central Java).
Editor: Tasrief Tarmizi
http://www.antaranews.com/berita/589716/aptri-tolak-rencana-penutupan-10-pabrik-gula

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