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Malaysia's 1MDB Scandal: Singapore Authorities Order Closure of BSI Bank

25

May

Malaysia's 1MDB Scandal: Singapore Authorities Order Closure of BSI Bank

The Monetary Authority of Singapore said it has withdrawn the merchant bank license of Swiss-based BSI Bank and ordered it to shut down its [...]

Malaysia's 1MDB Scandal: Singapore Authorities Order Closure of BSI Bank. The Monetary Authority of Singapore said it has withdrawn the merchant bank license of Swiss-based BSI Bank and ordered it to shut down its operations for serious breaches of anti-money laundering requirements and other lapses.
In a statement the MAS said it had referred six current and former members of BSI’s senior management and staff to the public prosecutor to assess if criminal charges were warranted.
 “This is the first time that MAS has withdrawn the approval for a merchant bank since Jardine Fleming (Singapore) Pte Ltd in 1984, following serious lapses,” the MAS said, according to Reuters, Tuesday (05/24/2016).
Investigations in Switzerland and Singapore into 1Malaysia Development Berhad (1MDB) have focused on alleged fraud and misappropriation of funds from the state investment company, which critics say were used to benefit politically connected individuals, and possible money laundering.
The 1MDB investigations have shone an unwelcome spotlight on Singapore, which has been trying to clean up its image on anti-money laundering issues.
 “The BSI case represents the most serious case of control failures and breaches of AML (anti-money laundering) requirements that has come to the attention of the Singapore financial sector,” Ravi Menon, the MAS’s managing director, told reporters, according to Reuters, Tuesday (05/24/2016).
In a statement, BSI said its Chief Executive Stefano Coduri would step down. The MAS said it had ordered the bank to take steps to strengthen its management, including bringing in a new head of risk and appointing a new compliance officer.
Swiss authorities said in February that a criminal investigation into 1MDB had uncovered misappropriation of about $4 billion from the Malaysian fund.

Source : Reuters  Editor : Saenohttp://kabar24.bisnis.com/read/20160524/19/550839/1mdb-scandal-singapore-orders-bsi-bank-to-close

24

May

Sugar speculators are making a move

"From our several findings in the field, it is obvious that there is a link between these maneuvers. Sugar speculators are uncomfortable if the [...]

Sugar speculators are making a move. `From our several findings in the field, it is obvious that there is a link between these maneuvers. Sugar speculators are uncomfortable if the government has policies that favor farmers,` the Chairman of the Indonesian Sugarcane Farmers Association (APTRI) Abdul Wachid told the press in Jakarta, Monday (23/5).He said that earlier last week, farmers in Jombang were motivated into voicing threats to boycott the State-Owned Sugar Factories (PG), while in Surabaya traders tried to ride on the farmers by posing as farmer groups for the marketing of sugar in 2016.According to information circulating amongst journalists, sugar traders from various cities have gathered in a discussion event held by Soemitro Samadikun, the Yogyakarta version of APTRI which has been abandoned by sugarcane farmers.In the discussion version of APTRI by Soemitro which was held in Grha Kebon Agung Surabaya, Piko, a large sugar trader, was specifically asked to speak about `Sugar Marketing Strategy 2016.` `This is a strange but real thing, an organization that calls itself farmers seems to be steered by sugar traders, and what else can you call it besides a puppet APTR,` said Wachid.He confirmed that since the APTRI Congress in Yogyakarta in late 2015, Soemitro's group should no longer claim to represent sugarcane farmers because they have been voted no confidence.According to Wachid, the ideal attitude for a farmer's organization is neutrality and to avoid bias towards the interests of others, especially those who have opposing attitudes.If there are policies such as the Farmer Card and government policies that guarantee the certainty of producing yields and purchasing farmers' sugar, then these policies must be supported.`More than 60 percent of farmers' sugar is still yielding below 8.5 percent, so if there is a guarantee from the government that sugar will be purchased with an 8.5 percent yield by the State-Owned PG, then of course that policy must be supported,` said the Chairman of APTRI who is also the Deputy Chairman of the DPR RI Sugar Special Committee.On the other hand, sugarcane farmers themselves believe that the sugar traders' maneuvers will only further expose their true identity as people who simply want to profit from their business through sugar price speculation. `We as farmers appreciate the objectives of the State-Owned Enterprise Minister's various pioneering policies, including those regarding yield and price guarantees. This policy is positive for farmers, but for speculators it is naturally a blow,` said the Chairman of APTRI PTPN X H Mubin.According to Mubin, with the anxiety of traders who speculate on prices, they are adjusting their marketing strategies. Furthermore, they are involved behind the emergence of threats to boycott under the name of sugarcane farmers to PTPN X.`Early last week, there was a party that claimed to represent farmers in Jombang by stating that they would boycott by not sending sugarcane to PTPN X. Then where will they send it? What is their motive? Let's not consider the public to be ignorant about the fact that agents and puppet traders are playing around with puppet organizations,` he said.He stated that the boycott threat is pure fabrication because the majority of farmers in Jombang in particular and in East Java in general still hold loyalty and the rationality that their sugarcane will still be milled at the PG owned by PTPN X which is one of the largest sugar State-Owned Enterprises in Indonesia. `If sugarcane is not milled, wouldn't the farmers suffer a loss? Then if farmers suffer losses, who will be the one to pay for them? We farmers are not stupid. There must be some individuals who are playing by voicing the interests of traders and speculators,` said Mubin.He added that currently the number of sugarcane shipments coming into the sugar factory is relatively high, as shown by the long queue of sugarcane transport trucks stretching for 3 km both at PG Gempolkrep, PG Ngadiredjo and PG Pesantren Baru. `This long queue is proof that the farmers are ignoring the scenario of the individuals claiming to represent the farmers to carry out a boycott, and these are the true facts,` said Mubin while adding that the farmers have carried out logging and that they will continue to send sugarcane according to the schedule to the sugar factory.Pertaining to the guarantee of minimal income for farmers equal to an 8.5 percent yield, the farmers have welcomed it with delight because they can now achieve greater income than before. (ant)
http://www.medanbisnisdaily.com/news/read/2016/05/24/235632/spekulan-gula-bermanuver/#.V0QfQyFna1s

Agriculture Minister: Ambassadors from several countries appreciate Indonesia's preparedness

24

May

Agriculture Minister: Ambassadors from several countries appreciate Indonesia's preparedness

"The ambassadors appreciated what we did so that we could overcome the critical condition of El Nino," Amran Sulaiman said at the Head [...]

Agriculture Minister: Ambassadors from several countries appreciate Indonesia's preparedness. "The ambassadors appreciated what we did so that we could overcome the critical condition of El Nino," Amran Sulaiman said at the Head Office of the Ministry of Agriculture in Jakarta, Tuesday.Amran Sulaiman in Building A of the Ministry of Agriculture was scheduled to receive ambassadors from several countries, namely Libya, Spain, Argentina, Iran and Sri Lanka.According to Amran, the majority of the countries had also experienced the same crisis of El Nino as they had around the year 1997.The Minister of Agriculture also revealed that, in the meeting, through the ambassadors, he invited businessmen from the countries to invest in Indonesia, especially related to sugar and corn commodities, as well as cattle farming.As reported, climate change and the problem of population, if not anticipated well, will put 1.3 billion people and assets of 158 trillion US dollars in danger in 2050, according to a report of the World Bank.`With climate change and the increasing number of people in urban areas, they also increase the risk in the future rapidly,` said the Senior Director of the Climate Change Group of the World Bank, John Roome, in a release.
Journalist: Muhammad Razi Rahmanhttp://www.antaranews.com/berita/562754/mentan-dubes-sejumlah-negara-apresiasi-kesiapan-indonesia

CPO PRICE MAY 24: Moved Positively, Up 0.80% At The Start Of Trading

24

May

CPO PRICE MAY 24: Moved Positively, Up 0.80% At The Start Of Trading

CPO futures for August 2016, the most active contract on Bursa Malaysia, opened with a gain of 0.72% or 18 points at 2,510 ringgit per tonne. The [...]

CPO PRICE MAY 24: Moved Positively, Up 0.80% At The Start Of Trading. CPO futures for August 2016, the most active contract on Bursa Malaysia, opened with a gain of 0.72% or 18 points at 2,510 ringgit per tonne. The commodity's price then rose 0.80% or 20 points to 2,512 ringgit per tonne at 10.02 WIB. In trading on Monday (23/5/2016), the price of CPO closed down 1.42% or 36 points to 2,492 ringgit per tonne, after opening in the red zone. The increase in the price of palm oil in early trading today is in line with the sluggish performance of the Malaysian currency. The ringgit exchange rate was seen to depreciate 0.73% to 4.11 ringgit per US dollar, after opening with negative movement. CPO Price Movements for August 2016 Contract

Date

Level

Change

24/5/2016(10.02 WIB)
2.512
+0.80%

23/5/2016

2.492

-1.42%

20/5/2016

2.528

+0.36%

19/5/2016

2.519

-1.64%

18/5/2016

2.561

-1.50%

Source: Bloomberghttp://market.bisnis.com/read/20160524/94/550713/harga-cpo-24-mei-bergerak-positif-naik-080-di-awal-dagang

CPO PRICE MAY 23: Drops 1.54% In Early Trade As Ringgit Strengthens

24

May

CPO PRICE MAY 23: Drops 1.54% In Early Trade As Ringgit Strengthens

CPO Price Movement for August 2016 Contract Date Level Change 23/5/2016 (10.24 p.m. [...]

Ministry of Trade holds granulated sugar OP in Manado

23

May

Ministry of Trade holds granulated sugar OP in Manado

"We carry out the granulated sugar OP because the price in the market already started to experience an increase," said the Chief of Staff of the RI [...]

Ministry of Trade holds granulated sugar OP in Manado. `We carry out the granulated sugar OP because the price in the market already started to experience an increase,` said the Chief of Staff of the RI Ministry of Trading Srie Agustina in Manado, on Friday. Srie said that the granulated sugar OP in Manado was carried out in two points, namely Bersehati Market and in Kampung Ternate Manado. `We distribute three tons of granulated sugar in Manado with a much cheaper price compared to that of the market, at Rp12,000 per kilogram,` he said. The granulated sugar price in Manado trading center has currently increased to around Rp15,000 per kilogram. `Such a significant increase leads the granulated sugar OP to be carried out, especially approaching the holy month of Ramadan,` said Srie. It is admitted that approaching Ramadan or other religious holidays, there will certainly be an increase in basic necessity demands, including granulated sugar. Moreover, he said, granulated sugar is widely used to make Eid cake so it must be anticipated from the beginning. He said that we are currently entering the sugarcane harvest period so that it cannot yet be distributed to the community, hence the granulated sugar OP was carried out.The granulated sugar OP is not only carried out in Manado but also in 152 points in Indonesia with a prepared volume of 3,800 tons, and the Ministry of Trading is collaborating with State-owned Enterprise and cooperatives.
Editor: Ruslan Burhanihttp://www.antaranews.com/berita/562118/kemendag-gelar-op-gula-pasir-di-manado

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