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Indonesia imposes complete ban on palm oil exports

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2 years ago

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Authorities in Indonesia have suspended export of palm oil as the world’s largest supplier of the oilseed struggles to meet its own demand.

Indonesia begun imposing a complete ban on palm oil exports, as the world’s largest producer of the commodity risked destabilising a global vegetable oil market already hitting peak prices.

Authorities in Southeast Asia’s most populous country fear the scarcity and rising costs could provoke social tensions and have imposed the ban on Thursday in a move to secure supplies of the product, which is used in a range of goods such as chocolate spreads and cosmetics.

The archipelago nation is facing a domestic shortage of cooking oil as well as soaring prices, with consumers in several cities having to queue for hours in front of distribution centres to buy the essential commodity at subsidised rates.

In a last-minute reversal late on Wednesday, they clarified the embargo would include all exports of the oilseed and not only products intended for edible oils, as indicated a day earlier.

“All products,” including crude palm oil, “are covered by the Ministry of Trade regulation and will be enforced,” said Coordinating Minister for Economic Affairs Airlangga Hartarto.

President Joko Widodo said supplying the country’s 270 million residents was his government’s “highest priority”.

“As the world’s largest palm oil producer, it is ironic that we are having difficulties getting cooking oil,” he said.

READ MORE: Landmark bill against sexual violence gets Indonesia parliament nod

Spillover effect

Indonesia produces about 60 percent of the world’s palm oil, with one-third consumed by its domestic market.

India, China, the European Union and Pakistan are among its major export customers.

The months-long shortage has been exacerbated by poor regulation and reluctance among producers to sell at home due to high international prices that have made exports more profitable.

Jakarta plans to resume exports when the price of bulk cooking oil in local markets has fallen to 97 cents (14,000 rupiah) per litre, having rocketed 70 percent in recent weeks to $1.80 (26,000 rupiah).

Vegetable oils are among a number of staple food items that have seen prices hit record highs in recent weeks, following Russia’s offensive in agricultural powerhouse Ukraine, according to the United Nations Food and Agriculture Organisation.

READ MORE: It’s a sinking feeling in Jakarta

Source: TRT World 

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Business

MIB signs an agreement to expedite business registration process

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11 hours ago

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04/05/2024

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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3 days ago

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01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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2 weeks ago

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24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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