World News

European Union vote to ban palm biodiesel is 'Black Day' for free trade

European Union vote to ban palm biodiesel is 'Black Day' for free trade

The bigger concern now, said Chong, is whether more countries would join the ban as it could affect the palm oil demand significantly. The plan includes a ban on the use of palm oil in motor fuels from 2021. The final decision will be made in a tripartite meeting along with the Council of the EU and the European Commission.

Earlier this month, Malaysia said it would suspend export tax on crude palm oil for three months to curb stockpiles and boost prices.

"Smallholders rely on palm oil income to buy food and send their children to school".

The European Parliament backed a call in April a year ago for greater vetting of palm and other vegetable oils used in biofuels to prevent the European Union's renewable transport targets for post-2020 leading to deforestation.

Palm oil exports are a key source of revenue for Malaysia.

Indonesia is the world's largest producer of palm oil, and the two countries together account for almost 90 percent of global output.

Malaysia has in the past threatened to cut off trade with countries that have vowed to reduce palm oil consumption.

Mah said Malaysia's ambassadors in the 28 European Union member countries will raise objections and that he will work closely with Indonesia to protect the interests of smallholders.

More news: Dow briefly tops 26000 mark

Still, the ban if legalized, cold influence other nations to follow suit as "Europe is considered a trend setter", said Malaysian Palm Oil Board's Director General, Ahmad Kushairi Din.

Earlier this week, hundreds of Malaysian palm oil farmers gathered in the capital city of Kuala Lumpur to protest ahead of the European Union decision.

"This morning, I have written to Malaysian ambassadors in the EU to convey our disappointment on the EU Parliament's vote".

"We urge the European governments and the Council of the EU to reject the EU Parliament's vote to ban palm biodiesel because this would harm bilateral trade, job creation sand strategic interests in Southeast Asia", he added.

India remains Malaysia's top palm oil buyer at 2.83 million tonnes previous year.

That could potentially weigh on the price of the commodity with supplies sloshing in the global market, and hurt small land owners who account for about 40% of Malaysia's total palm oil production.

Benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange opened 0.7 percent lower on Thursday.

Indonesian Trade Minister Enggartiasto Lukita told reporters in Jakarta there should be fair treatment for all vegetable oils, and that Indonesia had protested the EU's "negative campaign" on palm oil on several occasions.


  • Drivers warned 'stay off roads' as heavy snow forecast

    Drivers warned 'stay off roads' as heavy snow forecast

    At low levels, parts of the warning area will see 3-10cms of snow, with some places near the west coast seeing very little. In the Highland Council area, almost 150 schools and nurseries were shut or partially closed, affecting 15,000 pupils.
    Whitbread's Costa Coffee and Premier Inn struggling with slow sales

    Whitbread's Costa Coffee and Premier Inn struggling with slow sales

    We have made good progress in executing our strategy and have grown group sales so far this year by 6.8%. The news sent ts shares up more than 7% on the day.
    Irish negotiator says 'challenging' to implement Brexit border agreement

    Irish negotiator says 'challenging' to implement Brexit border agreement

    He insisted Ireland had "already taken steps to close loopholes" in its tax laws and pledged to do more. In the tweet, Mr Verhofstadt said "We know the Brexit negotiations are existential for your country.
  • 'Potentially hazardous' asteroid wider than world's tallest building is hurtling towards Earth

    'Potentially hazardous' asteroid wider than world's tallest building is hurtling towards Earth

    Nasa is now moving forward with a refrigerator-sized spacecraft capable of preventing asteroids from colliding with Earth. Hypothetically, if the asteroid were to impact Earth, scientist warn that there would be a "very severe global impact".

    Can Corium Intl (CORI) Continue to Move Higher? Shares Climb 17.97%

    Western Digital (NASDAQ: WDC ) will be releasing its earnings data after the market closes on Thursday, January 25th. Qs Investors Lc owns 73,959 shares for 0.05% of their portfolio. 11 funds opened positions while 28 raised stakes.
    Final Fantasy XV: Royal Edition coming in March

    Final Fantasy XV: Royal Edition coming in March

    In addition to some new story content, the patch will also bring about some new features and events to keep players occupied. A bumper edition of 2016's open-world adventure " Final Fantasy XV " will arrive on console as the game debuts on PC.
  • Texas Tech vs Texas basketball odds: point spread, start time, prediction, preview

    Texas Tech vs Texas basketball odds: point spread, start time, prediction, preview

    WSU played OK, shooting 53.6 percent from the floor and 36 percent from the 3-point line, but the Shockers couldn't stop SMU. On the season, Texas basketball averages 73.5 points, 37.8 rebounds and 12.1 assists per game.

    Today Analysts Focus on Facebook, Inc. (FB), Cisco Systems, Inc. (CSCO)

    The stock has "Buy" rating by Jefferies on Wednesday, August 2. (NASDAQ:CSCO) on Thursday, August 18 with "Underperform" rating. Grisanti increased its stake in Celgene Corp (CELG) by 43.77% based on its latest 2017Q3 regulatory filing with the SEC.
    US hopes joint Olympic team helps NKorea change

    US hopes joint Olympic team helps NKorea change

    Previous negotiating sessions created to send a joint team to the Olympics were not successful. The North has made rapid recent advances in its nuclear and conventional weapons programmes.
  • Patriots: Tom Brady listed on injury report with right-hand injury

    The New England Patriots defeated the Tennessee Titans 35-14 to advance to their record seventh straight AFC Championship Game . Other players met with the media in the locker room after the televised press conferences ended, and it was business as usual.
    Welcome Back Moshe: Recounting the 26/11 Nightmare

    Welcome Back Moshe: Recounting the 26/11 Nightmare

    He will lay the wreath at Taj Hotel, visit Nariman House and attend Shalom Bollywood event. Maharashtra Chief Minister Devendra Fadnavis will also attend the summit, sources said.
    Muguruza beaten at Australian Open

    Muguruza beaten at Australian Open

    I was checking the tickets to fly back. "I am feeling good, I am happy about my performance over the last few days and weeks". Meanwhile, top seed Simona Halep beat Eugenie Bouchard 6-2 6-2 in an hour and seven minutes despite playing in pain.