Latest news with #Selangor-based
Business Recorder
6 hours ago
- Business
- Business Recorder
Malaysian palm oil higher on better demand
JAKARTA: Malaysian palm oil futures closed higher on Wednesday, snapping two straight sessions of losses, supported by higher demand, a soyoil rally and the possibility of lower production in June. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 95 ringgit, or 2.39%, to 4,063 ringgit ($961.4) a metric ton at the close. 'Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lower production in June and the soyoil rally, all helped palm prices to remain competitive,' said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. India's palm oil imports soared to an 11-month high in June, driven by lower domestic inventories and a price discount to rivals soyoil and sunflower oil that encouraged refiners to ramp up purchases. Dalian's most-active soyoil contract rose 0.63%, while its palm oil contract gained 1.52%. Soyoil prices on the Chicago Board of Trade were 1.12% higher. The ringgit, palm's currency of trade, weakened 0.71% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Business Recorder
17 hours ago
- Business
- Business Recorder
Palm ends higher on better demand, likely lower June production
JAKARTA: Malaysian palm oil futures closed higher on Wednesday, snapping two straight sessions of losses, supported by higher demand, a soyoil rally and the possibility of lower production in June. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 95 ringgit, or 2.39%, to 4,063 ringgit ($961.4) a metric ton at the close. 'Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lowerproduction in June and the soyoil rally, all helped palm prices to remain competitive,' said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. India's palm oil imports soared to an 11-month high in June, driven by lower domestic inventories and a price discount to rivals soyoil and sunflower oil that encouraged refiners to ramp up purchases. Dalian's most-active soyoil contract rose 0.63%, while its palm oil contract gained 1.52%. Soyoil prices on the Chicago Board of Trade were 1.12% higher. Malaysian palm oil slips Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Exports of Malaysian palm oil products for June rose 4.3% month-on-month, according to independent inspection company AmSpec Agri Malaysia, while according to Intertek Testing Services, they grew 4.7%. Indonesia's crude and refined palm oil exports soared 53% in May from a year ago, data from the statistics bureau showed, as the tropical oil started trading at a discount to its rivals, boosting demand from key buyers. The ringgit, palm's currency of trade, weakened 0.71% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
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Business Standard
17 hours ago
- Business
- Business Standard
Palm oil futures rise on better demand, likely lower June production
Malaysian palm oil futures rose on Wednesday, snapping two straight sessions of losses, supported by improving demand, soyoil rally and the possibility of lower production in June. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 66 ringgit, or 1.66 per cent, to 4,034 ringgit a metric ton by the midday break. "Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lower production in June and the soyoil rally, all helped palm prices to remain competitive," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Dalian's most-active soyoil contract rose 0.35 per cent, while its palm oil contract gained 0.79 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) was 0.71 per cent higher. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Exports of Malaysian palm oil products for June rose 4.3 per cent month-on-month, according to independent inspection company AmSpec Agri Malaysia, while according to Intertek Testing Services, they grew 4.7 per cent. Indonesia's crude and refined palm oil exports soared 53 per cent in May from a year ago, data from the statistics bureau showed, as the tropical oil started trading at a discount to its rivals, boosting demand from key buyers. Indonesia raised its crude palm oil reference price to $877.89 per metric ton for July, up from $856.38 per metric ton in June, a trade ministry regulation showed on Monday. The ringgit, palm's currency of trade, weakened 0.41 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
The Star
2 days ago
- The Star
Businessman in Sabah graft case says he's a small fry
KOTA KINABALU: Two Sabah assemblymen, who have been charged with corruption along with a businessman, have vowed to clear their names in court following what they called 'intense humiliation in the media'. Datuk Dr Yusof Yacob (Sinduman) and Andi Muhammad Suryady Bandy (Tanjung Batu) said they are determined to prove their innocence and restore their reputations through the legal system. The two, along with Selangor-based businessman Datuk Albert Tei Jiann Cheing, 37, appeared before judge Jason Juga to face separate charges under the Malaysian Anti-Corruption Commission (MACC) Act 2009 yesterday. All three pleaded not guilty at the Special Corruption Court to charges of receiving and giving bribes totalling RM350,000 in relation to mineral prospecting licence applications. According to the charge sheets, Dr Yusof, 69, who is also the Qhazanah Sabah Bhd chairman, allegedly received RM200,000 in cash from Tei on March 6, 2023, at 2pm at a hotel restaurant here as inducement to facilitate the approval of a prospecting licence for Nusa Kini Sdn Bhd to explore minerals in Sabah. Andi, 44, was accused of accepting RM150,000 in cash from Tei on May 12, 2023, outside his residence here for assisting with the prospecting licence application of Sinaran Hayat Sdn Bhd. Tei, meanwhile, was charged with giving bribes to both assemblymen in relation to the same licence applications. All three face jail terms of up to 20 years and a fine of not less than five times the amount of the bribe or RM10,000, whichever is higher. Juga fixed Aug 5 for mention and granted all the accused bail. The two assemblymen were each released on court bail of RM50,000, with RM10,000 deposited under one local surety, while Tei was released on RM60,000 bail, with RM15,000 deposited under one local surety, for both charges. They were also instructed to report to the nearest MACC office once every two months and surrender their passports to the court. All three paid the bail. Asked about his position as Assistant Industrial Development and Entrepreneurship Minister, Andi declined to comment. 'Let's just wait for instructions,' he said. Tei, meanwhile, claimed he was a 'small fry' caught in a net for bigger fish and called for action against the 'sharks' he said 'are still swimming free'. 'I have been charged, but what about the rest? Why only charge the 'ikan bilis' (anchovies) while the sharks are still out there?' he asked. Andi also accused the authorities of sending a 'poisonous signal' to Malaysians by charging him, the whistleblower, instead of protecting him. 'I am not afraid. I will fight this in court,' he said. Tei's lawyer Edward Paul said it was unusual that the complainant in the case was also charged alongside the receivers. He also said they would get former MACC chief commissioner Latheefa Koya to join their legal team for the case. The prosecution was led by Deputy Public Prosecutors Rustam Sanip and Nurul Izzati Sapifiee.
Borneo Post
3 days ago
- Politics
- Borneo Post
‘Ikan bilis' charged, ‘sharks' walk free: Businessman cries foul in Sabah graft case
Selangor-based businessman Datuk Albert Tei Jiann Cheing, 37, speaks to reporters after posting bail at the Kota Kinabalu Court Complex on June 30, 2025. — Picture by Julia Chan/Malay Mail KOTA KINABALU (June 30): Datuk Albert Tei Jiann Cheing, the businessman at the centre of a high-profile Sabah mining licence corruption case, today claimed he was being used as a political scapegoat for exposing top-level wrongdoing, including allegations involving the state chief minister. The 37-year-old who is based in Selangor said it was shameful that he was the one in the dock while the real culprits remain free. 'I'm just an ikan bilis, but I've been caught and charged. What about the sharks?' he told reporters after being charged in court with offering bribes to two Sabah assemblymen this morning. He claimed there were seven other politicians involved apart from the two charged alongside him in court today – Assistant Minister of Industrial Development and Entrepreneurship Datuk Andi Suryandy Bandy who represents Tanjung Batu, and Sindumin assemblyman Datuk Dr Yusof Yacob who is also Qhazanah Sabah Bhd chairman. Tei also claimed to have provided evidence to the Malaysian Anti-Corruption Commission (MACC) to support his allegations since last October. He questioned the lengthy delay – eight months – for the charges to be filed. He also described himself as a whistleblower, and said it set a dangerous message. 'When we challenge the powerful, even the whistleblower gets dragged to court. Who will dare come forward next?' Tei claimed the treatment of his case has been irregular, saying that he received only two weeks' notice before being charged, contrary to the standard MACC practice. 'Who am I? Just a small fry. Why the special two-week wait? What were they discussing behind closed doors?' he asked. He alleged that the prosecution against him was a calculated move to silence him. 'I want to say this. I know what they're thinking. They want to pressure and burden me, so that investigations won't proceed. So that I'll stay silent. I know what their game is. 'Today you charge two people. I will get bail. Tomorrow, another two more, and I will pay bail… you will continue to line them up… is this right?' he said. Tei also claimed to be targeted. 'If anything untoward happens to me after this, if I'm killed, kidnapped, or go missing, look for those 10 people. 'I have no enemies, except those 10,' he said. Tei had previously named politicians in a series of videos that circulated online. But he added that he is not afraid to fight the charges in court, His lawyer Edward Paul said it was 'rare' for a complainant to be charged alongside those he reported. 'This is rare, but we are ready. He is courageous and prepared to clear his name both as an accused and as a whistleblower,' he said. Tei had reportedly sought witness protection last year after accusing eight Sabah leaders in the ruling Gabungan Rakyat Sabah of accepting bribes in exchange for helping him secure a mining prospecting licence. Tei was today charged alongside Andi and Dr Yusof Yacob of offering and receiving a total of RM350,000 in cash bribes respectively. – Malay Mail
