THE palm oil price war between Indonesia and Malaysia – the world’s two largest producers – needs to be resolved fast as it is a no-win situation for both countries if prolonged.
Affin Hwang Capital slashed its target price on Sime Darby Bhd on weaker profit outlook despite a projected increased in the selling price of crude palm oil (CPO) this year on worries that production at Sime Darby’s estates will be disrupted by freak weather pattern and higher labour cost.
MALAYSIA’S plantation sector is facing a labour shortage, which is set to become more severe if the recent hike in the foreign worker levy is implemented, according to Felda Global Ventures Holdings Bhd chief executive officer Datuk Mohd Emir Mavani Abdullah.
"In the wake of IOI Group’s suspension from the the world’s largest association for ethical palm oil production, its customers Unilever, Kellogg and Mars have announced they will stop doing business with the Malaysian conglomerate." and this was because "its downstream affiliate IOI Loders Croklaan, were suspended from the Roundtable on Sustainable Palm Oil (RSPO) last month over the group’s plantations in the Ketapang area of Kalimantan, the Indonesian part of Borneo. Three of IOI’s subsidiaries are allegedto have violated a raft of RSPO standards meant to prevent rainforest destruction and social conflicts, and to have broken the law."
The Sarawak palm oil industry has incurred revenue losses of some RM2.8bil a year due to the shortage of more than 12,000 fruit harvesters, a seminar here was told.
Sarawak is saddled with an acute shortage of about 35,000 workers in the plantation sector, especially for harvesting and collection of oil palm fresh fruit bunches (FFBs) and general field works, State Land Development Minister Tan Sri Dr James Jemut Masing said.
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Posted by Tom > 2016-04-11 23:25 | Report Abuse
please get lost......