Posted by jk20598 > 2020-10-01 10:15 | Report Abuse

If you look at the candle chart now,fgv is Bursa Olympic diving champion,good news never rise,bad news turns diving champion.WTF.

Posted by Mikecyc > 2020-10-01 10:18 |

Post removed.Why?

Posted by JJchan > 2020-10-01 10:18 | Report Abuse

everybody sees this coming. USA is just protecting its Corn, and Seeds Oil industries. But the
implication is far reaching, EU might join in for Another Reason (Green House effect )

Posted by jk20598 > 2020-10-01 10:24 | Report Abuse

Actually fgv is aware of the issues.They have started to address the issues since Aug 2019.But how come still got hit?Management n lawyers sleeping?Or only talk,no actions?

Posted by JJchan > 2020-10-01 10:25 | Report Abuse

If EU joins India in Boycott, China alone cannot pull FGV out of trouble water. Let see whether Muhyiddin will kneel down infront of Trump ( highly unlikely ). FGV could hit all time low in
one month time.

Posted by rajachulan > 2020-10-01 10:35 | Report Abuse

one way to solve all this...
one person to solve all this...

ask hisapmudin to issue a statement either side the eagle or the dragon on the south china seas issue...

wahlah! all problem solved...

p.s all those gloves counter issue should be taken into consideration too.... hahahahahahahaha

Posted by HappyFeet > 2020-10-01 10:45 | Report Abuse

No need to worry. Turkey will buy from Malaysia

Posted by strattegist > 2020-10-01 10:49 | Report Abuse

so far still ok...

Posted by Shadows > 2020-10-01 10:53 | Report Abuse

US influence is too huge to swallow. It will spread to it allies and cheer for Europe.

Posted by Felda_settlers > 2020-10-01 10:54 | Report Abuse

Anwar pls be PM asap. Muhyiddin not good never take care FGV.

Posted by Felda_settlers > 2020-10-01 10:55 | Report Abuse

GE15 call asap for us to decide which is better govn.

Posted by Mabel > 2020-10-01 10:58 | Report Abuse

Mikecyc haha KLK is Red ke ..

01/10/2020 10:18 AM

KLK was the biggest plantation gainer last week. So when some planantion are so red, people took profit and move their fund here or elsewhere.

I collected two batches this morning. Now put another queue' Let see how far it go down this time.

Posted by JJchan > 2020-10-01 11:01 | Report Abuse

Turkey Or Pakistan used palm Oil for human Consumption( vol. small ) EU and USA is mostly Industrial uses, usage is very high (palm Oil is superior than any vegetable Oil for industrial usage )

Posted by Morning $tar > 2020-10-01 11:06 | Report Abuse

Time Malaysia Did A 180 Degree Turn On Green Policies - As US Bans FELDA
https://www.sarawakreport.org/2020/09/time-for-malaysia-did-a-180-degree-turn-on-green-policies-as-us-bans-felda/

And why did it happen? It happened because an extensive study has been taken into Malaysia’s long criticised treatment of the millions of migrant workers that the oil palm business has taken advantage of for decades.

This is what today’s announcement says in advance of the details of the report becoming public:

Effective September 30 at all U.S. ports of entry, U.S. Customs and Border Protection (CBP) will detain palm oil and palm oil products made by FGV Holdings Berhad and its subsidiaries and joint ventures.

CBP’s Office of Trade directed the issuance of a Withhold Release Order (WRO) against palm oil and palm oil products made by FGV based on information that reasonably indicates the use of forced labor. The order is the result of a year-long investigation that revealed forced labor indicators including abuse of vulnerability, deception, restriction of movement, isolation, physical and sexual violence, intimidation and threats, retention of identity documents, withholding of wages, debt bondage, abusive working and living conditions, and excessive overtime. The investigation also raised concerns that forced child labor is potentially being used in FGV’s palm oil production process. [see the press release]

Posted by Hidup_Anwar > 2020-10-01 11:07 | Report Abuse

Return people mandate to PH only way out?

Posted by Hidup_Anwar > 2020-10-01 11:08 | Report Abuse

US only recognised voted not backdoor govn?

Posted by Mabel > 2020-10-01 11:23 | Report Abuse

UPDATE 1-Malaysia's FGV disappointed with U.S. ban on its palm oil products
(Adds more details, CBP comment and share price movement)

KUALA LUMPUR, Oct 1 (Reuters) - Malaysian palm oil producer FGV Holdings Bhd FGV has taken steps to fix allegations that it uses forced labour and is disappointed with the United States' ban on imports of its products over the claims, the company said on Thursday.

U.S. Customs and Border Protection (CBP) issued the ban on FGV's products on Wednesday after a year-long investigation that the agency alleges showed abuse, deception, physical and sexual violence, intimidation and the keeping of identity documents.

FGV is the world's largest producer of palm oil, used in everything from food to cosmetics. The company and other suppliers have faced past allegations of human rights abuses.

"FGV is disappointed that such decision has been made when FGV has been taking concrete steps over the past several years in demonstrating its commitment to respect human rights and to uphold labour standards," the company said in a statement.

The company said all the issues raised have been the subject of public discourse since 2015 and it has taken several steps to correct the situation, which are "documented and available in the public domain."

FGV will continue to engage with the CBP to clear its name, the company said.

Shares in FGV dropped as much as 6.1% at the opening bell.

CBP said it was not able to share total imports by FGV but that the ban "will not have a significant impact on total U.S. imports of palm oil and palm oil products."

There have been $147 billion worth of U.S. imports of palm oil products since August 2018, CBP said in an e-mail.

(Reporting by A. Ananthalakshmi and Liz Lee; Editing by Muralikumar Anantharaman and Christian Schmollinger) ((ananthalakshmi.as@thomsonreuters.com; +603 2333 8036; Reuters Messaging: ananthalakshmi.as.thomsonreuters.com@reuters.net; Twitter: @AnanthalakshmiA))

Posted by rajachulan > 2020-10-01 11:25 | Report Abuse

@moviedin @hisapmudin... your statement is urgently needed... taken the gloves export destination... answer is berry clear if we should stand by the west or the east in the south china sea war...

act quick before the furniture export also kena next...

Posted by cpo_ > 2020-10-01 11:27 | Report Abuse

CPO >RM 2700 not FGV benefits? Why down?

Posted by cpo_ > 2020-10-01 11:28 | Report Abuse

Why CPO up even US ban? CPO imports not from US?

Posted by Mabel > 2020-10-01 11:28 | Report Abuse

CBP said it was not able to share total imports by FGV but that the ban "will not have a significant impact on total U.S. imports of palm oil and palm oil products."

There have been $147 billion worth of U.S. imports of palm oil products since August 2018, CBP said in an e-mail.

Posted by cpo_ > 2020-10-01 11:30 | Report Abuse

FCPO Oct 2020 2,890.00 2,878.00 2,882.00 2,880.00
+41.00
2,890.00 2,880.00 284 3,859 2,839.00
14 FCPO Nov 2020 2,815.00 2,808.00 2,809.00 2,809.00
+46.00
2,825.00 2,805.00 626 15,115 2,763.00
15 FCPO Dec 2020 2,760.00 2,761.00 2,762.00 2,761.00
+47.00
2,779.00 2,755.00 5,320 55,677 2,714.00
https://www.bursamalaysia.com/market_information/derivatives_prices

Posted by drago_7 > 2020-10-01 11:36 | Report Abuse

Oh my goodness... price keep on dropping!

Posted by maimunah > 2020-10-01 11:39 | Report Abuse

Plantation stocks dropped among Bursa Malaysia's top losers in the morning trading session today after it was reported that the US had banned imports of palm oil from FGV Holdings Bhd amid investigations into forced labour claims.

Posted by maimunah > 2020-10-01 11:39 | Report Abuse

According to Reuters, the US Customs and Border Protection (CBP) agency said that the US had banned imports of palm oil from FGV following investigations into allegations that it uses forced labour.

Posted by maimunah > 2020-10-01 11:39 | Report Abuse

In response, FGV issued a statement today, saying the issues raised by the CBP had been the subject of public discourse since 2015 and it had taken several steps to correct the situation.

Posted by maimunah > 2020-10-01 11:39 | Report Abuse

FGV is disappointed that such a decision has been made when FGV has been taking concrete steps over the past several years in demonstrating its commitments to respecting human rights and upholding labour standards,” it said.

Posted by Shadows > 2020-10-01 11:45 | Report Abuse

Look like no turning back at the moment and can be serious impacted the business.

Posted by Mabel > 2020-10-01 12:05 | Report Abuse

There are several risks factors on any Plantation earnings estimates, price target and rating. Key risks to the palm oil sector are:

(i) weather anomalies resulting in poorer-than-expected output growth -Let's hope for a good weather the next coming 3 months.

(ii) lower than-expected CPO price achieved – On Target and currently CPO is still Up trending

(iii) negative policies imposed by import countries –

Positive. The exemption of CPO export duty by the government of Malaysia till Dec 2020 will be positive for CPO exports (especially to India) and will help support CPO price which is expected to be under pressure in 3Q20 due to the anticipated stockpile build-up amid seasonal production recovery.

Negative in US for FGV right now. It should not affect other company shipments. FGV need to act fast like what Top Glove did recently..

(iv) unfriendly policies imposed by the Malaysian and Indonesian government on upstream or downstream segments – Already factored on India’s move to restrict the importation of refined palm oil*. This will result in quicker build-up of MPOB stockpile when output recovers from 2Q20, and cap CPO price upside

(v) sharply lower crude oil prices which makes palm biodiesel demand not viable – Brent has already breached USD 40

(vi) weaker competing oil prices (like soybean and rapeseed- On Target. Alternative Oil Prices is on the rise which make Palm Oil very attractive.

Meow

Posted by hng33 > 2020-10-01 12:13 | Report Abuse

bought FGV at 1.05

Posted by hng33 > 2020-10-01 12:19 | Report Abuse

China and india are the biggest importer for CPO, US demand is at tailing as it have its own soybean oil

Posted by wan161 > 2020-10-01 12:21 | Report Abuse

export to US only 2-3% from total export.. not significant

http://mpoc.org.my/monthly-palm-oil-trade-statistics-2020/

Posted by hng33 > 2020-10-01 12:24 | Report Abuse

India: US$5.4 billion (21.9% of total palm oil imports)
China: $4.1 billion (16.7%)
Netherlands: $1.7 billion (6.9%)
Spain: $1.2 billion (4.8%)
Italy: $1.1 billion (4.3%)
United States: $1 billion (4.1%)
Russia: $668 million (2.7%)
Malaysia: $549.3 million (2.2%)
Germany: $517.5 million (2.1%)
Japan: $498.1 million (2%)
Pakistan: $458.5 million (1.9%)
Belgium: $376.1 million (1.5%)
Turkey: $373.5 million (1.5%)
South Korea: $348.7 million (1.4%)
Saudi Arabia: $337.4 million (1.4%)

Posted by 8888_ > 2020-10-01 12:29 | Report Abuse

Deepavali coming need CPO not from US.

Posted by 8888_ > 2020-10-01 12:33 | Report Abuse

Sep'Oct 20 India must buy more to cover 2020 shortage?
http://mpoc.org.my/monthly-palm-oil-trade-statistics-2020/

Posted by Mabel > 2020-10-01 12:33 | Report Abuse

With or without privatization, I'm OK. I have good experience with previous exercise with MAS, Lafarge etc etc

Meow

Posted by 8888_ > 2020-10-01 12:33 | Report Abuse

Late Deepavali in 2020 so Oct India to buy more?

Posted by Mabel > 2020-10-01 12:34 | Report Abuse

Absolutely!

Posted by 8888_ > 2020-10-01 14:21 | Report Abuse

OTHERS FGV Holdings Berhad ("FGV" or the Company") Clarification on the U.S. Customs and Border Protection's Withhold Release Order (WRO)
FGV HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description FGV Holdings Berhad ("FGV" or the Company")
Clarification on the U.S. Customs and Border Protection's Withhold Release Order (WRO)
The Board of Directors of FGV wishes to confirm that the U.S. Customs and Border Protection (CBP) has placed a WRO on palm oil and palm oil products made by FGV and its subsidiaries (FGV Group) and joint ventures on 30 September 2020.



FGV would like to emphasise that all issues raised have been the subject of public discourse since 2015 and FGV has taken several measures to correct the situation. FGV’s efforts are well documented and available in the public domain.



FGV has taken steps over the past several years in demonstrating its commitment to respect human rights and to uphold labour standards. Various efforts have been carried out by FGV in honouring these commitments, including the following:



FGV continues to strengthen its procedures and processes in the recruitment of migrant workers. FGV has established four One-Stop Centres in Malaysia and in source countries namely in India and Indonesia, as part of our efforts to strengthen the pre-departure and post-arrival orientation programmes for our migrant workers. Through these orientation sessions, the migrant workers are briefed on various matters including the terms of their employment, job scope, nature of work, rights and responsibilities, as well as benefits and entitlements.
FGV has also established guidelines and procedures for Responsible Recruitment of Migrant Workers in 2019, adopting international standards. Under the said guidelines, FGV is committed to pay the costs associated with the recruitment of migrant workers, which include air fare, costs for work permit, visa, medical check-up and insurance. FGV has also revised the contracts with recruitment agencies to ensure that the recruitment agencies do not charge any fees to the workers.
FGV is not involved in any recruitment or employment of refugees. Effective 2020, FGV recruits its migrant workers mainly from India and Indonesia through legal channels and processes, recognised and approved by the Malaysian authorities and the source countries. As of August 2020, FGV has 11,286 Indonesian workers and 4,683 Indian workers, collectively form majority of FGV’s plantation workforce. Furthermore, FGV does not hire contract workers as all workers are directly employed by FGV.
FGV is also pioneering the implementation of the electronic wallet (e-wallet) for cashless payroll system for its plantation workers. The e-wallet system, which gives empowerment to the workers, acts as a more convenient and efficient way for workers to manage their finances. It has been successfully rolled out since February, 2020 in Gua Musang, Kelantan, involving 1,500 registered users in 11 estates. By first quarter 2021, FGV aims to implement this system for its entire plantation sector nationwide.
FGV does not practise retaining the passports of its workers. However, FGV does install a total of 32,250 safe boxes throughout all of its 68 complexes as an option for the migrant workers to keep their passports safe.
On housing, FGV has over the past three years invested approximately MYR350 million to upgrade housing facilities for its workers by constructing new residences in our plantations all over the country.
FGV respects workers’ right to healthcare by providing health benefits, which cover annual expenses for outpatient care and unlimited allocation for inpatient treatment.
Mindful that human rights and sustainability standards must be fulfilled throughout our supply chain, FGV has adopted a Supplier Code of Conduct (SCOC), outlining the principles and standards relating to sustainability, business ethics and integrity, safety, health and environment and labour, with which our suppliers and vendors are required to comply. Any supplier or vendor that does not comply with the SCOC will be subjected to FGV’s Supplier Delinquency Guidelines, with the possibility of being suspended or terminated and blacklisted should they fail to demonstrate willingness to rectify the gaps in their practices.

FGV does not tolerate any form of human rights infringements or criminal offenses in its operations. FGV pays serious attention to any allegation of physical or sexual violence as well as intimidation or threats. Any case of such nature will be acted upon by FGV, including by reporting to the relevant authorities.
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3092680

Posted by 8888_ > 2020-10-01 14:22 | Report Abuse

FGV is a participating company in the Fair Labor Association (FLA), an international organisation. The Company is currently implementing a long-term and comprehensive action plan under its affiliation to the FLA that comprises a number of initiatives to further strengthen the various aspects of our labour practices such as our recruitment process, human rights training programmes, working and living conditions, as well as grievance mechanisms etc. FGV’s action plan for 2020 was adopted on 31 March 2020 in consultation with the FLA and with various other stakeholders including civil society organisations (CSOs).

The action plan was adopted at a time when the COVID-19 situation was rapidly worsening globally, including in Malaysia. Despite the unprecedented challenges posed by the COVID-19 pandemic, which forced FGV to realign its priorities to ensure that necessary measures are taken to curb and combat the spread of COVID-19, FGV remained committed to implementing the action plan, and FGV believes that concrete progress has been made in the six months of implementation beginning April 2020. FGV is confident that it is on the right track to be able to accomplish the action items due to be completed by the end of 2020.

FGV’s affiliation to the FLA is subject to rigorous validation exercises and public reporting. FLA’s report on FGV’s progress on the implementation of the action plan is published on FLA’s website.

Since August 2019, FGV has been communicating with CBP through our legal counsel and have submitted evidence of compliance on labour standards as committed by FGV. FGV will continue to engage with CBP to clear FGV’s name, and is determined to see through its commitment to respect human rights and uphold labour standards.

The WRO does not have any material financial and operational impact on FGV Group.

The Company shall make further announcement if there are any material development in respect of this matter.

This announcement is dated 1 October 2020.

Posted by 8888_ > 2020-10-01 14:24 | Report Abuse

TP RM 1.21 (CIMB).
https://www.theedgemarkets.com/article/us-ban-restrict-fgv-palm-oils-market-access-%E2%80%94-cgscimb

Posted by Jeffreyteck > 2020-10-01 14:35 | Report Abuse

How true?
"The order is the result of a year-long investigation that revealed forced labour indicators, including abuse of vulnerability, deception, restriction of movement, isolation, physical and sexual violence, intimidation and threats, retention of identity documents, withholding of wages, debt bondage, abusive working and living conditions, and excessive overtime. The investigation also raised concerns that forced child labour is potentially being used in FGV’s palm oil production process," the CBP alleged.

Government needs to independently investigate and full disclosure to convince.

Posted by asmpenang > 2020-10-01 14:45 | Report Abuse

Collect now and enjoy the price up later. Most important is KWAP and other Govt. Fund buying up more shares frm the open market.
No worry. My personnel thought.

Posted by SinGor > 2020-10-01 15:27 | Report Abuse

India will buy more vege/seed oil from USA to balance up trade deficit. Unless Mahathir said
sorry, India will still boycott

Posted by jk20598 > 2020-10-01 15:29 | Report Abuse

If it is indeed true,it is due to weak management.Instructions from HQ not followed by remote operation centres,do as they like,no Top Guns visits,no proper audits done on compliance.The Americans must have camped in the jungles to find out!

Posted by strattegist > 2020-10-01 15:37 | Report Abuse

digesting

Posted by hng33 > 2020-10-01 16:02 | Report Abuse

bought maxiumum FGV, all at 1.05

Posted by new_in_share > 2020-10-01 16:30 | Report Abuse

TopGlove "forced labour" issue already settled? Why spread in FGV next?

Posted by hng33 > 2020-10-01 17:04 | Report Abuse

FGV Holdings Berhad (“FGV”) refers to the Withhold Release Order (WRO) issued by the United States Customs and Border Protection (“CBP”) against palm oil and palm oil products made by FGV.

FGV would like to emphasise that all issues raised have been the subject of public discourse since 2015 and FGV has taken several steps to correct the situation. FGV’s efforts are well documented and available in the public domain.

FGV is disappointed that such decision has been made when FGV has been taking concrete steps over the past several years in demonstrating its commitment to respect human rights and to uphold labour standards. As mentioned in our statement dated 26 September 2020, various efforts have been carried out by FGV in honouring such commitment, including the following:

i. FGV continues to strengthen its procedures and processes in the recruitment of migrant workers. FGV has established four One-Stop Centres in Malaysia and in source countries namely in India and Indonesia, as part of our efforts to strengthen the pre-departure and post-arrival orientation programmes for our migrant workers. Through these orientation sessions, our migrant workers are briefed on various matters including the terms of their employment, job scope and nature of work, rights and responsibilities, as well as benefits and entitlements.

ii. FGV has also adopted its Guidelines and Procedures for the Responsible Recruitment of Migrant Workers in 2019 in accordance with international standards and will continue to strengthen the document. Under the Guidelines, FGV is committed to paying official costs associated with the recruitment of migrant workers, which include airfare and costs for work permit, visa, medical check-up and insurance. FGV has also revised its contract with recruitment agencies to require them to ensure that no fees are charged on the workers.

iii. FGV is not involved in any recruitment or employment of refugees. Effective 2020, FGV recruits its migrant workers mainly from India and Indonesia through legal channels and processes recognised and approved by the authorities of Malaysia and the source countries. As of August 2020, FGV has 11,286 Indonesian workers and 4,683 Indian workers, who together, form the majority of FGV’s plantation workforce. Furthermore, FGV does not hire contract workers and all workers are employed directly by FGV.

iv. FGV is also pioneering the implementation of the electronic wallet (e-wallet) cashless payroll system for its plantation workers. The e-wallet system, which gives empowerment to the workers, acts as a more convenient and efficient way for workers to manage their finances, was successfully rolled out since February 2020 in Gua Musang, Kelantan, involving 1,500 registered users in 11 of its estates. By first quarter 2021, FGV aims to implement this system for its entire plantation sector including estates in Sabah and Sarawak.

v. FGV does not practice the retention of its workers’ passports and has installed a total of 32,250 safety boxes throughout all its 68 complexes, as an option for migrant workers to keep their passports safely.

vi. In fulfilling the rights of workers to adequate housing, FGV has over the past three years, invested approximately MYR350 million to upgrade housing facilities for its workers by constructing new residences in our plantations all over the country.

vii. FGV respects workers’ right to healthcare through the benefits provided, which cover annual expenses for outpatient care and an unlimited allocation for inpatient treatment.

viii. Mindful that human rights and sustainability standards must be fulfilled throughout our supply chain, FGV has adopted a Supplier Code of Conduct (SCOC), outlining the principles and standards relating to sustainability; business ethics and integrity; safety, health and environment; and labour, with which our suppliers and vendors are required to comply. Any supplier or vendor that do not comply with the SCOC will be subjected to FGV’s Supplier Delinquency Guidelines, with the possibility of being suspended or terminated and blacklisted should they fail to demonstrate willingness to rectify gaps in their practices.

Posted by hng33 > 2020-10-01 17:05 | Report Abuse

It is worth reiterating that FGV does not tolerate any form of human rights infringements or criminal offense in its operations. FGV pays serious attention to any allegation of physical or sexual violence as well as intimidation or threats, and as a responsible company any case of such nature will be acted upon by FGV including by reporting them to the relevant authorities.

Recognising that respecting human rights is a continuous endeavour, FGV became a participating company of the Fair Labor Association (FLA) and is currently implementing a long-term and comprehensive action plan under its affiliation to the Fair Labor Association (FLA) that comprises a number of initiatives to further strengthen various aspects of our labour practices such as our recruitment process, human rights training programmes, working and living conditions, as well as grievance mechanisms, among others. FGV’s action plan for 2020 was adopted on 31 March 2020 in consultation with the FLA and with various other stakeholders including civil society organisations (CSOs).

The action plan was adopted at a time when the COVID-19 situation was rapidly worsening globally, including in Malaysia. Despite the unprecedented challenges posed by the COVID-19 pandemic, which forced FGV to realign its priorities to ensure that necessary measures are taken to curb and combat the spread of COVID-19, FGV remained committed to implementing the action plan, and FGV believes that concrete progress has been made in the six months of implementation beginning April 2020. FGV is confident that it is on the right track to be able to accomplish the action items due to be completed by the end of 2020.

FGV’s affiliation to the FLA is subject to a rigorous validation exercise and public reporting. FLA’s report on FGV’s progress on the implementation of the action plan is published on FLA’s website.

Since August 2019, FGV been communicating with CBP through our legal counsel and have submitted evidence of compliance of labour standards as committed by FGV. It will continue to engage with CBP to clear FGV’s name, and is determined to see through its commitment to respect human rights and uphold labour standards.

FGV Holdings Berhad