Gold Price Malaysia (Malaysian Ringgits)
Conversion : 1 troy ounce = 31.1034768 grams
Thursday, July 26, 2012
Malaysia News: Maybank IB sees boost for CPO prices
Soyaoil's premium to crude palm oil (CPO) has widened and this should encouraged substitution from soyaoil to palm oil, according to Maybank Investment Bank (Maybank IB). “If the US crop conditions worsen in the coming two-three weeks, there will be further upside to soyaoil, which might lift CPO prices as well,” it said in a research note yesterday.
It said while soyaoil price had further upside should soyabean crop prospects worsened, palm oil's discount to soyaoil was likely to stay high given that upcoming high production months for palm oil.
Maybank IB said according to the US Department of Agriculture, the US soyabean crop conditions had worsened for the seventh consecutive week. “Crop conditions for soyabeans had declined to their lowest since 1988, with only 31% of planted area nationwide rated good or excellent' and 35% rated poor or very poor',” it said.
Maybank IB has maintained its average selling price forecast for the commodity at RM3,150 per tonne for this year and RM3,000 per tonne for 2013-14.
It has also maintained its “neutral” call on the palm oil sector over the next 12 months. (Bernama)
It said while soyaoil price had further upside should soyabean crop prospects worsened, palm oil's discount to soyaoil was likely to stay high given that upcoming high production months for palm oil.
Maybank IB said according to the US Department of Agriculture, the US soyabean crop conditions had worsened for the seventh consecutive week. “Crop conditions for soyabeans had declined to their lowest since 1988, with only 31% of planted area nationwide rated good or excellent' and 35% rated poor or very poor',” it said.
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| Refined palm oil storage tanks Johor. Maybank IB says if the US crop conditions worsen, CPO prices may be lifted. |
It has also maintained its “neutral” call on the palm oil sector over the next 12 months. (Bernama)
Malaysia News: Banks, ITFC discuss funds for emerging market traders
Three local banks are exploring ways to cooperate with International Islamic Trade Finance (ITFC) to provide trade financial solutions for Malaysian entrepreneurs doing business in emerging markets, including in Organisation of the Islamic Conference (OIC) and non-OIC countries.
Tujuh Keajaiban Middle East Free Zone Enterprise (TK) chief executive officer Krishnan Ramamurthi said the solutions being worked out were for entrepreneurs who wanted to increase their business turnover overseas.
TK is the appointed consultant for ITFC
“The banks are now in preliminary stage of discussion to tap the variety of trade financial solutions offered by ITFC,” he said.
The matter was one of the topics discussed at a recent trade delegation meeting with the banks held on July 16 to J18.
Institutuions such as Pelaburan Mara Bhd and Malaysian Investment Development Authority also took part in the discussion.
“The solutions that are being worked out focus on commodity trade finance, market access, country risk, logistics support, and counter party risk.
“We can expect to see some tangible results in the next quarter,” he said.
Some five small and medium companies involved in commodity trading had expressed interest in taking up the current solutions arranged by TK.
“Although the world is undergoing an economic crisis, there are still business opportunities in the emerging markets. Especially when there is a credit crunch, TK can come in to provide timely assistance tapping on the financial solutions of ITFC,” Krishnan said.
“TK provides unique services such as understanding, interpreting and providing solutions to risks identified for the entrepreneur, so that a proper risk-mitigated approach can be established both for lenders and well as borrowers.
“We also provide advisory services for foreign currency exposure mitigation, as all the borrowings are in US dollars and euro.” (The Star Online)
Tujuh Keajaiban Middle East Free Zone Enterprise (TK) chief executive officer Krishnan Ramamurthi said the solutions being worked out were for entrepreneurs who wanted to increase their business turnover overseas.
TK is the appointed consultant for ITFC
“The banks are now in preliminary stage of discussion to tap the variety of trade financial solutions offered by ITFC,” he said.
The matter was one of the topics discussed at a recent trade delegation meeting with the banks held on July 16 to J18.
Institutuions such as Pelaburan Mara Bhd and Malaysian Investment Development Authority also took part in the discussion.
“The solutions that are being worked out focus on commodity trade finance, market access, country risk, logistics support, and counter party risk.
“We can expect to see some tangible results in the next quarter,” he said.
Some five small and medium companies involved in commodity trading had expressed interest in taking up the current solutions arranged by TK.
“Although the world is undergoing an economic crisis, there are still business opportunities in the emerging markets. Especially when there is a credit crunch, TK can come in to provide timely assistance tapping on the financial solutions of ITFC,” Krishnan said.
“TK provides unique services such as understanding, interpreting and providing solutions to risks identified for the entrepreneur, so that a proper risk-mitigated approach can be established both for lenders and well as borrowers.
“We also provide advisory services for foreign currency exposure mitigation, as all the borrowings are in US dollars and euro.” (The Star Online)
S&P gives A- rating to CIMB bonds
Standard & Poor's Ratings Services has assigned an A- unsolicited issue rating to CIMB Bank Bhd's recently-announced US$350mil 2.375% senior unsecured notes.
It said in a statement the notes would be issued under the bank's US$1bil euro medium-term notes programme with a tenor of five years.
“The rating on the notes reflects the long-term issuer credit rating on CIMB Bank,” it said. (The Star Online)
It said in a statement the notes would be issued under the bank's US$1bil euro medium-term notes programme with a tenor of five years.
“The rating on the notes reflects the long-term issuer credit rating on CIMB Bank,” it said. (The Star Online)
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