SINGAPORE Singapore revised its third-quarter economic growth upward on Thursday, signaling some stabilization in the bellwether Asian economy that has been hit by the trade war between the United States and China.
BANGKOK Indonesia's freeze on palm oil plantation permits lacks transparency, making it difficult to assess its effectiveness, and the government should provide updated information, an industry watchdog official told Reuters.
* Oct stocks seen rising 2.8% to 2.52 mln T - survey
* Output seen 2% higher at 1.88 mln T - survey
* Exports seen up 13.1% to 1.59 mln T - survey
* Malaysian Palm Oil Board data due Nov. 11
By Fathin Ungku
BANGKOK, Nov 6 Malaysian palm oil stockpiles
likely rose in October as production increased to its highest in
a year, even as export demand surged for the edible oil, a
Reuters survey showed.
Inventories during October in the world's second-largest
palm oil producer are forecast to rise 2.8% from September to a
seven-month high of 2.52 million tonnes, according to a median
estimate of seven planters, traders and analysts polled by
Stockpiles were largely expected to rise even as exports
jumped 13.1% to 1.59 million tonnes due to higher demand from
China because of a seasonal climb in output.
"The strong month-on-month exports were boosted mainly by a
48% month-on-month rise in exports to China, which more than
offset the 37% month drop in exports to India," said Ivy Ng,
regional head of plantations research at CIMB Investment Bank
said in a research note to clients.
"The strong demand from China could be due to buying ahead
of CNY festivities and lower domestic soybean oil supplies," Ng
Palm oil exports to India, the world's biggest edible oils
exporter, fell in October due to a boycott of Malaysian palm oil
by Indian buyers over critical comments by the Malaysian Prime
Minister on India's actions in Kashmir.
But the consumption outlook of the edible oil is still
bullish because of a push to use more palm oil in biofuels by
Malaysia and Indonesia.
Malaysia said last month that implementation of biofuels
mandates in Malaysia and Indonesia will increase consumption of
palm oil up to 1.3 million tonnes and 10 million tonnes per
Malaysian palm oil output likely rose in line with seasonal
trends, contributing to the gain in inventories and marking a
fourth straight month of production gains.
The poll pegged October production at 1.88 million tonnes,
up 2% from the previous month and the highest in a year.
Official palm oil data will be published by the Malaysian
Palm Oil Board after 0430 GMT on Nov. 11.
Breakdown of September estimates (in tonnes):
Production 1,700,000 - 1,918,000 1,879,282
Exports 1,340,000 - 1,610,000 1,594,000
Imports 48,000 - 120,000 52,000
Closing Stocks 2,450,000- 2,780,000 2,516,000
(Reporting by Fathin Ungku; Editing by Christian Schmollinger)
JOHOR BAHRU, Malaysia A railway line linking Malaysia's southern state of Johor with Singapore will go ahead after the projected cost was cut by a third, Malaysia's Prime Minister Mahathir Mohamad said on Thursday, ending months of uncertainty over the delayed project.
* Mahathir wants new road bridge, slams Singapore
(Adds Singapore comment in paragraphs 6 & 7)
SINGAPORE, Oct 1 Banning online gambling will
have little impact on the Philippines economy, its central bank
chief said on Tuesday, after China urged Manila to outlaw the
cross-border activities it says pose money laundering risks.
SINGAPORE Singapore's central bank is expected to ease monetary policy at its semi-annual meeting in October in a bid to boost a trade-reliant economy being choked by the prolonged U.S-China trade war, economists said.
SINGAPORE The Singapore prime minister's nephew said on Wednesday he had hired top British lawyer David Pannick to advise him on a contempt of court case at the heart of a feud among members of the city-state's first family.
* Prior Singapore office closed in 2015 amid corruption
SINGAPORE Singapore is expected to roll out a generous budget ahead of an election as the ruling party seeks to appease voters who are feeling the pinch from a sharp economic downturn, analysts say.