1. Uncertain year for palm oil

PETALING JAYA: Divergent views on crude palm oil (CPO) price forecasts ranging from RM2,250 to RM4,100 per tonne this year, amid uncertainties in crude oil prices and changes in biodiesel mandates, will compel planters to be more vigilant in their operations.

The average CPO price forecast made at the recently concluded Palm and Lauric Oils Conference 2011 (POC 2011) of RM3,100 per tonne bodes well for many local oil palm firms to continue gaining reasonable profits, said United Malacca Bhd chief executive officer Dr Leong Tat Thim. The cost of production for peninsula oil palm planters is said to be about RM1,200 a tonne, while for those in Sabah and Sawarak it is about RM1,300RM1,400 and RM1,400RM2,000 respectively.
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2. Move to amend Kootu Act

PETALING JAYA: A proposal has been made to amend the Kootu Funds (Prohibition) Act 1971 to increase the penalty under the Act.

Companies Commission of Malaysia public relations unit head Mohamad Shahren Moha-mad Yusri said the proposal was made because the existing law was insufficient to eradicate kootu schemes in the future. “The proposed amendments are expected to be tabled in Parliament this month,” he said in a statement yesterday.