Business

MALAYSIA: Malaysia’s palm oil stocks hit a seven-month high at the end of June, as exports were curtailed by Indonesian measures aimed at boosting its own shipments, according to statistics released by the industry regulator on Tuesday. According to the Malaysian Palm Oil Board, inventories jumped 8.76 percent from the previous month to 1.66 million tonnes, the highest since November …

INDONESIA: On Wednesday (July 13), Indonesia will begin exporting chicken goods to Singapore, according to an Indonesian Ministry of Agriculture official. Charoen Pokphand’s Indonesian subsidiary, Mdm Tri Mela Sari, a director at the ministry, confirmed to CNA that the first shipment will consist of frozen chicken meat from Indonesia. The volume of exports is still a mystery. “On Wednesday, July …

US: According to Walmart’s stated goal of zero net emissions by 2040, the company has agreed to buy 4,500 electric vehicles from Canoo as part of the deal. Prior to the opening bell on Tuesday (Jul. 12), Walmart said that it has an option to purchase up to 10,000 Canoos as it electrified its fleet of delivery vehicles. The deal’s …

MANILA: The present administration of Okada Manila, the Philippine casino at the center of a contentious ownership battle, claims that business increased in June. It said that foot traffic was up 8% from a month earlier in June and was 74% of its pre-pandemic level, and that the casino planned to open more stores and add entertainment activities in response …

SINGAPORE: Ride-sharing app Grab stated Monday that it is reducing the grace period and cancellation period for rides booked from five minutes to three minutes effective July 18. (Jul 11). Longer waits will result in a S$3 waiting fee for each five-minute waiting block, which is automatically applied by the app. If a passenger cancels a reservation more than three …

CHINA: The country’s market regulator announced on Sunday that a number of companies, including Alibaba and Tencent, had been fined for violating anti-monopoly regulations regarding the transparency of transactions (Jul 10). There were 28 trades that were found to have broken the rules by the State Administration for Market Regulation (SAMR). Alibaba’s Youku Tudou streaming platform is one of the …

US: Elon Musk’s $44 billion deal to buy Twitter fell apart late on Thursday (July 7), according to the Washington Post. Over concerns about what he sees to be an overabundance of phony accounts, the world’s richest man has already expressed reservations and even hinted that he would walk away from the arrangement. Although he was granted access to internal …

TAIWAN: Exports climbed in June, despite China’s slowdown, as demand for technology items remained strong amid concerns over Ukraine and inflation, and the government predicted a positive picture for the end-of-year holiday season. The Ministry of Finance reported Friday that exports grew 15.2 percent from a year earlier to $42.2 billion, the second-highest monthly sum on record and up for …

INDONESIA: “Really soon,” Indonesia’s Ministry of Agriculture responded in answer to CNA’s questions on Wednesday, when asked about Indonesian chicken exports to Singapore (Jul 6). It also stated that additional enterprises are working with the government to get licences for the exportation of poultry. Earlier this month, Singapore stated that Indonesia had been added to its list of countries from …

MUMBAI: Trading volumes have plunged by as much as 90 percent since India implemented a new cryptocurrency tax earlier this month, adding to the country’s wider financial sector troubles. Since the beginning of this month, there has been an additional 1% tax on cryptocurrency trades in India, discouraging investors in a sector where the regulatory load and 30% digital income …