Below is extraction from http://www.palmoilhq.com/PalmOilNews/asian-crude-palm-oil-ends-up-2-5-on-supportive-fundamentals.
Crude palm oil futures on Malaysia’s derivatives exchange rose as much as 2.8% intraday to a two-month high Thursday, fuelled by increased demand in the physical market as countries in the region gear up for major festive periods.
The benchmark October contract on the Bursa Malaysia Derivatives exchange ended MYR62 or 2.5% higher at MYR2,519 a metric ton after rising to MYR2,520/ton, its highest level since May 11.
"Demand in the physical market has been good and this lent support," a senior executive at a Kuala Lumpur-based physical-market broker said.
Also supporting the rise in prices were expectations for weaker production due to lower yields in the top palm-oil producing state of Sabah, growers and trade participants said.
Preliminary data from an industry body Thursday said output so far this month has only risen 1.5% from the same period last month, which may lead to a drawdown in palm inventory levels as demand is likely to outpace supply.
With La Nina weather now underway, recent heavy rain in several oil-palm growing regions is already hurting output growth, although it is likely to boost yields in the future, an executive at a major Malaysian trading house said.
Crop data from the Malaysian Palm Oil Board earlier in the week showed weaker-than-expected output growth in June, while robust festive demand ahead of the Islamic fasting period starting next month is also supporting prices.
Pakistan, a major buyer of Malaysian palm oil, has likely purchased as much as 200,000 to 225,000 tons this month and may buy around 150,000 tons next month, Pakistan Edible Oil Refiners Association Vice Chairman Rasheed Janmohammad said recently.
Some of Infomatics' top executives were charged in court with the creative accounting practices used by IGSPL (Informatics Group Singapore Pte Ltd). They were Wong Tai and Ong Boon Kheng.
Wong Tai, Chairman and non-executive director of IHL Ltd, was charged under the Securities and Futures Act with 2 charges of making false statements by misstating the company's profits in 2 quarterly income statements by by $4.18 million and $0.84 million. He pleaded guilty to 2 charges, with 2 others to be taken into consideration.
The District Court considering facts that he was a first time offender and was not personally involved in the preparation of the financial statements fined him $120,000 on each of the charges.
Ong Boon Kheng, Chief Executive Officer of Informatics at the relevant time, claimed trial. He was charged with 4 counts, 3 of which related to false accounting in the first, second and third quarters 2003 financial statements of the company while the 4th related to a statement made to the Singapore Exchange, SGX.
Tan Cheng Han, specialist district judge (and also Dean of the Faculty of Law, National University of Singapore) sentenced him to a total fine of $445,000.
Ong was also ordered to pay prosecution costs of $45,400 for the 28 day trial.
The sentences were upheld by High Court judge Tay Yong Kwang on appeal.
The above convictions are probably sufficient to disqualify the above 2 directors from acting as directors under the Companies Act.
False accounting issues in relation to IGSPL's 2003 financial statements involved approved in principle revenue (AIP revenue) and international student recruitment revenue (ISRR).
AIP revenue involved student fees from local students. IGSPL has standing arrangements with financial institutions to provide loans to students for to finance their studies. It is not totally clear but it appears that the students only signed up with the school on the basis that their student fees would be paid through loans arranged by the school. The school here recogised revenue from student fees when the student was registered, rather than when approval for the student loans were obtained.
ISRR is revenue from foreign students studying in Singapore. Under Singapore law, each such student can only commence his studies after approval from the government body, Immigration and Checkpoints Authority (ICA). However, IGSPL recognised the revenue from these students even before approval had been obtained fro ICA. This was based on its past experience that
The above 2 accouting procedures adopted by IGSPL contradict the accounting principle that revenue from services should only be recognised when the service has been rendered to the customer.
Informatics Holdings Ltd is a listed company which is one of the largest education providers in Singapore. One of its subsidiaries is Informatics Groups Singapore Pte Ltd (IGSPL).
Sisters in Islam (SIS), a Malaysian women’s advocacy group, worked with researchers from Malaysian universities to conduct face-to-face interviews with some 1,600 members of polygamous households.
Their findings appear to bolster claims by women’s rights activists who say polygamy undermines the well-being of wives and children.
“We do not oppose polygamy but we believe that monogamy is preferable,” said SIS representative Adibah Jodi.
There are no official Malaysian statistics on the number of polygamous marriages but activists estimate they account for about 5 per cent of all new marriages every year, including ones not legally registered.
According to the survey, at least 90 per cent of 523 children interviewed insisted they would not start polygamous households when they grow up. Nearly 70 per cent of 259 women whose husbands took a second wife would not recommend polygamy and said their husbands were now unable to meet their needs fairly.
# MERITOCRACY IS BAD #
Islam allows a man to take up to four wives but also warns men not to neglect any of them [MUST BE FAIR to everyone].
# NO MERITOCRACY #
# WINNER CANNOT TAKE ALL #
Those who back POLYGAMY say it helps deter adultery and improve the marriage prospects of single mothers and reformed prostitutes.
The SIS plans to submit the complete results of the survey to the government and urge the authorities to formulate better family policies for Muslims.
— Malaysian children and first wives in polygamous families overwhelmingly oppose the practice as the men seem too stretched to devote enough time and money to them, according to the country’s largest study on the effects of polygamy.
Ryanair chief executive Michael O’Leary has dealt another blow — after his controversial proposal to charge for use of the aircraft loo — to the romance when he revealed that Ryanair was considering vertical seating. Don’t forget, it was Mr O’Leary who once said:
“Air transport is just a glorified bus operation.”
Whatever happened to the novelty and glamour that, even as late as the 1970s when flying had become more affordable and less a privilege of the minority rich, was still an experience to look forward to and cherish?
Remember an early Singapore Airlines (SIA) slogan that said it was not about arriving, but the journey?
Then, travellers dressed up to board an aircraft. Some airlines would not permit openneck T-shirts. There was the possibility that if economy was full, you might get upgraded to premium if you were appropriately robed — which meant at least a tie for men. Look around the cabin today; notice how casually travellers are attired. Particularly in economy, T-shirts, jeans and flip-flops are not an uncommon sight. I remember travelling as an airline employee decades back. A strict dress code required employees to dress no differently so as not to be easily identified as freeloaders, as it might upset paying passengers. And if you were travelling premium, it meant jacket and tie for men.
Then, as the ’80s progressed, we were told to dress down because travellers were becoming less formal. It used to be a thrill to be seated by the window, but seasoned travellers today would prefer an aisle seat. You want the freedom of not having to skip over someone to go to the loo or to stretch your limbs when you become bored.
Those were the days that, when you were not staring out into empty blue space, you would feast your eyes on stewardesses that looked like movie stars. But not quite so, these days: You prefer to be left alone with your in-flight movies, video games and laptops, until you need the cabin crew’s assistance. High up in the air, mealtime was a treat. But after a few trips, you tired of the limited choice and same-style presentation. Some airlines tried to recapture the excitement by bringing on board a chef in premium class, but that became too costly. So does it not make good economic sense to pay for a meal only when you want it, as with liquor and earphones that many airlines now only offer as extras?
Perhaps Ryanair’s proposal to charge a toilet-use fee is really not all that bizarre.
Air travellers’ expectations, preferences and habits have changed over the years. Various surveys have shown that for the majority of travellers, flying is merely a function of getting from one point to another, and price is the most important factor in choosing a flight — much more than brand.
Many travellers are prepared to accept a lower cost even if it means experiencing some inconvenience such as making a connection instead of flying direct and incurring waiting time at the airport. It is really about getting the best bang for your dollar, unless there are overriding issues such as safety.
That — to give Mr O’Leary due credit — is probably where he is coming from, though some critics have dismissed his controversial outbursts as self-serving and stretching to the limits Ryanair’s attempts at cost-cutting.
For a long time since commercial flying became a preferred option of transportation for many people, it has been a business driven by what the airlines can offer rather than what the customers want.
However, that is changing, as demonstrated by the growth of budget carriers, though fullservice airlines insist they are catering to a different market.
The distinction is slowly blurring, particularly when the global recession has taken a toll on premium travel. The budget model brings the business back to the basics. Some full-service airlines too have begun charging for hitherto free perks such as checked baggage and emergency exit seating that provides more legroom. You pay when you need or want it.
In 2007, SIA spent $570 million on cabin retrofitting that, in the words of its senior executive vice-president Bey Soo Khiang, would see a return to “the romance of travel”. It is quite a challenge to keep that magic glowing today.
s the romance of air travel dead, heralded by the flourish of budget carriers?
The first time the floods hit Orchard Road, a colleague sent me the now-famous faked picture of a dragon boat team paddling past Tangs with the words: “So never in Singapore, you say?”
Well, at least it shows Singaporeans can laugh in the face of adversity. A friend and fellow columnist wrote on his Facebook page: “By the rivers of Orchard Road, where we sat down. And there we wept, when we remembered Ion.”
And everyone has his favourite theory as to why Singapore is facing its worst floods in more than 50 years.
Like my Facebook friend, some said Ion Orchard (which incidentally was jointly developed by a Hong Kong company) was to blame. Before, the hill absorbed the rainwater, but now, it slides off the fancy roof to pool at the junction of Scotts and Orchard Roads.
Others are convinced the construction of Marina Bay Sands is the culprit. “They had to drain the water for easy access.
That’s why not all Marina Barrages’ gates were open at first,” a friend ventured.
Still others are convinced there is a feng shui explanation behind the floods — something to do with the designs of the casinos, I think, but that explanation is beyond me.
I certainly don’t remember such floods in Singapore ever.
When I was looking for places to buy, people warned me off low-lying areas such as Opera Estate and anywhere close to the Bukit Timah Canal.
But that was just as a “by the way”.
Nobody thought floods were a serious problem.
And in my 10 years of driving, I never encountered a flood that couldn’t be surmounted by my trusty jeep or even my low-slung hatchback.
The worst I’d faced was when the water seeped in through the gap beneath the car doors and wet the floormats — but that was about it. Water didn’t go anywhere near the engine.
I think what’s most sobering about the floods is that they remind us just how vulnerable Singapore is. Most areas are no more than 15 metres above sea level.
In fact, the Central Business District is less than 2m above sea level.
They show us that no matter how much we think we’re in control of our urban landscape, we are still at the MERCY of Mother Nature.
So there’s not much we can do, short of building an air-conditioned dome to protect the whole country from the environment (and why not, seeing as Singapore’s economy is growing at such a blistering rate).
In the meantime, I will pack my rain boots. And, seeing as some say thousand dollar bags are just floating out of the stores these days, possibly some scuba gear as well in case I need to go deep-sea shopping.
Tabitha Wang wishes she’d boughtshares in Singapore Ducktours.
But my spirits have been dampened somewhat by the news of the flash floods over the past weekend, the third time they’ve struck the island since June 16.
What should I pack? Will I be tucking into my favourite hawker food perched on a stool while water swirls around me?
Usually, my suitcase is full of sundresses, sandals and slippers, but this time, I am seriously considering packing my typhoon gear of wellingtons and anorak, too.
I bought those boots in Bangkok on a shopping trip with my Singaporean friends. And I remember they were all laughing and asking me: “Just how bad is the drainage in Hong Kong again?”
Pretty bad, actually. Because Hong Kong has lots of mountains, many of its streets are pretty steep so, whenever there is a downpour, they become instant waterfalls.
The water can turn ankle-deep in a matter of minutes — which is why many Hongkongers wear rain boots when there is a thunderstorm warning.
I used to complain so much about those tiny floods at first. “This would never have happened in Singapore,” I’d grouse to my colleagues.
I’m having to eat my words now.
ue to luck more than planning, I will be home this weekend, in time to catch the Singapore Food Festival.
Underperform call with S$1.24 target.....they dun like this counter is it?????confuse
DJ MARKET TALK: Cosco +1.9%; Execution Risks Remain - CIMB
7/23/2010 9:37:00 AM
0137 GMT [Dow Jones] Cosco (F83.SG) +1.9% at 2-month high of S$1.64 in active trade as investors cheer mega drillship order worth over US$500 million. "While most of the world is still adopting a wait-and-see attitude with regard to deep-sea oil and gas exploration and production activities, some parties remain optimistic and bullish on the long-term health of this industry," says DMG, which has no rating on Cosco. CIMB, which has Underperform call with S$1.24 target, remains cautious; "we are positive on Cosco's efforts to strengthen its turnkey capabilities but remain sceptical on its execution given the difficulties it had faced in shipbuilding, which is less complicated than rig/drillship building." Contract marks Cosco's second major offshore & marine project this year, following rig order worth over US$500 million announced in March. Resistance expected at S$1.70. (frankie.ho@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
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