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Malaysian analysts expect lower crude palm oil prices in 2023

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Malaysian analysts expect lower crude palm oil prices in 2023

Malaysian analysts expect lower crude palm oil prices in 2023

Malaysian analysts on Wednesday foresaw crude palm oil (CPO) prices to trend lower in 2023 on increased supply and slow demand.

Malaysia’s leading securities and investment group, Affin Hwang Investment Bank, said in a note that it believed that CPO prices could be supported at 3,700 ringgit.

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That’s about 846 dollars to 4,000 ringgits (914 dollars) per tonne in the short-term, given the seasonally low production period in major producing countries of Indonesia and Malaysia due to the monsoon season.

However, for the full year of 2023, it anticipated CPO prices to potentially be lower year on year given the expectation that global production.

Production of the eight major vegetable oils would increase further in the 2023 season.

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Also, it said the looming global recession could potentially curb consumption in many markets.

According to the research house, there are many uncertainties and price-determining factors to watch out for, which included the global harvest progress and actual yields achieved for all major edible oils.

Read Also: World Bank downgrades 2023 global growth forecast to 1.7%

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And quantum of purchases from major importing countries, uncertainty over the export corridor for Ukrainian products, biodiesel production, weather developments, as well as Malaysian and Indonesian production and stock movements.

“We are keeping our CPO average selling price assumptions of 3,100 ringgits (709 dollars) to 3,200 ringgits (732 dollars) per ton for 2023,’’ it said.

Meanwhile, Hong Leong Investment Bank Research said in a note that it maintained the 2023-2024 CPO price assumptions of 4,000 ringgits (914 dollars) per ton to 3,800 ringgits (869 dollars) per tonne.

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“We believe CPO price will sustain at above 4,000 ringgits (914 dollars) per ton over the next few months, possibly until the first quarter, and start trending down from the second quarter onwards,’’ said the research house.

It said the CPP stockpile will likely remain on a downtrend in the next few months, on the back of a seasonally low production cycle.

CGS CIMB, on the other hand, said in a note that it expects CPO prices to average 3,800 ringgits (869 dollars) per ton in 2023.

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It predicted that the workers’ shortage issue would ease in mid-2023, boosting palm oil production.

However, it added that costs of production may stay high due to the full-year impact of minimum wage and higher fertiliser costs.

CGS CIMB expects CPO prices to soften from the second quarter onwards this year as palm oil output recovers with the entry of more foreign workers, while slower global growth could curb demand.

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According to CGS CIMB, Malaysia’s total palm oil output grew 2 per cent to 18.45 million tonnes in 2022.

The rising mature palm oil area more than offset lower CPO yields due to shortages of foreign workers. (Xinhua/NAN)

Malaysian analysts expect lower crude palm oil prices in 2023
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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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