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AGRICOMMODITY NEWS 2020

NEW DELHI, July 23 -- Indian Prime Minister Narendra Modi has asked farmers in the country's northeastern states to develop oil palm plantations to serve an "assured market" for the imported commodity.
Modi said agriculture scientists and economists informed him recently about the potential of oil palm plantations in the northeast region that would help India's drive for self-sufficiency.

KUCHING: Ta Ann Holdings Bhd (Ta Ann) is expecting the palm oil commodity prices to be negatively affected by a slowdown of the market demand in the short and possibly medium term.
According to executive chairman Datuk Amar Abdul Hamed Sepawi in Ta Ann’s Annual Report 2019, last year presented itself as a challenging one for Ta Ann in view of the unfavourable market conditions for the commodity prices.

PUTRAJAYA (July 21): Investigations by the Labour Department on rubber glove manufacturer, Top Glove Corp Bhd, relating to claims that the company used forced labour, was found to be baseless, said Human Resource Minister Datuk Seri M. Saravanan.
Commenting on the detention order on Top Glove products by the US Customs and Border Protection (CBP), Saravanan said it could affect the country's credibility and image at the international level, as well as influenced foreign investors’ confidence in the country following the baseless allegation.

Source: The Malaysian Reserve Mukasurat 7



KUALA LUMPUR (June 20): Any move to impose a windfall tax on glove companies given their supernormal earnings due to the Covid-19 pandemic would only curb their expansion programme, said Malaysian Rubber Glove Manufacturers Association (MARGMA) vice president Dr Supramaniam Shanmugam.
In the third session ‘Challenges and Opportunities for Malaysian Glove Sector Post Covid-19’ at the second instalment of the Invest Malaysia 2020 virtual conference today, Supramaniam highlighted that a 24% corporate tax is already imposed on companies, which means government revenue from the said tax also increased alongside with the bumper earnings seen now.