Latest news with #093
New Straits Times
7 days ago
- Business
- New Straits Times
Malaysian palm oil futures ends higher on Chicago soyoil gains
JAKARTA: Malaysian palm oil futures closed higher for the third straight session on Monday, tracking gains in Chicago soyoil after the US proposed higher biofuels blending volumes, and elevated crude oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained RM171, or 4.36 per cent, to RM4,093 (US$965.79) a metric ton at the close. US President Donald Trump's administration on Friday proposed increasing the amount of biofuels that oil refiners must blend into the nation's fuel mix over the next two years, driven by a surge in biomass-based diesel mandates. It pushed Chicago soyoil futures to their highest level in nearly 18 months on Monday, after rising more than 6.0 per cent on Friday. Soyoil on the Chicago Board of Trade (CBOT) gained 5.39 per cent. Dalian's most-active soyoil contract was up 2.45 per cent, while its palm oil contract rose 3.76 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova, said the edible oils market tracked gains in crude oil since Friday when Israel bombed Iran. "Supply disruption fears lead to heightened risk premiums," said Lim. Higher energy prices increase both palm oil production costs and potential demand for biofuels. The biofuel sector acts as an alternative energy source to crude oil-derived fuels, Lim added. Oil prices edged 0.7 per cent lower on Monday after a seven per cent surge on Friday, as renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected. Stronger crude oil futures make palm oil a more attractive option for biodiesel feedstock. Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1–15 rose 26.3 per cent compared to May 1–15, while according to independent inspection company AmSpec Agri Malaysia it rose 17.8 per cent.
Gulf Today
03-06-2025
- Business
- Gulf Today
United Arab Bank launches strategic Rights Issue to raise up to Dhs 1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dhs1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from Dhs2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to Dhs3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the "Invitation") to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website ( on or around today's date. The New Shares will be issued at an issue price of Dhs1 per New Share (the "Issue Price"). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6th March 2025, following the approval of the Board of Directors of the Bank held on 4th February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the "Eligible Persons"), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4th July 2025 and ending on 17th July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24th July 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, "The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. WAM
The Sun
09-05-2025
- Business
- The Sun
Bitcoin retakes US$100,000 on global trade deal optimism
NEW YORK: Bitcoin topped US$100,000 (RM427,093) on Thursday for the first time since early February, bolstered by a wide-ranging deal between the US and the UK in a sign that perhaps US President Donald Trump's trade war with the rest of the world is easing. By midday, bitcoin was trading at US$101,329.97, a 4.7% gain on the day. The world's biggest cryptocurrency has clawed its way back into positive territory for the year, although it remains below the record high of more than US$109,000 reached in January. Ether, the cryptocurrency for the Ethereum blockchain, surged more than 14% to US$2,050.46 after earlier hitting its highest since late March. Trump and British Prime Minister Keir Starmer on Thursday announced a 'breakthrough deal' on trade that leaves in place a 10% tariff on UK goods imported into the US, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods. The agreement is the first since Trump triggered a global trade war with a barrage of tariffs on trading partners following his return to the White House in January. 'The retaking of US$100,000 must go down as one of bitcoin's more formidable feats and is a reminder that buying peak fear – just last month bitcoin was languishing around US$74,000 – can be exceptionally lucrative,' Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment. 'The speed of the rebound to US$100,000 amid a resumption of risk appetite sends a signal that US$109,000 and above are in its sights, as buying from long-term holders – those holding for at least 155 days – more than offsets selling by short-term holders.' Bitcoin and other crypto prices fell sharply between February and April, as traders fretted about Trump pushing through pro-crypto reforms more slowly than anticipated. The president's announcement of widespread tariffs in early April triggered a dash into safe havens, with bitcoin and other crypto prices tumbling in tandem with stocks and other higher risk assets. Other cryptocurrencies have not recovered so strongly, with ether still 50% off its late 2024 highs. Joel Kruger, market strategist at fintech company LMAX Group, said institutional investor inflows into bitcoin exchange-traded funds, easing geopolitical tensions and Chinese measures to boost monetary stimulus had contributed to bitcoin's surge. – Reuters
