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Indonesia confirms Pakistan trade agreement to protect palm oil exports

JAKARTA: The Indonesian government is geared up to confirm a trade deal with Pakistan in order to protect $1.5 billion in annual palm oil exports to the South Asia region, a cabinet minister stated. According to Abdul Rasheed JanMohammed, chairman of Pakistan Edible Oil Refiners Association,  Indonesia is termed as the world’s major palm oil producer, and considered as a leading exporter to Pakistan, but still it has been losing its market value to Malaysia, which is on the second number in the world. Indonesia’s…

Indonesia- A source of 60% palm oil to Pakistan

MULTAN: Iwan Suyudhie Amri, Indonesian Ambassador to Pakistan on Thursday declared that Indonesia is supplying 60% palm-oil to Pakistan out of its total need. A ceremony was addressed at Multan Chamber of Commerce and Industry (MCCI), Iwan explained that both these Islamic countries are in good terms with each other, but he further emphasized in the strengthening of better relations in other segments too. He further added that Indonesia has been the second big purchaser of orange from Pakistan worldwide. According…

Veggie bank notes? Bank of England sticks with animal-fat cash

LONDON: Britain's new plastic bank notes will continue to be made with traces of animal fat despite thousands of complaints from vegetarians and religious groups. The Bank of England said on Thursday there were environmental risks to using the alternative, derived from palm oil, and that the government had ruled it too expensive. The BoE last year launched its first polymer banknotes which it said were more durable and harder to fake. But more than 130,000 people signed an online petition calling on the BoE to stop…

Nutella maker fights back on palm oil after cancer risk study

ALBA, ITALY: The $44 billion palm oil industry, under pressure in Europe after authorities listed the edible oil as a cancer risk, has found a vocal ally in the food sector: the maker of Nutella. Italian confectionery firm Ferrero has taken a public stand in defense of an ingredient that some other food companies in the country are boycotting. It has launched an advertising campaign to assure the public about the safety of Nutella, its flagship product which makes up about a fifth of its sales. The hazelnut and…