News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Malaysia's commodities minister to discuss resignation with PM

05/26/2022 | 05:44am EDT
FILE PHOTO: Malaysia's Commodities and Plantations Minister Kamaruddin speaks during an interview in Kuala Lumpur

KUALA LUMPUR (Reuters) - Malaysia's commodities minister Zuraida Kamaruddin said on Thursday she would meet the country's prime minister to discuss possibly stepping down from her post, in a sign of political maneuvering amid calls for an early election.

Zuraida also announced she had switched parties as the country's main political coalitions gear up to fight what is expected to be a hotly-contested general election as early as August.

Adib Zalkapli, Malaysia director at political risk consultancy BowerGroupAsia, said Zuraida's possible resignation as minister and exit from the Bersatu party was likely to give Prime Minister Ismail Sabri Yaakob's ruling party UMNO a boost ahead of the polls.

Bersatu and UMNO work together in the federal government, but ties have been strained in the past two years, with both parties expected to lead separate coalitions in the general election.

Polls are not due till next year but calls have been growing for an early election, particularly within UMNO, following a string of recent local election victories and the impending expiration on July 31 of a "stability pact" with the opposition.

Zuraida said she planned to meet Ismail Sabri "soonest" to discuss her resignation as Plantation Industries and Commodities Minister - a key cabinet portfolio in the world's second-largest palm oil producer.

Industry players said a change in leadership at the commodities ministry could hurt the country's reputation as a more stable supplier amid erratic policymaking by bigger rival Indonesia in recent months.

"It has become hard for us to take future positions... inconsistent government policies are creating hurdles in sustainable order flows," said Anas Haroon, senior trader at Cargill in Pakistan.

Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics, said domestic policies on sustainability and biodiesel mandates could "suffer significantly".

The prime minister's office did not immediately respond to a request for comment.

(Reporting by Rozanna Latiff and Mei Mei Chu; Editing by Ed Davies and Kanupriya Kapoor)


© Reuters 2022
Latest news "Economy & Forex"
03:47aIranian-flagged tanker in Greece tugged to Piraeus port
RE
03:32aIndian police arrest 'masterminds' behind execution of Hindu tailor -officials
RE
03:15aAustralian Roe v Wade protesters march in Sydney
RE
02:47aAustralians rally against overturning of Roe v. Wade
RE
01:55aIndonesia looks to raise palm oil export quota
RE
01:29aELON MUSK : Musk breaks silence on Twitter, posts a picture with the pope
RE
07/01Blasts rock Ukraine's Mykolaiv after missiles kill 21 near Odesa
RE
07/01Tropical storm Bonnie makes landfall near the Nicaragua-Costa Rica border
RE
07/01Berkshire Hathaway buys 9.9 million more Occidental shares, has 17.4% stake
RE
07/01Magnitude 5.9 earthquake strikes Japan's Hokkaido region - EMSC
RE
Latest news "Economy & Forex"