Business & Finance

Reuters ahead with India’s surprise cut of import taxes on vegetable oils; market reacts

Early Sept. 11, Reuters was well ahead of the competition reporting India’s surprise plans to cut base import taxes on palm oil, soyoil and sunflower oil, as the world’s biggest vegetable oil buyer tries to cool near-record price rises. The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country. The government issued a press release later that evening to announce the duty cut.

Market Impact

Malaysian palm oil futures jumped as much as 2% on Monday morning in reaction to the news.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Commodities & Energy
Regions: AsiaEmerging Markets
Win Types: Speed
Media Types: Text
Customer Impact: Important Regional Story
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