We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the best price for Indonesian assets that were sold in 2001 to settle a debt.
The case, which has its origins in the 1997/98 Asian financial crisis, involves a 40 percent stake in PT Adaro Energy (ADRO.JK), Indonesia's second-largest coal miner, and pits Germany's largest lender against Beckkett, a Singapore investment firm linked to Sukanto Tanoto, one of Indonesia's richest men.
The dispute involved claims and counterclaims in the tens of millions of dollars.
In a judgement on Monday, Singapore's Court of Appeal said Deutsche Bank did not take proper steps to sell a 74.2 percent stake in a firm called Swabara Mining at the best price. The shares had been pledged as security for a $100 million loan, court documents show.
The shares in Swabara, whose assets included the Adaro stake, belonged to Beckkett. The Swabara shares were sold by Deutsche for about $46 million to an investment firm linked to the Soeryadjayas, a wealthy Indonesian family.
The Singapore court ordered that Deutsche pay damages based on the valuation of the pledged shares, although it did not specify the amount. The compensation due to Beckkett will be assessed at a hearing before a registrar at a future date.
The court, however, also upheld Deutsche's claim that it suffered a loss of $86.9 million, which was the balance of the loan after the sale of the pledged shares plus interest and costs.
UBS analyst Andreas Bokkenheuser said in a note to clients on Tuesday the Singapore judgement created "an overhang" risk in that Beckkett's claim could be extended to Adaro.
The ruling may also delay an upcoming sale of a 17 percent stake in Adaro by a group of minority shareholders, UBS said.
Adaro's shares fell almost 2 percent on Tuesday after news of the judgement, versus a 1.3 percent gain in the Jakarta bourse .JKSE.
In a statement on Tuesday, Beckkett said the damages owed by Deutsche could be "in excess of $150 million" even after settling Deutsche's counterclaim in full.
Beckkett said it arrived at the figure after referencing Deutsche's own valuation of the assets held by Swabara.
Deutsche spokesman Michael West, however, described Beckkett's calculation as "entirely speculative".
"Beckkett has to still prove that it suffered a loss," Deutsche said in a statement. "Deutsche will present evidence for the first time to the court in support of its valuation of the shares" at the upcoming registrar's hearing, the bank said. (Additional reporting by Saeed Azhar; Editing by Neil Chatterjee & Ian Geoghegan)
Source: http://uk.reuters.com/article/oilRpt/idUKSIN46298020090428?pageNumber=2&virtualBrandChannel=0&sp=true
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 13 May 09
COAL SUPPLY MAY BE VASTLY OVERESTIMATED - ABC SCIENCE
The world's coal supply suggests reserves may be vastly overestimated and we could be facing an unprecedented global energy crisis, according to a ...
Wednesday, 13 May 09
INDONESIA ADARO NET PROFIT, REVENUE TO RISE IN 2009 - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, expects double-digit growth in revenue and net profit this year, an officia ...
Wednesday, 13 May 09
ALPHA TO BUY RIVAL, CREATING NEW US COAL HEAVYWEIGHT - MININGWEEKLY.COM
Alpha Natural Resources, the biggest supplier of metallurgical coal in the US, has agreed to buy Maryland-based rival Foundation Coal for about $1,4 ...
Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
* Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 pe ...
Tuesday, 12 May 09
INDO TAMBANGRAYA SEES 2010 COAL OUTPUT UP 25 PCT - REUTERS
Indonesian coal miner, PT Indo Tambangraya Megah (ITMG.JK), expects coal output to increase by up to 25 percent next year as production kicks in at ...
|
|
|
Showing 6756 to 6760 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- The University of Queensland
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
|
| |
| |
|
