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Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
 The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday that also would invest in infrastructure to support mining operations and reduce corporate taxes.
The new 40 percent tax on resoure profits targets industries that have grown rapidly as they've produced the raw materials that feed burgeoning Chinese and Indian manufacturing demand.
Mining royalties currently paid to Australian state governments do not reflect rising commodity prices. The government says mining profits rose by 80 billion Australian dollars ($74 billion) in the past decade, yet government revenues from resources increased by only AU$9 billion.
Andrew Forres, chief executive of Fortescue Metals Group Ltd., last week warned that higher taxes on mining could "kill the golden goose" that had kept Australia out of recession during the global economic downturn. Mine companies also say higher taxes would stifle investment in the resource sector and cost jobs.
Thetax overhaul Prime Minister Kevin Rudd proposes requires Parliament's endorsement to become law. It would introduce the so-called Resource Super Profits Tax in July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
The government forecasts tht the cut in company tax combined with the mining tax will increase Australia's gross domestic product by 0.7 percent a year.
"These changes will not be welcomed by every business or every interest group, but they are the considered, responsible changes we need if we are to turn our success during the gloal recession into enduring gains for our economy, our people and our nation," Rudd said in a statement.
Treasurer Wayne Swan told reporters he could not say whether tax legislation would be introduced to Parliament before national elections are held at a date to be set late this year.
Under the tax overhaul, resource-rich states would continue to reap mining royalties, but the federal government would refund those costs to mining companies before calculating their federal tax debt.
The tax would be levied on profits after all the costs of mining operations, capital investment and dividends to shareholders are deducted.
Marginally viable mine companies would potentially be better off in cases where the costs of extracting minerals barely cover royalty charges because of a price downturn or when the ore deposit is almost exhausted.
About AU$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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Showing 5611 to 5615 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
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