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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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Tuesday, 16 October 12
DRY BULK FREIGHT RATES COULD IMPROVE ON CHINESE STIMULUS AND WINTER CARGO DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO has given out its forecast for the next six weeks, in terms of freight rates for dry bulk carriers. According to them, Capesize TC Average rat ...
Monday, 15 October 12
IT'S STRICTLY COME CHARTERING - CLARKSON RESEARCH SERVICES
The charter market is a bit of a dance between ship owner and charterer: one leader, one follower; one step, two steps, turn... The dance is symbiot ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
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- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
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