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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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Friday, 12 October 12
INVESTMENT OPPORTUNITIES OCCUR IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although 2012 has by now evolved into one of the most challenging years for global shipping industry, ship owners are scouting the second hand ship ...
Thursday, 11 October 12
SINGAPORE BASED COAL SOURCE AND SHIPPING BAGS 300K MT IMPORTED COAL SUPPLY CONTRACT FROM TNPL
COALspot.com - India-based paper manufacturer Tamil Nadu Newsprint and Papers Limited has awarded a tender for 300,000 mt of imported steam co ...
Thursday, 11 October 12
PANAMAX : SINCE LAST WEEK RATES HAS FIRMED FOR ALL TRADES - FEARNLEYS AS
Handy
The Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Continent to East Med were around USD 14k and B ...
Thursday, 11 October 12
DRY BULK MARKET STEADY AFTER CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet staged a solid rebound after last week's holidays in China, as many would have expected. Indeed, many analysts were ...
Wednesday, 10 October 12
NEW BUILDING MARKET ON A QUIET WEEK, DUE TO ASIAN HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The newbuilding ordering activity has been more than quite during the course of the past week, as a result of holidays in both Korea and China. Acco ...
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- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
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