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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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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm i ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
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- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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