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Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
 COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the new government's intentions to quickly implement its reform agenda, says Fitch Ratings. Furthermore, the reduction in subsidies creates space for increasing growth-enhancing capex, and should also improve Indonesia's external balances, especially as this supports foreign investment inflows.
Raising the price of subsidised fuel, while broadly positive for credit, does not change our Outlook on Indonesia's sovereign rating. Fitch had factored in a subsidy cut of similar proportions to what was recently announced when we affirmed the 'BBB-' rating and Stable Outlook on 13 November. Fitch retains its forecasts for deficits of 2.5% of GDP in 2014 and 2.7% in 2015. Furthermore, though the subsidy bill is high compared with peers, it was not a key factor affecting sovereign debt sustainability - given the country's relatively low public debt burden of 26% of GDP.
The deficit forecasts remain unchanged, although the decision will enable the government to re-allocate the expenditures to productivity-enhancing capital investments, which will be beneficial to growth. Indonesia is particularly constrained in the availability of productive capital spending - owing to relatively low government revenues compared with peers, and as total expenditures are restricted by a fiscal deficit limit of 3% of GDP. Adherence to this prudent fiscal rule is a distinctive feature of Indonesia's sovereign profile compared with many peers, and is a positive factor for the credit.
The decision should only have a moderate direct impact on Indonesia's net oil deficit in the short and medium term, due to the relatively inelastic demand for oil. Should the government follow through on plans to boost productivity through increased investment in infrastructure, however, there should be a net positive effect on the country's current account over the long term. Infrastructure improvement would be a prerequisite for the development of the manufacturing sector to such an extent that it would lead to diversification of exports away from commodities.
The long-mooted idea to raise administered fuel prices was closely followed by the investment community. Now that the decision has been implemented, it should more generally raise confidence in the government's commitment to fiscal and supply-side economic reforms. Potential for improvement in the investment climate is substantial, through cutting bureaucratic impediments for businesses and ensuring the minimum wage is in line with productivity growth. Indonesia's ranking in the World Bank's Ease of Doing Business indicators at the 36th percentile is low compared with the 'BBB' category median at the 65th percentile.
It is important to note, though, that the fuel price hike alone should not be taken as a signal of the ability of the Indonesian government to push through other reforms in future. The fuel-price hike did not require parliamentary approval, unlike other more far-reaching reforms to improve the business climate. Furthermore, a fuel price-setting mechanism that would allow for a fixed-fuel subsidy which would make the budget - and capex in particular - more robust to future oil price rises, has not been introduced thus far.
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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
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- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
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