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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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Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
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- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Romanian Commodities Exchange
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
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