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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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Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
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