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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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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
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- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
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