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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, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
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- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- The University of Queensland
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
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