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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, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
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$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
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- MS Steel International - UAE
- ASAPP Information Group - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- The University of Queensland
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
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