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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Australian Coal Association
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Planning Commission, India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
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