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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, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Minerals Council of Australia
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- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
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