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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
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