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Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
 Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook revisions globally, though the overall outlook remains neutral. The revisions were largely caused by global commodity price movements associated with the Russia-Ukraine war and the economic fallout from lockdowns under China’s ‘dynamic zero’ Covid-19 policy.
Fitch Ratings revised the outlook on two sectors – APAC oil and gas and Indonesian coal mining – to improving, from neutral, and the outlook on two further sectors – China engineering and construction (E&C) and APAC technology – to deteriorating, from neutral. The outlook on Chinese property developers remained unchanged, at deteriorating, following steep 1Q22 falls in new housing sales. We also expect capital market access to remain limited this year for most Chinese developers. The outlook on APAC’s five remaining sectors is neutral.
Fitch Ratings outlook revision for APAC oil and gas and Indonesian coal mining was based on our higher assumptions for oil, gas and coal prices following the invasion of Ukraine. Higher prices will boost cash flow for upstream and integrated oil and gas producers, part of which we expect to be used to pay down debt and improve credit metrics. Europe’s sanctions on Russian coal exports will become effective in August 2022, which could further increase demand for Indonesian coal.
According to Fitch Ratings, Chinese E&C activity was subdued in 1H22, due to the operational challenges caused by the country’s Covid-19 control measures. However, we expect construction activity to pick-up in 2H22, as the front-loading of local government special-bond issuance this year should lift infrastructure spending. That said, we believe China’s E&C sector is vulnerable to new Covid-19 outbreaks. If pandemic-related restrictions constrain construction in the next few months, it would be challenging for the sector to increase activity going into the winter months. The resulting challenges in collecting working capital could lead to liquidity pressure at Chinese E&C firms.
Within the APAC technology sector, China’s slower consumption spending, stringent Covid-19 lockdowns and the aftermath of last year’s regulatory tightening will dampen the short-term profitability and cash generation of its internet majors. Stringent pandemic lockdowns and the aftermath of last year’s regulatory tightening are also having adverse effects. Overall demand for APAC consumer hardware is weakening, exacerbated by the war in Ukraine and China’s lockdowns, while rising input costs will pressure profitability. We expect companies with limited ability to pass through incremental costs to customers to suffer the most in the heighted inflationary environment. Meanwhile, persistent chip shortages and various logistical issues will add to supply-side disruption. However, we expect robust demand for Indian IT services, supported by a strong digital transformation pipeline, and wage inflation in line with our previous expectations at end-2021. This should see revenue increase by a double-digit percentage.
The proportion of APAC corporates ratings at ‘CCC+’ or below, on Negative Outlook or on Rating Watch Negative dropped to 19% as of mid-June 2022, from 26% in 1Q22, after we revised the Outlook to Stable, from Negative, on the ratings of 13 Indian corporates. This followed our June 2022 Outlook revision on India’s sovereign rating (BBB-/Stable).
Fitch has taken eight upgrade actions and 54 downgrade actions on APAC corporates so far in 2022. Chinese property developers accounted for 38 of the downgrades and comprise 20 of the 60 corporates that remain on Negative Outlook, Rating Watch Negative or are rated at distressed levels of 'CCC+' or below.
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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
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Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Planning Commission, India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- The Treasury - Australian Government
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