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Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
 The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its global sovereign sector outlook to neutral from improving. The impact of the Ukraine war and consequent sanctions on geopolitical risk, trade and capital flows, and economic growth and inflation will not be resolved in 2H22.
Policy responses are driving the fiscal effects of inflation, making post-Covid-19 pandemic consolidation that was evident last year less certain. Meanwhile the Federal Reserve and most other major central banks will tighten policy much more aggressively than anticipated, adding to funding stresses for emerging markets (EMs) with limited local-currency financing options. Commodity exporters are benefiting from high prices, but EMs that are net commodity importers face high gross external funding needs.
Sector outlooks are a general forward-looking assessment of underlying conditions relative to the prior calendar year. Emerging Europe and sub-Saharan Africa (SSA) are the only regions with deteriorating sovereign sector outlooks, indicating that we now see underlying conditions as being worse than in 2021. Sovereigns in the Commonwealth of Independent States (CIS) are exposed to Russia’s economic contraction, and many sovereigns in central and eastern Europe have insufficient alternative energy sources if Russia ceases gas exports.
Inflation and tighter global financial conditions are further weakening SSA’s macroeconomic prospects, and in many cases, the cost and availability of external financing. The region’s main oil exporters will gain from higher prices, although domestic fuel subsidies limit the fiscal benefit for Nigeria.
In western Europe, weaker GDP growth will slow, but not reverse, fiscal consolidation, while we expect APAC economies generally to continue recovering, albeit more slowly. Both regions’ sector outlooks are now neutral, versus improving at the start of the year. But while much of APAC gains from economic reopening, near-term growth in Greater China will be partly influenced by ‘zero Covid’ policies, and we expect China’s economy to grow just 3.7% this year following lockdowns in 1H22. Our Greater China sector outlook remains neutral.
Our neutral sector outlooks for North America and Latin America are also unchanged. US recession risks have risen, but its financing needs are declining and the strong post-pandemic rebound boosted revenues. Latin America’s economic recovery has remained fairly resilient as the pandemic has receded, allowing economic reopening to continue, while higher commodity prices improve terms-of-trade for some. But measures to cushion households from higher fuel and food prices are reducing the net fiscal benefits for commodity exporters and slowing consolidation elsewhere. Difficult political backdrops continue to complicate efforts to tackle underlying growth and fiscal challenges.
The Middle East and North Africa (MENA) is the only region to maintain its improving sector outlook assigned at end-2021. Oil-exporting sovereigns will register significantly stronger public finances and growth in 2022, although the economic picture will be much more challenging outside the Gulf Cooperation Council. The MENA sector outlook is supported to varying degrees by reform momentum as well as by the more constructive regional political dynamics that emerged last year.
Sector outlooks are distinct from Rating Outlooks. Notwithstanding the effects of the war in Ukraine and higher inflation, the numbers of Positive and Negative Rating Outlooks are almost equal in Fitch’s global sovereign portfolio after the balance was deeply negative during the pandemic. This partly reflects the stabilisation of Outlooks on some sovereigns, including Japan, India and Panama, since end-2021. Downgrades to Ukraine, Belarus and Tunisia have taken their ratings to ‘CCC’, where Fitch does not assign Outlooks to sovereign ratings.
More broadly, with a record-high share of sovereigns rated in the ‘B’ category or lower, additional sovereign defaults are likely as EM commodity importers face tighter global funding conditions.
Source: Fitch Ratings
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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Showing 61 to 65 news of total 6871 |
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- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Minerals Council of Australia
- GMR Energy Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
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