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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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Showing 76 to 80 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Latin American Coal - Colombia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
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