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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- VISA Power Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
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