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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Planning Commission, India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
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