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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
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