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Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
 Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook revisions globally, though the overall outlook remains neutral. The revisions were largely caused by global commodity price movements associated with the Russia-Ukraine war and the economic fallout from lockdowns under China’s ‘dynamic zero’ Covid-19 policy.
Fitch Ratings revised the outlook on two sectors – APAC oil and gas and Indonesian coal mining – to improving, from neutral, and the outlook on two further sectors – China engineering and construction (E&C) and APAC technology – to deteriorating, from neutral. The outlook on Chinese property developers remained unchanged, at deteriorating, following steep 1Q22 falls in new housing sales. We also expect capital market access to remain limited this year for most Chinese developers. The outlook on APAC’s five remaining sectors is neutral.
Fitch Ratings outlook revision for APAC oil and gas and Indonesian coal mining was based on our higher assumptions for oil, gas and coal prices following the invasion of Ukraine. Higher prices will boost cash flow for upstream and integrated oil and gas producers, part of which we expect to be used to pay down debt and improve credit metrics. Europe’s sanctions on Russian coal exports will become effective in August 2022, which could further increase demand for Indonesian coal.
According to Fitch Ratings, Chinese E&C activity was subdued in 1H22, due to the operational challenges caused by the country’s Covid-19 control measures. However, we expect construction activity to pick-up in 2H22, as the front-loading of local government special-bond issuance this year should lift infrastructure spending. That said, we believe China’s E&C sector is vulnerable to new Covid-19 outbreaks. If pandemic-related restrictions constrain construction in the next few months, it would be challenging for the sector to increase activity going into the winter months. The resulting challenges in collecting working capital could lead to liquidity pressure at Chinese E&C firms.
Within the APAC technology sector, China’s slower consumption spending, stringent Covid-19 lockdowns and the aftermath of last year’s regulatory tightening will dampen the short-term profitability and cash generation of its internet majors. Stringent pandemic lockdowns and the aftermath of last year’s regulatory tightening are also having adverse effects. Overall demand for APAC consumer hardware is weakening, exacerbated by the war in Ukraine and China’s lockdowns, while rising input costs will pressure profitability. We expect companies with limited ability to pass through incremental costs to customers to suffer the most in the heighted inflationary environment. Meanwhile, persistent chip shortages and various logistical issues will add to supply-side disruption. However, we expect robust demand for Indian IT services, supported by a strong digital transformation pipeline, and wage inflation in line with our previous expectations at end-2021. This should see revenue increase by a double-digit percentage.
The proportion of APAC corporates ratings at ‘CCC+’ or below, on Negative Outlook or on Rating Watch Negative dropped to 19% as of mid-June 2022, from 26% in 1Q22, after we revised the Outlook to Stable, from Negative, on the ratings of 13 Indian corporates. This followed our June 2022 Outlook revision on India’s sovereign rating (BBB-/Stable).
Fitch has taken eight upgrade actions and 54 downgrade actions on APAC corporates so far in 2022. Chinese property developers accounted for 38 of the downgrades and comprise 20 of the 60 corporates that remain on Negative Outlook, Rating Watch Negative or are rated at distressed levels of 'CCC+' or below.
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Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
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Showing 16 to 20 news of total 6846 |
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- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- The University of Queensland
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
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