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Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee, rubber, palm oil and mining products to use a letter of credit from local banks for export transactions worth more than $1 million.
The government issued the regulation in April 2009 and it was set to take effect on July 1. It was intended to support the rupiah by ensuring revenue from commodity exports was kept onshore.
The Ministry of Trade originally delayed the introduction of the regulation from Sept. 1 to Nov. 1. Implementation was subsequently postponed again, to July 1.
“Based on evaluations, the regulation is no longer needed. Thus it is canceled and will not be applied,” the ministry said in a decree signed by Trade Minister Mari Elka Pangestu last Thursday.
The current export reporting system will continue. Under the system, exporters have to submit regular reports of payments received from their overseas buyers to the Trade Ministry.
Sandiaga Uno, managing director of private equity firm Saratoga Capital and a former head of the Indonesian Young Entrepreneurs Association (Hipmi), welcomed the decision.
“I welcome the move because my colleagues, especially in small and mid-sized businesses, have been complaining about the added cost it would bring,” Sandiaga said. Exporters had claimed that obtaining a letter of credit would cost them 0.8 percent of the total transaction.
“We’ve been hoping for a while that it would be canceled,” Sandiaga said.
Jeffrey Mulyono, president director of coal miner PT Bhakti Energi Persada, said the requirement would have undermined normal trade practices and increased costs.
“Why do we need it since there are already standing agreements between importers and exporters?” he said. “It would have only led to an added burden for both exporters and their buyers.”
Source: The Jakarta Globe
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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Australian Coal Association
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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