netrashetty
Netra Shetty
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson. The firm was a provider of reinsurance intermediary services, and are active in the actuarial consulting arena with their Tillinghast insurance consulting practice.
PT Bumi Resources Tbk. is the new name of PT Bumi Modern Tbk. PT Bumi Modern Tbk was a domestic Investment Company (PMDN) engaging in hotel and tourism industries. The company was established in 1973, by virtue of the decree from the Minister of Justice of the Republic of Indonesia dated December 12, 1973. The Company became a public company through Initial Public Offering in 1990 by virtue of the decree from the Minister of Finance of the Republic of Indonesia No. SI-117/SHM/MK.10/1990 and the company fully listed its shares in Jakarta and Surabaya Stock Exchange.
In 1997, PT Bakrie Capital Indonesia took over all the companys shares held by Asuransi Jiwa Bersama Bumiputera 1912 (AJB Bumiputera 1912) amounting to 26,328,600 shares, or equal to 58.51% of the total shares issued by the company. The transfer of such shares was conducted on June 20, 1997 through Tender Offer in an amount of 25% of the total issued shares, while the remaining shares was transferred through block sale on August 29, 1997, in an amount of 33.51% of the total issued shares. Following transfer of the number of shares mentioned above, the majority shareholding of the company is transferred to PT Bakrie Capital Indonesia.
Industry outlook
Demand for electricity and cement is expected to increase during the outlook period. This is due to the establishment of new housing, office and construction in line with the increase of economic activity. This increase will drive demand for coal for electricity as an energy source. For the next five years, domestic demands for coal is estimated to increase, hence share of export to total production will decrease due to fulfill the domestic market. Since the end of 2005, Ministry Regulation No. 96/PMK.02/2005 subjects coal to 5 percent export tax. This regulation aims to secure domestic coal supply and increase state revenue.
The Government forecasts that over the next five-year period, coal consumption of power plants and cement factories will increase by about 25.6 percent and 13.2 percent. Over the period from 2008 to 2012, world coal consumption is forecast to grow with an average annual growth rate of 1.96 percent and total consumption in the year 2008 will reach 6,1963 million tons. Demand for coal from some countries such as China will increase about 3.86 percent per annum. Japan, Taiwan, India and South Korea will remain as primary coal importers from Indonesia
Coal-fired power plants were the single largest consumers, accounting for 22.9 million MT or 63 percent of total demand. Cement plants were the second largest consumers, comprising 15 percent of domestic demand. Additional demand for coal will come from planned coal-fired power projects in West and Central Java. Tanjung Jati B (1,600 MW), Cilegon (740 MW) and Cilacap (600MW) began operations in 2006. This is part of a larger government strategy to increase the proportion of coal in the country's energy mix. The GOI hopes to raise the share of coal for power generation from 18 percent to 38 percent by 2020. To help accomplish this, it would create disincentives for coal exporters by imposing export duties and obliging new industries to use coal.
Increasing demand is a challenge for Indonesian coal producers to increase production and efficiency.
To increase coal investment, Indonesia needs a comprehensive new mining law, clear regulations and investment-friendly policies that promotes the clean and rational development of this natural resource.
The 36th quarterly JGFR Financial Activity Barometer finds consumers intended savings,investment and borrowing intentions at the weakest since December 2007.
The headline JGFR Financial Activity Index is down to 90.7 from 92.3 in December, with all three subindices lower (see Chart 1).
No spring bounce in housing market
Of most concern for economic policy makers is the collapse in housing market confidence (see Chart 2). The impact of and uncertainty surrounding job cuts is likely to be the reason this quarter for the survey low in property purchase intentions and the continuing weakness of mortgage demand.
Compared to March 2009 when the JGFR Property Purchase Intentions Index showed a big jump in forthcoming housing market activity, this spring the Index points in the opposite direction, standing at 50.3, down from 57.3 in December and nearly 30 points lower than two years ago.
People seeking to sell property in many parts of the UK may well be forced to cut prices considerably to attract buyers – or let out their property and rent themselves.
Cash savings at survey low
Expected savings and investment activity fell for the fourth successive quarter reflecting the ongoing squeeze on household budgets. Around 62% of adults intend to save/invest compared to 71% a year ago. While ISA intentions have held up well, fewer people intend to place a cash deposit, down from 33% to 29% on the quarter and down from 36% a year ago.
Slump in investor sentiment
Investment sentiment tumbled this quarter with the JGFR Equity Buying Intentions Index slumping from 109.4 to 95.5 on the quarter – its weakest since March 2009. In the past,government or corporate bonds have benefited from poor equity sentiment but not this quarter, with demand close to a survey low.
Pension demand holds up but very weak demand for life products
Demand for life & pension products is well down on March 2010 and is at its lowest level since September 2009. The overall JGFR Life & Pensions Index fell from 91.6 to 89.1 and compares with 96.2 a year ago. While pensions contribution intentions have held up well,expected inflows to life schemes are much reduced.
Consumer credit demand bottoming out
In recent quarters the headline JGFR Borrowing Index (55.1) has edged progressively lower and is 21 points lower than in March 2009 (76.4) and a half of its level in March 2003 (110.7).
Relatively few consumers seek or need to borrow either by mortgage or consumer credit with near record levels of net debt repayment intentions continuing. Consumer credit demand hasstabilised at around 9% of adults in the past three quarters, well below the average 13%recorded in the 9 years of the FAB.
Notes:
Enquiries: John Gilbert 0208 944 7510 / 07740 027968
· The Spring 2011 Financial Activity Bulletin covering 18 savings, investment and borrowing activities of consumers, will be published on April 14th.
· GfK NOP conducted interviewing for the FAB among 2,004 adults aged 16+
representative of the UK population by telephone between 11-20 March 2011. The
FAB uses the same survey omnibus as for UK consumer confidence enabling crossanalysis between the two surveys.
· JGFR produce a monthly UK Consumer Confidence Monitor and UK High Earners
Confidence Monitor
· The FAB also includes a regular question asking people whom they regard as their main financial services provider. In the spring survey Barclays replaced Lloyds TSB.
· Also asked on the same omnibus is the JGFR half-yearly Consumer attitudes to the London Olympics tracking survey which includes expected demand for tickets.
· In February 2011 JGFR together with wealth research consultancy ComPeer Ltd
published the 4th annual Financial DIY report that examined attitudes to Financial advice and who people regard as their main financial services adviser
PT Bumi Resources Tbk. is the new name of PT Bumi Modern Tbk. PT Bumi Modern Tbk was a domestic Investment Company (PMDN) engaging in hotel and tourism industries. The company was established in 1973, by virtue of the decree from the Minister of Justice of the Republic of Indonesia dated December 12, 1973. The Company became a public company through Initial Public Offering in 1990 by virtue of the decree from the Minister of Finance of the Republic of Indonesia No. SI-117/SHM/MK.10/1990 and the company fully listed its shares in Jakarta and Surabaya Stock Exchange.
In 1997, PT Bakrie Capital Indonesia took over all the companys shares held by Asuransi Jiwa Bersama Bumiputera 1912 (AJB Bumiputera 1912) amounting to 26,328,600 shares, or equal to 58.51% of the total shares issued by the company. The transfer of such shares was conducted on June 20, 1997 through Tender Offer in an amount of 25% of the total issued shares, while the remaining shares was transferred through block sale on August 29, 1997, in an amount of 33.51% of the total issued shares. Following transfer of the number of shares mentioned above, the majority shareholding of the company is transferred to PT Bakrie Capital Indonesia.
Industry outlook
Demand for electricity and cement is expected to increase during the outlook period. This is due to the establishment of new housing, office and construction in line with the increase of economic activity. This increase will drive demand for coal for electricity as an energy source. For the next five years, domestic demands for coal is estimated to increase, hence share of export to total production will decrease due to fulfill the domestic market. Since the end of 2005, Ministry Regulation No. 96/PMK.02/2005 subjects coal to 5 percent export tax. This regulation aims to secure domestic coal supply and increase state revenue.
The Government forecasts that over the next five-year period, coal consumption of power plants and cement factories will increase by about 25.6 percent and 13.2 percent. Over the period from 2008 to 2012, world coal consumption is forecast to grow with an average annual growth rate of 1.96 percent and total consumption in the year 2008 will reach 6,1963 million tons. Demand for coal from some countries such as China will increase about 3.86 percent per annum. Japan, Taiwan, India and South Korea will remain as primary coal importers from Indonesia
Coal-fired power plants were the single largest consumers, accounting for 22.9 million MT or 63 percent of total demand. Cement plants were the second largest consumers, comprising 15 percent of domestic demand. Additional demand for coal will come from planned coal-fired power projects in West and Central Java. Tanjung Jati B (1,600 MW), Cilegon (740 MW) and Cilacap (600MW) began operations in 2006. This is part of a larger government strategy to increase the proportion of coal in the country's energy mix. The GOI hopes to raise the share of coal for power generation from 18 percent to 38 percent by 2020. To help accomplish this, it would create disincentives for coal exporters by imposing export duties and obliging new industries to use coal.
Increasing demand is a challenge for Indonesian coal producers to increase production and efficiency.
To increase coal investment, Indonesia needs a comprehensive new mining law, clear regulations and investment-friendly policies that promotes the clean and rational development of this natural resource.
The 36th quarterly JGFR Financial Activity Barometer finds consumers intended savings,investment and borrowing intentions at the weakest since December 2007.
The headline JGFR Financial Activity Index is down to 90.7 from 92.3 in December, with all three subindices lower (see Chart 1).
No spring bounce in housing market
Of most concern for economic policy makers is the collapse in housing market confidence (see Chart 2). The impact of and uncertainty surrounding job cuts is likely to be the reason this quarter for the survey low in property purchase intentions and the continuing weakness of mortgage demand.
Compared to March 2009 when the JGFR Property Purchase Intentions Index showed a big jump in forthcoming housing market activity, this spring the Index points in the opposite direction, standing at 50.3, down from 57.3 in December and nearly 30 points lower than two years ago.
People seeking to sell property in many parts of the UK may well be forced to cut prices considerably to attract buyers – or let out their property and rent themselves.
Cash savings at survey low
Expected savings and investment activity fell for the fourth successive quarter reflecting the ongoing squeeze on household budgets. Around 62% of adults intend to save/invest compared to 71% a year ago. While ISA intentions have held up well, fewer people intend to place a cash deposit, down from 33% to 29% on the quarter and down from 36% a year ago.
Slump in investor sentiment
Investment sentiment tumbled this quarter with the JGFR Equity Buying Intentions Index slumping from 109.4 to 95.5 on the quarter – its weakest since March 2009. In the past,government or corporate bonds have benefited from poor equity sentiment but not this quarter, with demand close to a survey low.
Pension demand holds up but very weak demand for life products
Demand for life & pension products is well down on March 2010 and is at its lowest level since September 2009. The overall JGFR Life & Pensions Index fell from 91.6 to 89.1 and compares with 96.2 a year ago. While pensions contribution intentions have held up well,expected inflows to life schemes are much reduced.
Consumer credit demand bottoming out
In recent quarters the headline JGFR Borrowing Index (55.1) has edged progressively lower and is 21 points lower than in March 2009 (76.4) and a half of its level in March 2003 (110.7).
Relatively few consumers seek or need to borrow either by mortgage or consumer credit with near record levels of net debt repayment intentions continuing. Consumer credit demand hasstabilised at around 9% of adults in the past three quarters, well below the average 13%recorded in the 9 years of the FAB.
Notes:
Enquiries: John Gilbert 0208 944 7510 / 07740 027968
· The Spring 2011 Financial Activity Bulletin covering 18 savings, investment and borrowing activities of consumers, will be published on April 14th.
· GfK NOP conducted interviewing for the FAB among 2,004 adults aged 16+
representative of the UK population by telephone between 11-20 March 2011. The
FAB uses the same survey omnibus as for UK consumer confidence enabling crossanalysis between the two surveys.
· JGFR produce a monthly UK Consumer Confidence Monitor and UK High Earners
Confidence Monitor
· The FAB also includes a regular question asking people whom they regard as their main financial services provider. In the spring survey Barclays replaced Lloyds TSB.
· Also asked on the same omnibus is the JGFR half-yearly Consumer attitudes to the London Olympics tracking survey which includes expected demand for tickets.
· In February 2011 JGFR together with wealth research consultancy ComPeer Ltd
published the 4th annual Financial DIY report that examined attitudes to Financial advice and who people regard as their main financial services adviser
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