China has announced a 3% tax on imports of steam coal with low calorific value but the move will have no impact on top supplier Indonesia as a trade deal with Southeast Asian nations will ensure that those shipments continue to enjoy zero tariff. Indonesia is the biggest seller to China of lignite, a form of low-grade coal, with its shipments accounting for 97% of China’s total lignite imports in 2013 up to end of July. Indonesia’s exemption from the tariff means the tax will have minimal impact on China’s overall coal imports. Local miners, such as Shenhua and China Coal, will need to fend for themselves as they fight against cheaper imports.
S Africa mine unions & bosses in war of words
South African union leaders warned on Monday, a day before a strike in the gold sector, that mine owners’ handling of pay talks could provoke violence, and bosses said wage hikes would force mine closures and cost thousands of jobs. The National Union of Mineworkers (NUM), which represents about two-thirds of more than 120,000 unionised gold miners in Africa’s biggest economy, is set to strike from Tuesday. With stoppages in the auto industry and the construction sector already sapping the struggling economy, shutting gold mines could cripple an industry that has produced a third of the world’s bullion but is now in rapid decline.
EU report: Cyprus on track with bailout reforms
Cyprus is successfully carrying out the reforms necessary under its 10 billion euro bailout programme and will get the next tranche of financial help as planned, a draft report by the European Commission showed on Monday. Inspectors from the European Commission, the European Central Bank and the International Monetary Fund ? together known as the troika ? visited Cyprus in the second half of July to assess progress on strengthening public finnaces. ?Staff concluded that Cyprus’ economic adjustment programme is on track,? said the draft report, obtained by Reuters. The report, which must be approved by EU finance ministers, means the next tranche of aid will be disbursed.
Thailand to issue arrest warrant for Red Bull heir
Thai prosecutors said on Monday they will issue an arrest warrant for an heir of the Red Bull energy drink creator who failed to show up to hear charges against him in a fatal hit-and-run case that sparked nationwide outrage. Vorayuth Yoovidhya, 28, is accused of being behind the wheel of his Ferrari sports car when it collided with an on-duty policeman in the early hours of September 3, 2012. ?Investigators will issue an arrest warrant for the suspect tomorrow and he can be arrested anywhere in Thailand,? said Reuchai Krairerk, a senior public prosecutor at the Bangkok South criminal court. Vorayuth faces charges of causing death through reckless driving and failing to stop and assist the victim.
Belarus turns to Uralkali co-owner after CEO arrest
Authorities in Belarus issued an arrest warrant on Monday for a Russian billionaire who co-owns the Moscow-based potash company Uralkali as a power struggle escalated over exports of the fertiliser. Belarus’ investigative committee said it had charged Suleyman Kerimov in absentia with ?organising the abuse of power? and issued an arrest warrant for him. The statement came a week after Uralkali’s CEO, Vladislav Baumgertner, was arrested in Belarus on suspicion of ?abusing his powers?. Forbes magazine has estimated that Kerimov, who owns 22% of the company, is worth $7.1 billion. If found guilty, the 47-year-old billionaire could face 10 years in prison. In July, Uralkali pulled out of a trading venture with its partner in Belarus, raising fears in the former Soviet state of a pricing war with Russia.