|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
Executives at Toyota Motor have released the company's annual global unit sales for 2017. It shows that Toyota and its group have fallen to 3rd place, trailing behind Volkswagen at number 1, and the Renault group at number 2.
Company officials say the Toyota group including Daihatsu Motor and Hino Motors sold over 10.3 million vehicles last year. That's a 2.1 percent increase from 2016.
Germany's Volkswagen and its group topped the list for the second-straight year. It sold 10.7 million units for a gain of over 4 percent from 2016.
The Renault-Nissan-Mitsubishi group sold 10.6 million vehicles. All three automakers sold a record number of vehicles in 2017.
Analysts say Toyota's position sank as it failed to boost sales in China compared to its rivals. The carmaker lost the top slot in 2016 for the first time in 5 years.
The US Treasury published the ‘Kremlin list’ on Tuesday. It includes officials and tycoons with political and business ties to the Russian government. But some were blacklisted just for being billionaires.
Worth $1.1 billion, Volozh is the founder and CEO of the Russia’s largest IT company, Yandex. The company is Google’s main rival on the Russian market, offering various services like a search engine, smartphone apps, its own in-house maps and navigation systems, music streaming service, and taxi service. Yandex is a private and publicly-traded company, and has no state participation.
Russian President Vladimir Putin made a public visit to the Yandex Moscow office in September for the company’s 20th anniversary. Does that count as ‘Kremlin meddling’ in company affairs? That seems to have been the logic in Washington.
Sergey Galitsky is the founder and CEO of Magnit – Russia’s biggest supermarket chain and cosmetics retailer with more than 14,000 stores. His net worth is $4.4 billion, according to Forbes estimates.
Magnit is also a publicly-traded company without Russian state participation, with an IPO in 2006. Galitsky is a huge soccer fan, and owns the soccer team FC Krasnodar and a soccer academy. He has invested about $460 million in Krasnodar’s new stadium.
The new stadium was visited by Putin, where Galitsky shook hands with the president. That must have been enough to make the US Treasury’s blacklist.
Oleg Tinkov is the founder and owner of Tinkoff Bank, which has issued 6.4 million credit cards and has an almost 10-percent market share in Russia. Working online mostly, Tinkoff claims to be the largest internet bank in the world. Oleg Tinkov is worth $2.4 billion, according to Forbes.
Tinkov is famous in Russia for his flamboyant behavior, but has repeatedly said he is apolitical. He claims he saw Putin only once in his life in 2000. Some mainstream media outlets have even branded Tinkov as opposition to the Kremlin.
Russia’s most influential tech investor, Yuri Milner was an early investor in Facebook and Twitter. He is worth $3.5 billion, and has interests in Chinese tech companies, including online retailers Alibaba and JD.com, and smartphone producer Xiaomi.
Yuri Milner, founder of DST Global © Sputnik
“While growing up in the Soviet Union, my father’s advice was ‘stay away from politics.’ My father was a wise man, and ‘staying away from politics’ was one of the reasons I became a scientist early on. I have been following this principle ever since,” Milner said in a Forbes interview last September.
Following his father's advice didn't help the entrepreneur stay out of the crosshairs of the US government.
Kaspersky Lab is one of the largest antivirus producers in the world. Founder Evgeny Kaspersky’s net worth is $1.3 billion.
Kaspersky Lab has long been targeted by Washington. The company’s software has faced bans over alleged meddling in the 2016 US presidential election.
The company has fiercely denied it conducts espionage on behalf of the Russian government. Kaspersky has said he would move the company out of Russia if he was asked to spy for the Kremlin.
“They are just hitting at everything Russian. Since we are working there, we got hit, too” he said in response to US government action against his company.
Following Cabinet's report on its first 100 days, on January 29, Minister of Mining and Heavy Industry D. Sumiyabazar briefed journalists on Mongolia's representation at the 2018 World Economic Forum in Davos, Switzerland, and the current state of gasoline prices.
Minister D. Sumiyabazar said, “Davos 2018 determined directions for 2018, including the mining sector. I met with representatives from 40 nations that are mostly mining producers. It is predicted that commodity reserves will increase by one million tons, because 40 million electric cars are going to be produced by 2030.
The Government of Mongolia and the Mining Ministry stated that Mongolia needs a strategic partner to discover reserves of rare earth minerals.”
He spoke about gasoline prices and said, “The cabinet and the Mining Ministry will work on preventing retail price pressures for consumers. I spoke with Russian Deputy Minister for Industry and Energy Arkady Dvorkovich about keeping gasoline prices stable.”
He also answered questions regarding the Tavan Tolgoi project. He noted that the ministry will submit proposals to Cabinet and Parliament with careful consideration and research.
He said, "We will focus on enhancing the mine’s efficacy and benefits for the public."
Ulaanbaatar /MONTSAME/ In 2017 financial account balance of Mongolia had a surplus of USD 2.4 billion.
Whereas, current and capital account balance had a deficit of USD 907.1 million. As mentioned in a financial stability report, current account deficit had been mainly covered by foreign loans and resource of foreign exchange reserves in 2013-2016, but it was funded by direct investment inflow in 2017.
Bank of Mongolia reported that as of the third quarter of 2017, foreign direct investment to Mongolia was USD 702 million, among which USD 285 million from Canada and USD 155 million from Luxembourg. 79 percent of the foreign direct investment was made in mining sector.
Mongolia sits between Siberia and China and harbors the northern tip of the Gobi desert, desert plains and its legendary steppes. These inhospitable environments do not easily lend themselves to the cultivation of crops. In response to their harsh surroundings, Mongolians developed a society around animal husbandry that has served them well over the millennia. Unfortunately, the introduction of the Soviet system in the early twentieth century, combined with an increase in adverse weather conditions due to climate change, have damaged sustainable agriculture in Mongolia. Today, the Mongolian government, in conjunction with other nations and international aid organizations, is fighting to make Mongolia self-sustaining agriculturally.
Seventy-three percent of the land in Mongolia is used for agriculture and makes up 13.3 percent of the country’s GDP. Less than 1 percent of that land is arable. This land is located mostly in the north, where the river valleys allow for irrigation. Some land in the center of the country is used for the cultivation of wheat and barley, or hardy vegetables such as potatoes, cabbage and carrots. Some fruits and vegetables are grown in and around cities.
The European Commission on International Cooperation and Development sees these small-scale gardening projects in and around cities as an excellent way to help Mongolians improve their food security. Because much of Mongolia’s fruits and vegetables are imported, the urban poor of Mongolia’s cities have less access to these foods. To increase sustainable agriculture in Mongolia and access to food, the EC helped to construct glass and plastic greenhouses in and around cities in Mongolia. The growing season for the beneficiaries increased from six to nine months and 3,000 people are now able to sustain a balanced diet.
Small-scale projects like the one led by the EC are helpful to a few people in a small area, but in time can grow to impact and influence people on a larger scale. Time is not on Mongolia’s side. Climate change has increased the presence and power of two major enemies of sustainable agriculture in Mongolia: desertification and dzuds, extended periods of harsh winter conditions.
Since 2006, the FAO has funded and supported projects to increase the sustainability of agriculture in Mongolia. Most of the funding goes to the livestock industry. The FAO, along with the Mongolian government, wants to increase the security and sustainability of herders and their livestock. This is based on both economic and historical precedent; 72.6 percent of land in Mongolia is used as pasture.
In 2009-2010, according to the Food and Agriculture Organization of the United Nations, 9.2 million heads of livestock, or 25 percent of the Mongolian livestock population, were killed due to a dzud. FAO emergency funds for the Mongolian project were used to protect the livestock in the seven most affected provinces immediately following the dzud and help replace the animals that were lost.
Urbanization and mining also contribute to the loss of pasture lands. Not all farmers are able to obtain assistance from the state after the loss of their animals during dzuds or the average harsh climate of Mongolia. Many of these farmers and their family are forced to move to cities to find work, food, and shelter.
Climate is not the only factor in the loss of farmers or pastoral lands. The edges of the Gobi desert are slowly creeping forward deeper into Mongolia, affecting the grasslands near deserts. Changes in weather patterns often whittle away at the grassland and help spread the desert soil and sands further. Tin, copper, coal, tungsten and gold are just a few materials that lie beneath the surface of Mongolia. The mining has been useful in improving the economy but is detrimental to the environment and sustainable agriculture in Mongolia.
Sustainable agriculture in Mongolia will improve with time. By working with different international bodies the government has proved that it wants to improve this sector of the economy. Food security and sustainability will also improve the quality of life in Mongolia. Hopefully, once again the families of the steppes will be able to live self-sustaining lives, now in conjunction with the Mongolians of the cities.
– Nick DeMarco...
China's four major power generation groups have asked the National Development and Reform Commission, the country's top economic regulator, to increase coal supplies and regulate, reduce coal prices after snowstorms sweeping across central and southern provinces led to major losses for the thermal power sector.
The four top utilities, China Huaneng Group, China Datang Corportion, China Huadian Corporation and State Power Investment Corporation, said in a joint report they are facing pressure due to tight gas and coal supplies and have warned of potential heating and electricity shortages as blizzards continued to buffet some central and southern provinces.
The high coal prices have led to a 40.2 billion yuan ($6.3 billion) loss in the coal power sector for the country's top five power generation groups, they said.
China's thermal coal futures hit record highs on Monday, with the most-active futures CZCcv1 reaching 679.6 yuan, the highest since the contract began in 2015.
Thermal coal futures have jumped over 10 percent this year, extending a month long rally, as utilities rush for supplies to deal with soaring power demand and cold weather swept across swathes of the nation.
Analysts believe the price rally was caused by the countrywide blizzard, which has blocked highways and boosted demand for heating.
Wu Lixin, deputy director of the strategic planning research department at the China Coal Research Institute, said the price rally won't ease for the moment considering the need to ensure a warm winter for the public during the upcoming Lunar New Year starting Feb 16.
"It is challenging to temper a month long rally in coal prices. China is currently at its peak period for heating and the government needs to ensure a trouble-free holiday," she said.
However, Wu expected the coal prices to fall eventually as they were already beyond what the country's utilities could afford.
China has made great efforts to reduce emissions from coal-fired power plants, with emissions of half of the country's coal-fired power plants similar to those of gas-fired power plants, she said.
Coal is expected to remain the primary energy source in China, making up some 50 percent of total energy consumption in 2030, unless there are any significant breakthroughs in renewable energy storage technology, she added.
Chinese utilities are under particular pressure this winter because of low natural gas supplies after Beijing ordered millions of households and some industrial plants in northern China to change to gas heating from coal as part of its war on pollution.
The prices of 5,500 kilocalorie coal in the northern ports has risen to 740 yuan per metric ton, up 130 yuan per ton compared with the same period last year.
With the upcoming Spring Festival and potential large-scale extreme weather, there are concerns heating could not be ensured for households.
Local authorities in Jiangsu asked utilities to ensure sufficient power for heating because of bad weather and snarled transportation last week. The province has 7.46 million tons of coal inventory, enough for 13 days of demand, but seven utilities have less than seven days of stock, it said....
Prime Minister U. Khurelsukh reported on his first 100 days in office on January 29, joined by members of his Cabinet.
Minister of Finance Ch. Khurelbatar said, “It is the fifth day of meeting with the International Monetary Fund working group. We reached an agreement on waiving personal income tax increases at all levels. We are now working on making amendments to the Law on General Taxation, along with Law on Corporate Income Tax and the Law on Personal Income Tax.”
The premier noted that the government will grant reimbursement for January tax increases that were paid. He added, “We will give the public an opportunity for men to voluntarily retire at age 60 and at age 55 for women. It has been decided that the retirement age will be extended by three months per year.”
Ulaanbaatar /MONTSAME/ The Ministry of Foreign Affairs plans to organize the regular trilateral meeting on the Mongolia-Russia-China Economic Corridor Program within the first quarter of 2018 in Ulaanbaatar.
The National Working Group on the implementation of the Economic Corridor Program held its regular meeting on January 26 at the Ministry of Foreign Affairs.
Chaired by B.Battsetseg, Deputy Minister of Foreign Affairs, the meeting was attended by representatives of the Ministry of Road and Transport Development, the Ministry of Energy, the National Development Agency, the Communications and Information Technology Authority, the Customs Authority, the General Agency for Specialized Inspection, the Agency for Standardization and Metrology, the Development Bank and Erdenes Mongol LLC.
At the meeting, the government officials discussed Mongolia’s policy and position towards the Central Railway Corridor and Central Road Corridor priority projects within the Economic Corridor Program.
The officials also exchanged views on determination of feasible trilateral projects on electrical grid renovation and measures to be taken until the trilateral meeting.
The National Working Group was formed pursuant to a Prime Ministerial ordinance issued on May 30, 2017.
Anglo American (LON:AAL) has officially left the coal sector in South Africa with the sale of its New Largo mine to a group of black-controlled companies.
Seriti Resources Pty Ltd., Coalzar Pty Ltd. and South Africa’s Industrial Development are paying Corp. are paying $71 million for the asset, Anglo said in the statement.
The operation, in the eastern province of Mpumalanga, has an estimated 585 million tonnes of coal below ground, most of it earmarked to supply state-owned power utility Eskom Holdings, South Africa’s biggest coal buyer and provider of almost all of the nation’s power.
The energy giant has said it wants suppliers to be black-controlled, as South Africa pushes companies to boost black involvement in the economy to make up for discrimination during apartheid.
Partly because of that pressure, Anglo has been selling coal assets that exclusively supply to Eskom, including New Vaal, New Denmark and Kriel collieries. Those assets were acquired last year by Seriti, which is led by Mike Teke, chairman of South Africa’s Chamber of Mines.
Thanks to the massive assets sale kicked off in 2016, Anglo — which was founded in South Africa in 1917 — came out in good shape from the recent and sharp rout in metal prices that hurt the mining industry since late 2015 until early 2017.
Last year, the company not only posted its first annual net profit in five years, but chief executive Mark Cutifani has also announced there was no need to offload any more assets, even some iron ore, and nickel operations he had previously declared non-core.
Cutifani, however, continued trying to reduce Anglo’s exposure to both thermal coal and South Africa, as the country recently approved a new mining charter, which imposes new taxes and ownership requirements.
New Largo’s deal is subject to regulatory approval and expected to close in the second half of 2018
ULAN BATOR, Jan. 29 (Xinhua) -- Surgeons at the National Cancer Center of Mongolia successfully performed the nation's first liver transplant from a living donor on Sunday.
A team of 42 surgeons transplanted a section of liver from a 20-year old man into his 42-year old uncle. The surgery lasted for seven hours with support from doctors of the Samsung Medical Center of South Korea.
According to sources, conditions of both donor and recipient are stable.
Liver cancer is now the most lethal health problem in Mongolia. The rate of liver cancer in Mongolia is six times higher than the global average.
On average, 1,950 people are diagnosed with liver cancer annually in Mongolia, and 1,600 of them die after one or two years, according to statistics.
During the last two years, over 160 people with liver cancer had liver transplantation surgery in India and South Korea. They paid 11,000-15,000 U.S. dollars for the procedure, a big financial burden for most of the patients. Enditem