|"Open to Export" ICC WTO International business award||ICC WTO||London|
Further to the announcement of 19 September 2017, Petro Matad, the AIM quoted Mongolian oil explorer is pleased to announce it has successfully concluded negotiations with Sinopec on a contract amendment for use of its drilling rig in the 2018 drilling campaign. Substantial commercial concessions were received as a result of the negotiations.
This is an excellent outcome for the Company as the Sinopec rig has now achieved full certification to international standards and as the rig is already in Mongolia (at zero rate to the Company) it will very quickly be able to mobilise to the drilling location in the spring.
The Company currently has a number of drill ready targets and will high-grade the candidates for the planned drilling campaign in Block IV and V following completion of the ongoing seismic campaign, which is expected to conclude in late January 2018.
Ulaanbaatar /MONTSAME/ Prime Minister U.Khurelsukh was elected Chairman of the Mongolian People’s Party (MPP) on the second day of its ongoing Congress.
The attendees of the Congress had two choices – Prime Minister U.Khurelsukh and Head of the MPP Group in Parliament D.Khayankhyarvaa. The Prime Minister became the MPP’s 15th Chairman after receiving 775 votes or 63.1 percent support from the 1,309 members of the Party attending the 28th Congress.
The newly elected Chairman addressed the Congress after receiving the Chairman’s seal from his predecessor M.Enkhbold. “I have been listening to both criticism and appreciation from the Congress delegates last two days. The fate of Mongolia is inseparable from that of the MPP,” said the Chairman, acknowledging his responsibility to recover the economy. “I will highly cherish and protect the Party’s unity” he said.
The Congress continues today with the election of members of the MPP Conference, Steering Committee and Supervisory Council.
HOHHOT, Nov. 21 (Xinhua) -- Inner Mongolia University in north China has developed a new system to convert Mongolian paper documents into editable and digital versions, the university said Tuesday.
Users can log into the official website of the system, named oyun, which will recognize various Mongolian fonts and transfer them into Word files and other editable digital versions.
Inner Mongolia is home to a large number of books and newspapers in the Mongolian language, which are valuable for the study of Mongolian history and culture.
"Digital archiving is a good way to preserve them, but it requires a large amount of manpower and time to do the work," said Feilong, associate professor with the university's computer science college.
"Now it only takes 40 to 50 seconds to transfer a 100-page Mongolian book into a digital version after scanning through the system," he said.
Ulaanbaatar /MONTSAME/ Mogoin Gol Company has expanded its mining operation and began exporting coal to China. The company started operating in 1971 to provide coal to Khuvsgul and Zavkhan aimags.
A reserve of the coal mine is estimated to be 12 million tons; roughly two million tons have been mined so far. The coal of this mine has high calorie and low ash content and hard and dense metallurgical coal, extracted from the depth of underground, is sorted out for export.
This year, the company set a goal to carry out an overburden removal on 500 thousand square meters, of which 480 thousand square meters have been executed and 100 thousand tons of coal have been extracted so far.
A ton of coal is sold at MNT33,000 for users of Zavkhan and Khuvsgul aimags and MNT39,000 for Chinese market.
The company transports its coal by trucks from Mogoin Gol mine to Erdenet city and by train from Erdenet city to China.
NEW YORK (Reuters) - Federal Reserve Chair Janet Yellen stuck by her prediction that U.S. inflation will soon rebound but offered on Tuesday an unusually strong caveat: she is “very uncertain” about this and is open to the possibility that prices could remain low for years to come.
A day after announcing her retirement from the U.S. central bank, planned for early February, Yellen said the Fed is nonetheless reasonably close to its goals and should continue to gradually raise interest rates to keep both inflation and unemployment from drifting too low.
Yellen, one of the most powerful figures in world finance who also weighed in on the challenges women face in economics, said she does not believe that inflation expectations have drifted down too much despite five years of below-target U.S. price readings.
Inflation should rebound over the next year or two, she said, adding: “I will say I am very uncertain about this. My colleagues and I are not certain that it is transitory, and we are monitoring inflation very closely.”
A key lesson of her four-year tenure atop the Fed was to keep an open mind and not assume “you have a monopoly on truth,” Yellen told students and professors at NYU Stern School of Business. “It may be that there is something more endemic going on or long-lasting here that we need to pay attention to.”
The Fed’s top policymakers have repeated their belief that inflation would rebound even while their preferred price measure has slipped to 1.3 percent, below a 2-percent target. Unemployment has fallen to 4.1 percent while overall economic growth is running strong at 3 percent, prompting high expectations for a rate hike next month despite the price weakness.
Yellen noted that while undershooting the inflation target for too long “can be quite dangerous,” the Fed must also avoid driving unemployment “way below” sustainable levels. “We don’t want a boom-bust policy,” she said.
The first woman to lead the Fed, Yellen is credited with putting the economy on a firmer footing and steering monetary policy away from the fire-fighting mode that followed the 2007-2009 recession and financial crisis.
Yet she was overlooked when U.S. President Donald Trump earlier this month nominated Jerome Powell, a Fed governor, to become Fed chair in February - a decision that broke with tradition of chairs serving at least two terms. On Monday Yellen said she would resign her seat on the Fed’s Board of Governors once Powell is confirmed and sworn in.
Yellen has pushed to improve recruiting and promotion of women and minorities at the Fed. Of the roughly 135 regional presidents in the Fed’s history, all but six have been men and all but three have been white.
Asked about gender disparity in economics, Yellen stressed the importance for young people to have mentors who are “watching out for them... Especially for women in a field that has very few women.”
The proportion of women among new economics PhDs has flatlined over the last decade, and has dropped among associate professors, while only 13 percent of professors are women in PhD-granting departments, according to the American Economic Association.
Women tend to be less well-integrated in more casual, male social networks, making opportunities such as co-authoring research less accessible, Yellen said. “The way in which women are somewhat disadvantaged is that it’s often during social interactions that those conversations take place.”...
On November 21, 2017, 276,638 shares of 38 firms listed as Tier I, II, and III were traded. 20 firms’ shares increased in price, 11 decreased and 7 remained unchanged. ITools JSC /ITLS/ was the top performer, increasing 15.00 percent, whereas Aduunchuluun JSC /ADL/ was the worst performer, decreasing 8.14 percent.
The MSE ALL Index increased by 1.95 percent to stand at 1,215.4 points. The MSE market cap stands at MNT 2,354,404,500,191.
Scientists from the University of Kentucky have produced nearly-pure rare earth concentrates from coal, using an environmentally-conscious and cost-effective process.
After receiving more than $7 million in funding from the US Department of Energy, lead researcher and professor of mining engineering Rick Honaker was able to delve deeply into the creation of the new material.
"The primary objective for our DoE project was to produce a concentrate containing a minimum of 2 per cent rare earth elements," Honaker said in a university press release. "We have far exceeded this objective."
He explained that the process recovered more than 80 per cent of the REEs present in the feed sources. The concentrates were comprised of more than 80 per cent total rare earth elements on a dry whole mass basis and more than 98 per cent rare earth oxides. Also, elements such as neodymium and yttrium, commonly used in national defense technologies and the high-tech and renewable energy industries, represented over 45 percent of the total concentrate.
In parallel, scandium was efficiently separated from the other elements through this new recovery process. The rare earth, which is highly used in aerospace and lighting, was also concentrated as a separate product from the circuit.
The groundbreaking process will be part of a one-fourth-tonnes per hour mobile rare earth recovery pilot scale plant being developed and tested by Honaker's team.
The family of a British paraglider who was murdered in Mongolia have said they are "relieved his killer has been brought to justice" after a man was jailed for 16 years.
Steve Nash, 53, from Helsby, Cheshire, was killed during a robbery in September 2016 while he was trying to cross the Khangai Nuruu mountain range in the country.
Lawyers for his family said Gantulga Batsukh was found guilty of his murder following a trial in Mongolia on Friday and was sentenced to 16 years in a maximum security jail.
Mr Nash's wife Shirley said: "Since Steve was taken from me, I feel so alone and lost and my whole life is pointless without him. It is so unfair; not just on us, but on Steve himself.
"He loved life, had so much to live for and had so many plans and ambitions. I have lost my husband and my best friend. When this person ended Steve's life, he ended mine too."
Mr Nash had been journeying across the country on a paragliding trip with friend Gareth Aston, but had been forced to continue solo after his companion retired with an injury.
He had been documenting his progress on the trip online before his death and a final picture, posted on August 31, showed him being wished well for the solo leg of his journey by his friend and two Mongolian hosts.
According to reports, his wife noticed the satellite tracking system which he had been using to share the progress of his travels had stopped updating shortly afterwards.
"We all have so many precious memories of Steve. He was a true gentleman who loved life and lived every minute to the full, showing kindness and respect to everyone he met.
"He is also missed by his many friends and it is much appreciated how they endeavour to keep Steve's memory alive by remembering Steve in many ways, whilst they continue to love and live life to the full, just as Steve did.
"He was loved by us all and we cannot put into words how much we miss him. Nothing will ever bring Steve back but we are relieved that his killer has now been brought to justice."
– SHIRLEY NASH, STEVE'S WIFE
Lawyer Kieran Mitchell from Slater and Gordon, who represents the family, said: "To lose a loved one is always difficult, but for Steve's family to lose him in this way far from home has been difficult for them to come to terms with.
"I only hope that now his killer has been brought to justice the family will be able to begin to rebuild their lives as best they can."
After his death, Red Bull X-Alps, said to be one of the world's toughest paragliding and hiking races, which Mr Nash competed in, posted on its website: "Steve Nash was well-known for his positive attitude, mental toughness and his true adventurer spirit."
RIYADH/PARIS (Reuters) - Toshiba-owned Westinghouse (6502.T) is in talks with other U.S-based companies to form a consortium to bid in a multi-billion-dollar tender for two nuclear power reactors in Saudi Arabia, three industry sources said.
Saudi Arabia, the world’s top oil producer, sent a request for information (RFI) to reactor builders worldwide last month in a first step towards opening a formal tender, Reuters has reported. A nuclear newcomer, it wants to use atomic power to generate electricity at home so it can export more crude.
Taking part in the tender would be a major step for reactor builder Westinghouse after it went into chapter 11 bankruptcy this year.
U.S. utilities also abandoned two half-finished Westinghouse AP1000 reactors at V.C. Summer in the United States. Toshiba, which is looking for a buyer for Westinghouse, also dropped plans to build Westinghouse reactors in Britain and India.
If other companies join U.S.-based Westinghouse in a consortium it would show that they still believe the AP1000 is a viable competitor to French, Russian, South Korean and Chinese reactor models.
Russian and South Korean companies have already said they plan to bid in a deal seen as one of the most promising prospects for the global nuclear industry, which is struggling to find contracts following Japan’s Fukushima disaster in 2011.
A bid would also show that the United States remains a player in the small club of nuclear reactor builders in an industry which has important geopolitical and security implications.
One industry source familiar with discussions said Westinghouse and U.S. utility holding company Exelon were discussing forming a consortium that could also include other U.S. companies such as industrial contractor Bechtel Corp.
“They are creating a team that could address all the requirements,” the source said, referring to technology, security, construction, fuel and reprocessing.
A second industry source said Westinghouse and Bechtel were working together.
A third source with knowledge of the bidding process said Westinghouse is working on a bid for the tender and definitely hopes to take part but declined to comment on the consortium members.
Spokespeople for Westinghouse and Exelon did not immediately respond to a request for comment and declined to comment for Bechtel.
A fourth industry source in contact with both the Saudi and U.S. sides said there would be a bid by multiple U.S. companies, without naming them.
The source said companies have until late December to respond to the RFI and that the U.S. group is exploring the possibility of Export-Import Bank financing and bank financing.
A spokesman for the King Abdullah City for Atomic and Renewable Energy (KACARE), the Saudi government agency tasked with the nuclear program, did not immediately respond to a request for comment.
The program would make Saudi Arabia the second country in the six-nation Gulf Cooperation Council to tap nuclear power after its neighbor the United Arab Emirates, which next year plans to start up the first of four South-Korean built reactors.
Industry specialists estimate the deal for Saudi Arabia’s two reactors could be worth around $12 billion, based on the $24 billion total cost for the UAE project, although it could vary depending on the vendor chosen.
Apart from Russia and South Korea, the possible U.S. bid in Saudi Arabia could also face competition from the Areva nuclear business of France’s state-owned EDF (EDF.PA), which said last month it was in talks with Riyadh about supplying reactors.
China General Nuclear Power Corp (CGN) is another potential vendor.
Saudi Arabia is considering building 17.6 gigawatts (GW) of nuclear capacity by 2032, the equivalent of up to 17 reactors. A senior Saudi nuclear official told a conference in Abu Dhabi last month that the kingdom was looking at a 1,000-1,600 megawatt range per reactor for the first two.
Industry sources have told Reuters the first two reactors could have a combined capacity of up to 2.8 gigawatts.
State-owned Russian nuclear group Rosatom said on Nov 2 it had sent initial proposals to Saudi Arabia for nuclear power generation and would bid if a tender was announced. The company has become a dominant player in the global nuclear industry following the financial troubles of Areva and Westinghouse....
The Russian arms manufacturer Kalashnikov Concern wants to master a new market niche. Kalashnikov is planning to start a cargo transportation company to ship grain, according to company sources, as quoted by Russian business daily Kommersant.
The renowned gun maker will reportedly invest up to 10 billion rubles ($16.8 million) to build eight dry-cargo carriers with a cargo tonnage of seven thousand tons each. The freighters will ship grain products through the Volga - Caspian Canal, Azov and Black Seas and the Mediterranean basin. The shipments are expected to start by 2022.
The cargo ships would be built at the Brothers Nobel Shipyard, owned by Kalashnikov. The concern is planning to develop a new Volga-Don ship operator in cooperation with the agricultural firm Agro-Delta, based in the Russian southwest city of Volgograd. The company plans to transport up to 900,000 tons of grain annually.
“The project will help agricultural businesses in Central and Volga federal districts to significantly boost export turnover, as well as to keep down transport costs for long-term contracts,” said Kalashnikov chief executive Aleksey Krivoruchko, as quoted by the media.
Due to the high freight costs and an appreciable shortage of ‘river-sea’ cargos, some agricultural businesses have to face severe difficulties in selling grain, according to Sergey Egorov, who will reportedly head the new ship operator.
“The project will help to provide wall-to-wall production, including shipping and selling in domestic and international markets,” he said.
The Kalashnikov Concern is Russia’s largest producer of military automatic and sniper weapons and guided artillery shells, as well as a wide range of civilian products including hunting and sporting rifles, machinery and tools. The group was created in 2013 with the merger of two gun makers, Izhmash and Izhevsk Mechanical Plant.
The company exports products to 27 countries, including the US, UK, Germany, and Italy. Its iconic assault rifle, the AK-47, designed by Mikhail Kalashnikov in 1947, is one of the most popular and mass-produced firearms in the world.