|"Open to Export" ICC WTO International business award||ICC WTO||London|
The Japan Sumo Association says it will look into allegations that Yokozuna grand champion Harumafuji assaulted a junior wrestler.
Rank-and-file wrestler Takanoiwa is sitting out of the current 15-day Grand Sumo Tournament that began last Sunday in Fukuoka, western Japan.
He submitted a doctor's report on Monday recommending 2 weeks of treatment for a fractured skull, concussion and other injuries.
Several sumo association sources are saying that Harumafuji struck Takanoiwa's head with a beer bottle during a regional tour. The incident reportedly took place on October 26th during a gathering of wrestlers from Mongolia.
Association officials plan to interview the stable masters of the wrestlers involved, to verify what happened.
Yokozuna Harumafuji has offered his apologies.
Harumafuji told reporters on Tuesday morning that he is deeply sorry for causing trouble to Takanoiwa's stable master, members of his support group and the sumo association.
But he said he will not respond to questions about the alleged assault until after he consults his stable master.
N.Ariuntuya finds out from the Executive Director of Erdenes Tavan Tolgoi, D.Ariunbold, about the present state of affairs in the company, and the likely challenges ahead. Some bold decisions are long overdue to fulfil the company’s potential but these can be taken only at the political level.
How are things going?
Our 2017 target is to mine 13 million tonnes of coal and to export 11.5 million tonnes. So far, we have exported 7.5 million tonnes, thus already exceeding last year’s total exports of 7.3 million tonnes. We have exported 2.7 million tonnes from West Tsankhi and 4.8 million tonnes from East Tsankhi. We hope we shall meet this year’s export volume target, the only uncertainty lying not in any operational failure, but rather in problems with infrastructure, and with hitches at the border and with customs.
However, there should be no doubts about our reaching our revenue targets or about paying to the budget the projected amount in taxes and fees. Third quarter figures are not yet published, but our total profit in the first three quarters is expected to be MNT343 billion. Our total sales so far have earned us MNT997 billion, and we have until now paid around MNT220 billion in taxes and fees. Our total contribution to the state budget would be around MNT250 billion by the end of the year.
Quotas have been set for exporting companies so that fewer trucks queue up at the Gashuunsukhait-Gantsmod border, and Erdenes Tavan Tolgoi will be allowed 45 percent of the total 500 trucks to cross to China. Will this not affect your export volume?
Some sort of regulation was necessary and is welcome but we would have preferred the percentage of trucks allotted to each company to be based on its share of exports volume. However, we hope the present decision will be temporary and things will become normal before long.
It is a difficult situation now. At any given time, there are 500 loaded trucks and 500 more waiting to be loaded at our mine head, with a 13-km-long queue of trucks on the road outside the mine. This total of 2,000 trucks, inside the mine area and outside, does not allow trucks of Energy Resources and the local Tavantolgoi to enter their respective mines. Since all this stems from the bottleneck at the port, what is required is urgent and strong government pressure on the Chinese to increase their handling capacity at border crossings.
What are your mining and sales targets in 2018? How do you expect the coking coal market to behave?
We are at present working on next year’s plans and budget, and hope not to reduce either extraction or export volume. Earlier hopes of exporting even more than this year now look dim because of the bottleneck at the border. We should go beyond the importing parties and negotiate at the government level for easier and faster border crossing. Otherwise we might end up exporting even less than in 2016. The infrastructure issue also needs to be addressed urgently.
As for the market, we are broadly optimistic. The first quarter could be difficult but things should stabilize thereafter. All depends on the policy of the biggest coking coal importer, which is China, and the entire world is waiting to see what decisions are taken at Chinese Communist Party’s 19th Congress.
China is restricting transportation of coal by truck. How is this going to affect its coal import from Mongolia?
That restriction is logical as truck-based transportation means higher unit costs anywhere, and I would expect it to be more widely and strictly enforced inside China. The Chinese railway network has not reached every coal washing plant there, so some coal has to move 200-300 km by truck. I believe the Chinese government is trying to restrict this, but it may not be viable for them to build railway links to consumers not so far from the border. Besides, since all Mongolian coal goes to the border in trucks, it will not make sense to unload it at the border, and reload it on the railway if its final destination is just a short distance away.
It is good that you now fix coal prices by open bidding. What is the current price and who are your buyers?
Yes, coal from both Tsankhis is now sold to the highest bidder. According to an existing agreement, 80% of East Tsankhi coal is sold to CHALCO. The remaining 20% is sold by open tender. Unfortunately, CHALCO has not been supplied its full quota of coal because of the slowdown at the border.
As for who our buyers are, they are all Chinese companies with permission to import coal to China, but we cannot identify which among them are state-owned and which not. We sell at the mine mouth to whoever offers the highest price and meets our conditions. Today, the price was $68.1/t.
What have been the plus points in selling by open tender?
The former practice of selling to companies that met certain requirements, without any open bidding, was seen as not being transparent, and the new management made a thorough study of how to make a change. One option was to sell through the agricultural exchange, but the exchange was found to lack the proper resources and facilities. Another was an auction where buyers raise their hand and quote a price. The problem in this was that the buyers could reach an agreement among themselves, and thus keep the price low, making us helpless.
The method that seemed the best to us and which we now follow is to receive sealed offers and then select the best offer after assessing their advance payment capacity, financial soundness, ability to quickly move the coal, and transport it. This is an open way of doing business. It also allows us to get closer to the market, to directly negotiate with big companies and to export in bulk.
How well is it working?
Quite well, with so many companies participating in the first auction. If prices drop, the competition will be less, and any rise in price will see companies competing more with one another. Currently, the competition is not really aggressive, with just about 10 major buyers in the bidding.
How frequently do you make a fresh selection?
It depends on how prices move. If they increase, we look for a new buyer who will pay at the new rates, but if prices fall, we try to continue as long as possible with the old rates.
TTJVCO of China and a consortium of Mongolian companies have been working as contracted operators in East and West Tsankhi respectively. How do their operational costs compare?
TTJVCO charges $4.2/cubic metre (MNT10,500), excluding value added tax, while Mongolian Miners works for MNT6,800/cubic metre. TTJVCO signed a long-term agreement 4-5 years ago. Efforts to lower their rates have not been successful except in some minor ways, even after a working group appointed by the government talked to the company, mainly because these are protected by the terms of the initial contract. One good thing, however, is that TTJVCO mainly uses Mongolian companies for the work at East Tsankhi.
In August, the government decided to close down the Tsagaankhad customs inspection area. How does this impact your operations?
Earlier, we used to unload our coal in Tsagaankhad, 20 km inside the border, and sell it from there. The costs of this unloading and storing, followed by re-loading before continuing on the journey to the border, were working out to be too high. Only for unloading, we had to pay $2/t. Plus, there was a fee for using the area. So, we decided to load at the mine mouth and, without unloading in Tsagaankhad, to carry on directly to the border. Energy Resource has also recently started transporting directly to the border without unloading in Tsagaankhad. Whatever coal is currently in Tsagaankhad is from the local Tavantolgoi.
I think the government decision was reasonable as we were no longer using Tsagaankhad, and also because it is good for the environment and people’s quality of life as so much dust used to be generated by the unloading and reloading of coal. However, the decision has not been fully enforced because it hurts the interests of some people who have factories and provide services around there.
With the present congestion at the border, some feel it would ultimately save time if the customs clearance work is done at Tsagaankhad. For coal exporters, however, the additional costs will be a major concern. Also the reloaded trucks doing the short trip to the border would tend to disrupt the orderly chain of trucks doing the uninterrupted longer trip. Altogether, and going beyond the companies’ interests, I would think it is for the bigger national good to close down Tsagaankhad.
When did your company start stopping at Tsagaankhad?
Two or three years ago. The customs inspection is done when coal is loaded at the mine, and the truck marked as such can then go to the border without any stop on the way for a check.
Erdenes Tavan Tolgoi has paid off CHALCO’s big debt, but what about the $200 million it owes the Development Bank, and maybe other business loans not so well-known?
The last $100 million of the 5-year-old CHALCO debt was repaid on March 30. We still have to sell them a contracted amount of coal from the East Tsankhi, but we now have a say on the price and other terms. Free of the debt, our revenue stream has got a boost.
That we could repay the debt before time was mainly possible because of increased coal prices. The government also played an assertive role by deciding to start mining in West Tsankhi, and by allowing us to sell by open tender.
The only debt Erdenes Tavan Tolgoi now has is the one from Development Bank. We have started repaying and we can clear the $200-million debt before next March depending on how it would be decided to settle it, perhaps partly through allotment of shares and the rest in cash.
The popular perception is that state-owned companies are wasteful and have bloated administrative structures. What have you done in the last one year to reduce costs?
We have been tackling the problem from a number of sides. In any case, it is wrong to think that Erdenes Tavan Tolgoi has a big organizational structure which costs much. In fact, our structure is tight. There might be a few instances of job responsibility overlap, but our administrative costs are really very small, taking up just 2% of our total budget.
We are always trying to cut extraction costs. One way of doing this is to choose operating companies through open tender. This is what we have done in West Tsankhi. Another way is to introduce the conveyor system to shorten the haulage distance, and we are now working on this, and should be able to put it in place with money from next year’s budget. Once this is done, operational costs will go down 30%, which means a lot given the large volume of extraction. By and large, we Mongolians are fully able to extract the deposit ourselves. The more we can do things without outside help, the better it is. It is not right to import everything and to entrust all work to foreign companies. We decided to do the shipment work ourselves, and announced a tender for coal handling equipment and have made our selection.
All coal loading work will be done by ourselves from the start of next year, and this will bring down loading costs by 50%. We have reduced the cost of mining one cubic metre by 15% by upgrading equipment. The effect of all our work this year will be evident by next year.
There is more. Replacing diesel machines by those with an electrical motor leads to large saving. TTJVCO has brought in an electrical excavator and built a power line in East Tsankhi. The excavator cannot be put to use before some administrative formalities are completed and relevant details in the feasibility study amended, but these will not take too long.
There are thus a variety of ways that we are working on to reduce operational expense. The main need is that of power. Construction of a power plant for Tavan Tolgoi has been under discussion for five years, and requires a political decision.
Installing a conveyor system is likely to need a high capital outlay. Can you do this from your own resources?
It is possible. Anyway, construction of a five-kilometer conveyor won’t require a very large amount of money, and there are many financing options. We could certainly arrange for a part of the outlay from our own resources. This initiative is feasible unless policymakers insist that “big interests require big decisions”.
How many jobs has Erdenes Tavan Tolgoi created? How many drivers from how many companies are employed to transport the coal?
Our rolls list 640 employees, but 240 of them are hired and paid by TTJVCO. Our estimate is that 6,600 people make a living in some way related to our company’s work.
As for coal transportation, we first make a contract with a buyer who then makes a contract with the transportation company. However, the vehicles are registered under our company. Presently, there are 2,600 trucks so registered.
There has been criticism that Erdenes Tavan Tolgoi extracts only the highest quality coal, and this will quickly deplete the most profitable part of the deposit. How many coal seams are being extracted currently? Also, are there any moves to sell value added coal?
There is no question that we must export washed and processed coal. We know that our present practice of exporting expensive coking coal in its raw form can be seen as selectively mining the best quality of coal. The company started mining 6-7 years ago and in the initial years, extraction was consistently less than projected in the feasibility study. It is only in the last 4.5 years that we have been operating according to the study. Currently, we are mining 3 seams -- the 4th, the 3rd and the thermal seam – and are yet to reach the lower level, the 0 seam, which we would do next year. Thereafter, we shall encounter the urgent problem of washing the coal.
We can get this done at Energy Resource’s highly productive washing plant, which is nearby. We have met with them a number of times to discuss the issue, but nothing has been decided, with several issues unresolved. Maybe government regulations on public-private cooperation would take the work forward.
Is the main problem about the washing charges or recovery?
There should be a minimum 80% concentrate recovery for it to be economically profitable. The more important immediate concern is that the processed coal must generate more economic value.
Raw coal is being sold at $60-$70/t, so the price for washed coal has to be substantially higher to make commercial sense, but that is not what is seen.
What happened to a proposal your company once made to build its own plant with an initial annual capacity to wash 1 million tonnes of coal, which could be gradually increased to 5 million tonnes?
We completed a feasibility study and also obtained a water usage permit. A foreign company showed interest in collaborating in building the plant. But it would not be right to build a small plant when there is already a big one which cannot work to full capacity; in other words, it would not be reasonable to set up competition between a state-owned and a private company. We also have to remember that water is very precious in the Gobi. The danger of desertification will be much more if every company washes its own coal and depletes the already small water resource. So a final decision to build our own washing plant requires much careful thought.
It is not just an issue of exporting value added products. Until and unless we have an overall master plan on the TavanTolgoi deposit, we cannot make any progress on the washing plant, the power station, and the railway.
That is true. The uncertainty is difficult for the company, too. Adequate infrastructure is the key to sell Erdenes Tavan Tolgoi’s washed, liquefied coal at the world market price and then to transport it to sea ports. We are overusing the roads and doing a lot of damage. Lack of infrastructure is also not allowing us to fulfil the potential of the deposit. A railway and a parallel roadway have to be built to increase our export volume. The railway must first be connected to the Chinese network, and then we can seek alternative routes to other sea ports. Power supply is essential to develop the mine and to upgrade equipment. Indeed, the power plant issue should be resolved before construction of the railway and the washing plant.
Only a comprehensive and multi-level approach will work, not piecemeal solutions, if coal from Tavan Tolgoi is to become a global brand. Big political decisions should be made bravely. There should be a national unity of purpose, so that our sole policy is to further the interests of Mongolia.
You seem to suggest that Chinese buyers prefer buying raw coal. What exactly is the situation with washed coal?
Our processed coal, carried by truck, can reach only factories close to the border, maybe as far as Bugat, since we don’t have a railway to link with the Chinese railway. Until such time that we have the means to send the washed coal to any global market by sea, our value-added coal will suffer in comparison with raw coal.
There is another consideration. A washing plant has to be capable of adequate recovery. Since washing requires mixing coking coal with thermal coal, an important benefit of a washing plant would be that it will enable us to use our thermal coal, which we now sell to Chinese customers for just $15/t.
Since Erdenes Tavan Tolgoi is almost free of debt and sees bright days ahead, can it also pay for construction of the railway from Tavan Tolgoi to Gashuunsukhait?
It is an option we have considered. We can also have an agreement with foreign investors who will construct the railway, run it for a while and then we buy it from them with our coal sale earnings. There are actually lots of options, but the decision is to be made not by us but by the Ministry of Roads and Transport Development. What we can only say is that the railway is a must to ensure the long-term competitiveness of the company.
What progress has been made in regard to Erdenet Tavan Tolgoi as part of implementing the government decision to develop the entire Tavan Tolgoi deposit as a complex?
Work has started. The proven reserves must be re-evaluated. The current feasibility study was made 5-6 years ago. We started spending great sums of money on exploration work in 2017. We began a detailed exploration campaign on Tsankhi deposit. Exploration work has started in Bor Teeg. The tonnage of coal on West Tsankhi and East Tsankhi will be re-evaluated. We believe that Erdenes Tavan Tolgoi’s reserves will be found to be more than at present and this increase in the proven reserves will allow us to raise funds in foreign markets. It might also encourage investors to offer flexible alternatives.
Has there been any progress in the matter of selling shares on an international stock market?
Our financial position and potential, plus the huge reserves of coal, will certainly ensure a successful IPO. The London Stock Exchange has shown interest and has been offering us suggestion on how to prepare for an IPO.
A lot of preparatory work is needed for this. Global investors must be satisfied that our company’s governance practices are of international standards. For this, a quality management system and organisational structure has to be in place. Work on this will start next year. Secondly, the company’s assets must be clear, following this year’s exploration work and reassessment of reserves. Thirdly, we need to publicly reveal how many shareholders there are in Mongolia and put them in the records. All of this work has started simultaneously.
ULAN BATOR, Nov.13 (Xinhua) -- Mongolian teachers on Monday began a indefinite strike across the nation to demand higher pay from the government.
Teachers with a total of 177 secondary schools, 217 kindergartens and 11 scientific organizations vowed to continue the strike until the government decides to raise their salaries.
In a letter addressed to the authorities of the educational and scientific organizations, Minister of Education, Science and Sport Tsedenbal Tsogzolmaa said that the strike would only lead to a mess, but not solve the financial issues.
The wage issue can not be resolved by blackmail or provocation, which will cause damage to the interests of students, their parents and the society, Tsogzolmaa said in the letter.
In efforts to partially satisfy the demand of the teachers, the government decided to issue a one-time premium in the amount of 516,000 Mongolian togrogs (about 210 U.S. dollars).
But the interim committee of the teachers said that a single measure will not solve their financial issues, demanding a 50 percent pay rise as of January 1, 2018. If so, the average salary of Mongolian teachers who works in public schools will rise from the current level of some 162 U.S. dollars per month to 244 U.S. dollars per month.
Mongolian teachers began their protest over pay in August this year. But the government refused their demand in case the country loses support from the International Monetary Fund (IMF).
One of the conditions for allocating aid to Mongolia within the framework of the IMF is a refusal to raise salaries for civil servants and pensions until 2020.
In total, there are 778 schools in Mongolia, 590 of which are State-run schools.
KHANBOGD, Mongolia (Reuters) - In Mongolia’s Gobi desert, thousands of heavy-duty trucks laden with coal inch along a cluttered highway towards the Chinese border in a journey that can take more than a week.
Truckers cook, eat and sleep in vehicles covered in coal dust, many subsisting on the same meat soup that fueled Genghis Khan’s Mongol Horde more than eight centuries ago.
Alongside the trucks a bustling microeconomy has sprung up of traders peddling cigarettes, water and diesel as drivers wait to clear Chinese customs in a queue that can stretch for 130 kilometers (80 miles).
A rebound in coal prices and a surge in exports to China this year has meant a bonanza for miners in Mongolia, and a vital lifeline for the country’s tiny economy, after a currency and debt crisis forced it to seek an economic rescue package from the International Monetary Fund (IMF).
But long delays at the Gashuun Sukhait-Gants Mod crossing, the main transit point between the two countries, are undercutting those gains as fleets of trucks carrying coal from Gobi desert mines to China pile up at the border.
The long delays have been blamed on a surge in traffic driven by the thriving cross-border coal trade. However, Mongolia’s inability to stop rampant smuggling across the border has also played a role as China has imposed more stringent checks on incoming deliveries in recent months.
Customs officials in China’s Inner Mongolia declined to comment when contacted by Reuters. The General Administration of Customs in Beijing also did not respond to requests for comment.
The rise in coal prices this year has doubled border traffic, according to local police, putting law enforcement and customs staff under heavy pressure in both China and Mongolia.
With Gobi miners hoping to boost output further next year in a bid to take advantage of higher prices in China the bottlenecks are expected to get worse.
An environmental crackdown in China has resulted in the closure of hundreds of mines and the restriction of coal deliveries into smaller ports, driving up prices.
Curbs on coal imports from North Korea as a result of international sanctions against Pyongyang’s nuclear weapons program have also allowed Mongolia to fill the breach.
Mongolia’s coal exports to China rose more than four-fold in the first half of the year, but growth has petered out since the delays at the border crossings first arose in July.
Bataa Davaasuren, director of Mongolia’s Customs House at Gashuun Sukhait, said customs on both sides of the border were short-staffed, adding that the situation had been exacerbated by events like the Chinese Communist Party Congress in October.
Mongolia’s Foreign Affairs Ministry said the problem was initially caused by the Naadam summer festival, when many Mongolians take long holidays.
Mongolian customs officers are also taking more time to screen cargoes after their Chinese counterparts complained that raw meat and even guns had been secreted in coal heading to China, Davaasuren said.
There was even one incident when a driver tried to sneak a live wolf across the border, he said.
“Nobody wants the long queue, of course,” said Davaasuren, who said the problem would quickly disappear if Mongolian customs could raise its handling capacity to 3,000 trucks a day from 700 currently. “It’s bad for the drivers and the country, so we’re all working to resolve the issue.”
When trucks aren’t stuck in grinding traffic, just getting to the border is also a harrowing ordeal, as vehicles speed towards China and back down the one-lane road. With no street lamps to guide the way and drink-driving a constant problem, danger levels increase at night, drivers say.
“It’s very risky,” said one driver, who identified himself as Bat-Erdene. “We see flipped-over cars on the side of the road every day.”
On a recent trip down the road, a team of Reuters journalists saw numerous overturned trucks and vehicles smashed up from head-on collisions littering the side of the road.
“We see unbelievable things,” said Dunshig Baasanjav, a driver standing outside his truck amid the motionless traffic. “Others who see it would think it’s the worst they’ve ever seen, but we see it all the time. We’re numb to it.”
Miners say the long-term solution to the border bottleneck problem is a new rail link connecting mines with the Gashuun Sukhait crossing.
Mongolia built more than 200 kilometers of foundations for railway tracks for the link but the project was put on hold after financing ran dry.
Local authorities believe the project may have to start again from scratch because the foundation blocks have been left at the mercy of Mongolia’s harsh environment for so long.
Whatever the fate of the railroad, those plying the roads from the Gobi to China in stop-and-go traffic have little choice but to keep driving given the lack of opportunities in a country strapped by austerity measures linked to the IMF bailout.
“This job is very risky and life threatening, but we have no other choice,” said Choijiljav Ganbold, a trucker who emerged from his truck as the sun set on the motionless traffic.
“We have nothing else to do.”...
On November 13, 2017, 181,897 shares of 32 firms listed as Tier I, II, and III were traded. 19 firms’ shares increased in price, 8 decreased and 5 remained unchanged. Nogoon khugjil undesnii negdel JSC /JLT/ was the top performer, increasing 15.00 percent, whereas Aduunchuluun JSC /ADL/ was the worst performer, decreasing 8.17 percent.
On the secondary market for government bonds, 234 bonds with a value of MNT22.4 million were traded.
The MSE ALL Index increased by 1.35 percent to stand at 1,167.34 points. The MSE market cap stands at MNT 2,302,058,130,600
Ulaanbaatar /MONTSAME/ Mongolian delegation led by N.Bayartsaikhan, Governor of the Bank of Mongolia attended an international conference in commemoration of the 20th anniversary of the IMF Office for Asia and the Pacific held in Tokyo on November 8.
The Office for Asia and the Pacific (OAP) is the IMF’s main bridge to the Asian region. The international conference was attended by authorities of the central banks and finance ministries of Asian nations and scholars, who discussed sustainable and inclusive growth in the region and existing challenges.
The Mongolian delegation held meetings with representatives of the Japanese Ministry of Finance, the IMF and Japan International Cooperation Agency (JICA), briefed on Mongolia’s economic situation and policies that are being pursued, and exchanged views on ways to strengthen cooperation.
Ulaanbaatar /MONTSAME/ Minister of Environment and Tourism N.Tserenbat briefed Irina Kravchenko, the European Bank for Reconstruction and Development (EBRD) Head of Mongolia, on his priorities and policy directions on November 10.
The meeting was also attended by Svetlana Radchenko, EBRD Senior Banker in charge of infrastructure affairs. Appreciating the EBRD’s investment into entities working in the area of renewable energy, Minister N.Tserenbat inquired into possibilities of directing EBRD investment into development of tourism infrastructure.
“Tourism sector development is based on the opportunities of private sectors in Mongolia. Investment is lesser in tourism sector than major industries like mining,” said the Minister, citing a promise he made upon his appointment which is to attract a million tourists to Mongolia in a short amount of time and increase tourism revenue to USD 1 billion. “If we look at Mongolia’s geographic and other advantages, it is not a dream number,” he said.
The Minister proceeded to introduce his action plan, which will focus on several areas – universalizing service quality in all parts of Mongolia, ensuring transport safety and improving the services offered by hotels and camps and assisting companies working in air transport.
The Minister touched upon the Cabinet’s action plan which comprises major projects and developments targeting tourism sector, expressing his readiness to put all necessary efforts in order to put these plans into action. “Most importantly, tourism sector can’t continue with the current self-financing mode, which is why long-term cooperation with international organizations is ideal,” said the Minister, expressing his hope to strengthen cooperation with the EBRD.
In return, the EBRD Head of Mongolia expressed the bank’s readiness to cooperate with public organizations as it has experience in working with private entities. “There are dozens of opportunities for cooperation,” she said, emphasizing the high environmental standards the Bank sets in all projects.
She also informed that the Bank will be co-implementing an infrastructure project in cooperation with the Mongolian Government. The project team includes a representative from the Ministry of Environment and Tourism. The EBRD is also working with the Government on infrastructure development in the capital city, which will serve as a contributing factor for attracting more tourists.
“Environment and tourism are inseparable,” remarked Irina Kravchenko, pointing out how air pollution is affecting winter tourism in Mongolia. She suggested that more detailed discussion on projects and investment areas is needed between the sides.
As such, the meeting paved the way for a closer and broader cooperation between the Ministry of Environment and Tourism and the EBRD. Over the years, the EBRD has made an investment worth USD 1.5 billion into Mongolia.
Environment Minister N.Tserenbat has also met country directors of the Asian Development Bank (ADB) and World Bank Group (WBG)....
China seems to have recovered its appetite for gold, with demand for bars and jewellery markedly increasing in the first nine months of the year, data from the China Gold Association shows.
Total gold consumption, including jewellery and bullions but excluding the central bank’s purchases, went up 16% to 815.9 tonnes in the period, the association reported Wednesday according to Xinhua news agency. That’s a positive turnaround from the same period last year, when demand dropped by almost 13%.
Demand for gold bars jumped 44.5% to 222 tonnes amid rising global demand for safe haven investments. Jewellery consumption, in turn, rose 7.44% to 503.87 tonnes.
China, the world’s No.1 consumer and producer, accounts for about 29% of the global jewellery demand, and close to 26% of total bars and coins purchases. With its almost 1,843 tonnes, the country also has the fifth largest gold reserves in the world, data from the World Gold Council corresponding to the second quarter of the year shows.
Prices for the yellow metal have fallen in the last two weeks as the dollar has strengthened, taking it to a three-week low on Friday. They climbed briefly back above $1,280 an ounce on Wednesday as caution ahead of this week’s confirmation of the new US Federal Reserve chair and a policy statement from the bank prompted some to close out bets on falling prices.
During the week spanning November 06 to November 10, 2017, MNT2,061,273,576.21 worth of securities were traded through 5 trading sessions on the MSE. The daily average MNT volume was 412.6 million.
1. STOCK TRADING:
A total of 75 companies’ 490,374 shares worth MNT 387,371,556.06 were traded.
2. GOVERNMENT SECURITIES TRADING:
No government securities were issued on the primary market during the week spanning November 6 to November 10, 2017.
On the secondary market trading of Government securities, 118,016 units of securities were traded for MNT 11,676,103,160 through 16 trading sessions.
As of November 10, 2017, total market capitalization of MSE is MNT 2,275,972,165,028 . The MSE ALL index declined by 0.0007% to stand at 1,151.81 units.
Decades of skyrocketing economic growth have resulted in some Chinese cities having economies as big as many countries.
An infographic, made by Visual Capitalist, compares some cities in China, which has a population of 1.4 billion people. The numbers are gross domestic product (GDP) by purchasing power parity (PPP). Have you heard of the cities of Suzhou, Wuhan or Tangshan, which are as wealthy as Austria, Israel or New Zealand?
These Chinese towns are not isolated, and are connected creating megaregions like the Northeast US, in which New York City, Philadelphia, Boston, Baltimore, and Washington, DC are close to each other, creating a mega economic zone, Visual Capitalist explains.
In China, there are three important megaregions.
Yangtze River Delta
With a combined GDP of $2.17 trillion, the region unites cities like Shanghai, Suzhou, Hangzhou, Wuxi, Ningbo, and Changzhou, and is economically as big as Italy.
Pearl River Delta
With a combined GDP of $1.89 trillion, the region unites cities like Hong Kong, Guangzhou, Shenzhen, Foshan, Dongguan, and Macao, and is as wealthy as South Korea.
With a combined GDP of $1.14 trillion, the region unites the two largest cities in northern China, Beijing, and Tianjin. This megaregion's economy can be compared to Australia.