|"Open to Export" ICC WTO International business award||ICC WTO||London|
Ulaanbaatar /MONTSAME/ The Independent Authority Against Corruption ruled that the proposed members of PM U.Khurelsukh’s Cabinet have no conflict of interest.
On October 12, the MPP Group in the Parliament disclosed a list of 15 Ministerial candidates, and said the names had been submitted to the Independent Authority Against Corruption for conflict of interest clearance. The Group has also delivered the issue to President Kh.Battulga.
D.Khayankhyarvaa, Head of the MPP Group said Thursday that the Ministers would be appointed within one or two days.
Samsung Electronics chief executive Kwon Oh-hyun has resigned citing an "unprecedented crisis".
It is the latest management upheaval at the firm after the heir of the entire Samsung Group was imprisoned for corruption in August.
Mr Kwon is one of three co-chief executives of Samsung Electronics.
His resignation comes on the same day the firm forecast record quarterly profits, citing higher memory chip prices.
Mr Kwon, who also serves on the board of Samsung Electronics, said he had been thinking about his departure "for quite some time" and could "no longer put it off."
"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company [to] start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry," he said in a statement.
He will remain on the board of Samsung Electronics until March 2018.
Ryan Lim, founding partner of the Singapore technology consultancy firm QED said "Samsung is in a leadership crisis situation".
Mr Lim said "the current management structure seems to be a complicated web that does not clarify, but rather confuses".
"This needs to be resolved soon as it can be worrying not to know who is truly steering the Samsung behemoth into the future," he said.
In response to the criticism, a spokesperson for Samsung told the BBC that a successor would be appointed "soon" but could not give a timeframe.
Samsung Electronics is regarded as the jewel in the crown of the Samsung Group conglomerate, which is made up of 60 interlinked companies, and is one of South Korea's massive family-run businesses known as chaebols.
In August, the group's heir apparent Lee Jae-yong was convicted of bribery and corruption and sentenced to five years in jail.
Mr Lee is accused of giving donations worth 41bn won ($36m; £29m) to non-profit foundations operated by Choi Soon-sil, a friend of South Korea's former President Park Geun-hye, in return for political favours.
However, the leadership troubles don't seem to have hit the company's bottom line yet.
Ahead of the announcement from Mr Kwon, the Samsung Electronics said it would post a record quarterly profit thanks to surging chip prices.
The world's largest smartphone maker projected operating profit has nearly tripled in the three months to the end of September, compared to a year ago.
The forecast profit of 14.5tn won (£9.65bn; $12.81bn) beats market expectations for the quarter.
While memory chips were the main driver of Samsung's profits, its mobile phone business was given a boost by its new Note 8 smartphone which received the firm's highest number of pre-orders ever.
Erdene Intersects 20 Metres of 10.3 g/t Gold at Altan Nar Project and Expands Bayan Khundii and Altan Nar Drilling Program to 33,000 Metres www.erdene.com
Halifax, Nova Scotia – October 12, 2017 – Erdene Resource Development Corp. (TSX:ERD)
("Erdene" or "Company") is pleased to provide an exploration update on its gold projects in southwest Mongolia, including drill results from its 100%-owned Altan Nar Gold-Polymetallic Project (“Altan Nar”), and an update on its flagship, 100%-owned Bayan Khundii Gold Project (“Bayan Khundii”), 16 kilometres southeast of Altan Nar, where drilling is on-going with results pending.
“Today’s results from Altan Nar are a further testament to the exceptional fertility of this emerging gold district,” said Peter Akerley, Erdene’s President and CEO. “These results demonstrate significant expansion potential for the existing deposit areas and provide exciting new discovery opportunities within the greater 5.6 kilometre Altan Nar trend. Our continued exploration success at both the Bayan Khundii and now the Altan Nar gold projects has led to a decision to significantly increase our 2017 drill program.
When considered in the broader district-scale context, we believe the success rate experienced by our
company at the grassroots drilling stage is a good indication of the region’s potential for additional
South Korean conglomerate Lotte Group said on Thursday that it expects to sell its Lotte Mart stores in China by the end of this year.
The company has received interest from several buyers for its China stores and was evaluating the proposals, according to a Reuters report.
"We are in detailed talks with some of those companies," Lim Byung-yun, an executive vice-president at Lotte Corp, the group's newly launched holding company, said at a news conference.
The size of the deal is expected to be small at a couple of hundred million dollars, a banking source said, declining to be identified as the talks were confidential. Goldman Sachs has been picked to manage the sale, according to Reuters.
Jason Yu, general manager of Kantar Worldpanel China, a research firm, said the likely buyers would be from North or East China. "I do not know who they are, but some local players are still looking for store expansions in Beijing or Jiangsu and the stores are at good locations," he said. Yu had earlier said that Lotte Mart has been facing competition from Chinese retailers and e-commerce giants. Because of its limited presence, it could not build economies of scale or create an efficient supply chain, he said.
Hypermarkets, supermarkets, and convenience stores in China grew by 3.5 percent in the second quarter of the year, according to Kantar's latest report. Sun Art Group, Auchan and RT-Mart, which are among the country's top 10 retailers, saw their market share grow or stabilize in the second quarter compared to the previous year, as they set up more stores to expand their footprint and pursued multichannel strategies to cope with changing consumer demand.
Among international retailers, Carrefour saw its market share recover on a quarterly basis as it opened 30 small format neighborhood stores under the name "Easy Carrefour" to appeal to younger shoppers who want convenience and a relevant mix of merchandise.
Local retailers continued to outpace their global counterparts with Wu-Mart's market share rising from 1.7 percent to 2.0 percent year-on-year.
Ulaanbaatar /MONTSAME/ In the second quarter of 2017, total revenue of non-bank financial institutions reached MNT 89.5 billion, increasing by 6.3 per cent compared to the same period of previous year.
The revenue was made up 83 per cent from interest income, 13.4 per cent from non-interest income and 3.6 per cent from non-operating income.
In the first half of this year, a total of 533 non-bank financial institutions opened, of which 409 or 76.7 per cent have earned MNT 32.4 billion, whereas 97 or 18.2 per cent had a deficit of MNT 4.3 billion. It has been observed that non-bank financial institution sector is operating profitably.
In the second quarter of 2017, entire non-bank financial institution system has made net profit of MNT 28.1 billion, which showed an increase of MNT 3.1 billion or 12.4 per cent against first half of 2016.
Russian President Vladimir Putin has underlined the importance of small and medium-sized businesses in any country’s economy and urged smaller companies be given more freedom in the future.
The Russian president was speaking at a meeting with German business leaders in Sochi on Thursday.
"I think you will agree that the cooperation of our countries should not be limited only to major projects, an important driver for the development of the modern economy is small and medium businesses. In Germany, small business accounts for more than half of the country's GDP," said Putin.
"The share is much less in Russia, unfortunately, but we set a goal to make small and medium businesses account for 30 to 40 percent of the Russian economy by 2030,” Putin stressed.
The president said he would be interested to hear proposals from German businessmen on how to connect small and medium-sized businesses to Russian-German economic links.
"Of course, we are interested in the opinion of our foreign partners, what in general makes it difficult to do business in Russia, what additional support from the state is needed to our partners from abroad," he said.
Russian economists have said small and medium-sized businesses often face limited domestic demand, the dominance of large economic and financial structures in the economy, expensive loans, and red tape.
Putin has repeatedly stressed the importance of small and medium-sized business for the Russian economy.
Data from 2016 says that only 5.8 percent of Russians of working age start their own business, the lowest among the BRICS countries, while almost one in five Brazilian starts his own business. To boost entrepreneurship in Russia, the government has offered better tax terms, a three-year moratorium on scheduled inspections and a quota in procurements by Russia’s big corporations.
Real estate tycoon Xu Jiayin, founder of China Evergrande (EGRNF), is now the country's richest man after his wealth ballooned to $43 billion, according to the latest Hurun China Rich List.
Xu, also known as Hui Ka Yan, dethroned real estate and entertainment magnate Wang Jianlin in the closely watched list. Wang, who owns Dalian Wanda, plummeted to fifth place as his wealth shrunk by almost 30%.
Evergrande's Xu has seen his net worth soar by an eye-watering 272% over the past year.
He owns more than 70% of Evergrande, which has seen its shares gain more than 450% since the start of 2017.
The developer has been buoyed this year by China's red-hot property market, where prices have continue to rise despite government efforts to cool them.
But Evergrande's business is built on a huge pile of debt -- nearly $50 billion at the end of 2016 -- prompting concerns about whether it can sustain its growth. In a report earlier this year, rating agency Fitch warned that Evergrande's high interest expenses and payouts to shareholders would prevent it from reducing its debt significantly.
Xu isn't the only real estate mogul to benefit from this year's property boom. Yang Huiyan, the 36-year old heiress of property firm Country Garden and China's richest woman, saw her fortune triple to $24 billion.
She now ranks fourth on Hurun's China rich list.
But the latest ranking will be humbling for Dalian's Wang, who has become one of the most recognizable faces of Chinese wealth in recent years. His net worth is now $23 billion, according to the list.
Wang originally made his money in Chinese real estate before expanding his empire overseas to include everything from movie theater chain AMC Entertainment (AMC), Hollywood studio Legendary Entertainment and a stake in Spanish soccer club Atletico Madrid.
The tycoon's overseas dealmaking has been curbed this year as the Chinese government cracked down on cash leaving the country. State-owned banks have reportedly been ordered to stop financing Wanda's overseas deals.
Wang, who once vowed to crush Disney (DIS) in China, was forced to sell Wanda's theme park business earlier this year for $9.3 billion to reduce the company's debt burden.
China's booming tech industry, meanwhile, was well represented at the top of the Hurun list.
Pony Ma, founder of social media giant Tencent (TCEHY), climbed to second place. His wealth is up over 50% to $37 billion thanks to his company's soaring stock price.
Alibaba (BABA, Tech30) founder Jack Ma fell one place to third, with his fortune inching down to $30 billion after he reduced his stake in lucrative Alibaba subsidiary Ant Financial.
The co-founders of Chinese search engine Baidu (BIDU, Tech30) and of electric carmaker Geely (GELYF) also made it into the top 10.
Kincora Copper starts drillbit turning at Bayan Tal (BTIC) target in Mongolia www.proactiveinvestors.co.uk
Mongolia-focused explorer Kincora Copper Ltd (CVE:KCC) has started drilling at the Bayan Tal (BTIC) target in the Southern Gobi, Mongolia, after completing a first phase programme at the East TS target, which was deemed a 'technical success'.
"The first phase drilling program consisting of reverse circulation and percussion pre-collars with diamond tails totaling 3145 meters has been completed at the East TS target and been successful, in line with our expectations for the program, said Peter Leaman, senior vice president of exploration.
He said the group's efforts at East TS provided a template to systematically replicate across the rest of the group's commanding portfolio in the world-class Oyu Tolgoi-Tsagaan Suvarga Devonian copper belt.
It saw 3,145 metres sunk for 13 holes, the company said in a statement.
Interpreted results for the first phase drilling programme, including traditional assay results, age dating, fertility and green rock analysis, ongoing and proposed geophysical programmes, and their integrated interpretations and follow up programmes for the next stage of systematic target testing will be provided following Kincora's next Technical Workshop, it added.
The BTIC sits almost half way between the Oyu Tolgoi and Tsagaan Suvarga Devonian porphyry systems.
Such a structural setting is common for most large-scale porphyry deposits globally.
Limited exploration so far, including drilling has returned copper-gold mineralization (up to 18 metres (m) at 0.66% Cu Eq (copper equivalent) and 18m at 0.75% Cu Eq) on the margin of a large target under shallow to moderate cover.
A two-drill rig programme has recently started at the license.
Outcropping mineralization and systematic exploration integrating geology and geophysics has refined multiple potential drill targets that are the focus of the ongoing first phase 2,850 metre, hole 6 drill programme.
Yesterday, Kincora said it had closed its second tranche placing with the European Bank for Reconstruction and Development (EBRD) and raised C$1.4mln.
It follows the closing of the first tranche on August 22, 2017, with total gross funds raised being now C$5.92mln.
Shares in Kincora shed 2.86% to US$0.34.
LONDON, Oct 12 (Reuters) – London-listed Prairie Mining is in advanced talks with Chinese lenders to finance its coking coal mine project in Poland, its chief executive said.
Prairie, which is also listed in Australia, is developing the Jan Karski mine in south eastern Poland and bought the Debiensko mine last year with a view to becoming a supplier of cheap coking coal in Europe where most steelmakers import their coal.
Upfront capital costs for the development of the Jan Karski mine totals $630 million with Chinese lenders expected to financing 85 percent of it, Chief Executive Ben Stoikovich told Reuters.
The company signed a deal with state-owned China Coal No. 5 Construction Ltd in November last year for the construction of the mine and to help secure Chinese funding.
"We want their technology, we want their expertise and that is why we have partnered with them," Stoikovich said, adding that China Coal had a good track record of developing mines quickly and at competitive costs.
Chinese coking coal futures jumped over 160 percent in 2016 as years of oversupply came to an end but prices are mostly flat this year.
Prairie's London-listed shares are up about 50 percent this year, adding to gains of around 200 percent in 2016. The price was unchanged at 33 pence on Thursday.
The company is also embarking on a drilling programme to inform its redevelopment plan for the newly acquired Debiensko mine. The mine, which was mothballed in 2000, will be modernised to make it a low cost producer at a cost of about $500 million.
"The mine tended to use old fashioned mining methods," Stoikovich said. "We are going in with a very Australian view – how do we automate this as much as possible."
In addition to tapping Chinese banks for funding, Prairie could look at raising cash from London investors for further development in future, Stoikovich said.
(Reporting by Zandi Shabalala; Editing by Greg Mahlich)
Ulaanbaatar /MONTSAME/ The Mongolian People’s Party (MPP) Group at the Parliament discussed Friday a composition of the new Government and candidate Ministers. The MPP Group agreed to back the nominated candidates.
On October 11, the MPP Governing Council confirmed the candidates for 12 Ministers and met again on Friday prior to the MPP Group’s meeting to conclude the nomination.
“Now, the candidacy will be submitted to the President. A confirmation letter from the Independent Authority Against Corruption regarding the candidates is also awaiting. After that the issue will be submitted to the Parliament for discussion. We intend to solve the appointment of ministers in coming two days.” said D.Khayankyarvaa, MPP Group Head.
The 15 candidates are:
1. O.Enkhtuvshin for Deputy PM
2.G.Zandanshatar for Minister of Head of the Cabinet Secretariat of the Government
3.Ch.Khurelbaatar for Finance Minister
4.Ts.Davaasuren for Energy Minister
5.S.Chinzorig for Minister of Labor and Social Protection
6.D.Sarangerel for Health Minister
7.Ts.Tsogzolmaa for Minister of Education, Culture, Sciences and Sports
8.Ts.Nyamdorj for Minister of Justice and Home Affairs
9.B.Batzorig for Minister of Food, Agriculture and Light Industry
10.J.Bat-Erdene for Minister of Road and Transportation Development
11.D.Tsogtbaatar for Minister of Foreign Affairs
12.D.Sumyabazar for Minister of Mining and Heavy Industry
13.N.Tserenbat for Minister of Environment and Tourism
14.H.Badelkhan for Minister of Construction and Urban Development
15.N.Enkhbold for Defense Minister.