|"Open to Export" ICC WTO International business award||ICC WTO||London|
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.
China has a long list of state secrets - how many people it puts to death every year, and even the birthdays of its top leaders. But now, overseas researchers have uncovered another Chinese state secret: how much money Beijing gives in aid to other countries.
Not very long ago, China was a foreign aid recipient. Now, it rivals the United States as one of the world's largest donors, through traditional development aid or through financial loans.
For the first time, a large group of researchers outside China have compiled a major database detailing virtually all of China's financial money flow to recipient countries. Citing more than 5,000 projects found across 140 countries, it reveals that China and the US rival each other in terms of how much they offer to other countries.
However, "they spend those budgets in radically different ways. And the different compositions of those portfolios have far-reaching consequences", explains Brad Parks, the project's chief researcher.
He heads the AidData research lab at the College of William & Mary in Virginia, which teamed up with other researchers at Harvard University and the University of Heidelberg in Germany to complete the research.
How did they uncover the secret?
The AidData team had to develop its own methodology to answer the questions that weren't provided by the Chinese government. They tracked money flows from China to recipient countries using news reports, official embassy documents and aid and debt information from China's counterparts.
Piece by painstaking piece, the information came together to draw a relatively complete picture of where Chinese aid is going and what impact it's having.
"We think the methodology has revealed the known knowable universe," Brad Parks says. "If the Chinese government really wants to conceal something, we won't necessarily pick it up." But if there are sizeable money transfers going from China to a recipient country, "word is going to get out", he adds.
How does China hand out money?
One major finding from the study: China and the US, the world's biggest donor, have handed out similar amounts of money in the years covered in the database, but the countries distribute that money in radically different ways.
The vast majority (93%) of US financial aid fits under the traditional definition of aid that's agreed upon by all Western industrialised countries. That aid is given with the main goal of developing the economic development and welfare of recipient countries. At least a quarter of that money represents a direct grant, not a loan that needs to be repaid.
In contrast, only a small portion (21%) of the money that China gives to other countries can be considered as traditional aid. And the rest of that money? The "lion's share" of that money is given in commercial loans that have to be repaid to Beijing with interest.
"China wants to get attractive economic returns on its capital," Brad Parks explains.
And what does that money achieve?
The team's other major finding: when China gives out traditional aid, the recipient countries reap impressive economic rewards. For a long period, there were suspicions that Chinese aid projects were only set up to benefit China; infrastructure projects built by imported Chinese workers, for instance, that did little to improve the lives of people on the ground. However, this research shows that China is just as capable of managing development aid projects as Western donors.
Which countries are getting China's money?
Since 2000, African countries have captured a large slice of the aid and loans given by China.
However, China's wealth is distributed to points across the globe, from hospitals in Senegal to ports in Pakistan and Sri Lanka. In 2014, the most recent year covered by AidData, Russia topped the recipient list, followed by Pakistan and Nigeria.
In contrast, the US list in 2014 was topped by Iraq and Afghanistan, followed by Pakistan.
Politics plays a big part in how both China and the US decide to spend their money. Earlier studies by the researchers behind AidData show that both Beijing and Washington tend to offer money to countries which support them at the United Nations.
But for China, economics play a key role: the AidData researchers found Beijing is often focused on promoting Chinese exports or market rate loans where China wants to get the loan repaid with interest.
The North Korea factor
China is often cited as the main source of aid propping up the fragile North Korean economy. But the AidData researchers tracked down just 17 Chinese projects in North Korea over the 14-year period, totalling a measly $210m.
Brad Parks calls North Korea "an informational black hole", admitting that it's the only recipient country that truly evaded the researchers. To a large extent, the vast amounts of money and other kinds of aid that China is believed to give North Korea fall outside the global financial system.
Why is China's money so attractive?
In the 1960s to the 1990s, Western countries offered high-interest market-rate loans to developing countries. However, that strategy misfired when recipient countries could not begin to repay the interest on the debts they had acquired. Outrage ensued and the Western aid model was overhauled.
"There was a shared principle that we should not be offering market-rate loans to developing countries," Brad Parks says. "And now, here comes China, enter stage left. They're not part of that coalition. They haven't been socialised to that principle and they're very willing and able to provide loans near or at market rate.
"Increasingly, countries that don't want to go the IMF for a bailout when they're in trouble, they will go to China instead."
Will China continue to loan out money?
So far, the data shows that the countries that receive China's market-rate loans are not suffering economically, but they aren't experiencing economic growth either. Researchers fear that could change in 10 or 15 years, when countries build up debts because they can't repay the money they will owe to Beijing. At that point, China might have to rethink things.
"They may very well 10 years from now, or 15 years from now, encounter the same problems that Western donors and creditors encountered when loans are not getting repaid," Brad Parks explains. "If and when that point of reckoning occurs, then perhaps Beijing will revisit how it structures these loans."
China's prestige projects around the world
China pledges $60bn to develop Africa
Is China a brake on Africa's progress?
Already, researchers have uncovered signs that China's starting to shift its approach to lending, researcher Xiaojun Li from the University of British Columbia says. Increasingly, Beijing is lending through multilateral institutions like the Asian Infrastructure Investment Bank, China's answer to the World Bank.
Why does it matter if China becomes a big global lender?
There is evidence that China's no-strings loans have had an effect on the entire global lending system, forcing traditional donors to stop placing so many requirements on receiving countries. Using AidData's database, economist Diego Hernandez revealed that China's role as a major lender has boosted competition between traditional donors.
"When an African country is also assisted by China," he writes, "the World Bank provides fewer conditions attached to its loans". For every 1% increase in Chinese aid, Hernandez found the World Bank lessened its typical demands for things like market liberalisation or economic transparency by 15%.
Critics have long charged that "rogue aid" from China allows some countries to avoid democratic reforms because they can simply turn to China for aid, dodging the scrutiny of traditional Western donors.
Cambodia is a recent example; independent newspapers and western NGOs have been shuttered, as Cambodian leaders' strengthening ties with China embolden them to turn away from Washington's demands to hold fair elections.
Xiaojun Li studied how Chinese aid has changed countries in Africa, arguing that democratic reforms have slowed as the developing countries concluded they could bypass the political demands of Western donors by turning to Chinese aid.
"Traditional donors have criticised China's approach to aid," he says, but "many African countries embrace the assistance from Beijing, or at least are glad to have more options".
The Russian government has decided to officially regulate the mining and circulation of cryptocurrencies. The decision was made at a meeting between President Vladimir Putin with officials and business leaders.
"We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation," said Finance Minister Anton Siluanov on Wednesday.
"The state should head this situation and regulate it legally," the finance minister said, adding that he was not yet ready to disclose the details.
The meeting was held on Tuesday and was attended by Siluanov, Central Bank Governor Elvira Nabiullina, the CEO of the Qiwi payment system Sergey Solonin and others.
At the meeting, Putin stressed that the state should regulate cryptocurrencies, but not create barriers for investors.
“We need, based on international experience, to build a regulatory environment that will systematize relations in this area, to protect, of course, the interests of citizens, business, and the state, to provide legal guarantees for working with innovative financial instruments," he said.
However, Putin said digital money lacks transparency. As the cryptocurrencies “are issued by an unlimited number of anonymous sources,” in case of any problems, including “system malfunctions” or the emergence of currency bubbles, there will be no one liable, warned the president.
In Russia, the status of cryptocurrencies, including bitcoin, is not currently regulated by law.
Central bank chief Nabiullina has repeatedly said the regulator is studying the use of cryptocurrencies but sees risks of their use, including fraud and the financing of terrorism.
The Prosecutor General's Office said it considers cryptocurrencies as money surrogates, the issue, and turnover of which in Russia is a criminal offense
WWU delegation visits Mongolia to strengthen partnerships with local universities www.westerntoday.wwu.edu
A delegation from Western spent the first week of October in UlaanBaatar, Mongolia, meeting with partner institutions to further develop a variety of projects. Provost Brent Carbajal, Dean of the Libraries Mark Greenberg, and Executive Director of the Institute for Global Engagement Vicki Hamblin, met with the Presidents of the National University of Mongolia and the Mongolian National University of Education then attended ceremonies, banquets, and a traditional music and dance concert in celebration of NUM’s 75th anniversary.
The delegation also met with the director of the American Center for Mongolian Studies, which offers logistical support and fellowships for faculty working in Mongolia. These partnerships have already resulted in the exchange of librarians from both countries, in Western hosting Mongolian English instructors as well as Mongolian language and culture instructors, and in Western faculty and students conducting learning and research projects in Mongolia.
The John C. Street Endowment supports Western’s partnerships in Mongolia.
Ulaanbaatar /MONTSAME/ The Ministry of Foreign Affairs hosted the first meeting of the National Committee for ensuring the implementation of Trade facilitation agreement (TFA) of World Trade Organization (WTO) on October 11. It was chaired by Ts.Munkh-Orgil, Acting Minister of Foreign Affairs and Head of the National Committee.
Addressing the meeting, Ts.Munkh-Orgil noted that establishing the TFA provides landlocked countries like Mongolia with opportunities to reduce the cost of transit transportation, to improve services of border checkpoints in accordance with international standards and to receive aid for empowering trained staff. He added Mongolia takes a responsibility to realize the TFA’s clauses in several phases.
At the meeting, attendees approved the National Committee’s rules and decided to set up sub-committees. They exchanged views on altering the law on customs in conjunction with the TFA’s implementation as well.
Together with landlocked countries in 2003, Mongolia made the initiative of creating the TFA, which has purposes to reduce barriers to importers and exporters by simplifying the rules and control over goods crossing borders and to minimize the delivery cost. The TFA was adopted in 2014, and came into force on February 22, 2017.
The National Committee was established in accordance with the governmental resolution of May 10, 2017, with a responsibility to manage the Agreement’s implementation.
Alibaba Group Holding Ltd announced on Wednesday the launch of a global research academy that it hopes will join the ranks of, and potentially outrival, Bell Labs and Microsoft Research.
The investment of 100 billion yuan ($15.2 billion) over three years in the Alibaba DAMO Academy takes the internet giant one step closer to fulfilling its ambition to serve 2 billion people in two decades, said chairman Jack Ma.
During the company's annual computing conference in Hangzhou, Zhejiang province, Ma said the investment will help it get a head start in the internet of things, quantum computing, fintech and human-machine interaction.
At this point in the group's development, Ma said it is imperative to have a research body to solve problems facing people, economies and broader society.
"Backed by Alibaba's vast resources, the academy needs to outlive Alibaba … and ought to shoulder the responsibility to serve the whole of society," he said, adding that the academy will need to finance itself in the long run.
The name DAMO stands for "discovery, adventure, momentum and outlook". The word is often depicted in Chinese martial arts fictions as an avenue in the Shaolin Monastery where masterful monks practice skills and experience enlightenment.
The project includes opening seven new research labs in China, the United States, Russia, Israel and Singapore, recruiting related talents on top of its 25,000 engineers and scientists.
Chief Technology Officer Zhang Jianfeng will head the academy, assisted by a global advisory board that includes some of the world's technology luminaries, such as George Church, a leading light of the Human Genome Project, as well as Michael Jordan, a mastermind in artificial intelligence.
The firm will also tie-up with over 200 universities and research institutes worldwide to co-develop technologies that aim to improve the lives of technology end-users or boost business security and efficiency.
The company has spared no efforts to boost its technology arsenal. In March, it established independent research and development teams in a plan dubbed NASA to focus on foundational and disruptive technology research.
The company is particularly delving into consumer-facing solutions. Alibaba's payment affiliate Ant Financial unveiled a biometric identification technology open platform dubbed ZOLOZ, through which organizations can apply Ant's facial recognition, human-machine interaction, and other technologies to a variety of business and civic scenarios.