|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
The US firm said it was teaming up with London-based Wenn Media Group to carry out the initial coin offering (ICO).
It is part of a blockchain-based initiative to help photographers control their image rights.
Kodak also detailed plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York.
Details of this second scheme - which is being branded the Kodak KashMiner - were outlined at the CES tech show in Las Vegas.
Customers will pay up-front to rent mining capacity.
Kodak is the latest in a series of companies to see its value jump after revealing plans for blockchain-related activity.
"This is a phenomenon we saw back during the dot com days in the late 1990s where traditional companies would mention some kind of internet strategy and their stock price would jump up," commented Garrick Hileman from the University of Cambridge.
"When you see stock prices moving like this it does appear to be troubling - it's hard to say if there's a bubble but it certainly is indicative of a frothy investment market."
Kodak was famously slow to join the digital revolution, and its hesitation to leave behind its film heritage cost the company its market.
Since its collapse in 2012, Kodak has licensed its brand to a variety of manufacturers, with the mark appearing on batteries, printers, drones, tablet computers and digital cameras.
The KashMiner operation will be run by Spotlite, a licensee that had previously teamed up with Kodak to use its brand to market LED lights.
Any Bitcoins generated by Kodak KashMiner will be shared between the customer and the business.
Each of the mining rig boxes - which include computer processors and fans to keep them cool - will use about the same amount of electricity as running a hairdryer around the clock.
But the scheme will be able to take advantage of Kodak's on-site power generating plant, which has had spare capacity since Kodak's heyday.
The company says it can power each rig for four cents per kilowatt hour, which is significantly cheaper than running a rig at home.
At Bitcoin's current value, an up-front investment of $4,000 (£2,954) for 24 months of mining could earn a profit of $500 a month, Spotlite's Halston Mikail told the BBC.
But anybody hoping to join the gamble would have to wait, as capacity is already sold out, Mr Mikail added.
"At this time we have 80 miners, and we expect another 300 to arrive shortly. There is a big pile-up of demand," he said.
Bitcoin is notoriously volatile and some analysts fear its value could crash, resulting in a loss for those who had paid up-front for mining capacity.
But Mr Mikail said the rigs could be put to work on other tasks if Bitcoin faltered.
"Bitcoin could be a bubble. But the blockchain industry is not a bubble," he said.
"It's a solid platform built on mathematics and it will survive."
Kodak's other initiative, the KodakCoin, is being created as part of an effort to build a global ledger of picture rights ownership that photographers can add their work to.
Associated KodakOne software will be used to crawl the web and find pictures that have been used without permission.
The company said it would then "manage the licensing process," so the photographer can be paid, in KodakCoin.
"Kodak has always sought to democratise photography and make licensing fair to artists," said Kodak chief executive Jeff Clarke.
"These technologies give the photography community an innovative and easy way to do just that."
The company's shares traded more than 130% above their opening price after the announcement before closing the day 119.4% higher.
But one expert had doubts.
"Storing the information in a blockchain doesn't protect your copyright any more than copyright law already does," commented David Gerard, author of Attack of the 50ft Blockchain.
"Notice how they're marketing it: they state a problem, then say the blockchain can solve it. But there's no mechanism by which the blockchain could do that.
"This doesn't do anything that signing up for Shutterstock or Getty Images wouldn't."
Even so, some think Kodak will not be the last household name to associate itself with an ICO.
"I expect we are going to see more major brands releasing their own tokens and currencies to support various products and services," commented Mr Hileman.
"It's something many big companies are thinking very hard about."...
President Kh.Battulga received credentials from Ambassador of North Korea to Mongolia O Sung Ho at the State Palace on January 8. The president sat down with the new ambassador to exchange views on the relations and cooperation between the two countries.
At the beginning of their meeting, Ambassador Ho conveyed North Korean leader Kim Jong-un’s warm greetings to President Kh.Battulga.
The ambassador underlined that North Korea plans to organize several cultural events as the 70th anniversary of the establishment of diplomatic relations between North Korea and Mongolia will be marked this year. He highlighted that the governments of the two countries are focusing on strengthening friendly and historic bilateral relationship.
The president noted that he hopes Ambassador Ho will actively work to strengthen friendly ties between the two nations. President Kh.Battulga said that he is willing to develop agricultural and sports cooperation with North Korea, and wished the new ambassador success in his work.
The Ministry of Energy reports that it will not continue with plans for Thermal Power Plant V (TPP5), which has been in discussion since 2011.
The 450 MW power plant was planned to be built on the site of Thermal Power Plant III (TPP3) through a concession agreement.
The plant's energy production capacity would be taken to 830 MW in two phases. There were 24 companies that made bids for the project, including JDF Seuz from France, Sojizt from Japan, Posko Energy from South Korea, and Newcom.
TPP5 was expected to eliminate the need for upgrades at TPP3 and TPP4, but with the cancellation of the TPP5 project the TPP3 and TPP4 upgrades will be carried out.
President Kh.Battulga visited a precast concrete panel factory of ‘Erel’ LLC.
The company “Erel” renovated its old plant, BUK-1, with the up-to-date German technology and machinery in 2014, becoming one of the world standard factories. BUK-1 started its operation last December.
Renovations of the factory created a possibility to construct all types of buildings using the factory’s products.
Since the factory produces final products, it saves additional costs on mastic, foam and mud adhesives and sealants that are prepared by hands during construction process. By doing so, it will create a possibility to sell an apartment at around MNT1-1.2 million per square meter.
After seeing operations of the factory, the President said “Problems such as air pollution, poverty and unemployment will be resolved by means of providing citizens with apartments. A launching of this automated factory is an important step. Today, air pollution in Ulaanbaatar city reaches disastrous level. We will get rid of smog if housing measures are taken in a short period of time. The factory’s activity will be supported further.”
SEATTLE — After democratic reforms took place in Mongolia in 1991, a slow economic transition began. Due to the scarcity of investments, the construction of infrastructure in Mongolia displayed slow progress, which caused a major bottleneck in the development of the economy. The country does not have a seaport, so its transportation industry mainly depends on rail and road transport. The aviation industry in Mongolia is relatively underdeveloped. Improvements in these areas are key to the present and future growth of infrastructure in Mongolia.
The Ulaanbaatar Railway connects China, Mongolia and Russia. This major line has a total length of 1,811 km, covering the needs of both passenger transportation and railway freight. Mongolia adopted wide-gauge standards for railway transportation, which increased costs and restricted the economic development of Mongolia. Due to the aging of railway equipment and technology, mineral exports also developed slowly.
The national road mileage in Mongolia is about 50,000 kilometers in total, which can be categorized as national highways, local roads and self-use road units. Only one-fifth of the national highways are asphalt roads. There are 12 highway ports in Mongolia, making it easier to link the roads with its neighbors.
Major Mongolian airlines include MIAT, Aero Mongolia and a few others, with flights on both international and domestic routes. The Chinggis Khaan International Airport is the largest international airport in Mongolia. Due to its one-way take-off and landing and the effects of cold weather, there are many delayed flights in spring and winter. A new international airport is currently under construction in the Sergelen district of Töv Province, which is expected to open in August 2018.
Power, Communications and Services
The electricity supply in Mongolia is mainly comprised of the power systems in the central, western and eastern regions. There are still 40 counties in two provinces not connected to the central power system. Due to the relatively small electrical power infrastructure and its supporting facilities, Mongolia is partially dependent on imports from China and Russia. The domestic power supply in Mongolia grew by an average of 5 percent annually during the past few years.
Mobicom, G-mobile, Skytel, Unitel and Mongolian Telecom are major providers of telecommunications in Mongolia, while the progress of communication services, mobile and cable television subscribers varies. The coverage of wireless networks in the capital city of Ulaanbaatar is relatively high, where complementary Wi-Fi services are provided in city buses, major districts, restaurants and shopping malls.
The two projects of Information and Communications Infrastructure Development and Mining Infrastructure Investment Support represent examples of improvements to service-oriented infrastructure in Mongolia. The former benefits rural residents by providing educational and commercial access to the internet in addition to more convenient communication. The latter provides technical assistance to Mongolia when analyzing and preparing infrastructure projects for possible investments in international standards.
Specific plans for developing infrastructure in Mongolia have been drawn up by the government. Strategic goals in developing transportation and power systems have been planned in different stages. Tasks in the first stage include the promotion of regulations and developments for smaller facilities in addition to improvements to the current network of roadways and supply systems. The planned work in the second stage is comprised of a few large projects related to large-scale clean coal and thermal power stations and achieving full internet coverage in provincial capital cities and major cities all over Mongolia.
The media and communications industry has been targeted as an accelerator of infrastructure in Mongolia. The technologies are applied to various fields such as healthcare, finance, business, environmental monitoring, national defense and emergency management. Mongolia is expected to have 95 percent coverage for fixed and mobile communication networks by 2021.
A bright future can be predicted for infrastructure in Mongolia. Its promotion of national GDP growth and the related industrial products will also bring new job opportunities. Thus, the focus on infrastructure will improve the lives of Mongolians in many different ways.
– Xin Gao...
Ulaanbaatar/MONTSAME/ On January 9, the Spokesperson of the Ministry of Foreign Affairs of Mongolia issued a statement regarding the high-level meeting of the Democratic People's Republic of Korea and the Republic of Korea.
It reads, "Mongolia welcomes the high-level meeting held today between the Democratic People’s Republic of Korea and the Republic of Korea. We hope that the meeting will give an important impetus towards resuming dialogue to ensure security on the Korean peninsula and confidence-building in the region."
LONDON/ULAANBAATAR, Jan 9 (Reuters) - Mongolian Copper Corporation (MCC) said on Tuesday it will fight a decision by the Mongolian government to repurchase its stake in one of Asia’s biggest copper mines for about $400 million after a failed attempt to nationalise it.
Earlier on Tuesday, the government passed a resolution to buy the 49 percent holding, giving Mongolia full state control of the Erdenet mine, following a ruling by the country’s Supreme Court in December against the nationalisation decided by parliament in February 2017.
MCC said no agreement had been reached with the government and it would fight the decision legally.
“We will protect our legal ownership rights locally and internationally,” MCC’s Chairman Munkhbaatar Myagmar told Reuters on Tuesday in London. He was is in the city for talks with law firm Omnia Strategy, which is representing the company.
The signal Mongolia’s government was giving to potential foreign investors, which can help it meet the terms of an IMF bailout agreed last year, was negative, he said.
“If this kind of thing happens again, no-one will come to Mongolia,” he said.
Erdenet is one of the region’s largest copper mines, producing 530,000 tonnes of copper concentrate annually.
Mongolia’s proximity to neighbouring China, the world’s biggest copper consumer, has attracted interest from Chilean state-owned company Codelco, the biggest copper-producing company.
Major miner Rio Tinto is already present in Mongolia, where it is working on a massive underground extension at copper mine Oyu Tolgoi.
Oyu Tolgoi is jointly owned by the government of Mongolia (34 percent) and Turquoise Hill Resources (66 percent), which in turn is 51 percent-owned by mine operator Rio Tinto.
MCC purchased the Erdenet mine from Russia in 2016, with the approval of then prime minister Chimed Saikhanbileg.
The parliament later nationalised the mine, saying it had never endorsed the sale.
MCC says its purchase was legal and the government’s dismissal of the Supreme Court’s decision, which upheld an earlier court ruling, was unconstitutional.
It also argues the company will be run more efficiently under private management and says it is a big tax payer to the Mongolian government, paying around $100 million in tax in the first half of last year.
No-one from the Mongolian government was immediately available to comment on Tuesday.
In a statement last week before Tuesday’s government resolution formalised the repurchase, it said MCC would be compensated by the just over $400 million it said the company paid to Russia to acquire the stake. (Editing by David Evans)
Airbus has struck a deal to increase the number of planes it makes in China as part of a state visit by French President Emmanuel Macron.
The European giant aims to produce six of its A320 jets each month by 2020 at its final assembly plant near Beijing.
During his three-day visit, Mr Macron said both France and China must open up to doing business with each other.
At present, he said, France has "access to markets which is unbalanced [and] unsatisfying".
He told an audience of French and Chinese business leaders: "If we don't deal with this responsibly, the first natural reaction will be to close up on both sides."
As part of the agreement, Airbus said it will "enhance its industrial partnership in Tianjin" which is one of four global facilities that assemble the A320 family of planes, whose wings are made in the UK.
Airbus said it hopes to "strengthen the cooperation with regards to technical innovation, engineering capabilities and supply chain expansion".
Airbus currently produces four aircraft a month at the facility but said this will rise to five by 2019 before reaching a monthly turnout of six jets by early 2020.
The company is one of a number of businesses travelling with Mr Macron on his first state visit since being elected last May.
He has called on Europe to take a more coordinated approach to trade with China.
Mr Macron said that in the past, countries had come to China with different agendas and varying degrees of openness.
"We need a coordinated European approach... that gives China more visibility about our agenda," Mr Macron said.
"That's why France is in favour of defining strategic sectors where we want to protect investments... It's a question of sovereignty as you yourselves have understood very well."
An executive known for turning around his company is set to become the new chief of Japan's largest business group. Keidanren says Hiroaki Nakanishi, who heads electronics firm Hitachi, will become its next chairman.
Current Keidanren chairman Sadayuki Sakakibara is stepping down when his second 2-year term ends in May.
He says he wants Nakanishi to take over.
Sakakibara said he wants his successor to be an executive from the manufacturing sector who will promote technological innovation and has global experience.
Nakanishi was considered the favorite for the position because of how he turned Hitachi around. The company had posted losses for several years.
Russia will deliver liquefied natural gas (LNG) to the US, Kommersant daily reports. The reason for the deal is the sharp rise in gas prices on the east coast of the US.
An LNG tanker belonging to French energy company Engie is now shipping from the British port of Isle of Grain to an American terminal, Everett, located near Boston.
The gas being shipped is from Russia’s Yamal LNG plant, according to the newspaper. The tanker is due to arrive in the US on January 22.
As the newspaper reports, the deal was signed because of rising gas prices – to an unprecedented $6,300 per a thousand cubic meters – on the east coast of the US. Extreme weather conditions, in particular a snow storm, led to the price hike.
US sanctions against the Russian energy sector do not directly ban supplies of LNG to America from Moscow. However, Washington has repeatedly stressed it wants to oust Russia as Europe’s key gas supplier and has imposed sanctions that hinder the financing of Gazprom’s projects with Brussels.
The tanker was loaded in the British port just after Russian tanker Christophe de Margerie arrived in the UK in December with the first batch of Russian LNG.
In December, Russia opened an LNG plant in the country’s northern region of Yamal. The ice-breaking tanker was named after the former CEO of Total, Christophe de Margerie, who died in a plane crash in Russia. The tanker can carry up to 173,000 cubic meters of LNG. Russia plans to build 15 tankers of that size.
Costing $27 billion, the plant will have three production lines and a total capacity of 16.5 million tons of LNG per year. Almost 96 percent of the Yamal LNG plant’s production has already been contracted.
The project is a joint venture between Russia’s NOVATEK (50.1 percent), Total (20 percent), CNPC (20 percent), and the Silk Road Fund (9.9 percent).