|"Open to Export" ICC WTO International business award||ICC WTO||London|
Tesla expects to raise nearly $1.8bn (£1.4bn) by selling "junk" bonds to private investors - even more than the electric car-maker aimed for when it announced the offering this month.
The firm said the money will keep its balance sheet steady as it ramps up manufacturing of its newest car.
Tesla aims to make 5,000 of its mass market Model 3 a week by the end of this year.
It has estimated it is already spending about $100m a week to hit that target.
On 4 August Tesla said was looking to raise $1.5bn by selling bonds, but said on Friday it now expected to raise $1.77bn from the sale.
The fundraising is limited to major institutions and not private investors.
Analysts said Tesla's ability to raise more than $1.5bn indicated an appetite for risk among investors, as low interest rates have limited returns in many other types of investments. High stock market valuations have also made it harder to make a profit.
"Without the proceeds from the note offering, Tesla's liquidity position would be stressed," analysts at Moody's said, warning of risks to potential investors.
Tesla had about $3bn in cash at the end of June, but it spent more than $2bn in the most recent quarter.
The company founded by Elon Musk has frequently turned to investors to overcome persistent operating losses.
Tesla plans to eventually make more than 500,000 of the new Model 3 cars a year at its Fremont factory - or about 10,000 per week.
Moody's said the target was ambitious given the relatively small size of the US electric car market.
Japanese Government to fund USD 58 thousand for First Maternity Hospital's renovation project www.montsame.mn
Ulaanbaatar /MONTSAME/ Within the frames of the Government of Japan’s “Grant Assistance for Grassroots and Human Security Projects” (GGP), the signing ceremony of First Maternity Hospital’s renovation project was held on August 11.
Opening the ceremony, the Head of First Maternity Hospital D.Narantsatsralt said “USD 58 thousand funding is coming from the Government of Japan. This full be used on renovating the roof of A, B, C and D sections of First Maternity Hospital. Our hospital prepared a project to get involved in the GGP and I’m fully grateful that the project was selected”.
Presently, the hospital’s roof is inadequate as it leaks in rain. Therefore, the hospital is in dire need for immediate renovation. The renovation is expected to start on August 20 to continue for a month.
Facebook has been banned from China for years, but a new app that has shown up in the country might be its way into the market.
It's dubbed the Colorful Balloons app, and, according to the Chinese app store's description, it works similarly to Facebook's (FB, Tech30) Moments app.
"Colorful Balloons can group users' phone pictures and videos based on time, locations and characters. It can help you create albums and share them with friends and family," the description reads.
The story was first reported by The New York Times, and person familiar with the matter confirmed to CNNMoney that it is a Facebook app. But the Facebook name is nowhere to be seen.
Instead, a company called "Youge LLC" is credited as the creator. And Colorful Balloon is the only app listed under the developer.
The app has a few distinct features that cater to the Chinese market. And in order to sign up, users must register with a Chinese cell number.
Facebook and other major tech firms have been shunned from China for many years thanks to the country's strict censorship laws, often referred to as the Great Firewall.
In addition to Facebook, apps including Snapchat (SNAP), Pinterest, Twitter (TWTR, Tech30) and Facebook-owned Instagram are banned from the country.
In their place, Chinese developers have created similar platforms. Sina Weibo, for example, takes the place of Twitter as the country's primary microblogging site.
But that hasn't stopped American tech giants from eying a piece of China's massive market.
"We have long said that we are interested in China, and are spending time understanding and learning more about the country in different ways. Our focus right now is on helping Chinese businesses and developers expand to new markets outside China by using our ad platform," Facebook said in a statement Saturday.
ULAANBAATAR (Reuters) - A statue of the Beatles in the Mongolian capital of Ulaanbaatar could be at risk amid an alleged land grab, protesters say, as rapid development turns a city once famed for wide open spaces into a cluttered metropolis.
Residents are protesting against plans to build commercial properties in an area known as Beatles Square, where a bronze bas-relief monument to the "Fab Four" commemorates the former Soviet satellite's transition to democracy in 1990.
"For a long time there were stories about construction on the land, but nobody wanted to believe it," said Tsoggerel Uyanga, a community organizer and senior partner at research group MAD Investment Solutions.
The monument, erected in 2008 with donations from politicians, businessmen and artists, marks the site where Mongolians gathered to talk about banned Western pop music and soon became a quirky tourist attraction.
The music of the Beatles, Abba, and other Western pop groups helped launch the "Rock and Roll Communist Revolution" that inspired a generation to fight for Mongolian democracy thirty years ago.
The protests began after an August 2 announcement that construction work would start, with residents calling the project a "land grab" and expressing fears the Beatles statue could be moved or even demolished.
Authorities have defended the development as part of a "car-free street" project to build an underground shopping complex complete with street gardens.
A lawyer for Mongolia's National Construction Association said there were no plans to remove the Beatles statue, however.
"By implementing the project, there are a great deal of advantages, such as increasing jobs and reducing traffic congestion," said D. Uuganbayar, the lawyer.
The national association, the city government and a private contractor called "Buti" are leading the project.
Congestion and pollution have grown in the capital as its population has doubled over the last two decades, with thousands of impoverished herders flocking to settle in makeshift residential areas.
The strain on Ulaanbaatar's infrastructure has forced the city to rethink its planning of urban spaces, and drawn criticism for the sale of public land to wealthy buyers.
Investors have failed in the past to deliver on promises to protect public spaces affected by development, Uyanga said, pointing to the Bogd Khan conservation area where the World Bank had raised concerns about overdevelopment.
"It became a black market for land authorities during the early democratic years," said Uyanga.
Editing by David Stanway and Clarence Fernandez
The European Investment Bank (EIB) has signed a financing agreement to back the construction of a 54-MW Sainshand wind park in Mongolia’s Gobi desert.
According to the lender’s website, the amount of the approved financing is EUR 45 million (USD 53.1m), while the total cost of the scheme is estimated at EUR 95 million. The company behind the project is Sainshand Salkhin Park LLC, a special purpose limited liability entity owned by French energy major Engie (EPA:ENGI), the IFU, Germany-based Ferrostaal GmbH and a local partner.
The project envisages erecting 25 wind turbines on government-owned land to the southeast of Sainshand city, in Dornogobi Province. The developers have already secured a power purchase agreement (PPA) and obtained all needed licences, Ferrostaal says. Once operational, the wind farm is expected to generate about 190,000 MWh of electricity per year.
Under its national power policy Mongolia aims for a renewables share of 20% by 2020 and of 30% by 2030.
The Bank of Mongolia traded 438.4 billion MNT worth 1-week maturity central bank bill (“CBB”), with weighted average yield of 12.0 percent per annum. /For previous auctions click here/.
1 - week CBBs
1-week CBB plays an important role in managing the reserves of banks and is the core monetary policy instrument of the Bank of Mongolia. The interest rate on CBB will be the policy rate of the BOM and will serve as a guide interest rate on the interbank market. It was first introduced in July 2007, with fixed rate and unlimited bidding, and traded on a regular basis every Wednesday at the interbank market. This had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. Since the introduction of this instrument, there has been a substantial change in the way banks manage their reserves. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB auction has been held in the form of competitive interest rate since May 2010. In doing so, the upper and lower limits of the bank bids are to set +/- 2 per cent of the policy rate.
The world’s installed nuclear power capacity could increase by 123 percent in 2050 compared to 2016 levels, the International Atomic Energy Agency (IAEA) said in a report this week.
These projections, however, are the so-called high in 2050. In the low case, the IAEA estimates are for a decline in capacity in the near future, followed by a rebound to current levels nearer 2050. In the high case, nuclear capacity is expected to rise from 2016 levels by 42 percent in 2030, 83 percent in 2040, and by 123 percent by mid-century.
The main factors that are and will be influencing the future of nuclear energy are public acceptance, financing, and electricity markets.
“If nuclear power’s potential as a low-carbon energy source grows in recognition and advanced reactor designs further improve both safety and radioactive waste management, the use of nuclear power could grow significantly,” the IAEA says.
At the end of 2016, installed nuclear capacity reached 392 gigawatts (electrical) (GW(e)), which was the highest level ever, according to the IAEA.
However, funding and safety will be crucial to the development of nuclear energy.
“The safety performance of nuclear installations is crucial to the future of nuclear power, as a strong safety record is essential for its public acceptance,” the IAEA commented, noting that “The financing of nuclear projects is challenging, given the highly capital-intensive nature of such projects, their resulting sensitivity to interest rates and construction durations, and the nature of the uncertainties.”
North America and Europe will see declines in nuclear capacity, while China’s nuclear energy plans will be the main driver of growth, the IAEA reckons.
Oil supermajors BP and ExxonMobil also project that China’s installed nuclear capacity growth will be the key driver of this type of power generation.
In the US, nuclear power currently accounts for around 20 percent of electricity generation. According to the EIA, more nuclear capacity in the US will be retired than built, as other fuels such as natural gas and renewables gain market share. In EIA’s reference case estimates, the share of nuclear in the US electricity generation mix will drop from 20 percent last year to 11 percent in 2050, while natural gas will grow the most, followed by renewables.
According to the IAEA, reduced competitiveness is the main reason for planned premature shutdowns “low natural gas prices, particularly in the USA, caused by a rapid expansion of shale gas production, have fundamentally transformed the energy economy.”
In Europe, Germany ordered the immediate shutdown of eight of its 17 reactors in the wake of the Fukushima disaster in Japan, and plans to phase out nuclear plants by 2022. Earlier this year, Switzerland—which has five ageing nuclear power plants generating one-third of its energy demand—voted to phase out nuclear power in favor of renewables.
The IAEA’s low-case projection is that the share of nuclear in global electricity generation could drop from the current 11 percent to 6 percent in 2050, while the high-case sees that share rising to 13.7 percent in 2050.
BP and Exxon, in their respective 2017 energy outlooks, see nuclear playing a part in the transition of the global fuel mix.
BP’s most recent annual energy outlook sees renewables, together with nuclear and hydroelectric power, accounting for half of the growth in energy supplies over the next 20 years. While nuclear capacity in Europe will decline by 2035 due to decommissioning of ageing plants and little investment in new capacity, Japan could restart some reactors but would not return to pre-Fukushima levels. China’s ambitious nuclear energy plan will account for almost three-quarters of the global increase in nuclear generation. As a result, BP sees the share of coal in China’s energy demand down from around two-thirds in 2015 to less than 45 percent by 2035. Much of the lower share of coal will be replaced by renewables, nuclear, and hydroelectric power, which will supply more than half of China’s increasing energy demands until 2035, BP says.
Exxon’s current outlook through 2040 sees nuclear growing, with more than 50 percent of the growth coming from China.
“Society’s push for lower-emission energy sources will drive substantial increases for nuclear power as well as renewables such as wind and solar. By 2040 nuclear and all renewables will be approaching 25 percent of global energy supplies,” Exxon reckons.
Public acceptance, safety records, the price of natural gas, and climate policies will be crucial to the future of nuclear energy.
This article was originally published on Oilprice.com...
SANTIAGO (Reuters) - Chilean state miner Codelco [COBRE.UL], the world's second largest producer of copper, is preparing to invest in far afield Mongolia as the copper market improves, the company's chief executive told Reuters on Friday.
In an interview as part of the Reuters Latin American Investment Summit in Codelco's copper-coated offices in downtown Santiago, Nelson Pizarro said the company was aiming for medium-term investments in the isolated Asian nation, which appears to have significant untapped copper potential.
"We have a lot of interest. We're learning to milk camels," he said. "We're working to get the first documents that will allow us to advance in that area, and we hope to bring it about in the medium-term if the technicians confirm our initial perspective."
In Chile itself, Pizarro said Codelco was preparing to launch a broad sustainability program called "green copper," which will include broad use of wind and solar power in its operations and the use of water from the ocean rather than Chile's parched Atacama Desert.
As part of that, the company has recently settled on a short-list of bidders interested in constructing a $1.2 billion desalination plant, and hopes to award the contract toward the end of 2017, he said. In northern Chile, miners have increasingly looked to the ocean in recent years to supply the water-intensive process of copper mining without coming into conflict with local communities.
Codelco is also considering new port infrastructure, as its copper exports are being increasingly interrupted by waves hitting Chile's desert coasts, forcing the ports to close, said Pizarro.
"There are months with 10 days in which we can't send out ships ... That's something we've never seen before," he said. "It would seem to be a consequence of climate change. It concretely impacted us last year, and it's strongly impacting us this year."
Still, Pizarro said, Codelco was in line to meet its 2017 copper production target of around 1.7 million tonnes. That number would likely decrease about 3 percent or 4 percent in 2018, he added.
In terms of the global copper market, Pizarro said a number of factors, such as the needs of the burgeoning electric car industry, could mean average 2017 copper prices of above $2.60 per pound, significantly higher than recent years. That trend should consolidate in 2018, he added.
"The copper price, unless there's a great global crisis should be - I don't know if $2.90 - but yes in the $2.60 to $2.70 range next year."
Reporting by Gram Slattery; Editing by Tom Brown
Ulaanbaatar /MONTSAME/ Mongolia and the People’s Republic of China Thursday held the 3rd meeting of the Strategic Talks between their Ministries of Foreign Affairs, in Ulaanbaatar.
Co-chaired by D.Davaasuren, the State Secretary of the Mongolian Foreign Ministry; and Kong Xuanyou, the Assistant Foreign Minister of China, the meeting considered the bilateral relations and cooperation issues.
The parties noted the Mongolia-China comprehensive strategic partnership relations have been intensively developing recent years, and expressed their willingness to boost the friendly ties and win-win cooperation. They underlined an importance of strengthening the political mutual trust.
Regarding the bilateral trade and economic cooperation, the sides concurred to realize works agreed during high-level cooperation. The Foreign Ministries agreed to collaborate in a project on the Tavantolgoi and Shivee-Ovoo railways and construction of apartments in place of ger areas and in exporting deeply-processed mining products to China.
The Mongolian side emphasized non-refundable aid and soft-loans from the China’s government have contributed to the Mongolian socio-economic development, and expressed its aspiration to accelerate implementation of projects with the loans and assistance.
The countries will focus attention to launching actions of the Humanitarian Council established last May and boosting the cooperation in the culture, education, health and tourism spheres through a specific plan, so the parties agreed to hold the Council’s 1st meeting in fourth quarter of this year. At the meeting, the parties exchanged views on the international and regional cooperation as well.
The Northern China import price of 62% Fe content ore jumped 1.6% on Thursday to exchange hands for $76.10 per dry metric tonne according to data supplied by The Steel Index. It's the highest price since early April and the steelmaking raw material is now trading 43.6% up from its 2017 lows struck in June.
Iron ore's latest rally comes after Shanghai rebar futures – the world's most traded steel contract – jumped to the highest level since March 2013 on Thursday reaching 4,016 yuan ($601) a tonne on Thursday.
Chinese traders are worried about a steel supply crunch as Beijing steps ups efforts to crack down on polluting plants. The country wants to cut output by as much as 50% during winter months.
In Hebei province, China's key producing region, steelmakers have until September 1 to comply with stringent new emissions regulations or would be shut down. Some 120 million tonnes of low-quality steel capacity were shuttered during the first six month of the year.
Beijing's policies to clean up and consolidate the domestic steel industry is playing into the hands of iron ore exporting countries with low grade furnaces – particularly those that use scrap – being forced out of business. Authorities are also clamping down on pollution from sintering plants, a necessary extra step when using low grade ore (domestic Chinese iron content averages only about 20%) to make steel.
A worry for the industry has been high stockpiles in China and inventories at the country's ports remain near all-time highs dipping to 139.2 million tonnes last week compared to the record set June 23 at 141.5 million tonnes according to Steelhome data. However, traders tell Reuters "steel producers are increasingly opting for higher grade iron ore to boost efficiency":
"There isn't a lot of high-grade around and Chinese mills are preferring high-grade because they want to produce more with steel prices rising," said a trader in Jinan in China's eastern Shandong province.