|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
ULAN BATOR, Oct. 9 (Xinhua) -- Mongolian oil importers have hiked the retail prices of gasoline and diesel from Saturday amid a rapid depreciation of the country's national currency the tugrik against the U.S. dollar.
Main Mongolian oil importing companies, including Shunkhlai LLC and Magnai Trade LLC have raised their retail prices of gasoline and diesel by 50-250 Mongolian tugriks (0.02-0.10 U.S. dollars) per liter, local media reported on Tuesday citing the Mongolian Petroleum Consumer's Association.
Currently, the retail price for a liter of gasoline brands AI-92 and AI-95 in Mongolia is at 1,890 and 2,220 Mongolian tugriks (0.74 and 0.87 U.S. dollars), respectively. The diesel fuel in the country is at a cost of 2,250 Mongolian tugriks (0.88 U.S. dollars) per liter.
The importers have raised the retail prices of both gasoline and diesel for the third time so far this year.
The latest hike is directly related to the depreciation of the tugrik against the U.S. dollar, according to oil importing companies.
The U.S. dollar exchange rate against the tugrik has reached a historical high in the past few days, with the exchange rate standing at more than 2550.
According to governmental data, the East Asian country imported nearly 1.5 million tons of oil products last year.
LAUNCESTON, Australia, Oct 9 (Reuters) – Coal-fired power has to end by 2050 to save the planet. That seemingly simple but bold sentiment is likely to set much of the political, social and economic agenda for the coming decades, but in the end it will come down to what China does.
The United Nations Intergovernmental Panel on Climate Change (IPCC) said in a report on Monday that "unprecedented" changes will have to take place to limit the rise in the Earth's temperature to 1.5 degrees Celsius (2.7 degrees Fahrenheit), warning of devastating weather events and species loss if the target is exceeded.
In order to achieve the goal, the IPCC said coal burning would have to drop to between zero and 2 percent by 2050, while even natural gas, coupled with carbon capture and storage (CCS), would have to decline to 8 percent of electricity generation by the middle of this century.
While coal has long been the bogeyman of climate activists, the IPCC has effectively thrown down the gauntlet and given world leaders a little over 30 years to phase it out entirely.
Initial reaction to the IPCC report has been predictable, with supporters of renewable energy cheering it, and backers of fossil fuels resorting to the familiar arguments that somehow the science is either wrong or a hoax.
Australia's Environment Minister Melissa Price told ABC radio on Tuesday that the IPCC was "drawing a long bow" by calling for an end to coal by 2050, and touted new technologies as a way of saving the polluting fuel.
Australia is the world's largest exporter of coal and relies on the fuel for more than 70 percent of its electricity generation.
Price isn't alone in touting CCS and other technologies, with the World Coal Association responding to the IPCC report by saying in a statement on its website that CCS is "vital" and that the coal lobby group will push for it to be adopted.
However, elsewhere on the group's website it acknowledges that currently progress of CCS "is too slow to allow necessary emissions reductions goals to be achieved".
Its solution is to spend more on research and development. But it's here that the coal lobby will run into problems.
Already renewable technologies, which have benefited from subsidies, are becoming cheaper than conventional coal-fired power generation, a trend likely to continue.
Coal-fired generation with CCS would likely require huge subsidies in order to be cost-competitive and selling such largesse with public money will be incredibly hard for governments in democracies.
It's therefore likely that the scenario currently being played out in Europe will be extended to other parts of the world, with coal-fired power being replaced by a combination of renewables, battery storage, gas-fired back-up and even nuclear.
Coal will further be hamstrung by the flight of capital from the sector, with commercial and development banks, insurers and trading companies starting to retreat from financing and insuring mines and power plants.
Debate should switch to Asia
While it's likely that the developed world will witness ongoing bitter debates over policy toward fossil fuels, the actual key to the IPCC target is China, and to a lesser extent the rest of developing Asia.
China is the world's largest producer, consumer and importer of coal and any genuine attempt to remove coal from the world's energy mix by 2050 will require massive commitment from Beijing.
While the Chinese government has a policy of limiting the use of coal and of boosting the use of renewables and natural gas, it's well within the realms of wishful thinking to imagine the world's second-largest economy is on track to abandon the use of coal by 2050.
According to the Global Coal Plant Tracker, China currently has 957 gigawatts (GW) of coal-fired power operating – more than four times India's 219 GW.
The positive news for both China and India, the world's second-biggest coal importer, is that the pipeline of coal-fired plant construction has been consistently shrinking and retirements of older units has been accelerating.
But given that once built, coal-fired plants generally operate for at least 30 years, it would be imperative that virtually all construction is halted now, and no new plants commissioned.
In reality, China currently has 126 GW of coal-fired power in construction and 76 GW either announced, in pre-permit phase or with permits already in place. India has 39 GW being built and 63 GW in the approval process.
There are also new coal plants being built or planned in numerous other Asian countries, including Indonesia, Pakistan and the Philippines.
What the IPCC report may do is accelerate pressure on those countries to re-think their power generation plans, especially if renewables can be shown to be as cheap and as reliable.
It's also likely that any technological advances in energy in the next decades will not be in favour of coal, given that vast sums are being invested in renewables and comparatively little in CCS or other coal-friendly technologies.
The IPCC report highlights that coal now has its back very much against the wall, but equally that the real power for change lies in Beijing.
Natural gas also tends to get off lightly in much of the media reporting about climate change, especially given the obvious target of coal.
But like silent flatulence in an elevator, eventually natural gas will be unable to avoid the attention that is making life so difficult for the coal industry.
(By Clyde Russell; Editing by Kenneth Maxwell)...
The global coal mining market is growing, with a CAGR of close to 2% from 2018-2022, according to a coal mining report published by Technavio.
Technavio states the industry is largely driven by coal requirements and a rise in electricity generation, and has seen an overwhelming response due to an increase in mining techniques and developing coalmine sites.
The global market is witnessing upward traction as the industry scope is exhibiting vast labor, but market challenges such as illegal possession, fraud and government policies are obstacles.
While the industry is segmented as North America, South America, Europe, Asia-Pacific, Middle East and Africa, Asia-Pacific's industry is the most lucrative market, due to high population rates and heavy dependence on coal energy.
The report identifies key industry players: Arch Coal Inc, Consol Energy Inc, Cloud Peak Energy, Coal India Ltd, BHP Billiton Ltd, Rio Tinto Group, ShenHua Group, China Coal Energy Co Ltd and Peabody Energy Corporation.
The European market is home to several mining industries with extraction and refinery processes at large, while the North American industry thrives owing to a rise in sources of energy. The report maintains a key market driver is bettering electricity technology.
Ulaanbaatar /MONTSAME/ The 42nd Session of the Management Committee of the Asia-Pacific Telecommunity (APT) is being held in Ulaanbaatar on October 9-12. Over 100 high-ranking officials of public and private organizations in ICT sector of APT member countries are taking part in the event.
The session aims to overview the organization’s operational and financial performance in 2018 and to approve a strategic plan for the year of 2019-2020. Moreover, reports of APT preparatory groups for Plenipotentiary Conference of the International Telecommunication Union and World Radiocommunication Conference will be discussed along with a number of important matters including preparation for the Asia-Pacific ICT Ministerial Meeting in 2019 and the celebration of the 40th anniversary of the APT. The delegates also make decision on the date and place of the 43rd Session of the Management Committee of the APT.
The Parliament is currently discussing the draft bill on 2019 State Budget. As expected of a pre-election year, a significant amount of financing has been allocated to local budgets. On the other hand, the mining revenue, which is expected to account for 27 percent of total budget revenue, was increased by 76.4 percent compared to 2018 budget. Considering the external environment, the World Bank and Asian Development Bank recently upgraded their outlook on Mongolia’s economy; however, both banks warned the Government to remain wise on expenditure. “In some senses, the revenue performance has increased, so it does give the Government more flexibility. What they have got to do is to use that flexibility wisely. I would say to them that the best course of action going forward is to continue the focus on building up the buffers and keeping control of current expenditure,” said Declan Magee, Senior Economist at ADB. As for the World Bank, the recent regional economic report stated that the “Growing political uncertainty could induce a sudden relaxation of the government’s commitment to structural reforms. Mongolia’s growth prospects could be adversely affected by the consequences of an escalating trade war and a potential reduction in global demand-mainly from China-for coal, copper and other commodities and the resultant decline in global commodity prices. Weather related shocks, resumption of non-trade barriers at the border with China, could also significantly affect Mongolia’s coal exports.”
The draft of 2019 budget allocated MNT 2.08 trillion on construction and another MNT 1.2 trillion on 877 development projects. Both the allocations double the last year’s amount. These will be spent on constructing 117 schools, 143 kindergartens, 62 extension of primary care centers and 34 dormitories. As the Prime Minister highlighted, the local budgets have been increased dramatically. A total of MNT 189 billion will be financed for local budget. The amount triples the 2018 budget, which was only about MNT 59 billion. Furthermore, allocation to the Local Development Fund raised by 62 percent, to MNT 144 billion, compared to MNT 89 billion in 2018.
Under the tax reform, the budget expects MNT 8.58 trillion in tax revenue, which was MNT 6.2 trillion in the 2018 budget. Additionally, the mining revenue is facing a heavy criticism as the 2019 budget is in plan to collect MNT 3 trillion from mining. This is around 76.4 percent higher than 2018 expectation of MNT 1.7 trillion. The draft expects to fulfill this amount by exporting 42 million tons of coal and 1.4 million tons of copper. As of August 2018, Mongolia exported 23.4 million tons of coal, 960,000 tons of copper ores.
Monitoring the implementation of child protection actions, President of Mongolia Battulga Khaltmaa held the second meeting with the related officials yesterday as scheduled during the previous meeting on August 30. After studying their reports, the President inquired the related agencies for faults and delays.
1335 SIX-YEAR OLDS WERE UNABLE TO ENROLL INTO SCHOOL
President: -I ordered the Ministry of Education, Culture, Science and Sport (MECSS) to prepare the standards for child protection and conduct safety inspections. What has been done in this regard and why hasn’t the standards prepared yet?
MECSS: -We have approved the standards of preschool education institutions in cooperation with the UNICEF. The implementation guidelines have been sent to every kindergartens nationwide. They have started sending their ability to install the standard with their own assets. The study is expected to finalize next month.
President: -11 percent of secondary schools have high risk, 31 percent - medium risk and 57 percent - low risk according to the Environmental Safety Assessment. There are no riskfree schools. The potential victims to the risk is children. Are there any opportunity to make them risk-free?
MECSS: -There are 65 secondary schools under high risk, of which 15 are in the Capital and the rest being in local areas. Majority of the current secondary schools were constructed in the 1970’s. Some buildings are aged over 50 years. We will focus on renovating constructions under the risk assessment.
President: -Enrollment of sixyears olds is becoming a growing problem in local areas. Several parents have already issued complaints on school accessibility. How are you planning on solving this?
MECSS: -As stated by the Law on Education, we are delaying the enrollment of six-year old children by one year. The enrollment of a total of 1335 children were postponed in this regard.
President: -This is not a solution. Every single six-year old child will not live in dormitories. This has to be settled within legal frames. Another problem is daycare centers. Who is responsible for their standards?
MECSS: -There was a decision to operate day-care centers at schools. The ministry cannot monitor private day-care centers. We have submitted a request to the National Authority for Children and the Cabinet and are revising the standards and requirements.
PRIOR NOTICES CAUSE INEFFECTIVE INSPECTIONS
President: -I have received several complaints about retail stores selling expired and/or unidentified products. General Agency for Specialized Investigation (GASI) inspection concluded that they were “unable to settle”. Aren’t there any surprise inspections?
GASI: -Law on State Inspection and Examination identifies planned and unplanned inspections. The planned inspection has to be notified near the end of the previous year, while the unplanned inspections require complaints or requests, as well as five-days of prior notice
President: -Prior notices will result in ineffective inspections. The law has to be reviewed.
GASI: -This is also our facing issue. It is impossible to find any violations with prior notices. Our inspectors are willing to conduct unplanned inspections if the law is revised.
700 PEOPLE BECAME VICTIMS OF CAR ACCIDENTS SINCE JANUARY, OF WHITCH 40 PERCENT WERE CHILDREN
President: -A serious incident occurred on social media last week. How is the action on cybercrime prevention?
National Police Agency (NPA): -The UNFRIEND movement against cybercrime reached over 6.1 million people in a double counting. In cooperation with the Communication and Information Technology Authority, the preparatory works of an influence campaign is currently underway. Also, the NPA has established a unit to fight against cybercrime.
President criticizes Cabinet's lack of response to capital punishment
At the end of the meeting, the President concluded the reports of Ministry of Labor and Social Protection, Authority for Family, Child and Youth Development, MECSS and Education Department of the Capital as inadequate and complimented the GASI, NPA and Traffic Police Authority for their effective actions. He then highlighted the growing numbers of child abuse and its recurrence, which is around 2-3 cases per day, and warned to focus on the issue. He remarked, “I submitted a request to revive capital punishment on child abusers; however, the Cabinet did not respond yet.”
In recent days, fuel prices have increased by MNT 100-250 (AI-95) and MNT 50-100 (A92) following Rosneft’s hike of its export prices combined with the fall of the Mongolian Tugrik against the US Dollar.
According to Mongolian fuel importers, Rosneft, which is the largest Russian oil company, has increased fuel prices by USD 45-85 per tonne from October, 2018. In addition, the US Dollar which is being sold at MNT 2533, has increased since September. These two factors have led to price increases in Mongolia.
Mongolia is 100 percent depend on fuel imports. Currently, the country has fuel reserve for 37 days.
China is pouring more cash into its flagging economy as it braces for further pain from the trade war with the United States.
The Chinese economy has lost momentum this year following government efforts to try to rein in high levels of debt. It's also coming under pressure from US tariffs on more than $250 billion of Chinese exports.
China's central bank said Sunday that it would move to free up 750 billion yuan ($109 billion) for new lending in an attempt to prop up growth. It's the fourth time this year it has cut the amount of money banks are required to keep in reserve, but analysts say the problems run deeper.
The latest move is "far from enough to turn the economy around" because banks may still be reluctant to lend, said Larry Hu, an economist at investment bank Macquarie. He wrote in a note to clients Monday that the central bank will be forced to act again in the next few months.
China and the United States have imposed tariffs on hundreds of billions of dollars of each other's products.
China and the United States have imposed tariffs on hundreds of billions of dollars of each other's products.
Chinese officials have already turned to tax cuts, infrastructure spending and looser monetary policy as they seek to spur more economic activity.
"The economy clearly needs the support," Wei Yao, a China economist at investment bank Societe Generale, said in a note to clients Monday. She predicted a further slowdown in the coming quarters.
Beijing's latest move to loosen monetary policy also risks further weakening China's currency, which is down almost 6% against the dollar this year.
The yuan "will surely face more depreciation pressure after the cut," Hu said. The Chinese currency slipped 0.4% versus the dollar on Monday.
JPMorgan CEO: A trade war could reverse growth 01:23
The People's Bank of China is moving in the opposite direction from the US Federal Reserve, which last month raised interest rates for the third time this year. That makes it increasingly appealing for investors to hold assets in dollars rather than the yuan.
China's stock markets have also been pummeled in recent months by fears about the health of the country's economy and the intensifying trade war.
The benchmark Shanghai Composite Index dropped more than 3% on Monday after being closed all last week for a lengthy public holiday.
Ulaanbaatar /MONTSAME/ Talks on Development policy cooperation between the Governments of Mongolia and Federal Republic of Germany are taking place on October 8-9 in Ulaanbaatar.
During the talks, the sides are discussing about grants and soft-loan to be rendered by the Government of Federal Republic of Germany to Mongolia in the coming three years. Within the cooperation, the Federal Republic of Germany prioritizes protection of biodiversity, improvement of energy efficiency and minerals management, implementing several projects and programs.
The talks are being co-chaired by State Secretary of Ministry of Finance S.Narantsogt from Mongolian side and Ambassador Extraordinary and Plenipotentiary of Germany to Mongolia Stefan Duppel and corresponding officials are attending the talks.
President of the Kyrgyz Republic, Sooronbay Jeenbekov, received on Monday ex-President of Mongolia Nambaryn Enkhbayar, who arrived in Kyrgyzstan to participate in the International Issyk-Kul Forum, the press service of the Kyrgyz President’s Office reported.
Sooronbay Jeenbekov thanked the guest for participating in the International Issyk-Kul Forum "Chyngyz Aitmatov and Challenges of Modernity".
“Your participation and participation of many foreign guests in the Forum on the occasion of the 90th anniversary of Chyngyz Aitmatov - an outstanding contemporary humanist-writer, statesman and public figure once again underlines the relevance of the issues raised in the modern world,” the country leader emphasized.
The ex-President of Mongolia noted the importance of this event for bringing the peoples of the world closer together and addressing the pressing challenges of our time, thanked Sooronbay Jeenbekov for organizing a high-level forum.
“I considered it my duty to take part in this forum, as Chyngyz Aitmatov is an outstanding son of not only the Kyrgyz people, but also the pride of all nomadic peoples of the world,” ex-President of Mongolia Nambaryn Enkhbayar said.