|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
A Yale-led research team has discovered a cache of embryo-like microfossils in northern Mongolia that may shed light on questions about the long-ago shift from microbes to animals on Earth.
Called the Khesen Formation, the site is one of the most significant for early Earth fossils since the discovery of the Doushantuo Formation in southern China nearly 20 years ago. The Dousantuo Formation is 600 million years old; the Khesen Formation is younger, at about 540 million years old.
“Understanding how and when animals evolved has proved very difficult for paleontologists. The discovery of an exceptionally well-preserved fossil assemblage with animal embryo-like fossils gives us a new window onto a critical transition in life’s history,” said Yale graduate student Ross Anderson, first author of a study in the journal Geology.
The new cache of fossils represents eight genera and about 17 species, comprising tens to hundreds of individuals. Many of them are spiny microfossils called acritarchs, which are roughly 100 microns in size — about one-third the thickness of a fingernail.
The Khesen Formation is located to the west of Lake Khuvsgul in northern Mongolia. “This site was of particular interest to us because it had the right type of rocks — phosphorites — that had preserved similar organisms in China,” Anderson said.
The discovery may help scientists confirm a much earlier date for the existence of Earth ecosystems with animals, rather than just microbes. For two decades, researchers have debated the findings at the Doushantuo Formation, with no resolution. If confirmed as animals, these microfossils would represent the oldest animals to be preserved in the geological record.
The other authors of the study are Derek Briggs, Yale’s G. Evelyn Hutchinson Professor of Geology and Geophysics and curator at the Yale Peabody Museum of Natural History; Sean McMahon, a postdoctoral fellow in the Briggs lab; Francis Macdonald of Harvard; and David Jones of Amherst College.
The researchers said the Khesen Formation should provide scientists with additional information for years to come.
“This study is only the tip of the iceberg, as most of the fossils derive from only two samples,” Anderson said. Since the original discovery, the Yale team has worked with Harvard and the Mongolian University of Science and Technology to sample several additional sites within the formation.
The Bank of Mongolia traded 576.7 billion MNT worth 1-week maturity central bank bill (“CBB”), with weighted average yield of 12.0 percent per annum.
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.
Ulaanbaatar /MONTSAME/ The Fitch Ratings and S&P, international credit rating agencies, have rated the Mongolian Government’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'B', same as the previous rating.
The agencies reviewed, “Although the budget deficit of Mongolia is stabilizing, the expense ratio remains high. Whilst Mongolia joined the International Monetary Fund’s program, the debt amount is expected to stay high between 2017 and 2020."
On the other hand, mega projects on the mining sector is expected speed up the economy, since the rating is ‘stable’. Additionally, the rating agencies warned, "the fact that Mongolia is dependent on mining sector, has high external risk and limited monetary policy environment, might affect the rating."
The rating agencies stated that if the Oyutolgoi and Tavan Tolgoi projects could support the economic growth, budget and external sector indicators better than the agencies’ expectations, the long-term bond rating of the Government of Mongolia could be increased. In the case of deterioration in the external balance, the rating may be reduced as well.
Kincora advances district scale porphyry exploration with drilling at the Ulgii Khud massif, Southern Mongolia www.kincoracopper.com
Vancouver, BC— October 24th, 2017 Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announce drilling is underway at its wholly owned Argalant, Central West Ulgii Khud and prospects located on the margins of the Ulgii Khud massif in the Southern Gobi, Mongolia.
Four holes by percussion drilling with diamond tails (total up to 2000 metres) are planned to test targets generated from basement analysis and interpretation of last years ground magnetic survey. The first phase program will see two holes completed at the Argalant prospect, before drilling the Central West Khiid Ulgii and West Khiid Ulgii prospects. The drilling program will test magnetic low zones along interpreted north-south structures, targeting intrusions or alteration to support porphyry targets within favourable arc transverse settings.
Historic Ivanhoe samples on limited areas of outcrop for the Ulgii Khud massif support it being a potential copper-gold mineralized system and to the best of Kincora’s knowledge no drilling has taken place into the intrusion or its margins under cover.
Sam Spring, President & CEO, commented: “The Ulgii Khud massif is along the north-east arc parallel Oyu Tolgoi-Tsagaan Suvarga Devonian belt. Porphyries in more mature and well understood copper belts are known to occur in favorable structural settings and do not occur in isolation. The two currently economic deposits in the Southern Gobi copper belt are interpreted to be controlled by arc transverse structures within Late Devonian age intrusions.
This maiden drilling program is testing four potentially favorable arc transverse structures at moderate depths on the margin of the Ulgii Khud massif and is expected to provide important geological understanding to this very large, but previously undrilled intrusive complex where limited previous surface exploration supports a potential copper-gold system under cover.
This drilling program continues the implementation only in the last quarter of the first modern systematic Tier 1 copper porphyry drill testing and district scale reconnaissance exploration program in the highly mineralized but vastly under explored Southern Gobi Devonian belt. Following the recently two tranche private placements Kincora will complete approximately 20,000 metres of drilling over a 9-12 month period.”
AKIPRESS.COM - President of Mongolia Khaltmaagiin Battulga welcomed Ambassador of Cuba Raul Delgado Concepcion for a bilateral meeting on October 20, Gogo Mongolia reported.
Ambassador Raul Delgado Concepcion conveyed the greetings of President of the Republic of Cuba Raul Castro and handed over a congratulatory letter to Khaltmaagiin Battulga on winning presidential election.
Beginning the meeting, the Ambassador reported on certain works being carried out in frames of the expanding cooperation in fields of healthcare, agriculture and sports between Mongolia and Cuba. He shared that works on the supply of pharmaceutical products for liver inflammation and diabetes have commenced, and conveyed Cuba’s interest in initiating cooperation in the elimination of field mice and collaboration between sports institutions of the two countries, as well as in athletes’ training for the 2020 Olympic Games.
President Battulga expressed his interest in cooperating with the Republic of Cuba in dental healthcare which has become a pressing issue in Mongolia. The Cuban dental health professionals are some of the best in the world.
Mongolia and the Republic of Cuba established diplomatic ties in 1960. Cuba was the first country to do so at the continent of America. The dignitaries also exchanged views on broadening bilateral ties and promote effective cooperation.
Russian metals tycoon Oleg Deripaska would like to see a valuation of at least $8.5 billion for his aluminum and hydrocarbon business in the first Russian IPO in London since 2014.
The EN+ listing will test investor sentiment toward a major Russian company since relations between the Kremlin and the West deteriorated. The company is planning to raise $1.5 billion for 18 percent of its shares in the IPO in November and has priced the shares at $14 to $17. The $8.5 billion valuation would put En+ among Russia’s 30 biggest public companies.
"After we announced our intention to enter the IPO on October 5, we felt a surprisingly high level of interest in investing in the En+ Group, and we are happy to move on to the next stage of our proposal - the announcement of the price range," said Maksim Sokov, CEO.
The En+ IPO will be the first placement of a Russian company on the stock exchange in London since the introduction of sanctions against Russia in 2014.
Citigroup, Credit Suisse, JPMorgan, Merrill Lynch, Sberbank and VTB Capital are co-ordinating the listing.
Revenue of En+ in the first half reached $5.8 billion, up 23 percent compared to the same period last year.
The primary owner of En+ is Deripaska, who owns 95.65 percent of its shares. Forbes estimates his fortune at $5.1 billion. The other 4.35 percent of the holding belongs to VTB Capital.
A part of the funds raised through the IPO will be used to fully repay the company’s debt to VTB, which stood at $942 million at the end of June, according to business media RBC.
Red Kite, the largest metals hedge fund in the world run by UK Conservative Party donor Michael Farmer, is alleging that Barclays Bank attempted to rig the copper market through insider dealings with the London Metal Exchange.
The former Conservative Party treasurer and peer, known as 'Mr Copper' for his $2 billion fund, "is claiming losses related to alleged manipulation of the copper market for three years up until 2013," according to a story run Friday in The Telegraph. The lawsuit alleges that Barclays allowed staff to share confidential information about its positions with LME traders, which enabled the bank to profit by placing opposing bets, according to court documents.
The bank denies it mishandled confidential information. The LME would not comment except to say that anyone in breach of LME rules would be disciplined, The Telegraph said.
Other banks have of course been called to task over alleged manipulation of metals markets.
In April 2016 Deutsche Bank AG agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors. Later that year, Canada's Scotiabank (the Bank of Nova Scotia) was forced to turn over internal emails and other correspondence spanning several years. The move was part of a lawsuit accusing four major banks of conspiring for a decade to fix prices and exploit distortions at the expense of investors in global markets for the precious metal.
Investors allege the banks conspired from 2004 to 2013 to fix prices for gold. They did not estimate the size of the banks' bullion portfolios, but said the gold derivatives market alone was as large as $650 billion during the class action period.
SINGAPORE (Reuters) - Struggling commodities trader Noble Group agreed to sell its Americas-focused oil liquids business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter.
Monday’s move came after Reuters reported late on Friday that Vitol, the world’s largest oil trader, was nearing a deal to buy Singapore-listed Noble’s oil liquids unit.
Once Asia’s biggest commodities trading house, Noble is slashing jobs and selling assets to reduce its debt and win support from its lenders after a crisis-wracked two years. In July it agreed to sell its smaller gas and power business to Mercuria as it focuses on its core Asian coal trading and LNG businesses.
Annisa Lee, Nomura’s head of Asia ex-Japan’s flow credit analysis, said the asset sale was expected and the “longer-term concern” was the ongoing operating losses.
“I guess the question is when are they going to basically turn around their business, which is quite key. If they can actually provide more details, what sort of assets they can still sell, that would be great,” she said.
Hong Kong-based Noble was plunged into crisis in February 2015 when Iceberg Research questioned its accounts, and then the company was hit by a commodities downturn.
While Noble has stood by its accounts, the upheaval triggered a share price collapse, credit downgrades, a series of writedowns, as well as fund raising and management changes. Noble’s market value has plummeted to less than $400 million from $6 billion in February 2015.
Noble warned of a total net loss of $1.1 billion to $1.25 billion in the three months ending September, citing non-cash losses and underlying trading results. This follows a $1.75 billion net loss reported in April-June.
In July, it announced an up-to-$1 billion disposal plan for assets outside North America over the next two years as Chairman Paul Brough, a restructuring specialist appointed in May, sought to tackle Noble’s more than $3 billion of debt.
“Conservative liquidity management and constraints placed on the group’s access to trade finance lines led to disruption costs and prevented the group from taking advantage of profitable trading opportunities,” the company said.
Its stock fell 10 percent on Monday, extending losses to 80 percent this year.
NEGOTIATIONS WITH LENDERS
Noble has been locked in negotiations with its core lenders to support a $2 billion credit facility, secured on its inventories and working capital.
“Whilst no assurance can be given as to the outcome of these discussions, the group believes that these are open and constructive, and are moving forward,” it said.
Noble said the gross proceeds from the proposed sale of its oil liquids business would be $1.4 billion, and after deducting indebtedness of about $836 million, the cash proceeds would be about $580 million.
In August, ratings agencies S&P and Moody’s cut their credit ratings on Noble, citing high default risks.
Noble is a big player in the global physical oil market, trading crude and refined products. But its operations shrank this year due to higher prices and liquidity constraints. The company has blending and wholesale capabilities in North America and the Caribbean, alongside long-term storage leases globally.
A purchase of Noble’s oil liquids business will reinforce Vitol’s position as a leading oil trader....
Electric-car maker Tesla Inc. TSLA -1.91% has reached an agreement to set up its own manufacturing facility in Shanghai, according to people briefed on the plan, a move that could help the company gain traction in China’s fast-growing EV market.
The deal with Shanghai’s government will allow the Silicon Valley auto maker to build a wholly owned factory in the city’s free-trade zone, these people said. This arrangement, the first of its kind for a foreign auto maker, could enable Tesla to slash production costs, but it would still likely incur China’s 25% import tariff.
Tesla is currently working with the Shanghai government about details of the deal’s announcement, such as timing, one of these people said. The effort comes as President Donald Trump, who has been critical of China’s trade policies, prepares to visit Beijing early next month.
A Tesla spokesman didn’t have a comment beyond reiterating the company’s previous statement in June that it planned to “clearly define” production plans in China by year’s end. The Shanghai government didn’t reply to a request for comment.
China’s electric-vehicle market—already the world’s largest—is primed for growth. The Chinese government is targeting seven million EV sales a year by 2025, up from 351,000 last year, and in September it ordered all auto makers already operating in China to start producing EVs by 2019. Officials have also said they are working on a plan to ban gasoline cars.
China had previously circulated a proposal that would allow electric-car makers into the country without local partners if they were to locate in the so-called free-trade zones. The government set up the country’s first such zone in Shanghai in 2013, and has since approved 10 more around the country.
Until now, foreign auto makers have built cars in China through joint ventures with local manufacturers. That allows them to avoid the 25% tariff on autos, but also forces them to split profits, and potentially share technology, with the local partner—something that has tripped up Tesla’s previous efforts to expand there.
Under current rules, the cars Tesla builds in the free-trade zone would still count as imports and incur the tariff. Auto analysts in Shanghai doubt the Chinese government has any incentive to give Tesla special treatment.
“Government regulators examine every deal and try not to set a precedent,” said Bill Russo, chief executive of Automobility, a Shanghai-based consultancy, and a former Chrysler executive. “Whatever deal Tesla gets, others will want it too.”
A plant in Shanghai’s free-trade zone still has clear benefits, Mr. Russo said. It would give Tesla a base from which to export to the region, while offering proximity to the Chinese supply chain, thereby lowering production costs and the sale price of Tesla cars sold there. Today, a Tesla costs roughly 50% more in China than it does in the U.S.
Manufacturing in Shanghai would also put Tesla in good standing with the Chinese government, said Michael Dunne, an auto-industry consultant who spent years in Asia. Having Tesla cars built on Chinese soil would please Beijing officials, he said, which “in turn, will give Tesla goodwill leverage to negotiate better China market-access terms in the future.”
The auto maker reported more than $1 billion in revenue in China for 2016 on sales of roughly 11,000 imported vehicles, representing about 15% of total revenue. Sales in China were up from about $319 million in 2015.
In June, Tesla revealed it was in talks with the Shanghai government about the possibility of opening a factory and reiterated that it aims to define its China production plans by year’s end. A month earlier, Chief Executive Elon Musk cryptically had told analysts that a change in China rules would be “good timing.”
Mr. Musk has said Tesla could cut prices in China by one-third by reducing shipping costs and avoiding import duties.
Mr. Musk has previously signaled a desire to expand manufacturing capabilities in China and Europe. The company, which manufactures its vehicles in Fremont, Calif., does final assembly at a facility in Tilburg, Netherlands, for the European market.
Fremont is currently under pressure to expand manufacturing capacity to meet Mr. Musk’s ambitious goals of making 10,000 Model 3 sedans a week by the end of next year. The Model 3, priced starting at $35,000, is part of his vision for expanding the auto maker beyond selling luxury niche vehicles.
While the cost of introducing the new vehicle has left the auto maker with little cash to spare, investors’ enthusiasm for Mr. Musk’s vision has helped push shares of the company up more than 50% this year so far, propelling Tesla’s market value to rival General Motors Co.’s .
Chinese internet company Tencent Holdings Ltd. acquired a 5% stake in Tesla in March, giving Mr. Musk a powerful ally in China....
YANGON — The Industrial and Commercial Bank of China (ICBC) has been helping Myanmar in development of the country's banking and monetary services by nurturing skilled banking personnel, He Biqing, general manager of ICBC's Yangon branch, has said.
Speaking here at the opening of the "Belt and Road, Golden Myanmar" Financial Services Summit, he said that being one of the world's largest banks, ICBC would like to assist Myanmar with its work skill and profession for the development of the country's banking and monetary sector as 80 percent of the bank staff are from Myanmar.
The meeting took place at a time when Myanmar is experiencing an economic reform and ICBC would like to discuss and exchange the experiences with its Myanmar counterparts, he added.
Noting that economic and trade undertakings between Myanmar and China have been continuously increasing, Myanmar Minister of Commerce Than Myint expressed recognition of China as Myanmar's largest foreign investor which has always supported the country's reform, inviting more investment from China for the development of its banking and monetary sector.
Chinese Ambassador Hong Liang said there exists many economic opportunities with Myanmar, and he recalled State Counselor Aung San Suu Kyi attended the Belt and Road Forum for International Cooperation held in China in May, expressing the hope for further enhancement of "Paukphaw" (fraternal) friendship between the two countries.