|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
The Darkhan Metallurgical Plant (DMP), established in 1990 and located around 200 kilometers North of Ulaanbaatar, Mongolia, has installed two automated Schuler forging lines featuring short-stroke die forging hammers KGH 5.0B for the manufacture of steel balls with diameters of 100 to 140 mm.
As a system supplier, Schuler has provided the whole line including the dies and lubrication within seven months. The assembly began in November 2016, and configuration and testing of the machinery was completed on Dec. 14th, 2016. DMP has commissioned the lines. A new steel ball is produced by each line every eight seconds; the annual capacity of both lines is up to 25,000 tons per year.
According to DMP, the project will open new opportunities to the development of the metallurgical industry in Mongolia.
MUMBAI -- Indian e-commerce startup Snapdeal has accepted a $900 million to $950 million takeover bid from market leader Flipkart, after a roller-coaster round of talks, in a deal that would give the bigger company ammunition for fighting Amazon.com in the booming e-commerce market.
The board of Snapdeal parent Jasper Infotech has agreed to the offer, and the proposal will be presented to Snapdeal shareholders in as soon as two weeks, a source told the Nikkei Asian Review on Wednesday.
"The deal is progressing ahead and it will be put forward to all shareholders now," the source said.
Flipkart and Snapdeal declined to comment.
Nikkei reported previously that Snapdeal's top shareholder, Japan's SoftBank Group, had broadly agreed to the combination of market leader Flipkart with No. 3 player Snapdeal and was in talks with Flipkart investors Microsoft, eBay and Tencent Holdings.
However, billionaire Azim Premji, whose investment company PremjiInvest is a minority shareholder in Snapdeal, has raised questions about the merger. The Economic Times reported that PremjiInvest had written to Snapdeal seeking clarity on how minority shareholder rights would be protected in the deal. The company also reached out to U.S.-based BlackRock and Singapore's Temasek Holdings to oppose any special payments to shareholders, including venture capital firms Nexus Ventures and Kalaari Capital, and founders Kunal Bahl and Rohit Bansal.
Business tycoon Ratan Tata is also an investor in Snapdeal.
Flipkart and Snapdeal -- founded in 2007 and 2010, respectively -- have been fighting hard to keep U.S.-based Amazon at bay. Snapdeal has been bleeding red ink and the consolidation was seen as a natural step forward.
Although growth in India's e-commerce industry has been slowing recently, global payments company Worldpay predicted in December that the country will overtake the U.S. as the world's second-largest e-commerce market behind China within 20 years. The Indian market is seen growing at a 28% annual clip from 2016 to 2020.
The High Court of London has bound Ukraine to pay £2.8 million ($3.6 million) to Russia as compensation for legal costs related to Kiev’s Eurobond debt, the Russian Finance Ministry announced on Wednesday.
According to a statement on its website, Ukraine has been ordered: “to compensate a portion of costs related to legal proceedings to Russia in the amount of £2.8 million, with 50 percent to be paid by the debtor at the latest of September 20, 2017."
In March, the court ruled Ukraine failed to offer a “justifiable” or court-ready defense for not paying back the $3 billion lent by Russia in 2013 during the presidency of Viktor Yanukovich. The financial aid from Russia to Ukraine came in the form of a Eurobond governed by English law.
The court has ruled Kiev must pay Moscow the par value of Eurobonds, the coupon payment of $75 million and penalty interest on those amounts.
It also said it would consider Russia's demand for compensation - due to Kiev’s default on its debt - in 2018, after the case’s full hearing.
After Ukraine had failed to repay the notes following a 10-day grace period after the deadline in 2015, Russia brought the lawsuit in the English courts. Moscow offered Kiev a debt-relief plan, under which it could repay its arrears in three installments of $1 billion over three years.
However, Ukraine refused to pay, claiming the money was a political credit which the country was forced to take.
Ukraine insisted on a full hearing, citing the political nature of the case.
According to Kiev, in 2013 the Ukrainian government was subject to “massive, unlawful and illegitimate economic and political pressure.”
Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat met with International Monetary Fund representatives on Wednesday.
Koshy Mathai, chief of the IMF staff team in charge of Mongolia reported on the latest progress on the Extended Fund Facility program for the last time to the Prime Minister before taking on a different assignment.
Prime Minister J.Erdenebat said that the Mongolian Government was focusing on overcoming the economic difficulty, expressing readiness to consistently work with the IMF.
The IMF representative noted the important role the Prime Minister’s leadership played in overcoming the debt crisis, increasing budget income and improving some macroeconomic indicators.
Separated from the independent nation of Mongolia by the vast Gobi, the deserts and grasslands of Inner Mongolia stretch from the Tibetan plateau’s northeast ramparts along the great bend of the Yellow River and toward China’s far northeast, where they are divided from Manchuria by the Greater Khingan mountains. For two millennia this region was contested between Chinese states and the steppe nomads; imperial China’s northern defense lines – equivalent to the Roman limes on the Rhine and Danube – roughly followed this frontier.
In the 1500s one of Genghis Khan’s lesser heirs built his power base in this area anchored by the city of Hohhot, which remains Inner Mongolia’s capital today. Altan Khan’s depredations spurred construction of the fortifications around Beijing that are now shown to tourists as the “Great Wall.” But he was also pivotal in spreading Buddhism among the Mongols through an alliance with the head of Tibet’s Gelugpa sect, upon whom he conferred the title of “Dalai Lama.”
Exploiting their patronage of Tibetan Buddhism, the Qing emperors of China secured the loyalty of the eastern Mongols. Today the descendants of these tribes are spread around Inner Mongolia’s 1.2 million square kilometers, and the region’s administrative districts still partly reflect organization under the Qing. For centuries the region has seen growing Han in-migration and administrative assertion, changing the ecology of the grasslands and putting pressure on the Mongol way of life, as vividly captured in the bestselling novel Wolf Totem.
With China’s 1911 revolution, Outer Mongolia declared independence, and was recognized as a sovereign state by the People’s Republic of China in 1949. During the 1930s the Japanese established a puppet state in Inner Mongolia, but their expansion in this area led to defeat at Soviet hands, with arguably momentous consequences for the course of World War II. In the 1960s-80s, Inner Mongolia was a closed and militarized region on the frontline of potential Soviet invasion. Today it has been overrun instead by Chinese tourists seeking a dude ranch-style Mongolian experience, although the Jiuquan space launch center in the region’s far west remains a restricted area.
Today, Inner Mongolia’s economy is based on primary industry, including a dominant share of global rare earths production. In the 21st century’s first decade, the province led the nation with annual growth rates breaking 15 percent, achieved through a mining boom and an infrastructure binge aimed at urbanizing the region, with the inevitable wastage epitomized in China’s most famous ghost city.
Rampant development, environmental destruction, and pressure on herders to resettle in urban centers has in recent years triggered sporadic unrest among ethnic Mongols. At the same time, burgeoning links with the independent nation of Mongolia, being developed as part of the state-led Belt and Road Initiative, are opening a new phase in the ancient relationship between the Mongol peoples and China.
(John Lee is a former visiting fellow of the Mercator Institute for China Studies.)...
Individual Agreement Based on Export Credit Line for Mongolia Supporting Exports of Construction Machinery by Japanese Companies to Mongolia www.jbic.co.jp
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed a loan agreement on July 25 in the amount of up to approximately JPY400 million (JBIC portion) based on a credit line*1 extended to the Government of Mongolia in June 2013. The loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (lead arranger), bringing the overall cofinancing amount to approximately JPY800 million. The part of the cofinanced portion is insured by Nippon Export and Investment Insurance (NEXI).
The loan is intended to provide, through the Ministry of Finance of Mongolia and Trade and Development Bank of Mongolia LLC, the necessary funds for Khishig Arvin Industrial LLC, a Mongolian company, to purchase construction machinery made by Komatsu Ltd. and related services from SUMITOMO CORPORATION.
The enactment of the "Agreement between Japan and Mongolia for an Economic Partnership (EPA)" by the governments of Japan and Mongolia in June last year is expected to further enhance reciprocal economic cooperation and vitalize the two countries' economies in a wide range of fields, along with the liberalization and facilitation of trade and investment between the two countries. In addition, in March 2013, the "ERCH Initiative"*2 was proposed by Prime Minister Abe in expectation of promoting the economic relationship between the two countries. Following this initiative, in July 2014, "ERCH Initiative Plus"*3, and, in March 2017, the "Japan-Mongolia Mid-term Action Plan for a Strategic Partnership"*4 were agreed on by the two countries' leaders, supplementing the original and resolving to promote financing utilizing this credit line effectively. This loan is in line with such measures of the two countries, and through the promotion of Japanese exports, it contributes to maintaining and strengthening the Mongolian economy, as well as the international competitiveness of Japanese industries.
As Japan's policy-based financial institution, JBIC will continue to support the export of machinery and equipment and the overseas business deployment of Japanese companies, in foreign countries including Mongolia, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function....
Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President & CEO: Kuniharu Nakamura), in cooperation with Komatsu Ltd. (Head Office: Minato-ku, Tokyo; President & CEO: Tetsuji Ohashi; hereinafter, “Komatsu”), has concluded a 1.2 billion yen export deal for a Komatsu hydraulic excavator and 12 dump trucks to be delivered to Khishig Arvin Industrial LLC, a major mining contractor in Mongolia, via Sumitomo Corporation’s Mongolian subsidiary Transwest Mongolia LLC (Head Office: Ulaanbaatar; Executive Director: David Turnbull; hereinafter, “TM”).
Funding for the purchase of this mining equipment will be provided jointly by the Japan Bank for International Cooperation (JBIC) and the Bank of Tokyo-Mitsubishi UFJ (hereinafter, “BTMU”) under an export credit line for Mongolia established between the governments of Japan and Mongolia in June 2013. The financing provided by BTMU, a private financial institution, will be insured by Nippon Export and Investment Insurance (NEXI), a public financial institution. Sumitomo Corporation received its first order using this credit line in June 2015, making this new deal the second such order for Sumitomo Corporation.
Sumitomo Corporation has delivered significant numbers of Komatsu mining machinery to Oyu Tolgoi, one of the world’s largest copper mines situated about 550km from the capital of Ulaanbaatar and developed since 2010 via Rio Tinto, and Sumitomo Corporation continues to offer product support for this mining machinery through TM.
The development of Mongolia’s wealth of natural resources has contributed to its economic development, and the country has been developing copper, gold and other mines, including Tavan Tolgoi, one of the world’s largest coal mines. However, economic circumstances have recently left local contractors unable to obtain financing, making it difficult to secure funds to purchase mining machinery.
Sumitomo Corporation will continue working with Komatsu in using this export credit line for Mongolia to assist in the country’s economic development through expanded sales of Komatsu mining machinery.
Facebook revenues and profits soared in the most recent quarter, as advertising dollars poured into the social media company and users continued to flock to the site.
More than two billion people - more than a quarter of the world's population - log into the site every month, a powerful draw for advertisers.
The firm said revenues hit $9.3bn (£7.09bn) over the April to June period, jumping 45% year-on-year.
Profits climbed 71% to $3.9bn.
"We had a good second quarter and first half of the year," said chief executive Mark Zuckerberg, who founded Facebook in 2004.
Facebook has been adding more advertising as well as more consumers, as it explores how to monetise its other social networking platforms, Instagram and WhatsApp.
The company said that Instagram was making an increasing contribution to growth, but that the news feed at the heart of Facebook remained the biggest driver.
It was still early days for advertising on Facebook's messenger service, said Mr Zuckerberg, but he told an investor call he was "confident we're going to get this right in the long term".
Chief Operating Officer Sheryl Sandberg said brands were experimenting with different advertising formats within Facebook's platforms, for example Tropicana had found that six-second ads gave better results than longer versions, she said.
Facebook faces competition from Snapchat, a platform particularly popular amongst young social media users, which pioneered the idea of "stories", a series of messages aimed at a wider audience that lasts for 24 hours.
Instagram and WhatsApp are now offering similar features.
Facebook shares, which have risen steadily this year, bounced 3.6% in after-hours trade.
The company said mobile ads represented 87% of its advertising revenue of $9.16bn, up from 84% a year ago.
The firm now employs more than 20,600 people, up 43% year-on-year.
The firm said the number of monthly active users at the end of June - 2.01 billion - was 17% higher than a year ago and two thirds of those logged onto the site daily.
Foxconn, the Taiwanese firm that works closely with technology firm, Apple, plans to build a multi-billion dollar plant in Wisconsin, US media are reporting.
US President Donald Trump, who put boosting US manufacturing at the heart of his election campaign, is expected to make the announcement on Wednesday.
Foxconn has previously said it was exploring several states for possible facilities.
The firm has not confirmed the reports.
Foxconn chief executive Terry Gou, who has met with President Trump, has indicated his firm could invest as much as $10bn (£7.6bn), with states including Wisconsin and Michigan under consideration. He said the firm would make the decision this month.
To win the facility - expected to employ thousands of workers - states have been preparing competing incentive packages that would defray the cost for Foxconn.
Wisconsin Governor, Scott Walker, said he would be at the White House for the announcement.
Foxconn works closely with I-phone and I-pad maker, Apple Inc.
The tech company is based in California, but does the bulk of its manufacturing through contractors in Asia,
President Trump, who has adopted the slogan "America First" when discussing economic policy and trade, pressed Apple during his campaign to increase its US investments. The firm has also faced criticism for conditions at factories belonging to its contractors in China.
On Tuesday President Trump told the Wall Street Journal that Apple was planning three "big" factories in the US.
The company has not commented on the statement. In May, Apple chief executive Tim Cook said the company was creating a $1bn fund to invest in advanced manufacturing in the US.
Wisconsin is a politically important state for President Trump. It has historically leaned Democratic, but President Trump won it by less than 25,000 votes in the 2016 election.
One of the richest underground copper deposits in the world will soon be accessed with the help of high-capacity gearless driven conveyors from thyssenkrupp.
thyssenkrupp’s Industrial Solutions business area has won a contract to supply a material handling system for the new Oyu Tolgoi underground mine in Mongolia.
The contract value is in the higher double-digit million euro range. thyssenkrupp will supply a total of nine conveyors with a combined length of 9.5 km as well as seven transfer towers operating at a design tonnage of 7100 tph. First production from underground is expected in 2020. The Oyu Tolgoi mine complex is a joint venture between the government of Mongolia and Turquoise Hill Resources, which is majority-owned by Rio Tinto.
From a depth of nearly 1400 m beneath the Gobi Desert in the south of Mongolia, the new underground material handling system is planned to transport 95 000 tpd of copper ore up to the surface. The main components are four high lift conveyors each equipped with 1.6 m wide steel cord belts and dual 5500 kW gearless drives from Siemens. Further conveyors will feed the main incline conveyors and tie the new underground system into the existing process facility.
Torsten Gerlach, CEO of the Mining Technologies business unit of thyssenkrupp Industrial Solutions, said: “This order again proves that thyssenkrupp is a strong player in the mining and materials handling industry. We are proud to contribute to this project with our intelligent belt conveyor technology and our strong global project execution capabilities. The system will help the Oyu Tolgoi mine set standards in terms of productivity and safety.”
The Oyu Tolgoi mine began producing copper concentrate from an opencast operation in 2013. The future underground construction activities will transform Oyu Tolgoi into one of the most significant copper mines globally.
The order given to thyssenkrupp includes the engineering, design, and supply of the new material handling system as well as required site support services during the construction and commissioning phases. It will be designed with an emphasis on ease of maintenance. This includes, for example, the ability to quickly replace chute sections as well as idler rolls and belt cleaners. The drive components are massive in terms of size and weight, so great attention will be paid to safely transporting them underground and to ensuring they can be safely exchanged in the future. Overhead bridge cranes are strategically located to not only service the equipment, but also to aid in the erection of the major structures.
The work scope also includes water and air piping for the required dust suppression equipment, fire protection along all of the underground conveyors and electrical infrastructure to control and power the equipment.