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Events
Events
| Name | organizer | Where |
|---|---|---|
| Frontier's "Invest Mongolia Tokyo 2018" | Frontier Securities | Tokyo Japan |
| "Open to Export" ICC WTO International business award | ICC WTO | London |
NEWS
'World's top-paid' footballer arrives in Shanghai www.nhk.or.jp
Argentine footballer Carlos Tevez has arrived in Shanghai to play for a local professional club. Shanghai Shenhua reportedly offered him about 40 million dollars a year, the highest annual pay for a soccer star.
More than 2,000 fans welcomed Tevez at an airport in Shanghai in China on Thursday. He responded by waving a hand and smiling.
Tevez signed a 2-year deal with the Chinese Super League club last month. The former Argentina national team striker has played for such European clubs as Manchester United and Juventus.
China has been working to strengthen the abilities of its footballers as it seeks to host a FIFA World Cup tournament.
Clubs in the Chinese league have been offering big money to attract foreign players.
Another Shanghai-based club reportedly signed Oscar of the Brazilian national team last month in a deal worth about 26 million dollars a year.
In response, the Chinese Football Association announced on Monday that it will reduce the number of foreign players allowed in a game by one, starting this season.
ROK, US, Japan to hold maritime drills against DPRK missiles www.chinadaily.com.cn
SEOUL -- The Republic of Korea (ROK), the United States and Japan will hold joint maritime drills this week to enhance capability to detect and trail ballistic missiles from the Democratic People's Republic of Korea (DPRK), Yonhap news agency reported on Friday citing the ROK's navy.
The missile warning exercise will be conducted from Friday to Sunday in waters near the three nations, mobilizing three Aegis-equipped destroyers, the ROK's navy was quoted as saying.
The ROK's Sejong the Great destroyer, a 7,600-ton Aegis-equipped vessel, will be mobilized, together with the 8,800-ton USS Curtis Wilbur and Japan's Kirishima Aegis destroyers.
The exercise to jointly detect and trail DPRK ballistic missiles would the third of its kind since the first was held in June last year near the US island of Hawaii. The second was staged in November.
It is expected to strengthen missile defense (MD) cooperation between the three countries. Seoul and Washington agreed in July last year to deploy a US missile shield, called Terminal High Altitude Area Defense (THAAD), in the former's southeastern region by the end of this year.
The THAAD deployment indicates the ROK in effect becoming a part of the US missile defense system. China and Russia have strongly opposed the installation as its X-band radar can peer into territories of the two nations.
The ROK's News 1 news agency cited the country's navy as saying that during the exercise, the three countries will share simulated military intelligences on missile detection and trail.
The three allies signed a trilateral military pact in December 2014 to share the DPRK's nuclear and missile threats.
The ROK inked the similar military intelligence pact with Japan in November last year despite oppositions from the general public and the parliament.
Participating Aegis destroyers from the United States and Japan are reportedly equipped with SM-3 interceptors that can shoot down incoming missiles at an altitude of over 500 km.
Citing unnamed US and the ROK sources, Yonhap reported on Thursday that Pyongyang already produced a new type of two intercontinental ballistic missiles (ICBMs) that were being mounted on mobile launchers.
Seoul's military believed that the DPRK can test-launch its ICBM at any time when the leadership decides.
Top DPRK leader Kim Jong Un said in his new year speech that his country had entered a final stage to prepare for the test-fire of a long-range ballistic rocket, indicating the ICBM test-launch in the foreseeable future.
Vietnam opens new doors with push for coal energy www.asia.nikkei.com
HANOI -- Having pulled away from atomic energy projects late last year, Vietnam is now sharpening its focus on coal to tap its abundant reserves.
Many Japanese companies are drawn to this new business opportunity -- but so are Chinese rivals that threaten to give them a run for their money.
Mitsubishi Corp. has said it will build a 1,200-megawatt coal power plant in an economic zone in central Vietnam's Ha Tinh Province. This plant, the Vung Ang No. 2 project, is slated to start in 2021. The government estimates related investments at $2.2 billion.
Mitsubishi will help manage the facility before handing over its operation to state-run Vietnam Electricity. The site is near the Vung Ang No. 1 plant, built by a Vietnamese company and boasting a similar generating capacity.
Producing around 60% of the power that the nuclear projects would have, the two plants will together be an important ingredient in Vietnam's energy mix.
The government had earlier seen the atom as a critical tool for resolving the nation's power shortages.
Though the market loosened somewhat during a slowdown following the 2008 financial crisis, electricity shortages are always a concern for a Vietnam whose economy continues to grow at a 6%-plus clip.
So the government had high hopes for the Japanese- and Russian-backed nuclear projects in Ninh Thuan Province to the south. With a total capacity of 4,000MW, the facilities would have gone online in 2028.
But the deal was blocked over the estimated $27 billion in outlays as well as pushback from locals over safety since the 2011 Fukushima meltdown in Japan. The legislature officially dropped the plan in November.
Coal quickly took center stage, as Vietnam enjoys abundant reserves of high-quality coal. The country produced 38.3 million tons last year.
And coal-burning plants are cheaper to build than liquefied natural gas power plants -- not to mention nuclear facilities. Coal power is more affordable for Vietnam, where government debt has grown to 65% of gross domestic product.
Vietnam now has 20 or so coal power facilities. The government envisions lifting the tally to 32 in 2020 and 51 in 2030
Fossil fuels supplied one-third of Vietnam's power in 2016. The plan is to raise this to 45% in 2030. Coal power capacity is seen nearly tripling from current levels to around 40,000MW.
Vietnam seems able to live without nuclear power, which was going to account for 10% or so of its generating capacity.
Mitsubishi is planning another major coal power plant in the southern province of Binh Thuan. Marubeni is building a coal power plant near Hai Phong, which will likely grow rapidly as a port city. Sumitomo Corp. is constructing a plant in Tra Vinh Province, near Ho Chi Minh City.
With 300 to 500 companies, mainly suppliers, needed for constructing a single reactor, many Japanese companies preparing for the nuclear work were hurt by the about-face on energy policy. But now, they could seize new opportunities by offering their strength in fossil-fuel power.
Price-competitive Chinese companies are key rivals. Chinese contractors are said to undertake nearly 90% of fossil-fuel plants in Vietnam, though the facilities themselves are not large.
Russian and Malaysian contenders have also been getting into the coal power game. And many are collaborating with the Chinese.
Japanese companies hope to tout their efficiency in power generation and green technologies to set themselves apart. Toxic discharge from a steel mill construction site of Taiwan's Formosa Plastics in April 2016 raised environmental awareness in Vietnam. And more and more residents oppose coal power.
In such an environment, Japanese technologies could draw attention, although costs will be a challenge. Vietnam Energy Association Chairman Tran Viet Ngai says the country has no choice but to rely on fossil fuels now that nuclear energy is out of the picture.
VAT Law implementation results in growth of government budget revenue www.montsame.mn
Ulaanbaatar /MONTSAME/ The “Changemakers” club of economic journalists has organized a discussion on the implementation of the new Law on Value Added Tax. The event gathered some important figures, including the chairman of the General Department of Taxation, directors of public and private companies and university professors.
The VAT Law was adopted on July 8 of 2015 and entered into force on January 1 of 2016. Citizens were introduced to use of a new online system to register receipts of their each purchase as VAT payers and to receive 20 percent VAT return after completion of each fiscal year.
Chairman of the Taxation Department L.Zorig underlined that, with the implementation of the law for one year brought MNT 70 billion of increase from VAT charging to the country’s economy compared to that of 2015. To be specific, he added, the taxation department accumulated MNT 1.565,4 trillion to the Government Budget in 2017. Some 35 percent or MNT 555.2 billion were the revenue from VAT, which represents 70 percent increase against the previous year.
As of today, there are 63,183 registered VAT set-off paying companies. In the past year, 169,473 users of online “ebarimt” system out of the total 621,538 users won the VAT lottery. The annual VAT return of MNT 35 billion will be distributed to more than 620 thousand citizens. A half of the return has been planned to be allocated to each individual accounts before the lunar new year. However, the procedure has been facing some difficulties due to missing information from over 140 thousand VAT payers, according to the related officials.
The law implementation enabled the government to better monitor the companies’ sales revenues and helped shrink the shadow economy, considers Prof. D.Dalkhjav, Dean of Economy and Business School of the University of Agriculture.
China economy grows 6.7% in 2016 www.bbc.com
China's economy grew by 6.7% in 2016, compared with 6.9% a year earlier, marking its slowest growth in more than a quarter of a century.
China's growth is a key driver of the global economy and a major concern for investors around the world.
The figure is in line with Beijing's official growth target of between 6.5% and 7%.
But some observers say China's growth is actually much weaker than official data suggests.
For the fourth quarter, the world's second biggest economy grew by 6.8%.
China is the world's second-biggest importer of both goods and commercial services, meaning its economic performance has a big knock-on impact around the world.
It plays an important role as a buyer of oil and other commodities. Its slowdown has been a factor in the decline in the prices of such goods.
Beijing's aim to rebalance the economy towards domestic consumption has led to major challenges for large manufacturing sectors with layoffs, especially in heavily staffed state-run sectors such as the steel industry.
Trump effect?
Although China's economy picked up slightly in the last three months of 2016, the rebound was not expected to continue according to the Economist Intelligence Unit (EIU) which is predicting growth of 6.2% this year.
"A slowdown in the property market and steps to address supply shortages in the commodity sector ought to drag again on demand and output," said the EIU's Tom Rafferty.
He also pointed to potential damage to US-China trade ties under a Donald Trump presidency.
Meanwhile Tim Condon from ING in Singapore said relations with a Trump administration were "the biggest known unknown".
"Trump advisers and cabinet-nominees have identified the US-China relationship as in need of adjustment to support the president-elect's objective a manufacturing renaissance."
The trade of goods and services between US and China amounted to an estimated $659bn (£534bn) in 2015. The United States has a trade deficit with China, totalling $336bn in 2015.
Western Union admits to aiding wire fraud, to pay $586 million www.reuters.com
Western Union Co (WU.N), the world's biggest money-transfer company, agreed to pay $586 million and admitted to turning a blind eye as criminals used its service for money laundering and fraud, U.S. authorities said on Thursday.
Western Union, which has over half a million locations in more than 200 countries, admitted "to aiding and abetting wire fraud" by allowing scammers to process transactions, even when the company realized its agents were helping scammers avoid detection, the U.S. Department of Justice and the Federal Trade Commission said in statements.
With the help of Western Union agents, Chinese immigrants used the service to send hundreds of millions of dollars to pay human smugglers, wiring the money in smaller increments to avoid federal reporting requirements, U.S. authorities said.
Fraudsters offering fake prizes and job opportunities swindled tens of thousands of U.S. consumers, giving Western Union agents a cut in return for processing the payments, authorities said.
Between 2004 and 2012, the Colorado-based company knew of fraudulent transactions but failed to take steps that would have resulted in disciplining of 2,000 agents, authorities said.
"Western Union is now paying the price for placing profits ahead of its own customers," said Acting Assistant Attorney General David Bitkower.
A Western Union spokesman said that the company didn't "do as much as it should have" to oversee its agents between 2004 and 2012 but is committed to improving its procedures.
Western Union, which helped clients move over $150 billion in 2015, said in a press release that more than one-fifth of its work force is currently devoted to compliance. It also said consumer fraud accounts for less than one-tenth of 1 percent of consumer-to-consumer transactions.
The settlement will fund refunds for customers who were victims of scams, authorities said. It will also implement a comprehensive anti-fraud program to train agents to identify and stop transactions that result from fraud.
Between 2004 and 2015 Western Union collected 550,928 complaints about fraud, with 80 percent of them coming from the United States where it has some 50,000 locations, the government complaint said. The average consumer complaint was for $1,148, the government said.
Western Union reported revenues of $1.4 billion for the quarter that ended on September 30, 2016, according to a government filing. The company said it spent some $200 million a year on compliance.
China extends Hollywood push with $1 billion Paramount investment www.reuters.com
Viacom Inc's Paramount Pictures will receive a $1 billion cash investment from two Chinese film companies, Shanghai Film Group (SFG) and Huahua Media, giving the U.S. studio much-needed cash and support as it attempts to grow.
As part of the agreement, SFG and Huahua Media will finance a combined 25 percent of all of Paramount's films for the next three years, with the option to extend to a fourth year, a source familiar with the situation said.
The deal comes as parent company Viacom focuses on a turnaround plan under new Chief Executive Officer Bob Bakish.
It also follows a spate of tie-ups between China and U.S. producers, with Chinese investors increasingly keen to lend their financial muscle to boost their stake in Hollywood.
U.S. studios such as Warner Bros, Walt Disney Co, Dreamworks, Lionsgate and STX Entertainment have all made tie-ups with Chinese firms to fund productions or help boost their presence in China's fast-growing film market.
Last year, Chinese real estate conglomerate Dalian Wanda Group spent $3.5 billion to buy a controlling stake in U.S. film studio Legendary Entertainment, while Paramount worked with Alibaba Pictures Group Ltd in 2015 to promote "Mission: Impossible - Rogue Nation" in China.
The studio could now use the latest partnership as an entry point into China, Paramount CEO Brad Grey told Reuters in an interview, adding that the studio would someday be interested in producing films in the country.
"Certainly Paramount would love to produce films (in China) and we think that should be a win for us," Grey said.
The agreement marks the first major move by Grey since Viacom's former CEO, Philippe Dauman, tried to sell a 49 percent stake in the movie studio to Dalian Wanda last year.
"This will give Paramount the wherewithal to build the slate and produce, as a major studio should, 15-17 movies a year," Grey said. Over the past few years, under Dauman, Paramount's production fell as low as eight films in a given year.
"You really can't operate a major studio with that," Grey said, referring to the lower figure.
Shanghai Film Group and Huahua Media said in a joint statement with Paramount that they were keen to deepen their cooperation on film projects through the deal. Both firms declined to comment further when contacted by Reuters on Friday.
Huahua has partnered with Paramount on several films, including "Transformers: the Age of Extinction" and "Star Trek Beyond". State-linked Shanghai Film Group was an investor in "Jack Reacher: Never Go Back".
Viacom shares moved higher in Thursday afternoon trading but pared gains to close at $39.80.
Erdenes Mongol: Coal-to-liquids fuel industry to produce 10 thousand barrels per day www.mongolia.gogo.mn
Erdenes Mongol LLC and Polaris Asset Corp., have agreed to cooperate on coal-to-liquids fuel industry project, which will be implemented for three and a half year.
According to the preliminary estimates, Mongolian economy can save US$ 269.5 million annually, if the industry produces 10 thousand barrels of liquid fuel per day, reports Erdenes Mongol LLC.
The industry is expected to have a capacity to generate 100-150 MW power and will use “Fischer-Tropsch” technology that are environmentally friendly.
"In addition to ensuring sustainable development of the Mongolian economy, the coal-to-liquids fuel industry will support the fuel and energy independence as well as national security", highlighted by the CEO of Erdenes Mongol LLC Ts.Tumentsogt.
According to the expected economic benefits of the project, 25 percent of the industry production will be fuel, 75 percent will be diesel fuel and by-product. The industry will able to reuse and sell by-product.
US coal industry to decline even further in 2017 — IEEFA www.mining.com
Despite a spike in coal prices last year and promises of better times ahead for the sector by President-elect Donald Trump, the US coal industry will continue to decline this year, though at a slower pace than in 2016, a new study shows.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), while US coal producers stand to gain limited market share in day-to-day competition due to a relative increase in the price of natural gas, its main competitor, any such gains will be marginal, it said in a report published Thursday.
The authors, IEEFA Director of Finance Tom Sanzillo and Director of Resource Planning Analysis David Schlissel, believe coal will remain at the mercy of market economics. As such, they see production declining by as much as 40 million tonnes this year and prices failing to increase enough to benefit shareholder or stimulate new investment.
Prices for thermal coal, which climbed up to $110 a tonne last year, have been falling in the last two weeks, trading close to $82 a tonne. Meanwhile, coking coal, which hit more than $300 a tonne in late 2016, is also down almost 40% at roughly $176 a tonne.
The analysts also predict little or no gain from regulatory relief as capital continues its flight from coal, as well as increasingly dim employment prospects.
They argue that, despite the hopes of many, the current power shift in Washington will have little impact on the industry.
“Our outlook starts by acknowledging that the U.S. coal industry begins 2017 with better optics than it had a year ago,” they wrote in a related blog post. “A new administration comes to power in Washington this week promising regulatory relief and a coal resurgence, major industry players are emerging from bankruptcy, and a recent spike has occurred in global prices.”
While these optics are positive on their face, IEEFA sees the industry as a sector saddled with fundamental problems.
One of main issues dragging the industry down, the authors say, is that too many companies are still mining too much coal for too few customers.
The report concludes with yet another gloomy note, arguing that the long-term outlook for the industry in every coal-mining region from now through 2050 is “poor” and predicts that more coal-fired power plants will close while utilities will continue to allocate capital away from coal.
Soros teaming up with MasterCard to help refugees www.rt.com
Billionaire investor George Soros and global payments company MasterCard are planning to create a social enterprise to help refugees and migrants, as well as others struggling within their communities all over the world.
NilssonSoros to make a killing with European 'forced migration'
The partnership, called Humanity Ventures, seeks to apply commercial strategies to deliver a positive impact on society. The move follows Soros’ pledge to assign up to $500 million to address the challenges facing migrants and refugees.
Despite billions of dollars spent on humanitarian aid and development projects, millions of people remain marginalized, said MasterCard and Soros in a joint statement, stressing that the private sector could help rectify the situation.
“Our potential investment in this social enterprise, coupled with MasterCard's ability to create products that serve vulnerable communities, can show how private capital can play a constructive role in solving social problems,” said Soros.
The new enterprise intends first to target healthcare and education, supporting local economic development and entrepreneurship.
“Migrants are often forced into lives of despair in their host communities because they cannot gain access to financial, healthcare and government services,” said the billionaire.
Once the venture is established, Soros could contribute up to $50 million to make these solutions more scalable and sustainable, as well as encourage smaller programs aimed at reducing the migration crisis.
“Humanity Ventures is intended to be profitable so as to stimulate involvement from other businesspeople. We also hope to establish standards of practice to ensure that investments are not exploitative of the vulnerable communities we intend to serve.” Soros said.
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