1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      НУРАХ ДӨХСӨН БАЙРУУДЫГ ШИНЭЧЛЭХ КОМПАНИ ОЛДОХГҮЙ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛС ВАШИНГТОН, ПЁНЬЯНЫ ХЭЛЭЛЦЭЭРТ ЗУУЧЛАХАД БЭЛЭН ГЭДГЭЭ ЗАРЛАЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20    

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

64x64

Oil prices fall as U.S. drillers add new rigs, speculators cut long positions www.reuters.com

Crude prices fell over 1.5 percent on Monday after U.S. oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises.
 
Brent crude futures LOCOc1 were trading at $47.29 per barrel at 0200 GMT (10:00 p.m. EDT), down 72 cents, or 1.5 percent, from their last settlement.
 
U.S. West Texas Intermediate futures CLc1 were down 80 cents, or 1.74 percent, at $45.08 a barrel.
 
Traders said the price falls on Monday and Friday were a result of increasing oil drilling activity in the United States, which indicated that producers can operate profitably around current levels.
 
"Each dollar is being used far more efficiently and, as a result, $50 oil appears much more palatable," Barclays bank said in a note to clients.
 
U.S. drillers added oil rigs for a tenth week in the past 11, according to a Baker Hughes rig count report on Friday. It was the longest streak without rig cuts since 2011.
 
Speculative oil traders also became less confident of higher oil prices, cutting their net long U.S. crude futures and options positions for a second consecutive week last week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
 
Oil's near 5-percent price decline since Sept. 8 partly reverses a 10-percent rally early in the month, which was fueled by speculation that oil exporters could cap production.
 
Algeria's energy minister said there is a consensus among OPEC and non-OPEC members about the need to stabilize the oil market to support prices, state news agency APS reported on Saturday.
 
OPEC Secretary-General Mohammed Barkindo told APS that OPEC was not seeking a definite price range for oil but rather "sustainable stability" for the market.
 
Moves toward clinching a global deal on stabilizing crude output come five months after similar talks for a production freeze failed when Saudi Arabia insisted that Iran join the pact.
 
Tehran says it supports any measures to stabilize the market, but has stopped short of committing to output restraint before its production reaches 4 million barrels per day, the level at which it says it was pumping before the imposition of Western sanctions which were lifted last January.
 
Even if exporters agree on freezing output around current levels, analysts said that would do little to raise prices as most exporters are pumping out oil at or near record levels, and have adapted to do so at lower prices.
 
"Producers and service companies ... are well positioned to return to growth mode at much lower prices," Barclays said.
...


64x64

Shell begins production at world's deepest underwater oilfield www.theguardian.com

Royal Dutch Shell has started production at the world’s deepest underwater oil and gas field, 1.8 miles beneath the sea surface in the Gulf of Mexico.
 
The first oil pumped from the Stones field, 200 miles south of New Orleans, comes after billions of dollars of investment from Shell over the last three years.
 
The achievement will anger many climate change campaigners, but will boost annual pay for Shell’s chief executive, Ben van Beurden, under the group’s controversial performance bonus arrangements.
 
The field is in much deeper water than the Macondo prospect, where six years ago BP’s Deepwater Horizon rig exploded and sank, killing 11 workers and causing environmental disaster.
 
The latest costly addition to Shell’s production capacity comes despite Van Beurden’s repeated pledges on climate change. In May, he said: “We know our long-term success … depends on our ability to anticipate the types of energy that people will need in the future in a way that is both commercially competitive and environmentally sound.”
 
Faced with low oil prices and increased pressure from climate change activists, Shell has retreated from some of its most expensive production projects. In the autumn last year, it ditched drilling operations in the Alaskan Artic and abandoned a tar sands project in Alberta, Canada.
 
But the group has told shareholders it will continue spending heavily on pioneering deep water projects, which will provide a major source of future growth. Announcing production had begun at Stones, Shell said: “Our growing expertise in using such technologies in innovative ways will help us unlock more deep water resources around the world.”
 
Shell has forecast that its deep water production will increase to the equivalent of more than 900,000 barrels of oil a day by the early 2020s from already discovered, established reservoirs. Major projects the group is working on include Coulomb Phase 2 and Appomattox in the Gulf of Mexico and Malikai off the coast of Malaysia.
 
Shell began the costly Stones project in 2013, two years after the International Energy Agency (IEA) warned that two-thirds of proven fossil fuel reserves will need to remain in the ground to prevent the earth from warming 2C above pre-industrial levels – a proposed temperature limit beyond which scientists warn of spiralling and irreversible climate change.
 
At Stones, oil and gas is pumped from several points on the sea bed through flexible riser pipes to a specialised tanker, incorporating a detachable 3,150-tonne buoy. In the event of a hurricane, Shell says the tanker can halt production and sail away safely from the buoy and riser pipes.
 
Stones will produce the equivalent of about 50,000 barrels of oil a day when ramped up to full capacity at the end of 2017.
 
Van Beurden’s annual bonus depends, in part, on delivering major new projects on time and on budget. For 2015, he received a bonus of €3.5m, which formed part of an overall pay and pension package worth €5.58m.
 
Van Beurden has repeatedly insisted he is determined that Shell should play a part in helping the world take action to end global warming.
 
At Shell’s annual shareholder meeting last year, the board promised a group of activist shareholders, including the Church of England, to better explain how bonus schemes for Van Beurden and others were aligned with its professed ambitions to help tackle climate change. At this year’s meeting, however, activist investors said “clarification is urgently required” on this point.
 
Shell has stressed that 10% of Van Beurden’s bonus is tied to the group’s “sustainability” performance. However, these incentives target how much energy the group uses, the volume of oil spilt and water usage. They do not focus on what campaigners see as the core concern: how Shell plans to manage its way to a low-carbon global economy.
 
Meanwhile, 20% of the Van Beurden’s bonus is still tied to delivering major new production projects, such as Stones. A further 30% is linked to the group’s ability to generate cash, while 12% of the bonus depends on production volumes.
...


64x64

Samsung shares slide on Galaxy Note 7 recall www.bbc.com

Samsung shares fell sharply on Monday, hitting a two-month low after the firm urged users not to use it and exchange devices due to fears it might catch fire.
The South Korean company's shares dropped more than 5% on Monday morning.
Samsung recalled 2.5 million phones last week after reports of the device exploding during or after charging.
Airline passengers were warned by US authorities not to use or charge the phones while on board.
Aviation authorities in several other countries and individual airlines have since then also banned the use of the devices on their flights.
The company has said it will replace all devices that were handed in from 19 September.
Samsung has said that battery problems were behind the phones catching fire, but that it was difficult to work out which phones were affected among those sold.
The phone was launched last month and has been otherwise generally well-received by consumers and critics.
...


64x64

Russia starts Phase 2 construction at Iran’s Bushehr nuclear power plant www.rt.com

Iran and Russia have held an opening ceremony for Phase 2 of the construction of the Bushehr nuclear power plant, in which two more 1,000 MW reactors will be added at the site, while six more are still in the pipeline.
Phase 2, which was launched on Saturday, will add two VVER-1000 reactors to the one already operating in Iran. Their design was updated with additional safety features based on experience derived from the Fukushima nuclear disaster.
 
Russia and Iran signed a contract for the expansion of Bushehr in 2014, a year after Russian specialists commissioned the plant’s first reactor. The contract includes an option for six more reactors, which could be built at other sites sometime in the future. Phase 3 may be commenced as soon as 2018, Iranian Vice-President Eshaq Jahangiri said during the ceremony.
 
The Bushehr project was launched in 1975 under the shah’s government, but it ground to a halt after the Islamic revolution of 1979 because German manufacturers withdrew. Russia’s nuclear construction company Atomstroyexport took over the project in the 1990s.
 
“The competition of Phase 1 has proven that Russia always delivers on its promises to foreign partners, regardless of the political climate in the world,” said Russian nuclear chief Sergey Kirienko during the opening ceremony in Iran.
 
“Phase 2 is [Russia’s] practical contribution to fostering Russian-Iranian cooperation and a big step forward in strengthening Russia’s position in the world nuclear technology market.”
 
The Bushehr plant is the first nuclear power facility in the Arab Middle East. Tehran estimates that each 1,000 MW reactor will save Iran 11 million barrels of crude annually. Iran is eyeing several ways to spend the additional megawatts, including powering a water desalination plant in Bushehr province.
 
“The plant would produce 200,000 cubic meters of freshwater per day, compared to the 50,000 to 60,000 cubic meters per day the province needs,” said Iranian Atomic Energy Organization head Ali Akbar Salehi.
 
As part of the project, which is seen as a step in fulfilling Iran’s ambition to develop a civilian nuclear industry, Russian specialists will also train Iranian staff working at the nuclear plant.
...


64x64

Panic buying sees coking coal price jump 20% in a week www.mining.com

The parabolic rise in the price of coking coal showed no signs of slowing last week with the Australian export benchmark hitting $180.90 a tonne up a stomach churning 20.8% for the week. The steelmaking ingredient is now up 136% in 2016.

The latest gap up for metallurgical coal came after a research report showing levels of "panic buying" not seen since 2011, when floods in key export region in Queensland sent the price soaring to $335 a tonne (albeit not for long).

The rally was triggered by Beijing’s decision to limit coal mines' operating days to 276 or fewer a year from 330 before as it seeks to restructure the industry. Safety closures and weather related supply curbs in China and Australia only added fuel to the fire.

Australian Financial Review quotes analysts from Macquarie warning that speculation as much as fundamental factors are driving the price with a mere half-a-million tonnes (out of a seaborne trade of 200 million tonnes a year) responsible for the most recent surge:

"Transactions on the trading platform globalCOAL over the past month, which feed into spot price assessments from various index providers, have totalled just 510,000 tonnes in volume."
The bank does say "current physical market conditions are very tight and there is a sense of panic amongst buyers," which "looks like it could hold for a few more weeks," but expects prices will slide in the fourth quarter.

On top of that most producers, with the exception of BHP Billiton which set up globalCOAL a few years back, do not receive the spot price but the ruling quarterly contract price which is still in double digits.

That will change soon. In a report The Steel Index, a market information provider, notes speculation that the upcoming quarterly contract negotiations for the October – December 2016 period "may be rather combative."

According to market participants, Japanese steelmakers will undoubtedly face levels “at least above US$120/t” in the final quarter of 2016.

...


64x64

Taxpayers funded loans for foreign metals firm amid UK steel crisis www.theguardian.com

UK taxpayers subsidised cheap loans to a foreign metals company owned by a multibillionaire while the British steel industry was fighting for survival.

Accounts for UK Export Finance (UKEF), which lends money to companies planning to buy products from British exporters, show that it gave £82.8m in “buyer’s credit” to Lebedinsky GOK, which mines iron ore, a key element in steel production.

Lebedinsky is part of metals and mining company Metalloinvest, which is owned by the Uzbek-born tycoon Alisher Usmanov, who has a stake in Arsenal.

UKEF’s support for Lebedinsky helped finance a contract with Midrex UK, a subsidiary of US company Midrex Technologies, which is owned by Japan’s Kobe Steel.

Midrex Technologies says it set up a UK office to take advantage of the taxpayer-backed UKEF scheme. The company’s website says Midrex UK was “specifically established in the heart of one of the world’s financial hubs to provide our customers with access to valuable project financing”.

Gareth Stace, the director of UK Steel, said: “The UK steel sector has been in the deepest crisis for more than a generation in the past 12 months for two key reasons: higher costs resulting from punitive government policy and the massive rise in dumping of steel from countries such as Russia.

“Learning that government money is being pumped directly into the Russian steel sector beggars belief and actively goes against everything we have been calling on the UK government to do, to ensure that the UK steel sector can compete on a fair and level playing field.”

...


64x64

Samsung urges Galaxy Note 7 phone exchange urgently www.bbc.com

Samsung has urged owners of its Galaxy Note 7 phones to stop using or exchange the devices as they risk exploding.
Samsung recalled 2.5 million phones last week after reports emerged of the device exploding during or after charging.
And airline passengers were warned by US authorities not to switch on or charge the phones while on board.
The South Korean company said it would replace all devices that were handed in from 19 September.
A statement by Samsung, the world's biggest mobile phone maker, said "our customers' safety is an absolute priority".
"Until a replacement device is provided, Samsung asks all customers with a Galaxy Note 7 smartphone to power down your device and return it to its place of purchase at your earliest opportunity," the statement added.
Earlier on Saturday, aviation authorities in the United Arab Emirates banned use of the devices on the Emirates and Etihad airlines.

The US Federal Aviation Administration (FAA) also advised against packing the phones into any checked-in luggage.
Samsung recalled the phone last week after reports emerged of the device exploding during or after charging.
US TV channel Fox 10 reported claims that a faulty Galaxy Note 7 had set fire to a family's Jeep.
Samsung has said that battery problems were behind the phones catching fire, but that it was difficult to work out which phones were affected among those sold.
The phone was launched last month and has been otherwise generally well-received by consumers and critics.

 
 
 
 
...


64x64

General Motors: 4m vehicles recalled over safety bug www.bbc.com

The US car company General Motors is recalling more than four million vehicles worldwide due to a software defect linked to at least one death.
The company says the fault is rare but can prevent airbags from deploying during a crash. Seat belts may also fail, it adds.
Trucks, cars and SUVs from the 2014-17 models are to be recalled.
The company said it would contact customers and update their software for free.
General Motors, which is based in Detroit, said the recall would not have a material impact on its financial results.
Of the 4.3m vehicles, 3.6m are in the US, where the National Highway Traffic Safety Administration announced the recall on Friday.
The company says the defect concerns the sensing and diagnostic module. In rare cases it can go into test mode, meaning airbags will not inflate in a crash.
The recalled vehicles are:
2014-2016 Buick LaCrosse, Chevrolet SS, Chevrolet Spark EV
2014-2017 Buick Encore, GMC Sierra 1500, Chevrolet Corvette, Chevrolet Trax, Chevrolet Caprice police car and Chevrolet Silverado 1500
2015-2017 Chevrolet Tahoe, Chervrolet Suburban, Chevrolet Silverado HD, GMC Yukon, GMC Yukon XL, GMC Sierra HD, Cadillac Escalade and Cadillac Escalade ESV
In 2014 the company recalled 2.6 million vehicles in connection with an ignition switch fault that disabled the airbags. It also paid compensation for 124 deaths.

...


64x64

Texas mattress shop closes over 'tasteless' 9/11 ad www.bbc.com

A Texas mattress shop is to close after facing a backlash for a 9/11-themed advert described as "tasteless".
Miracle Mattress faced strong criticism after its "twin tower sale" offered every mattress sold on the anniversary of the attacks for the price of a smaller twin mattress.
In the clip, staff fall into two towers of mattress, knocking them over.
"We'll never forget," the presenter of the clip says in the now withdrawn advert.
Miracle Mattress owner Mike Bonanno said that "effective immediately, our Miracle Mattress store will be closed indefinitely", in a statement released on Friday.
"We will be silent through the 9/11 Anniversary to avoid any further distractions from a day of recognition and remembrance for the victims and their families."
In a letter published earlier, Mr Bonanno apologised, saying the video had been produced at the company's San Antonio office without permission from management.
"The video is tasteless and an affront to the men and women who lost their lives on 9/11. Furthermore, it disrespects the families who lost their loved ones and continue to struggle with the pain of this tragedy every day of their lives."
Twitter users criticised the company over the video. "This is absolutely sickening," said one. "You deserve to be out of business. End of story," said another.
A total of 2,996 people died on 11 September 2001 when al-Qaeda militants hijacked four planes, crashing two into the World Trade Center's twin towers in New York, a third into the Pentagon and the fourth into a field in Pennsylvania.

...


64x64

MasterCard sued for $19bn in Britain’s biggest damages claim www.rt.com

The leading global payment company MasterCard is being sued for £14 billion ($19 billion) in damages. The company allegedly charged its 46 million UK customers excessive fees for using its cards.

According to court documents filed in London, the company set unlawfully high fees to stores when shoppers swipe their debit or credit cards, and it has been doing that for 16 years between 1992 and 2008.

The case was brought by UK’s former chief financial services ombudsman Walter Merricks who said "MasterCard charged billions of pounds of unlawfully high fees for its sole benefit and to the detriment of consumers." He is backed by law firm Quinn Emanuel, under the new Consumer Rights Act.

According to the law firm, the world’s second-largest credit and debit card provider MasterCard has spurned a chance to settle with the European Commission, choosing to fight its case through the courts.

After a 10-year legal battle between MasterCard and the commission, the European Court of Justice ruled in 2014 that the credit card firm’s fees for cross-border transactions were too high.

“MasterCard lost this battle at every level and showed complete disregard for its cardholders and consumers at large, focusing instead on generating unlawful profits,” Quinn Emanuel said in a statement.

MasterCard has denied any wrongdoing, saying it continues to firmly disagree with the basis of the claim and intends to oppose it vigorously.

"We deliver real value through the benefits of security, convenience and consumer protection, and we are committed to investing in our payment services in order to continue to meet the rapidly evolving needs of all our customers," said MasterCard.

...