Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Amazon holiday hiring is reaching sky-high levels — this year's tally will be about 120,000 www.businessinsider.com
With Thanksgiving only a few days away, American consumers and retailers are gearing up for the annual post-Turkey Day holiday spending bonanza. In preparation for the madness, Amazon has said it plans to hire some 120,000 seasonal employees at sites in 33 US states.
The e-commerce giant is bringing in extra people to work in its warehouses and customer service centers, and to work with some of its Prime service offerings, including Prime Pantry, which delivers everyday packaged goods to consumers. As we can see in this chart from Statista, the number of seasonal employees Amazon hires has grown considerably since 2012 as e-commerce has taken off.
Amazon seasonal workers have an entire culture of their own and include a group of traveling workers nicknamed "CamperForce." Primarily made up of retirees, the group lives in recreational vehicles and works 3 to 4 months in the fall and winter in preparation for the holidays.
This year's seasonal hires will be in addition to the massive number of people Amazon has already added to its workforce. The company's employee base swelled by 159,500 people in just three months between the end of June and the end of September this year.
MNT 100 thousand fine imposed on lack of documentations in foreign nationals www.montsame.mn
Ulaanbaatar /MONTSAME/ The Immigration Agency notifies foreign nationals residing and traveling in Mongolia about the compulsion of carrying their passports and other documents at all times.
In specific, Law on Legal Status of Foreign nationals states that foreign nationals who are staying in Mongolia for business or personal reasons are obliged to carry their passport and residence permit provided by the authority at all times. If a foreigner is not carrying passport or identification equaling to that, he shall be fined with MNT 100 thousand.
November 20, 2017 trading report www.mse.mn
On November 20, 2017, 672,766 shares of 35 firms listed as Tier I, II, and III were traded. 18 firms’ shares increased in price, 14 decreased and 3 remained unchanged. Gonir JSC /GNR/ was the top performer, increasing 15.00 percent, whereas Frontier Land Group JSC /MDR/ was the worst performer, decreasing 6.38 percent.
On the secondary market for government bonds, 1,764 bonds with a value of MNT175.9 million were traded.
The MSE ALL Index increased by 1.13 percent to stand at 1,192.19 points. The MSE market cap stands at MNT 2,326,077,401,850.
Tributes paid to Chinggis khaan and great white banners www.montsame.mn
Ulaanbaatar /MONTSAME/ November 19 or the auspicious first day of the first month of winter, according to the Lunar Calendar marked the 855th birth anniversary of Great Chinggis Khaan, the National Pride Day and. On this occasion, ceremony for raising the state flag took place at the central square, followed by ceremony for exalting the Great White Banners.
President Kh.Battulga, Parliament Speaker M.Enkhbold and Prime Minister U.Khurelsukh paid respect to the Statue of Chinggis Khaan and the Nine White Banners during this ceremony.
The Nine White Banners were brought from to the State Palace to the central square by cavalcade of nine honor guards, who circled the State Palace clockwise. Tribute was paid to the Nine White Banners by mounted honor guards riding chestnut horses and the wind ensemble. After this, the Nine White Banners were carried back to the Ceremonial Hall of the State Palace.
Xi’s China will only showcase illiberalism and dogma www.ft.com
The Chinese Communist party’s 19th Congress continues to shape the way we think about China, policymaking and the state of the country’s financial and capital markets.
An increasingly authoritarian China will try to make the economy and society work better, not become more liberal. It will try to engineer a harmless deleveraging, which is without precedent. Its large savings are likely to remain trapped, limiting the oft-cited internationalisation of the renminbi.
These issues matter, not least for investors because China’s $7tn equity market and its $10tn bond market are the world’s second-, and fourth-largest, respectively. Next year, Chinese A-shares will be included in the MSCI emerging markets benchmark.
Chinese bonds face bigger hurdles to inclusion in global benchmarks but some bonds are already part of lesser indices. Party cells in company management and high scores given to issuers by Chinese bond rating agencies are now on every investor’s “must find out” list.
The centralisation of power around Xi Jinping at the apex of a strengthened party — a substitute for the institutionalisation of rules, constraint and consensus — means there will be more dogma than debate in policymaking.
To oppose the president will be to oppose the party. Binary outcomes mean that, when something goes wrong, market risks will be higher and blame will lie firmly at Xi’s feet. Investors always worry about politics but concerns are greater in the absence of sound institutions.
Xi Jinping’s China will probably be the antithesis of reform and opening up. There is no sign that the government intends to address its deeply conflicted roles as owner, participant and regulator in the economy and finance. Investor interests will always be subordinate.
The recent announcement to lift the ceiling of foreign ownership of financial firms might be significant if it happened on a significant scale but the financial commanding heights will not be ceded to foreigners.
The most immediate issue, though, is financial policy. The government’s current financial crackdown and regulatory tightening is aimed at China’s debt, which is still expanding at about 14 per cent per annum and funded by increasingly short-term and volatile deposits. Financial conditions have been tightening with 10-year bond yields up by almost 2 percentage points over the past year to reach over 4 per cent, the highest for three years.
Markets expect the squeeze to continue, along with more bond defaults, and rising concerns about deteriorating debt service capacity and credit rollover risks. Zhou Xiaochuan, the outgoing head of the central bank, has warned of a “Minsky Moment” if leverage isn’t reduced.
Here is the rub, however. Slower credit expansion is leading to slower economic growth, as recent indicators confirm. Ostensibly, the party seems prepared for this as its focus shifts to inequality, social, rural development and industrial policy goals. Yet, if the government were willing to permit a proper and sustained deleveraging, it would have to accommodate much slower growth, higher unemployment, and degrees of financial and currency stress — none of which are yet present.
The central bank’s key policy rate has been raised but, at about 2.5 per cent, it is far from the 5-8 per cent seen in the tightening cycles in 2011 and 2013-14.
Monetary tightening has been modest, especially with producer price inflation running at about 7 per cent, and rising core consumer prices. All lenders and most borrowers, including the array of local government borrowing platforms, remain fully funded. The central bank continues to inject several hundred billion renminbi regularly to keep markets calm.
We need to pay attention to the December Economic Work Conference and the actions of the new Financial Stability and Development Committee. But past and current behaviour suggest that, faced with more growth volatility and downside risk, the government will again ease policy — so 2018 will be a crucial time to determine the guts of financial policy.
More generally, from behind a wall of controls on outward capital movements, China is showcasing to the world its state intervention and authoritarian model. From the other side, we can see strongly controlled capital markets, a currency against which foreigners can’t build major claims, and a limited appetite for voluntary deleveraging.
Xi Jinping’s China will have to resolve a fundamental contradiction between rising economic heft — and increasing political illiberalism — at a time of significant financial volatility.
...Alibaba goes offline with $2.9 billion stake in China's top grocer www.reuters.com
BEIJING (Reuters) - Internet giant Alibaba Group Holding Ltd (BABA.N) said on Monday it would invest HK$22.4 billion ($2.87 billion) for a major stake in China’s top hypermart operator, Sun Art Retail Group Ltd (6808.HK), part of a wider push into offline retail.
As part of an alliance with Auchan Retail S.A. [AUCH.UL] and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail would boost its stake, the three companies said in a joint statement.
The alliance would target opportunities in China’s $500 billion food retail sector, as Alibaba races to build big-data capabilities in the offline retail market where roughly 85 percent of sales are made.
“Physical stores serve an indispensable role during the consumer journey, and should be enhanced through data-driven technology and personalized services in the digital economy,” Alibaba Chief Executive Officer Daniel Zhang said in the statement.
Shares of Hong Kong-listed Sun Art, which were suspended on Nov. 13, resumed on Monday and were down 5.3 percent in morning trade, while the benchmark index .HSI was flat.
The deal would give French retailer Groupe Auchan SA, China’s Alibaba Group and Taiwanese conglomerate Ruentex 36.18 percent, 36.16 percent and 4.67 percent stakes respectively in Sun Art. Alibaba would replace Ruentex as the second-largest shareholder.
Alibaba has invested upwards of $9.3 billion in brick-and-mortar stores since 2015. It has launched many un-staffed concept shops in the past year, including grocery and coffee stores.
The $474 billion firm is taking more risks to secure offline, rural and overseas buyers as China’s urban e-commerce market shows signs of saturating, including purchasing extensive infrastructure which it had previously avoided.
“They’re getting into a territory that’s not their core strength ... for example securing a property, the licenses to sell certain products, paying tax, more labor and so on,” said Bain & Company analyst Weiwen Han.
“On one hand they really need to do it, but on the other hand they are facing a lot of challenges that they have never experienced before.”
Sun Art is China’s grocery store leader with about 8.2 percent of the market, according to data from Kantar Worldpanel.
It operates about 450 hypermarkets across China under the RT-Mart and Auchan banners. It also operates unmanned stores under the Auchan Minute brand.
It has been slow to go online, with its platform Feiniu lagging bigger players like China Resources and Wal-Mart Stores Inc (WMT.N).
In a separate statement, Sun Art said Alibaba’s Taobao China Holding Ltd would make a general offer for the company at HK$6.50 apiece.
Toshiba to raise \600 billion from investors www3.nhk.or.jp
Struggling electronics firm Toshiba says it plans to raise 600 billion yen, or about 5.3 billion dollars, by offering shares to 60 overseas investment funds.
On Sunday, Toshiba announced the decision, which was made by its board.
The firm says the funds raised will help the company improve its financial situation and avoid being delisted from the Tokyo Stock Exchange.
Toshiba has already decided to sell its semiconductor subsidiary in order to settle the company's debts by next March and avoid the delisting.
The board came up with the new share-selling plan because there are concerns that the anti-trust assessment of the chip sale, which is now underway in the relevant countries, may not be completed in time to allow the firm to meet the March deadline.
The sales are expected to increase the volume of the company's shares by 50 percent. This could effectively undermine the current shareholders.
Regarding such concerns, Toshiba says the primary purpose of the investment is not to influence Toshiba's business operations, but rather to make a net profit.
But analysts say they will watch what the investors do with the shares they've acquired.
Toshiba's largest shareholder is Singapore-based Effissimo Capital Management, which was established by former colleagues of Japan's most famous activist investor Yoshiaki Murakami.
Harumafuji questioned by Japan Sumo Association www.nhk.or.jp
Yokozuna grand champion Harumafuji has told sumo's governing body that he assaulted a lower-ranked wrestler.
Officials with the Japan Sumo Association questioned Harumafuji at the Ryogoku sumo arena in Tokyo on Sunday.
Harumafuji is accused of inflicting violence against Takanoiwa when they were dining out during a regional sumo tour last month. They are both from Mongolia.
Police have also questioned Harumafuji and are investigating the situation leading up to the assault.
Sources say Harumafuji admitted hitting Takanoiwa with his hands, but denied using a beer bottle.
The officials reportedly asked Harumafuji what happened before he hit Takanoiwa and how he reported the incident to his stablemaster.
Kagamiyama, a board member of the sumo association, spoke to reporters after the 2-hour session.
He declined to give details, only saying that Harumafuji had admitted assaulting the junior wrestler. He said the association will continue its investigation.
Kagamiyama also said he will interview the people who were drinking with the 2 wrestlers.
SouthGobi Resources says CEO arrested in China www.reuters.com
(Reuters) - Coal miner SouthGobi Resources Ltd said on Friday Chairman and Chief Executive Officer Aminbuhe was arrested on Oct. 11 and detained at the Rizhao City Detention Center in China as a suspect in a fraudulent loan case.
SouthGobi's board has formed a special committee to investigate the charges against Aminbuhe, it said.
Earlier this week, the company said Aminbuhe was on leave and appointed Bing Wang as interim CEO.
A person who answered the phone at the Rizhao detention center when Reuters called on Saturday would not comment on Aminbuhe's detention.
Aminbuhe joined SouthGobi as non-executive director in August 2015 and became the CEO a month later.
Before joining SouthGobi, Aminbuhe was a director at National United Resources Holding Ltd.
Vancouver-based SouthGobi, whose primary market is China, operates its flagship coal mine in Mongolia.
Mongolia's automotive gasoline imports increase by nearly 39 percent www.xinhuanet.com
ULAN BATOR, Nov. 17 (Xinhua) -- The volume of imports of automotive gasoline to Mongolia grew by 38.7 percent year-on-year in January-October 2017 to 210.5 million U.S. dollars, according to the National Statistics Committee of Mongolia on Friday.
Meanwhile, the import of diesel fuel increased by 90.7 percent compared to the same period in 2016, amounting to 347.9 million dollars.
As experts noted, the increase in volume of imported fuel demonstrates the activation of Mongolia's economy.
Meanwhile, the import of kerosene for the first 10 months of this year grew by 24 percent, compared to the same period last year. As a result, the total amount of imported aviation fuel was 24,800 tons.
It should be noted here that the Mongolian Parliament has increased the excise tax on imported fuel since July of this year in frames of the continuation of the implementation of IMF's Expanded Fund Facility Program in Mongolia.
According to the agreement reached with the IMF, the Parliament of Mongolia in October 2017 had to raise the excise tax on gasoline, but the Ministry of Mining and Heavy Industry of Mongolia proposed to postpone the consideration of the above-mentioned issue for uncertain term.
According to the National Statistics Committee, Mongolia imported about 94 percent of the fuel from the Russian Federation in 2016, in particular, from the Rosneft oil company.
In 2017, more than 96 percent of imported fuel was imported from Russia, and the rest from China.
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