Minister N. Tserenbat reflects on Mongolia's tourism potential www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Environment and Tourism N.Tserenbat briefed Irina Kravchenko, the European Bank for Reconstruction and Development (EBRD) Head of Mongolia, on his priorities and policy directions on November 10.

The meeting was also attended by Svetlana Radchenko, EBRD Senior Banker in charge of infrastructure affairs. Appreciating the EBRD’s investment into entities working in the area of renewable energy, Minister N.Tserenbat inquired into possibilities of directing EBRD investment into development of tourism infrastructure.

“Tourism sector development is based on the opportunities of private sectors in Mongolia. Investment is lesser in tourism sector than major industries like mining,” said the Minister, citing a promise he made upon his appointment which is to attract a million tourists to Mongolia in a short amount of time and increase tourism revenue to USD 1 billion. “If we look at Mongolia’s geographic and other advantages, it is not a dream number,” he said.

The Minister proceeded to introduce his action plan, which will focus on several areas – universalizing service quality in all parts of Mongolia, ensuring transport safety and improving the services offered by hotels and camps and assisting companies working in air transport.

The Minister touched upon the Cabinet’s action plan which comprises major projects and developments targeting tourism sector, expressing his readiness to put all necessary efforts in order to put these plans into action. “Most importantly, tourism sector can’t continue with the current self-financing mode, which is why long-term cooperation with international organizations is ideal,” said the Minister, expressing his hope to strengthen cooperation with the EBRD.

In return, the EBRD Head of Mongolia expressed the bank’s readiness to cooperate with public organizations as it has experience in working with private entities. “There are dozens of opportunities for cooperation,” she said, emphasizing the high environmental standards the Bank sets in all projects.

She also informed that the Bank will be co-implementing an infrastructure project in cooperation with the Mongolian Government. The project team includes a representative from the Ministry of Environment and Tourism. The EBRD is also working with the Government on infrastructure development in the capital city, which will serve as a contributing factor for attracting more tourists.

“Environment and tourism are inseparable,” remarked Irina Kravchenko, pointing out how air pollution is affecting winter tourism in Mongolia. She suggested that more detailed discussion on projects and investment areas is needed between the sides.

As such, the meeting paved the way for a closer and broader cooperation between the Ministry of Environment and Tourism and the EBRD. Over the years, the EBRD has made an investment worth USD 1.5 billion into Mongolia.

Environment Minister N.Tserenbat has also met country directors of the Asian Development Bank (ADB) and World Bank Group (WBG).

Gold demand from China picks up again www.resources.mn

China seems to have recovered its appetite for gold, with demand for bars and jewellery markedly increasing in the first nine months of the year, data from the China Gold Association shows.

Weekly trading report www.mse.mn

During the week spanning November 06 to November 10, 2017, MNT2,061,273,576.21 worth of securities were traded through 5 trading sessions on the MSE. The daily average MNT volume was 412.6 million.

These 35 cities in China are as wealthy as some countries www.rt.com

Decades of skyrocketing economic growth have resulted in some Chinese cities having economies as big as many countries.

Former star funds crash out of Europe’s top list www.ft.com

Almost half of the 20 largest actively managed funds in Europe in 2012 have disappeared from the same ranking in 2017, as portfolio manager departures, the hunt for yield and upheaval in Asian markets transformed the continent’s investment industry.

Nine new funds have entered the top-20 chart over the past five years, pushing out old favourites including Pimco’s Total Return and Diversified Income funds, according to figures compiled for FTfm by Morningstar, the data provider.

Pimco’s Total Return fund, which ranked as the third-largest fund in Europe five years ago, no longer appears in the top 20. Investors fled the fund on the back of the departure of Bill Gross, the famed bond investor.

Invesco Perpetual’s High Income and Income funds also fell out of the top 20 after Neil Woodford, who ran the products, quit Invesco in 2013 to set up his own asset management company.

Ali Masarwah, a director at Morningstar Europe, said: “You get celebrities among fund managers. If the celebrity exists, money will usually flow out of the funds.”

Several funds rose up the charts as investors went on the hunt for income because of the low interest rate environment, according to the data. This included Pimco’s Income fund, which did not appear in the 2012 ranking but surpassed €50bn in assets in September and is now Europe’s largest mutual fund.

JPMorgan’s Global Income fund, DWS Top Dividende and Nordea’s Stable Return were also entrants to the ranking, each appearing in the top 10.

Massimo Greco, head of European funds at JPMorgan Asset Management, said: “European investors are seeking income as a result of demographics and macroeconomic factors that keep interest rates low.”

Chris Chancellor, a partner at Mackay Williams, the asset management consultancy, added: “Since the end of the crisis, we’ve seen a whole new type of fund rise up the rankings: those offering some kind of solution, whether that is income or a stable return.

“More building-block options, such as the core equity funds, have fallen out of favour for the time being and this [has led to] some funds falling out of the rankings.”

According to the data, the dominant position of Franklin Templeton, the US fund house, has been challenged in Europe over the past five years. In 2012, the emerging markets specialist was home to Europe’s largest actively managed fund, the Templeton Global Bond vehicle run by Michael Hasenstab. But this has dropped to 15th position over the past five years.

Its Templeton Asian Growth fund also fell out of the top 20 since 2012. The company has suffered because of a sell-off in emerging markets during 2013 and 2014, and concerns about performance.

“Franklin has had a pretty rough few years. Performance was quite poor relative to the peers,” said Mr Masarwah, adding that investors continue to pull money from the asset manager.

Aberdeen Global Emerging Markets Equity, Axa’s US short duration high yield, AllianceBernstein’s American Income and M&G’s Recovery funds also fell out of the top 20 over the past five years.

While many of the largest funds in Europe are run by huge asset managers, the data revealed some smaller investment houses are doing well. Two funds from Carmignac, the French boutique, and an equity fund run by Terry Smith, who set up a UK-based asset management company in 2010, appear in the top 20.

Bitcoin Plunges 29% From Record High www.bloomberg.com

Bitcoin plummeted, extending its drop to 29 percent from a record high, on speculation some traders were buying its offshoot amid a struggle over the digital currency’s future.

Washington State company trying to revive shuttered coal mine www.mining.com

A Washington State company is trying to resist the wave of U.S. coal mine and coal plant closures by re-opening the John Henry Mine in King County.

Uber board strikes agreement to pave way for SoftBank investment www.reuters.com

SAN FRANCISCO/NEW YORK (Reuters) - Uber Technologies Inc’s [UBER.UL] warring board members have struck a peace deal that allows a multibillion-dollar investment by SoftBank Group Corp to proceed, and which would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.

India's only copper miner plans to nearly triple production at largest mine www.mining.com

Hindustan Copper is making moves to expand its production and operations in India where the company has a monopoly on copper mining.

Dubai Airshow: Boeing wins $15bn order from Emirates www.bbc.com

Emirates has ordered 40 Boeing 787 Dreamliners in a deal worth about $15bn (£11.3bn) at list prices.

The Dubai airline's chairman, Sheikh Ahmed bin Saeed al-Maktoum, said the aircraft had been chosen over the Airbus A350.
He had been expected to announce a big order for the Airbus A380 superjumbo at the media briefing.
Airbus desperately needs more orders for the A380, the biggest passenger aircraft in the skies.
The Franco-German company and Emirates were understood to be in intense final negotiations to have an announcement ready for this week's show.
Emirates, the largest airline in the Middle East, is already the biggest customer for Boeing's 777, with 165 in service and another 164 on order.
Sheikh Ahmed said Sunday's order raises the cost of its purchase of Boeing aircraft to $90bn. Some of the new 787s will be used to replace older planes, while others will be used to expand the airline's network.
Boeing welcomed the deal, which Kevin McAllister, head of its commercial aviation division, said would sustain many jobs in the United States.
Deliveries of the aircraft are scheduled to start in 2022.
Also on Sunday, Azerbaijan Airlines said it was buying five Dreamliners, as well as two Boeing freighters, in a deal worth an estimated $2bn.
Amid the display of military hardware and the latest civil aircraft, it is the traditional rivalry of Boeing and Airbus that grabs the airshow headlines.
So far this year, Boeing has won about 65% of the new orders placed for aircraft globally.
Neither Emirates nor Airbus would comment on the status of the rumoured A380 order, which would help protect jobs at the aircraft manufacturer's plant in north Wales, where the wings are made.
Emirates has been the biggest customer for the A380, having bought 142 of the almost 320 that are in service or on the production line. The last order for the superjumbo came two years ago, when Japan's ANA purchased just three planes.
In July Airbus said it would again cut annual production of the A380 from 12 to eight. Two years ago Airbus was making 28 planes a year.