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.

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.
Stories
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.

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.

The sides have agreed to review the results of SWAP agreement on exchanging currencies and criteria and legal adjustments for a foreign bank to open a branch in Mongolia.

The Bank of Mongolia has organized a campaign for “Proper Use of National Paper Bills”, involving 14 commercial banks and local branches of the central bank. The campaign appealed people not to offer money for mountains and ovoo (stone cairns) during religious ceremonies. The campaign has been estimated to have reached over one million people.

The Bank of Mongolia is announcing the next campaign called “Gold”. In accordance with the President’s direction issued last December, gold buying price of the central bank has been designated in line with the global market price. At the moment, an ounce of gold costs MNT 333 thousand. Since the price regulation, the central bank’s gold purchase has hit the all-time high by reaching 18.6 tons. The amount of gold submitted to the Bank of Mongolia within the first half of 2017 showed increase of 5.5 percent against last year.

The investment firm he runs, Berkshire Hathaway, is in talks to buy a stake in Latin American reinsurer IRA Brasil Resseguros, according to a Bloomberg News report. The purchase would take place following an initial public offering for the company scheduled to be completed sometime before July 27.

The IPO is expected to raise as much as 2.9 billion reals ($920 million), with the Brazilian government as its biggest shareholder, holding a 27% stake.

The proposed investment in IRA Brasil Resseguros isn't Buffett's first foray into the reinsurance business. Until 2015, he owned stakes in the world's two largest reinsurers — Swiss Re and Munich Re. He's also credited the proceeds from past reinsurance investments with helping build his great wealth.

The deal would be the latest in a flurry of activity for the 86-year-old Buffett, who was approached by Sprint earlier this month to make an investment of more than $10 billion in the wireless-service provider.

Berkshire Hathaway's most recent deal was a $377 million investment in real estate investment trust Store Capital on June 26, giving the firm a 9.8% stake. Store's shares surged as much as 11% following the announcement.

Shares of Berkshire Hathaway are up 5.5% this year.

The market money supply stands at MNT 13.5 trillion, showing a 4 percent increase than the same period of the previous month. MNT savings constitute 53 percent of the money supply whereas foreign currency savings 17.3 percent.

A.Anand, senior specialists at the Research and Statistics Department said, “Foreign currency savings have been continually decreasing in recent months, and it’s because MNT exchange rate against the USD has been increasing”.

He continued, “Credit balance has reached MNT 12.9 trillion”, citing an increase by MNT 872.2 billion than the same period of the previous year. 47.5 percent of total credits are loans to individual and 51.5 percent are loans to private sectors, with the 6.2 percent being expired and 8.8 percent being outstanding. Moreover, 1105 individuals have been granted housing mortgage loans in the last month, making the number of housing mortgage loan holders 91.916.

The specialist continued to report on the balance of payments deficit in the first quarter which stands at USD 63 million. Trade turnover has reached USD 3.9 billion, and increase of oil import by USD 134 million, coal export by USD 796 million and equipment import by USD 146 million contributed to it, the bank reported.

Changes in big emerging markets will be reflected in the IMF's voting structure, and the Fund will need to increase its representation in the region, according to Lagarde.

“Which might very well mean, that if we have this conversation in 10 years' time...we might not be sitting in Washington, DC We'll do it in our Beijing head office,” the Fund’s Managing Director said.

Lagarde highlighted that emerging economies are currently growing larger and more influential.

She added that the IMF's bylaws call for the institution's head office to be located in the largest member economy.

Since its establishment 70 years ago the IMF has always been located in the US. The US government has an effective veto over IMF decisions with a 16.5 percent share of its board votes.

According to analysts, China with growth rates forecast above six percent has a chance to overtake the US in gross domestic product during the next ten years and become the world's largest economy in nominal terms.

However, some experts, including IMF economists, argue that China already contributes more to global growth on a purchasing power parity basis, which adjusts for differences in prices.

The voting structure was last revised by the IMF in 2010, with China's share increased to 6.41 percent. The Fund is planning to set another review next year.