Events
Name | organizer | Where |
---|---|---|
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Toyota and Suzuki agree to begin formal talks on partnership www.reuters.com
Mazda, Subaru brace for Trump's trade policies www.asia.nikkei.com
Areva deal signals chilled French-Chinese nuclear partnership www.asia.nikkei.com
Freedom House rates Mongolia ‘Free’ www.en.montsame.mn
Apple to start making iPhones in India, says state government www.bbc.com
Rolls-Royce faces civil service inquiry over UK state funding www.theguardian.com
Toshiba begins negotiation for sale of chip unit www3.nhk.or.jp
Coking coal price finally breaks fall www.mining.com
On Friday, Chinese traders returned to financial markets after the lunar new year break welcomed by a surprise interest rate announcement from the People's Bank. It's the latest sign that Beijing's stimulus efforts are coming to a close and that stoking economic growth is no longer the number one priority.
Friday's Caixin manufacturing PMI reading was also a disappointment showing Chinese manufacturing activity are losing some momentum at the start of 2017. The reading came in at 51.0 in January, down from the near four-year high of 51.9 that it hit in December and below expectations.
Nevertheless after 12 weeks of non-stop declines traders on Friday finally pushed the price of coking higher, albeit only by a few cents. The steelmaking raw material broke its fall at $167.80 on Friday, still $140 below its multi-year high of $308.80 per tonne (Australia free-on-board premium hard coking coal tracked by the Steel Index) hit in November.
Indian consortium plans to restart Benga mine in Mozambique bought from Rio Tinto for a fraction of Melbourne company's original purchase price
There was a more than $100 differential between the spot price average and the fourth quarter contract benchmark, but that situation has now completely reversed. Benchmark contract prices for the Q1 2017 were settled between Australian miners and Japanese steelmakers at $285 a tonne.
While the rally and subsequent pullback has created uncertainty in the market, supply is beginning to respond to higher prices.
Earlier this week International Coal ventures (ICVL), a consortium of five state-run coal mining operations, announced plans to restart operations at the Benga mine in Mozambique according to a report in the Financial Express.
ICVL acquired control of Benga mine and two green-field coal assets (Tete East and Zambezi) in 2014 from Rio Tinto. The assets have an estimated coal resource of 2.6 billion tonnes and in its current form Benga can produce 5.3 million tonnes per year. Mining was suspended in May when met coal was trading below $100 a tonne.
Rio Tinto acquired the Benga mine and other coal projects in the Southern African country’s Tete province in 2011, after buying Australia's Riversdale Mining for $3.7 billion. But in 2013 the Anglo-Australian giant took an asset impairment charge of $3 billion on the coking coal venture citing challenges in building the necessary infrastructure to bring the project on stream. A year later Melbourne-based Rio sold the assets to an Indian company for just $50 million.
Mozambique's central Tete province is believed to hold one of the world's largest untapped coal reserves that has been compared with Australia's coal-rich Bowen Basin.
The US is also expected to increase its coking coal production in 2017 and that around 9 million tonne of US met coal will be added to the export market. Companies such as Warrior Met Coal, Rosebud Mining and Ramaco already plan to start operations in the new year.
Australian coking coal mines owned by miners South32 and Anglo American are expected to once again produce at full capacity in 2017 following force majeure stoppages in late 2016, while Conuma Coal Resources is restarting production at its Wolverine mine in BC, Canada exporting around 1.5 million tonnes of coking coal a year starting in April.
Despite the pullback metallurgical coal had more than doubled from multi-year lows reached in February last year. Coking coal averaged $143 a tonne in 2016 (about the same as it did in 2013). Consensus forecast is for the price to average about the same in 2017.
In 2011 floods in key export region in Queensland saw the coking coal price briefly trade at an all-time high $335 a tonne.
...Trump's travel ban has revoked 60,000 visas for now www.reuters.com
About 60,000 visas were revoked under U.S. President Donald Trump's executive order temporarily halting immigration from seven Muslim-majority countries, the State Department said on Friday, in one of several government communications clarifying how the order is being rolled out.
The revocation means the government voided travel visas for people trying to enter the United States but the visas could be restored later without a new application, said William Cocks, a spokesman for consular affairs at the State Department.
"We will communicate updates to affected travelers following the 90-day review," he said.
Earlier news reports, citing a government attorney at a federal court hearing, put the figure at more than 100,000 visas.
The government issued over 11 million immigrant and non-immigrant visas in fiscal year 2015, the State Department said.
The immigration executive order signed by Trump a week ago temporarily halted the U.S. refugee program and imposed a 90-day suspension on people traveling from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. Trump said the measures would help protect Americans from terrorist attacks.
Under President Barack Obama, Trump's predecessor, the United States added those seven countries as "countries of concern" under its visa waiver program, effectively toughening U.S. visa procedures for individuals who visited those places during the past five years.
Trump's executive order was at least in part informed by those restrictions. The new president, who took office on Jan. 20, went further by temporarily barring passport holders from those seven countries.
The State Department first issued the guidance about revoking the visas on Jan. 27, the day Trump signed his executive order, according to a memo filed in a court case in Massachusetts.
But confusion about the roll out of the order sparked protests at airports across the country where people had been detained and led to a wave of lawsuits filed by individuals, states and civil rights groups.
To further clarify how the order should be applied, the U.S. Citizenship and Immigration Services (USCIS) sent out a letter to all of its employees on Feb. 2, according to a copy of the memo seen by Reuters.
The memo said the agency was continuing to process all applications and petitions for people inside the United States regardless of their country of origin. It also said all applications for permanent residency and adjustment of status can move forward.
USCIS said they could not discuss internal employee communications.
The Department of Homeland Security had earlier clarified, after some initial back-and-forth, that the order would not apply to green card holders. Also people from the seven countries who hold dual citizenship are allowed to enter the United States on the passport of a non-restricted nation when eligible, according to Feb. 2 guidance posted by U.S. Customs and Border Protection's website.
...54TH ANNUAL ACADEMY OF AMERICAN AND INTERNATIONAL LAW (Save the date) www.mongolianbusinessdatabase.com
May 21 - June 23, 2017
The Center for American and International Law | Plano, Texas USA
Registrations are now being accepted for the 2017 Academy of American and International Law, which will be held May 21 - June 23 in Plano, Texas.
Why should you participate (or send a colleague)?
This question is answered in the 2017 Academy Brochure, but we also want to share the answers of some of our recent alumni:
Mary Hennessy, Gordon Dadds, United Kingdom
“The Academy gave me a wonderful opportunity to learn from some of the best professors and legal practitioners in the U.S., as well as my classmates. I came home from Dallas feeling more motivated and confident, inspired by the wonderful people I had met.
The Academy was an invaluable opportunity to meet people from all over the world, many of whom will remain important contacts in my professional career and great friends for the rest of my life."
Rodrigo Lepervanche Rivero, EY Venezuela, Caracas, Venezuela
“The Academy was definitely a landmark for my personal and professional life. The experience helped me to understand the law from a worldwide perspective, by having the opportunity to engage with more than 60 lawyers from 25 different jurisdiction, and the opportunity to be taught by the best professors in the U.S..”
Diego Rodríguez Ariztía, Guerrero, Olivos, Novoa Y Errázuriz, Santiago, Chile
"The 2016 Academy program was my personal best study experience. Not only because we learned lots about international related subjects with world-known teachers from some of the best U.S. universities, but also because of the people we met.
Meeting distinguished lawyers from all around the world gave me perspective, interaction and friends for life. I totally recommend the program, the experience, and Dallas itself. Take the chance and the opportunity and you will never regret it."
Please join us for a world-class learning experience. You will:
Learn about American and international business law from an all-star faculty
Develop a network of in-house counsel and law firm practitioners from more than 20 countries
Gain practical insights that will help you represent your clients
Be introduced to the people and the culture of the U.S. through a wide variety of out-of-class activities
We promise you an experience that you will never forget.
https://www.cailaw.org/Southwestern-In…/…/2017-academy.html…
Please contact Jasmine Hunt jhunt@cailaw.org directly or Ser Od Ichinkhorloo Country Coordinator of CAILAW at serod@b2bmongolia.com and 976 99066062 mobile for an additional inquiry.
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