1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

Category

Events

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

64x64

Russian military plane crashes in Black Sea near Sochi www.bbc.com

A Russian military plane with 92 people on board has crashed into the Black Sea, Russia's defence ministry says.
The plane disappeared from radar 20 minutes after taking off from the resort of Sochi at 05:20 (02:20 GMT). Fragments have now been found and one body has been retrieved.
The defence ministry said the Tu-154 was carrying soldiers, 64 members of the famed Alexandrov military music ensemble and nine reporters.
It was flying to Latakia in Syria.
The flight originated in Moscow and had landed at Adler airport in Sochi for refuelling.
The defence ministry said in a statement: "Fragments of the Tu-154 plane of the Russian defence ministry were found 1.5km (one mile) from the Black Sea coast of the city of Sochi at a depth of 50 to 70m (165-230ft)."
So far no survivors have been found, local rescuers told the Interfax news agency.
Defence ministry spokesperson Igor Konashenkov confirmed that the "body of a person killed as a result the crash... was found 6km off the coast of Sochi".

It was founded in 1928 during the Soviet era
The group also includes an orchestra and dancers
It takes its name from its first director, Alexander Vasilyevich Alexandrov, who wrote the music to the national anthem of the Soviet Union
Holds the right to use the term Red Army Choir, although the interior ministry's MVD Ensemble also uses it

The defence ministry has published a passenger list (in Russian), showing that 64 of those on board were from the Alexandrov Ensemble.
There were nine journalists, eight soldiers, two civil servants, an NGO member and eight crew members.
Reports in the area said flying conditions were favourable. An investigation has been launched to determine whether any violations of air transport safety regulations had taken place.
Mr Konashenkov said the plane was carrying passengers to a New Year's performance for Russian troops deployed in Syria.
The performance was scheduled to take place at Russia's Hmeimim air base, near Latakia.
Russia has been carrying out air strikes in support of Syrian government forces who are battling rebels opposed to Syrian President Bashar al-Assad.

The backbone of Soviet and Russian airlines for decades
Three engines, narrow-bodied and medium range
Designed in the mid-60s, came into service in 1972 and was modernised in 1986 with new engines and equipment
Has seen 39 fatal accidents, although few were due to technical problems. Many were as a result of difficult weather conditions and poor air traffic control. A few were lost in conflicts including in Lebanon, Georgia and Afghanistan
Phased out since the turn of the century. Aeroflot retired its fleet in 2010. Only about 50 in service worldwide
In April 2010, a Tu-154 plane crashed in Smolensk, western Russia, killing all 96 people on board, including the Polish President Lech Kaczynski.
A Tu-154, operated by Siberian Airlines, was shot down over the Black Sea in October 2001, killing 78 people.
The plane was travelling from Tel Aviv in Israel to Novosibirsk in Russia, and most of the passengers were Israeli.
The Ukrainian military initially denied involvement but officials later admitted the plane could have been hit accidentally during a training exercise.

...


64x64

City Governor`s Office approves MNT 3.2 billion to reduce air pollution www.mongolia.gogo.mn

 
The Government is working to improve air quality by decreasing coal consumption and promoting brickette manufacturing plants, which replace coal.
City Governor`s Office reports that about 10 brickette manufacturing plants are operating in Mongolia. For instance, Mon Watt LLC has performed experiment on German technology for two years, which can produce heat for 16 hours a day, accumulating cheap electricity at night.
In addition, the Government has planned to cut electricity night tariff by 50 percent while approved MNT 3.2 billion for 2017 City Budget​ to reduce air pollution.​
National committee to reduce air pollution budgeted MNT 5 billion for 2017. Of which MNT 3.5 billion will be spent on night tariff discount, MNT 450 million will be spent on improved stoves and MNT 400 million will be spent on brickette.
Moreover, the World Bank to invest MNT 7.8 billion for the Ulaanbaatar Clean Air Project (UBCAP).
In scope of UBCAP, 200 air purifiers have supplied to 50 kindergartens in ger-districts, with total of 7500 children aged 2-5 years.
Anti pollution masks were handed over to 40 thousand students of 51 schools, that are located in the most polluted areas of the city. Anti pollution masks, produced by the Erbum LLC, are capable of filtering out PM2.5 airborne particulate matter with up to 99 percent.
The UN Children's Fund​ hihghlights that air pollution of Ulaanbaatar city exceeds 7 times above the recommended levels, as compared with the World Health Organization safe level of 25.
...


64x64

New version of Law on Development Bank presented www.montsame.mn

 
Ulaanbaatar /MONTSAME/ Draft new wording of the Law on Development Bank of Mongolia was presented to the Vice Speaker Ts.Nyamdorj on Thursday by B.Javkhlan, D.Terbishdagva, Z.Narantuya, M.Oyunchimer and B.Undarmaa MPs.
 
Although the main functions of the Development Bank, since its establishment, have aimed at funding projects for promoting the country’s economic growth pursuant to related laws and regulations, the lack of certainty in the related laws and regulations has been pulling back from the performance of the bank, resulting in decline of budgetary and fiscal spheres.
 
The new wording of the law has been prepared based on the successful practices from other countries and in harmony with the development policies of Mongolia. If adopted, the law will facilitate the bank with possibilities to work independently from the politics, and with full transparency.
 
The law initiators have reportedly prepared the draft law in order to regain global investors trust in Mongolia and improve Mongolia’s credit rating.
...


64x64

Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S. www.reuters.com

 
Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.
 
The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.
 
It also highlights the Justice Department's recent efforts to hold European banks accountable for shoddy securities that contributed to the U.S. housing market collapse.
 
The department sued Barclays PLC on Thursday over similar claims, after having reached $46 billion in settlements with U.S. banks over the last three years.
 
Deutsche Bank does not plan a capital increase to cover the settlement, a person close to the bank said. The lender expects the agreement to be finalized in early 2017, before President-elect Donald Trump takes office, said the source, who spoke on the condition of anonymity.
 
Deutsche does expect to record a pretax charge of about $1.17 billion in its fourth quarter because of the civil monetary penalty, according to its press release.
 
As part of the agreement, Deutsche Bank would pay a civil monetary penalty of $3.1 billion and provide $4.1 billion in consumer relief, such as loan forgiveness. The bank cautioned that there is "no assurance" the two sides will agree on the final documents.
 
A spokesman for the Justice Department declined to comment.
 
Settling the mortgage-securities case would mean Deutsche Bank has shaken off one legal headache. Three major probes remain.
 
Deutsche faces investigations into the alleged manipulation of foreign exchange rates, suspicious equities trades in Russia, as well as alleged violations of U.S. sanctions on Iran and other countries.
 
Since 2012, Deutsche Bank has already paid more than 12 billion euros for litigation, including a deal with U.S. mortgage-finance giants Fannie Mae and Freddie Mac.
 
Deutsche Bank's "troubling practices" were widespread, including when trader Greg Lippmann told colleagues that many home loans the bank was packaging into securities were "crap" and "pigs," according to a 2011 U.S. Senate subcommittee report.
 
Lippmann has declined to comment on the report.
 
There has been fear among investors, companies and regulators that the penalties are too much for Deutsche Bank to withstand.
 
Its shares plunged to a record low of 9.90 euros in September, after the bank confirmed the Justice Department was demanding $14 billion. The stock has recovered substantially, but is down from the beginning of 2016.
 
OTHER BANKS
 
The Justice Department is still pursuing mortgage allegations against other lenders in addition to Barclays.
 
Credit Suisse Group AG is in late-stage negotiations and has resisted a demand by the agency that it pay between $5 billion and $7 billion over its sale of mortgage securities, sources have said.
 
Royal Bank of Scotland Group PLC, Wells Fargo & Co, UBS Group AG and HSBC are also under investigation, according to company disclosures.
 
U.S. banks have paid tens of billions of dollars over the past three years to settle with U.S. authorities over misleading investors about the quality of mortgages underlying securities.
 
In 2013, JPMorgan Chase & Co agreed to pay $13 billion. The following year, Bank of America Corp agreed to pay $16.65 billion, while Citigroup cut a deal for $7 billion. In February this year, Morgan Stanley agreed to pay $2.6 billion, and in April, Goldman Sachs Group Inc negotiated a $5 billion deal.
 
Deutsche is not the first bank to announce a settlement amount before both sides have agreed on the final documentation. Morgan Stanley disclosed its agreement a year before it was finalized and formally announced.
...


64x64

Chinese consortium buys 49% stake in UK data firm www.chinadaily.com.cn

 
A Chinese consortium has bought a 49 percent stake in British data center company Global Switch for 2.5 billion pounds ($3.09 billion), in a strategic move aimed at sharing data center technology and locations.
 
The consortium was set up by data center company Daily-Tech Beijing, although the majority of the funding comes from Jiangsu Shagang Group, China's largest private steelmaker.
 
Wednesday's deal came as Chinese and Western companies expand into each other's markets, creating a big demand to store data in international locations.
 
The partnership allows both data center companies to follow their clients' expansion footsteps overseas and help them store data in convenient locations.
 
Global Switch has begun building data centers in the Hong Kong Special Administrative Region and Singapore, using high quality technology to help Daily-Tech Beijing's clients store data.
 
John Corcoran, CEO of Global Switch, said the investment will help Global Switch's global expansion and, in particular, help it serve Chinese companies expanding overseas and Western companies growing in China.
 
Founded in 1998, Global Switch now has 10 data centers in Europe and Asia. The company is owned by the billionaire Ruben Brothers, who purchased it in 2004 for reportedly 585 million pounds, but have invested more than 1 billion pounds in expanding the business.
 
Daily-Tech Beijing was founded in 2009 and now owns five data centers in China, providing data storage for Chinese and multinational companies, including Schneider Electric, Johnson Controls, China Telecom, China Unicom and China Mobile.
 
"We believe that bringing together the high quality data centers and operational excellence of Global Switch with the rapidly growing demand from Chinese customers creates a perfect match that will deliver future growth opportunities," said Li Qiang, president of Daily-Tech Beijing.
 
Alan Barrell, entrepreneur in residence at the University of Cambridge's Judge Business School, said the partnership will help Daily-Tech Beijing achieve a bigger international reach in data handling and storage and help Global Switch to grow its business with the new investment.
 
"There will also be synergy for technology development, to enable data centers to become ever more efficient and secure and enhance the quality of their offering," Barrell said.
...


64x64

Japan Exchange Group attracting Saudi Aramco www3.nhk.or.jp

 
Saudi Arabian officials are preparing for an initial public offering of the world's largest state-run oil company, Saudi Aramco. They are eyeing several global markets for the 2018 debut, including the Tokyo Stock Exchange.
 
Saudi Industry and Mineral Resources Minister Khalid al-Falih met in Riyadh with the CEO of the Japan Exchange Group, Akira Kiyota. The group operates the TSE.
 
Saudi Aramco's market capitalization is estimated at more than 1.7 trillion dollars. There is also speculation the company will debut in New York or London.
 
After the meeting, Falih told NHK that the TSE will be given a sufficient chance.
 
He said the number of international companies that are listed on the TSE is not as large as other stock exchanges, so Saudi Arabia has to do its due diligence to make sure there is no reason to prevent an international company from being listed.
 
Kiyota said he believes the Saudi Arabian officials understood the TSE's appeal. He said he will visit the country again any time if necessary.
...


64x64

Volkswagen reaches deal with 80,000 U.S. 3.0-liter vehicle owners www.reuters.com

 
A federal judge said on Thursday that Volkswagen AG (VOWG_p.DE) has reached an agreement in principle to provide "substantial compensation" to the owners of about 80,000 3.0-liter polluting diesel vehicles, a key hurdle to resolve the German automaker's emissions scandal.
 
U.S. District Judge Charles Breyer did not disclose the amount of owner compensation, which is not included in a $1 billion settlement announced earlier this week between VW and U.S. regulators. Half of the compensation will be paid at the time Breyer gives final approval of the settlement. Some fixes for the 3.0 liters may not approved until 2018, Breyer said.
 
Earlier this week, Volkswagen reached the $1 billion settlement with U.S. regulators, offering to buy back about 20,000 of the vehicles, fix the remaining 60,000 and pay $225 million into an environmental trust fund to offset the vehicles' excess emissions.
 
The settlement covered luxury VW, Audi and Porsche vehicles with 3.0-liter engines. With the agreement, Volkswagen would spend as much as $17.5 billion in the United States to resolve claims from owners as well as federal and state regulators over polluting diesel vehicles in addition to compensation for the 3.0-liter owners.
 
Volkswagen spokeswoman Jeannine Ginivan said the automaker was pleased with the agreement in principle, but said details will remain confidential for now.
 
Breyer said the final agreement must be filed with the court by Jan. 31, and he expects to hold a Feb. 14 hearing to approve the deal.
 
The U.S. Federal Trade Commission is also expected to back the deal, Breyer said.
 
Volkswagen, the world's No. 2 automaker, could still spend billions of dollars more to resolve a U.S. Justice Department criminal investigation and federal and state environmental claims and come under oversight by a federal monitor.
 
It is possible a deal could be reached before the end of the Obama administration, said sources briefed on the matter.
 
Breyer in October approved VW's earlier settlement worth about $15 billion with regulators and the U.S. owners of 475,000 polluting diesel vehicles with smaller 2.0-liter engines, including an offer to buy back all of the cars.
 
VW lawyer Robert Giuffra said Thursday the automaker has offered buybacks to nearly 200,000 customers and 104,000 have accepted the offer at a value of nearly $2 billion.
 
VW had agreed to pay $5,100 to $10,000 in compensation to each of the U.S. 2.0-liter owners. If the new settlement follows the pattern, it could add $400 million to $800 million to the 3.0-liter settlement. But funds from a separate settlement with German auto supplier Robert Bosch GmbH [ROBG.UL] are expected to defray VW's compensation costs.
...


64x64

Ikea in $50m settlement over child deaths from falling drawers in US www.bbc.com

 
Ikea has agreed to pay $50m (£40m) to the families of three toddlers killed in the US by falling chests of drawers, according to lawyers for the families.
The lawyers said the payout, one of the biggest of its kind, reflected the seriousness of the case.
Camden Ellis, 2, Curren Collas, 2, and 23-month-old Ted McGee were crushed after Malm drawers from Ikea toppled onto them.
Ikea confirmed a "tentative settlement" had been reached.
"The settlement is not yet approved by the court and it would be inappropriate for us to comment on it at this time," the Swedish furniture firm said in a statement.
In June, Ikea issued a recall for millions of Malm chests of drawers in North America.
Initially, the company had warned customers to use wall mounts with them, but the third death in February prompted the recall.
Wooden chest of drawersImage copyrightIKEA
Image caption
Lawyers at Feldman Shepherd said the $50m would be split evenly between the families.
They added that, as part of the settlement, Ikea had also agreed to make three separate $50,000 donations to hospitals in memories of the children and a $100,000 contribution to a charity focused on child safety.
"This is one of the biggest recoveries in a child death case, a reflection in part of the seriousness of what happened," Alan Feldman, a partner at the law firm, told the BBC.
"Three toddlers were crushed to death in three entirely preventable accidents," he added.
Camden Ellis, from Washington State, was found trapped under a three-drawer Malm in June 2014, the law firm said.
Curren Collas, from Pennsylvania, was crushed by a six-drawer Malm in February 2015, and Theodore McGee was killed by the same sized chest a year later.
Under the settlement, Ikea has agreed to only sell chests in the US that meet or exceed the national voluntary safety standard for clothing storage units, the law firm said.
It added that Ikea would also spend more to raise awareness of the problem, including TV adverts, internet and digital communications and in-store warnings.
The deaths prompted the US Consumer Product Safety Commission to launch an education campaign about the risk of falling chests of drawers.
...


64x64

Italy approves bailout for Monte dei Paschi www.bbc.com

 
Italy's cabinet has approved a state-bailout for the country's third-largest bank, Monte dei Paschi di Siena.
Prime Minister Paolo Gentiloni said his government had authorised a €20bn ($21bn, £17.9bn) fund to support Italy's embattled banking sector.
The announcement came after Monte dei Paschi had failed to raise €5bn from private investors.
The Italian bank said it would request a capital injection from the state to stay afloat.
Under new EU rules on bank bailouts, the bailout will entail a forced conversion of the bank's junior bonds into shares.
A state bailout risks losses for thousands of ordinary retail investors. Small investors are estimated to hold some €2bn of Monte dei Paschi's bonds.
However, the government will need to stick to new European Union rules designed to stop tax payers bearing the brunt of supporting weak banks.
The Italian parliament had already authorised the government to create a fund to prop up the bank sector.
Founded in 1472, Monte dei Paschi is said to be the oldest surviving bank in the world.
It failed an EU stress test in July due to billions of euros of risky loans on its books, made to clients who cannot afford to repay them.
The situation has worsened since then.
On Wednesday, Monte dei Paschi revealed that it could run out of funds by next April, using up nearly €11bn.
Previously it had said it had the funds to stay afloat for 11 months.
It added that by next May, it could burn through even more - €15bn in total.
...


64x64

Meet the Chinese Billionaire Who's Moving Manufacturing to the U.S. to Cut Costs www.msn.com

While it has been said for a long time that the U.S. is bleeding manufacturing jobs overseas, particularly to China, some businesses have been moving operations the other way round.

And now, the head of a leading Chinese glass maker making the same move has openly questioned if his country really is such a lucrative destination for offshore factories, reports Hong Kong newspaper the South China Morning Post.

Overall speaking, the tax burden for manufacturers in China is 35% higher than in the U.S., Cao Dewang told China Business Networkin an interview. He added that a combination of cheap land, reasonable energy prices and other incentives means that, despite higher manufacturing costs, he can still make more money by making glass in the U.S. than by exporting Chinese-made panes to the U.S. market.

His company, Fuyao Glass, has invested over $1 billion stateside, according to the Post, the most significant move of which is opening its U.S. factory in the Ohio town of Moraine, a suburb of Dayton, back in October. The glass maker is re-purposing the town's former General Motors assembly that had been standing empty since late 2008, as the Dayton Daily News reports.

According to Ohio TV station WDTN, the plant now employs a workforce of almost 2,000, and Cao expects that the fully operational facility will employ up to 3,000 workers.

Wage and transportation costs are getting higher in China, Cao says. Compared with four years ago, labor wages [in China] today have tripled, he told China Business Network. Meanwhile, transportation in the U.S. costs the equivalent of less than one yuan ($) per kilometer, while road tolls [in China] are higher, he added, pointing out that some mid- and small-sized Chinese enterprises have already started moving to Southeast Asian countries like Vietnam and Cambodia for cheaper wages and materials.

Fuyao is not the first Chinese business making the move across the Pacific in recent years. According to the Wall Street Journal, Chinese companies invested over $20 billion in the U.S. last year -from a practically nonexistent total investment back in 2006.

And yet, it would probably be mistaken to write off the world's second largest economy as a manufacturing powerhouse once and for all. As Fortune reported in early December, the latest data indicates that China's manufacturing sector is in its strongest position in some years, buttressing the country's economic growth along the way.

...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook