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    

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

NEWS

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Uber lost $800 million in the third quarter www.businessinsider.com

 
Uber has notched yet another quarter of staggering losses.
 
That's according to a new story out from The Information's Amir Efrati, who reports that the ride-hailing company lost more than $800 million in the third quarter of this year. Those losses, which follow a reported $1.27 billion in the first half of the year, put Uber on track to lose $2.8 billion in 2016, according to The Information's calculation.
 
While the millions in losses look bad on the surface for Uber — which was most recently valued at $68 billion — those losses are growing more slowly than they used to.
 
The Information reports that in Q3, Uber's losses increased only 25% from a year ago. That's a slowdown from 35% in the second quarter vs. a year ago.
 
The slower-growing losses are likely the result of it selling Uber China to Didi Chuxing for $35 billion in August. Uber was waging an expensive and protracted battle in China, losing $1 billion a year trying to beat its local rival.
 
The Information dives deeper into Uber's finances and how it's faring against competitors in both the US and abroad, so head over to their website for more.
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Mongolian FM pays official visit to Nepal www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs of Mongolia Ts. Munkh-Orgil paid an official visit to the Federal Democratic Republic of Nepal from December 19 to 20, 2016 at the invitation of his Nepalese counterpart, Dr. Prakash Sharan Mahat.
 
During the visit, the Minister paid courtesy calls on Ms Bidhya Devi Bhandari, the President of Nepal, on Ms Onsari Gharti Magar, the Speaker of Parliament of Nepal and on Mr Pushpa Kamal Dahal, the Prime Minister of Nepal respectively. Afterwards, Minister Munkh-Orgil had official talks with the Minister of Foreign Affairs of Nepal, Prakash Sharan Mahat.
 
At the meeting, the sides discussed bilateral relations and international and regional issues of mutual concern. Also, the parties agreed to exchange journalists and media reporters, to hold dialogues on issues related to international affairs, and to develop inter-parliamentary relations.
 
At the end of the meeting, the both sides inked an Agreement between Mongolia and Nepal on exemption from visa requirements for holders of diplomatic and official passports.
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Copper price correction in full swing www.mining.com

 
The copper price hit an 18-month high on an intraday basis at the end of November, buoyed by a rebound in top consumer China and a hopes of stronger economic growth in the US.
 
But the metal has been mostly in retreat this month as doubts creep in about the impact of president elect Trump's fiscal stimulus plans and a stronger dollar prompts profit-taking.
 
On Monday copper for delivery in March, the most active contract, declined 3.4% from Friday's close to a low of $2.4775 per pound ($5,395 a tonne) on the Comex market in New York.
 
While continuing to reduce bullish silver, platinum and gold bets, on the copper futures market hedge funds have added to long positions – bets on higher prices in future – for six weeks in a row.
 
According to the CFTC's weekly Commitment of Traders data up to December 13 so-called managed money investors have taken net longs to a fresh record high of just over 87,000 lots.
 
That's the equivalent of 2.2 billion pounds or nearly 1 billion tonnes and shatters the previous peak achieved mid-2014 when the copper price was above $3.20 a pound.
 
Recent declines aside, after vastly underperforming other metals and steelmaking raw materials in 2016, copper's enjoying a breakout fourth quarter with gains from six-year lows hit in January this year of nearly 28%.
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Belt and Road Initiative seeks world economic rebalancing, inclusive globalization www.chinadaily.com.cn

BEIJING - Industrial capacity cooperation has become a significant part of the Belt and Road Initiative and will serve as a crucial element of the global economic rebalancing as well as the extension of globalization towards its "land subsidence."

When it comes to the economic background of the Belt and Road Initiative, Western media frequently mention the issue of China's excess industrial capacity, claiming that China is trying to dumping its redundant industrial capacity to countries along the routes.

However, such criticism is a total neglect of the "double circulation," a trend of the world economy brought up by Chinese scholars, namely, the "developed economies-China" circulation and "the China-developing economies" circulation.

In a manner of speaking, within the "double circulation" system, China has gradually become the glue that holds the global economy together.

Along with its economic transformation and industrial upgrading, China is climbing up the global industrial chains to the middle and high ends while transferring some of its relatively lower-end production capacity into other economies, which is a natural progress in accordance with laws of economics.

For countries within the Belt and Road area, the pursuit of carrying forward their own industrialization and modernization is perfectly matched with China's "going abroad" strategy for the enormous industrial capacity accumulated for years.

The complementation between the two sides, creating new demand by enhancing effective supply, is certainly contributing to rebalancing the world economy.

The currently imbalanced global economy is partially a side effect of globalization. For a long period of time, globalization has not gone quite globally as it was expected to.

Most of the Belt and Road countries have been stuck in the "land subsidence" of globalization deep within the Eurasia continent, left forgotten and far behind in the course of economic globalization which has been flourishing along the ocean lanes across the world.

Nevertheless, things are about to change now. Economic ties between China and developing countries are growing increasingly stronger and closer, which is beneficial to the further development of economic globalization.

Over the last three years, for instance, China has signed industrial capacity cooperation agreements with more than 20 Belt and Road countries and built 52 economic and trade cooperation regions in 18 such countries.

It is fair to say that the realization of the Belt and Road Initiative is not only boosting the industrialization of the countries within the area, but also getting them on the map of economic globalization via the China bridge.

It is clear that by pushing forward the Belt and Road Initiative, China is seeking rebalance of the global economy, underlining "inclusive globalization" instead of "fragmented globalization" that used to prevail.

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Exclusive: U.S. proposed $5 billion - 7 billion penalty on Credit Suisse on toxic debt - source www.reuters.com

 
The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
 
The size of the suggested settlement indicates that the cost to the bank may be higher than analysts had expected and explains why Credit Suisse management, according to a second source, has been seeking a smaller penalty.
 
"Credit Suisse is confident of reaching a better solution," said the second person. Should talks break down, U.S. legal authorities could sue the bank, prolonging the uncertainty.
 
In a sign that negotiations may be reaching their final stages, U.S. Attorney General Loretta Lynch last week met with Credit Suisse chief executive Tidjane Thiam, another person familiar with the matter said.
 
A potential resolution could come as early as this week.
 
The sources did not want to be identified because the negotiations are not public.
 
Credit Suisse and the Department of Justice declined to comment.
 
The penalty stems from a 2012 initiative launched by U.S. President Barack Obama to hold banks accountable for selling mortgage debt while misleading investors about the risks, a practice that helped cause the worst economic crisis since the 1930s.
 
The penalties, which for U.S. banks reached $46 billion, are set to deliver another setback to European lenders, many of which remain fragile, with scant capital, in the wake of the financial crash.
 
After record settlements were reached with U.S. banks such as Bank of America and JPMorgan, the focus has turned to Europe's Deutsche Bank, Royal Bank of Scotland, Credit Suisse, Barclays, UBS and HSBC.
 
News in September that the Justice Department made an initial demand of Deutsche of $14 billion to settle its case sent the German lender's stock plummeting and raised fears Credit Suisse could also face a stiffer penalty.
 
Just prior to Deutsche confirming that the Department of Justice was seeking $14 billion, JP Morgan analysts estimated Credit Suisse's fine at around $2 billion.
 
Deutsche Bank could this week agree its penalty over the sale of toxic mortgage debt, one person with direct knowledge of the matter said on Monday. The bank has said it expects to pay materially less than $14 billion.
 
Credit Suisse's litigation provisions at the end of 2015 totalled 1.605 billion Swiss francs ($1.56 billion). In November, the bank said it had upped litigation provisions by 357 million francs, mainly in connection with mortgage-related matters.
 
In addition to the Justice Department probe, Credit Suisse is defending itself against lawsuits by the New York and New Jersey attorneys general over similar claims involving billions of dollars of investor losses.
 
If Credit Suisse reaches a settlement with federal authorities, it will likely settle with the states as well.
 
A New York attorney general spokeswoman declined to comment, and New Jersey did not immediately return a call for comment.
 
President-elect Donald Trump takes office on Jan. 20, which means key government players involved in the negotiations would change, complicating the banks' efforts to reach settlements.
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Mongolian State Great Khural and UAE’s Federal National Assembly ink cooperation MOU www.mongolia.gogo.mn

 
Ulaanbaatar /MONTSAME/ The Speaker of Mongolian Parliament, Mr M.Enkhbold and the President of the Federal National Assembly of the United Arab Emirates, Dr Amal Abdullah Al Qubaisi signed a Memorandum of Understanding on Cooperation between Parliaments on December 19 in Abu Dhabi.
The MoU covers issues concerning bilateral cooperation on both regional and global levels, and bilateral relations in the areas of politics, economy, culture and education.
During the ceremony, Dr Abdullah Al Qubaisi touched upon the matters of bilateral cooperation in investment, economy, justice and humanities. She highlighted that the UAE places a great importance in energy cooperation with Mongolia, and that both legislatures must pay a special attention to eliminating duplicated taxes and alleviation of visa conditions.
She underlined “Launching direct flights will lend an actual impetus to achieve more tangible progress. Also, the cooperation in culture, education and humanities are as equally important as the economic ties. First of all, it is vital to increase the number of Mongolians who study Arab language”.
Mr Enkhbold said “We strive to broaden the scope of bilateral relations, strengthening cooperation in export of meat and meat products and co-implement major projects. He proposed the other party to consider and study the feasibilities to draw workforce from Mongolia. He viewed that this is important for training professional cadres in Emirates and for consolidating the people-to-people ties. Ms Abdullah Al Qubaisi applauded this proposal.
Mongolia and the United Arab Emirates established diplomatic ties in 1996. Flydubai and Mongolia’s MIAT have signed Agreement of Aviation Relations.
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Softbank to invest $1 bil. in US satellite startup www3.nhk.or.jp

 
Japanese telecom operator Softbank will invest 1 billion dollars in a US venture that aims to provide global internet access through small, low-flying satellites.
 
The company officially announced the investment in the company OneWeb Limited on Monday.
 
The Virginia-based company has plans to launch more than 720 satellites. They will provide internet access to areas across the globe, including developing countries and disaster-hit areas.
 
The US firm plans to build a facility in Florida where it will manufacture the next-generation satellites.
 
The investment from Softbank will mainly go to building the Florida plant. It is estimated that the project will create about 3,000 jobs over the next 4 years.
 
Softbank Group Chairman and CEO Masayoshi Son met US President-elect Donald Trump in New York earlier this month and pledged investment and job creation in the United States.
 
Son called the investment in OneWeb "the first step toward delivering on that promise with the next US President."
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China's Thunder Software buys Finnish car software company www.chinadaily.com.cn

 
Chinese mobile operating systems company Thunder Software Technology Co Ltd (Thundersoft) said on Monday it has agreed to acquire Finnish automotive software company Rightware for 64 million euros ($67 million).
 
Rightware's "Kanzi" software is used by more than 20 global automotive brands for user interfaces such as digital dashboards and entertainment systems, the Finnish firm said.
 
The deal marks the first overseas acquisition for the Chinese company and Rightware will remain as an independent company with its current management after the acquisition, which is expected to close early 2017.
 
The arrangement is similar to another recent Chinese-Finnish deal in which mobile game maker Supercell operates independently under a majority ownership of China's Tencent Holdings Ltd.
 
 
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Putin Says Assassination of Russian Ambassador in Turkey Was a ‘Provocation’ www.themoscowtimes.com

 
Vladimir Putin met today with several of his top officials to discuss the assassination of Russia’s ambassador to Turkey, Andrei Karlov, who was shot and killed in Ankara at an art gallery on Monday. Sitting down with Foreign Ministry Sergei Lavrov, Federal Security Service director Alexander Bortnikov, and Foreign Intelligence Service head Sergei Naryshkin, Putin called the attack “a provocation” designed to derail the normalization of bilateral relations between Russia and Turkey.
 
Putin also said the murder was intended to disrupt the peace process in Syria, where he says Russia, Turkey, Iran, and other countries are working hard to end the civil war.
 
“There can be only one response: intensifying our fight against terror,” the Russian president said before television cameras. “And the bandits will feel it.”
 
On Monday, Dec. 19, Russia’s ambassador to Turkey, Andrei Karlov, was assassinated at an art gallery by a man identified by Ankara’s mayor as a former police officer.
 
Local news outlets in Turkey claim the assailant was involved in FETO, an organization run by Fethullah Gulen, who lives in exile in the United States. FETO is banned as a terrorist organization in Turkey, where local journalists say the assailant was fired from the Turkish police, following an unsuccessful coup attempt in Turkey on July 15, earlier this year.
 
Putin isn’t the first Russian politician today to use the word “provocation” when commenting on Karlov’s murder. Right-wing nationalist politician Vladimir Zhirinovsky described the assassination using the same word, claiming that the West is to blame for the attack on Karlov.
 
The assassination mars a reconciliation between the Turkish and Russian governments that began this summer, after Ankara made apologetic overtures to the Kremlin, months following the downing of a Russian aircraft by the Turkish Air Force in November 2015, along the country's border with Syria. The incident led to a sharp decline in bilateral ties, and Russia briefly imposed sanctions on Turkey.
 
On social media, some analysts have already begun speculating that Moscow and Ankara might try to escape another chilling in relations by holding the Obama Administration accountable for the assassination, given that the United States currently harbors Gulen.
 
 
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Ukraine's biggest lender PrivatBank nationalised www.bbc.com

 
Ukraine's biggest commercial bank, PrivatBank, has been nationalised in a move aimed at protecting 20 million customers and "preserving financial stability in the country".
The country's central bank said the problems faced by PrivatBank were mainly caused by its "imprudent lending policy" which led to capital losses.
Ukraine's president Petro Poroshenko has reassured PrivatBank depositors that their money is safe.
The bank is operating normally.
The National Bank of Ukraine (NBU) declared PrivatBank insolvent on Sunday. The government subsequently backed the nationalisation.
PrivatBank is part-owned by the powerful billionaire oligarch Ihor Kolomoisky, who also has big stakes in the media and energy industries and has frequently come into conflict with President Poroshenko.
'Imprudent lending'
Central bank governor Valeria Gontareva said they were confident the decision to transfer PrivatBank to state ownership was "the only possible way to protect deposits placed with this bank and rescue the financial system".
The 20 million Ukrainians who use the bank include 3.2 million pensioners, more than 500,000 students and 1.6 million socially vulnerable households.
The nationalisation also enables small businesses to continue trading and means 3.2 million public and private sector employees will continue to be paid.
The NBU launched a study of the banking sector more than two years ago.
The stress test on PrivatBank revealed that the bank had capital shortages, which, the central bank said "apart form the crisis-related factors, were caused by imprudent lending policy pursued by the bank".
The NBU said at the beginning of this month that the bank had a capital shortfall of about $5.65bn (£4.5bn) and about 97% of its corporate loans had gone to companies linked to its shareholders.
"Being aware of all the problems faced by PrivatBank and risks posed to the health of the financial sector and the economy as a whole we could not wait any longer," said Ms Gontareva.
Commenting on the decision to nationalise PrivatBank, the head of the International Monetary Fund, Christine Lagarde, said it was an "important step in [Ukraine's] efforts to safeguard financial stability".
"Ensuring that all banks operating in Ukraine meet capital and regulatory requirements is essential to maintain public confidence in the banking system and reinforce the banks' ability to support productive activities necessary for the prosperity of the Ukrainian people," she added.
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