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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Fairfax Financial to buy Allied World for $4.9 billion in cash-and-stock deal www.reuters.com

 
Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings Ltd (AWH.N) said on Sunday they agreed to merge in a $4.9 bln cash-and-stock deal, according to a joint news release.
 
The offer with dividend amounted to $54 per share for Allied World, or an 18 percent premium above the insurance company's closing price on Friday, the release said.
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Vale opens largest iron ore mine in its history www.mining.com

 
Vale SA (NYSE:VALE) cut the ribbon on a massive iron ore mine in Brazil on Saturday – the largest in its history and what the world's largest iron ore producer says is the biggest ever in the mining industry.
 
While that is quite a claim, delving into the details of the $14.3-billion S11D complex shows that Vale is most likely correct.
 
Located in Canaã dos Carajás in Southeast Pará, the project – which includes the mine, processing plant, railroad and port logistics – has been 15 years in the making, starting with the first technical and feasibility studies in 2001. The Preliminary License (LP) was granted in June 2012 and, a year later, the Installation License (LI) was issued. On December 9, the Operation License (LO) was granted. Commercial operations start in January 2017 and the mine’s lifespan is expected to be 30 years.
 
S11D is also the largest private investment made in Brazil in a decade, which Vale says will boost the economies of the states of Pará and Maranhão. The company says its operations in Minas Gerais will also benefit from the project, since that ore will be blended with that extracted from S11D.
 
“For me, seeing the completion of S11D is much more than just witnessing a new landmark in the mining industry. More than an enterprise embodying the latest technology, low cost and high productivity, the S11D portrays Vale’s ability to make things happen,” Vale’s CEO, Murilo Ferreira, said in a press release describing the project in detail.
 
The completion of the mine is as much a feat of mining engineering/ construction as of transportation logistics.
 
Out of the US$14.3 billion invested in the project, $6.4 billion accounted for the mine and plant, and $ 7.9 billion in the construction of a 101-km-long railroad branch, and to expansions of the Carajás Railroad (EFC) and of the Ponta da Madeira Maritime Terminal in São Luís (MA).
 
S11D forms part of Vale's massive Carajás complex and will add another 90 million tonnes to the miner's capacity pushing it to between 400 and 450 million tonnes per year, by 2020.
 
The project was named after its location: it is on block D of the S11 ore body, which contains four blocks: A, B, C and D. According to Vale, S11’s mineral potential is 10 billion tons of iron ore, and blocks C and D together have reserves of 4.24 billion metric tons. The first geological surveys in the region occurred in the 1970’s.
 
Its full name is the Eliezer Batista S11D Complex, named after the company’s former president who was in charge of building the Tubarão Complex and assessing the feasibility of the Carajás mine.
 
Vale said in November it has been able to reduce cash costs to just $12.70 per tonne (it's in the high teens at Rio Tinto and BHP) and that S11D could push costs below $10 a tonne, thanks largely to the weak real which is down more than a third in value against the US dollar over the past year. The press release confirms that Vale expects to deliver ore at the Ponta da Madeira Maritime Terminal in São Luís (MA), the so-called C1 cash cost, at US$7.70 per tonne – 41% less than Vale’s current average C1 cost.
 
One of the most interesting aspects of the project is its automation. The mine will use a truckless system for conveying the ore – with a set of structures comprised of mobile excavators and crushers interconnected by a conveyor belt. Shovels will dump the ore in mobile crushers, which feed a system of mobile and fixed conveyors installed inside the mine, and long distance conveyors connecting the mine to the plant and waste piles. The total length of the truckless conveyor belts operating in the mine and the plant is 68 km. Vale says the truckless system will cut fuel costs by 70% as well as slash waste and greenhouse gas emissions.
 
The ore will be dry processed with equipment developed by Vale in partnership with manufacturers, specially tailored to process the high-moisture ore from Carajás, the company states. Dry processing – using iron ore's own natural moisture – is expected to cut water consumption by 93% and will eliminate the need for tailings dams.
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Abu Dhabi becomes top BP shareholder www.bbc.com

 
Abu Dhabi has become one of BP's biggest shareholders under a deal which gives the oil company a much bigger stake in the emirate's oil output.
BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production.
The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year.
In return Abu Dhabi will receive a 2% stake in BP worth almost £2bn.
That would put Abu Dhabi among the company's top 10 shareholders and ahead of Kuwait, which owns a 1.7% stake.
Currently the investment firm Blackrock is the biggest single shareholder in BP with a 5.4% share.
'Cutting-edge'
In a statement, BP's chief executive Bob Dudley said: "This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well.
"We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximise recovery from these assets."
BP's business ties with the United Arab Emirates date back to the 1930s when it set up a depot in Sharjah to refuel the first aircraft travelling from the UK to India.
In Abu Dhabi it owns stakes in several oil and gas operations, including a 15% interest in offshore oil and gas fields.
In November BP blamed the falling price of oil for a near 50% fall in third quarter profits.
It has been cutting back its investments in new fields to help restore profitability.
In October it announced that it was abandoning a plan to drill for oil off the south coast of Australia.
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54TH ANNUAL ACADEMY OF AMERICAN AND INTERNATIONAL LAW (Save the date) www.mongolianbusinessdatabase.com

May 21 - June 23, 2017inPlano, Texas, USA

The Center for American and International Law
5201 Democracy Drive
Plano, Texas 75024
USA

The Institute's premier annual event is the Academy of American and International Law. www.cailaw.org

Since 1964, this multi-week program has attracted over 3,000 participants from 120 countries. Through its extraordinary classroom and extracurricular schedule, the Academy offers opportunities to forge valuable international relationships that last a lifetime.

This intensive, five-week course of study is designed for lawyers from outside the United States and focuses on U.S. law and international business transactions. Participants from more than 20 countries study and socialize together, learning from an impressive faculty and from each other. They receive instruction from some of the best teachers and practitioners of international law from U.S. law schools, law firms, and corporations.

The practical curriculum includes both skills training and substantive law subjects (legal writing, negotiations, international arbitration and litigation, international business transactions, mergers and acquisitions, international taxation, and more).

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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Hackers are selling Yahoo data on the dark web www.cnn.com

The most recently revealed Yahoo hack is considered the largest data breach in history, and the saga just got worse.
In 2013, more than one billion Yahoo (YHOO, Tech30) accounts were breached, and personal information like phone numbers, passwords, security questions and backup email addresses was stolen.
All of that data is for sale on the dark web, according to cybersecurity firm InfoArmor, which discovered the compromised information in August. At the time, it was sold to three parties for $300,000 each. Data is still for sale, but now that the breach is public, the price is expected to drop. (The dark web is an encrypted network only accessible through software like the privacy program Tor.)
Yahoo told CNNMoney it doesn't speculate on data that may or may not be for sale on the black market, but it is currently looking into the claims.
Andrew Komarov, chief intelligence officer at InfoArmor, said his firm told law enforcement agencies about the hack in recent months. It contained data from employees of agencies including the FBI, NSA, the White House and officials in the U.K.

The FBI said at a White House briefing on Thursday it is investigating the incident.
Yahoo, which learned about the August 2013 hack last month, said it was separate from the massive breach announced in September. Yahoo attributed that attack, which compromised 500 million accounts, to a "state-sponsored actor," but it has yet to identify the party responsible for the breach announced this week.
However, Komarov's firm has identified the hackers as Group E, cybercriminals based in Eastern Europe with a track record of hacking Dropbox, Tumblr and Russia-based social network VK.com.
InfoArmor, which has tracked Group E for three years, doesn't believe that the group perpetrated the hack for a foreign government.
"[Group E] earns money on selling stolen data mainly to spammers," Komarov said in an interview with CNNMoney.
"But in the case of Yahoo, we can prove that they sold two to spammers and one potentially to a state-sponsored party or foreign intelligence agency."
That buyer asked specifically for information about executives from financial corporations and government workers.

Even if you have changed your password or security questions since 2013, that sensitive data could help attackers phish you or your contacts. Hackers could use stolen information and pose as a friend or business to get you to click on malicious links and share even more data.
The two major breaches could put Verizon's Yahoo acquisition in jeopardy. Verizon (VZ, Tech30) has agreed to a $4.8 billion deal to acquire the company, but in a statement said it is "[reviewing] the impact of this new development before reaching any final conclusions."
Yahoo users should change passwords and security questions as soon as possible and be aware of emails asking for personal information. You might be impacted by the Yahoo hack and not know it.
It's also important to do a security check up on all devices.

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Russia & Japan to develop oil & gas – Gazprom CEO www.rt.com

Moscow and Tokyo have improved energy cooperation during Russian President Vladimir Putin’s visit to the Japanese capital, according to Gazprom Chief Executive Aleksey Miller.

"If earlier it was the Sakhalin-2 project, now it is the Baltic LNG project, gas processing at Amur, low-tonnage LNG, and tankage, as well as underground gas storage. We're witnessing the deepening and expansion of cooperation with Japanese partners," Miller told RT.

Miller said Gazprom is ready to increase deliveries to Japan, which is the third-largest energy market in the world. Gazprom is also negotiating with Japanese companies to construct the third stage of the Sakhalin-2 project which will have an annual capacity of 5.4 million tons.

The head of Russia's biggest natural gas developer stressed that Japanese companies are interested in more cooperation. Russian resources in the Sakhalin region and eastern Siberia are close to Japan and therefore the price of gas is much more competitive.

Speaking about the new agreements between Gazprom and Mitsui, Mitsubishi and the Japan Bank for International Cooperation (JBIC), Miller said it is a significant step forward in the Russian-Japanese cooperation.

On Friday, Russian and Japanese companies signed 68 documents during Putin’s visit to Tokyo. Besides Gazprom’s energy deals, they include oil agreements with Rosneft, as well as direct investment in Russian Far East renewable energy.

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Softbank CEO: Putin asked for investment www.nhk.or.jp

The head of Japanese telecom operator Softbank Group says he was asked by Russian President Vladimir Putin to invest heavily in his country.

Softbank Group Chairman and CEO Masayoshi Son chatted with President Putin during a meeting of business delegations from Japan and Russia in Tokyo on Friday. The business dialogue coincided with the summit between Prime Minister Shinzo Abe and President Putin.

Son later told reporters that he is planning to talk over the phone with Donald Trump and that Putin asked him to give his regards to the US president-elect.

Son said when he told Putin of his company's plan to invest in the United States, the president asked for massive investment in Russia as well.

Son said he is now planning to visit Russia around May of next year as President Putin wanted him to come.

He said his company would like to proceed with investment and joint projects with Russia in artificial intelligence and other new technology.

Son said he hopes the latest summit will help deepen relations between the 2 countries.

Son met Donald Trump earlier this month and promised to invest 50 billion dollars in the US.

 
 
 
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Mongolia to sign compact agreement with USA www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On December 14, Ms. Fatema Z. Sumar, Regional Deputy Vice President for Europe, Asia, Pacific and Latin America of the Millennium Challenge Corporation (MCC) of the U.S.A. informed the Foreign Minister of Mongolia, Mr Ts. Munkh-Orgil over the phone of the MCC’s Board of Directors decision to include Mongolia in a list of countries eligible to sign the Second Compact Agreement.
 
Through its Second Compact Agreement, the MCC aims at providing a sustainable and comprehensive solution to a major developmental issue facing Mongolia. Sharing this commitment, the parties are closely cooperating to define the target areas of investment, which are, as of today, identified as increasing bulk water supply of Ulaanbaatar, and improving water supply and sanitation in ger areas.
Following the MCC’s Board of Directors decision to select Mongolia as a Second Compact Agreement eligible country in 2014, by Resolution of the Prime Minister of Mongolia, the Working Group to provide leadership and direction for the development of the Second Mongolia Compact Agreement between the Government of Mongolia and the Millennium Challenge Corporation of the USA, headed by the Minister Ts.Munkh-Orgil was established. The following year, the National Secretariat was set up. The preparations for the signing of the Second compact are underway. While, in general, Mongolia passes the Compact eligibility requirements, the Board noted that it expects Mongolia to demonstrate improved performance in combatting corruption.
 
The sides are working towards signing the agreement in 2017.
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Central bank's Monetary Policy Council meeting to be held four times in 2017 www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Under an order of the President of Mongolbank, dates of meetings of the central bank's Monetary Policy Council (MPC) has been fixed on December 14.
 
According to decision , the council will meet four time and its first meeting is scheduled on15 to 17 March 2017 in Ulaanbaatar, the 2nd meeting-- from 14 to 16 June, the 3rd meeting-- from 18 to 20 September, the 4th meeting— from 12 to 15 December.
 
The meetings will aim to strengthen the independence of the Central bank of Mongolia and to deploy foreign experts in the activity for developing monetary policy of Mongolbank.
 
The Council on monetary policy headed by the President of Mongolbank includes the leaders and independent members of the Central Bank.
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Jack Ma among 5 most powerful Chinese in world: Forbes www.chinadaily.com.cn

 
Alibaba's Jack Ma and four other Chinese entrepreneurs were named among the World's Most Powerful People, alongside successful politicians and business leaders, according to Forbes' annual ranking.
 
Jack Ma, ranking No. 28 on the list, has set a goal of creating 10 million profitable businesses and 100 million jobs in the next 20 years. Ding Xuedong, chairman of China Investment Corporation, the country's largest sovereign wealth fund, is also listed. Ding is responsible for steering an asset pool reportedly worth more than $800 billion. Ma Huateng (No 45), founder of Chinese internet giant Tencent, provides innovative services including mobile texting juggernaut WeChat. Real estate tycoon Wang Jianlin and Baidu CEO Robin Li are also included on the list.
 
The top 10 most powerful CEOs are all from American-run firms with a combined market cap of $3 trillion, according to Forbes. Larry Page, CEO of Google's parent company Alphabet, topped the rankings.
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