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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Turkey's Erdogan urges Russia, China & Iran to trade in local currencies www.rt.com

 
In an attempt to boost the falling lira, Turkish President Recep Tayyip Erdogan has offered to trade with Russia, China, and Iran in local currencies.
 
“If we buy something from them, we will use their money, if they buy something from us, they will use our currency,” he said, stressing that Prime Minister Binali Yildirim will talk about it during a visit to Moscow.
 
The president said proposals have been given to the central bank, and that it has already been discussed with Moscow, Beijing and Tehran.
 
Erdogan again called for Turks to stop hoarding foreign currency “under their pillows’ and exchange dollars and euro into Turkish lira and gold.
 
“Our Turkish lira is blessed,” he said during a speech in the central city of Kayseri after opening a new museum and library.
 
The country’s currency has significantly devalued since the failed July coup when a military faction tried to oust the president from power.
 
The Turkish lira lost over ten percent of its value in November, hitting record lows against the US dollar.
 
Due to the high volatility of the local currency, landlords in the Turkey’s largest cities such as Istanbul, ask for rent in euro or dollars. Most of the business contracts as well as tenders are currently conducted in foreign currencies to make it easier for international companies to take part in deals with the state.
 
Last week, the Turkish president asked for understanding of the current situation and that local banks should reduce rates.
 
Seeking to combine two mutually exclusive measures, Ankara aims to cut interest rates to boost the economy and stop the currency’s devaluation at the same time. As a part of a broader package of economic steps, Turkish authorities plan to prevent companies from borrowing at high rates, according to Deputy PM Veysi Kaynak.
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Giant Australian coal mine near Reef one step closer www.mining.com

 
Indian conglomerate Adani Group’s $16bn (A$21.7bn) Carmichael coal and infrastructure project in Australia has cleared another major hurdle with Queensland approving a rail line and construction camp.
 
According to a statement from the Queensland ministry of mines it is the "final major State and Federal Government approval" for the proposed mine, set to become Australia's largest.
 
The rail section approved this week will form part of the 389 kilometre heavy haul railway line from the mine in the Galilee Basin to the coal export Port of Abbot Point.
 
The project still needs a water licence approved and hopes to secure a Federal Government loan reports ABC:
 
The mine will consist of six open-cut pits and up to five underground mines, and will supply Indian power plants with enough coal to generate electricity for up to 100 million people.
 
The controversial project involves dredging 1.1 million cubic metres of spoil near the Great Barrier Reef Marine Park, which will then be disposed of on land.
 
Since first proposed, Carmichael has faced opposition from organizations ranging from the United Nations to various environmental groups.
 
The project was approved by the Australian government over a year ago, under what environment minister Greg Hunt called “the strictest conditions in Australian history."
 
Adani has said legal costs and cutting its way through the environmental hurdles had so far cost it $120 million.
 
According to official estimates, Carmichael will contribute some $3 billion a year to Queensland’s economy and has the potential to create 6,400 new jobs: around 2,500 construction positions and 3,900 operational posts. Adani hopes to start construction in the second half of next year.
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Shenzhen-Hong Kong Stock Connect kicks off www.xinhuanet.com

 
HONG KONG, Dec. 5 (Xinhua) -- The Shenzhen-Hong Kong Stock Connect, the second link between the mainland and Hong Kong bourses, was launched on Monday.
 
Ceremonies were held simultaneously at Hong Kong and Shenzhen bourses via video link as Hong Kong Exchanges and Clearing (HKEX) Chairman Chow Chung-kong and Hong Kong Chief Executive Leung Chun-ying jointly beat a gong to mark the launch.
 
It is the second link of its kind to boost opening up of the mainland's capital market after a similar link between the Shanghai and Hong Kong bourses was launched in 2014.
 
"Following the footsteps of Shanghai-Hong Kong Stock Connect ... Shenzhen-Hong Kong Stock Connect is yet another milestone in deepening mutual access between the capital markets in China's mainland and Hong Kong," Leung said at the ceremony.
 
The new scheme is aimed at giving global investors access to stocks in the tech-heavy Shenzhen market via Hong Kong bourse. A total of 417 stocks on the Stock Exchange of Hong Kong are eligible for trading, and 881 stocks are eligible on the Shenzhen Stock Exchange.
 
Compared with Shanghai-Hong Kong Stock Connect, the new scheme between Shenzhen and Hong Kong represents "an enhanced version" in terms of its expanded scope of eligible securities, as well as the lift of limits on aggregate quota upon its launch, Leung said.
 
The Shenzhen-Hong Kong Stock Connect is exemplary of Hong Kong's combined advantages of "one country, two systems," he said. "We are, indeed, a 'super-connector' between the rest of China and the rest of the world."
 
Hong Kong stocks' benchmark Hang Seng Index opened 15 points, or 0.07 pct, higher on Monday morning.
 
HKEX Chief Executive Charles Li said he did not expect a sharp rise in turnover shortly after the launch. "It's like building a bridge. After the bridge is built, flows of people will arrive in succession in the coming 20 years or so."
 
He described the Shenzhen-Hong Kong Stock Connect as "the second leg" for the stock markets in the Chinese mainland and Hong Kong, "Now we can walk, and then we can run."
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HK tycoon makes $5.4bn offer for Australian energy firm www.bbc.com

Cheung Kong Infrastructure (CKI) has made an unsolicited offer to acquire Australian energy firm Duet Group for $5.4bn (£4.2bn).
CKI is a Hong Kong-based conglomerate, owned by billionaire Li Ka-shing.
The offer represents a 28% premium on Duet's share price, when last traded on Friday.
Any formal bid by CKI would be subject to approval from Australia's Foreign Investment Board Review (FIRB).
Earlier this year the Australian government rejected a $7.4bn combined bid by CKI and China's State Grid Corp for a controlling stake of state-owned energy grid, Ausgrid, citing security concerns.
In a statement to the Australian Securities Exchange, Duet said its board was considering the proposal, and it was also advising shareholders to "take no action as there was no certainty the proposal will proceed further".
CKI sees itself as a global infrastructure company with investments and operations in many countries including the Netherlands, Portugal, New Zealand and Canada.
Forbes magazine estimates that Mr Li's wealth from his property, energy, retail, ports and technology businesses amounts to $33.5bn (£26.2bn).

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Mongolia and Qatar might formalize cooperation in healthcare www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Ministries of Health of Mongolia and Qatar have agreed to sign a Memorandum of Understanding on cooperation in targeted therapy and capacity building for laboratories.
 
Minister of Health A.Tsogtsetseg took part in the World Innovation Summit for Health, held in Doha of Qatar on November 29 and 30.
 
On the sidelines, the Minister met with her counterpart Ms Hanan Al Kuwari and Minister of Foreign Affairs of Qatar, Mr Soltan bin Saad Al-Muraikhi and came to an agreement on future cooperation in communicable diseases and healthcare studies.
 
The 3rd World Innovation Summit was attended by some 1,500 delegates from over 100 countries, including health ministers from 19 countries.
 
The summit addressed education of medical practitioners, cardiovascular disorders, infectious diseases, stem cells and targeted therapy, population genomics, effects of genetic determinants and pathology, healthy population, healthy behavior, health and ethics and investment in healthcare.
 
 
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Oyu Tolgoi suspends concentrate shipments due to border crossing matters www.mongolia.gogo.mn

 
Turquoise Hill Resources announced effective December 1, 2016 Oyu Tolgoi has suspended concentrate shipments to the Chinese border following a new requirement at the Chinese-Mongolian border to utilize one joint coal and concentrate crossing route. The new requirement has led to safety and security concerns as well as unreasonably long waiting times to cross the border.
Oyu Tolgoi is seeking to clarify the requirements with the relevant authorities in Mongolia and China.
On 22 November, the authorities in charge of Gants Mod crossing in Inner Mongolia, China have imposed new fees on commodity shipments between the two countries..
Under the newly-imposed fees, a transit fee of 10 yuan ($1.45) will be charged on vehicles each time they pass through the border, and an additional charge of 8 yuan per tonne will be imposed on any goods that they are delivering.
For precious metals and copper concentrate worth more than 10,000 yuan per tonne, exporters will be charged 0.2 percent of the total value of the cargo, the notice said, adding that the new charges would come into effect on 1 December. Although this is only one border crossing, as it is a major crossing these fees could cost the coal industry up to as much as 12.2 million USD [per annum].
At present, it is not clear the potential duration of the shipment suspension. The Company will update the market in due course as material information is ascertained.
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Copper price: Warnings over US trade with China, Mexico www.mining.com

 
Credit ratings agency Moody's warned at the beginning of the year that the downturn in raw materials was like no other and that the global mining sector was undergoing structural change.
 
As a result, Moody's embarked on a sector-wide review of the 87 global mining majors that it covers and in the process dropped big names like Freeport-McMoRan, Anglo American and Vale into junk territory and axed ratings for heavyweights like Rio Tinto, BHP Billiton and Chile's state-owned Codelco.
 
In August Moody's issued a new report on the global base metal sector, changing its outlook from negative to stable as the rally in many metals showed some resilience and rewarding companies like Rio Tinto, Teck Resources and Anglo with better outlooks following successful debt reduction strategies.
 
However, Moody's believes the latest leg up for base metals (bellwether copper is up more than 25% over the last eight weeks) is not sustainable. Carol Cowan, Moody’s Senior Vice President says most metals markets remain in surplus and "supply-demand fundamentals have not improved meaningfully":
 
As a result, we expect base-metal prices to be under pressure in 2017, though we do not expect prices to retreat to the lows seen in late 2015 and early 2016.”
 
Hedge funds make $5 billion bet on rising copper priceAll base metals, with the exception of zinc, remains oversupplied and global inventories have also remained stubbornly elevated (again zinc is the exception) according to the report.
 
While increased infrastructure spending should benefit the sector, particularly inside the US, the impact of the presidential election for the base-metal industry remains unclear says Cowan:
 
Potential reduced trade with Mexico could have an adverse impact. This would likely decrease demand levels from key end markets for steel and bases metals producers including the aerospace, construction and automotive industries.
 
Further, any trade friction between the US and China could also have a negative impact, as China accounts for approximately 50% of the demand for most base metals.
Moody's recently adjusted upwards expectations for Chinese GDP to 6.6% and 6.3% in 2016 and 2017 respectively, but warns global growth remains tepid:
 
China continues to shift towards a consumer-driven economy from one anchored by manufacturing. As such, we do not see a near term catalyst for a material increase in demand, barring significant stimulus by China.
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Panasonic looks to buy headlight maker ZKW for up to $885mn www.asia.nikkei.com

OSAKA -- Panasonic plans to purchase European automotive lighting company ZKW in a move designed to increase the Japanese manufacturer's presence in automotive electronics, an industry undergoing rapid change amid progress in self-driving and electric vehicles.

The two companies are in the final stages of negotiations, and a basic deal could be hammered out by mid-December. The acquisition is expected to cost up to around 100 billion yen($885 million).

ZKW's main products are energy-efficient light-emitting diode headlights capable of illumination at great distances. The company, founded in 1938, has a global workforce of about 7,500 with research and production sites in areas including Europe, the U.S., China and India. It supplies leading Western automakers such as General Motors, with sales for 2016 seen at roughly 900 million euros ($960 million).

Japan's Koito Manufacturing and France's Valeo Group together hold nearly 50% of the global headlight market, with ZKW taking about 5%. Headlight technology is changing amid the development of self-driving vehicles, allowing adjustments of the beams' brightness and direction to enhance safety. Panasonic has a wealth of know-how in sensors that it could combine with ZKW's strength in lighting to develop new technology for image recognition, letting the electronics manufacturer take on the industry's two giants.

Panasonic's automotive division deals mainly in car navigation systems and vehicle batteries. The company is proceeding with plans to invest around 500 billion yen ($4.41 billion) to mass-produce batteries for Tesla Motors. By purchasing companies covering a broad array of key products, Panasonic seeks to raise automotive-related sales to 2 trillion yen in fiscal 2018.

Panasonic last year took a 49% stake in Spain's Ficosa International, a company that makes items such as automotive mirrors. The partners have begun jointly developing electronic mirrors for vehicles.

The automotive industry is changing as products from different industries are being adopted into the traditional mix. Information technology and electronics companies are becoming the lead players in this upheaval. South Korea's Samsung Electronics agreed last month to buy Harman International in the U.S. for $8 billion. Germany's Siemens has formed a joint venture with Valeo that develops powertrains for electric vehicles. Google, meanwhile, is buying robotics companies in its effort to develop self-driving cars.

(Nikkei)

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Apple reveals self-driving car plan www3.nhk.or.jp

 
US tech giant Apple has disclosed it is working on automated vehicles. The announcement is ratcheting up the already fierce competition among automakers and other IT players like Google over the next-generation technology.
 
Apple has sent a letter to the US National Highway Traffic Safety Administration. It says the company is excited about automated systems in many areas, including transportation.
 
Apple says self-driving vehicles have the potential to prevent many deaths from car crashes. The company has expressed willingness to work with transportation authorities on a legal framework.
 
Apple has hired engineers from automakers, which ignited rumors it's developing automated vehicles.
But this is the first time the company has made its plans known.
 
The letter doesn't say what kind of technology Apple is working on, or when it plans to commercialize it.
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Fed official stands by Wall Street reforms, says must complete work www.reuters.com

 
The United States "absolutely must" complete unfinished work ending the too-big-to-fail bank problem that helped plunge the global economy into recession eight years ago, an influential Federal Reserve policymaker said on Saturday.
 
In remarks that appeared to pre-empt President-elect Donald Trump, who has promised to roll back Wall Street regulations, New York Fed President William Dudley said much progress has been made making the financial system "less prone to panics."
 
"Still," he said in prepared remarks, "there is more to do before we can say that we have ended 'too big to fail.' This is work that we absolutely must complete."
 
Dudley's comments, to a Group of 30 meeting of top world regulators, came a day after another powerful regulator at the U.S. central bank, Daniel Tarullo, also warned against "backsliding" after years of implementing the landmark 2010 Dodd-Frank financial-reform law.
 
Challenges especially remain in regulators safely and smoothly handling the hypothetical failure of a massive bank with operations in multiple jurisdictions, Dudley said.
 
Addressing other areas of the financial landscape, Dudley, whose institution acts as the Fed's eyes and ears on Wall Street, drew a line around these areas he said provided important structure changes: reforms in tri-party reverse repurchase market; in over-the-counter derivatives and the central clearinghouses that handle that activity; and in money market mutual funds.
 
Trump, a Republican whose victory last month shocked pollsters, has said his administration will grow the economy in part by rolling back elements of the Dodd-Frank Wall Street reform law.
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