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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Coal rally, cost cuts help Teck Resources swing to profit www.mining.com

Canada's largest diversified miner, Teck Resources (TSX:TCK.B) (NYSE:TCK) logged Thursday better-then-expected quarterly revenue thanks mainly to a sustained rally in coking coal as well as the firm’s cost-cutting measures implemented in the three months to Sept. 30
 
The Vancouver-based company, the best-performing Canadian stock in seven years, swung to a profit of Cdn$234 million ($174.9 million), or 40 cents per share in third quarter of the year, compared with a loss of Cdn$2.15 billion, or C$3.73 per share, in 2015.
 
The miner, with operations and projects in Canada, the US, Chile and Peru, has risen five-fold on the S&P/TSX Composite Index to a market value of $16.2-billion, the biggest year-to-date gain of any Canadian stock since 2009.
 
Teck’s bonds are also the best-performing debt on the Bank of America Merrill Lynch U.S. High Yield Index, returning 104%, according to Bloomberg TV.
 
Key to the company’s success has been the ongoing rally of coking coal prices, as it is the largest producer of the steel-making kind in North America. Only last week, the commodity reached $230 a tonne, up from $75 a tonne just a few months ago.
 
As a result, Teck has lifted its production forecast for the year. Now it expects to generate about 27-27.5 million tonnes, compared with its previous forecast of 26-27 million tonnes.
 
Since early 2015 the company has been implementing a series of cost-cutting measures, including placing projects in the back burner and the reduction of about 9% its global workforce, through a combination of layoffs and attrition.
 
Now that its finances have improved, Teck said it expected unit costs to rise in the fourth quarter as it plans to hire more contractors and use higher-cost equipment to maximize production while the bonanza brought by skyrocketing met coal and zinc prices lasts.
 
Oil sands progress
 
Teck is speeding ahead with its Fort Hills Oil sands project, based in Alberta, and is expected to start production in the second half of 2017. The company has committed $2.9 billion to the project, which is reported to be over 70% complete.
 
The investment generated some uncertainty among investors earlier this year, especially after the development of the site was delayed back in May due to wildfires near the project location.
 
Teck owns 20% of the 180,000 barrel-per-day project, which is majority-controlled by Suncor Energy (TSX, NYSE:SU), Canada's largest oil and gas producer.
 
 
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Bill for PPI mis-selling scandal tops £40bn www.theguardian.com

Banks and financial services companies have racked up more than £40bn in costs to handle the payment protection insurance scandal.
 
The costliest mis-selling bill in UK financial services history became even more expensive on Thursday after Barclays set aside a further £600m to handle the cost of claims.
 
Data compiled by the thinkthank New City Agenda shows that this top up for Barclays has pushed the total provisions incurred by the industry to £40.2bn. Lloyds Banking Group makes up £17bn of that total.
 
The size of the payouts have already been cited as a reason for booming car sales and holidays. As one penny off income tax costs about £4bn, it could be regarded as a boost to household income.
 
Not all the money has gone straight into consumers’ pockets. The latest data from the Financial Conduct Authority shows that from January 2011 – when claims started to be made – until the end of July about £25bn had been distributed by the banks and other firms which sold PPI.
 
Claims management companies have, according to the National Audit Office, received up to £5bn of the payouts.
 
The banks have also incurred billions of pounds of costs in handling the claims. They have not used all the money they have set aside in anticipation of more applications for compensation.
 
More than 50m PPI policies were sold, according to the former City regulator the Financial Services Authority. Banks sold most of them – around 45m policies, worth £40bn.
 
A consultation run by the FCA into setting a deadline for claims closed earlier this month and could result in a cut-off point of June 2019 for remaining customers to make their case. It will also herald an advertising campaign, expected to cost £40m, to encourage customers to come forward and beat the deadline.
 
 
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Philippines turns back on US and pivots to Asia www.rt.com

The Philippines is looking east for investment rather than traditional ally the US. Both Tokyo and Beijing are interested in investing in Mindanao, the second largest island in the Philippines, according to Philippine Finance Secretary Carlos Dominguez.
 
Mindanao is known for its copper, gold, iron, aluminum, as well as natural gas and oil deposits. According to WikiLeaks, the island's untapped mineral resources may be worth up to $1 trillion.
 
From food to minerals, "the entire gamut of resources is open to development," Dominguez said during a CNBC interview on Thursday.
 
His comments follow President Rodrigo Duterte's visits to Japan and China to bolster Manila’s ties with its Asian neighbors and shift away from the United States.
 
Dominguez said an alliance with Asian countries is similar to ones like the European Union, NAFTA and Mercosur.
 
"Of course, there are political implications, but they will merely foster more cooperation and friendlier ties," he told the media.
 
“The Chinese have expressed interest but they don't have too much activity. Our previous administration barely spoke to the Chinese government while we have been in close cooperation with the Japanese for over 60 years," said the finance secretary.
 
"So far, Japan has been the largest ODA [official development assistance] provider to the Philippines, with $5.7 billion invested. The Chinese have offered ODA assistance of $6 billion but that's just the start...We're happy to get support from both neighbors," said Dominguez.
 
As of 2015, Philippines was the 39th largest economy in the world with a gross domestic product of $292 billion, only a fraction less than Singapore and more than EU members Ireland, Finland, Portugal and Greece.
 
From 2012 to 2015, the country’s economy annually grew on average 6.47 percent based on a surge in investment and strong consumption.
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Ukraine seeks Chinese investments in solar farm in Chernobyl area: minister www.chinadaily.com.cn

KIEV - Ukraine is in talks with two Chinese companies to pursue possible investments in building a solar farm near the destroyed Chernobyl nuclear power plant, Ukrainian Minister of Ecology and Natural Resources Ostap Semerak said Tuesday.
 
"According to preliminary estimates, the companies are ready to invest more than $1 billion into the Chernobyl Solar project over the next two years," Semerak wrote on Facebook, referring to the two Chinese companies GCL and China State Construction Engineering Corporation.
 
The representatives of the two companies are already working in the Chernobyl area to evaluate the technological and infrastructure capabilities of the site, Semerak said.
 
Ukraine's Chernobyl Solar project, based on the 2,500 hectares of land 10 km south of the Chernobyl nuclear power plant, is expected to generate up to 1,500 GWh of electricity per year.
 
The nuclear power plant, located some 130 km from Kiev, witnessed one of the worst nuclear accidents in human history on April 26, 1986. The disaster has caused irreparable damage to the local environment and public health.
 
For decades, the 30-km-radius territory around the plant has been designated as an exclusion zone. Ordinary people have been prohibited from entering it.
 
As the toxic radiation levels in the area decreased, the Ukrainian government rolled out an initiative to turn the area into an industrial zone.
 
In June, Semerak said there is a total of 6,000 hectares of land near the Chernobyl power plant that could be used for industrial purposes.
 
 
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Xinhuanet launches IPO in Shanghai www.chinadaily.com.cn

BEIJING - Xinhuanet.com, the official website of China's Xinhua News Agency, launched its initial public offering (IPO) on Friday on the Shanghai bourse.
 
According to the company's prospectus, Xinhuanet.com plans to issue 51.9029 million shares for its Shanghai IPO at 27.69 yuan ($4) per share to raise up to 1.437 billion yuan ($212 million), accounting for 25 percent of its total shares.
 
Established in 1997, Xinhuanet.com is a comprehensive news and information service-oriented website with Xinhua News Agency as its sponsor.
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UPS orders Boeing 747s in $5.3bn deal www.bbc.com

Courier firm United Parcel Service has ordered 14 Boeing 747s in a deal worth $5.3bn (£4.4bn) at list prices.
The order could breathe new life into an aircraft Boeing has said it may cancel.
The firm warned in June that its iconic 'Jumbo Jet" plane faced falling orders and pricing pressures.
The purchase significantly adds to Boeing's order book when it and rival Airbus have struggled to sell wide-body aircraft.
The UPS order, which includes an option for 14 more 747s, reflects growing demand for air freight, chief executive David Abney said.
"We have the demand and these aircraft will allow us to handle the demand on a very scheduled basis," he said.
Slow sales of the 747-8, the latest version of the four-engine plane that first flew in 1969, prompted Boeing to recently cut production to six a year and to warn in July it might stop making the plane.
Similar-sized two-engine planes that are more fuel-efficient have overtaken the 747 as passenger planes.
'This is net add'
Sales have also slowed for Airbus's large, four-engine A380 passenger jet.
But the 747-8 freighter's hinged nose gives it an ability to carry large cargo.
UPS plans to use its 747-8s on important "trunk routes... connecting Europe to Asia, Asia to the US", Mr Abney said.
It will use older 747s and other planes to replace smaller planes, adding capacity.
"It's really a cascading effect that is more than the sum of its parts," Mr Abney said. "We may be adding only 14 at this time but... there's going to be multiples of larger aircraft with more capacity and much more locations."
"What is important is this is net add," he added. "In some places you're buying just to replace aircraft. This is not. This is a growth strategy. This is about opportunity.... We're going to put these planes to work as soon as we get them."
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Belgium reaches EU-Canada trade deal compromise www.rt.com

The Belgian government has reached a deal with the Wallonia region on the free trade agreement between the European Union and Canada, according to Belgian Prime Minister Charles Michel.
Michel said "an agreement" was found after a last minute round of negotiations with Belgium's French-speaking community who have been holding up the deal.
 
Brussels has not released the details of the compromise.
 
The signing of the Comprehensive Economic and Trade Agreement (CETA) was cancelled on Thursday after the deal was blocked by Wallonia's regional parliament.
 
Canadian Prime Minister Justin Trudeau was forced to cancel Thursday’s trip to Brussels as the negotiations had stalled.
 
Wallonia premier Paul Magnette said the region was not opposed to an EU trade deal with Canada. However, he insisted the secret arbitration scheme allowing corporations to sue governments had to be dropped from the agreement.
 
Regional leaders in Wallonia voted 46 to 16 against CETA over fears of job losses due to cheaper farming and industrial imports.
 
CETA promises to eliminate tariffs on 98 percent of goods immediately after ratification and also encompasses regulatory cooperation, shipping, sustainable development and access to government tenders.
 
CETA’s supporters say the deal would yield billions in added trade through customs and tariff cuts and other measures facilitating business ties.
 
Opponents claim the trade deal will only benefit the wealthy and large corporations.
 
For CETA to be ratified, all 28 European Union countries have to agree the treaty. Until now, Belgium has been the main obstacle to the free trade deal.
 
"All parliaments are now able to approve by tomorrow at midnight. Important step for EU and Canada,” Michel tweeted.
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Rio 2016: Wada publishes report highlighting 'serious failings' at Olympic Games www.bbc.com

A Wada report on the anti-doping methods employed at Rio 2016 has highlighted "serious failings".

The World Anti-Doping Agency said many athletes who had been targeted for testing "simply could not be found".

It added that, on some days, "up to 50% of tests were aborted".

Its 55-page Independent Observers report found that, of the 11,470 athletes, 4,125 had no record of any testing in 2016, of whom 1,913 were competing in 10 "higher-risk sports".

It also said:

nearly 100 samples were not matched to an athlete because of data entry errors
one missing sample was not located until two weeks after the Games
there was little or no in-competition blood testing in many high-risk sports and disciplines, including weightlifting
there was no out-of-competition testing conducted in football, which Wada found "surprising"
without the dedication of doping-control staff, "the anti-doping program would have almost certainly collapsed"
as of 8 August, only 4,795 athletes were providing whereabouts information in the anti-doping system
Wada mentioned several "failings" surrounding inadequate support for the chaperones employed to notify athletes of testing.

It said that on several occasions more than half of these failed to turn up, or turned up very late. It said they were "disincentivised" because of a lack of training, poor travel arrangements, and the fact many could not speak English.

It said that, for "the majority of times" the 'no-notice' nature of testing was "obviously compromised" because chaperones did not know where athletes were and had to ask their team-mates where they were.

In one of its recommendations, it said: "Untrained and inexperienced chaperones should not be working at the Games.

"It undermines respect and trust among athletes in the anti-doping program, and provides opportunities for experienced and unscrupulous athletes who would want to abuse the system to manipulate the doping control process."

Wada did praise improvements made to Rio's anti-doping laboratory, however.

The organisation had suspended the lab just six weeks before the Games opened, because it failed to comply with international standards.

But Wada said it had been "superbly equipped", and was "operated very securely and generally very efficiently".

It said it now represents an "outstanding legacy from the Games for the anti-doping movement in South America".

Analysis

BBC sports editor Dan Roan

In the midst of the Russian doping scandal, and the revelation that both London 2012 and Sochi 2014 were sabotaged by state-sponsored cheating, it was crucial that the authorities did as much as possible to show they were keeping Rio 2016 clean.

Instead, this damning report is another shattering blow to the credibility of anti-doping and the Olympic movement's integrity, showing how organisational chaos blighted the Games' drugs-testing programme.

After it refused demands to ban Russia's entire team from the Olympics, do not be surprised if there are now calls for the IOC itself to be declared Wada non-compliant.

And there could also be tough questions for the UK Anti-Doping agency, which acted as the secretariat for a pre-Rio anti-doping taskforce.

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Qualcomm to buy NXP for $38 billion in biggest chip deal www.reuters.com

Smartphone chipmaker Qualcomm Inc (QCOM.O) agreed to buy NXP Semiconductors NV (NXPI.O) for about $38 billion in the biggest-ever deal in the semiconductor industry, making it the leading supplier to the fast-growing automotive chips market.
 
The acquisition will also help Qualcomm, which provides chips to Android smartphone makers and Apple Inc (AAPL.O), reduce its dependence on a cooling smartphone market.
 
With the deal, Qualcomm is taking a big bet on the so-called Internet of Things (IoT), which enables everyday objects such as fridges and cars to communicate with each other.
 
"The pace of innovation in automobile and IoT will increase dramatically and I think we look at it as a tremendous opportunity," Qualcomm Chief Executive Steven Mollenkopf said on a conference call.
 
By 2020, some 21 billion IoT devices will be in use worldwide, up from fewer than 5 billion last year, research firm Gartner has estimated.
 
Qualcomm sat out the transformative consolidation that has swept the chip industry recently.
 
The deal announced on Thursday tops Avago's $37 billion acquisition of Broadcom (AVGO.O) last year.
 
The equity value of Qualcomm's offer is $37.88 billion, according to Reuters calculations based on the company's fully diluted shares as of Oct. 2. Including debt, the deal is worth roughly $47 billion.
 
SMOOTH SAILING?
 
Qualcomm said it expected the deal to clear regulatory scrutiny, given the complimentary nature of the two businesses.
 
Needham & Co analyst Rajvindra Gill said there was not much overlap in products or end-markets between the two companies.
 
"There's been a lot of semiconductor M&A activity in the last two years and I haven't seen one deal that has been delayed because of regulatory hurdles at this point," Gill added.
 
The combined entity would have annual revenue of more than $30 billion.
 
NXP, based in the Netherlands, became the world's biggest maker of automotive electronics after it bought U.S.-based Freescale Semiconductor for about $12 billion last December.
 
Goldman Sachs and JPMorgan have committed financing for the deal, which is expected to close by the end of 2017.
 
The deal is structured to use offshore cash flow in a tax-efficient manner to rapidly reduce leverage, Qualcomm said.
 
The company said it expected the deal to generate $500 million in cost savings annually within two years of closing.
 
Goldman Sachs and Evercore were financial advisers to Qualcomm, while Centerview Partners LLC advised its board. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Cravath, Swaine & Moore LLP and Allen & Overy LLP were legal counsel to Qualcomm.
 
Qatalyst Partners, Barclays and Credit Suisse were financial advisers to NXP and Skadden, Arps, Slate, Meagher & Flom LLP and De Brauw Blackstone Westbroek provided legal advice.
 
 
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Mobile and Youtube boost Google parent Alphabet profits www.bbc.com

Google parent Alphabet has reported a 20.2 % rise in quarterly revenue, helped by sales of advertising on mobile devices and YouTube.
Revenue in the third quarter rose 20% to $22.5bn (£18.5bn), from $18.7bn a year earlier.
Net income for the quarter was $5bn, up from $4bn a year ago. Alphabet's share price rose 1.3% in after-hours trading.
Alphabet, along with Facebook, dominates the fast-growing mobile advertising market.
Google's total ad revenue rose 18.1% to $19.82bn in the third quarter, accounting for more of its revenues.
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