1 MONGOLIA DRAGGED ITS WILD HORSES BACK FROM EXTINCTION – CAN IT SAVE THE REST OF ITS WILDLIFE? WWW.THEGUARDIAN.COM PUBLISHED:2024/01/13      2 FOUR KILLED BY HEAVY SNOW IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2024/01/13      3 CHINA-MADE BUSES TO HIT THE ROAD IN MONGOLIA'S CAPITAL WWW.XINHUANET.COM PUBLISHED:2024/01/13      4 MONGOLIA'S GDP EXPECTED TO GROW BY 6.2% IN 2024 - WORLD BANK WWW.AKIPRESS.COM PUBLISHED:2024/01/13      5 CHINA'S IMPORTS OF MONGOLIAN COAL SET TO RISE AS TRANSPORT IMPROVES WWW.REUTERS.COM PUBLISHED:2024/01/13      6 RUSSIA BOOSTS FUEL EXPORTS TO CENTRAL ASIA, AFGHANISTAN AND MONGOLIA IN 2023 WWW.REUTERS.COM PUBLISHED:2024/01/13      7 MONGOLIA'S INFLATION DOWN TO 7.9 PCT WWW.XINHUANET.COM PUBLISHED:2024/01/11      8 PRESIDENT OF MONGOLIA INVITED HEADS OF STATE OF TWO NEIGHBORING COUNTRIES WWW.GOGO.MN PUBLISHED:2024/01/11      9 63.2 PERCENT OF MILK AND DAIRY PRODUCTS DOMESTICALLY SOURCED WWW.MONTSAME.MN PUBLISHED:2024/01/11      10 ELECTRIC VEHICLE CHARGING STATIONS TO BE BUILT AT 25 LOCATIONS IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/01/11      ИНФЛЯЦЫН ТҮВШИН 7.9 ХУВЬТАЙ ГАРЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/01/14     АЮУЛТ ҮЗЭГДЭЛ, ОСЛЫН ТОХИОЛДОЛ ӨМНӨХ ОНООС 4.3 ХУВИАР ӨСЖЭЭ WWW.EAGLE.MN  НИЙТЭЛСЭН:2024/01/14     ОЛОН УЛСЫН ЗАХ ЗЭЭЛЭЭС 225 САЯ АМ.ДОЛЛАРЫН БОНДЫГ АМЖИЛТТАЙ АРИЛЖААЛЛАА WWW.IKON.MN  НИЙТЭЛСЭН:2024/01/14     "МОНГОЛЫН ХӨРӨНГИЙН БИРЖ" ХК НЭГ ЖИЛИЙН ХУГАЦААНД 15.1 САЯ ТОНН НҮҮРСИЙГ ₮7.4 ИХ НАЯДААР АРИЛЖЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2024/01/14     ИНФЛЯЦЫГ ТОГТВОРЖУУЛАХАД ЧИГЛЭСЭН МӨНГӨНИЙ БОДЛОГО ХЭРЭГЖҮҮЛНЭ WWW.MONTSAME.MN  НИЙТЭЛСЭН:2024/01/14     ИРЭЭДҮЙН БЭЛЭН БАЙДЛЫН ИНДЕКСЭЭР МОНГОЛ УЛС 124 УЛСААС 75 ДУГААРТ ЭРЭМБЭЛЭГДЭВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/01/14     XII САРД ШИНЭ ОРОН СУУЦНЫ ҮНИЙН ӨСӨЛТИЙН ХУРД ҮЛ ЯЛИГ СААРЧ, 9.9 ХУВЬ БОЛОВ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2024/01/14     БҮХ ТӨРЛИЙН ТЭЭВРЭЭР 105 САЯ ТОНН АЧАА ТЭЭВЭРЛЭЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/01/14     ИНФЛЯЦ 3 САР ДАРААЛАН НЭГ ОРОНТОЙ ТООНД ХАДГАЛАГДАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/01/11     ӨНГӨРСӨН ОНД НҮҮРСНИЙ ЭКСПОРТЫН 92 ХУВИЙГ АВТО ЗАМЫН ХИЛИЙН БООМТООР ГАРГАЖЭЭ WWW.MONTSAME.MN  НИЙТЭЛСЭН:2024/01/11    

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Shipping giant Maersk to split up and focus on North Sea www.bbc.com

Maersk, the Copenhagen-based shipping giant, is to be split up with its energy interests directed more towards the North Sea.
The family-owned firm, formally known as AP Moller-Maersk, will focus on its transport and logistics business.
The energy division is to shrink its global reach and focus more on the North Sea, where it has expertise.
That division has around 800 employees based in Aberdeen, working both on and offshore.
The company employs 88,000 people and operates across 130 countries, with turnover of more than $40bn (£31bn).
Work will continue on existing energy projects, including some of the biggest projects in the UK offshore sector. But the company signalled that new investment commitments may be low, particularly in tankers and drilling.
Maersk Oil has been operating in the UK central North Sea sector for 11 years, and is a partner in some of the biggest developments during that time, including the Golden Eagle.

Shipping has been hit by sharp reductions in rates for containers - a notoriously volatile market. That is partly due to a downturn in trade, and also to the extra tonnage added to the world container fleet.
Hanjin Shipping, the seventh-biggest in container transport and based in South Korea, recently filed for bankruptcy. It is struggling to find the finance to offload cargo from its ships, worth several billion pounds.
Maersk's energy business faces problems which are at least as deep as shipping, due to the fall in the price of oil. The company's strategic review speaks of finding "solutions" including joint ventures, mergers or spinning off companies for separate listing. The vagueness of the plan makes it look like an intention to exit as much of that sector as possible, and shipping is clearly the priority.
The North Sea presence may be one part of the energy division that is retained, as the technology involved is an area of expertise. That's unless a buyer can be found.
Breaking up the 112-year-old conglomerate is a reversal of the strategy under which Maersk Line grew to have a fleet of 590 ships, plus 500 smaller service ships. It was guided by its chairman Maersk McKinney Moller, who remained active in the company until his death four years ago, aged 98.
It is operator of the Culzean gas field development, which is one of the biggest in UK waters for 25 years. It is expected to meet 5% of Britain's gas demand after it comes on-stream, scheduled for 2019.
Its other production is from Denmark, Qatar, Kazakhstan, the US Gulf of Mexico and Algeria. Exploration and development activities are also under way in Angola, Kenya, Ethiopia, Greenland, Brazil, Kurdistan, and the huge Johan Sverdrup field being developed in the Norwegian North Sea.
Michael Pram Rasmussen, the chairman, said in a statement: "Separating our transport and logistics businesses and our oil and oil related businesses...will enable both to focus on their respective markets. Both face very different underlying fundamentals and competitive environments."
The oil, drilling, offshore services and tanker divisions face moves towards joint ventures, sales and stock market floats over the next two years. Profits in that division have recently come in well below expectations.
Key development projects
The company's strategy states: "Maersk Oil will adjust its current strategy to focus its portfolio in fewer geographies to gain scale in basins, particularly in the North Sea, where it can leverage its strong capabilities within subsurface modelling, well technology and efficient operations. Maersk Oil will aim to strengthen its portfolio through acquisitions or mergers.
"Further, Maersk Oil will mature existing key development projects, while keeping exploration activities and expenses at a low level. While the strategic focus will be reflected in a disciplined capital allocation, investments in strategic projects already sanctioned or under development will continue as planned.
"Maersk Drilling, Maersk Supply Services, and Maersk Tankers will continue to optimise their market position and operation with the existing fleet and order book. Additional investments in the group's offshore service businesses and Maersk Tankers will be limited."
Denmark's Sydbank estimated the value of the logistics business at, very roughly, £23bn. Its central estimate for the energy division was close to £13bn.

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Hydro-electric power plant be built in western Mongolia www.vom.mn

Hydro-electric power plant to be built in western Mongolia. The new hydro power station will supply electricity to the western region of the country. The three westernmost provinces are often plagued by blackouts and are largely dependent on electricity export from Russia. The plant, which has the capacity to generate 92.8 megawatt electricity, is being financed by USD 248 million from Turkey’s “ZTM Engineering and Consulting Co. Inc.” The hydro-electric power plant would be constructed under “build-operate-transfer” terms as set out in the Concession Law.

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Thousands of UK-based finance firms may lose EU ‘passport’ rights www.rt.com

Britain’s financial watchdog has warned that Brexit puts the country’s finance sector at ‘significant’ risk with almost 5,500 UK-registered firms losing their right to operate freely across the European single market.
 
According to the Financial Conduct Authority (FCA), all those firms hold at least one passport to do business in another EU or European Economic Area country. More than 8,000 financial firms based elsewhere in the European Union also do business in Britain via single market passports, and their rights are likewise threatened.
 
“These figures give us an initial idea of the effects of losing full access to the single market in financial services. The business put at risk could be significant,” said Andrew Tyrie, chairman of the UK parliament’s Treasury Select Committee.
 
Passporting allows companies to do business across the 28-nation European Union, and the European Economic Area which includes Iceland, Liechtenstein and Norway.
 
The FCA said UK companies hold 336,421 passports because many have passports for different sectors in different countries. The total number of passports held by European businesses for access to the UK stands at 23,532.
 
The passports cover a range of activities, including investment banking, corporate lending, insurance, payments and asset management.
 
While Brexit negotiations on a formal new trade deal with the EU are expected to start next year the future of the passport rights remains uncertain. Losing those rights means any financial institution using London as its EU headquarters would have to move to another country and offer services to the rest of the union from there.
 
Colm Kelleher, president of the US bank Morgan Stanley, told the BBC that “clearly some size of our businesses will have to be moved out of London and into Europe with the absence of any passporting agreement.”
 
He added, however, that he remains “convinced London will retain its reputation and prestige as a global financial services center.”
 
Since Britain’s vote to leave the European Union, cities such as Paris, Amsterdam, and Frankfurt have expressed their willingness to become a new center of international finance.
 
France has promised to "roll out the red carpet" for City bankers in an effort to woo them from London to Paris. Poland also said it wants to attract businesses looking to shift operations away from the United Kingdom in the wake of Brexit.
 
 
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Russia & China start building connecting suspension bridge www.rt.com

The construction of a suspension bridge across the Amur River, which will connect the Russian city of Blagoveshchensk with China’s Heihe has begun, reports the Xinhua news agency.
The Chinese region will invest about $120 million in the project.
 
According to the construction director Xing Lixin, the bridge will be around a kilometer long and getting between China and Russia will take 20 minutes, which will significantly reduce the border crossing time.
 
The project has been thought about for 20 years, and Russia and China finally agreed to build the road in 2014. Since then, the two sides have been negotiating how it would be financed.
 
After the suspension bridge is finished, it will be connected to a railway bridge across the Amur River.
 
The bridge is likely to boost trade between Russia's Far East and China. The shortest distance between Heihe and Blagoveshchensk, which are known as sister cities, is 700 meters. However, cars now have to drive 3,500 kilometers to get to the neighbor country.
 
Border trade with China is a very important part for Blagoveshchensk’s economy. The city is home to a large Chinese expatriate community and is part of a free trade zone which also includes Heihe.
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Mongolian Board Members for OT LLC are appointed www.montsame.mn

 The new Mongolian Board members for Oyu Tolgoi LLC are Executive Director of Erdenes Oyu Tolgoi LLC B. Munkhbaatar, N. Bagabandi and Ch. Altannar. N. Bagabandi is the former President of Mongolia and one of the first board members of Oyu Tolgoi LLC before. Ch. Altannar, a mathematician was the Director of the German-Mongolian Institute for Resources and Technology and worked at Oyu Tolgoi LLC for a certain time

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Postal Bank IPO to be the world's biggest www.chianadaily.com.cn

State-owned lender Postal Savings Bank of China raised about HK$ 58 billion ($7.4 billion) in its initial public listing offering and is set to go public in Hong Kong on Sept 28－making it the world's biggest IPO since Alibaba Group went public raising $25 billion in September 2014.
PSBC plans to price its sale of 12.1 billion shares at HK$4.76 per share, below the midpoint of a marketed range from HK$ 4.68 to HK$5.18 a share, according to a report in The Wall Street Journal.
 
Clarence Kwok, chief investment consultant at Bluestone Securities, said that PSBC had priced itself near the bottom of analyst expectations, reflecting the market's low response to purchase the H shares, and said the bank's oversubscription rate might be less than 1.6 times.
 
He said that usually companies lowered the stock price to improve an issue's popularity－and the subscription rate during the good times for the mainland bank shares could reach five to six times.
 
Kwok added, however, that currently the market fears that Chinese mainland banks are suffering from bad debt and shrinking profits under a slowing economy. Additionally, the fact that the company's 1.22 price to book ratio and 9.52 price to earnings ratio were higher than the respective sector average of 0.9 and 5.6 also was dragging on market sentiment.
 
According to the PSBC prospectus, the nonperforming loan ratio of the company reached 0.78 percent as of June 30 this year and the company's allowance coverage ratio was 286.71 percent as of March 31 this year.
 
Kwok said the nonperforming ratio was lower than the average 1.73 percent of the big commercial banks and the allowance coverage ratio was higher than the other large commercial banks' average of 154.73 percent, which was an advantage.
 
Chris FengShijie, director of the capital market department at Qianhai Securities, said he was optimistic about the H shares as the company had numerous branches and a broad and solid customers base. As well, the company's relatively conservative business strategy ensured it to be less effected by market and industry risks.
 
The State-owned retail bank has over 40,000 outlets and over 500 million retail customers and its official website says that it provides financial services to communities, small and medium-sized companies and "agriculture, rural areas and farmers."
 
According to the prospectus, six cornerstone investors have subscribed more than 70 percent of the H-shares. These are CSIC Investment One Ltd, Shanghai International Port Group (HK) Co Ltd, Victory Global Group Ltd and State Grid Overseas Investment Ltd, China Chengtong Holdings Group Ltd, as well as Great Wall Pan Asia International Investment Co Ltd.
 
Financial commentator Dennis Huang said this year the large State-owned listing corporations were mostly supported by "national team" investors and so was Postal Savings Bank of China. He also pointed out that in recent years, the stock market usually moved to higher ground close to October, enabling the large State-owned companies to go public.
 
Looking at expectations for its stock market trading debut, Kwok said he saw the share price topping the offer price and then remaining flat initially. But in three to four months the big State-owned stock would be probably included in the China Enterprises Indices and the share price would bounce back, he said.
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Banks digging deep to help revamp Shanxi coal sector www.chinadaily.cn

Banks in northern China's Shanxi province are actively implementing credit policies designed for the business circumstances of each individual coal mining company－to help drive an aggressive transformation and upgrading of the sector.
The director of the China Banking Regulatory Commission's Shanxi office, Zhang Anshun, said on Tuesday that 21 coal mines in the province would be closed in 2016.
 
He added that the government would take "coercive measures" to stop unauthorized production and construction work at another 16 coal mines.
 
The coal mines, owned by the seven biggest State-owned coal mining groups in Shanxi, had a total of 4.96 billion yuan ($743 million) in outstanding loans.
 
Zhang added that coal companies that proactively cut excess capacity and still maintained output, despite facing deteriorating performance and liquidity difficulties, would continue to receive the support of banks in the form of renewal of their loans.
 
Up to now, banking institutions have renewed 41.8 billion yuan in loans for 109 coal mining companies in Shanxi. Each of the companies has set up a creditors' committee.
 
According to the CBRC, a creditors' committee is a temporary organization established by at least three banking institutions that are creditors of a company that has difficulty in repaying a large amount of debt.
 
Members of the committee form a joint credit management mechanism for the company and take concerted action in helping it go through hard times and to discipline its spending.
 
"Banks will continue to support rational credit demands from high-quality coal enterprises, especially provincial coal mining groups, rather than recalling loans in advance and stopping lending to them," Zhang said.
 
As of Tuesday, banks have provided the 109 coal mining groups with accumulated financing totaling 215.4 billion yuan, up 5.4 billion yuan from the start of the year.
 
Banks also granted 1.32 billion yuan to these companies for debt restructuring, and the loan balance for mergers and acquisitions of coal companies reached 2.87 billion yuan.
 
Song Zuojun, vice-president of the Shanxi branch of China Construction Bank Corp, said the CCB listed 22 coal enterprises in the province, including Shanxi Coking Coal Group Co Ltd, as companies with high-quality production capacity.
 
Apart from renewing maturing loans to Shanxi Coking Coal Group, the CCB also offered 245 million yuan of new loans and 500 million yuan of wealth management products to the group. Both were medium and long-term credit products especially designed according to its production cycle.
 
Deputy director of the CBRC Shanxi office, Wang Zhigang said that China's economic downturn caused companies to extend production at high levels and disrupted payments by customers for their products, forcing the coal firms to apply for frequent loan renewals.
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Hanjin Shipping shares rally 28 percent after Korean Air approves lending www.reuters.com

Hanjin Shipping (117930.KS) shares surged as much as 28 percent in morning trade on Thursday after the board of Korean Air Lines (003490.KS), its biggest shareholder, approved lending 60 billion won ($53.96 million) to the troubled container carrier.
 
Shares of Korean Air climbed 5 percent.
 
Korean Air's board decided late on Wednesday to provide the funds to help offload cargo that has been stranded on Hanjin ships, using Hanjin's accounts receivable as collateral, a spokesman for the airline said.
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Apple ‘in £1.5bn talks to buy supercar maker McLaren’ www.theguardian.com

Apple has been linked with a shock £1.5bn deal to buy McLaren Technology Group, the Formula One team owner and supercar maker.
 
A deal between Apple and the British company would dramatically shake up the technology and automotive industries. The California-based company’s interest in McLaren Technology Group highlights its ambition to develop technology that could be used in an electric and driverless car.
 
Apple has approached McLaren about a takeover but could also make a strategic investment in the company, the Financial Times reported.
 
McLaren denied that it was in talks with Apple, but it said: “As you would expect, the nature of our business means we regularly have confidential conversations with a wide range of parties, and they need to remain so.
 
Apple said it “does not comment on rumours or speculation”.
 
McLaren builds supercars such as the P1, which costs £866,000 and includes ground-breaking technology such as a lightweight electric motor, carbon fibre body panel, and on-board computer systems. The company is also developing a range of technologies for use in healthcare, energy and transport.
 
Ron Dennis, the chair and chief executive, has expanded the company dramatically from its origins in Formula One, where it is one of the most successful teams in the history of the sport despite struggling in recent seasons. The company is based in Woking, Surrey, in a futuristic headquarters designed by Norman Foster.
 
Dennis would be in line for a multimillion-pound windfall if a deal with Apple goes through. He owns 25% of McLaren Technology Group while Tag Group, a Luxembourg-based holding company led by Mansour Ojjeh, owns another 25% and Bahrain’s sovereign wealth fund Bahrain Mumtalakat holds the other half of the business.
 
McLaren Technology Group’s last financial results show the company recorded sales of £266m in 2014 and a pre-tax loss of £23m. It produces roughly 1,500 cars a year but has pledged to spend £1bn on research and development over the next six years.
 
Analysts said a move for McLaren would make sense for Apple. Neil Campling, analyst at Northern Trust Capital Markets, said it would provide Apple with “instant credibility” in the automotive industry and that the companies had “an unusual level of compatibility in design and business outlook”.
 
He added: “The attractiveness of McLaren – the designer of very high-end automotive products on and off the race track – to Apple, with its own reputation for design-centricity and technological expertise, is quite obvious. McLaren’s tagline could almost be Apple’s – ‘Designed and Engineered to Win’.
 
“Apple has the balance sheet to do it – they could do the deal for only a fortnight’s free cash flow – and there are logical commonalities in business model. Perhaps the real jewel in McLaren’s crown from Apple’s perspective is its applied technologies business, the [research and development] lab born from their Formula One expertise.
 
“If, as has been rumoured for some time, Apple is serious about the autonomous vehicle market, buying McLaren gives them instant credibility in the sector and brings with it an unusual level of compatibility in design and business outlook. It won’t shift the Apple dial much on its own so we read it as a statement of intent regarding autonomous vehicles.”
 
Apple rarely makes acquisitions, and a takeover of McLaren would be its biggest deal since it bought the Beats headphone brand for $3bn (£2.3bn) in 2014.
 
The US company is understood to have been developing a driverless car in a secretive project codenamed Project Titan. However, a number of workers have left the initiative in recent months, leading to speculation that Apple is struggling with its design or director.
 
Tim Cook, the chief executive of Apple, has never publicly acknowledged the project.
 
Kelley Blue Book, the US automotive research group, said McLaren’s cars were popular in Silicon Valley. Phil Schiller, senior vice president for worldwide marketing at Apple, owns a McLaren.
 
Michael Harley, analyst at Kelley Blue Book, said: “Apple’s potential acquisition of McLaren isn’t nearly as far-fetched as its initially sounds. Apple has been rumoured, but never officially confirmed, to be working on an electric car. McLaren is well-known as a manufacturer of high-performance sports and racing cars, but its true expertise is in engineering lightweight materials such as carbon fibre and aluminum, both of which are key building blocks to designing an innovative lightweight vehicle.
 
“Combine McLaren’s many proprietary patents with its proficiency in race technology, hi-tech medical devices, and research, and the two do appear to be a perfect match for each other.”
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Volkswagen investors seek $9.2bn compensation over diesel emissions scandal www.rt.com

German car maker Volkswagen faces €8.2 billion in damage claims from investors over their losses following the emissions scandal. The company has admitted equipping about 11 million diesel vehicles with software to cheat on pollution tests.
 
A state court in Brunswick, Germany said on Wednesday about 1,400 lawsuits have been lodged at the regional court in Braunschweig near Volkswagen's Wolfsburg headquarters.
 
It received about 750 lawsuits on Monday alone, which marks the first business day after the first anniversary of the scandal.
 
According to a court statement, investors claim they have suffered damage because the company was slow in disclosing the issue. Last year Volkswagen shares lost more than a third of their value in the first two trading days in Germany after the manipulations were uncovered by US regulators.
 
The US government is among the investors suing and seeking €30 million. German state pension funds have also filed complaints. Two investor groups are demanding €1.5 billion and €550 million respectively and an investment company is suing for €45 million.
 
The court said it may need about four weeks to register all the complaints.
 
The automaker has repeatedly said it had informed markets about the cheating disclosure in a timely manner.
 
Volkswagen has already set aside about $18 billion to cover the cost of vehicle refits and the settlement with US authorities. However, the automaker has refused to compensate EU consumers over the 8.5 million vehicles affected in Europe. VW said there’s no reason to compensate European customers since under EU rules it didn’t violate emissions standards.
 
The European Commission said this month that Volkswagen broke consumer laws in twenty EU countries by cheating on emissions tests.
 
Prior to that, Australia's consumer protection group filed a lawsuit against Volkswagen and its local subsidiary for misleading consumers over the diesel car emissions testing.
 
Last year the world's second-biggest carmaker lost $6.6 billion after it admitted manipulating emissions tests.
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