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

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Steel giants hit by losses see hope in complementary businesses www.chinadaily.com.cn

 
Chinese steel companies are managing to ride over the tough times thanks to complementary businesses, said a top official of president of China Metallurgical Industry Planning and Research Institute on Saturday.
 
"Steel covers a wide range of industries, including minerals, recycling, logistics, environment management, finance and steel deep processing, which provide a lot of options for the steel smelters," said Li Xinchuang, the president of the institute.
 
The major complementary businesses of steel companies include high technologies, waste gas recycle, real estate and finance.
 
In 2015, large- and medium-sized steel companies in China reported 112.7 billion yuan ($6.77 billion) loss in their main business. In comparison, their complementary businesses recorded 48.1 billion yuan's profit.
 
The complementary businesses of some of the super-large steel smelters, such as Baosteel Group, Shougang Group and Wuhan Iron and Steel Group, have reached or exceeded 100 billion yuan.
 
Li suggested that the complementary businesses should be part of the steel smelters' long-term plans.
 
"The complementary businesses can form its own cycle where real estate, trade, new energy and logistics generate sufficient cash flow and profits to support deep processing and waste management. This way, the companies' portfolio will be more diversified and less reliant on steel, which is facing overcapacity downsizing pressure," said Li.
 
Li Bing, chief of the corporate reform office of the State-owned Assets Supervision and Administration Commission, said that China's urbanization will generate huge potential for steel demand.
 
According to Li, China's urbanization rate, which is 55.9 percent, is far lower than the average 70 percent among developed countries.
 
"The need for houses and automobiles in China has far been satisfied. The problem is that the population in large cities is stretching the limited resources because they don't want to stay in mid and small cities. As urbanization deepens, the potential demand will drive up industries in various sectors," said Li Bing.
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First Quebec diamond mine opens www.mining.com

 
Good news for mining in Quebec, the majority French-speaking Canadian province, has come from Stornoway Diamond Corporation (TSX:SWY), which officially opened its Renard diamond mine last week.
 
While ore has been flowing through the mill since mid-July, last Thursday was an occasion for the company to host a ceremony attended by dignitaries, including Pierre Arcand, Quebec’s minister of energy and natural resources and minister responsible for Plan Nord – a plan to revitalize northern Quebec's industry and infrastructure.
 
Also in attendance were Jean Boucher, member of the Quebec National Assembly for Ungava, the chief of the Cree Nation of Mistissini, Manon Cyr, mayor of Chibougamau and Chapais mayor Steve Gamache. The mine is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec.
 
“Today’s opening ceremony marks the culmination of approximately 20 years of work to bring the Renard Project from a green-field exploration concept to a fully operating new diamond mine. A long list of individuals can claim a share in the success of this enterprise. While we celebrate the official opening ceremony today, our production ramp-up continues and we remain on schedule to achieve commercial production by the year end,” said Stornoway Diamond president and CEO Matt Manson.
 
The mine near the Otish Mountains is expected to yield 1.8 million carats per annum for the first 10 years of mining, out of a 14-year minelife. Probable mineral reserves stand at 22.3 million carats, out of total indicated resources of 30.2 million carats and 13.35 million carats inferred.
 
Mine construction started on July 10, 2014, two days after Stornoway completed a $946 million transaction to fund the project to production. Funding was provided by Orion Mine Finance, the Caisse de dépôt et placement du Québec and Blackstone Tactical Opportunities.
 
Stornoway's shares bounced as high as $1.28 a share on Friday, for a 52-week high, before settling at $1.26 for a 7.69% gain at the close of trading in Toronto. The company is currently valued at just over $1 billion.
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China warns of property-related financial risks www.chinadaily.com.cn

 
China's banking watchdog has ordered strict control of financial risks related to real estate as bank loans to the sector surged.
 
Regulations over property loans must be rigorously implemented, and financial business related to real estate agents and developers should be conducted in a prudent manner, according to a statement on the website of the China Banking Regulatory Commission (CBRC).
 
Irregular inflow of loans or wealth management funds into the property sector must be banned, said the statement.
 
By the end of September, financial institutions in China had lent 25.33 trillion yuan ($3.74 trillion) to the property sector, up 25.2 percent year on year, central bank data show.
 
While the property sector has been a significant growth driver for the Chinese economy so far, policymakers have tried to prevent an asset bubble following drastic price rises in some first- and second-tier cities.
 
As a result of government curb policies, including purchase limits and tightened mortgage restrictions, the month-on-month price index for new homes in 15 first- and second-tier cities retreated in the first half of October from September, according to the National Bureau of Statistics.
 
The CBRC also urged efforts to avert risks related to local government debts and industrial sectors with excessive capacity.
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TD Ameritrade and TD bank nearing $4 bln deal to buy Scottrade- source www.reuters.com

 
TD Ameritrade Holding Corp (AMTD.O) and Toronto-Dominion Bank (TD.TO) are nearing buying Scottrade Financial Services [SCTRD.UL] in a $4 billion deal, a source familiar with the matter said.
 
TD Ameritrade, the biggest discount brokerage by trade executions, would acquire Scottrade's brokerage operations, and Toronto-Dominion would buy Scottrade's banking operations, the source said.
 
The deal could be announced as soon as pre-market hours on Monday, the source added.
 
TD Ameritrade, Toronto-Dominion Bank and Scottrade declined to comment.
 
In September, Bloomberg reported that Scottrade Financial was exploring a potential sale.
 
Scottrade has about 3,700 employees in about 500 branches across the United States.
 
In March, credit rating agency Fitch said Scottrade was trying to move away from focusing on transactional trading revenues and evolve toward more fee-based investment management revenue. [nFit951663]
 
Fee-based accounts yield more reliable income than commission-based trading accounts that rise and fall with clients' interest in the markets.
 
Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation for a new rule governing how they advise retirement savers.
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RBS paid consortium including Church of England at least £180m for flotation www.theguardian.com

 
A consortium made up of private-equity firms and the Church of England has received at least £180m from Royal Bank of Scotland for backing the bailed-out bank’s aborted attempt to float off 300 branches on the stock market.
 
The Edinburgh-based bank, 73% owned by the taxpayer, has already admitted that the ill-fated attempt to carve out the 300 branches under the Williams & Glyn (W&G) brand has cost £1.5bn.
 
Documents filed at Companies House shed light on the sums paid by RBS to the consortium – which, as well as the Church of England, included Corsair Capital and Centerbridge – formed three years ago to participate in the flotation of W&G. In a complex deal, they put £600m into RBS through a bond, which was intended to be exchanged for shares when the new bank floated on the stock exchange.
 
RBS may reveal further costs associated with the troubled branch spinout when it publishes its third-quarter results on Friday, at the end of a week in which rival bailed-out bank Lloyds Banking Group also reports, along with Barclays.
 
The sale of the 300 branches was forced upon RBS by the EU as a penalty for its £45bn taxpayer bailout in 2008. It has run into repeated problems and must now be completed by the end of next year. Ross McEwan, the RBS chief executive, warned last month that RBS faces unchartered territory if he cannot find a solution.
 
An attempt to sell the branches to Santander collapsed in 2012 and the deal with the consortium clinched the following year. But any attempt at stock market flotation was abandoned in August and the bank is now looking for a buyer.
 
The consortium was to have ended up with a stake of between 30% and 49% when W&G floated and the £600m bond converted into shares. The consortium used £330m of its own money to pay for the bonds and borrowed £270m off RBS.
 
Documents at Companies House for Lunar Investors – a limited-liability partnership set up by members of the consortium – show that in the period 26 September 2013 to end-December 2015 RBS paid £184m in interest to the holders of the bond. The consortium was charged £18m in interest for its £270m loan.
 
RBS said at the time the transaction was announced in September 2013 that it would pay the consortium a rate of interest between 8% and 14% a year. The documents at Companies House indicate that RBS was paying the higher rate of interest to the investors. It paid £100m for the 15-month period to end of December 2014 and £84m for the 2015 calendar year.
 
RBS would not comment on the payments, nor would Corsair. The Church Commissioners, which manages £7bn of the Church of England’s investments and helps funds dioceses and parishes and helps pay the pensions for clergy, said it had invested in W&G “due to our belief in the importance of competition in the banking sector and the vital role of challenger banks.
 
“We are pleased to have been able to work with Williams & Glyn on ethics in banking and are grateful to the management team for their enthusiasm on this issue,” the Church Commissioners said. It is reported to have a 10% stake in the consortium.
 
There had been hopes that W&G would be a new high-street competitor to the big four – RBS, Lloyds, Barclays and HSBC – along with TSB, which was spun out of Lloyds under instructions from the EU because of its taxpayer bailout. TSB is now owned by Sabadell of Spain.
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US to examine AT&T Time Warner deal www.bbc.com

 
US lawmakers and both presidential candidates have raised questions about AT&T's deal to buy Time Warner.
The US telecoms giant, already the country's third largest cable provider, is paying $85.4bn (£70bn) for the company, which owns CNN and HBO.
A Senate subcommittee responsible for competition will hold a hearing in November.
However AT&T's chief executive Randall Stephenson believes regulators will approve the deal.
Senator Mike Lee, the Republican who chairs the antitrust subcommittee, said the deal would "potentially raise significant antitrust issues, which the subcommittee would carefully examine".
The biggest merger to be announced this year would combine AT&T's distribution network, which includes 130m mobile phone customers and 25m pay-TV subscribers, with content from the Warner Brothers film studios and the cable TV channels HBO, the Cartoon Network and CNN.
The competition concerns centre on higher prices for customers and less consumer choice.
A spokesman for the Democratic presidential candidate Hillary Clinton said there were "a number of questions and concerns" about the deal that regulators needed to scrutinise, but added "there's still a lot of information that needs to come out before any conclusions should be reached".
Meanwhile Republican candidate Donald Trump has said that he would block the merger if he wins, because it was "too much concentration of power in the hands of too few".
The president does not have the final say - that lies with the US Justice Department, which can approve, block or put conditions on the takeover going through.
Other critics, such as John Bergmayer from Public Knowledge, a campaign group that promotes access to affordable media, warned that consumers may lose out from the deal. Mr Bergmayer suggested that AT&T might let mobile customers watch TV and films from Time Warner without counting it against their data caps, which would make video from other providers less attractive.
But AT&T's Mr Stephenson argued that there was "no competitive harm that is being rendered by putting these two companies together, so any concerns by the regulators, we believe, will be adequately addressed by conditions."
One expert told Reuters he thought the deal would be approved. Darren Bush, who teaches antitrust at the University of Houston, said the Justice Department would "look at it but they won't stop it".
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Marubeni, Pertamina, Sojitz to win $2bn Indonesian gas plant contract www.asia.nikkei.com

 
TOKYO -- A consortium of Japanese and Indonesian businesses likely will build and operate a roughly 1.6-million-kilowatt natural gas-fired power station in Indonesia, one of the country's largest run by a private operator.
 
Indonesian state-owned oil company Pertamina and Japanese trading houses Marubeni and Sojitz took first place earlier this month in bidding for the estimated $2 billion project for state utility PLN. The trio is expected to sign a formal contract after final negotiations.
 
The plant, to be located in Cilamaya in West Java Province, east of Jakarta, is expected to come online around 2021 and sell electricity to PLN. It will be built and operated by a joint venture in which Marubeni and Pertamina will each hold 40% stakes, with Sojitz owning the rest.
 
They will also construct a floating liquefied natural gas terminal and pipelines for delivering gas to the power station. Power generation equipment will likely come from General Electric and other suppliers.
 
Indonesia is firing up efforts to develop power sources amid economic growth, with President Joko Widodo pledging to open plants with an aggregate 35,000 megawatts of capacity by 2019. Most will be coal fired, but demand is strong for gas power plants, which emit less carbon dioxide. The new plant will use a combined firing technology involving both gas and steam turbines.
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Foxconn to enter chip market, partner with ARM on design center in Shenzhen www.asia.nikkei.com

 
TAIPEI -- Key iPhone assembler Hon Hai Precision Industry, also known as Foxconn Technology Group, is trying to expand its foothold in the semiconductor industry by partnering with SoftBank Group-owned ARM to create a chip design center in the southern Chinese city of Shenzhen, people familiar with the matter told the Nikkei Asian Review.
 
The move highlights the ongoing efforts by the world's largest contract electronics maker to build more key components and tap into new technologies for future growth faced with weakening global demand for smartphones. While Foxconn Chairman Terry Gou has set an annual sales growth target for his manufacturing empire of 10%, Hon Hai's revenue for the first nine months of 2016 dropped more than 3% year-over-year.
 
One nascent field Gou has enthused about is the internet of things, the technology that requires a growing number of chips to help items in daily use to connect to the internet and communicate with each other.
 
According to research company IC Insights, the IoT chip market will grow 19% to $18.4 billion in 2016, and will expand to $29.6 billion in 2019. Research group IDC estimates that the total IoT market will top $5 trillion in 2019.
 
"We want to get into semiconductor design and production," Gou told China's Shenzhen Satellite TV last week, at around the time when Foxconn signed a memorandum of understanding with the Shenzhen government to work together on semiconductor technology and startup incubators. He did not elaborate further.
 
Sources familiar with the plan said that Foxconn is working with ARM, the British innovator whose chip technology is adopted by 95% of smartphones worldwide, to create a chip design center in Shenzhen, without providing details.
 
ARM, Foxconn and SoftBank all declined to comment.
 
Better service
 
Foxconn's attempt to build its own chips and its earlier acquisition of embattled Japanese electronics conglomerate Sharp in the hope of developing advanced organic light-emitting diode panel technology appear to be part of its strategy to better serve customers by supplying key components as well as providing assembly services.
 
Further, both chips and OLED panels offer better revenue and margins than Foxconn's core assembly business. OLED panels are expected to be adopted by Apple's premium iPhone handset next year.
 
Other than Apple, Foxconn also assembles handsets for major Chinese brands including Oppo, Huawei and Xiaomi, with Japan's Sharp also planning to increase its smartphone offerings.
 
An industry executive said that Foxconn has been trying to develop an application-specific integrated circuit (ASIC), a customized chip, even though the company's presence in the semiconductor field has been very limited so far.
 
ASIC is designed for specific functions, such as a thermal sensor. It is not as powerful as a core processor or a graphic processor, but demand for ASIC is expected to surge with the rise of the IoT.
 
"It's very likely that Foxconn wants to expand its business beyond assembly and grow by making more key components for its customers," an industry executive said. "There is always the possibility that Foxconn's major customers including Apple may want to outsource some simple chips, and Foxconn will definitely want to secure those new businesses if it has the capability."
 
Another industry source said that both Foxconn and Sharp have licensed chip technology from ARM previously.
 
Shenzhen connections
 
The person further said that Foxconn has recently made a strong investment commitment to the Shenzhen authorities with the signing of the memorandum of understanding.
 
Shenzhen is already home to Foxconn's China headquarters and now it seems that the coastal city may play an even more vital role in the Taiwanese manufacturing titan's future, with Apple also expanding operations in the area.
 
Earlier this month when Chief Executive Tim Cook visited Shenzhen, Apple, which accounts for more than 50% of Foxconn's annual revenue, announced that it will set up a research and development center in the coastal city, coinciding with Foxconn's move to deepen ties with local authorities.
 
During Cook's trip, Gou accompanied him to meet Chairman Xu Shaoshi of China's National Development and Reform Commission and other senior Shenzhen officials.
 
Meanwhile, the new Foxconn-ARM chip design center is being created following close collaboration between Gou and SoftBank Chairman and Chief Executive Masayoshi Son.
 
Both share the belief that the IoT will be a major growth driver in the future and it should become a core business of their respective companies. This conviction led Son to acquire ARM for 23 billion pounds ($31 billion) earlier this year.
 
Gou and Son have also been working together closely on other business opportunities. Foxconn has been making SoftBank's humanoid robot Pepper, and the two companies have been investing in renewable energy and startups together in India. They also have formed a joint venture with China's e-commerce giant Alibaba to market Pepper worldwide.
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FED Beige Book: US economy expands www3.nhk.or.jp

 
The US Federal Reserve says the country's economy continues to expand, raising speculation that the central bank will increase its key interest rate by the end of this year.
 
The Fed released its latest Beige Book on Wednesday. The report is based on surveys of businesses conducted by the bank's 12 districts.
 
It says overall consumer spending was mixed between late August and early October, but retail sales increased in a majority of districts.
 
Employment expanded at a moderate pace, while labor market conditions remain tight across most districts.
 
Some districts reporting labor shortages are putting upward pressure on wages in certain sectors.
The Beige Book cites concerns among some Fed officials that uncertainty over economic policies of the next administration could affect personal consumption.
 
Financial market players expect that Fed policymakers will not raise the interest rate at their next meeting in November, which will be held one week before the presidential election.
 
Speculation is growing that the central bank will decide on the first rate increase in a year in December.
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Joy Global shareholders approve $3.7 billion acquisition by Komatsu www.mining.com

 
Mining equipment maker Komatsu (TYO: 6301) scored a major win Wednesday as shareholders in its US-based competitor Joy Global (NYSE:JOY) overwhelmingly approved the proposed sale to the Japanese firm.
 
The $3.7 billion transaction, first announced in July, is the latest takeover in a string of outbound M&A deals by Japanese companies encouraged by a strong yen.
 
“[The] approval represents a key milestone on the path to completing the transaction, which will deliver compelling value to Joy Global stockholders and further our ability to lead the mining industry,” Ted Doheny, the company’s President and CEO said in the statement.
 
Under the terms of the agreement, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held, representing a 48% premium to the volume weighted average closing price of Joy Global’s common stock for the 90 trading days, and a 41% premium to the volume weighted average closing price of the firm's common stock for the 60 trading days prior to July 21, the day the deal was announced.
 
Stronger in the West
 
The deal, Komatsu’s biggest-ever acquisition, is set to boost its ability to compete with Western rivals, particularly Caterpillar (NYSE:CAT).
 
The transaction still remains subject to other closing conditions and regulatory clearances in other countries. Regulators in the U.S. and Canada have already cleared the transaction, which is on track to close in early- to mid-2017.
 
Joy Global will operate as a separate subsidiary of the Tokyo-based firm, the world's second-biggest mining and construction equipment maker, and will retain the Joy Global name and headquarters in Milwaukee, company officials have said.
 
Currently, Komatsu only makes surface-mining equipment, while Joy is the largest independent manufacturer of machines used underground.
 
The deal is expected to close next year.
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