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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Snapchat heads for IPO that could value 'mega unicorn' at $25bn www.theguardian.com

Snapchat is preparing for a “mega unicorn” flotation on the stock market that could value the five-year-old mobile app known for its disappearing photos at as much as $25bn.
 
The company behind the app, which its 26-year-old founder Evan Spiegel created at his Stanford University fraternity house in 2011, is said to have appointed Wall Street banks Morgan Stanley and Goldman Sachs to lead its initial public offering (IPO) on the New York stock exchange as early as March 2017.
 
If the Los Angeles-based firm goes ahead with the flotation it will be the biggest technology IPO for years, and could pave the way for other bigger tech firms to go public. There are a string of “mega unicorns” companies, defined as those valued at more than $10bn, looking to realise their founders’ and investors’ wealth by floating on the stock market. Among those waiting in the wings are Uber (which was last valued at $68bn) and Airbnb (worth $30bn at its last investment round).
 
The flotation of parent company Snap Inc, which was valued at $18bn at its last funding round, will be the largest social media IPO since Twitter floated in November 2013. Since then Twitter has suffered, with its shares falling from a high of $69 to $17.80 on Thursday. The 140-character messaging company has been struggling to find itself a buyer as it fails to build revenue and grow its user base.
 
A Snap flotation would turn Spiegel and co-founder Bobby Murphy into multi-billionaires. At a $25bn valuation the founders’ stakes in the company, which recently changed its name to Snap Inc as it moves away from chatting to photography, would be worth almost $4bn each.
 
It would vindicate Spiegel’s decision to reject a $3bn takeover by Facebook in 2013, when Snapchat had yet to make any revenue.
 
Since then Snapchat has grown its daily user base (of mostly teenagers and young adults) to 150m, and hopes to generate advertising revenue of more than $350m this year, a big increase on the $59m it earned last year as it further explores partnerships with brands including Burberry, Tiffany and KFC.
 
Analysts at eMarketer recently said the company could bring in advertising revenue of almost $1bn by 2017, as brands ditch traditional advertising models for new media that appeals to younger people. Just over 40% of Americans aged between 18-34 are Snapchat users.
 
The firm recently launched a new service, called Snap Audience Match, that lets marketers match consumers’ email addresses and phone numbers with Snapchat’s user data in order to deliver targeted ads. Snapchat also lets companies know if users often consume certain types of content, like sport or gaming, so they can direct ads to those groups of people. These developments have angered some users and privacy campaigners.
 
A spokeswoman for Snap refused to comment on the company’s IPO plans. The appointment of a suite of banks to prepare for an IPO, which also including Barclays, Credit Suisse, JP Morgan, Deutsche Bank and Allen & Co, was earlier reported by the Wall Street Journal and Bloomberg.
 
The company can file its IPO documents privately with the Securities and Exchange Commission because the company makes less than $1bn in revenue.
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Gold is going back to $1,050 says Wells Fargo analyst www.mining.com

Gold and commodities entered a drawn out bear market five years ago and there are many more years of pain to go, says John LaForge with Wells Fargo.
 
"The reality is gold is a commodity and commodities have entered a long bear market," said LaForge who was interviewed by CNBC in July. LaForge is the head of Real Asset Strategy at Wells Fargo.
 
"Traditionally those long bear markets for commodities average about 20 years—and that is using data back to 1800—and we are only in year five."
 
Laforge sees gold heading back to its December lows since a commodity will "go back and test its lows off of the first move down multiple times."
 
Gold is up about $300 this year after hitting a low of $1,050 in December.
 
LaForge said this year's run up was overdue considering the gold's three year slide.
 
"I am a big believer in reverting to the mean and we definitely needed a bounce off of $1,000," says LaForge. "I would say it is going to be tough from here."
 
LaForge has made bearish statements about gold in the past. In 2014 he saw $660 per ounce gold as "in the cards."
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Sterling plunges to its lowest level in 168 years www.rt.com

The British pound has fallen to a low measured against a basket of trading currencies not seen since the mid-19th century, according to the Bank of England (BoE).
 
The effective exchange rate, calculated to mirror UK trade, is at rock bottom after hitting a low of 29.27. The mark is lower than the level sterling hit during the financial crisis, the introduction of floating exchange rates of the 1970s, and even the decision to leave the gold standard in the 1930s.
 
On Tuesday, sterling fell to a 31-year low against the US dollar over concerns of a possible “hard Brexit.” It traded as low as $1.2117 against the greenback.
 
Under the BoE’s current formula for the trade-weighted index, the biggest contributors to the currency basket are Germany (22.5 percent), US (16.5 percent), France (12.6 percent), Italy (8.3 per cent) and Japan (seven percent).
 
The pound rebounded slightly on Wednesday after Prime Minister Theresa May announced she would hold a parliamentary debate on Brexit proceedings and promised to fight for “maximum possible” access to EU markets.
 
Some analysts warn the British pound might fall out of the International Monetary Fund's elite basket of reserve currencies due to its continuing nosedive.
 
Sterling has dropped 17 percent against the US dollar since Britain voted to quit the European Union. The currency has come under renewed pressure and losses accelerated after Prime Minister Theresa May announced plans to trigger the process for the UK’s formal exit.
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Russia ends oil pipeline service agreement with Ukraine www.rt.com

Moscow has ended the contract to maintain oil pipelines in Ukraine. The order was signed by Prime Minister Dmitry Medvedev and details published on the government website.
 
According to the 1995 agreement, oil pipelines passing through Ukraine were operated by subsidiaries of Russia’s oil transportation monopoly Transneft. However in February 2016, the Ukrainian section of the pipeline was sold to a Swiss-registered company, International Trading Partners AG.
 
Thus the Kremlin said further Russian participation in the agreement is "impractical.” The deal was approved by Russian and Ukrainian antitrust agencies at the end of 2015.
 
International Trading Partners AG is registered in St Gallen in Switzerland, and is controlled by German Anatoly Schaefer, Interfax agency reported. According to Ukrainian media UNN, Schaefer has Moscow residency, and the money for the transaction was kept in a Moscow bank.
 
Before the sale, the pipeline was the subject of litigation between Russia’s Transneft and Kiev. In March 2015, the Supreme Economic Court of Ukraine rejected the complaint from Transneft on Kiev’s decision to nationalize the section of the pipeline that runs through the country.
 
Transneft uses the pipeline to supply diesel fuel to Ukraine. In September, Ukraine imported 150,000 tons of fuel.
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Uniqlo owner slashes 2020 goal www3.nhk.or.jp

Fast Retailing, operator of the Uniqlo clothing chain, has given up a long-held goal to hit nearly 50 billion dollars in sales by 2020.

President Tadashi Yanai says that figure is out of reach. He's slashed the target to about 30 billion dollars.

The announcement came as Fast Retailing released its earnings report for the year through August. The company notched a sales increase of about 6 percent from the previous year in yen terms. But net profit was down more than 56 percent at about 460 million dollars.

Executives blame the strengthening yen, as well as poor sales of winter clothing over the colder months.

Yanai hopes to boost the company's fortunes through online sales.

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German top court backs EU-Canada trade deal Ceta www.bbc.com

Germany's Constitutional Court has rejected a legal challenge to the EU-Canada free trade deal (Ceta) from campaigners who call it undemocratic.
The campaigners object to the fact that parts of Ceta will be implemented before all national parliaments in the EU have voted on it.
EU trade ministers are to decide on Ceta next Tuesday. If they all approve it, the deal can be signed with Canada on 27 October.
Ceta would remove many trade barriers.
It would be the EU's most comprehensive trade deal to date, and the negotiations have taken seven years.
More than 125,000 people signed a petition organised by three activist groups aimed at blocking Ceta, the Comprehensive Economic and Trade Agreement. The groups are Compact, Foodwatch and More Democracy.
'Race to the bottom'
Opponents fear that Ceta will be used as a model to push through an even more controversial EU-US trade deal called TTIP, much of which remains to be negotiated.
The activists argue that Ceta and similar deals put job security and social welfare at risk, in a global "race to the bottom" that serves the interests of a wealthy elite.
Canadian Prime Minister Justin Trudeau warned on Thursday that "if Europe cannot manage to sign this agreement, then that sends a very clear message not just to Europeans but to the whole world that Europe is choosing a path that is not productive, either for its citizens or for the world, and that would be a shame".
German Economy Minister and Vice-Chancellor Sigmar Gabriel has battled to win his Social Democrats (SPD) round to Ceta. The SPD is in government with Chancellor Angela Merkel's Christian Democrats (CDU), who strongly support Ceta.

Mr Gabriel said he was happy with Thursday's court ruling. Ceta, he said, would act as "protection against having a bad deal with the US".
Some British politicians see Ceta as a good basis for a post-Brexit UK trade deal with the EU. The UK can vote for Ceta while it remains a full EU member.
Ceta does not involve EU-style free movement of labour. But for services - 80% of the UK economy - the Ceta terms are less favourable than what they have now.
Would Ceta be a good model for the UK?
The judges in Karlsruhe did not, however, exclude the possibility of Ceta hitting obstacles in Germany in future.
By signing Ceta, they said, the government can only fast-track the deal's EU-wide provisions. Areas of national responsibility - such as intellectual property, maritime transport and commercial arbitration - must await parliamentary approval.
A new Investment Court System (ICS) - one of the most controversial issues - cannot be set up until Ceta is ratified by all EU parliaments, they said.

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UNFAO to open Representative office in Ulaanbaatar www.news.mn

Ts.Jambaldorj, Mongolian Ambassador at UNFAO (UN Food and Agriculture Organization) presented his credentials to Director-General Jose Graziano da Silva yesterday (12th of October). Mario Lubetkin, Chef de Cabinet, Ms. Paola Dini, the chief of protocol and S. Dashvaanjil, embassy adviser also participated in the event. Following the ceremony, Ts.Jambaldorj and Jose Graziano da Silva discussed cooperation between Mongolia and UNFAO. At the meeting, Director-General Jose Graziano da Silva noted that FAO will be open a representative office in Ulaanbaatar. During the last seven years, the FAO has implemented many programmes and projects in Mongolia, focusing on forestry and the livestock sector.

Mongolia became a member of the Food and Agriculture Organization in 1974, and was accredited through the FAO Representative office in the People's Republic of China. The FAO Liaison Office in Mongolia was opened on 1 July, 2009.

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Tsetsii wind farm to power Mongolia www.news.mn

The development of a 25-turbine wind farm project in southern Mongolia will go ahead, with the support of a Danish company. The Tsetsii wind farm project, located in Mongolia’s Gobi Desert, will consist of 25 turbines to provide 50 megawatts of power to the country. Located approximately 540 km. south of Ulaanbaatar, the farm will aim to boost Mongolia’s renewable energy to 30 per cent by 2030.

Power from the Tsetsii wind farm is expected to go online by the end of 2017.

At present, Mongolia’s power-generation capacity from renewables sits at 7 per cent, mostly hydropower. The government has recently adopted sustainability measures including a new Green Development Policy and the Law on Energy Conservation and Efficiency.

A finance agreement struck between the shareholders of Clean Energy Asia LLC (CEA), the European Bank for Reconstruction and Development (EBRD) and the Japan International Cooperation Agency (JICA) will allow the wind farm development in the Gobi Desert to proceed.

The large-scale infrastructure project will be led by CEA.

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Silk Road Conference asserts Mongolia’s role in nomadic tourism development www.en.montsame.mn

Ulaanbaatar /MONTSAME/ The International Silk Road Conference of Nomadic Tourism and Sustainable Cities, co-organized by the World Tourism Organization, the Ministry of Environment and Tourism of Mongolia and the World Cities Scientific Development Alliance opened on October 13 at the Tuushin Hotel of Ulaanbaatar. Opening addresses were given by the Speaker of Mongolian Parliament, Mr M.Enkhbold, the Minister of Environment and Tourism, Ms D.Oyunkhorol and the Executive President of WCSDA, Mr Dong Yangzhang.
 
Tourism is one of the most thriving industries of economy in this era of globalization, highlighted Mr Enkhbold. The sector creates millions of jobs, incepts intangible exports and waste-free productions, encourages investments, helps eradicating poverty and ensures stable economic growth, he went on.
 
This is a wonderful, the most peacemaking and sharing of all economic sectors, he underlined. Nowadays, tourists tend to be attracted to getaways from their civilized lifestyles for extraordinary cultures and pristine landscapes. This is an opportunity for some nations to exploit, said the Speaker.
 
The Speaker shared with the gathered that the government has set a goal to become a center of nomadic tourism, set out in the Concept of Sustainable Development until 2030.
 
According to the latest statistics, Mongolia hosts about 400 thousand tourist each year, which results in revenue of USD 263 million or 3.2 percent of the country’s GDP and 3.6 percent of total export.
 
Tourism in Mongolia created 50 thousand workplaces at home and ranks 99th place in the world and 19th in Asia-Pacific by competitiveness, the Speaker mentioned in his speech.
 
Minister D.Oyunkhorol said Mongolia is the home to nomadic tourism. It is impossible to argue with the fact that Mongolia has played a historic role in developing one of the world’s most ancient and important trade route called the Silk Road, which bridged peoples, ethnicities and scientific inventions. I am delighted at hosting this conference at home, said the Minister.
 
The government has been aiming to increase the number of tourists per year to one million by 2020, and the share of tourism revenue in the GDP to eight percent, she said.
 
The WCSDA Executive President Dong Yangzhang stressed Mongolia is a country of ancient history and culture, rich in biological and natural resources. Today’s tourism trend is to go back to the wild, and to experience the nomadic livestock herding culture in person. The Silk Road Conference is of historical significance in making Mongolia the hub of nomadic tourism development, he said.
 
The International Silk Road Conference has attracted over 350 delegates from 33 countries and international tourism organizations.
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China tops US in numbers of billionaires www.bbc.com

China's annual rich list has indicated that, once again, the country has more dollar billionaires than the US, and the gap is widening.
Property magnate Wang Jianlin of Dalian Wanda tops the list of 594 billionaires in the country, ahead of 535 billionaires in the US.
Alibaba's Jack Ma was second, with his wealth having risen 41% from last year.
The annual list is compiled by Shanghai publishers Hurun and often compared to the Forbes list in the US.
The Hurun Report's rich list is one of the most closely-watched and accurate assessments of wealth in China. The annual report has been published for the past 18 years.
Earlier this year, the publisher released a separate, global list, showing that the number of billionaires in China outnumbered those in the US for the first time.
However, none of China's super-rich make it into the global top 20.
Global reach
At the top of the China rich list is Wang Jianlin, who sits on a personal fortune of $32.1bn (£26.4bn).
His company Dalian Wanda has made headlines throughout the year with a number of high profile forays into the US movie markets. It has taken over Legendary Pictures, as well as stepping into US and UK cinema chains and striking an alliance with Sony Pictures.
Alibaba's Jack Ma is a close second with $30.6bn, and Pony Ma of internet and online gaming giant Tencent comes third with $24.6bn.
The biggest increase came from Yao Zhengua of investment and real estate firm Baoneng Group, whose wealth jumped by 820% to $17.2bn, putting him in fourth position.
Hurun chairman Rupert Hoogewerf said Mr Yao's rise illustrated a shift in China's maturing economy.
"Yao's financial investment model represents the new wave of wealth creation in China," he explained. "The first money made in China 20 years ago came from trading, followed by manufacturing, real estate, IT, and today it is about using the capital markets for financial investments."
Robin Li and Melissa Ma of search engine Baidu have a fortune of $14.7bn, ranked eighth while founder of smartphone makers Xiaomi, Lei Jun, dropped out of the top 10 to number 14 as competition in China's smartphone market intensified.
Most of China's billionaires live in Beijing, followed by Shenzhen, Shanghai and Hangzhou.
Globally, the Forbes rich list is topped by Microsoft founder Bill Gates with $75bn, followed by Amancio Ortega of Zara and legendary investor Warren Buffett.
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