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”ТОКИОГИЙН ЗАГВАРЫН ЕРТӨНЦ” ҮЗЭСГЭЛЭН ЯАРМАГ RX Japan Tokyo

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FM Ts.Munkh-Orgil holds bilats with Russian politicians in Vladivostok www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs Ts.Munkh-Orgil attended the Eastern Economic Forum which took place in Vladivostok of Russia on September 2-3. The forum has been organized under auspices of the President of the Russian Federation.

The Minister have taken some updates on the Russian economic situation, especially, the economic growth in the Far East, regional economic policies and positions in Asia and the Pacific, and the measures for attracting investments from the regional countries.

During the economic forum, the FM Ts.Munkh-Orgil held bilateral meetings with the Russia Minister of Natural Resources and Environment and chairman of Mongolia-Russia Intergovernmental Committee S.E.Donskoy, Minister of Foreign Affairs S.V.Lavrov, the Head of the Sakha Republic E.A.Borisov, the Deputy Minister of Transportation O.V.Tsydenov and the President of the Russian Railways JSC O.V.Belozerov.

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Chinese firm to build Europe's tallest residential tower in London www.the guardian.com

 
On the eve of crucial talks between the British and Chinese over investment in the UK, Shanghai’s biggest property developer is to go ahead with an £800m tower in London, poised to be western Europe’s tallest residential skyscraper.
 
But with a separate “poor door” entrance for social tenants housed on the lower floors, and private elevators for the super-rich to speed to £3m penthouse apartments on the 67th floor, the new tower will revive controversy over inequality in the capital.
 
Spire London will rise 235 metres (771ft) on a site close to Canary Wharf in London Docklands. It promises “five-star lifestyle amenities” including a 35th-floor club and infinity pool with spectacular views over the city. But these will be reserved for private buyers, with one-bed “luxurious suites” to go on sale from £595,000.
 
The affordable housing units will make up 96 of the 861 apartments, but the developers insist they will have equal access to other communal facilities on the third floor, including a creche, meeting rooms, games room, and a “music/learning/cultural space”.
 
The developers are China’s biggest private property company, Greenland Group, and its UK managing director said the venture was a major confidence boost for London’s post-Brexit property market.
 
“This important launch reflects the confidence that Greenland Group continues to have in both the London economy and the London property market,” said Wenhao Qian.
 
In the immediate aftermath of the EU referendum vote, prices at many tower developments stumbled, particularly in the London area. Property websites began advertising many unfinished flats below the original purchase price in an attempt to lure buyers.
 
One agent, LondonDom.com, was advertising several properties in central London for less than the original price charged by the developer. These included a three-bedroom apartment in the Battersea Riverlight development. Separately, a flat in the super-luxe One Blackfriars development was advertised for “less than the developer’s price”. In both cases, the agent said the sales were for personal reasons and not a result of the Brexit vote.
 
The London office property market also stalled immediately after the referendum, with many leading investment funds forced to close their doors to withdrawals to avoid a firesale of property.
 
However, data in recent weeks has tended to show a more robust property market emerging. House price growth picked up slightly in August, according to Nationwide.
 
The average price of a home rose 0.6% to £206,145 between July and August, according to the Nationwide house price index – one of two monthly surveys by UK mortgage lenders. This compared with a 0.5% monthly gain in June. The annual rate picked up to 5.6% from 5.2%.
 
Greenland Group, which is developing four of the 10 tallest buildings in the world, said Spire London would reach half its height by summer 2018, with completion in 2020.
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Lagarde stresses G20 to proceed structural reform www3.nhk.or.jp

The head of the International Monetary Fund has stressed the need for the Group of 20 nations to proceed with structural reforms to help boost the world economy.
 
IMF Managing Director Christine Lagarde was speaking to reporters on Monday after attending a G20 summit in China.
 
Leaders of advanced and emerging economies pledged to implement a range of policies to achieve sustainable global growth.
 
Lagarde stressed the importance of structural reform over monetary and fiscal policies in raising global economic growth.
 
She urged G20 countries not just to think about structural reform, but to actually implement it.
 
Lagarde also said it's necessary to keep working toward a more equal relationship among IMF member nations. She was referring to a G20 agreement to give emerging and developing economies a more prominent voice.
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Samsung trips on quality control in rush to pip Apple www.reuters.com

In its rush to beat rival products to market, notably Apple's (AAPL.O) new iPhone, Samsung Electronics (005930.KS) has accelerated new phone launch cycles, but its haste is raising concerns that it fell short on quality testing.
 
Since last year, the South Korean firm, the world's largest maker of smartphones, has brought forward the launch of its Galaxy S and Galaxy Note series models by roughly a month.
 
For the June quarter, the strategy helped Samsung to its best profit in more than two years, but it is also putting strain on its supply chain and its manufacturing reputation.
 
On Friday, two weeks after launch, Samsung recalled Galaxy Note 7 smartphones in 10 markets including South Korea and the United States after finding its batteries were prone to ignite, and halted sales of the 988,900 won ($891) device in those markets indefinitely.
 
The recall looks set to hamstring a revival in Samsung's mobile business just as Apple gears up to launch its new iPhones this month.
 
"Samsung might have over-exerted itself trying to pre-empt Apple, since everybody knows the iPhones launch in September," said Chang Sea-Jin, business professor at Korea Advanced Institute of Science and Technology and author of "Sony vs. Samsung", a history of the electronics giants.
 
"It's an unfortunate event; it feels like Samsung rushed a bit, and it's possible that this led to suppliers also being hurried."
 
Samsung said in a statement to Reuters it conducts "extensive preparation" for its products and will release them to the market "only after proper completion of the development process".
 
The firm said on Friday it had identified a problem in the manufacturing process of a battery supplier it didn't name.
 
"I am working to straighten out our quality control process," Samsung's mobile business chief Koh Dong-jin said then.
 
The scale of the unprecedented recall, which some analysts forecast will cost Samsung nearly $5 billion in revenue this year, follows a separate supply-chain management issue that led to disappointing sales of the Galaxy S6 series last year.
 
Samsung executives said production problems for the curved screens and metal casings used in the Galaxy S6 edge led to a supply shortage for the device, leaving the firm unable to capitalize on the critical acclaim the phone received, sapping earnings momentum.
 
GETTING AHEAD
 
Counterpoint analyst Jeff Fieldhack said Samsung stole the thunder from local rival LG Electronics' (066570.KS) launch of the G5 smartphone this year by starting the sales of the Galaxy S7 smartphones a month earlier and backing them with an aggressive marketing campaign.
 
"I believe they were trying to create a similar effect by beating Apple to market by (about) a month, too," he said.
 
"Very often, lab times and testing periods are shrunk to expedite approval and time-to-market of key devices. It is possible all charging scenarios were not thoroughly tested."
 
Samsung SDI, one of two makers of batteries for the Note 7 - the other has not been identified - said it had not received notice from Samsung Electronics regarding its batteries and declined to comment further, including whether its batteries were found to be faulty. The company declined to comment on a local media report that it had production difficulties and struggled to meet orders in time.
 
While there are occasional reports of phones catching fire or burning users, recalls for such problems are rare. The problem is exacerbated by the fact that batteries in the Galaxy Note 7 can not be removed by the user - a design decision to make the phones slimmer and waterproof.
 
A Samsung executive who declined to be named told Reuters before the recall announcement: "Our production engineers and managers are extremely experienced, and if you ask them to find a solution to adopt a design change, they'd promptly bring things under control.
 
"But even that capability is under growing strain, as we try out new materials and everything is on a very tight schedule."
 
Local brokerage Korea Investment cut its third-quarter operating profit forecast for Samsung by 1.1 trillion won to 7.1 trillion won due to the recall, though it said the event would not derail the broader rebound of its smartphone business.
 
If haste contributed to the problem, it could now help Samsung limit the impact of the recall.
 
Shares in Samsung were up 0.8 percent in mid-day trade on Tuesday, 4.4 percent below record highs reached two weeks ago, as some investors welcomed the swift decision to launch a global recall.
 
 
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S.Byambatsogt: We will follow policy to protect investors www.mongolia.gogo.mn

 
 
Today MP and Minister of Justice S.Byambatsogt held press session on problems facing to foreign investors and protecting investors from burden of administrative and legal institutions.
According to the order issued by the Prime Minister, a working group led by Minister S.Byambatsogt, to examine bureaucracy, burden and groundless investigation conducted on the investors have established.
He noted that the working group will receive complaints to a bureaucrats and burden of state and legal institutions until Sep 15th.
He stated: "Investment stood at USD 4.7 billion in 2011 and it has decreased to USD 36 million as of first quarter of 2016. In other words, foreign investment has lowered by 130 times in last for years. Event, bureaucracy of civil servants is not the only reason to this, we need to examine. Clear and stable state policy attracts foreign investors. Newly formed Government will follow policy to protect investors from bureaucracy and illegal burden. This working group has established with the aim to support taxpayers and wealth creators".
Email to receive complaint letters from investors: medeelel@moj.gov.mn
Phone to receive complaint call from investors: (51)-263682
Currently, 200 foreign and 5000 domestic individuals were banned from traveling outside the country and the reasons will be notified soon.
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Bayer offers $65bn to win control of Monsanto www.bbc.com

 
Germany's Bayer has raised its offer for Monsanto to $65bn (£49bn), or $127.50 a share, in a bid to create a global seeds and pesticides giant.
Bayer said it was in advanced talks with Monsanto, but warned there was no guarantee a deal would result.
Its initial offer of $122 a share in May was rejected by the US firm for being "financially inadequate".
The record all-cash offer valued Monsanto at $62bn (£43bn at the time).
Bayer raised its offer to $125 a share in July but was again rebuffed.
Combining Bayer and Monsanto would create the world's biggest agricultural supplier and be a market leader in the US, Europe and Asia.
Bayer's farm business produces seeds as well as chemicals to combat weeds and insects, but it is better known for its healthcare products such as Aspirin and Alka-Seltzer.
Monsanto is primarily known for its genetically modified seeds for crops including corn, soybeans, cotton, wheat and sugar cane. Such seeds have attracted criticism from some environmental activists.
The higher offer comes amid a wave of mergers in the agriculture sector.
Rivals including Dow Chemical, DuPont and Syngenta have all announced tie-ups recently, although some have yet to be cleared by regulators.
The drop in commodity prices has put pressure on companies such as Monsanto, with farmers' cutting orders for supplies.
However, a Bayer takeover of Monsanto could raise US competition concerns because of the sheer size of the combined company and the control it would have over the global seeds and sprays markets.
Farming groups have raised concerns that such mergers could lead to fewer choices and higher prices.
Insiders said that although the two companies were close to reaching an agreement on price, they had yet to agree on a strategy on how to deal with potential regulatory hurdles.
Shares in Bayer have fallen by close to a fifth this year and ended at €94.24 on Monday, valuing the company at €78bn.
Monsanto has risen 9% since the start of the year and closed on Friday at $107.44, making it worth just over $47bn. Wall Street was closed on Monday for the Labor Day holiday.
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Iron ore price: Downside risks are building www.mining.com

 
The import price of 62% Fe content ore at the port of Tianjin drifted lower to trade at $58.80 per dry metric tonne on Monday according to data supplied by The Steel Index.
 
Against most predictions, year to date the price of the steelmaking raw material is up 37% and has surged nearly 60% since hitting near-decade lows in December.
 
China, which consumes more than 70% of the world's seaborne iron ore trade, imported 88.4 million tonnes in July, the highest since December. Shipments for the first seven months are now up 8.1% from 2015's record setting pace and on track to breach 1 billion tonnes for the first time.
 
Inventories at China's major ports have climbed substantially from mid-year 2015 and recently came close to the record 111 million tonnes hit in the second half of 2014 before stabilizing around the 100 million tonne level.
 
Chinese demand for cargoes may ease towards the end of the year and downside expectations for the iron ore price are rising, despite solid manufacturing data from the region according to a new report from the Singapore Exchange:
 
"Steel demand uncertainties have gradually been rising for the months ahead.
 
"On the one hand, improved steel demand from both the real estate and infrastructure sectors are likely to help provide a floor to steel prices.
 
"On the other hand, the Chinese central government appears reluctant to unleash more major short-term stimulus and, as expected, focus on structural reforms has been increasing.
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Japanese automakers eye Africa as next frontier www.asia.nikkei.com

NAGOYA -- Japanese car companies are broadening their footprints in the fledgling African automobile market, which is set to double within the next decade.
 
Toyota Motor will spend roughly 44 billion yen ($425 million) at a plant in Durban, South Africa. The funds will enhance production lines for the Innovative International Multi-purpose Vehicle project, or IMV project, which strategically targets emerging markets.
 
Toyota will gradually switch over to new versions of IMV vehicles for the first time in 11 years. The company will boost annual output of the Hilux pickup truck and other vehicles from 120,000 units a year to 140,000. These will be sold in South Africa as well as elsewhere on the continent and in Europe.
 
The Durban plant has raised annual output capacity for the HiAce van by about 40% to 13,000. The commercial vehicle is in high demand, since it can serve as a minibus. Toyota is fabricating more pressed parts locally because the weak South African currency is driving up costs for importing components.
 
Nissan Motor is stepping up sales in South Africa under the Datsun brand, which was revived for developing markets. The company has some 90 Datsun dealerships in-country, triple the 2014 figure. By expanding its presence in the continent's largest market, Nissan aims to boost its African share from the roughly 7% of 2014 to 10% in the fiscal year ending March 2017.
 
Japanese commercial-vehicle manufacturers are also expanding Africa operations, eyeing infrastructure projects made possible by official development assistance and other economic aid from Japan. Hino Motors will start selling trucks in Ivory Coast in 2017. Mitsubishi Fuso Truck and Bus has officially launched a new heavy-duty truck in Kenya. The TV 3340S Tractor cab was developed by German parent Daimler, and plans are to sell it in neighboring countries as well.
 
Some 1.55 million vehicles were sold in Africa in 2015, shows data from the International Organization of Motor Vehicle Manufacturers. This represents an 8% drop amid factors including softening commodity prices. Africa accounts for only 2% of the global market.
 
But sales have still grown nearly 40% over a decade. Rising income levels are expected to lift sales even further. U.S. market research firm Frost & Sullivan forecasts sales of up to 3.26 million vehicles in 2025, double the 2016 estimate. This would put the African market roughly on a par with Germany's present scale.
 
However, "the African economy is swayed sharply by swings in crude oil and mineral prices, which significantly impacts the automobile market," warned Takashi Morimoto, senior consultant at Frost & Sullivan.
 
Few parts manufacturers are setting up shop in Africa, forcing Japanese automakers there to rely heavily on imports. This exposes them to foreign exchange fluctuations, and weaker developing-country currencies stand to hurt profitability.
 
Strikes are also frequent in South Africa and other countries with strong unions, making stable labor-management relations a must. Shifting tax codes and competition from used vehicles also pose challenges.
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China's Shanxi gives coal firms $142 million for capacity cuts www.asia.nikkei.com

SHANGHAI (Reuters) -- The northern Chinese province of Shanxi, the country's biggest coal producing region, has awarded 947.78 million yuan ($142 million) to six major coal enterprises this year for shutting down surplus capacity, one of the firms said late on Monday.

In a notice to the Shanghai Stock Exchange, Datong Coal Industry Co. Ltd said it alone had received 312.16 million yuan from the provincial government after shutting down three mines with 3.75 million tonnes of annual production capacity.

China vowed in February to close 500 million tonnes of coal production in the coming three to five years in a bid to tackle an annual capacity surplus amounting to more than 2 billion tonnes. The country plans to close 250 million tonnes of coal production in 2016 alone.

The industry ministry said the country would provide 100 billion yuan this year to help handle layoffs in the coal and steel industries. According to China's Ministry of Finance, a total of 30.7 billion yuan had already been allocated by August this year.

Shanxi produced 944.1 million tonnes of coal last year, amounting to 25.6 percent of the national total. The province cut output by 68.8 million tonnes, or 14.9 percent, in the first half of the year, according to the local government.

Its efforts to curb output have been a key factor in the recovery in coal prices this year, with prices of thermal coal at the key northern port of Qinhuangdao <SH-QHA-TRMCOAL> rising by more than a third since the end of 2015.

According to the official Xinhua news agency, central China's Henan province also plans to award 2.18 billion yuan to encourage its coal and steel producers to slash capacity this year. The funds will be used to help pay for layoffs.

The province aims to cut 62.54 million tonnes of coal capacity and 2.4 million tonnes of crude steel capacity this year.

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Bankrupt Hanjin seeks court protection for its ships www.bbc.com

 
Troubled shipping giant Hanjin plans to seek court protection to prevent its ships from being seized by creditors.
South Korea's financial regulator said the company wanted to file for bankruptcy protection in more than 40 countries to protect its fleet.
Under bankruptcy protection a firm can reorganise its debts and block assets from being seized.
According to Hanjin, 68 out of its fleet of 141 ships have been stranded since the firm's collapse last week.
Several ships have already been seized in ports.
Hanjin cargo fleet stranded at sea
Hanjin last week filed for receivership in South Korea after attempts to raise fresh funding for the indebted firm failed.
On Friday, the firm had filed for bankruptcy protection in the US, a spokeswoman said on Monday, which would help protect its ships from being seized in US ports where many of the ships from Asia are heading.
The world's seventh-largest container line has been unprofitable for four of the last five years.
The global economic downturn in recent years years severely affected profits across the cargo shipping industry.
Fierce competition and falling prices have lead to a $5.4bn (£4.1bn) debt for Hanjin before its creditors refused to offer a new lifeline.
Hanjin shares plunged 30% when they resumed trading on Monday, but then recovered.
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