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    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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British manufacturing sector ready for expected boost from Treasury www.theguardian.com

Britain’s manufacturers insisted they have a crucial role to play in a post-Brexit world, contributing $247bn (£190bn) a year to the economy and creating well-paid, high-value jobs.
 
The UK is the world’s ninth-largest industrial nation and manufacturing accounts for 14% of business investment according to a report by the sector’s trade body, called EEF, and Santander.
 
But it comes at a time of huge uncertainty for manufacturers, with companies intending to cut investment in new plant and machinery to its lowest level since the financial crisis according to a survey published by EEF earlier this month.
 
Lee Hopley, chief economist at EEF, said: “Given the importance of manufacturing to the economy it’s vital that we educate all stakeholders about its real value and contribution to growth. This is especially important in a post-Brexit world where we have to look at all new avenues of generating growth and investment.”
 
As chancellor Philip Hammond prepares to deliver his maiden autumn statement on 23 November, the group has called for an ambitious industrial strategy to make the UK an appealing proposition for future manufacturing investment.
 
Hammond is expected to announce a programme of investment in transport and other infrastructure projects to give the economy a post-Brexit-vote boost.
 
Reports over the weekend suggested Theresa May has instructed the chancellor to extend the northern powerhouse initiative – conceived by his predecessor in number 11, George Osborne – to other UK regions.
 
Hammond has already signalled that he is willing to “reset” the public finances to support the economy, abandoning Osborne’s target of returning to a surplus of £10.4bn by 2019-20.
 
It is hoped that Britain’s factories will be able to capitalise on the sharp fall in the value of the pound since the UK voted to leave the EU. A weak pound makes British goods cheaper abroad, potentially boosting exports.
 
EEF said Britain is having an industrial renaissance, with manufacturers creating jobs at a faster rate than any other country apart from the US since 2010. The sector’s average annual earnings of about £31,500 are almost £4,000 above the figure for the whole economy, it added.
 
London and the south-east are the biggest manufacturing regions, just ahead of the north-west and the midlands.
 
 
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Singapore firm buys half of Rolling Stone www.cnn.com

Rolling Stone is teaming up with the son of an Asian business giant.
Wenner Media, which owns the nearly 50-year-old music magazine, will sell a 49% stake in the publication to Singapore-based social music company BandLab Technologies.
BandLab was created by Meng Ru Kuok, the son of the billionaire founder of the world's biggest palm oil company.
Though BandLab's signature product is its eponymous music making and sharing app, the business also has ties to retail. It recently bought MONO, a music instrument accessories company.

Gus Wenner, head of digital at Wenner Media, said the company sees "enormous opportunity" for Rolling Stone to enter "new areas of business." Wenner's father, Jann Wenner, is the magazine's co-founder.
The deal is being positioned as a chance for Rolling Stone to move into digital and retail, and to expand its influence in Asia.
In its announcement Sunday, Rolling Stone said an international subsidiary will be created and headquartered in Singapore.

The magazine retracted a 2014 piece called "A Rape On Campus," about an alleged frat house gang rape at the University of Virginia, after doubts surfaced about the veracity of the primary source's claims.
An administrator at the university is suing the magazine for defamation, seeking millions in damages. A separate lawsuit brought by members of the fraternity was dismissed.

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Chinese coal companies to boost thermal coal output to placate steel mills www.mining.com

The meteoric rise in coking coal prices over the last couple of months has had a painful effect on China's steel producers, who are having to pay a lot more for coking coal, a key ingredient in steel production. The cost inflation gave rise to a protest from the China Iron and Steel Association which represents large state-owned steel mills. On Friday the country's state-owned coal mining companies relented, and agreed to increase output, which should cause Chinese coal prices to level off.

Cranking up production is actually the opposite of what Beijing wants to do for Chinese coal. For months the Chinese government has tried to rectify overcapacity by mandating production cuts and shutting debt-ridden mines that are close to the end of their lives. Beijing has also limited coal mines to operating a maximum 276 days a year.

How will the increase in thermal coal output affect coking coal prices in China? According to the Financial Times it won't necessarily resolve the supply squeeze of coking coal, which tightens up in winter when cold weather slows mining operations northern China and Mongolia. However, increasing the nation's output of thermal coal will "help keep a lid on coal prices in China, reducing pressure on thermal power generators and preventing the rally in coal prices from feeding through to the power sector."

Meanwhile on Saturday, the State Council of the Chinese government approved the merger of Baosteel and Wuhan Iron and Steel. The combined entity will be the largest steel company in China and the second largest in the world, after European steel giant ArcelorMittal, CCTV reported.

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Hanjin's bankruptcy causes logistics chaos www.nhk.or.jp

The bankruptcy of South Korea's largest container carrier is causing logistics chaos in many countries.

Hanjin Shipping went under on August 31st. Since then, port operators in many countries have been refusing port calls of Hanjin's container vessels for fear of failing to receive port and cargo handling fees.

The South Korean government says 62 cargo carriers have dropped anchor in harbors or offshore.

The government is trying to provide financial assistance to Hanjin, in order to return 33 ships to South Korean ports, and allow 29 vessels to enter foreign ports for offloading.

The chairman of Hanjin Group, the shipping operator's parent conglomerate, has offered 37 million dollars of his own money to help cover costs.

Korean Air, the core business of the group, has also pledged aid of 55 million dollars.

The South Korean government estimates that all of Hanjin's container vessels will unload their cargo at the end of October at the earliest.

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India to join Paris Agreement on climate change www3.nhk.or.jp

Indian Prime Minister Narendra Modi says his government will ratify the Paris Agreement on climate change next month. The country is the world's fourth-largest emitter of greenhouse gasses.

Speaking in the southern state of Kerala on Sunday, Modi said his government plans to ratify the Agreement on October 2nd, the birth anniversary of India's independence leader Mahatma Gandhi.

Modi said Gandhi lived with a minimum carbon footprint.

The Paris Agreement was adopted last December as the first international framework to cut greenhouse gas emissions after 2020.

The agreement will take effect when it is ratified by signatories whose greenhouse gas emissions account for 55 percent or more of the world's overall figure.

India emits more than 4 percent of global emissions, following China, the United States and Russia.

India's ratification is expected to help the agreement take a major step toward its becoming effective.

Earlier this month, China and the United States announced their plans to ratify the pact. Attention is now focused on how other major emitters will respond to these positive trends.

Japan, the fifth-largest emitter accounting for 3.8 percent of the global amount, has not completed domestic procedures for its ratification.

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China slowdown is global economy's biggest threat, Rogoff says www.bbc.com

The former chief economist of the International Monetary Fund has told the BBC a slowdown in China is the greatest threat to the global economy.
Ken Rogoff said a calamitous "hard landing" for one of the main engines of global growth could not be ruled out.
"China is going through a big political revolution," he said.
"And I think the economy is slowing down much more than the official figures show,"
Mr Rogoff added: "If you want to look at a part of the world that has a debt problem look at China. They've seen credit fuelled growth and these things don't go on forever."
British exposure
Last week, the Bank of International Settlements, the global think tank for central banks, said that China's debt to GDP ratio stood at 30.1%, increasing fears that China's economic boom was based on an unstable credit bubble.
The figure was described as "very high by international standards" by the Financial Policy Committee of the Bank of England, which will now test British banks' exposure to a Chinese slowdown.
British banks have $530bn worth of lending and business in China, including Hong Kong. That is about 16% of all foreign assets held by UK banks.
'A worry'
"Everyone says China's different, the state owns everything they can control it," Mr Rogoff, now Professor of Economics at Harvard, said.

"We're having a pretty sharp landing already and I worry about China becoming more of a problem.
"We've taken it for granted that whatever Europe's doing, Japan's doing - at least China's moving along and there isn't really a substitute for China.
"I think India may come along some day but it's fallen so far behind in size it's not going to compensate."
'Nervous'
Mr Rogoff said that European economies and the US had to ensure they were "on their feet" before any slowdown started to bite.
"The IMF has marked down its forecasts of global growth nine years in a row and certainly the rumour is they're about to do it again," he said.
Beyond China, Mr Rogoff said there was a good deal of uncertainty in the world over issues such as whether Donald Trump or Hillary Clinton will win the US presidential election.
He argued it was difficult to judge what Mr Trump would do if he won, and that a victorious Mrs Clinton might have her plans for infrastructure spending, for example, blocked by the Republican House of Representatives.
"I am certainly nervous, probably much more about a Trump victory, just because of not knowing what's next," Mr Rogoff said.
"I don't like the [protectionist] trade policies of either candidate. I think free trade has benefitted the States immensely in its leadership position. So watching as an economist, this has been a painful election."
Brexit impact
Mr Rogoff said it was unclear what the impact of Brexit would be on the UK economy as it was not yet possible to define the trade model that would be agreed or judge how well the European economy would be performing at the time Britain leaves the European Union.
Despite praising the Bank of England's pro-active response to the referendum result, Mr Rogoff said that central banks were in an increasingly invidious position.

"Monetary policy has its limits - it is not a panacea," he said.
"It is a little bit the fault of central bankers for allowing themselves to take too much credit when things are good, and [then] getting blamed too much when things are bad.
"But monetary policy doesn't make an ageing economy young, it doesn't make an economy which is having little innovation suddenly innovate, it doesn't make an economy with a Zombie banking sector somehow miraculously healthy.
"I have a concern about monetary policy at the moment - that it is being asked to take on roles that it's not built for. It is being asked to do helicopter money where you just print money and hand it out to people.
"In Europe, central banks are buying up a significant proportion of the corporate debt market - that's what you do in China, in India, they're doing that in Japan also.
"There are all sorts of other pressures and I worry in the long run that central banks are losing their independence."

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Samsung delays restarting sales of its Galaxy Note 7 in S Korea www.bbc.com

Samsung has said it will delay restarting the sale of its Galaxy Note 7 phone in South Korea, as the firm needs more time for the global recall of the device.
The South Korean tech giant was forced to recall some 2.5 million devices globally due to overheating batteries.
Dozens of devices were reported to have caught fire.
The phone was to be back on the shelf on 28 September but is now expected to be available 1 October at the earliest.
On 2 September Samsung had said it would stop selling the phones and offered to replace the ones already sold. The firm also urged people to stop using the device.
The global recall affects 10 markets. In South Korea, some 200,000 customers have already returned their devices with the same number of people still left for the recall, according to Samsung.
Reuters reported that the next markets where the phone will be available for sale again will be Australia and Singapore in October.
In the US, regulators have ordered a formal recall of the phones, while the country's Federal Aviation Administration has told airline passengers not to bring the phones on planes unless they keep them turned off and don't charge them during the flight.
A number of airlines around the globe have also banned the phone from being used or charged on their planes.
The phone was originally launched on 19 August and had been generally well-received by critics and consumers.
The recall comes at a crucial time for Samsung as rival Apple has just released its new iPhone 7.
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7th MBD Business Networking: "Mongolian Foreign Direct Investment: Challenges" www.mongolianbusinesdatabase.com

We are pleased to invite you to the 7th MBD Business Networking which will be target in "Mongolian Foreign Direct Investment: Challenges" subject on Tuesday Oct 04, 2016 between 16.00-18.30 at Executive Excellence Center www.eeibcmongolia.com .

Agenda:

16.00 - "Mongolian Foreign Investment: Challenges and opportunities" - Dr. Nigel Finch, Founder & Managing Director of Saki Partners and Honorary Consul-General of Mongolia in Sydney.
(Dr.Nigel is a Founder & Managing Director of Saki Partners where he provides advice on complex financial transactions, he was an Associate Professor in Accounting at the University of Sydney (Australia).
He has authored more than 100 publications on accounting and finance including numerous articles focused on emerging markets and extractive industries. Some of his books include Emerging Markets and Sovereign Risk (2014), Fundamentals of Corporate Finance (2010), Contemporary Issues in Mining (2012) and Best Practices in Management Accounting (2012).
Dr. Finch is Chartered Accountant, a Chartered Tax Adviser and a Fellow of CPA. He is a member of the Representative Council of CPA Australia, a director of the Australia Mongolia Business Council and a director of several companies listed on the Australian Securities Exchange.)

16.20 - "Foreign investment into to the mining sector: Present situation, trend and comments" – L. NARANBAATAR, Founder and Director General of Glogex Co.,LTD
(Naranbaatar is a mining engineer-economist and holds financial management masters degree. He is initiated and leads to organize an annual Goal Mongolia and Metals Mongolia International forum. He is a board member of "Mongolian Geology and Mining professional institution and Mongolian minerals resource reporting committee)

16.40 - "The new circle begins: How we should benefit from it" - A.BILGUUN, Director of MIBG and capital market analyst 
(Mr. Bilguun joined MIBG as Chief Executive in the spring of 2012. Prior to joining MIBG Bilguun held several senior executive positions involved in corporate advisory, financing, and logistics within the mining and resources sector in Mongolia. These included Chief Executive and President of Monrud Mining Services LLC and Chief Executive of Discover Mongolia International Mining Investors Forum. In addition to Bilguun’s experience in Mongolia he has previously worked in investment banking at Toll Cross Securities, a Toronto based boutique specializing in mining and resources. He holds Bachelor of Commerce in Finance, Saint Mary’s University CFA Level-3 Candidate)

17.00 - "Foreign Investment into Capital markets: Present situation, trend and comments" -D.ANGAR Founder of Novel Investment and President of Mongolian Capital Markets Association
(Angar was CEO of Mongolian Stock Exchange in 2014-2015. He is now the 100% shareholder of “Novel Investment”, a member of the Mongolian Stock Exchange. The brokerage firm is the Mongolian market leader in the secondary market trading of Government Bonds and Treasury Bills, which accounts for 50% of all trades at the domestic bourse.
He has a bachelor’s degree in Finance from the University of Central Arkansas, USA, and a Master’s degree in International accounting and Finance from the University of Liverpool, UK.)

17.20 - "The recent foreign investment related policy changes: Lessons and comments - Ichinkhorloo SER-OD Founder and CEO of Mongolian Business Database MBD (NGO) and "Bridge of your Business (B2B Mongolia) Co.,LTD
(Ser Od graduated Mongolian National University's Law Institute and the Academy of American and International Law in Dallas Texas. He has been working in a leading business representative organizations, FDI, B2B communication sector for 15 years including Staff-Director of Foreign Relations Department of MNCCI and Vice Director of BCM. )

17. 40 -18.30 Networking served with light food and drinks.
For guests interested in attending this event and registration process please contact:tsendsuren.b@eeibcmongolia.comand tel:77106611, 77109911.

Please register by 5.00pm 03 Oct, 2016 via email providing your full name, company position, tel number and e mail address.
EEIBC's meeting room capacity is limited, so it will be “first come and first serve” basis. (The fee is 30.000 tugrug per person. Please confirm your registration by your payment to "Монголын Бизнес Мэдээллийн Бааз" TBD Bank's 427001964 account before your arrival)

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ASEAN GDP to exceed Japan's by 2030: IHS Markit economist www.asia.nikkei.com

SINGAPORE -- The combined gross domestic product of the Association of Southeast Asian Nations is expected to reach $8 trillion by 2030, higher than that of Japan, an IHS Markit economist said at a seminar here Thursday.
 
Rajiv Biswas, an IHS Markit senior director and its chief Asia-Pacific economist, was among the speakers at the Asia Economic Forum, a discussion organized by the U.K.-based economic research and analytics company and Nikkei.
 
Biswas pointed out that the Nikkei ASEAN Manufacturing Purchasing Managers' Index has shown a slight improvement in recent months, with the figure in August rising by 0.8 point from the previous month, underpinned by domestic demand. He expects ASEAN countries to generate "relatively resilient performance over the next couple of years," backed by ongoing economic reforms in countries such as Indonesia and Vietnam -- including a loosening of restrictions on foreign ownership.
 
During the panel discussion, Eastspring Investments Chief Investment Officer Boon Peng Ooi expressed confidence in Indonesia, a place where "political reforms are going through" thanks to the country's reform-minded leaders, led by President Joko Widodo. Meanwhile, Richard Jerram, chief economist of the Bank of Singapore, said his top pick for investment in ASEAN is Vietnam, citing demographic dividends and potential upside for the real estate market.
 
However, the picture is not all rosy. In July, exports for most Asian countries, including Thailand, Singapore, Malaysia and Indonesia, dropped from a year earlier.
 
The main drag is sluggish global demand, with slower growth in China and stagnant recoveries in the U.S. and Europe the main culprits. Standard Chartered Bank's Asia chief economist and managing director David Mann said the weak performance of the advanced economies is moving "the center of economic gravity [to Asia] even more quickly" than before.
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Hyundai to debut Genesis premium brand in China in 2-3 years -exec www.chinadaily.com.cn

HANAM, South Korea - South Korea's Hyundai Motor will launch its standalone premium auto brand Genesis in China within two to three years, betting on a luxury lane to profit as competition bites at the lower end of the world's biggest auto market.
Genesis brand chief Manfred Fitzgerald told Reuters in a recent interview the company is considering building Genesis models in China "For sure. But there are also other examples of (automakers) who live pretty well off of importing cars," he said, citing Toyota Motor Corp's Lexus.
 
The plans come as Hyundai tries to reverse out of 10 straight quarters of falling profit, hit in part by weakness in China.
 
Rolling out Genesis in key markets like China marks a shift for a company better known for making value-for-money cars and lacking the brand cachet and tradition of Germany's BMW , Mercedes-Benz and Audi. That trio dominates the luxury market globally - and in China.
 
"The luxury customer in China is very brand-conscious," said US national Fitzgerald, 53. The former executive with Audi's Lamborghini brand was speaking at the first, and so far only, standalone Genesis store, in a glitzy mall in Hanam on the outskirts of Seoul featuring cars like G80 sedans that can fetch up to 74 million won ($67,100).
 
"If you don't get your brand right, you can have the best product in the world, it won't work," said Fitzgerald. "In two, three years' time we will be entering China," he said, declining to give sales targets for a global rollout that will follow launches in Korea late last year and in the United States last month.
 
In China, imported cars carry a duty of more than 20 percent, putting pressure on automakers to produce locally.
 
Distribution debate
 
Genesis will open more standalone outlets, said Fitzgerald, and is exploring unspecified locations for its first US store. The Genesis line-up currently features two models, a range that the company plans to expand to six by 2020, including two sport utility vehicles.
 
Consultants like Eric Noble, president of California-based consultancy CarLab, say getting the sales channel right for premium cars is as important as the product itself.
 
For now, over 300 of Hyundai's more than 800 US dealerships will also be selling the Genesis brand, posing an added challenge for differentiating it from Hyundai. By comparison, Toyota's Lexus is sold through separate dealerships.
 
"From a product standpoint, the prospects of the (Genesis) brand are encouraging," said Noble. "But from a distribution standpoint, at least here in North America, it is much more problematic."
 
'Tipping point'
 
Hyundai Motor Group Chairman Chung Mong-koo, now 78, took the helm in 2000 and turned Hyundai and its Kia Motors affiliate into the world's fifth-largest automotive group by making inexpensive but reliable small cars.
 
But the veteran's 45-year-old son and vice-chairman Chung Eui-sun has sought to move Hyundai up the value chain. He spearheaded the move last November to hive off the Genesis sedan into a standalone brand, tapping a segment growing faster than the mass market to generate higher margins.
 
Fitzgerald said meeting with the younger Chung was a "tipping point" in his decision to join a company long known for promoting from within.
 
"He definitely gave me the feeling that no matter how long and how troublesome and how tedious this might be, they are in for it and they want to succeed."
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