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    

Category

Events

Events

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

NEWS

64x64

General Motors: 4m vehicles recalled over safety bug www.bbc.com

The US car company General Motors is recalling more than four million vehicles worldwide due to a software defect linked to at least one death.
The company says the fault is rare but can prevent airbags from deploying during a crash. Seat belts may also fail, it adds.
Trucks, cars and SUVs from the 2014-17 models are to be recalled.
The company said it would contact customers and update their software for free.
General Motors, which is based in Detroit, said the recall would not have a material impact on its financial results.
Of the 4.3m vehicles, 3.6m are in the US, where the National Highway Traffic Safety Administration announced the recall on Friday.
The company says the defect concerns the sensing and diagnostic module. In rare cases it can go into test mode, meaning airbags will not inflate in a crash.
The recalled vehicles are:
2014-2016 Buick LaCrosse, Chevrolet SS, Chevrolet Spark EV
2014-2017 Buick Encore, GMC Sierra 1500, Chevrolet Corvette, Chevrolet Trax, Chevrolet Caprice police car and Chevrolet Silverado 1500
2015-2017 Chevrolet Tahoe, Chervrolet Suburban, Chevrolet Silverado HD, GMC Yukon, GMC Yukon XL, GMC Sierra HD, Cadillac Escalade and Cadillac Escalade ESV
In 2014 the company recalled 2.6 million vehicles in connection with an ignition switch fault that disabled the airbags. It also paid compensation for 124 deaths.

...


64x64

Texas mattress shop closes over 'tasteless' 9/11 ad www.bbc.com

A Texas mattress shop is to close after facing a backlash for a 9/11-themed advert described as "tasteless".
Miracle Mattress faced strong criticism after its "twin tower sale" offered every mattress sold on the anniversary of the attacks for the price of a smaller twin mattress.
In the clip, staff fall into two towers of mattress, knocking them over.
"We'll never forget," the presenter of the clip says in the now withdrawn advert.
Miracle Mattress owner Mike Bonanno said that "effective immediately, our Miracle Mattress store will be closed indefinitely", in a statement released on Friday.
"We will be silent through the 9/11 Anniversary to avoid any further distractions from a day of recognition and remembrance for the victims and their families."
In a letter published earlier, Mr Bonanno apologised, saying the video had been produced at the company's San Antonio office without permission from management.
"The video is tasteless and an affront to the men and women who lost their lives on 9/11. Furthermore, it disrespects the families who lost their loved ones and continue to struggle with the pain of this tragedy every day of their lives."
Twitter users criticised the company over the video. "This is absolutely sickening," said one. "You deserve to be out of business. End of story," said another.
A total of 2,996 people died on 11 September 2001 when al-Qaeda militants hijacked four planes, crashing two into the World Trade Center's twin towers in New York, a third into the Pentagon and the fourth into a field in Pennsylvania.

...


64x64

MasterCard sued for $19bn in Britain’s biggest damages claim www.rt.com

The leading global payment company MasterCard is being sued for £14 billion ($19 billion) in damages. The company allegedly charged its 46 million UK customers excessive fees for using its cards.

According to court documents filed in London, the company set unlawfully high fees to stores when shoppers swipe their debit or credit cards, and it has been doing that for 16 years between 1992 and 2008.

The case was brought by UK’s former chief financial services ombudsman Walter Merricks who said "MasterCard charged billions of pounds of unlawfully high fees for its sole benefit and to the detriment of consumers." He is backed by law firm Quinn Emanuel, under the new Consumer Rights Act.

According to the law firm, the world’s second-largest credit and debit card provider MasterCard has spurned a chance to settle with the European Commission, choosing to fight its case through the courts.

After a 10-year legal battle between MasterCard and the commission, the European Court of Justice ruled in 2014 that the credit card firm’s fees for cross-border transactions were too high.

“MasterCard lost this battle at every level and showed complete disregard for its cardholders and consumers at large, focusing instead on generating unlawful profits,” Quinn Emanuel said in a statement.

MasterCard has denied any wrongdoing, saying it continues to firmly disagree with the basis of the claim and intends to oppose it vigorously.

"We deliver real value through the benefits of security, convenience and consumer protection, and we are committed to investing in our payment services in order to continue to meet the rapidly evolving needs of all our customers," said MasterCard.

...


64x64

European standards to be introduced in road and transportation sectors www.mongolia.gogo.mn

Ulaanbaatar /MONTSAME/ B.Tsogtgerel, the Vice Minister of Road and Transportation Development met Thursday a delegation led by Oldrzych Zaychek, the first secretary of the Czech Embassy in Mongolia.

The sides exchanged views on upgrading Mongolian auto transport logistics by using Czech practices and on European standard projects for improving the auto traffic control.

At the meeting, the Vice Minister said Mongolia intends to cooperate with the Czech Republic in bringing the road and transportation sectors into a new level in frames of certain projects on traffic control stations accorded with European standards and on establishing mobile laboratories of technical examination facilities and tools.

The Czech delegation appreciated outcomes of a visit to the Czech Republic paid by authorities of the National Center for Auto Road, and hopes that the above projects will be realized successfully within the cooperation.

...


64x64

World’s largest, newest diamond mine to inject $5.2bn into Canada’s economy www.mining.com

 
Gahcho Kué, the world’s largest new diamond mine due to begin production later this month, is expected to contribute $5.2 billion (Cdn$6.7 billion) to Canada’s economy and provide 1,200 new jobs, a report released Thursday by majority owner De Beers shows.
 
Situated almost 300 kilometres east of Yellowknife, in Canada’s Northwest Territories, the mine — a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%) — has so far provided a $341 million (Cdn$440 million) boost to the NWT economy, the reports says. It has also contributed a further $272 million (Cdn$350 million) to the rest of Canada, according to the figures released by De Beers.
 
But what makes the mine especially important is the fact that two of Canada's major diamond mines — Diavik and Ekati — are approaching the end of their productive lives, and —although it's smaller— Gahcho Kué would be able to offset the production drop-off.
 
The report, which looks into the socio-economic impact of the Anglo American-owned diamond company in Canada, also highlights De Beer’s contribution to the country’s economy over the past 10 years:
 
More than Cdn$7 billion to Canada’s gross value added (GVA), with exports supported by DeBeers mining operations bringing Cdn$4 billion in foreign currency into the country’s economy. In 2015, they represented 28% of Canada’s export earnings from diamonds.
Cdn$55 million in support to First Nations through Impact Benefit Agreements (2006-2015).
An expected Cdn$24 million contribution to Alberta’s economy by the recent move of headquarters from Toronto to Calgary.
Cdn$750 million in exploration across Canada since 1961, supporting almost 100 jobs each year on average.
Responsible for the discovery of more than 170 kimberlites to date.
“In the 50 years we have been in Canada, we have seen how our business can be a catalyst for delivering both economic and social value, locally, regionally and across the country,” De Beers Canada's chief executive Kim Truter said in a statement.
 
He noted that, only last year, De Beers’ activities contributed Cdn$1.2 billion ($930 million) to the Canadian economy.
...


64x64

“Mongolia is attracting foreign investments and reviving its economy” www.en.montsame.mn

Ulaanbaatar /MONTSAME/ The government of Mongolia is focusing on reviving economy and attracting foreign investments as the governmental actions priority, said J.Erdenebat, the Prime Minister of Mongolia at a courtesy call he paid Thursday on Geoff Regan, the Speaker of the House of Commons (lower house) of the Canadian Parliament on an official visit to Mongolia.
 
The Premier said the Mongolia-Canada relations and cooperation have been expanding year by year in all spheres, and emphasized that the investment and economic sectors are the major spheres of bilateral bilateral relations, therefore are contributing to their deepening.
 
“Canada is one of the Third Neighbors of Mongolia and is an important partner in North America. So, Mongolia aspires to progress the ties on a comprehensive partnership level,” the Premier underlined. He added that the Mongolia-Canada intergovernmental agreement on promotion and protection of investments established today will open Mongolia's door broader to Canadian investors.
 
“Canada is leading today among other counties by the size of investments made to Mongolia. I thank Canada for rendering official developmental assistance to Mongolia on behalf of the government. I will focus my attention to making the Canadian aid more fruitful and adequate,” he said. J.Erdenebat PM then expressed the willingness to learn Canadian experiences in boosting important sectors such as agriculture, infrastructure, renewable energy, finance, environmentally-friendly industries, science, technology, education, health, tourism and green development.
 
The Canadian Speaker believes that the intergovernmental agreement will contribute to broadening bilateral cooperation, and thanked the Mongolian government for taking actions to create a favorable condition for foreign investors.
...


64x64

From steaks to furniture, Hanjin Shipping collapse to raise freight costs www.reuters.com

The collapse of Hanjin Shipping (117930.KS) will boost the cost to U.S. businesses and consumers of a wide range of imported goods, from furniture and clothing to fresh fruit and frozen meat, according to federal agencies, shippers and retailers.
 
With Hanjin's future in doubt, carriers have announced they will hike container freight rates by as much as 50 percent beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season, industry sources said.
 
United Parcel Service Inc (UPS.N) said on Thursday it is seeing a bump in demand for its freight services and is working with customers in Asia to shift goods from Hanjin containers to other ocean freight operators or air freight services. About $14 billion worth of cargo was stranded by the collapse of the seventh largest container carrier in the world.
 
"Right now, there is much more (freight) demand than there is supply. People are scrambling to find a carrier with space," said Peter Friedmann, executive director of the Agriculture Transportation Coalition shipping industry group.
 
"But the biggest challenge right now is for people with cargo on Hanjin ships," he said.
 
Cargo shippers have been forced to pay thousands of dollars in fees to terminal owners and truckers to reclaim their goods from Hanjin ships to prevent perishable foods from spoiling and to avoid losing sales because goods are not available when customers want them.
 
Hanjin would normally pay the fees for port usage and container handling as part of its freight services. With the South Korean shipper in receivership, it is unclear if shippers would recoup any added costs they pay out of pocket to retrieve their goods.
 
Singapore-based crop shipper Agrocorp International said that DP World, terminal operator at Port Metro Vancouver, last week held 24 containers, or 600 tonnes, of its Canadian lentils that were bound for India and Bangladesh, demanding a release fee of $450 per container.
 
Industry analysts expect the freight increases to be short-lived as more shipping capacity comes on line.
 
"The Hanjin ships are going to be off the market for the holiday seasons. It will take several months to sort through the legalities, but any rate increase will be temporary," said David St. Amand, president of Navigistics Consulting.
 
In the short term, retailers are likely to take hits to their profit margins as they try to shield customers from any more price rises in a hyper-competitive retail market.
 
"We believe that (the Hanjin collapse) will likely increase our short to medium term ocean freight costs which will minimally impact product cost in all of our operating segments to varying degrees. However, inventory availability is good," Paul Toms, CEO of Hooker Furniture (HOFT.O), said on an earnings conference call on Thursday.
 
The American Apparel and Footwear Association said it expects gross margins to be pressured in the near term by the higher shipping prices and additional unloading fees.
 
Hanjin's collapse could wreak havoc on port operations and shipping lines over the next two to three months and could impact trade between the United States and South Korea, the U.S. Department of Agriculture said in a report published on Thursday.
 
Container freight charges have more than doubled since May and could appreciate further, the agency said. The average cost to move goods in 40-foot containers from the U.S. West Coast to Asia was quoted at $1,700 this month, up from $788 in May.
...


64x64

Passengers warned not to use Samsung Galaxy Note 7 on planes www.cnn.com

Air travelers are being warned not to use their Samsung Galaxy Note 7 smartphones on planes after the company recalled the devices over complaints the batteries can catch fire.
"In light of recent incidents and concerns raised by Samsung about its Galaxy Note 7 devices, the Federal Aviation Administration strongly advises passengers not to turn on or charge these devices on board aircraft and not to stow them in any checked baggage," the FAA said late Wednesday.
The unusual warning adds to the headache for Samsung (SSNLF), the world's biggest smartphone marker, as it scrambles to replace millions of Note 7 phones around the world.
Some international airlines have already taken steps to stop people from using the devices on their aircraft. Qantas (QABSY) and Virgin Australia have both said they are telling passengers not to turn on Note 7s or charge them on flights.
samsung galaxy note 7 fire
A Galaxy Note 7 owner in South Korea shared photos of his melted phone.
"On board announcements are being made prior to departure to inform all guests," Virgin Australia said in a statement.
It wasn't immediately clear how major U.S. airlines would respond to the FAA announcement.
Earlier Wednesday, Delta (DAL), JetBlue (JBLU), Spirit (SAVE), United (UAL) and Virgin America (VA) didn't respond to requests for comment on the Galaxy Note 7. American (AAL) and Southwest (LUV) both referred questions on the phone to the FAA. American said it hadn't changed its policies.

Korean Air, the flag carrier in Samsung's home market of South Korea, said it doesn't so far have any plans to restrict use of the Note 7 on its planes. It said South Korean transportation ministry officials had met Wednesday with Samsung representatives and didn't issue any guidance regarding the phone afterward.
The transportation ministry didn't respond to a request for comment on the matter.
Samsung said a week ago that it was halting sales of the Note 7 and would recall 2.5 million devices in 10 countries, including South Korea and the U.S. The company will replace them with new Note 7 phones.

Samsung was responding to dozens of complaints from customers that their phones had caught fire while charging. It said it had investigated the issue and found a problem with the batteries in a small number of Note 7 devices.
The embarrassing announcement came just two weeks after the flagship phone's release and days ahead of the unveiling of rival Apple (AAPL, Tech30)'s iPhone 7.
Samsung didn't immediately respond to a request for comment on the use of the Note 7 on airplanes.

...


64x64

US bank Wells Fargo fined $185m for opening illegal accounts www.bbc.com

The US' biggest bank Wells Fargo has been fined $185m for illegally opening accounts to boost sales targets.
The cash will go to regulators while the bank will also hand back $5m to customers.
The regulator accused it of "widespread illegal practice" around account openings, sales targets and compensation incentives.
"We regret instances where customers may have received a product that they did not request," the bank said.
The US Consumer Financial Protection Bureau (CSFB) announced the fine and said the bank must also hire an independent consultant for a review.
"Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed," said Richard Cordray, director of the regulator.
Its investigation found that to meet sales targets and possibly gain more compensation bank workers had "illegally" signed up customers for more than 2 million deposit and credit-card accounts.
Employees also issued debit cards without customers' knowledge, even creating fake email addresses to unknowingly sign up consumers to online-banking services, the regulator said.
Wells Fargo said it set up an independent review of its sales practices dating back to 2011 and had taken "disciplinary actions, including terminations of managers and team members who acted counter to our values".
...


64x64

Air pollution costs global economy over $5tn annually – World Bank www.rt.com

Premature deaths due to air pollution cost the global economy $5.1 trillion annually which is roughly twice the economic output of the UK, according to a World Bank report released on Thursday.
 
In a major study of the economic costs of indoor and outdoor pollution, the bank said air pollution prematurely kills 5.5 million people a year, or one in ten deaths worldwide.
 
According to the survey, air pollution significantly hampers the economic development of China and other growing economies in Asia. The bank found that in 2013 (the latest year for which global data is available) China lost nearly ten percent of its GDP, India over seven percent, Sri Lanka and Cambodia roughly eight percent.
 
“The health risk posed by air pollution is the greatest in developing countries,” said the report. “In 2013 about 93 percent of deaths and non-fatal illnesses attributed to air pollution worldwide occurred in these countries, where 90 percent of the population was exposed to dangerous levels of air pollution.”
 
Rich countries are also losing tens of billions of dollars a year through lost work days and welfare costs from premature deaths, the study showed. Dirty air was found to cost the UK $7.6 billion (£5.6 billion) a year, the US $45 billion and Germany $18 billion.
 
The World Bank also calculated that in 2013, premature deaths alone cost the global economy about $225 billion in lost work days. The estimates do not include the costs of treating illnesses linked to pollution.
 
Even with welfare costs, which are based on what people, were prepared to pay in order to avoid dying from air pollution, the calculated $5 trillion may not reflect the full cost, economists said.
 
“The figure could be very much more if it included health costs. We did not include the costs of [morbidity] illnesses caused by pollution,” said lead author and senior environmental economist for the World Bank, Urvashi Narain. “The scale of the problem is truly daunting. The poor are more likely to live in polluted areas and are less able to access healthcare,” she added.
 
The study also drew a link between economic development and air pollution. From 1990 to 2013, welfare losses nearly doubled and labor income losses increased by 40 percent. That happened even despite the fact that countries had made great gains in economic development and health outcomes.
 
 
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook