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

Eldorado Gold exits China, sells Jinfeng mine for $300 million www.mining.com

 
Canada’s Eldorado Gold (TSX:ELD) (NYSE:EGO) said Tuesday has completed the sale of its 82% stake in the Chinese Jinfeng mine to a wholly-owned subsidiary of China National Gold Group for US$300 million in cash.
 
The move marks the Vancouver-based miner exit from China, as the company announced earlier this year it was also selling its other three operations in the country — White Mountain, Tanjianshan and Eastern Dragon — for US$600 million in cash. That deal is expected to close before the end of the year, Eldorado said in the statement.
 
The transactions, said the company’s president and CEO Paul Wright, will add “meaningful value” to Eldorado and further strengthen the firm’s financial flexibility to advance its internal project pipeline.
 
Jinfeng produced 149,655 ounces of gold in 2015 and is expected to generate 95,000-105,000 ounces of gold this year, as the operation transitions fully into the underground.
 
Eldorado Gold, which also has operations in Turkey, Greece, Romania and Brazil, said it would use the money obtained from its Chinese mines to “continue to grow” the business based on “long-lived, low-cost assets.”
...


64x64

Enbridge buying Spectra in $28 billion deal www.reuters.com

Canada's Enbridge Inc (ENB.TO) said on Tuesday it would buy Spectra Energy Corp (SE.N) of Houston in an all-stock deal valued at about $28 billion (C$37 billion) to create the largest North American energy infrastructure company.

The takeover, the most significant energy deal since oil and natural gas prices crashed in mid-2014, highlights how pipeline companies are under pressure to merge as they grapple with overcapacity and sliding tariffs that have slowed dividend growth and unnerved investors.

Enbridge's biggest-ever deal will consolidate its leading position next to U.S. transport giants Kinder Morgan Inc (KMI.N) and Plains All American Pipeline LP (PAA.N), which have seen their stock prices sink over the last two years as oil and gas producers slash spending on new wells.

Enbridge's pipelines mainly send Canadian oil sands to refiners on the U.S. Gulf Coast, while Spectra's network ships natural gas to the U.S. East Coast.

The deal has no serious antitrust problems as the companies' networks have "limited overlap," said Bruce McDonald, an antitrust expert with Jones Day law firm.

The U.S. Federal Energy Regulatory Commission did not comment.

Spectra shares leapt 13 percent to $40.89, their biggest jump in more than three years. Despite having risen some 50 percent since January on a partial recovery in oil and gas prices, Spectra's shares are still down 16 percent from a high of $43 hit in July 2014.

Enbridge Inc.'s crude oil storage tanks are seen during a tour of their tank farm in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford
Enbridge Inc.'s crude oil storage tanks are seen during a tour of their tank farm in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford
Enbridge's U.S.-listed shares (ENB.N) rose 4.3 percent to $42.77 and its Toronto-listed shares bounced.

Under the terms of the deal, Spectra shareholders will get 0.984 shares of the combined company for each share held. This is equal to $40.33 per share, representing a premium of about 11.5 percent to Spectra's closing price on Friday.

That premium was small compared to the 32.4-percent premium Energy Transfer (ETE.N) offered for Williams Companies Inc (WMB.N) in a 2015 deal that ultimately failed.

The Enbridge-Spectra deal has an enterprise value of $127 billion, the companies said. Enbridge will issue about 694 million new shares and take on about $22 billion of Spectra debt. Enbridge also said it planned to divest about $2 billion of non-core assets over the next year.

Enbridge Chief Executive Al Monaco will lead the combined company, which will be headquartered in Calgary. Greg Ebel, Spectra's CEO, will be non-executive chairman.

"Over the last two years, we've been focused on identifying opportunities that would extend and diversify our asset base and sources of growth beyond 2019," Monaco said in a statement.

After the close of the deal, Enbridge shareholders will own about 57 percent of the combined company, which is expected to deliver annual savings of C$540 million, most of which are expected to be achieved in late 2018.

U.S. companies tout climate policies, fund climate skeptics
Brazil could raise emissions and still meet Paris goal: study
Pressure for G20 deadline on fossil fuel subsidies shifts to Germany
U.S., China ratify Paris climate agreement
Despite lots of talk about an M&A wave, only a handful of energy acquisitions have happened since oil and gas prices entered their worst slump in a generation as buyers and sellers have been unable to agree on prices.

But now more deals are starting to get done.

On Tuesday, EOG Resources Inc (EOG.N), a leading U.S. shale oil producer, said it would buy privately held Yates Petroleum Corp, which has assets in the Permian Basin of West Texas and New Mexico, for $2.5 billion.

TransCanada Corp (TRP.TO), Canada's second-largest pipeline operator, completed its $10.2 billion takeover of Columbia Pipeline Group in July.

Enbridge bought a minority stake in the Bakken Pipeline last month. It also won an auction for a stake in EnBW's (EBKG.DE) Hohe See, a European offshore wind power project, according to a source familiar with the matter.

Credit Suisse Securities (Canada) and RBC Capital Markets were Enbridge's financial advisers, while Sullivan & Cromwell LLP and McCarthy Tétrault LLP were its legal advisers.

BMO Capital Markets and Citi were Spectra Energy's financial advisers and Wachtell, Lipton, Rosen & Katz and Goodmans LLP its legal advisers. Skadden, Arps, Slate, Meagher & Flom LLP advised Spectra on tax issues. The deal is slated to close in early 2017.

(Reporting by Richa Naidu, Sruthi Shankar and Sweta Singh in Bengaluru, Ernest Scheyder in Houston and Diane Bartz in Washington; Additional reporting by Sruthi Shankar; Editing by Terry Wade and Nick Zieminski)

...


64x64

Japanese-French trio to supply LNG as ship fuel in Europe www.asia.nikkei.com

TOKYO -- Japan's Nippon Yusen and Mitsubishi Corp. will partner with French energy giant Engie to supply liquefied natural gas as ship fuel in Europe starting this year, as a greener alternative to heavy oil.

The trio on Tuesday announced the business under the Gas4Sea brand. A dedicated storage vessel that can hold 5,000 cu. meters of LNG -- the first of its kind -- will supply the fuel to other ships.

The operations will be based in Belgium's Port of Zeebrugge for the time being, refueling ships that make a stop there.

The International Maritime Organization in 2015 tightened environmental regulations for ships navigating in the North Sea and the Baltic Sea, requiring a 90% reduction of sulfur oxides content in fuel oil -- the mainstay ship fuel -- to a maximum of 0.1%.

Ships that travel through these waters now use low-sulfur fuel oil that is about 70% more expensive than regular fuel oil. LNG emits no sulfur oxides and is roughly the same price as normal fuel oil, so marine shippers would be able to cut fuel costs by switching.

Engie's global gas supply network will enable the business to expand to other parts of the world, including North America and Asia.

Jun Nishizawa, a senior vice president at Mitsubishi, told reporters in Hamburg, Germany, that the partners will work together to cultivate a new market in Asia, where regulatory changes have been lagging.

For waters around the globe, more stringent environmental regulations are to take effect as early as 2020, slashing the maximum allowed sulfur content in fuel to 0.5% from the current 3.5%. Against such a backdrop, demand for LNG as a cleaner fuel is seen reaching 7 million tons in 2020. The three companies hope to supply 200,000 to 300,000 tons of LNG a year.

About 300 ships used LNG as fuel last year and the tally is seen exceeding around 1,500 in 2020, according to the Japan Ship Technology Research Association.

Mitsubishi's rival Mitsui & Co. is also considering LNG supply in the Russian Far East by joining hands with state-owned company Gazprom. And European oil giant Royal Dutch Shell is building a large vessel to use for LNG supply.

...


64x64

Volkswagen buys 16.6% stake in US truck company Navistar www.bbc.com

Volkswagen has agreed a deal to buy a 16.6% stake in US truck-maker Navistar.
The agreement gives the German car manufacturer a foothold in the US truck market and Navistar a source for new engines for its fleet of vehicles.
Volkswagen will pay $15.76 (£11.76) for each of 16.2 million new company shares - 12% above Friday's closing price.
The deal is also creating a joint venture for procurement, which will help Navistar reach synergies of at least $500m (£373m) over five years.
There had been pressure on Navistar and other companies to find technology partners, after US regulators announced new environmental standards to cut greenhouse gas emissions from medium and heavy-duty trucks by up to 25% by 2027.
The company's chief executive Troy Clarke said: "Over the longer term, it is intended to expand the technology options we are able to offer our customers by leveraging the best of both companies."

...


64x64

Delta Suspends Direct Flights Between Russia and U.S. www.themoscowtimes.com

American airline Delta has suspended direct flights to Russia until the end of the year.

Delta's general representative in Russia, Leonid Tarasov, made the announcement Tuesday following earlier reports that Delta had completely withdrawn from the Russian market.

Speaking in an interview with the Govorit Moskva radio station, Tarasov said that the move was due to an expected drop in demand during the winter season.

The American airline’s last flight out of Russia this year will take off from Moscow’s Sheremetyevo airport on Tuesday. Customers will now only be able to travel to the United States with Delta with a KLM or Air France flight via Amsterdam or Paris respectively.

Russian carrier Aeroflot will continue to fly directly between the two countries, with daily flights between Moscow and New York.

Delta operates in 96 countries, and is considered the world’s largest airline based on the size of its fleet, passenger volume, and number of destinations.

...


64x64

Fiat's founders are leaving Italy www.cnn.com

The aristocracy of Italian industry are moving their massive investment company to the Netherlands.
The Agnelli family founded automaker Fiat in 1899, and built a fortune over more than a century. Their $10 billion investment firm Exor now owns large stakes in global companies including Fiat Chrysler (FCAM), Ferrari (RACE) and The Economist Group.
Exor says the move from Turin to Amsterdam will simplify operations since Fiat Chrysler, Ferrari and other businesses in its portfolio have already based themselves in the Netherlands.
When chairman John Elkann -- great-great grandson of Fiat founder Giovanni Agnelli -- proposed the move back in July, he said it was natural for Exor to align with "our principal investments [that] have themselves already reorganized their own corporate structure to better reflect their global activity."
The move to the Netherlands would allow the company to benefit from legal, financial and commercial expertise in Amsterdam, according to a person familiar with the move.
"Investors fully expect a global company to be located in a global center," the person said, speaking on condition of anonymity because he is not a spokesperson for the company.
The new Dutch shareholding structure will give more voting rights to shareholders who hold onto their investments for years, such as Agnelli family members.

Exor -- and subsidiaries such as Ferrari and Fiat Chrysler -- will still be traded on the Milan stock exchange, and its companies will continue to employ over 80,000 people in Italy.
The move, which should be finalized by the end of the year, will directly affect about 25 staff in Exor's head office.
Exor also owns 100% of Bermuda-based insurance firm PartnerRe, a majority stake in Italian soccer club Juventus and a large portion of the construction equipment manufacturer, CNH Industrial (CNHI), based in the Netherlands.

...


64x64

MUFG to bolster capital with green bonds www.asia.nikkei.com

TOKYO -- Striving to meet stricter capital requirements for banks, Mitsubishi UFJ Financial Group plans to raise up to $3 billion through bonds specifically aimed at financing renewable energy projects.

The first batch of bonds, worth $500 million, is to be issued in September as part of a $3 billion issuance of so-called TLAC bonds. The Japanese megabank is looking to tap into growing demand for environment-friendly projects among institutional investors. Eventually, MUFG plans to increase the size of its green bond issuances to between 200 billion yen and 300 billion yen ($1.93 billion and $2.9 billion).

TLAC bonds are subordinated securities issued to raise an institution's "total loss-absorbing capacity." Debt acquired through loss-absorbing securities is deemed de facto equity capital. Since the holders are subject to losses, the obligations need not be repaid if the issuer goes bust. This is designed to shift risk onto the shoulders of investors, and away from the global financial system.

The international Financial Stability Board introduced the TLAC standard to ensure that systemically important banks have sufficient cushions -- minimizing danger to the financial sector and reducing the need for public bailouts.

MUFG plans to invest funds raised through its green bonds on photovoltaic, solar thermal and wind energy projects.

The bank is targeting mainly foreign investors with the seven-year bonds. It assumes an annual yield in the upper half of 2%, about 1 percentage point higher than that of U.S. securities with the same time to maturity.

(Nikkei)

...


64x64

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.

...


64x64

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.
...


64x64

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.
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook