1 MONGOLIA DRAGGED ITS WILD HORSES BACK FROM EXTINCTION – CAN IT SAVE THE REST OF ITS WILDLIFE? WWW.THEGUARDIAN.COM PUBLISHED:2024/01/13      2 FOUR KILLED BY HEAVY SNOW IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2024/01/13      3 CHINA-MADE BUSES TO HIT THE ROAD IN MONGOLIA'S CAPITAL WWW.XINHUANET.COM PUBLISHED:2024/01/13      4 MONGOLIA'S GDP EXPECTED TO GROW BY 6.2% IN 2024 - WORLD BANK WWW.AKIPRESS.COM PUBLISHED:2024/01/13      5 CHINA'S IMPORTS OF MONGOLIAN COAL SET TO RISE AS TRANSPORT IMPROVES WWW.REUTERS.COM PUBLISHED:2024/01/13      6 RUSSIA BOOSTS FUEL EXPORTS TO CENTRAL ASIA, AFGHANISTAN AND MONGOLIA IN 2023 WWW.REUTERS.COM PUBLISHED:2024/01/13      7 MONGOLIA'S INFLATION DOWN TO 7.9 PCT WWW.XINHUANET.COM PUBLISHED:2024/01/11      8 PRESIDENT OF MONGOLIA INVITED HEADS OF STATE OF TWO NEIGHBORING COUNTRIES WWW.GOGO.MN PUBLISHED:2024/01/11      9 63.2 PERCENT OF MILK AND DAIRY PRODUCTS DOMESTICALLY SOURCED WWW.MONTSAME.MN PUBLISHED:2024/01/11      10 ELECTRIC VEHICLE CHARGING STATIONS TO BE BUILT AT 25 LOCATIONS IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/01/11      ИНФЛЯЦЫН ТҮВШИН 7.9 ХУВЬТАЙ ГАРЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/01/14     АЮУЛТ ҮЗЭГДЭЛ, ОСЛЫН ТОХИОЛДОЛ ӨМНӨХ ОНООС 4.3 ХУВИАР ӨСЖЭЭ WWW.EAGLE.MN  НИЙТЭЛСЭН:2024/01/14     ОЛОН УЛСЫН ЗАХ ЗЭЭЛЭЭС 225 САЯ АМ.ДОЛЛАРЫН БОНДЫГ АМЖИЛТТАЙ АРИЛЖААЛЛАА WWW.IKON.MN  НИЙТЭЛСЭН:2024/01/14     "МОНГОЛЫН ХӨРӨНГИЙН БИРЖ" ХК НЭГ ЖИЛИЙН ХУГАЦААНД 15.1 САЯ ТОНН НҮҮРСИЙГ ₮7.4 ИХ НАЯДААР АРИЛЖЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2024/01/14     ИНФЛЯЦЫГ ТОГТВОРЖУУЛАХАД ЧИГЛЭСЭН МӨНГӨНИЙ БОДЛОГО ХЭРЭГЖҮҮЛНЭ WWW.MONTSAME.MN  НИЙТЭЛСЭН:2024/01/14     ИРЭЭДҮЙН БЭЛЭН БАЙДЛЫН ИНДЕКСЭЭР МОНГОЛ УЛС 124 УЛСААС 75 ДУГААРТ ЭРЭМБЭЛЭГДЭВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/01/14     XII САРД ШИНЭ ОРОН СУУЦНЫ ҮНИЙН ӨСӨЛТИЙН ХУРД ҮЛ ЯЛИГ СААРЧ, 9.9 ХУВЬ БОЛОВ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2024/01/14     БҮХ ТӨРЛИЙН ТЭЭВРЭЭР 105 САЯ ТОНН АЧАА ТЭЭВЭРЛЭЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/01/14     ИНФЛЯЦ 3 САР ДАРААЛАН НЭГ ОРОНТОЙ ТООНД ХАДГАЛАГДАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/01/11     ӨНГӨРСӨН ОНД НҮҮРСНИЙ ЭКСПОРТЫН 92 ХУВИЙГ АВТО ЗАМЫН ХИЛИЙН БООМТООР ГАРГАЖЭЭ WWW.MONTSAME.MN  НИЙТЭЛСЭН:2024/01/11    

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Porsche hiring for electric car project www.bbc.com

The German luxury carmaker Porsche says it is creating 1,400 jobs to develop its electric car - the Mission E.
The sports carmaker, owned by VW, is pushing to get its battery-powered model on to the market in 2019 and is spending about €1bn (£836m; $1.1bn) to get it on the road.
It wants to compete with the pioneering California-based Tesla for a share of the market.
Porsche admitted that finding staff for the project is tough.
"I'm not denying the battle for talent is tough," said Andreas Haffner, human resources boss at Porsche.
"One can in fact describe what is going on now as a 'war for talents'. We are in direct competition with other automakers and suppliers and IT firms in our global search for talented experts. Money alone is not enough to attract these creative minds."
Battling to overcome its diesel emission scandal, parent company VW has said it plans to launch 30 all-electric models to reposition itself as a leader in "green" transport.
The new jobs will be based at Porsche's plant in Zuffenhausen. Overall the company currently has more than 24,000 employees.
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Powerball jackpot grows to $422 million, eighth largest ever www.reuters.com

The U.S. Powerball jackpot grew to $422 million ahead of an 11 p.m. EDT drawing on Wednesday, making it the eighth largest in the game's history and the 11th-biggest lottery prize ever in the United States.
 
The jackpot amount has now rolled over 22 times since it was reset to its starting sum of $40 million for a drawing back on May 11, lottery officials said.
 
The Powerball game, based on lottery tickets sold for $2 apiece, is played in 44 states as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
 
A winning ticket consisting of all six numbers drawn on Wednesday night will be worth an estimated payout of $422 million if spread over 30 years, or the winner may opt for a lump-sum payment of 291.8 million before federal taxes.
 
The Wednesday draw comes about 2-1/2 months after a $429.6 million winning Powerball ticket was sold in New Jersey and two weeks after a $540 million Mega Millions lottery jackpot was clinched in Indiana.
 
Those two prizes ranked as the ninth- and seventh-largest in U.S. lottery history, respectively.
 
The largest all-time biggest lottery prize offered in North America was a Powerball jackpot worth nearly $1.6 billion for winning tickets sold in California, Tennessee and Florida in January of this year.
 
A couple who bought the winning California ticket in that draw came forward just last week to claim their $528 million share of the prize.
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Iron ore price jumps on China anti-dumping move www.mining.com

The import price of 62% Fe content ore at the port of Tianjin jumped 3% to $57.40 per dry metric tonne on Tuesday according to data supplied by The Steel Index after Chinese iron ore miners asked for an investigation into Brazilian and Australian producers flooding the market.
 
Reuters reports that more than 20 miners in a statement published on the Metallurgical Miners' Association of China website asked for an investigation into top producers of the steelmaking raw material including Brazil's Vale and Australia's Rio Tinto and BHP Billiton.
 
Australia is forecast to increase its global market share from 54% in 2015 to 58% in 2017, while Brazil’s share is forecast to increase from 26% in 2015 to 28% in 2017 according to Australian government figures. At the current rate could top the 1 billion tonnes per year mark in 2016 for the first time.
 
Hundreds of domestic Chinese miners struggling with low grade and high costs have been forced to halt operations according to the association:
 
"The capacity of major iron ore miners has continued to grow and requires a massive Chinese market to absorb their great excess," the statement posted on Tuesday said.
 
"Vale, Rio Tinto and BHP Billiton which have dominated global iron ore trade have defied the market and are still expanding despite prices being low since their strategy is to use low-priced dumping to crowd out higher-cost miners," the association said.
 
After more than halving since 2011 to less than 200m tonnes, Chinese iron ore output on a 62% Fe basis is forecast to fall by a another 12% in 2016 and by a further 20% in 2017.
 
The statement also mentions China's "security of steel production" and the move is also seen as retaliation against the US imposing huge anti-dumping tariffs on Chinese steel exports since May. China forges almost half the world's steel and consume three-quarters of the seaborne trade in iron ore.
 
The price of iron ore is down sharply since trading just short of the $70 mark in mid-April but year to date the price is up by a third and has surged 55% since hitting near-decade lows in December. Year to date iron ore is averaging $52.20 (the price averaged $55 last year) and volatility has reduced markedly since Beijing's clampdown on speculation on futures markets inside the country.
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Dalian plant to help Intel tap China demand www.chinadaily.com

Intel Corp's upgraded chip factory in Dalian, Liaoning province, will help it better tap into China's growing demand for memory chips, but the United States giant needs to be wary of rising competition from local rivals, as the country speeds up efforts to reduce its reliance on foreign technology, experts said.
 
The Dalian plant, in which Intel said it would invest $5.5 billion, has been converted to produce advanced memory chips such as 3D NAND chips, which can store data without using power and be widely used in smartphones and tablets.
 
Roger Sheng, research director at consultancy Gartner Inc, said as an increasing number of consumers prefer digital devices with bigger storage capacities, the supply of 3D NAND chips is currently failing to catch up with the growing demand.
 
"The Dalian plant will give Intel an upper hand in pouncing at the strategic opportunity," Sheng said.
 
"Mass production of 3D NAND chips will help lower the cost and promote the development of the global semiconductor industry."
 
Intel said the Dalian facility has formally gone into operation late in the second quarter of the year, ahead of schedule. It was one of the largest investments made by Intel in China and part of its efforts to seek new revenue streams while its main PC chip business faltered.
 
The company did not disclose the plant's annual production capacity.
 
Intel's move came as chips are becoming national strategic assets almost as valuable as oil. Researcher TrendForce estimated China consumed $6.67 billion worth of NAND chips in 2015, or 29 percent of global NAND industry revenue.
 
Fu Liang, an independent industry expert, said Intel will need to fight off competitions from local players, as China is ramping up resources to cultivate homegrown chip giants.
 
China's largest chipmaker Tsinghua Unigroup Ltd said earlier it will invest $30 billion into making memory chips.
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Japanese minimum wage sees largest rise since 2002 www3.nhk.or.jp

Negotiators in Japanese wage talks have agreed to raise minimum pay levels this fiscal year by the largest margin since 2002.
 
A labor ministry panel says the agreement between representatives of workers and management will see the minimum wage rise by 24 yen to 822 yen an hour. That's about 7 dollars and 84 cents. The current rate is about 7 dollars and 61 cents.
 
The panel indicates a national standard increase each year, although actual minimums vary depending on region. Local authorities are due to set their minimum wages by fall, based on the national standard.
 
Prime Minister Shinzo Abe wants the level eventually to reach 1,000 yen, or about 9.5 dollars, after a 3-percent increase each year.
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Apple sees iPhone sales drop again but beats forecasts www.bbc.com

Apple has reported a second consecutive quarter of falling iPhone sales, but the 15% drop was not as bad as analysts had feared.
The US tech giant sold 40.4 million iPhones in its third quarter, slightly above forecasts of 40.02 million.
Apple chief executive Tim Cook said the results reflected "stronger customer demand... than we anticipated".
The firm said it expected sales to fall again in the fourth quarter to between $45.5bn (£34bn; €41.4bn) and $47.5bn.
Demand for Apple's flagship product has been slowing since the second quarter when the firm reported the first drop in iPhone sales since their 2007 launch.
The iPhone makes up for around two-thirds of Apple's sales and accounts for even more of its profits.
The slowdown in iPhone sales sent profit down 27% to $7.8bn in the three months to 25 June, while revenues fell 14.6% to $42.4bn.
Apple's sales in Greater China - defined by the company as China, Hong Kong and Taiwan - plunged 33%.
The firm blamed economic uncertainty and people not upgrading their phones as often for the drop.
China accounts for almost a quarter of Apple's sales, more than all of Europe combined.
"It is very clear that there are some signs of economic slowdown in China, and we will have to work through them.
"We understand China well and we remain very, very optimistic about the future there," said Apple chief financial officer Luca Maestri.
Apple shares surge
Results were also hit by the impact of a stronger dollar.
Nonetheless, shares, which have fallen almost 20% over the past year, rose over 7% in after-hours trading because the firm's overall performance was not as bad as analysts had expected.
Mr Maestri said comparisons to the second quarter last year, when iPhone 6 sales surged 35%, made its performance seem worse than it was.
He also pointed to its services business, which includes the App Store, Apple Pay, iCloud and other services, as a bright spot.
The division made nearly $6bn in revenue, up 18.9% from the same time last year, and is now the firm's second-largest sales generator after the iPhone.
The shift is good news for the firm because it allows it to make more money from its existing users.
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European Commission wants to suspend funding Spain & Portugal www.rt.com

The European Union should suspend structural funds to Spain and Portugal after they failed to reduce their budget deficits to below prescribed levels, AFP reports citing a letter from the EU’s executive arm.
 
The eurozone finance ministers decided this month to start sanctions procedures against the two countries for breaching EU spending rules. Sanctions could be a fine of up to 0.2 percent of a country's GDP and the suspension of commitments or payments from EU structural funds of up to 0.5 percent.
 
European Commission Vice President Jyrki Katainen said "socio-economic factors," including the countries' high rates of unemployment, should be taken into account when deciding how much to suspend.
 
"We remain at your disposal to participate in a structural dialogue with the European Parliament on the application of these measures, with a view to make a balanced proposal," Katainen said in a letter to the president of the European Parliament, Martin Schulz.
 
The letter also contained a list of 12 Portuguese and 60 Spanish funds that could be suspended, either completely or in part. Structural funds are used to address regional disparities within the bloc.
 
German Finance Minister Wolfgang Schaeuble has also proposed the Commission completely or partially suspend structural funds for projects in 2017 as a penalty.
 
Madrid and Lisbon are accused of not making “sufficient effort” to cut their budget deficits which, according to EU fiscal rules, should be no more than three percent of GDP. The criterion was introduced ahead of the euro launch in 1999 and so far no country has been penalized for breaking them.
 
Spain was asked by Brussels to lower the deficit to 4.2 percent of GDP in 2015, from 5.9 percent in 2014, but the country ended up with a 5.1 percent shortfall instead.
 
Portugal's shortfall was 4.4 percent last year, a drop from 7.2 percent in 2014 and from almost 10 percent in 2010.
 
"There is no justification for imposing sanctions for not reaching a target in 2015, when the European Commission itself recognizes that we will reach this year's goal," said Portuguese Prime Minister Antonio Costa. The country is aiming for a budget deficit fewer than three percent of GDP this year.
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Russian-Made Volkswagens to Reach New Mexican Market www.themoscowtimes.com

Volkswagen has opened its first export market outside the former-Soviet block for Russian-made cars. A new shipment deal with Mexico will see several hundred Volkswagen Polos transported to Central America from a automobile manufacturing plant in Kaluga, a source close to the factory confirmed.
 
While the total number of cars due to be exported in 2016 had not been confirmed, Volkswagen usually ships approximately 10,000 automobiles from Russian annually, most of which are Polo sedans, the source said.
 
The company has not given any official reasons for choosing to export to Mexico, but the country's automobile market is large and growing, with 465,000 units sold between January and April 2016. Some 1.5 million cars are expected to be sold before the end of the year, said Autostat executive director Sergei Udalov. As in Russia, sedans are amongst the most popular cars in Mexico, with the Nissan Versa, Volkswagen Vento (Polo in Russia), and Chevrolet Aveo taking the top three spots for country-wide sales.
 
Volkswagen's manufacturing facilities in Mexico do not produce the Polo, instead producing the company's Jetta, Beetle, and Golf models.
 
A Volkswagen Vento (Polo Sedan) is popular with Mexican taxi companies and middle-class buyers, selling for 179,990 pesos ($9,577). The models in Mexico are currently shipped from India, but buyers have no strong preference on where their cars are made, one Volkswagen dealer in Mexico said. It costs just 60,000 rubles ($900) per automobile to ship from Kaluga through St. Petersburg to Mexico, according to calculations by Infoline Analysts CEO Mikhail Burmistrov.
 
Unlike Mexico, the Russian car market is shrinking. Sales could fall by as much as 10.3 percent, with just 1.44 million passenger cars and light commercial vehicles likely to be sold in 2016, according to the Association of European Businesses.
 
In addition to the Polo, the Volkswagen Kaluga plant produces the Tiguan and Skoda Rapid models, and assembles Audis. Yet the plant is running far below its annual capacity of 225,000 vehicles. One source close to management at the factory said that the plant had only produced 44,000 automobiles in the first five months of 2016. By expanding exports, the company is helping the Russian plant reach capacity and lowering the cost of each car, said Autostat executive director Sergei Udalov.
 
A state program starting this year is to support the export of Russian automobiles with some 3.3 billion rubles ($50 million) of government funding, Udalov said. Volkswagen is also likely to be counting strongly on this support- but the firm is hoping for greater government backing.
 
The company is proposing an export-import scheme where a manufacturer can gain credit for each unit exported to offset import customs duties, excise taxes or other costs, a Volkswagen representative said.
 
India employs a similar scheme and the German automaker is proposing that Russia adopt it as well, the representative of one Russian automobile company said. An Economic Development Ministry representative said the Ministry is “studying the question.”
 
Yet providing support for exporters involves more than just compensating companies for logistics, R&D, and certification expenses, said one spokesperson from Russia's GAZ automobile company. The government must create free trade zones and reach special agreements with key partner countries to establish tax incentives and eliminate customs duties for companies with local assembly facilities, the spokesperson said.
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Gold demand remains stable during sector weakness www.mining.com

My favorite indicator for real time Gold demand is the amount of Gold in the GLD and its fluctuations over time. As we wrote in our book, the driving force for Gold is investment demand which is driven by changes in real interest rates. Western-based investment demand from big money (i.e Stan Druckenmiller and George Soros) shows up mostly in the ETFs and specifically, GLD. The amount of Gold in GLD has risen steadily even as Gold consolidated a few months back and has been stable in recent weeks even as Gold and gold stocks correct their Brexit breakouts.
 
The chart below includes the price of Gold, the amount of Gold in GLD (bottom) and the rolling quarterly change in the amount of Gold in GLD. Even as Gold consolidated for several months in the spring, the amount of Gold in GLD increased. Over the past few weeks Gold has retreated by $65/oz yet the GLD has only lost 2% of its Gold. Moreover, note that the recent demand surge (quarterly change) is the second strongest of the past 10 years.
 
Note how strong demand for Gold was from 2006 to the middle of 2010. Even though Gold corrected 30% during the financial crisis, GLD only experienced minor outflows of Gold. After Gold bottomed in October 2008, demand exploded.
 
Interestingly, demand peaked in the middle of 2010 and went sideways for a few years before succumbing to the bear market. That lack of strong demand in 2011 while Gold surged, in hindsight was a warning sign.
 
In short, this data (amount of Gold in GLD) can be somewhat of a leading indicator for the sector. It has been in the past and it has worked well so far this year. Unless we see huge outflows from the GLD then there isn’t much reason to be concerned with the current correction in Gold and gold stocks.
 
Turning to the technicals, we find that Gold appears headed for a test of support at $1275 to $1300. That would be a retest of the area from which Gold exploded in the wake of Brexit. It also marks previous resistance. Gold’s primary trend remains bullish as it holds comfortably above key long-term moving averages shown in the chart (which are equivalent to the 20-month and 40-month moving averages).
 
Like Gold, the gold miners and junior gold stocks could be retesting their Brexit breakout. The stocks may be forming a bear flag (yellow) which would lead to another move lower. If that plays out then look for a test of the support points shown, including the 50-day moving averages.
 
While Gold and gold shares are correcting now, the real time data coming from GLD suggests Gold demand is and should remain firm. Traders and investors are advised to monitor flows in and out of GLD in order to keep tabs on real time investment demand for Gold. This is one of the many things we monitor to stay in tune with market trends. The short-term trend is down and further weakness would bring about a good buying opportunity in select companies. For professional guidance in riding the uptrend in Gold, consider learning more about our premium service including our favorite junior miners which we expect to outperform in the second half of 2016.
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Ousted chief of Swedish tech giant Ericsson to get millions in payouts www.rt.com

Hans Vestberg, the ousted CEO of Swedish telecom company Ericsson, is reportedly receiving millions in payouts amid the company's financial problems.
The decision by Ericsson's board of directors to remove Vestberg from his post was announced on Monday. 

“Hans Vestberg steps down as president and CEO and member of the board of directors of Ericsson with immediate effect,” a statement on Ericsson's website reads.

“In the current environment and as the company accelerates its strategy execution, the board of directors has decided that the time is right for a new leader to drive the next phase in Ericsson’s development,” the statement continues. 

However, Vestberg, who served in the position for seven years, will apparently be vastly rewarded for his service to the company. Swedish media outlet Dine Penger reported that he will receive compensation of some 28 million Swedish kroner (US$3.2 million).

The first installment of 7 million kroner should be handed over to the former CEO during his six-month notice period, Swedish newspaper Norran reported.

The outlet also cited Vestberg's press officer as saying that “after the notice period he will get 21 million in severance pay, which corresponds to 18 months of salary. If he gets a new job within these 18 months, the payout could be cut to up to 50 percent.”

In July, Vestberg voiced plans to boost the company’s cost-cutting program – which already amounts to $1 billion – by nearly 50 percent, The Financial Times reported. Citing Swedish media, the outlet added that the measure could see up to 25,000 people losing their jobs. The company currently employs over 116,000 workers.

Prior to Vestberg’s ousting, two main shareholders of Ericsson – Investor AB and Industrivarden – had voiced criticism over the company’s poor performance, Reuters reported.

Sales have plunged by 11 percent in the second quarter of 2016. But it’s not just the poor financial performance of the company over the past years and months that has launched Vestberg into a negative spotlight.

The ex-top manager was also part of an anti-corruption investigation, The Financial Times reported. Vestberg additionally faced criticism over the use of private jets and the amount of his salary, paid by a company which has been struggling to stay afloat, compared to rivals such as Nokia and Huawei.

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