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    

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

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China scraps anti-dumping duties on Japan steel www3.nhk.or.jp

China says it will scrap anti-dumping duties on stainless steel tubes imported from Japan and the European Union.
 
The high-performance, seamless steel tubes are used for power plants and other facilities in China.
 
China had imposed the duties, saying that their unfairly cheap prices hurt the Chinese industry.
 
Last October, a dispute panel of the World Trade Organization accepted Japan's case that the anti-dumping duties were unjust and against WTO rules.
 
The panel called on China to redress the situation, saying that the imports caused no harm to the Chinese industry since there were no manufacturers of such high-grade products in China.
 
China's Ministry of Commerce said on Monday that they accepted a request from Chinese firms to drop their demand for the extra duties.
 
Japan's Economy, Trade and Industry Ministry estimates that China had imposed anti-dumping duties worth about 530 million yen, or 5,300,000 dollars annually.
 
Japanese officials say the lifting of the duties will lead to increased competitiveness for Japanese products.
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Russian fantasy film becomes box office hit in China www.rt.com

A Russian fantasy film that flopped domestically called ‘He is a Dragon’, has become the second most popular movie in Chinese cinemas on opening day, according to a bulletin of film distributors, cited by Chinese portal Cbooo.ru
 
The movie featuring dragons, a popular theme in Chinese culture, and made 18.35 million yuan ($2.77 million) at the box office.
 
The movie made more money in a single day than during its entire run in Russia and the CIS (Commonwealth of Independent States) earlier this year.
 
As of the end of the weekend, the fantasy drama earned $6.77 million with an audience of nearly 1.5 million people.
 
Released in Russia last December, ‘He is a Dragon’ became an internet hit in China after a pirated copy of the video appeared on the web. One of the pirated videos got 3.7 million views in just five days, according to Vedomosti daily.
 
The popularity of the movie came as a surprise to the producers. The principal character of the drama does not fit the image of the dragon in Chinese culture as a good omen symbolizing success, power and good luck.
 
“When we presented the movie to Chinese distributors, they said that locals are unlikely to be interested in the picture because of its plot, as the dragon is featured as a negative character bringing evil, which fundamentally contradicts the national image,” said Valeriya Dobrolyubova, the head of Bazelevs sales department as quoted by RIA Novosti.
 
‘He is a Dragon’ is on its way to becoming the most successful Russian movie released in China. That honor belongs to the 2013 war drama ‘Stalingrad’, which made $11.8 million at the Chinese box office with $1.7 million on its opening day.
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Tourism 'will hold up' after Brexit www.bbc.com

Tourism in the UK will "hold up well" in 2016 after the Brexit vote but fewer jobs than expected will be created in the longer term, executives have said.
The World Travel and Tourism Council (WTTC) is predicting growth in the sector of 3.6% in the UK over the year.
This is higher than predicted global growth in the sector of 3.1%.
It said falling domestic spending would be offset by international visitors loosening the purse strings owing to a more favourable exchange rate.
Impact
The WTTC said that, despite the initial solidity of the sector in the UK, there would be some added pressures in the next few years owing to the UK's vote to leave the EU.
It said that the benefit in terms of overseas visitors' spending from a weaker pound would wear off in 2018 to 2020.
General economic growth in the UK would be weaker and that would affect the industry.
"By 2020, we now expect that the UK travel and tourism sector will support 1.88 million direct jobs, which is approximately 75,000 fewer jobs than forecast in the annual update at the start of the year," it said in its latest economic update.
Earlier this month, travel researcher ForwardKeys said Brexit had had an "immediate, positive impact" on tourism to the UK. It said flight bookings to the UK jumped since June, driven by the sharp fall in the pound, with 4.3% more flights booked to the UK in the 28 days following the vote than last year.

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Ryan Lochte: Speedo and Ralph Lauren among four to end sponsorship www.bbc.com

Four sponsors have dropped disgraced US Olympic swimmer Ryan Lochte, including swimwear manufacturer Speedo and fashion label Ralph Lauren.
They were followed by announcements from skin care firm Syneron-Candela and Japanese mattress maker Airweave.
It comes after Lochte lied about being robbed at gunpoint by a policeman after a night out during the Rio Olympics.
Lochte, a 12-time Olympic gold medalist, has earned millions of dollars through endorsements.
Speedo, the biggest sponsor of the four, said: "We cannot condone behaviour that is counter to the values this brand has long stood for."
Lochte, aged 32, said he respected Speedo's decision, and thanked the company.
"I am grateful for the opportunities that our partnership has afforded me over the years,'' he said.
Ralph Lauren, which has removed some of Lochte's images from its website, said its sponsorship of the swimmer had been only for the Rio Olympics and would not be renewed.
Ralph Lauren and Airweave both stressed that they would continue their support of the US Olympic and Paralympic teams.
Syneron-Candela said: "We hold our employees to high standards, and we expect the same of our business partners.''
Speedo said it would donate a $50,000 portion of Lochte's sponsorship fee to the charity Save The Children's Brazilian operation.
The value of Lochte's Speedo sponsorship has not been disclosed. The contract reportedly expires this year after 10 years.
The US business magazine Forbes calculated that in the year of the 2012 London Olympics, Lochte earned about $2m in sponsorships from companies such as Gillette, Nissan, AT&T and Gatorade.
Lochte's performance at Rio did not reach the heights of his London triumph, but Forbes estimated his endorsements would still have been between $1m-$2m.
Disdain
The saga started when Lochte and three team-mates returned to the Olympic village after a late night out in Rio.
They tried, unsuccessfully, to use the locked toilet at a garage and urinated outside instead.
After first claiming that he and his three team-mates had been robbed by bogus policemen, Lochte back-tracked and admitted he had, while still drunk, "left details out" and "over-exaggerated some parts of the story".
Despite the evidence against him, including CCTV footage, he has however denied that he actually lied in his initial account to Brazilian police.

Lochte's behaviour has been met with disdain in the US and he has been widely pilloried in the US media.
On 19 August the New York Post carried a front-page headline describing him as the "Ugly American", along with the slogan "Liar, Liar, Speedo on fire".
Lochte is one of the most successful swimmers in history, with 12 Olympic medals, and he once had his own reality television show in the US.
In Rio, he swam in two events, winning a gold medal in the 4x200m freestyle relay along with team-mate Jack Conger.
"We appreciate his many achievements and hope he moves forward and learns from this experience," Speedo said of Lochte.

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Russian Companies Fight For Secure Government Messenger Contract www.themoscowtimes.com

Russian companies have begun bidding for the rights to develop a new secure messaging service for government.

Earlier this year, the Kremlin tasked Russia's Internet Initiatives Development Fund (IIDF) to develop the project. Concerned that foreign governments could access secret Russian information shared via Western apps such as WhatsApp and Viber, officials expressed concerns that Russia's security agencies were unable to crack encryption if they wished to monitor officials' online communication.

While the Kremlin is yet to issue any specific technical specifications for the app, it will need to support VoIP calls, video conferencing, file sharing, document collaboration, and a calendar function, said IIDF spokesperson Sergei Skripnikov. The service will also use high-level Russian cryptography and receive certification from Russia security agencies.

Skripnikov declined to reveal how much Russia would invest in the project, but said that entrepreneurs would likely retain a majority stake. He confirmed there were four possible candidates for the development of the messenger app: Titanium, Flodium, Sibrus and SyncCloud.

Titanium co-founder Akshin Dzhangirov confirmed the company holding talks with IIDF, as has Vladimir Pivovarov, director of development at the Kibernika company. Dzhangirov estimated that the cost of developing a secure messaging service from scratch could run from to $5 million. Pivovarov put an estimated price tag of $3 million on developing the service.

Flodium co-founder Sergei Kravtsov also confirmed that he had spoken with the IIDF, and estimated the outright cost of the new messenger platform to be between several hundred thousand to several million dollars. However, Flodium's talks with the IIDF focused on joint earnings on subscription fees, with the state providing customer support in return for free service installation.

Several more companies expected to bid for the government messenger tender still have projects in the pipeline.

Russian company Rosenergoatom is reportedly testing its Staply secure messaging service for state-owned companies, while the Mail.ru Group and the Internet Development Institute (IDI) are believed to be considering the development a secure messenger service with messaging, voice, and video call functions. The IDI has already received 15 applications to review alongside Rostelecom and Communications Ministry representatives.

Some 60 million people in Russia use instant messenger services, according to Russian mobile operator Tele2.

A government source suggested "many" government officials use the secure messenger service Telegram, which was developed by the exiled founder of Russian social network VKontakte. There are currently no set rules governing the use of messenger apps, but officials do not use Telegram to share highly classified information, the source said.

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Almost 28,000 workers affected by VW production problems www.rt.com

The biggest European car producer Volkswagen is facing production delays in a dispute with component suppliers. A week of production delays at the main Wolfsburg plant may cost VW up to €100 million in gross profits.

“Production at several Volkswagen plants has been interrupted as a result of a halt in component deliveries by external suppliers,” said a statement from VW.

The automaker has urged seat producer CarTrim and ES Automobilguss, which makes cast iron parts for gearboxes, to continue supplying. The manufacturers want €58 million compensation from VW, saying its cancellation of a contract cost them tens of millions of euro. VW is refusing to compensate for the losses; the negotiations continued till late Friday and are expected to continue on Monday.

As a result of the supply problems, the car producer is cutting work hours at six of its plants.

“Although Braunschweig District Court has issued injunctions obliging the suppliers to resume deliveries, the suppliers have not as yet met their obligations. Volkswagen continues its efforts to reach an agreement with the suppliers,” the company said.

This has affected 10,000 workers at Wolfsburg, 7,500 in Emden, 6,000 in Zwickau, 1,500 in Kassel, 1,400 in Salzgitter and 1,300 in Braunschweig, making up about 10 percent of the company’s total workforce in Germany.

Volkswagen has been hit by an emissions scandal after it admitted its diesel cars were deliberately designed to cheat on emissions tests. In the US alone, VW has agreed to pay $15.3 billion in a settlement with local regulators.

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7th Mongolia Investment Summit www.mongolianbusinessdatabase.com

Join us on 1-2 November 2016 for the 7th Annual Mongolia Investment Summit at The Peninsula Hong Kong. Hear from Government Ministers and senior mining representatives in Mongolia, notably Rio Tinto, who are confirmed to begin developing OT phase 2, and learn how this impacts the mining supply chain and the economy at large. 10% Discount available for MBD registrants on delegate tickets. Inquire within for the promo code at 7710911,99066062, 95855059
Complimentary passes are also available for buy-side investors (subject to approval). Register and/or download the brochure at:http://hongkong.mongoliainvestmentsummit.com/

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Sale of S. Kidman & Co "on hold" amid uncertainty over foreign investment in Australia www.xinhuanet.com

CANBERRA, Aug. 22 (Xinhua) -- The sale of Australia's largest cattle rearing company, S. Kidman & Co, has been put on hold as foreign buyers are becoming hesitant to submit bids amid government rejection of foreign offers for Aussie companies.

Bids for Kidman & Co, the nation's largest private land holding, were expected to have been received last month, however, after two prior bids were rejected by the federal government over national security and national interest concerns, prospective buyers are choosing to wait until the government clarifies its stance on foreign investment.

Chinese company Shanghai Pengxin has already had one bid rejected by federal Treasurer Scott Morrison; the 281 million U.S dollar bid was deemed not in the "national interest" and the bid was withdrawn.

Shanghai Pengxin has indicated it would not submit another bid until the government or S. Kidman & Co could clarify what an acceptable arrangement would be.

A statement from S. Kidman and Co provided to News Corp outlet on Monday said there were "no indicative timelines in place for the transaction," even though the pastoral company had been listed as "for sale" for more than 18 months.

"The vendors are in discussion with a number of potential bidders and there is unlikely to be any outcome for some months," the statement said.

In addition the uncertainty surrounding foreign investment, last week the Chinese Embassy warned the federal government that a lack of clarity surrounding foreign investment bids could have a "serious impact on the enthusiasm" of other prospective Chinese buyers.

Meanwhile, National Farmers Federation chief executive Tony Mahar asked the government to quickly provide clarity over the sale of Australian-owned and state-owned assets to foreign buyers, as it could negatively affect the chance for Aussie businesses to sell in the future.

"A market operates effectively when vendors and purchasers know what the criteria are and what they need to do to get a sale or to provide investment," Mahar told News Corp on Monday.

"It appears there is not enough certainty and clarity over the investment regime and the investment landscape."

"We want to make sure that there is the right mechanism in place to monitor (foreign investment), and to make sure that it is good for the industry, but we don't want to send mixed signals about Australia being 'open for business' or not."

The government has previously spruiked that it is "open for business" in terms of foreign investment, however, recent bid rejections have been to the contrary, undermining the stance that Australia welcomes foreign investment.

 
 
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Growth in Chinese thermal coal imports won't last www.mining.com

Recent increases in thermal coal imports in China may appear promising, but a new report from BMI Research states that Chinese coal consumption has already peaked. BMI forecast that Chinese coal imports will continue to grow strongly for only a few months; after that, there will be a gradual decline in coal imports from 2017 to 2010, due primarily to a poor outlook for coal demand within China.
Chinese imports of thermal coal grew by 7.5% in May 2016 and 13.1% in June 2016 – in dramatic contrast to 2015, which saw Chinese coal imports decline by 34.8%. However, BMI predicts that this growth trend will not last long.
 
First, BMI cites three reasons why it believes that domestic demand for coal in China will not increase:
 
The Chinese economy is slowing: China’s real GPD will decrease from about 6.3% in 2016 to 5.5% in 2025. This will lead to the stagnation of heavy industries such as manufacturing, which typically require a lot of power from coal.
 
The composition of China’s GDP growth will shift towards the service sector, rather than power-intensive manufacturing.
China committed at the UN Paris Climate Conference in 2015 to cap its coal intake and increase its usage of renewable energy sources such as wind and solar to 15% by 2020. This will cap the growth of power generated by coal.
 
Second, BMI contends that the recent increase in Chinese coal imports was caused by supply and demand factors that will not continue.
 
On the supply side, China’s coal production was severely cut by consolidations in 2016 because domestic prices were low, and the government wanted to curb overcapacity. As a result, there was a pronounced reduction in coal mining in 2016, leading to increased demand for imports. China is still cutting the coal sector, but it is expected that this will be the most pronounced in 2016, and that the sector will actually be growing by 2018 onwards. This is because by then, sufficient cuts will have been made. Fixed costs per unit of input will have been reduced because of the closure of redundant mines, increasing the profitability of the remaining mines.
 
On the demand side, domestic demand for coal was fuelled by recent Chinese government economic stimulus measures to increase industrial activity. But these stimulus measures will cease by 2017.
 
In sum, China imported 108m tonnes of thermal coal in 2015. This was a 33.1% decline from 2014. BMI predicts that imports should be about the same in 2016, and then will decline gradually in 2017 – 2020. This will be due to weak consumption growth: coal consumption will be 2.5% lower in 2025 than it was at the 2013 peak (when a peak 192m tonnes of coal was imported).
 
On the other hand, if there is a much more aggressive consolidation of the coal sector, domestic coal prices might go up; in that case, China might increase coal imports.
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Banks to cut money transfer fees with new system www3.nhk.or.jp

About 30 banks in Japan are planning to introduce advanced technology used to trade virtual currencies to lower their money transfer fees.
 
The banks say they will introduce the new money transfer system from March next year at the earliest.
They include the Bank of Yokohama, a regional bank, and SBI Sumishin Net Bank, an online bank.
 
The banks say the system will enable them to remit money immediately between them, inside and outside Japan, around the clock, including on holidays.
 
They say they will be able to cut money transfer fees to less than one tenth the current levels by using the network technology used in trading bitcoin and other virtual currencies.
 
The transfer fees will be set by each bank, but they are expected to be reduced drastically.
 
More banks are working on the introduction of the latest information technology to reduce fees for money remittance.
 
The Bank of Tokyo-Mitsubishi UFJ is cooperating with a US bitcoin exchange in developing money remittance services.
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