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

NEWS

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Oil prices fall on doubts that producers can agree output restraint www.reuters.com

Oil prices fell away from 5-week highs early on Wednesday, as analysts doubted a successful outcome from producer talks to rein in ballooning oversupply.
 
International Brent crude oil futures were trading at $48.85 per barrel at 0018 GMT, down 38 cents from their last settlement. Despite the dip, prices are still up over 17 percent since early August and remain not far off a five-week high of $49.36 a barrel reached the previous day.
 
U.S. West Texas Intermediate (WTI) crude futures were at $46.30 per barrel, down 28 cents from their last close, but are still up about 18 percent from early August.
 
Traders said that profit taking following the recent price rallies was weighing on prices, and there were also doubts that any producer talks to rein in on oversupply would be successful.
 
The Organization of the Petroleum Exporting Countries will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month, OPEC sources told Reuters, citing Saudi Arabia's wish for higher prices.
 
"The rumor mill around producer cooperation has resumed, spurred by recent comments from Saudi Arabia's oil minister, allowing oil prices to gain," French bank BNP Paribas said.
 
Yet like many other oil analysts, BNP said it doubted a successful outcome."Given the dismal track record when it comes to recent producer cooperation, we are not holding our breath for an eventual freeze in output and even less so for a much-needed reduction in production to help re-balance the oil market."
 
The last time OPEC and other major producers like Russia met, in April, to discuss ways of reducing the production overhang, talks failed due to disagreement mainly between OPEC rivals Saudi Arabia and Iran.
 
An OPEC only meeting in June also failed to reach an agreement to limit production, and the group's output has since reached new records.
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Ex-Goldman Sachs trader barred from industry www.bbc.com

A former head of Goldman Sach's mortgage trading unit has been barred from the industry by US regulators.
Edward Chin, former head of residential mortgage-backed securities, was accused by the US Securities and Exchange Commission (SEC)of misleading customers, causing them to pay more.
In addition to the ban, he has agreed to pay $400,000 (£306,515).
His conduct began in 2010 and continued until he left Goldman in 2012, the SEC said.
According to the SEC, between 2010 and 2012 Mr Chin generated extra revenue for the bank by concealing the prices at which it had bought such mortgages and then selling them to Goldman customers at higher prices.
He also allegedly misled customers about who they were buying the securities from. He allowed them to believe he was brokering a deal between two clients when he was actually selling them products from Goldman's own inventory.
"[Mr] Chin repeatedly abused his fundamental duty to serve as an honest transmitter of market information so he could increase Goldman's trading profits and, indirectly, his own compensation," said Michael Osnato, chief of the SEC Enforcement Division's Complex Financial Instruments Unit.
Mr Chin was fired from Goldman Sachs in 2012.
Under the terms of the deal Mr Chin has not admitted to nor denied the allegations.
The settlement does not affect the bank or its current traders.
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BOJ reviews negative rate policy www3.nhk.or.jp

Officials at the Bank of Japan are reviewing the effectiveness of a negative-interest rate policy they introduced 6 months ago.
 
A key goal of the negative rate was to help pull the country out of deflation. But many experts say it has done little to boost consumption and investment. The unprecedented policy is also under fire from commercial banks.
 
BOJ officials on February 16th started applying a minus rate to a portion of the balances held by commercial banks at the central bank.
This means the financial institutions have to pay a fee on some of the funds they park at the BOJ. The aim is to encourage them to increase their lending to businesses and individuals.
 
Borrowing costs in general have come down during the past 6 months, pushing mortgage rates to record-low levels. Many people have refinanced their home loans.
 
Companies are also taking advantage of low interest rates by issuing corporate bonds.
 
Analysts at major brokerage Nomura Securities say total corporate bonds issued in Japan from January to July reached 59 billion dollars. That's about 15 billion dollars more than the same period last year.
 
But the negative-rate policy is starting to hurt the profitability of commercial banks.
 
BOJ officials say they will review the benefits and side effects of their monetary measures, including the negative rate, at their upcoming meeting in September.
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Japan's economic growth weaker than forecast www.bbc.com

Japan's economy grew at a weaker-than-expected rate in the second quarter despite an aggressive spending policy by the government.
Gross domestic product grew at an annualised rate of 0.2% in the three months to June, below market forecasts for 0.7% and a marked slowdown from the 2% rate in the first quarter.
The figures come after the government launched a massive new stimulus package worth 28 trillion yen ($265bn; £200bn).
Japanese stocks fell after the data.
The benchmark Nikkei 225 share index dropped 0.3% on concerns that Asia's second-largest economy will continue to struggle.
On top of Prime Minister Shinzo Abe's fiscal stimulus, Japan's central bank is running negative interest rates and an unprecedented asset-purchase programme.
Timothy Graf, head of macro strategy at State Street Global Markets said Japan's growth figures "could have been a lot worse".
There are "worries building over slowing domestic consumption, capital expenditure and the potential for weaker net exports thanks to a stronger yen," he said.
"It still keeps markets focused on whether the Bank of Japan will ease policy later this year, but there may be some sense of relief that the current growth slowdown is not more aggressive."
'Wave of stimulus'
Mr Abe has been under pressure to end two decades of deflation, or falling prices, but analysts say his policies are not working.
"The main aim of Abenomics was to turn around the economy in a fundamental sense, so basically reform the traditional blockages to growth, and on that front we've seen very little progress," Marcel Thieliant, Japan economist at Capital Economics told the BBC.
"Basically the economy is riding on a wave of monetary stimulus but as soon as that wave loses momentum we will basically get back to where we were before."Due to the weak state of the economy, Mr Abe has delayed another increase to the country's controversial sales tax to 2019.
Japan needs to raise more money to fund its public debt, one of the world's largest, but when it last increased the sales tax in 2014 the economy shrunk as people cut back on spending.
Private consumption accounts for about 60% of GDP but that only rose 0.2% in the second quarter, compared with a 0.7% increase the quarter earlier.
Business investment also fell for a second straight quarter as the strengthening Japanese currency dented confidence and demand for the country's exports.
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Asia stocks flat after Wall Street enters record territory www.bbc.com

Asian stocks are trading mixed even though a rally on Wall Street saw US stock indices enter record territory.
The Dow Jones Industrial Average and the Nasdaq Composite Index rose to new highs as traders bet central banks will unleash new stimulus measures.
Japan's benchmark Nikkei 225 fluctuated in early trade and is down 0.14% as the strong yen weighed on exporter shares.
South Korea's Kospi is 0.2% higher as it resumed trading after a holiday on Monday.
Australia's S&P/ASX 200 and New Zealand's S&P/NZX 50 Index are both flat.
In Greater China, stocks opened higher on hopes the launch date of a new trading link between Shenzhen and Hong Kong will be announced soon.
Hong Kong's Hang Seng rose 0.6% and the Shanghai Composite gained 0.15%.
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US stock indexes end at all-time highs www3.nhk.or.jp

Rising oil prices pushed up share prices in New York on Monday. All three major US stock indexes ended at all-time highs.
 
The Dow Jones Industrial Average gained a third of a percent to close at 18,636. Energy-related shares gained, as crude oil futures climbed to their highest level in about a month.
 
The tech-heavy Nasdaq rose more than half a percent. Analysts say a relatively weaker dollar is boosting a wide range of shares. The broader S&P 500 also hit a record high.
 
This is the second time in less than a week that the big three American indexes finished the same day at all-time highs.
 
But analysts doubt whether the bullish mood will continue for much longer as some data is painting a lackluster picture of the US economy. Retail sales in July were much weaker than market expectations.
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"DOING BUSINESS WITH MONGOLIA" seminar and business program London, UK www.mongolianbusinessdatabase.com

Mongolian Business Database (MBD) is starting to register its delegation to London UK for Mongolian British Chamber of Commerce's "Doing Business with Mongolia" seminar in Oct 20 and business program through Oct 18-24.
The MBCC is a not-for-profit membership organisation established in 2009 to foster strong business links between Mongolia and the UK. Chaired by Mr John Grogan former British Parliament member, it aims to provide a professional and social environment for business people who wish to be introduced to, and become part of, the British-Mongolian business culture and community.

The delegates will visit "The Commercial UAV Show International Exhibition and Conference for Unmanned Aerial Vehicles Country", The London Print Design Fair, UK's Parliament building and will take a part of the EPL's Chelsea vs Manchester United game at Stamford bridge stadium on Oct 22.2016.

Please visit www.mongolianbusinessdatabase.com for the program of this mission and register at dulguun@b2bmongolia.com or call 77109911, 77106611/95855059 for more information.
The registration will close on Wednesday, Sep 14.

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Indonesian carriers cleared for US flights after nine-year ban www.bbc.com

Indonesian airlines have been cleared to begin flying to the US, after a safety review by regulators.
The US Federal Aviation Administration (FAA) said Indonesia has regained its Category 1 top-tier air-safety rating after nearly a decade.
Indonesia's fast-growing aviation market suffered several high-profile accidents and was downgraded in 2007.
The European Union also recently lifted a ban on three Indonesia airlines.
Reports said state carrier Garuda Indonesia could begin flying to the US next year. It is exploring a possible new service from the Indonesian capital Jakarta to New York or Los Angeles, the report said.
India and Philippines were returned to Category 1 status in recent years after making improvements. However, Thailand was downgraded last December.
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Oil surges on possible talks between Moscow & Riyadh www.rt.com

Russian Energy Minister Aleksandr Novak said Russia is considering engaging in talks with Saudi Arabia on stabilizing oil prices. The possibility of a production freeze between the world’s largest producers has boosted global oil prices.“With regard to cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level,” Novak told Saudi newspaper Asharq al-Awsat.
 
“We are cooperating in consultations regarding the oil market with OPEC countries and producers from outside the organization, and are determined to continue dialogue to achieve market stability,” he added.
 
The news helped recently slumping oil prices to rally. On Monday, North Sea benchmark Brent reached August highs of $47.61 per barrel, while US WTI crude traded above $45 a barrel.
 
Prices are rising despite data from the US that shows its oil rigs count continued to grow for seventh week in a row, the longest run since 2014.
 
A production shortage in Nigeria helped offset the US data, however. Nigerian Oil Minister Emmanuel Kachikwu said the country will not produce more than 1.5 million barrels per day (bpd) this year, as militants have seized important oil facilities. The country used to pump almost 2.5 million bpd.
 
The Russian Energy Minister doesn’t expect the oil market to rebalance next year, while the era of low prices is likely to end by 2017.
 
Novak’s words come just days after Saudi Energy Minister Khalid al-Falih said the Kingdom is ready to kick off talks with both OPEC and non-OPEC members in order to revive oil prices.Talks on a production freeze between Russia, OPEC, and other oil producers collapsed in April, after Saudi Arabia demanded that rival Iran be included in the deal. Tehran ruled out cutting production at the time, as it aimed to return to its pre-sanction production level of four million bpd.
 
An informal meeting of the world’s largest oil producing countries is scheduled for late September in Algeria.
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Switzerland tops 2016 global innovation index www.nhk.or.jp

A UN organization has placed Switzerland at the top of its list of the most innovative countries. Japan came sixteenth.
 
The World Intellectual Property Organization, or WIPO, ranks the innovation performance of countries and territories every year based on the number of patents and other indicators.
 
This year's ranking was released by the United Nations Office at Geneva on Monday.
 
Switzerland topped the list for the 6th consecutive year. WIPO said a number of new products and services created through innovation have led to the country's economic growth.
 
Sweden came second, and Britain third. Singapore was ranked sixth, the highest among Asian countries.
 
Japan came in 16th place. WIPO officials said that Japan, despite boasting a high level of research and development quality and holding many patents, failed to create new products and services.
 
China climbed to 25th place, a record for the country.
 
The officials said creating new services by combining multiple technologies is more likely to result in economic growth than by developing totally new ones.
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