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Events

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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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Japan, IMF agree to extend loan arrangement www3.nhk.or.jp

Japan and the International Monetary Fund have agreed to extend a loan agreement for another 4 years.
 
The move came in a meeting in Washington on Friday between Japanese Finance Minister Taro Aso and IMF Managing Director Christine Lagarde.
 
Japan extended a loan of 60 billion dollars to the IMF in 2012 to help the fund flexibly assist countries affected by the credit crisis in Europe. The loan period expires at the end of this month.
 
Speaking after the meeting, Aso stressed the importance of the IMF securing a stable capital base to respond to potential risks in the global economy.
 
Aso also met US Treasury Secretary Jack Lew.
The two officials reaffirmed the importance to both countries of the Trans-Pacific Partnership agreement.
 
Aso told Lew the Japanese government aims to obtain Diet approval for the free trade pact during the current Diet session.
 
The Japanese minister told a news conference that countries need to cooperate in fighting protectionism. He suggested that policies that put domestic industries ahead of trade have slowed down the global exchange of goods.
 
He said critics should not focus only on harmful effects of free trade but on positive outcomes such as economic prosperity.
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Russia says U.S. actions threaten its national security www.reuters.com

Russian Foreign Minister Sergei Lavrov said on Sunday he had detected increasing U.S. hostility towards Moscow and complained about what he said was a series of aggressive U.S. steps that threatened Russia's national security.
 
In an interview with Russian state TV likely to worsen already poor relations with Washington, Lavrov made it clear he blamed the Obama administration for what he described as a sharp deterioration in U.S.-Russia ties.
 
"We have witnessed a fundamental change of circumstances when it comes to the aggressive Russophobia that now lies at the heart of U.S. policy towards Russia," Lavrov told Russian state TV's First Channel.
 
"It's not just a rhetorical Russophobia, but aggressive steps that really hurt our national interests and pose a threat to our security."
 
With relations between Moscow and Washington strained over issues from Syria to Ukraine, Lavrov reeled off a long list of Russian grievances against the United States which he said helped contribute to an atmosphere of mistrust that was in some ways more dangerous and unpredictable than the Cold War.
 
He complained that NATO had been steadily moving military infrastructure closer to Russia's borders and lashed out at Western sanctions imposed over Moscow's role in the Ukraine crisis.
 
He also said he had heard that some policy makers in Washington were suggesting that President Barack Obama sanction the carpet bombing of the Syrian government's military air fields to ground its air force.
 
"This is a very dangerous game given that Russia, being in Syria at the invitation of the legitimate government of this country and having two bases there, has got air defense systems there to protect its assets," said Lavrov.
 
Lavrov said he hoped Obama would not agree to such a scenario.
 
Russia suspended a treaty with Washington on cleaning up weapons grade plutonium earlier this month in response to what it said were "unfriendly acts" by the United States.
 
"The treaty was concluded when relations were normal, civilized, when no one ... was trying to interfere in the (other's) internal affairs. That's the fundamental change of circumstances," said Lavrov.
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Facebook paid £4.1m in UK tax last year www.bbc.com

Facebook paid £4.16m in UK corporation tax last year, as it expanded its business in the UK.
It is a big increase on the £4,327 paid in 2014, which prompted an outcry from campaigners who argued it had paid too little.
However, critics may also be riled by the fact that the company will receive a tax credit of £11m, which can be used to offset tax bills at a later date.
The firm said it was "proud" to have grown its business in the UK.
The social network posted taxable profit for the year to 31 December of about £20m, on which it paid tax at the standard corporation tax rate. Turnover more than doubled to £210m.
The tax credit is the result of offsetting payments linked to its bonus scheme for staff.
Facebook said in March it would no longer route advertising sales through Ireland for its largest advertisers.
That change, which took effect on 1 April, should mean the US company starts paying millions of pounds more in tax in the UK.
A spokesperson for Facebook said: "We are proud that in 2015 we have continued to grow our business in the UK and created over 300 new high skilled jobs. We pay all the taxes that we are required to under UK law."
The figures were revealed in Facebook UK's accounts, which were published on Companies House on Sunday.
Richard Murphy, a chartered accountant and professor of practice in international political economy at City, University of London, said it was difficult to determine whether Facebook was paying the right amount of tax in Britain.
"Facebook's UK accounts do not represent its real sales in this country, which are actually booked in Ireland with their true value never being disclosed," he said.
'Exercise in opacity'
"The Facebook UK accounts just record the costs it incurs in the UK, with a bit of profit added on to keep HMRC happy. That's not good enough in the current climate.
"Facebook UK's accounts are an exercise in opacity when what we really need is transparency. If accountants continue to refuse to provide what users of accounts need then it will be time for the government to act."
Tax specialist Jo Maugham QC said: "Facebook's accounts are rather opaque. But we can be confident that the structure of its business continues to be driven by the desire to make the smallest possible financial contribution to the public infrastructure it uses."
Facebook employed 682 people in the UK last year, up from 362 in 2014, and the company now has more than 1,000 full-time equivalent staff.
Globally Facebook made profits of $3.7bn in 2015 on revenues of almost $18bn - 44% higher than the previous year.
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Japan state bank weighing stake in Fujitsu-Lenovo PC venture www.asia.nikkei.com

TOKYO -- The government-owned Development Bank of Japan is considering taking up to a 10% interest in a proposed joint venture between Fujitsu's personal computer business and China's Lenovo Group.

Fujitsu and Lenovo are in negotiations with a goal of reaching an agreement by the end of the month. One proposal is for Lenovo to take a 51% stake and Fujitsu at least a one-third interest in the venture, with the remainder going to the DBJ. Fujitsu and Lenovo could also seek investment from elsewhere.

Fujitsu's PC business has suffered as computers lose ground to smartphones in Japan. The plan is to lift profitability by cutting procurement and production costs under Lenovo, the world's top PC maker. The DBJ will make a final decision after evaluating the prospects for Fujitsu PC operations' recovery under Lenovo.

The DBJ has provided loans and investment to electronics, airline and other companies to aid in consolidation and rehabilitation efforts. It has a 40% stake in a venture between Fujitsu and Panasonic that designs and develops system chips. In addition to necessary funding, the DBJ could offer its expertise in business turnarounds to the venture.

The involvement of a government-backed institution could help alleviate concerns regarding a Chinese company taking over Japanese PC operations.

(Nikkei)

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Risks in China's banking system controllable even as bad loans rise: PBOC Zhou www.reuters.com

Risks in China's banking system are controllable even as bad loans increase, said the governor of the country's central bank.

Lenders have adequate capital, People's Bank of China (PBOC) Governor Zhou Xiaochuan said. The PBOC published the comments, made at a G20 meeting in Washington earlier this week, on its website on Sunday.

Chinese banks extended 948.7 billion yuan ($142 billion) in net new yuan loans in August, more than double the figure of the previous month.

Credit growth is fast, and that is a reflection of China's efforts in boosting growth amid a weak global economy, Zhou said.

But as the global economy gradually heads towards a recovery, China will have to control credit growth, he added.

Analysts have attributed a substantial part of the new lending growth in August to strong mortgage demand.

Chinese property prices have risen sharply in the past year, drawing the attention of the central government, and a major price correction would add to strains on banks already wrestling with souring loans.

The non-performing loan rate in the banking sector increased to 1.75 percent at end-June from 1.67 percent at the end of last year, official data showed.

Zhou said China's economy continues to grow within a reasonable range, with some important economic indicators showing signs of improvement.

The government is due to publish September's lending data in the coming week and third-quarter gross domestic product later this month.

China's economy grew 6.7 percent in the second quarter from a year earlier, unchanged from the first quarter at the slowest pace since the global financial crisis.

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Belt and Road, a promising initiative aimed at common prosperity www.xinhuanet.com

BEIJING, Oct. 8 (Xinhua) -- The Belt and Road Initiative unveiled three years ago has already delivered tangible results, contributing to global economic recovery and creating momentum for long-term global economic growth.

Proposed by Chinese President Xi Jinping, the initiative refers to the Silk Road Economic Belt that links China with Europe through Central and Western Asia by inland routes, and the 21st Century Maritime Silk Road connecting China with Southeast Asia, Africa and Europe by sea.

The initiative offers both a long-term development vision and real benefits in the near future.

ECONOMIC CORRIDORS

Construction of the very first highway in Mongolia, a landmark project in the country under the Belt and Road Initiative, has been under way since May 2016.

The highway, linking the capital city, Ulan Bator, and the new international airport in Khushigt Valley, Tuv Province, has been hailed by then Mongolian Prime Minister Chimed Saikhanbileg as "a new milestone" in the history of infrastructure in Mongolia.

As a landlocked country, Mongolia shares borders with only two countries: China and Russia. Its ambitious Steppe Road plan, an infrastructure construction proposal to spur economic growth through cross-border transportation, is highly consistent with the Belt and Road Initiative, especially the construction of the China-Mongolia-Russia economic corridor.

The corridor is one of the six major international economic cooperation corridors under the Belt and Road Initiative.

In July 2015, China, Mongolia and Russia signed a memorandum of understanding on the construction of the economic corridor covering their countries.

In September 2016, Beijing released an outline of the plan for the corridor, marking the official implementation of the first outline of the multilateral cooperation plan.

While in Pakistan, infrastructure development is progressing rapidly thanks to the construction of the China-Pakistan economic corridor.

In April 2016, the reconstruction and upgrade work on the Pakistani section of the Karakoram Highway officially started. In May, construction of the Peshawar-Karachi Expressway (Sukkar-Multan section), the biggest transport infrastructure project under the China-Pakistan economic corridor, was officially launched. Meanwhile, a 64 km stretch of the M4 highway connecting Shorkot to Khanewal in Pakistan's Punjab province broke ground in August. It is Pakistan's first highway project financed by the China-backed Asian Infrastructure Investment Bank.

The China-Pakistan economic corridor is regarded as the first chapter of the Belt and Road symphony. With the economic corridor at the center and the Gwadar Port, transport infrastructure, energy and industrial cooperation being the four key areas, a "1+4" cooperation structure is gradually taking shape.

Pakistani Prime Minister Nawaz Sharif has said on many occasions that the China-Pakistan economic corridor is a boon to the whole region and it will bring tangible benefits to the 3 billion people in China, Central Asia, South Asia and the Middle East.

MARITIME SILK ROAD CONSTRUCTION

Marking a milestone agreement for China-Greece collaboration, China's Cosco Shipping on Aug. 10 acquired a majority stake in Piraeus Port Authority through the Athens Stock Exchange.

The port is now ranked 39th globally up from 93rd in 2010 in terms of container capacity, and it can be considered a rising star partly due to its convenient geographic location, thanks to China's Belt and Road Initiative.

Piraeus is expected to operate as a hub in Europe for the 21st Century Maritime Silk Road, and to connect the Silk Road Economic Belt with the China-Europe Land-Sea Express Line, boosting economic growth in regions that the initiative covers.

Broad achievements have been scored since the 21st Century Maritime Silk Road was proposed by Xi three years ago.

In September, the 13th China-ASEAN Expo was held in China's Guangxi Zhuang Autonomous Region. The expo, with an aim to promote the 21st Century Maritime Silk Road and forge a closer China-ASEAN community of common destiny, attracted more than 2,600 companies from 29 countries.

China and ASEAN mark the 25th anniversary of their dialogue relations in 2016. Trade between China and ASEAN rose to 472 billion U.S. dollars in 2015 from less than 8 billion dollars in 1991, with an annual growth rate of 18.5 percent.

By the end of May 2016, two-way investment had exceeded 160 billion dollars. Currently, China is ASEAN's largest trading partner, while ASEAN is the third-largest trading partner of China.

So far, more than 300 China-funded enterprises have been set up in 26 economic cooperation zones in eight ASEAN countries, investing a total of 1.77 billion dollars.

Abhisit Vejjajiva, a former prime minister of Thailand, has said that the Belt and Road Initiative would enhance people-to-people exchanges in countries along the route of the program, and it would also create vital opportunities for Thailand and other nations.

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Japan, IMF agree to extend loan arrangement www3.nhk.or.jp

Japan and the International Monetary Fund have agreed to extend a loan agreement for another 4 years.

The move came in a meeting in Washington on Friday between Japanese Finance Minister Taro Aso and IMF Managing Director Christine Lagarde.

Japan extended a loan of 60 billion dollars to the IMF in 2012 to help the fund flexibly assist countries affected by the credit crisis in Europe. The loan period expires at the end of this month.

Speaking after the meeting, Aso stressed the importance of the IMF securing a stable capital base to respond to potential risks in the global economy.

Aso also met US Treasury Secretary Jack Lew.
The two officials reaffirmed the importance to both countries of the Trans-Pacific Partnership agreement.

Aso told Lew the Japanese government aims to obtain Diet approval for the free trade pact during the current Diet session.

The Japanese minister told a news conference that countries need to cooperate in fighting protectionism. He suggested that policies that put domestic industries ahead of trade have slowed down the global exchange of goods.

He said critics should not focus only on harmful effects of free trade but on positive outcomes such as economic prosperity.

...


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Boeing receives order for 40 planes from Qatar www.bbc.com

US aircraft maker Boeing has announced a major deal to supply Qatar Airways with wide-body jetliners.
The deal includes 30 787-9 Dreamliners and 10 777-300ERs, valued at $11.7bn (£9.4bn) at list prices, along with the option to buy 60 737 MAX 8s, valued at $6.9bn at list prices.
It is the largest single order ever placed by the Gulf carrier.
The deal gives Boeing a boost in a year when orders for widebody planes have slumped.
Qatar has been frustrated over prolonged delivery problems from Boeing's European rival aircraft maker, Airbus.
Media reports last week suggested the deal was for at least 30 Boeing 777 and 787 jets, valued at about $6.7bn.
Airplane makers typically give large discounts on the list price when carriers order in bulk.
Analysis: Michelle Fleury, New York business correspondent
The continuing fight between Qatar Airways and Airbus has turned nasty - with Boeing emerging as the big winner.
The chief executive of the Gulf carrier, Akbar Al Baker, is a forthright individual. He has previously described his airline's relationship with Airbus as "strained" because of delivery delays and engine problems with the Airbus A320neos.
Now Akbar Al Baker is sending Airbus a message, with a big order for its American rival. The mega deal is not just a financial winner for Boeing. It's also a huge boost for the US plane maker's single aisle 737 MAX aircraft.
It is the US aerospace giant's newest plane and doesn't go into service until next year.
And politics may also be at play.
There was a suggestion that the Qatar government may have delayed the Boeing passenger jet order to put pressure on the US to approve a deal for Boeing fighter jets to the Middle Eastern country - a deal which the Americans now look set to approve.

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ExxonMobil faces fine from Chad 5 times country's GDP www.rt.com

Chad's high court has ordered an oil consortium headed by America’s ExxonMobil to pay $74 billion in fines for alleged unpaid taxes, Bloomberg reports. The court has also demanded the oil giant pay $819 million in overdue royalties.

The record figure is almost five times the country’s GDP of about $13 billion.

The fine is the biggest ever imposed on an energy company, exceeding the $61.6 billion penalty against BP over the Gulf of Mexico disaster that killed 11 workers and left a spill of over 3 million barrels of oil.

Experts say Chad is unlikely to see most of the fine.

“Nobody is going to cooperate outside of Chad in enforcing this judgment; this leaves Exxon exposed to possibly losing everything it has inside Chad but that’s such an extraordinary number, I can’t imagine the assets they have there are worth that much,” said Jeffery Atik, who teaches international law at Loyola Law School in Los Angeles, as quoted by Bloomberg.

Exxon is currently deciding what to do next as it disagrees with the Chadian court’s ruling. The company declined to comment on the figure.

Exxon Mobil has been pumping oil in the African country since 2003, operating a pipeline that delivers Chadian oil to Cameroon for further export. The producer initially cooperated with Malaysian state-owned oil company Petronas and US-based multinational energy corporation Chevron. Chevron sold its stake in the project two year ago.

In 2006, Chad’s President Idriss Deby accused Chevron and Petronas of tax dodging, giving the companies 24 hours to leave the country. However, the case was settled with the firms denying the allegations.

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Coal price surge squeezes steelmakers' profits www.asia.nikkei.com

BANGKOK -- The coal used to make steel, known as metallurgical or coking coal, has flummoxed pundits by emerging as the best performing global commodity so far in 2016 after years in the doldrums, with benchmark spot prices surging by more than 250%.
 
The soaring price of metallurgical coal, steel's second biggest ingredient, is hitting the margins of steelmakers in Japan and South Korea. These manufacturers have already been hurt by an abundance of cheap Chinese steel and the rising price of iron ore, steel's main input.
 
Mining restrictions imposed this year in China have helped push up prices, but authorities moved to relax some of those on Sept. 30, to help staunch any further rises.
 
Metallurgical coal spot prices for premium coal in Australia began the year at $77.50 and soared to $213. 40 by Oct. 4, according to Platts' The Steel Index, reaching its highest point since 2013. The Hard Coking Coal Index has also risen by 230%.
 
The effects of surging metallurgical coal prices have immediately been felt by Chinese steelmakers, who typically buy coal at spot prices. But the Chinese production cuts and increased imports have forced up prices for the rest of the world.
 
Mills in Japan and South Korea still use a hedging system that fixes prices for three months. This brings them certainty, but given the surge in coal prices, the next three-month price could be set at nearly double the current $92.50 per metric ton for premium coking coal, analysts estimated.
 
Japanese steelmakers including Nippon Steel and Sumitomo Metal, already hit by increasing cheap exports from China, are warning that such a rise in coal prices would have an impact on their margins. Japanese mills are already suffering from a strong yen.
 
Japan is the world's biggest buyer of metallurgical coal, importing 54.1 million metric tons in 2015, according to Morgan Stanley.
 
Nippon Steel & Sumitomo Metal's group pretax profit will likely drop 10% for the year ending in March, the company said. In July, it reported that for the April-June quarter, sales slipped 2% to about 4.8 trillion yen ($46.22 billion) from a year ago. That figure had not factored in the full extent of the coal price surge.
 
The main driver of events -- as with so many commodities -- is China, the world's largest steelmaker, and its overdue efforts to control domestic coal production and its inability to curb steel production in any meaningful way.
 
China has enormous coal and iron ore resources of its own but its mining processes are generally less efficient -- and more polluting -- than those in its major producing rivals, such as Australia.
 
At the beginning of 2016, China's economic planning ministry, the National Development and Reform Commission, commenced its coal industry reform to remove overcapacity and cut pollution by closing mines and enforcing industry consolidation. It also said no new mines would be approved until 2019.
 
The measures have cut coal production by 14% to 809.3 million metric tons in the April-June quarter, according to the Australia and New Zealand Banking Group. Morgan Stanley analysts said that the price of coal exports rose 20-50% in that quarter.
 
In recent months, those restrictions on domestic production have combined with unseasonal flooding in the major coal-mining areas of Shanxi, Guizhou and Inner Mongolia, to push up prices.
 
This has led to an increase in China's coal imports, both for metallurgical coal and thermal coal used for power generation and heating. In August, China's metallurgical coal imports rose 45% to 6.5 million metric tons from July.
 
Add to this equation a reduction in available offshore supply as coal mines have closed over the last few years, in part due to weaker demand from China.
 
Still, state-imposed restrictions are a heavy-handed tool and on Sept. 23, the NDRC held a meeting of representatives from the coal, power and steel sectors to consider tweaks to its capacity controls to free up more coal domestically.
 
"We will study and analyze the latest outlook in coal production, transportation, demand, price and problems," the NDRC said.
 
The thermal coal sector -- far more sensitive domestically due to power and heating imperatives -- gained some immediate concessions.
 
A week later, on Sept. 30, the China Iron and Steel Association, representing the nation's biggest mills, was handed some relief when the NDRC agreed to loosen restrictions on production controls, which will affect almost 800 coal mines, analysts at Macquarie noted. This included 350-380 million metric tons of coking coal capacity and "was the first signal from the Chinese government that it wanted to cool the metallurgical coal market."
 
Macquarie added that this now complicated the latest contract negotiations, about to get underway in Australia, noting that industry reports suggested there was still a gap of about $50 per metric ton between the expectations of steelmakers and coal miners.
 
Steel mills, led by Nippon Steel, are prepared to pay $160 per metric ton while miners, represented by Anglo American, are seeking $212 per metric ton. The world's biggest miner, BHP Billiton settles its price on shorter contracts outside the negotiations.
 
Still, in every market, there are winners and losers. In this case, metallurgical coal-mining exporters are winning. Australian miners sell about 50% of the world's exports with about half that mined by an alliance between Australian miner BHP Billiton, and Japan's Mitsubishi Development. The latest Chinese figures show that in August, imports from Australian miners rose 8% from the previous month while shipments from Mongolian miners leapt by 36%.
 
The Australian Treasury had budgeted for an average price of $91 per metric ton for the commodity for the financial year ending June 30 next year. Given the price surge, analysts predict that the average will come in much higher. The big question is how long such high prices can last in the sector, although that answer now lies in China.
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