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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Events

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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Lufthansa cuts profit forecast www.bbc.com

Lufthansa has cut its full-year profit target following a sharp decline in long-haul bookings to Europe.

Germany's biggest airline blamed "terrorist attacks in Europe" and "greater political and economic uncertainty".

It cut its full-year profit forecast for 2016 from "slightly above previous year" to "below previous year".

British Airways owner IAG and Easyjet have also issued profits warnings in recent weeks.

And earlier this month the International Air Transport Association (IATA) saiddemand for air travel had been hit.

"After a very strong start to the year, demand growth is slipping back toward more historic levels,"said IATA's chief executive, Tony Tyler.

"A combination of factors are likely behind this more moderated pace of demand growth. These include continuing terrorist activity and the fragile state of the global economy.

"Neither bode well for travel demand. And the shocks of Istanbul and the economic fallout of the Brexit vote make it difficult to see an early uptick," he added.

'Greater uncertainty'

In its statement, Lufthansa said advance bookings, in particular on long-haul routes to Europe had "declined significantly", since it made its original profit forecast in March.

It also said it would now increase the number of seats it offers by 5.4% this year instead of its previous target of 6%.

Immediately after last month's vote by the UK to leave the European Union, BA's parent company IAG said the decision could dent profits.

Meanwhile, rival Easyjet said the vote meant "additional economic and consumer uncertainty is likely this summer" and it expected revenues to fall as a result.

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US: No change to efforts to seek self-driving tech www3.nhk.or.jp

The top US traffic safety regulator has stressed there's no change to the government's stance to help accelerate the development of self-driving technology, despite a fatal accident involving a self-driving car.

The head of the National Highway Traffic Safety Administration, Mark Rosekind, was speaking at a symposium in San Francisco on Wednesday.

He said no one incident will derail the US government from its mission to improve safety on the roads by pursuing new lifesaving technologies.

In May, a Tesla sports car running in "Autopilot" mode collided with a tractor trailer, killing the car driver.

The US Department of Transportation has announced a plan to spend about 4 billion dollars on experiments in the next 10 years.

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Japan stocks rise on $186bn stimulus bets www.bbc.com

Japanese stocks are rising on bets the government will unveil a stimulus package that could be double the size initially expected.

Prime Minister Shinzo Abe is looking to compile a package of at least 20 trillion yen ($186bn; £141bn) according to the Kyodo News agency.

The world's third-largest economy is still trying to emerge from deflation.

Both the benchmark Nikkei 225 and broader Topix indexes rose 1% at the open.

In the currency market, the Japanese yen fell to a six-week low against the US dollar.

Over in Australia, the S&P/ASX 200 rose 0.6% while New Zealand stocks also gained 0.6%.

South Korea's Kospi is trading flat.

Hong Kong's Hang Seng is 0.6% and the Shanghai Composite is up 0.2%.

Malaysia's share market is the only one trading lower after US authorities said the country's state investment fund 1MDB misappropriated billions of dollars.

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Putin wants balance between stronger ruble and Russian budget www.rt.com

Russian President Vladimir Putin has called on the government to assess the strengthening trend of the ruble and the ways to balance the country's budget.“We are closely monitoring the economy and know there’s a certain strengthening of the national currency. The ruble is strengthening despite the price volatility on commodity markets,” Putin said on Tuesday at a meeting with Prime Minister Dmitry Medvedev in Sochi. “Of course we have to think about how and what we’ll be doing in the near future with these factors.”
 
Medvedev said the government’s plan for 2016 supports the ‘real’ sector of the economy, small and medium businesses and non-oil exports. He added the share of revenue from non-oil exports had increased significantly in recent years.
 
The Prime Minister said all those factors will be considered when preparing the country’s long-term three-year budget plan.
 
Kremlin spokesman Dmitry Peskov explained a balance is needed to prevent excessive support for one sector of the Russian economy at the expense of another.
 
"In general, the ruble's strengthening has positive aspects, yet from another point of view, this requires some measures towards export-oriented sectors," Peskov said. "Of course, fully moving to one side would not be wise.”
 
The ruble has been the best performing currency this year after Brazil’s real, gaining 17 percent. The Russian currency has reached several record highs in the last six months despite falling oil prices which the ruble exchange rate was traditionally closely tied to. Russian shares have also been high in demand.The strengthening ruble, however, could have a negative effect on oil and gas revenues and hence on the Russian budget, which means additional spending from the Reserve Fund could be needed.The last time the Central Bank of Russia intervened in the foreign currency market was in May 2015, when the Russian currency strengthened below 50 rubles against the dollar. The regulator then purchased dollars to replenish international reserves.
 
Last month, the Central Bank cut its key interest rate by 0.5 percentage points to 10.5 percent per annum, for the first time since July 2015.
 
Almost all from the 23 economists surveyed by Bloomberg said there is an option for Russia's Central Bank to extend monetary easing. They also predicted the key rate will remain at 10.5 percent when it reviews borrowing costs next week.
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Bank of England considers issuing its own digital currency www.rt.com

Economists at the Bank of England (BoE) have suggested central banks introduce their own cryptocurrency, claiming it could create a sizeable and long-term jolt for national economies.
 
According to a BoE report, a new digital currency could boost economic output by around three percent “due to reductions in real interest rates, discretionary taxes, and monetary transaction costs." It could also help maintain financial stability and provide policy makers with more effective tools to smooth financial booms and busts.
 
Central banks across the developed world, including the Bank of England and the Bank of Canada, are studying the potential of introducing a digital currency. If they decide to issue digital cash and make it available to the general public, money would exist electronically outside of bank accounts in digital wallets, like physical banknotes. That could radically reshape the present financial system.
 
A central bank issued ‘bitcoin’ would help policy makers control the amount of money in the economy which is not possible at the moment as commercial banks create money by using deposits as loans thus increasing the money supply.
 
“Making central bank money widely available could have an impact on deposits held at commercial banks and a knock-on effect on the banking system,” the BoE said in its research paper last year, explaining the new digital money would be seen as a cheaper and safer alternative.
 
I don’t see how banks could compete,” Bloomberg cited Peter Stella, former central-banking head of the IMF and director of Stellar Consulting LLC.
 
The central bank-backed digital money could even "contribute to the stabilization of the business cycle,” according to the report, suggesting it would help policymakers in terms of monetary policy tinkering through interest rates changes and quantitative easing packages.
 
Proposals to create a bitcoin-like central bank currency could meanwhile lead to resentment from the actual supporters of bitcoin who claim the whole point of a digital currency is that it’s money without government.
 
“The key benefit is decentralization,” the chief executive of digital currency company Genesis Mining, Marco Streng told Bloomberg. “The best scenario is where people would not necessarily need to trust the government, they would just need to trust the blockchain,” he added.
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‘There’s No More Money:’ Medvedev Faces Russia's Economic Woes With Austerity Plan www.themoscowtimes.com

Government spending on energy, sports, transportation and science are all to come under the spotlight as Russian Prime Minister Dmitry Medvedev begins to plan the country's budget until 2019, officials have reported.
 
Medvedev has previously stressed that the budget will assume both low commodity prices and continuing sanctions as a given, and that government spending will be coordinated with as yet undecided priority projects from the Presidential Council for Strategic Development.
 
The government previously approved a three-year spending freeze at 15.78 trillion rubles ($248 billion) in nominal terms. The amount is lower than adjusted spending in 2016 and represents a decline in real terms.
 
The government also approved a spending cap for state programs and non-program budget items for ministries to use while planning their budgets. Spending which has already been frozen in nominal terms can be cut by another 5 percent in 2017, said Finance Minister Anton Siluanov.
 
“This is the level of spending we can afford in the current situation while taking all risks into account,” said a Finance Ministry representative said. The Ministry has stressed to officials that the government can not raise the spending limit and that they would have to make proper use of the funds available.
 
“With this level of state funding, the future of many industries is already clear. The Prime Minister might personally support his ministers, but he admits that there isn’t any more money,” one federal official sighed. “The ‘monetarists’ in the government won and it is practically impossible to change that.”
 
According to current projections, funding for some state programs will decline in nominal terms. Funding for the state program to develop physical education and sports will be cut by more than half over the next three years, while funding for the development of Crimea will fall from 149.3 billion rubles ($2.4 billion) in 2016 to 65.98 billion rubles ($1 billion) in 2019. Classified state programs – mostly defense spending – will also see cuts of 15 percent over three years.
 
The Finance Ministry forecasts a deficit of 3.2 percent of GDP in 2017 and plans to reduce it by 1.1 percent annually thereafter. In addition to a spending freeze in nominal terms and further cuts to unprotected budgetary items, the Ministry proposes raising revenue through the dividends of state companies, improving tax administration, and reducing tax exemptions for oil companies and Gazprom.
 
The International Monetary Fund estimates that consolidation of the budget could result in savings of 12 percent of GDP over three years, with approximately one-third (4.2 percent of GDP) coming from increased revenues and approximately two-thirds (7.6 percent of GDP) from spending cuts.
 
Prior to the State Duma elections in September, officials will talk about looking for reserves or additional funds for social programs, but those will be just words. Immediately after elections, they will make spending cuts that will prove very unpopular.
 
Ministers have been trying to secure funding, said one federal official, but they already realize that any attempt is futile. “Everyone is walking in circles around the Finance Ministry like men loitering around a kiosk with a sign reading ‘out of beer,’” he said. “The answer to every question is: ‘There’s no more money.’”
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Volkswagen profit tops forecast, but takes another dieselgate hit www.reuters.com

Volkswagen said on Wednesday its first-half operating profit beat expectations, helped by cost cutting at its core VW brand and rising European car sales, but announced another 2.2 billion euro ($2.4 billion) provision related to its emissions scandal.
 
Europe's biggest carmaker said its operating profit for the six months ended June, excluding one-off items, rose 7 percent to 7.5 billion euros.
 
In an unscheduled update ahead of interim results on July 28, it said this was ahead of analysts' expectations, although it did not say what those expectations were.
 
At 0950 GMT, Volkswagen (VW) (VOWG_p.DE) shares were up 5.1 percent at 122.35 euros.
 
Including the one-off items, however, VW said its operating profit dropped 22 percent to 5.3 billion euros.
 
VW admitted in September it installed illegal software that deactivated pollution controls on more than 11 million diesel vehicles worldwide, sparking the biggest business crisis in its history.
 
It has already set aside 16.2 billion euros to pay for technical fixes for cars that violate clean air standards, buybacks of vehicles and legal costs.
 
VW said an improvement in European car markets as well as the return of orders from large corporate fleets had bolstered earnings at its namesake brand.
 
The company said it still expected 2016 sales revenue to decline as much as 5 percent from 2015, and an operating return on sales of 5 to 6 percent.
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Nintendo stock loses ground on report of Pokemon GO delay for Japan www.reuters.com

Nintendo Co's (7974.T) shares on Wednesday gave up some of their meteoric gains made on the record-breaking success of its Pokemon GO mobile game, hurt in part by a reported delay for the game's introduction in Japan.
 
Technology news site TechCrunch said that game developer Niantic Inc had planned to launch Pokemon GO in Japan on Wednesday but had canceled it, citing a source as saying that the company was worried the hype generated by the game would overload its servers.
 
TechCrunch said it believed that the launch in Japan, one of the world's biggest gaming markets, was imminent.
 
Nintendo's stock was down 10 percent in afternoon trade. Even so, it has gained 87 percent since the July 6 launch of the game in the United States, Australia and New Zealand, adding $17 billion to its market capitalization. It is now available in 35 countries.
 
A spokeswoman for Pokemon Company, which created the game along with Nintendo and Google-spinoff Niantic, declined to comment on the report, reiterating that nothing had been decided over the Japan launch date. Nintendo referred any queries regarding Pokemon GO to Pokemon Company.
 
Pokemon GO, which marries a classic 20-year-old franchise with augmented reality, is on its way to becoming the first mobile game to break the $4 billion-per-year wall, beating Candy Crush Saga and Supercell's Clash of Clans, according to Macquarie Research.
 
Shares of Japan's McDonald's Holdings Co (2702.T) piggy-backed the Pokemon GO craze, rising 8 percent after TechCrunch reported on Tuesday the fast-food chain operator would become the game's first sponsor.
 
TechCrunch said the sponsorship will see McDonald's 3,000-plus fast food restaurants across Japan become "gyms", or battlegrounds, for Pokemon collectors.
 
McDonald's Japan shares soared as much as 23 percent to their highest level since late 2001 on Tuesday, the first day of trade since its stores started giving away Pokemon-themed toys with its Happy Meals last Friday.
 
McDonald's Japan declined to comment on the report.
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Oyu Tolgoi Announces Q2 2016 Production Update www.ot.mn

Oyu Tolgoi today announced an update on its production for the second quarter of 2016.
 
Andrew Woodley, Chief Executive Officer of Oyu Tolgoi, said, “I am very pleased with the team’s continuing strong performance in the second quarter. Most importantly our safety performance was excellent, and rates among the best in Rio Tinto and our peers in the industry. Our focus on cost reduction continues to move the business towards a lower cost base and we continue to build on operational productivities, a priority as we have moved into zones with lower gold grades in the open pit. With these outcomes and the underground development progress the team is positioning the business well for the future.”
 
In Q2’16, concentrator throughput was broadly consistent with Q1’16; resulting in average throughput of approximately 105,000 tonnes per day for the quarter. As expected, copper production in Q2’16 declined 10.3% over Q1’16 reflecting lower grades from reduced mining in Phase 2 and lower recovery from Phase 6 ore, gold production in Q2’16 also declined approximately 52% over Q1’16 due to lower grades from reduced mining in Phase 2. Concentrate sold in Q2’16 increased 6.7% over Q1’16.
 
Turquoise Hill Resources continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copperconcentrates and 255,000 to 285,000 ounces of gold in concentrates for 2016.
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Mongolian peacekeepers receive NATO medal for time in Afghanistan www.mongolia.gogo.mn

NATO medal was awarded to the third shift Mongolian peacekeepers, completing a mission in collaboration with the US army peacekeepers under NATO’s Decisive Support mission in Afghanistan.
At the awarding ceremony, honored guests including Brigadier Ian Thomas Chief G2 was attended. They highlighted that it is inspired to work with the Mongolian warriors. Because they do not lose vigilance and very responsible.
Mongolian peacekeepers performed art concert and fight show, reflected cultural tradition at the ceremony.
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