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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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Bitcoin falls below $30,000 as Delta variant fears spread globally www.cnn.com

New Delhi (CNN Business)Bitcoin fell below $30,000 again as investors worldwide fret about the Delta variant and what it means for the next stage of the coronavirus pandemic.
The cryptocurrency is down roughly 6% over the last 24 hours, according to Coindesk. Other cryptocurrencies also fell: Ethereum is down about 7%, while dogecoin, the crypto that started as a meme currency, also slid nearly 7%.
Bitcoin was last trading at about $29,800 per coin on Tuesday, its lowest level since last month.
The fall comes after Wall Street was hit hard Monday by anxiety over the recent spread of Covid-19 and the threat it poses to the economic recovery. The Dow Jones Industrial Average (INDU) plummeted about 725 points, a drop of 2.1%. The S&P 500 (SPX) ended the day down 1.6% and the Nasdaq (COMP) was 1.1% lower.
Asian markets followed the skid on Tuesday, with Japan's Nikkei 225 (N225) falling nearly 1%. Hong Kong's Hang Seng Index (HSI) tumbled 0.8%. South Korea's Kospi (KOSPI) slumped 0.4%, while China's Shanghai Composite (SHCOMP) was flat.
"Bitcoin is the ultimate risky asset right now and it could see intense selling pressure if Wall Street enters into panic selling mode," wrote Edward Moya, senior market analyst for the Americas at Oanda, in a Monday research note.
Bitcoin and other cryptos have had a tough year, having been gripped by extreme volatility in recent months. In June, bitcoin (XBT) plunged below $30,000 for the first time since late January.
The latest drop came as investors worried about the impact of the Delta variant on the reopening of the global economy. Shares in airlines, cruise lines and energy stocks all took a dive in the United States on Monday. Long-term bond rates continued to slide as well, a sign that fixed income investors are now far more worried about a Delta variant-induced economic slowdown than they are about rising inflation fears.
European and US stocks were posed for a little bit of a rebound on Tuesday, though. Major indexes in Europe were up in early morning trade, with the FTSE 100 (UKX) in London France's CAC 40 (CAC40) each gaining about 1%.
US stock futures also edged higher. Dow futures were last up about 0.7%, while futures for the S&P 500 and the Nasdaq were up about 0.6% and 0.5%, respectively.
-- Paul R. La Monica and Robert North contributed to this report.
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Global oil prices drop below $70 as OPEC+ reaches deal on output boost www.rt.com

Major global crude benchmarks Brent and WTI continued to trade below $70 per barrel on Tuesday after the Organization of the Petroleum Exporting countries (OPEC) and allies reached a deal to raise oil production.
US crude benchmark WTI fell nearly 8% and closed around $66 a barrel on Monday, marking the biggest one-day decline since September 2020. It now stands 13% below its peak high in over six years of $77 a barrel, reached in July.
Monday’s trading also saw international benchmark Brent crude plunging nearly 7% and settling below $69 a barrel.
Oil prices dropped after OPEC+ reached an agreement on boosting oil production by 400,000 barrels a day each month starting in August amid increasing global demand. The deal was initially stalled by the United Arab Emirates when it demanded the cartel increase its baseline production quota, which is now to be raised.
OPEC+ nations are set to boost output gradually through September 2022, by which point oil production is supposed to settle back at pre-Covid-19 levels. The group is currently withholding some 6 million barrels of crude a day out of the 10 million barrels that were cut from the market during the worst of the pandemic.
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World's best airlines for 2021, ranked by AirlineRatings.com www.cnn.com

(CNN) — It's been a strange year for the aviation industry, with many airlines grounding aircraft for significant chunks of 2020.
But as air travel returns in some regions, AirlineRatings.com has released its annual round-up of the world's best carriers, ready to help fliers decide which airline to choose for their return to the skies.
The Australia-based aviation safety and product rating agency compiles its Airline Excellence Awards based on criteria including age of fleet, passenger reviews and product offerings. This year, the team of global editors threw airlines' Covid-19 responses into the mix too.
And so for 2021, there's a new entry at number one: Qatar Airways jumped up the rankings to nab the top spot, beating out previous winner Air New Zealand -- which has topped the list six times over the past several years and this year came in at number two.
Geoffrey Thomas, editor-in-chief of AirlineRatings.com tells CNN Travel it was Qatar Airways' response to the pandemic that sealed the deal.
"Qatar Airways has always figured highly in our rankings, winning various awards such as Best Business Class but it was the airline's commitment to keeping its route network largely open that attracted the judges' praise -- and votes," says Thomas.
Thomas also points to the airline's repatriation flights, and its commitment to making the pandemic flying experience as safe as possible.
AirlineRatings.com usually announces its top airlines in November, in anticipation of the year ahead. The pandemic forced the aviation safety and product rating agency to switch things up.
"We pushed the 2021 announcement into the 2021 year due to the chaos of Covid and we wanted to see how the industry would handle the pandemic over a longer period of time before making selections," explains Thomas.
Usually, profitability is one of the key factors assessed by judges as they rank the top airlines, but because of the steep financial impact of Covid-19 on the aviation industry, finances weren't taken into consideration this year.
"We had to drop that this year because virtually all airlines are losing money," says Thomas.
Airline-Ratings-Best-Airlines-2021 (2)
Last year's winner, Air New Zealand, is number two on this year's list.
Joining Qatar Airways and Air New Zealand in this year's top five is Singapore Airlines at number three. Singapore Airlines previously won best airline back in 2019.
Number four on AirlineRatings.com list is Qantas. The Aussie airline was separately ranked the world's safest airline by AirlineRatings earlier this year.
At number five is Dubai-based Emirates.
As well as the top 20 ranking, AirlineRatings.com also gave out additional awards for airline offerings -- including for best first class (Singapore Airlines), best cabin crew (Virgin Australia) and best airport lounges (Qantas).
Meanwhile, budget carrier EasyJet won the best low-cost airline award for Europe, while Jetstar won in Asia/Pacific and Southwest won in the Americas.
Related content
The Covid travel checklist: What to know before you go
AirlineRatings.com's top 20 airlines for 2021
1. Qatar Airways
2. Air New Zealand
3. Singapore Airlines
4. Qantas
5. Emirates
6. Cathay Pacific
7. Virgin Atlantic
8. United Airlines
9. EVA Air
10. British Airways
11. Lufthansa
12. ANA
13. Finnair
14. Japan Air Lines
15. KLM
16. Hawaiian Airlines
17. Alaska Airlines
18. Virgin Australia
19. Delta Air Lines
20. Etihad Airways
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COVID-19: 1,309 new cases, 5 deaths reported www.montsame.mn

1,309 new cases of COVID-19 were detected from tests processed nationwide in the past 24 hours.
523 of the new cases were recorded in Ulaanbaatar city and 786 in rural areas.
149,733 COVID-19 cases have so far been recorded in the country. In the past 24 hours, 3,501 people recovered, which brings the total number of recoveries to 137,602. 9,941 people are currently receiving hospital treatment for COVID-19 and 13,164 people with mild cases of COVID-19 are being isolated at home.
Five people died from COVID-19 in the past 24 hours, which brings the COVID-19 death toll to 745.
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The China-Australia trade war is hurting Mongolia’s environment www.supchina.com

In October, customs officials in China began rejecting shipments of coking coal from Australia. Beijing claimed the turnbacks were due to “environmental quality” concerns, but the act was largely viewed within the context of the ongoing diplomatic spat between the countries.
It proved to be bad news for both economies. Overnight, Australian coal operators lost access to one of their most lucrative export markets, worth $10.4 billion the previous year. In the months that followed, soaring electricity prices left much of China’s southeast without heating or electricity.
While the decision hurt both Australia and China, many third parties benefited, as they stepped in to plug China’s coal shortfall. Countries as far afield as Colombia and South Africa scrambled to send coal to the mainland; more established partners, including Indonesia, Russia, Canada, and the United States, also upped existing shipments dramatically. But with China’s northern steelmaking hubs crying out for coking coal, Beijing couldn’t afford to wait a month or more for shipments to round the Indian Ocean — and so, it turned to Mongolia as a band-aid solution to short-term demand.
For reasons that remain unclear, this “band-aid solution” has continued well into 2021. In March, Mongolian coal exports to China were up by 4,270.5% compared to the previous year. It’s a volte-face from 2019, when Mongolian government policy was squarely aimed at breaking the country’s addiction to coal. With as many as 1,000 trucks heading for China on a daily basis, it seems the Mongolian administration is now committed to the opposite.
Since China began freezing out Australian supplies, the coal business has boomed. The Mongolia Energy Corporation recently announced last month that it has doubled its profits year-on-year, and the Mongolian Mining Corporation similarly announced it doubled its coal export volume across the second half of 2020. Investor confidence was so high that even an Australian-owned venture stood to reap the rewards — Aspire Mining Ltd, which mines entirely within Mongolia, shot up twofold on the Australian Stock Exchange (ASX).
Few in Mongolia, though, are celebrating this development. The nation’s capital, Ulaanbaatar, consistently ranks atop lists of the world’s most polluted cities, and since last October, coal mines perched on the city’s fringes have been kicking up much more chemical and dust pollution than usual.
“To give you an idea of the scale of the issue,” says Ankhbayar Ganbold, country director (Mongolia) at the Nature Conservancy, “Baganuur Coal Mine, which sits within the city limits, produced 4,600 tons of CO2 in December 2019. Across the same month last year, it churned out as much as 18,400 tonnes.”
“The other coal mine within Ulaanbaatar’s nine düüregs, or districts, is Nalaikh — which, at least officially, ceased operations in the 1990s. Since early December, it’s been up and running again. In fact, it’s now the primary local contributor of CO2 emissions and particulate matter (PM) 2.5.”
In the summertime, air quality in Ulaanbaatar often hovers around levels deemed safe, per WHO guidelines. But in the winter, when temperatures regularly drop below minus-40°C, it averages a pollution level 27 times worse than the safety benchmark. Little wonder then that, in October, air quality in Ulaanbaatar again ranked as the worst in the world.
The competition for the list, in 2020, wasn’t all that stiff — lockdowns and reduced transport activity due to COVID-19 saw skies clear over some of the world’s most polluted cities. But “this just hasn’t been the case for Ulaanbaatar,” says Dmitri Sokov, head of international development at the Mongolia Nature and Environment Consortium. “In fact, thanks to the increase in coal exports, it’s been an atypically poor year in terms of air quality — PM 2.5 levels were up 132% across the winter period.”
Much like Beijing, Ulaanbaatar sits at the bottom of a valley, which traps smog beneath a blanket of warm air. And there’s plenty of smog around to get trapped, since residents of the city’s “ger” districts, who live in yurt tents without access to electricity, have traditionally had to burn sacks of cheap coal in order to cook and stay warm. On average, a ger household burns three tons of raw coal per year.
Hugalu Altan, a textile worker who lives in the western Tolgoit district, recently told SupChina that the past winter was noticeably worse than those in previous years. “It’s horrible living here, particularly this year,” he said. “On cold mornings, I watch the gray smoke roll out toward the hills. That’s why many of the young people like to move away…but this year, they’re stuck.”
Local politicians have been promising for years to fix the issue. They claim that a ban on raw coal — and subsidy on refined coal briquettes — saw a 60% reduction in pollution in 2019. But those gains haven’t carried over to 2021, according to Hugalu. “No one could afford to buy even the cheap [illegal] coal this year,” he said, amid city-wide lockdowns. “So instead they burnt trash.”
In a sense, he’s luckier than others. Living and working on the city’s western fringes, Hugalu is tucked far away from the coal-fired electric plants which ring the east. Many of these, says Sokov, have also benefited from excess coal destined for China. “It’s been a dramatic increase, so it’s natural that there is going to be some degree of internal transfer. I think this is, in part, why we are seeing levels of pollution this year that don’t quite tally with the picture from the last two.”
“It’s a three-pronged problem,” he says, “but the government focuses only on restricting domestic usage, while letting industry run rampant.”
BY: Sandy Milne is a journalist based in Perth, Australia. He has reported and written features for BBC Global, the SBS, Wired, Nikkei Asia, and Crikey.
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Copper price falls amid covid-19 worries www.mining.com

The copper price fell on Monday as the dollar hovered near its highest levels in months, making greenback-priced metals more expensive and less appealing to holders of other currencies.
Daily new coronavirus infections have been surging from the United States and Europe to Asia due to the spread of the Delta variant, making investors nervous about the global economic recovery and putting money into safe haven assets.
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Copper for delivery in September fell 2.7% from Friday’s settlement price, touching $4.204 per pound ($9,248 per tonne) midday Monday on the Comex market in New York.
Chinese reserves
China will strengthen commodity price monitoring and continue to release copper, aluminum, and zinc from its state reserves in batches, the National Development and Reform Commission (NDRC) said on Monday.
The state planner sold 20,000 tonnes of copper, 50,000 tonnes of aluminum, and 30,000 tonnes of zinc from its reserves on July 5.
More than 200 non-ferrous fabricators attended the bidding, with sales prices about 3-9% lower than market price that day, the NDRC spokesman Yuan Da said at a press briefing.
“The release initially achieved the expected goal … targeted placement granted downstream fabricators an opportunity to replenish stocks and lower some companies’ raw material costs,” Yuan said.
The NDRC also pledged to keep reinforcing supervision of the futures and spot market and strictly crack down on irregularities such as hoarding, it said.
(With files from Reuters)
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PM to pay visit to Japan www.montsame.mn

Prime Minister of Mongolia L.Oyun-Erdene will pay a working visit to Japan on July 21-25 and attend the opening ceremony of the Tokyo Summer Olympic Games.
This will be the first working visit of Prime Minister L.Oyun-Erdene abroad since assuming his office. The visit seeks to reaffirm that the development of relations and cooperation with Japan is one of the top priorities of Mongolia’s foreign policy and is of great significance in determining the direction of future cooperation.
During the visit, Prime Minister L.Oyun-Erdene is set to hold an official meeting with Prime Minister of Japan Yoshihide Suga and exchange views on a wide range of issues of bilateral relations and international and regional cooperation. Discussions are also planned to be held between the two Prime Ministers regarding the major projects and cooperation in the short and medium term.
Moreover, the Prime Minister will also hold meetings with the representatives of the ruling Liberal Democratic Party of Japan and the Friendship Group in the Japanese Parliament.
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More Companies Pull Out of Tokyo Olympics Opening Ceremony www.bloomberg.com

More Japanese companies have decided against sending executives to Friday’s opening ceremony for the Tokyo Olympics as concerns about holding the games during the pandemic grow.
Senior officials from Nippon Telegraph & Telephone Corp., Fujitsu Ltd. and NEC Corp. will skip the event given that organizers decided to hold the games without spectators, spokespeople for the technology giants said Tuesday, a day after Toyota Motor Corp. announced its top executive wouldn’t attend.
Japan’s pledge to hold a safe and secure games is coming under threat as Covid-19 cases jump in Tokyo and visiting athletes test positive for the virus. In a fresh public relations setback, Japanese musician Keigo Oyamada, known as Cornelius, quit the team creating the opening ceremony after acknowledging he bullied school classmates with disabilities years ago.
The games will be the first in modern history to be held without spectators, after Tokyo entered another state of emergency that will run throughout the tournament.
Panasonic Corp. Chief Executive Officer Yuki Kusumi will miss the opening ceremony, although Chairman Kazuhiro Tsuga will attend in his role as vice president of the organizing committee, a spokesperson said.
Meiji Holdings Co. and Asahi Group Holdings Ltd. had already decided executives wouldn’t go, and bosses from Nippon Life Insurance Co. and Sumitomo Mitsui Financial Group Inc. will also stay away, representatives said. Toyota President Akio Toyoda will miss the event, the automaker said Monday.
Japanese public support for the Olympics is mixed at best, raising questions over the merits of using the competition for marketing.
Toyota won’t air local television advertisements during the games, despite being among the global sponsors. Bridgestone Corp. had already decided not to broadcast commercials, a spokesman for the tiremaker said.
NTT plans to run commercials featuring athletes, although it has yet make a final decision. Nomura Holdings Inc. and Mizuho Financial Group Inc. plan to continue airing ads, according to spokespeople. Eneos Holdings Inc. is seeking to do the same, although it may change its ad policy depending on the situation, a representative for the petroleum refiner said.
— With assistance by Tsuyoshi Inajima, Takahiko Hyuga, Grace Huang, Masatsugu Horie, and Taiga Uranaka
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Two dams in Inner Mongolia collapse after heavy rain www.globaltimes.cn

Two dams in Hulun Buir City in North China's Inner Mongolia were reported to have collapsed on Sunday because of heavy rain since Saturday, but no injuries have been reported.
On July 18, the dams on the open spillway of Yong'an Reservoir and Xinfa Reservoir in the Daur Autonomous Banner of Morin Dawa, were breached and collapsed as the water level of the Nuomin River continued to rise because of heavy rain, according to People's Daily.
The dam collapse reportedly affected 16,660 people, flooded 325,622 mu (21708.1 hectares) of farmland, and destroyed 22 bridges, 124 culverts, and 15.6 kilometers of highways.
At 8 pm on Sunday, the national flood control administration issued a third-level emergency response and sent a working group to the scene to guide and assist local emergency management.
Local citizens were evacuated to safe places before the collapse, and no casualties have been reported as of press time.
The peak of the flood has passed and the economic losses are still being counted.
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COVID-19: 1,466 new cases, 8 deaths reported www.montsame.mn

At the regular press briefing of the Ministry of Health today on July 19, it was reported that 1,466 new cases were detected in Mongolia in the past 24 hours.
More specifically, 786 new cases were detected in the capital city, with 680 cases in rural regions.
As of today, the total number of COVID-19 confirmed cases in Mongolia now stands at 147,253. In the past 24 hours, 4,730 patients made recovery, bringing the total recoveries to 130,612.
Furthermore, eight new COVID-19 related deaths have been reported, raising the country's death toll to 734.
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