|2nd International Congress on Regulations and Compliance in Cosmetics||MBD||London between April 02-09 2017|
|Invest Mongolia 2017 Frontier's 11th Annual Conference in Ulaanbaatar||Frontier Securities||Ulaanbaatar Mongolia|
Sempra Energy has agreed to buy Energy Future Holdings, the parent company of Texas utility group Oncor, in a deal worth $18.8bn.
Sempra will pay approximately $9.45 billion in cash to acquire EFH and and its ownership in Oncor, and will assume Oncor’s debt. The deal marks a surprise turnround after Warren Buffett’s Berkshire Hathaway looked to buy the group in an an $18bn pact. The FT reported early on Monday that Sempra was set to clinch the deal.
Sempra said it would fund the deal using a mixture of debt, equity, and $3bn of investment grade debt at the reorganised holding company, and it expects Oncor’s “underlying financial strength and credit ratings” to improve after the deal.
At the completion of the transaction, Bob Shapard, Oncor’s chief executive, will become executive chairman of the Oncor board of directors and Allen Nye, currently Oncor’s general counsel, will succeed Mr Shapard as Oncor’s CEO.
The deal is expected to close in the first half of 2018, and should be accretive to earnings from next year.
“Both Sempra Energy and Oncor share more than 100 years of experience operating utilities that deliver safe, reliable energy to millions of customers,” said Debra Reed, chairman and chief executive of Sempra Energy. “With its strong management team and long, distinguished history as Texas’ leading electric provider, Oncor is an excellent strategic fit for our portfolio of utility and energy infrastructure businesses.”
Ulaanbaatar /MONTSAME/ Foreign Minister Ts.Munkh-Orgil is planning a working visit to the Russian Federation and Israel.
Furthermore, the Foreign Minister will be attending Forum for East Asia-Latin America Cooperation (FEALAC) which is expected to take place in Busan, Republic of Korea between August 30 and September 1.
The Ministry of Foreign Affairs informed to be preparing for the 72nd session of the UN General Assembly, which will be taking place in the United States on September 19-24.
Accordingly, Foreign Minister Ts.Munkh-Orgil is planning to organize the first forum between Mongolia and Eurasian Economic Union member countries within the frameworks of the policy on increasing foreign trade and investment. As well as a meeting of research team for establishing Free Trade Agreement between Mongolia and the Republic of Korea and trilateral analysts’ meeting between Mongolia, PRC and Russian Federation on the “Economic Corridor Program”.
The Bank of Mongolia, in scope of Extended Fund Facility program of the IMF has finalized procurement process on selection of a consultant for diagnostic study on commercial banks in Mongolia. Submitted proposals have been evaluated on the basis of pre-defined criteria established under the Quality-based selection procedure in accordance with the relevant laws of Mongolia on procurement process.
As a result of the evaluation, PricewaterhouseCoopers Česká republika has been selected to conduct the diagnostic study. The selected consultant is expected to complete the diagnostic study by the end of November, 2017.
For more information on selected consultant, please refer to https://www.pwc.com/cz/en.html.
Ulaanbaatar /MONTSAME/ “Talkh Chikher” JSC, a Tier 1 listed company, presented its semi-annual financial and operational report to the public on August 17th, 2017 at Mongolian Stock Exchange.
"Talkh Chikher" JSC is one of the leading manufacturers of food industry in Mongolia, produces bread, pastries, candies, and biscuits in Mongolia. It has been operating for 33 years and offers variety of products including 20 different types of bread, 30 types of pastries, 10 types of sweet and solid cookies, 2 types of soft candy, marmalade and 10 sorts of chocolate assortments.
Within the framework of introducing world class technology advancements to its manufacturing process, the Company achieved the ISO9001 Quality Management Certificate, ISO17025 Laboratory Accreditation and ISO22000 Food Safety Certificate. It has introduced the J4 multi-line type liners of production, which is the only one operating in Mongolia, as well as Italian flour system and silos to its manufacturing process.
The Company's net profit rose by 1.4% to MNT 675.7 million from a year earlier.
XINING, Aug. 20 (Xinhua) -- A new China-Europe freight train service began Sunday, linking Russia with Golmud in Qaidam Basin, northwest China's Qinghai Province.
The train, loaded with containers of chemical, left China through the Alataw Pass in Xinjiang, and will pass Kazakhstan before reaching Perm in Russia.
The trip covers about 6,360 kilometers and takes 10 days, 30 days less than the previous sea route.
"The new service can boost the international competitiveness of local goods," said Meng Hai, governor of Haixi Mongol and Tibetan Autonomous Prefecture in Qinghai.
Encouraged by the Belt and Road Initiative, more than 20 Chinese cities now run trains to central Asia and Europe.
SINGAPORE (Reuters) - Oil markets were stable on Monday, largely holding on to Friday's big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March.
Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.70 per barrel at 0302 GMT, down a cent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.54 a barrel, up 3 cents from their last settlement.
This came after a 3 percent jump in prices on Friday.
Traders said the market was somewhat held back by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015. C-OUT-T-EIA
But the rise in U.S. output may soon slow, as energy firms cut rigs drilling for new oil for a second week in three, the Baker Hughes energy services firm reported on Friday. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said. RIG-OL-USA-BHI
"The rig count suffered its biggest fall since January, adding to signs that the market is tightening," ANZ bank said on Monday.
Also, U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels. C-STK-T-EIA
Analysts said that falling crude inventories, despite rising output, indicate the market is already tightening.
"The rebalance of the oil market is well under way according to inventory data, however the market is heavily focused on the fact that shale supply continues to increase," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
"The trajectory of crude inventories is clearly down and it will be surprising if the market will be able to ignore continued drawdowns," he added.
Outside the United States, an outage of the Sharara oilfield in Libya might dampen flows in the short-term, traders said.
Although there was strong support to prevent prices falling, analysts said there were was also little to drive oil higher.
"While the bearish sentiment has finally turned, investor positioning does not look stretched to the long side either, suggesting no strong conviction in oil markets currently," U.S. bank Citi said in a note to clients.
The median pay for chief executives of FTSE 100 companies has fallen by almost 20% over the past year, according to accountancy firm Deloitte.
Median pay - a figure representing the pay rate half way between the lowest and highest paid executive - dropped from £4.3m in 2016 to £3.5m this year.
Deloitte said policies introduced to limit bosses' pay appeared to be working.
This year's annual general meetings were "calmer than expected" it said.
"The fall in executive pay demonstrates that remuneration committees are making a real effort to address shareholder concerns," said Stephen Cahill, vice chairman at Deloitte.
"This is the first cycle where the legislation introduced in 2013 and primarily voted on during the 2014 AGMs will have taken effect.
"It seems the current legislation is working."
The accountancy firm's remuneration report also said there had been a reduction in bosses' bonuses and pension allowances for new appointees.
The report tallies with recently published research from the High Pay Centre which suggested the average pay of FTSE bosses had fallen 17% this year.
But the director of the High Pay Centre, Stefan Stern, suggested public pressure had led to what may turn out to be a "one off" fall in pay, and that this year average executive pay had been skewed by high-profile pay cuts for one or two individuals.
New rules in 2013 obliged firms to provide greater transparency over the pay of their top executives in relation to other employees and to hold a binding shareholder vote on pay every three years.
However, discontent over high executive pay has continued.
Prime Minister Theresa May has promised further reforms to policies governing remuneration, to tackle what she called an "irrational, unhealthy and growing gap" between what bosses and workers are paid.
This year the High Pay Centre said the average pay ratio between FTSE 100 bosses and the average pay package of their employees has fallen to 129:1 - meaning that for every £1 the average employee is paid, their chief executive gets £129.
In 2015 the ratio was 148:1.
Investor criticism at AGMs this spring was more muted than expected.
Deloitte's vice chairman said he did not believe further intervention was necessary.
"With many companies renewing their policies this year we are seeing further moves to incorporate the best practice provisions shareholders now expect," said Mr Cahill.
"The current framework is working well and we do not believe further regulation is needed to move things forward."
City Tourism Department released “Ulaanbaatar Official Visitors Guide” and “Ulaanbaatar Official Tourist Map” in order to provide tourists with the necessary information.
100 sheets and A5 sized guide book introduces not only the main cultural regions of Ulaanbaatar city but also it contains contacts of tourist information centers, embassies, ambulances, police as well as the information on how to buy a bus ticket and how to order a taxi.
“Ulaanbaatar Official Tourist Map” includes the map of Peace avenue which is the main tourist area of Ulaanbaatar city and Terelj National park. Moreover, the map shows entertainment areas, biggest shopping centers, restaurants, embassies, and hospitals.
The guidebook and the map are now available at 4 tourist information centers of the city, Mongolian embassy in foreign countries, hotels, service centers, airport and tour companies for free.
Soon the guidebook and the map can be downloaded at www.visitulaanbaatar.mn
Address of tourist information centers of Ulaanbaatar city:
Branch 1. 1st floor of City Administrative Building No. 4, 4th khoroo, Chingeltei district
Branch 2. "Mongol ger" located south-west of 45th school, Seoul street, Sukhbaatar district
Branch 3. Seoul street, Sukhbaatar district
Branch 4. Mongolian Trade Union Association, Sukhbaatar square, Sukhbaatar district.
Vietnam always treasures and wants to consolidate and further enhance traditional relations with Mongolia, Vice Chairman of the National Assembly (NA) Uong Chu Luu said.
Luu made the statement during his reception in Hanoi on August 18 for Secretary General of the Mongolian Parliament Office Tsend Tsolmon, who has been on a five-day working visit to Vietnam.
He highlighted that achievements in bilateral relations in the past six decades will lay foundation for the two sides to promote cooperation in a more practical and effective manner.
The leader hoped that the two countries will maintain high-level meetings and visits to enhance friendship and mutual understanding between the Vietnamese and Mongolian people, increase political trust and expand cooperation.
Vietnam and Mongolia should coordinate closely in issues of common concern and support each other at regional and international forums, he said.
For his part, Tsend Tsolmon expressed his delight at the positive development and close coordination between the two countries in the past years.
He wished that the National Assembly Office of Vietnam and the Mongolian Parliament Secretariat will strengthen cooperation, focusing on sharing experience, application of information and technology as well as communications for parliamentary activities.
An estimated fund of USD 35 million is required to launch the operations of New Ulaanbaatar International Airport.
Head of Cabinet Secretariat and authorities of the Ministry of Road and Transport Development worked at the airport on August 8 to solve the issues hindering the expected launch of operation, and concluded that the above amount is needed to put the airport into operation, run tests and purchase some equipment and machines.
During the Cabinet’s regular meeting on August 17, Thursday, the officials made a report regarding this issue.
The Cabinet assigned the corresponding Ministers to study the possibilities of reflecting Mongolia’s share of the required fund in the 2018 state budget.