Uber ready to make concessions to reverse London license decision: paper www.reuters.com

LONDON (Reuters) - U.S. taxi firm Uber is prepared to make concessions as it seeks to reverse a decision by London authorities not to renew its license in the city, which represents a potentially big blow for the fast-growing company, a newspaper reported.

WA mining executive Mo Munshi jailed for 11 years in Mongolia over fraud claims www.perthnow.com.au

The family of a WA mining executive being held in a Mongolian detention centre after he was sentenced to 11 years jail say his health is deteriorating and they fear for his life.

Mo Munshi, a dual Australian and UK citizen, has been banned from leaving Mongolia since March 2015 and has not seen his family for two-and-a-half years.

In June, the 57-year-old was placed in a detention centre in Ulaanbaatar, where he is unable to speak to his family, sleeps on a wooden bench and is fed two meals a day.

He is only permitted to shower once every 21 days and for nearly three months was not allowed to shave, get a haircut or trim his nails.

His family is too afraid to travel to Mongolia to visit him after they were threatened with kidnap. They are only able to communicate with him through lawyers.

They increasingly fear the approaching Mongolian winter — which will see temperatures plunge to -30C — will take further toll on his failing health.

Holding back tears, daughter Minah explained: “I have grave concerns that he won’t ever see my children again because he won’t survive.”

His son, Arif, added: “It’s nightmare, that’s the only word I can use to describe it.

“We’re not allowed any contact with him, there’s no phone, there’s no Skype, no email. We can’t talk to him directly, so it’s been really hard for all of us.

“His elderly parents who are also living here in Perth are in their 80s. They are very distressed at this situation. They are facing the prospect of perhaps never seeing their son again.”

Mr Munshi is a geologist and founder of Gobi Coal and Energy, which owns two mines in western Mongolia. He has worked FIFO across WA for companies, while his children are former pupils at Christ Church Grammar and PLC.

His family say he was lured to the Central Asia nation in 2015 by a notorious businessman who he believed would introduce him to potential investors.

They are pleading for the Australian and British governments to lobby authorities in Mongolia to secure his release and fear that if his appeal fails, he will be moved to a remote closed prison.

“Given our father’s very serious health issues, and the Mongolian prison conditions, we now urge the Government to help bring our dad home,” Minah said.

“He’s 57, he’s got a bulging disc in his back and severe varicose veins which need surgery and the correct medication.”

Mr Munshi’s Perth lawyers, Alisdair Putt and Jessica Edis, travelled to Mongolia this week.

“He is clearly a long way from home, isolated, unwell and facing the Mongolian winter in basic prison conditions,” Mr Putt said.

In July, he was given a two-day trial over what his lawyers say is a commercial or civil, not criminal matter to do with mining interests he has in Mongolia. He was sentenced to 11 years in prison and ordered to pay $US25 million to the complainant.

Mr Munshi’s company was audited by PWC and KPMG who could find no evidence of any wrongdoing.

He was first arrested on March 10, 2015, by plain-clothes police at an airport in Mongolia.

His passports were taken and he was detained until midnight, then released. Several months later, Mr Munshi’s passports returned but he was subjected to a travel ban and not allowed to leave the country.

His family said he was invited to Mongolia to meet potential investors by a businessman who had been recommended to him by a senior Mongolian political figure. But they claim the man’s aim was to extract money and property from their father.

“As we understand it, this isn’t the first time that they’ve been involved in an extortion case like this because that’s effectively what this case is,” Minah said.

In a letter to the family, Foreign Minister Julie Bishop said the legal aspects of the case were a matter for Mr Munshi and his lawyers, but that his case was being raised at all appropriate opportunities with Mongolian authorities.

In a letter dated August 17, 2017, Ms Bishop said Mr Munshi’s welfare was a “first priority” and that Australian consular support will continue for as long as required.

UK chip designer Imagination bought by Chinese firm www.bbc.com

UK technology firm Imagination, which designs graphics chips for smartphones, is being bought for £550m by a Chinese-backed investment firm.
Imagination put itself up for sale in June after Apple, its largest customer, said it would stop using its products.
The boss of Imagination, Andrew Heath, said the takeover by China-backed Canyon Bridge was a "very good outcome" and would ensure it remained in the UK.
It becomes the latest UK chip designer to be bought by a foreign investor.
Last year, ARM, which designs microchip technology used in Apple and Samsung smartphones, was bought by Japan's Softbank for £24bn.
Canyon Bridge recently raised $1.5bn (£1.1bn) from Chinese investors and has offices in Beijing and San Francisco.
'British innovation'
The firm said it currently has no plans to cut jobs at Hertfordshire-based Imagination after the takeover.
Ray Bingham, a partner at Canyon Bridge, said: "We are investing in UK talent and expertise in order to accelerate the expansion of Imagination, particularly into Asia, where its technology platform will lead the continued globalisation of British-developed innovation."
Imagination saw its shares halve in value when Apple said in April that it would end a deal to use its products.
The two firms are still engaged in a dispute over the move - with Imagination questioning Apple's "assertions" that it would be able to develop its own computer chip designs without breaching Imagination's intellectual property rights.
Apple's royalty payments for the chip technology, used in its iPhones, iPads and iPods, accounted for about half of Imagination's revenues.

Russia launches ‘world’s biggest & most powerful’ nuclear icebreaker www.rt.com

The first serially-produced Sibir nuclear-powered icebreaker, designed to reinforce Russia’s leadership in the Arctic, was commissioned on Friday at the Baltic Shipyard in St. Petersburg.

Acting foreign minister takes part in ministerial meeting of Foreign ministers of LLCD www.montsame.mn

Ulaanbaatar /MONTSAME/ 2017 Annual Ministerial Meeting of Foreign Ministers of Landlocked Developing Countries (LLDC) took place in the framework of the 72th session of the UN General Assembly, in New York on September 20.

'One Belt, One Road' trade fair starts in China www3.nhk.or.jp

A trade fair promoting China's "One Belt, One Road" economic initiative has drawn record numbers of participants this year.

Kuwait opens a housing project for Mongolian flood victims www.news.mn

Kuwait has opened a housing project in Mongolia for the victims of the floods in the western province of Bayan-Ulgii, said a statement Wednesday. In the Muslim majority Bayan-Ulgii province, the USD 274,538 Fareej Al-Kuwait (Kuwait's neighborhood) project was opened in the presence of Kuwaiti Ambassador to Mongolia Khaled Al-Fadhli.

Share Activity Lifted for Mongolia Energy Corp Ltd (0276.HK) in Session www.stockdailyreview.com

Shares of Mongolia Energy Corp Ltd (0276.HK) is moving on volatility today -1.31% or -0.003 from the open. The HKSE listed company saw a recent bid of 0.226 on 1632250 volume.

Often times, investors may become worried when the stock market is highly volatile. Being prepared for volatile situations can help ease the fears that come along with turbulence. Following a well-crafted plan might help ride out the ups and downs that are a normal part of dealing with the market. Investors should be prepared for market situations that provide ample opportunities. Although market downturns can be unsettling and cause panic, investors who are able to stay the course and keep calm may be able to spot good buying opportunities when the wider market is selling. 

Taking a deeper look into the technical levels of Mongolia Energy Corp Ltd (0276.HK), we can see that the Williams Percent Range or 14 day Williams %R currently sits at -85.00. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would point to an overbought situation. A reading from -80 to -100 would signal an oversold situation. The Williams %R was developed by Larry Williams. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator.

Mongolia Energy Corp Ltd (0276.HK) currently has a 14-day Commodity Channel Index (CCI) of -134.84. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.

The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time. The RSI was created by J. Welles Wilder who was striving to measure whether or not a stock was overbought or oversold. The RSI may be useful for spotting abnormal price activity and volatility. The RSI oscillates on a scale from 0 to 100. The normal reading of a stock will fall in the range of 30 to 70. A reading over 70 would indicate that the stock is overbought, and possibly overvalued. A reading under 30 may indicate that the stock is oversold, and possibly undervalued. After a recent check, Mongolia Energy Corp Ltd’s 14-day RSI is currently at 44.24, the 7-day stands at 36.86, and the 3-day is sitting at 19.83.

Currently, the 14-day ADX for Mongolia Energy Corp Ltd (0276.HK) is sitting at 24.45. Generally speaking, an ADX value from 0-25 would indicate an absent or weak trend. A value of 25-50 would support a strong trend. A value of 50-75 would identify a very strong trend, and a value of 75-100 would lead to an extremely strong trend. ADX is used to gauge trend strength but not trend direction. Traders often add the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to identify the direction of a trend.

For further review, we can take a look at another popular technical indicator. In terms of moving averages, the 200-day is currently at 0.26, the 50-day is 0.23, and the 7-day is resting at 0.23. Moving averages are a popular trading tool among investors. Moving averages can be used to help filter out the day to day noise created by other factors. MA’s may be used to identify uptrends or downtrends, and they can be a prominent indicator for detecting a shift in momentum for a particular stock. Many traders will use moving averages for different periods of time in conjunction with other indicators to help gauge future stock price action.

New train service on Trans-Siberian corridor swaps loads in Mongolia www.railfreight.com

A new regular container train service was launched on the Trans-Siberian route between China and Russia. The service makes the return of empty trains unnessecary, as trains departing from both countries meet in Mongolia, where they swap their load and return to their point of departure. 

EBRD First Vice President Bennett to visit Mongolia www.ebrd.com

EBRD First Vice President Phil Bennett will visit Mongolia next week to meet the interim government and the business community. It will be the first visit of a member of the Bank’s Executive Committee since the adoption of the new country strategy for Mongolia in June 2017.