Rio brushes off Glencore latest offer for coal mines, sticks with Yancoal www.mining.com

Rio Tinto (ASX, LON:RIO) has dismissed Glencore’s (LON:GLEN) sweetened bid for the coal assets on the block in Australia's Hunter Valley and said it is sticking with an offer from Yancoal Australia (ASX:YAL), a subsidiary of China’s Yanzhou Coal Mining.

Mongolia Awaits Presidential Election Outcome After Bruising Campaign www.bloomberg.com

Mongolia is awaiting the results of a contentious presidential election in which mudslinging and corruption claims overshadowed debate about the nation’s troubled economy. 

The race pits Parliament Speaker Enkhbold Miyegombo, 52, the head of Mongolia’s ruling party, against populist-tinged challenger Battulga Khaltmaa, 54, who promised greater controls on the nation’s vast mineral resources. A third candidate, former lawmaker Ganbaatar Sainkhuu, 46, pledged to “take back the natural resources for each citizen.’’

Polls in the nation of 3.1 million people were scheduled to close at 10 p.m. Monday, with results expected by midnight. If no candidate secures more than half the vote, the top two contenders will head to a run-off. 

Enkhbold’s Mongolian People’s Party has been trying to open more mines and recover from a commodity downturn that battered government finances and the economy. The presidency -- now held by Battulga’s Democratic Party -- could provide a platform to contest policies that underpin a $5.5 billion International Monetary Fund-led bailout package announced in February, which is expected to stay in place no matter who wins.

While Mongolia’s Parliament controls the government, the president serves as commander-in-chief of the military. The president can veto legislation and is also responsible for nominating candidates for prime minister and appointing the intelligence and anti-corruption chiefs. The incumbent, Elbegdorj Tsakhia, is barred from seeking a third term.

Stability, Check

Enkhbold, a career politician who dabbles in horse breeding, has promised stability, arguing that government policies stand a better chance under an MPP presidency. Battulga, a businessman and former agriculture-and-industry minister, said he would provide a check on the ruling party’s power.

While Enkhbold entered the race as the favorite after a landslide victory in last year’s legislative elections, no reliable polling was available ahead of the vote. None of the candidates have been spared from scandal during a three-week campaign marked by corruption allegations.

“I am hoping for a run-off,’’ said Munkhbayasgalan Delgerbat, a marketing-management student at the University of Finance and Economics, who cast a blank ballot. “The candidates were not competing against one another about what they will do for the country. They were just raising black PR.”

Dale Choi, founder of Altan Bumba Financial Group, said Battulga’s outsider credentials could overcome Enkhbold’s advantages of funding and political organization if the MPP failed to secure a victory in the first round.

“Generally anti-establishment young voters who don’t care to vote will be forced to vote,” Choi said. “Typically, young voters are not happy -- frustrated with the system, which does not give many opportunities for them -- and more likely to protest-vote for Battulga, which symbolizes balance and control over establishment.’’

S&P Global Ratings projects that Mongolia’s economy, which grew by an average of more than 10 percent annually before last year’s slowdown, will contract by 0.2 percent this year before stabilizing. The government is counting on mining projects, including the $5.4 billion Oyu Tolgoi site operated by Rio Tinto Group, to bring in new revenue.

‘70% of Czechs reject euro’: Prague still hesitant over single currency www.rt.com

The governor of the Czech Republic’s central bank Jiri Rusnok said the country is generally ready to adopt the common European currency, but it would be better to wait until local wages and prices approached those of core euro members.

Mongolia economy, graft in spotlight as voters elect president www.thestar.com.my

ULAANBAATAR: Polling stations opened throughout Mongolia's cities, townships and prairies on Monday as nearly two million residents were asked to choose a new president amid worries about corruption and the state of the resource-dominated economy.

Most voters expect a two-horse race between the ruling Mongolian People's Party (MPP) candidate Miyeegombo Enkhbold, an investment-friendly career politician, and former martial arts star and resource nationalist Khaltmaa Battulga of the opposition Democratic Party.

But Sainkhuu Ganbaatar of the breakaway Mongolian People's Revolutionary Party (MPRP) could win enough votes to force a second round in two weeks.

Herders living in Mongolia's countryside, who represent around a third of the population, have already cast ballots at mobile polling booths in an election seen as a referendum on both economic policy and China's role in Mongolia's development.

Remote and landlocked Mongolia, best known as the birthplace of Mongol emperor Chinggis Khaan, is a parliamentary democracy and elected a new government last year. The presidential vote will serve as a crucial barometer of public opinion as the ruling MPP tries to steer the country out of an economic crisis.

Once Asia's fastest growing economies, Mongolia has seen foreign investment and commodity export earnings collapse, leaving it struggling to pay debts following years of generous government spending. The new government secured a $5.5 billion bailout from the International Monetary Fund in May after implementing austerity measures.

"The electorate is not happy with IMF taxes and cuts," said Dale Choi, analyst and chief executive of the Altan Bumba Financial Group in Ulaanbaatar, in an emailed note. "But the MPP campaigned hard to explain why Mongolia is where it is now."

Under Mongolia's parliamentary system, the prime minister runs the government but the president has powers to veto legislation and make judicial appointments.

All three presidential candidates have promised to pull the country out of its current crisis, restore the stagnant economy to its former "boom" status, and reassess ties with neighbours, including China.

Enkhbold has run under the slogan "United Mongolia will win". Polling is not permitted during campaigning, but according to a national survey in March, Enkhbold's MPP - which won by a landslide in the parliamentary vote last year - is more trusted when it comes to running the country.

Battulga, who is suspicious of neighbouring China, Mongolia's major investor, also says he will restore Mongolia's "pride" under the slogan "Mongolia will win".

The populist politician, who derives his fashion attire from mafia boss Vito Corleone in "The Godfather" films and owns a Chinggis Khaan-themed amusement park, told Reuters at a recent rally he will win because his heart is "devoted" to Mongolia.

The election has also been played out under the shadow of corruption allegations engulfing all three candidates.

"(Corruption) is coming to such a level, to its tipping point, and where people may vote for completely new people," Ulaanbaatar-based political commentator Jargalsaikhan Dambadarja said. - Reuters

Voting begins for Mongolia’s Presidential election www.montsame.mn

Ulaanbaatar /MONTSAME/ Early morning on June 26, Mongolians started voting for their fifth president nationwide.

China shuns Indian iron ore in favour of Australia's www.mining.com

Chinese steel mills are turning their backs on India and embracing Australia as a source of higher-grade ore for steelmaking.

Australians among 19 on trial as Crown Resorts case opens in China www.reuters.com

Takata: Airbag-maker files for bankruptcy www.bbc.com

Japanese car parts maker Takata has filed for bankruptcy protection in the US and Japan.
It is facing billions of dollars in liabilities over its defective airbags, which have been linked to at least 17 deaths worldwide.
Some of the airbags contained faulty inflators which expanded with too much force, spraying metal shrapnel.
US-based Key Safety Systems (KSS) has bought all of Takata's assets, apart from those relating to the airbags.
The $1.6bn (£1.3bn) deal was announced after the Japanese firm filed for chapter 11 bankruptcy protection in the US, with similar action taken in Japan.
"Although Takata has been impacted by the global airbag recall, the underlying strength of its skilled employee base, geographic reach, and exceptional steering wheels, seat belts and other safety products have not diminished," said KSS chief executive Jason Luo.
Trillion-yen liabilities
More than 100 million cars with Takata airbags, including around 70 million vehicles in the US, have been recalled since concerns first emerged in 2007. It is the biggest safety recall in automotive history.
In January, Takata agreed to pay $1bn (£784m) in penalties in the US for concealing dangerous defects, and pleaded guilty to a single criminal charge.
The firm paid a $25m fine, $125m to people injured by the airbags as well as $850m to carmakers that used them.
But it is facing further legal action in the US and liabilities of 1 trillion yen ($9bn) - including to clients including Honda, BMW and Toyota have been paying recall costs until now.
Trading in Takata shares has been suspended on the Tokyo Stock Exchange, and the firm will be delisted late next month.
Small businesses that may be affected by Takata's bankruptcy will get support including loan guarantees says Japanese trade minister Hiroshige Seko.

Voting to be held in election in Mongolia www3.nhk.org.jp

Mongolian voters will cast their ballots in a presidential election on Monday.

Qatar told to close Al Jazeera www.cnn.com

Abu Dhabi, United Arab Emirates (CNN)Four Arab states that have boycotted Qatar have handed the country a list of 13 demands, including some likely to infuriate Doha and exacerbate the region's worst crisis in decades.