1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

Category

Events

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

64x64

Linde, Praxair agree $65 billion merger outline, ambitious cost savings www.reuters.com

 
German industrial gases group Linde (LING.DE) and U.S. suitor Praxair (PX.N) have agreed an outline for a $65 billion-plus merger, with the combined company to be run out of the United States by Praxair's chief executive.
 
The agreement, unveiled on Tuesday, comes after Praxair provided new assurances to Linde over jobs and corporate governance in Germany, sources have said.
 
As part of the agreement on key aspects of the planned all-share merger, existing Linde and Praxair shareholders would each own about 50 percent of the combined company.
 
The merged group will target $1 billion in cost savings, the two companies said in a joint statement, although some analysts said that figure looked overly optimistic.
 
"The transaction would unite Linde's long-held leadership in technology with Praxair's efficient operating model," the companies said.
 
Alongside rivals Air Liquide (AIRP.PA) and Air Products and Chemicals Inc (APD.N), Linde and Praxair are struggling with slower growth in demand from clients in the manufacturing, metals and energy industries.
 
That has already led to consolidation in the industrial gases sector with Air Liquide buying Airgas Inc for $13.4 billion.
 
Linde shareholders will receive 1.54 shares in the merged company for each of their shares, the two groups said. Praxair shareholders will get one share in the new holding company for each Praxair share.
 
The main terms of the proposal had been flagged by Reuters earlier this month.
 
The new entity, representing a combined $30 billion in 2015 revenues before antitrust sell-offs, will have a dual listing in New York and Frankfurt.
 
Praxair's previous approach for Linde failed in September partly because of disagreements over where to locate key activities and who would run the business.
 
The two sides have now agreed that Praxair chairman and CEO Steve Angel will become CEO, based at Praxair's current headquarters in Danbury, Connecticut. Linde's supervisory board Chairman Wolfgang Reitzle, will take the role of chairman of the new group.
 
The company will be domiciled outside of Germany in a member state of the European Economic Area - which comprises the European Union as well as Iceland, Liechtenstein and Norway.
 
"Corporate functions would be appropriately split between Danbury, Connecticut and Munich, Germany to help achieve efficiencies for the combined company," Munich-based Linde and Praxair said in their statement.
 
Germany's powerful IG Metall union has said it would support the merger after workers were given assurances such as maintaining Linde's two biggest sites in Germany.
 
CULTURAL COMPLEXITY
 
Bernstein analyst Jeremy Redenius said the cost savings target of $1 billion would be difficult to achieve.
 
"We think the $1 billion synergies number is overly optimistic considering the cultural complexity of the combination and anti-trust related gases business divestitures that could total $5 billion of annual sales," he said.
 
That echoed concerns previously voiced by analysts such as Equinet's Knud Hinkel, who said a sizeable amount of disposals for antitrust reasons would likely strengthen rivals.
 
Investment bankers have flagged possible divestments to ease antitrust concerns in the United States and Brazil for Linde and in Germany for Praxair, making it difficult to achieve the cost cutting targets with a smaller revenue base.
 
Linde and Praxair declined to comment on possible divestments.
 
Praxair's finance chief Matthew White has previously made clear that cutbacks were the main driver behind its acquisition strategy, telling analysts last month: "We buy on synergies, we're not going to buy on assumptions of growth."
 
Once remaining secondary aspects of the deal are hammered out, the deal's fate will lie with regulators and Praxair and Linde shareholders.
 
Perella Weinberg and Morgan Stanley (MS.N) advised Linde, while Credit Suisse (CSGN.S) advised Praxair. Goldman Sachs (GS.N) and Bank of America (BAC.N) provided a fairness opinion to Linde's supervisory board.
 
 
...


64x64

Mongolbank improves terms of purchasing gold www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Central Bank of Mongolia has resolved to fix the price for gold to be purchased on the domestic market at the latest fixed prices of London Gold Fix.
 
Before that, Mongol bank had bought gold on the domestic market at latest announced prices at the London bullion market, but after deducting a certain sum from each ounce.
 
As a result of the decison made in consideration of the current trends on global financial markets and domestic market, the Central Bank is forming more favorable environment for gold miners, sellers and individuals to sell their gold.
 
The London Gold Fix involves gold dealers from London's five biggest bullion banks establishing a common transaction price for a large pool of purchase and sale orders.
 
The participating bullion banks will be acting both on their own behalf and for those customers of theirs who have issued limit orders for them to trade at the London Gold Fix price. No-one knows what the Gold Fix will be before it is declared.
 
The Gold Fix establishes the price at which the gross amount of gold on buy orders matches the gross amount of gold on sell orders - across all the participating banks.
...


64x64

Lloyds snaps up MBNA for £1.9bn www.theguardian.com

 
Lloyds Banking Group is to spend £1.9bn on MBNA, a credit card business owned by Bank of America, as the bailed-out lender continues its recovery from the financial crisis.
 
The UK bank’s first major acquisition since its £20bn rescue by the taxpayer during the 2008 crisis will give it a 26% share of the credit card market and allow it to produce £100m annual savings within two years.
 
Lloyds, 7% owned by the taxpayer, would not comment on the implications for the workforces of the two operations, which employ a combined 2,700 in Chester.
 
MBNA – one of the UK’s largest credit card issuers, with 7 million customers including its own brands and the official cards of several major football clubs – has been on the market for some time. Lloyds had been battling against US private equity group Cerberus, HSBC and Santander UK for the operation.
 
A firewall against claims for payment protection insurance (PPI) was thought to be crucial in securing the deal. The misselling scandal has already cost Lloyds £17bn – more than any other bank – and Lloyds said its exposure to MBNA’s bill was capped at £240m, indicating Bank of America will pick up the tab for anything above that threshold.
 
The deal is expected to complete in the first six months of 2017, during which time the government is expected to sell the last of its shares in Lloyds.
 
Lloyds was the biggest riser on the FTSE 100 by mid-afternoon, up about 2.5% to 64p. The government is selling off its remaining stake at prices below the 76.3p average price at which taxpayers paid to take a 43% stake during the crisis.
 
António Horta-Osório, the Lloyds chief executive, said the MBNA name would be retained as part of the bank’s multi-brand strategy. Among its brands are Halifax, Bank of Scotland and car finance lender Black Horse. It also, he said, “advances our strategic aim to deliver sustainable growth as a UK-focused retail and commercial bank”.
 
Lloyds paid for the business out of its reserves, which sparked some concerns that it might not be able to pay a special dividend to shareholders. The bank insisted its payout policy was not altered. “Nothing has changed,” said George Culmer, Lloyds’ finance director.
 
The transaction further focuses Lloyds on the domestic market at time when the UK is preparing to exit the EU. Joseph Dickerson, a banking analyst at Jefferies, said the deal was “a very good use” of Lloyds’ excess capital and that the terms looked attractive.
 
Dickerson said that a special dividend “is now unlikely but the MBNA acquisition looks a better use of excess to us”.
 
The deal will increase Lloyds’ market share of credit cards from 15% to 26%, making it second only to Barclaycard in terms of size.
 
Culmer acknowledged the deal was subject to competition approval but he said a recent study had found the credit card market was “healthy and competitive”.
 
The bank has a 25% share of current accounts, 22% of retail deposits and 21% of mortgages.
...


64x64

VW strikes another US emissions scandal deal www.bbc.com

 
Volkswagen has struck a deal with the US authorities over some 80,000 VW, Audi and Porsche cars with 3-litre diesel engines.
The agreement is another step towards allowing the German car maker to put the emissions cheating scandal behind it.
In June VW agreed to a $15bn (£12.1bn) settlement for another 475,000 vehicles affected by the scandal.
The new agreement will cost Volkswagen an estimated $1bn, US authorities said.
US District Judge Charles Breyer said owners of the 3-litre cars made between 2009 and 2016 would get "substantial compensation" for having them fixed or repaired.
However, there were some remaining issues to be resolved and another hearing will be held on Thursday, he said.
VW spokeswoman Jeannine Ginivan said the deal was "another important step forward in our efforts to make things right for our customers".
The firm admitted in September 2015 to installing secret software in 475,000 US 2-litre diesel cars to cheat exhaust emissions tests and make them appear cleaner in testing than they really were. They emitted up to 40 times the legally allowable pollution levels.
The $15bn settlement in June covered those vehicles, including an offer to buy them all back.
The US Justice Department said VW had agreed to contribute another $225m to a fund to offset excess diesel emissions.
In a separate filing, California's government said the company would increase the number of electric vehicles it sells in the state.
Robert Bosch, the German engineering firm that made the software for the VW diesels, has also agreed in principle to settle civil allegations at a cost of about $300m.
...


64x64

Facebook faces fine for misleading EU in WhatsApp takeover www.rt.com

 
The European Commission has found Facebook guilty of providing misleading information before winning approval to buy the WhatsApp messenger in 2014.
Before the merger Facebook told the European competition watchdog it would not be able to establish "reliable automated matching between the two companies’ user accounts."
 
According to the Commission, the technical possibility to match ID's existed in 2014 and that the firm "intentionally or negligently" submitted misleading information, breaking European merger rules.
 
"The Commission's preliminary view is that Facebook gave us incorrect or misleading information during the investigation into its acquisition of WhatsApp," said the EU antitrust chief Margrethe Vestager.
 
Facebook has until January 31 to respond. The company may be fined up to one percent of annual sales. Facebook earned $3.69 billion on $17.93 billion in revenue in 2015, The objections from Brussels will not hurt the merger itself, sealed in 2014 for $22 billion.
 
"We respect the Commission's process and are confident a full review of the facts will confirm Facebook has acted in good faith," a Facebook spokeswoman said.
 
"We've consistently provided accurate information about our technical capabilities and plans, including in submissions about the WhatsApp acquisition and in voluntary briefings before WhatsApp's privacy policy update this year," she added.
 
Facebook is the second US tech giant recently fined by Vestager. On August 30, Apple fined €13 billion after a European investigation had concluded Ireland provided the iPhone maker with a favorable tax rate. It allowed the company to pay one percent on EU profits in 2003 down to 0.005 percent in 2014.
...


64x64

Uber lost $800 million in the third quarter www.businessinsider.com

 
Uber has notched yet another quarter of staggering losses.
 
That's according to a new story out from The Information's Amir Efrati, who reports that the ride-hailing company lost more than $800 million in the third quarter of this year. Those losses, which follow a reported $1.27 billion in the first half of the year, put Uber on track to lose $2.8 billion in 2016, according to The Information's calculation.
 
While the millions in losses look bad on the surface for Uber — which was most recently valued at $68 billion — those losses are growing more slowly than they used to.
 
The Information reports that in Q3, Uber's losses increased only 25% from a year ago. That's a slowdown from 35% in the second quarter vs. a year ago.
 
The slower-growing losses are likely the result of it selling Uber China to Didi Chuxing for $35 billion in August. Uber was waging an expensive and protracted battle in China, losing $1 billion a year trying to beat its local rival.
 
The Information dives deeper into Uber's finances and how it's faring against competitors in both the US and abroad, so head over to their website for more.
...


64x64

Mongolian FM pays official visit to Nepal www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs of Mongolia Ts. Munkh-Orgil paid an official visit to the Federal Democratic Republic of Nepal from December 19 to 20, 2016 at the invitation of his Nepalese counterpart, Dr. Prakash Sharan Mahat.
 
During the visit, the Minister paid courtesy calls on Ms Bidhya Devi Bhandari, the President of Nepal, on Ms Onsari Gharti Magar, the Speaker of Parliament of Nepal and on Mr Pushpa Kamal Dahal, the Prime Minister of Nepal respectively. Afterwards, Minister Munkh-Orgil had official talks with the Minister of Foreign Affairs of Nepal, Prakash Sharan Mahat.
 
At the meeting, the sides discussed bilateral relations and international and regional issues of mutual concern. Also, the parties agreed to exchange journalists and media reporters, to hold dialogues on issues related to international affairs, and to develop inter-parliamentary relations.
 
At the end of the meeting, the both sides inked an Agreement between Mongolia and Nepal on exemption from visa requirements for holders of diplomatic and official passports.
...


64x64

Copper price correction in full swing www.mining.com

 
The copper price hit an 18-month high on an intraday basis at the end of November, buoyed by a rebound in top consumer China and a hopes of stronger economic growth in the US.
 
But the metal has been mostly in retreat this month as doubts creep in about the impact of president elect Trump's fiscal stimulus plans and a stronger dollar prompts profit-taking.
 
On Monday copper for delivery in March, the most active contract, declined 3.4% from Friday's close to a low of $2.4775 per pound ($5,395 a tonne) on the Comex market in New York.
 
While continuing to reduce bullish silver, platinum and gold bets, on the copper futures market hedge funds have added to long positions – bets on higher prices in future – for six weeks in a row.
 
According to the CFTC's weekly Commitment of Traders data up to December 13 so-called managed money investors have taken net longs to a fresh record high of just over 87,000 lots.
 
That's the equivalent of 2.2 billion pounds or nearly 1 billion tonnes and shatters the previous peak achieved mid-2014 when the copper price was above $3.20 a pound.
 
Recent declines aside, after vastly underperforming other metals and steelmaking raw materials in 2016, copper's enjoying a breakout fourth quarter with gains from six-year lows hit in January this year of nearly 28%.
...


64x64

Belt and Road Initiative seeks world economic rebalancing, inclusive globalization www.chinadaily.com.cn

BEIJING - Industrial capacity cooperation has become a significant part of the Belt and Road Initiative and will serve as a crucial element of the global economic rebalancing as well as the extension of globalization towards its "land subsidence."

When it comes to the economic background of the Belt and Road Initiative, Western media frequently mention the issue of China's excess industrial capacity, claiming that China is trying to dumping its redundant industrial capacity to countries along the routes.

However, such criticism is a total neglect of the "double circulation," a trend of the world economy brought up by Chinese scholars, namely, the "developed economies-China" circulation and "the China-developing economies" circulation.

In a manner of speaking, within the "double circulation" system, China has gradually become the glue that holds the global economy together.

Along with its economic transformation and industrial upgrading, China is climbing up the global industrial chains to the middle and high ends while transferring some of its relatively lower-end production capacity into other economies, which is a natural progress in accordance with laws of economics.

For countries within the Belt and Road area, the pursuit of carrying forward their own industrialization and modernization is perfectly matched with China's "going abroad" strategy for the enormous industrial capacity accumulated for years.

The complementation between the two sides, creating new demand by enhancing effective supply, is certainly contributing to rebalancing the world economy.

The currently imbalanced global economy is partially a side effect of globalization. For a long period of time, globalization has not gone quite globally as it was expected to.

Most of the Belt and Road countries have been stuck in the "land subsidence" of globalization deep within the Eurasia continent, left forgotten and far behind in the course of economic globalization which has been flourishing along the ocean lanes across the world.

Nevertheless, things are about to change now. Economic ties between China and developing countries are growing increasingly stronger and closer, which is beneficial to the further development of economic globalization.

Over the last three years, for instance, China has signed industrial capacity cooperation agreements with more than 20 Belt and Road countries and built 52 economic and trade cooperation regions in 18 such countries.

It is fair to say that the realization of the Belt and Road Initiative is not only boosting the industrialization of the countries within the area, but also getting them on the map of economic globalization via the China bridge.

It is clear that by pushing forward the Belt and Road Initiative, China is seeking rebalance of the global economy, underlining "inclusive globalization" instead of "fragmented globalization" that used to prevail.

...


64x64

Exclusive: U.S. proposed $5 billion - 7 billion penalty on Credit Suisse on toxic debt - source www.reuters.com

 
The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
 
The size of the suggested settlement indicates that the cost to the bank may be higher than analysts had expected and explains why Credit Suisse management, according to a second source, has been seeking a smaller penalty.
 
"Credit Suisse is confident of reaching a better solution," said the second person. Should talks break down, U.S. legal authorities could sue the bank, prolonging the uncertainty.
 
In a sign that negotiations may be reaching their final stages, U.S. Attorney General Loretta Lynch last week met with Credit Suisse chief executive Tidjane Thiam, another person familiar with the matter said.
 
A potential resolution could come as early as this week.
 
The sources did not want to be identified because the negotiations are not public.
 
Credit Suisse and the Department of Justice declined to comment.
 
The penalty stems from a 2012 initiative launched by U.S. President Barack Obama to hold banks accountable for selling mortgage debt while misleading investors about the risks, a practice that helped cause the worst economic crisis since the 1930s.
 
The penalties, which for U.S. banks reached $46 billion, are set to deliver another setback to European lenders, many of which remain fragile, with scant capital, in the wake of the financial crash.
 
After record settlements were reached with U.S. banks such as Bank of America and JPMorgan, the focus has turned to Europe's Deutsche Bank, Royal Bank of Scotland, Credit Suisse, Barclays, UBS and HSBC.
 
News in September that the Justice Department made an initial demand of Deutsche of $14 billion to settle its case sent the German lender's stock plummeting and raised fears Credit Suisse could also face a stiffer penalty.
 
Just prior to Deutsche confirming that the Department of Justice was seeking $14 billion, JP Morgan analysts estimated Credit Suisse's fine at around $2 billion.
 
Deutsche Bank could this week agree its penalty over the sale of toxic mortgage debt, one person with direct knowledge of the matter said on Monday. The bank has said it expects to pay materially less than $14 billion.
 
Credit Suisse's litigation provisions at the end of 2015 totalled 1.605 billion Swiss francs ($1.56 billion). In November, the bank said it had upped litigation provisions by 357 million francs, mainly in connection with mortgage-related matters.
 
In addition to the Justice Department probe, Credit Suisse is defending itself against lawsuits by the New York and New Jersey attorneys general over similar claims involving billions of dollars of investor losses.
 
If Credit Suisse reaches a settlement with federal authorities, it will likely settle with the states as well.
 
A New York attorney general spokeswoman declined to comment, and New Jersey did not immediately return a call for comment.
 
President-elect Donald Trump takes office on Jan. 20, which means key government players involved in the negotiations would change, complicating the banks' efforts to reach settlements.
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook