1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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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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Study: Private capital investment in US coal is over www.mining.com

The surge in thermal coal has been one of the surprises of 2016 with the seaborne price scaling $100 a tonne for the first time since 2012. But domestic prices in the US continued to fall this year and with few export opportunities the rally has bypassed miners inside the country.
 
According to a new study of private capital in the North American energy sector from industry tracker Preqin, investment in coal has now completely dried up.
 
Since 2006 investment targeting the energy sector – oil, natural gas, coal and renewables – in North American account for over half the global total.
 
According to the report 2016 is set to be a record year for oil & gas fundraising in the region, with $33.9bn secured from just 19 funds closed as at October this year, constituting nearly 56% of the global total of funds raised for investment in the sector. That compares to $43.5bn raised by 35 funds last year; also a record year.
 
Of those unlisted funds currently in the market looking to raise money, the focus on North America is even more significant. Fifty-one North America-focused oil & gas funds are in market, collectively targeting $28.6bn in institutional capital commitments, nearly 3.5x the combined total of funds seeking investments in other regions around the world (17 funds targeting $8.2bn), says Preqin.
 
While the resilience of oil & gas investment is remarkable given the slide in the price of the commodities over the past three years, private capital and the institutions (foundations, endowment plans, public pension funds and the like) that back them are shunning the coal sector almost entirely.
 
Of the funds currently in the market raising funds to invest in energy, zero have coal as an investment preference. Things haven't been great during the last decade either: only 4% of the number of funds closed targeted coal, representing a meagre 2% of capital raised since 2006.
 
The shift of focus from coal to solar, wind and other renewable projects is clear. According to Preqin data 21% of investment vehicles currently in the market include renewable energy investments alongside their oil & gas acquisitions.
 
Among the institutions in North America committing money to invest in energy, none have plans to direct funds to coal within the next 12 months, even though 9% have a general preference for coal (versus 50% for renewables).
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Germany pledges MNT 122 billion new funding for sustainable development www.montsame.mn

 

Ulaanbaatar /MONTSAME/ At the intergovernmental negotiations held in Berlin on November 24 and 25, the German Ministry of Economic Cooperation and Development (BMZ) has pledged EUR 46,85 million (approximately MNT 122 billion) to support Mongolia in the three priority areas “Energy Efficiency”, “Biodiversity” and “Sustainable Management of Mineral Resources”. EUR 24,4 million are non-repayable grants, EUR 22,45 million are development cooperation loans. BMZ Parliamentary Secretary of State Hans-Joachim Fuchtel highlighted that Germany will assist Mongolia to overcome its current economic, environmental and social challenges and will remain a long term partner to reach the Sustainable Development Goals.

Since the bilateral Development Cooperation Agreement between the two countries was signed in 1992, Germany has provided almost MNT 1 trillion (EUR 347 million) for bilateral technical and financial cooperation. With the 25th anniversary of this cooperation ahead, both sides highlighted much has been achieved and both countries are looking forward to further deepen the cooperation. Starting with commodity aid 25 years ago both governments agreed in 2011 to cooperate in three priority areas. In all three priority areas additional funding will be provided.

Mongolia’s unique biodiversity has to be preserved for future generations as healthy ecosystems form the foundation for sustainable development: Mongolia’s grasslands are the basis for the traditional nomadic lifestyle, mountain ecosystems provide water vital for the country, and forests are carbon sinks of global importance. The beauty of these landscapes has high potential to enhance sustainable tourism. Therefore Germany is already supporting 11 protected areas in the east, northeast and the central part of the country (Dornod, Gorkhi Terelj, Khangai, Khan Khentii, Khustai, Onon Balj, Orkhon, Otgontenger, Tarvagatai, Ulaan Taiga and Zed Khantai). With the additional pledge provided this November, further areas in the western provinces can be supported. Protecting ecosystems and improving the livelihoods of local people always goes hand in hand. This is also the case for Germany’s long term commitment to protect and sustainably use Mongolia’s forest ecosystems. New funding will provide continued support for forest and environmental policies as well as of enhanced education and training of forest experts and workers.

As Mongolia is striving to develop a diversified and sustainable economy where all people benefit from the country’s extractive resources, Germany continues to support the development of long term strategies for inclusive growth, regional development concepts and the strengthening of the legal framework and the judicial system. Together with Switzerland and Australia and supported also by the private sector, Germany very successfully provides support to the vocational training sector. This aims at giving young Mongolians a perspective to find qualified jobs. A significant amount of new funding was pledged to further improve the research and teaching infrastructure of the German Mongolian Institute for Resources and Technology (GMIT). The university was established 2011 to provide Mongolia with highly qualified specialists for the extractive resources sector.

Bearing in mind the cold winters and insufficient power supply and distribution, the main goal of cooperation in this priority area is to increase efficiency along the energy value chain. The Energy Conservation Law was promulgated last year. This important step will pave the way for the use of energy managers, the introduction of market based tariffs, etc. Germany will further support the implementation of this law. German supported energy efficiency renovations of kindergartens have proven a reduction of illness days among children by 65% thanks to warm indoor climate. After a successful finalization of the modernization at Power Plant IV, Mongolia’s biggest power and heat producers, in the next two years the modernization measures at the Darkhan Power Plant will be successfully concluded. These measures ensure access to electricity and heat for over 90,000 people in the region. A new project totaling over EUR 20 million shall improve the stability and the reliability of the Mongolian central energy transmission grid.

 
 
 
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China introduces 10% extra tax on 'super cars' www.bbc.com

China has introduced an additional 10% tax on "super cars", including Ferrari, Bentley, Aston Martin and Rolls-Royce.
The tax, affecting cars that cost more than 1.3m yuan ($189,000; £151,024), is aimed at curbing lavish spending and reducing emissions, authorities said.
It is part of a wider effort by Chinese authorities against flashy demonstrations of wealth, which has already hit other luxury brands.
China is a key market for high-end carmakers.
Automakers have in recent years increasingly tailored their luxury models to appeal to Chinese buyers.
Both Rolls-Royce and Aston Martin are planning to release SUV models in the next year, seen as a response to a Chinese preference for large cars over sports vehicles.
'Rational consumption'
"In order to guide rational consumption, and promote energy-saving emission reductions, the state Council has approved an additional consumption levy on ultra-luxury cars," a statement by the Ministry of Finance said.
The tax goes into effect on Thursday, although observers say it is unlikely to be a major deterrent for the super rich.
Chinese President Xi Jinping has made a campaign against corruption a centrepiece of his governing agenda, and has cracked down on luxury spending as part of that.

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EV charging network planned across EuropeEV charging network planned across Europe www3.nhk.or.jp

Major automakers in Germany and the United States are teaming up to put more electric cars on the road.
 
Volkswagen, Daimler, BMW and Ford Motor have agreed to invest in a network of charging stations across Europe.
 
Auto executives say they'll build 400 stations along major highways starting next year, with thousands of ultra-fast charging outlets by 2020.
 
The stations are to be located at roughly 120-kilometer intervals and deliver up to 350 kilowatts, so that drivers can travel far and wide.
 
Carmakers are shifting more of their resources to EV development in Europe amid slow sales of diesel vehicles following an emissions scandal at Volkswagen.
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Goldman shares hit highest level since financial crisis in post-election rally www.reuters.com

Shares of Goldman Sachs Group Inc (GS.N) on Wednesday climbed to their highest levels since the financial crisis, as the bank benefited from a post-U.S. presidential election rally.

The stock reached $220.77 in late morning trading, returning to a point not seen since December 2007.

Goldman was the biggest driver for the Dow Jones Industrial Average .DJI, adding 56.2 points out of a net gain of 66.6 points for the index. Goldman, like other Wall Street firms, has seen its stock soar after the Nov. 8 election, as investors expect banks to see benefits from rising interest rates and lighter regulation under a Donald Trump presidency.

In recent years, bank stocks have been largely thought of as utilities, rather than growth stocks. Post-financial regulations have forced banks to hold large amounts of capital which hurt returns.

But since the election, the KBW Nasdaq Bank Index has risen 11 percent, outpacing the broader Dow, which is up 4 percent.

Deutsche Bank on Tuesday hiked its price target for Goldman to $255 from $180, saying a stronger economy would bode well for the bank's businesses like mergers-and-acquisition advisory services, capital markets and trading.

Not everyone is so bullish on Goldman.

Nomura's Instinet research arm on Tuesday downgraded the bank from "buy" to "neutral," arguing that the potential benefits of a Trump presidency may already be priced into Goldman shares.

"We see limited upside for Goldman ... and we expect the shares to lag, as the 'rising Trump tide' euphoria begins to fade and investors become more selective," Instinet analyst Steven Chubak wrote in a note.

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Siemens' £310m Hull plant will take windfarm technology to new level www.theguardian.com

The first 75-metre-long blades destined for windfarms off the UK’s coast will roll out of a factory in Hull when it officially opens on Thursday.
 
The inauguration of the Siemens plant at the city’s Alexandra Dock employs 700 people and was hailed by campaigners as an example of how curbing carbon emissions could create jobs.
 
Greg Clark, the energy secretary, is due to attend the opening of the £310m facility, which he said was the sort of project he wanted as part of the UK’s industrial strategy. The UK leads the world on offshore wind power, but other European countries such as Germany are catching up.
 
“In the coming years the new offshore wind projects that this factory will supply could generate enough clean electricity to power over 3m homes and businesses – all with wind turbine blades produced by the dedicated and highly skilled Siemens workforce right here in Hull,” said Clark.
 
The facility’s blades are much longer than those on previous generations of wind turbines, and will be deployed on bigger, more powerful windfarms further off the coast. The first batch will be delivered to a 580MW windfarm being built by Dong Energy 17 miles (27 km) off Blakeney Point, Norfolk, which is expected to be complete by 2018. The factory is expected to build hundreds of the blades each year.
 
“This is a fine example of the new jobs and investment that people across the UK can expect to see if the government backs offshore wind in its industrial strategy and emissions reductions plans,” said Dr Doug Parr, Greenpeace chief scientist.
 
“But for this to take off, companies needs a strong signal from the government that Britain is open for business and is still an attractive investment environment for cutting-edge renewable technologies and infrastructure, such as offshore wind or solar and battery storage.”
 
The green energy trade body, RenewableUK, called the plant “a key part of our nation’s modern industrial strategy”.
 
Renewable sources provide around a quarter of UK electricity generation, but since coming to power in 2015 the government has ended subsidies for onshore windfarms and solar panels. Ministers have continued to indicate their backing for offshore wind, but have delayed spelling out how much support it will get beyond 2020. More detail is expected in the 2017 budget.
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Oil price surges as Opec agrees first cut in output since 2008 www.theguardian.com

The price of oil has surged by 8% after the 14-nation cartel Opec agreed to its first cut in production in eight years.
 
Confounding critics who said the club of oil-producing nations was too riven with political infighting to agree a deal, Opec announced it was trimming output by 1.2m barrels per day (bpd) from 1 January.
 
The deal is contingent on securing the agreement of non-Opec producers to lower production by 600,000m barrels per day. But the Qatari oil minister, Mohammed bin Saleh al-Sada, said he was confident that the key non-Opec player – Russia – would sign up to a 300,000 bpd cut.
 
Russia’s oil minister, Alexander Novak, welcomed the Opec move but said his country would only be able to cut production gradually due to “technical issues”. A meeting with non-Opec countries in Moscow on 9 December has been pencilled in.
 
Al-Sada said the deal was a great success and a “major step forward”, but the news that Saudi Arabia had effectively admitted defeat in its long-running attempt to drive US shale producers out of business was enough to send the price of crude sharply higher on the world’s commodity markets.
 
Brent crude was trading at just over $50 a barrel following the completion of the Opec meeting in Vienna – an increase of almost $4 on the day.
 
Saudi Arabia will bear the brunt of Opec’s production curbs, having agreed to a reduction in output of just under 500,000 bpd.
 
Iraq has agree to a 210,000 bpd cut, followed by the United Arab Emirates (-139,000), Kuwait (-131,000) and Venezuela (-95,000). Smaller countries are also reducing output, but Iran – which has only recently returned to the global oil market after the lifting of international sanctions – has been allowed to continue raising output. Three OPEC countries - Kuwait, Venezuela and Algeria - will monitor compliance with the agreement in an attempt to prevent quota busting.
 
Indonesia has suspended its membership because, as a net importer of oil, it wanted the price of crude to stay as low as possible and declined to cut output.
 
The price of oil has fallen from $115 a barrel since the summer of 2014 as a result of weak demand and the decision by Riyadh to keep production levels high. Saudi Arabia gambled that it could drive higher-cost US shale producers out of business but found the financial cost of more than halving the oil price too much to bear. At one stage, oil prices fell below $30 a barrel.
 
Opec has been trying to piece together a production-cutting deal throughout 2016 but previous meetings have failed as a result of ill feeling between Saudi Arabia and Iran. The cartel, which exerted enormous power over the oil price in the 1970s, was under pressure going into this week’s meeting to prove that it still had relevance in a market where it is responsible for less than half global output.
 
Neil Wilson, a senior market analyst at ETX Capital, said Opec had “confounded the naysayers”. He added that it was a “triumph for the cartel, proving it is still relevant, but the devil is in the detail … There are a few doubts but, on the whole, Opec should be pleased with a job well done at long last. This is likely to keep crude closer to $50 than $40 for now”.
 
Other analysts warned that the deal was likely to fall apart. Mike Jakeman, the commodities editor at the Economist Intelligence Unit, said he thought it unlikely that the agreement would lead to a sustained increase in the oil price.
 
It is possible that some cheating will occur. Opec’s members do not have a good track record of sticking to production quotas. There has also been no firm commitment yet from Russia, the largest non-Opec producers. It is possible that Russian production could fill the gap left by Saudi Arabia. And even at 32.5m bpd, global oil production will still be at a historically high level. There is no threat of an oil shortage that could see the price zoom back up.
 
Jakeman said that even if there was a sustained rise in prices, the response would be higher production from the US shale sector, which would drive prices back down again. “We think the lack of a sustained rise in prices will see the deal fall apart within a year,” he said.
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Mongolia and Britain sign cooperation MoU on Oyu Tolgoi www.mongolia.gogo.mn

Britain and Mongolia signed their first memorandum of understanding in the mining sector on Tuesday, pledging an exchange of technology and expertise, and deepening ties based on Rio Tinto's huge copper mine in the South Gobi desert.
The agreement, signed on the sidelines of a mining conference in London, recognised "the spirit of cooperation that exists between the respective countries" and a willingness "to promote closer cooperation in the extractive sector".
In an emailed statement, the Department for International Trade said the cooperation would cover technology transfer, education and training.
Tumentsogt Tsevegmid, CEO of Erdenes Mongol, set up to manage the state's mineral reserves, including copper, gold and coal, said the agreement also covered financing.
Mongolia, a vast country of just three million people, went on a borrowing spree at the height of the commodity cycle, and the $12 billion economy is staggering under total foreign debt - public and private - of more than $20 billion.
It has, however, been helped by this year's commodity price rally that has seen gains of more than 200 percent for coking coal and it is hoping to benefit from Anglo-Australian group Rio Tinto's Oyu Tolgoi copper mine.
In June, Rio gave the go-ahead to a $5.3 billion expansion of the mine, which will keep a steady flow of foreign investment during the next five-to-seven years of construction.
Rio says the massive mine will eventually be responsible for around 30 percent of the economy, but direct benefits for Mongolia will be delayed.
According to a 2009 investment agreement, investors must recoup their original investment costs before Mongolia can collect dividends for its 34 percent shareholding in the mine.
Oyu Tolgoi is jointly owned by the Government of Mongolia (34 percent) and Turquoise Hill Resources (66 percent, of which Rio Tinto owns 51 percent). Rio Tinto has been the manager of the Oyu Tolgoi project since 2010.
Copper aside, Tumentsogt told Reuters he expected Mongolia would export 20 million tonnes of coking coal this year to China and slightly more next year.
It is also undertaking a feasibility study on construction of a 5.2 gigawatt thermal coal plant that would export power to China.
Since Britain's decision to leave the European Union in June, the British government has emphasised the importance of new trade relations and is also seeking, for instance, to negotiate contracts in Iran, Reuters reports.
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Canada expands controversial oil pipeline to Pacific www.rt.com

Canadian Prime Minister Justin Trudeau has approved extending the Trans Mountain pipeline, which may help Canada become the largest oil producer in the Americas.
 
The pipeline aims to move crude from central Alberta to the Pacific coast. The expansion would triple its initial capacity up to 890,000 barrels per day (bpd) from the current 300,000 barrels.
 
The project will cost Can$6.8 billion ($5 billion) and is expected to open the Asian market to crude exports from Canadian oil sands.
 
Upgrading the existing pipeline seems to be strategic for the economy, as Alberta has the world's third biggest reserve of crude, but it is too expensive to deliver by ship or rail from the site.
 
“The project will triple our capacity to get Canadian energy resources to international markets beyond the United States,” said Trudeau.
 
Critics of the pipeline expansion, including municipalities in British Columbia, environmental organizations, and aboriginal groups, have expressed concerns over climate change, pipeline leaks, spills, and fires.
 
Along with the Trans Mountain, Trudeau approved another pipeline - the Enbridge's Line 3, running from Alberta to the US state of Wisconsin. The new line aims to double the capacity to 760,000 bpd streaming south of the border.
 
Trudeau rejected Enbridge's Northern Gateway project, which would cross the temperate Great Bear Rainforest. The pipeline was also set to pave the way to new markets in Asia, with China likely to purchase a large proportion of the transported crude.
 
However, the project failed to win the approval over worries about spills on land and at sea. “The Great Bear Rainforest is no place for a pipeline, and the Douglas Channel is no place for oil tanker traffic,” said Trudeau.
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GoPro makes cutbacks after drone crashes www.bbc.com

Action camera-maker GoPro is cutting 200 jobs and shutting down some of its services.
The announcement follows a series of drone crashes that made the company recall its much anticipated Karma aircraft.
In addition, the US company said its president, Anthony Bates, would quit his post at the end of the year after three years in the job.
GoPro said that consumer demand for its products remained "solid".
However, the company has posted a loss in each of its past four quarters.
At the start of this month it also revealed its cash reserves had fallen to $132m (£106m) - less than half the amount at the start of the year.
"I knew they were in trouble, but I didn't expect them to have such a dramatic fall from grace," Tom Morrod, director of consumer electronics at the IHS consultancy, told the BBC.
"The Karma drones were their recover strategy, and when they had to be recalled it faltered. This is the result.
"GoPro was struggling as an action cam specialist, which is why it needed an alternative market. The fact that the device was unsalable has damaged its prospects, at least temporarily."
The job cuts represent 15% of the California-based company's workforce.
The move reflects the fact that even if the fold-up Karma drone returns to sale, GoPro will probably have missed out on the Christmas shopping season.
It had sold about 2,500 of the drones in the 16 days they were on the market.
A problem with the machines caused a number of them to lose power mid-flight, causing them to fall uncontrolled out of the air.
One video of an accident showed the drone diving on to a beach on which people were walking.
There have been no reports of injuries. However, the company is being sued over claims it misled investors about demand for the product and took too long to alert the public to its power supply flaw.
Entertainment shutdown
Reviews for GoPro's new Hero 5 cameras have generally been positive. The new devices introduced voice control, electronic image stabilisation and built-in water resistance.
However, some technology blogs doubted whether the features were enough to convince existing owners to upgrade.
And the company faces increased competition from rival action cams and the improved quality of smartphone cameras, many of which now also offer protection against water.
As part of its cutbacks GoPro is also closing its entertainment division.
The operation was announced in July 2015 and offered owners thousands of dollars for videos they had filmed using its equipment.
In return it wanted the right to promote their content through its social media accounts.
It also sought to sell the rights to the material to advertising agencies and split the proceeds.
The company described it as a "no-brainer" for creative professionals at the time.
GoPro's shares were trading 2.5% up on the day by early afternoon in New York, but they remain down on their value at the start of the year.
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