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

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Coca Cola and Kirin consider business tie-up www3.nhk.or.jp

Fierce competition in Japan's soft drink market has made the Coca Cola group and Kirin Holdings consider a business tie-up.
 
The Coca Cola group is the Japanese soft drink leader while Kirin ranks 4th in the market.
 
An industrial source says the 2 firms are considering a joint delivery of products and a joint procurement of ingredients, containers and other materials.
 
It says the operations team-up could develop into a capital alliance in the future.
 
The 2 beverage makers are apparently hoping to cut down costs and improve their earning capacity through the deal.
 
Japan's soft drink market has been shrinking with little growth potential seen in the nation's decreasing population.
 
The planned alliance between the largest and the 4th-ranked firms is likely to affect other makers' business strategy. This could touch off another consolidation in the industry.
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Amazon beefs up Paris express delivery service with partnerships www.reuters.com

Online retailer Amazon said on Wednesday it was partnering with luxury food group Fauchon, organic food chain Bio c'Bon and wine retailer Lavinia to extend the product range of its Prime Now express delivery service in Paris and its suburbs.
 
The deal, which will add 5,000 food products to Amazon Prime Now's range of 18,000 products in Paris, comes as French retailer Carrefour started testing its own express delivery service named Livraison Express this month in several Paris stores as it seeks to counter Amazon Prime Now.
 
Seattle-based Amazon has been stepping up its activity in France in recent years and speed delivery has become a new battleground among retailers seeking to boost sales.
 
Amazon Prime Now was launched in Paris in June 2016. Its members pay a yearly subscription of 49 euros to get products delivered within one-hour for 5.90 euros or for free within two hours if they order a minimum of 20 euros worth of products.
 
The deals with Bio c'Bon and Lavinia are effective immediately, while Fauchon will join Prime Now in November, Amazon said in a statement.
 
Thanks to these partnerships, customers will be able to buy a wider selection of products, including fresh fruits and vegetables, meat, wine, spirits and fresh deli products.
 
Frederic Duval, General Manager of Amazon.fr, told Reuters by phone that the four-month old Amazon Prime Now service had already met "very strong demand" in Paris and was fully on track with the volumes targeted. It was however too early to say if Amazon would replicate the service to other big French cities.
 
On Oct. 19 Carrefour - France's largest retailer - started a trial delivery of groceries and fresh food within one hour for 4.90 euros in half of the Paris arrondissements. The goal is to extend the trial to all of Paris in coming weeks. Orders are prepared in Carrefour Paris stores and delivered by bike.
 
Prime Now was first launched in New York City in December 2014. Since then it has expanded to several other major U.S cities, as well as European cities such as London, Berlin, Milan, and Madrid.
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U.S. judge approves $14.7 billion deal in VW diesel scandal www.reuters.com

A U.S. judge on Tuesday approved one of the biggest corporate settlements on record, Volkswagen AG's (VOWG_p.DE) $14.7 billion deal arising from its diesel emissions cheating scandal, and the German automaker said it would begin buying back polluting cars in mid-November.
 
U.S. District Judge Charles Breyer in San Francisco signed off on VW's settlement with federal and California regulators and the owners of the 475,000 polluting diesel vehicles in a pivotal moment for the world's No. 2 automaker as it tries to move past a scandal that has engulfed it for more than a year.
 
VW admitted in September 2015 to installing secret software in its diesel cars to cheat exhaust emissions tests and make them appear cleaner in testing than they really were. In reality, the vehicles emitted up to 40 times the legally allowable pollution levels.
 
Volkswagen CEO Matthias Mueller told reporters in Berlin that Breyer's approval was "an important milestone for us on the way towards clearing up the problem that we caused some time ago." Hinrich Woebcken, president and CEO of Volkswagen Group of America, pledged to carry out the terms "as seamlessly as possible."
 
Breyer turned away objections from car owners who thought the settlement did not provide enough money, saying it "adequately and fairly compensates" them. Owners will get the pre-scandal "trade in" value of the vehicle and $5,100 to $10,000 in additional compensation.
 
"Given the risks of prolonged litigation, the immediate settlement of this matter is far preferable," Breyer wrote.
 
Volkswagen agreed to spend up to $10.033 billion on the buybacks and owner compensation and $4.7 billion on programs to offset excess emissions and boost clean-vehicle projects.
 
The settlement was reached with the U.S. Justice Department, Federal Trade Commission, the state of California and vehicle owners who had filed a class action lawsuit against VW. Volkswagen has admitted to misleading regulators and still faces an ongoing criminal investigation.
 
It represented the largest civil settlement worldwide ever reached with an automaker accused of misconduct.
 
While huge, the approved deal was still smaller than the $246 billion settlement reached by cigarette makers with 46 U.S. states in 1998 and the $53 billion by BP to address costs and penalties arising from the 2010 Gulf of Mexico oil spill.
 
In total, Volkswagen has agreed to date to spend up to $16.5 billion in connection with the scandal, including payments to dealers, states and attorneys for owners. The scandal rattled VW's global business, harmed its reputation and prompted the ouster of its CEO.
 
The settlement covers 2.0-liter polluting diesel Beetle, Golf, Jetta, Passat and Audi A3 cars from the 2009 through 2015 model years. Up to 490,000 people will take part in the settlement because some vehicles had multiple owners.
 
Volkswagen spokeswoman Jeannine Ginivan said the automaker expects to begin buying back vehicles in mid-November. VW has hired 900 people, including one to be stationed at each dealership, to handle buybacks.
 
MORE COSTS FOR AUTOMAKER
 
VW still faces billions more in costs to address 85,000 polluting 3.0-liter vehicles and Justice Department fines for violating clean air laws. It also faces lawsuits from at least 16 U.S. states for additional claims that could hike the company's overall costs.
 
Last month, a Volkswagen engineer pleaded guilty in Detroit to helping the company evade U.S. emission standards. His lawyer said he would cooperate with federal authorities in their criminal probe.
 
Kathryn Phillips, California director for the Sierra Club environmental group, said Volkswagen broke the law and that "Judge Breyer is making them pay the price. Volkswagen chose to poison our families with dangerous pollution just to pad its pocketbook."
 
"Today is a landmark day, when this innovative settlement can be put into action, investing billions of dollars into public health protections to remedy these serious violations," added Cynthia Giles, U.S. Environmental Protection Agency assistant administrator.
 
VW will provide $2 billion over 10 years to fund programs to promote electric vehicle charging infrastructure, development of zero-emission ride-sharing fleets and other efforts to boost sales of cars that do not burn petroleum.
 
Volkswagen has been in intensive talks over how much compensation it may offer owners of the larger 3.0-liter diesel Porsche, Audi and Volkswagen vehicles that emit up to nine times legally allowable emissions and whether it will offer buybacks for some of the polluting SUVs. No final agreement has been reached. Volkswagen faces a Nov. 3 court hearing to update the court on those vehicles' status.
 
Volkswagen agreed to make up to $1.21 billion in payments to 652 U.S. VW brand dealers and $600 million to 44 U.S. states to address some state claims.
 
Nearly 340,000 owners have registered to take part in the settlement. About 3,500 owners have opted out. Volkswagen must fix or buy back 85 percent of the 475,000 vehicles under the agreement by June 2019 or face additional costs.
 
Owners have until September 2018 to submit paperwork to sell back vehicles. VW will have to destroy repurchased vehicles unless it wins approval for fixes.
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Iron ore price explodes higher www.mining.com

The import price of 62% Fe content ore at the port of Tianjin soared nearly 5% to $61.60 per dry metric tonne on Tuesday according to data supplied by The Steel Index as top producers cut output guidance and demand from top consumer China rebounds.
 
That was the highest level for the Chinese benchmark price in over two months. Futures trading on the Dalian Commodities Exchange indicated further appreciation ahead with the most active contract reaching its daily up limit of 6% for a new 2016 high of 471.50 yuan or $70.10.
 
A note from Freight Investor Service described "massive movement" on the Dalian exchange with the rally starting last night and continuing into Tuesday as the contract broke through previous resistance levels of the highs from April and August this year.
 
Against most predictions, year to date the price of the steelmaking raw material is up 43.6% after surging by two-thirds in value from near-decade lows in December last year.
 
China, which consumes more than 70% of the world's seaborne iron ore trade, imported 93 million tonnes in September, only slightly below the record 96.3 million tonnes hit in December last year. Shipments for the first nine months are up more than 9% from 2015's record setting pace and on track to breach 1 billion tonnes for the first time.
 
Last week top iron ore miner Vale reduced its production outlook for 2017 to 360m–380m tonnes, below its original forecast for 380m–400m tonnes. The Rio de Janeiro-based giant said 2016 production would be at the lower end of a range of 340m–350m tonnes.
 
Number two producer Rio Tinto also cut its outlook for this year's shipment by as much as 5 million tonnes, hampered by logistics bottlenecks at its Pilbara operations in Western Australia. The Melbourne-based company expects to ship around 325m tonnes this year, rising slightly to between 330m – 340m tonnes in 2017.
 
Metallurgical coal's rise this year has been even more dramatic than that of iron ore and trading at $245.50 a tonne on Tuesday, the steelmaking raw material is up 25% so far in October. According to data provided by the Steel Index premium Australia hard coking coal prices are up more than three-fold since hitting multi-year lows around $70 a tonne in November last year.
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Australia's richest woman invests £245m in UK's biggest potash mine www.theguardian.com

Australia’s richest woman, Gina Rinehart, has invested £245m in the UK’s biggest potash mine on the edge of the North York Moors national park.
 
The £1.7bn mine, which was given the go-ahead last year after a protracted planning battle, has promised to restore the region’s proud mining heritage and bring more than 1,000 jobs.
 
The project received a major boost on Tuesday when Sirius Minerals, the company behind the Yorkshire mine, announced a US$300m (£245m) deal with Rinehart’s Australian agricultural firm Hancock Prospecting.
 
The mine, which sits on protected moorland overlooking Whitby and Robin Hood’s Bay, aims to produce up to 20m tonnes a year of a potassium-rich mineral called polyhalite, a type of potash fertiliser described by Sirius as a “fertiliser of the future”.
 
Under the deal Rinehart will purchase $50m of Sirius shares and pay $250m for a 5% royalty stream on the first 13m tonnes of fertiliser produced by the mine annually, and the right to purchase up to 20,000 tonnes of product each year for use on her expanding Australian agricultural holdings.
 
Rinehart said: “This project delivers a new and natural product that is relevant to Hancock’s focus on agriculture, and after years of field tests and across many crop types, demonstrated improved yields.
 
“Sirius has a large, high-quality mineral resource and is located in a stable jurisdiction with a competitive tax rate. The project has the potential to become one of the world’s leading producers of multi-nutrient fertiliser and could have a life of 100 years – this fits with my approach of investing in strategic areas for the long term.”
 
The mile-deep mine shaft was narrowly approved in June 2015, by eight votes to seven, after a protracted four-year planning wrangle that drew opposition from conservationists.
 
The project was supported by 93% of local people who wrote to the council, 81% of whom live in the national park.
 
But it was opposed by groups including the National Trust, Natural England, the Campaign for National Parks, the North Yorkshire Moors Association, the Royal Society for the Protection of Birds, the Campaign to Protect Rural England and the Yorkshire Wildlife Trust.
 
Sirius estimates that the mine will increase North Yorkshire’s economy by 10%, with £48m injected directly into the stagnant local area, which has never fully recovered from the loss of coalmining and fishing industries.
 
All mined polyhalite will be transported underground on a 23-mile conveyor belt running underneath the North York Moors national park to a handling facility in Teesside.
 
Chris Fraser, the managing director and chief executive of Sirius, said: “We are delighted to have signed this agreement with such an experienced party in the mining industry, as well as one that has very successful and strong leadership, and a long-term and growing agricultural interest.”
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Apple iPhone sales fall, but beat estimates www.bbc.com

Apple has reported its third quarter in a row of falling iPhone sales and revenue, but sales beat analyst expectations.
The tech giant sold 45.51 million iPhones in the three months to 24 September, beating an average estimate of 44.8 million.
The company also forecast higher-than-expected holiday season revenue of between $76bn and $78bn.
But revenue in the fourth quarter fell 9% to $46.85bn.
That meant annual revenue fell for the first time since 2001, highlighting a slowdown in the smartphone market as well as intensifying competition, particularly from Chinese rivals.
Apple executives said demand for the new iPhone 7 was strong, despite fiscal fourth-quarter revenue falls in China and the Americas, its two most important markets.
Revenue from Greater China, once seen as Apple's next growth hope, fell 30% in the quarter, after dropping 33% in the previous quarter.
In the same period last year, revenue from Greater China doubled.
Apple's shares were down 3% at about $114.80 in after-hours trading.
"Apple didn't have a great [fourth quarter] as iPhones, Macs, China, the US and what appears to be Watch were down," said Patrick Moorhead, an analyst at Moor Insights & Strategy.
Net income fell to $9.01bn in the fourth quarter, down from $11bn in the same quarter last year.
For the year, net income fell to $45.7bn from $53.4bn.
Chief Financial Officer Luca Maestri said it was "impossible to know" if there was any effect yet from rival Samsung halting production of Galaxy Note 7 phones earlier this month.
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Failure to sign trade deal with Europe may leave Canada stranded www.rt.com

The collapse of a free trade agreement with the European Union could undermine Canada's plans to reduce its economic dependence on the United States. Seventy-five percent of Canadian exports go to the US.
 
The failure of the Comprehensive Economic and Trade Agreement (CETA) could also complicate talks on other trade pacts with India and China.
 
CETA would allow Canada preferential access to the European market of over 500 million people. The deal could also add over $8.9 billion in revenue to the country's economy and increase trade by 20 percent, a joint Canada-EU study estimated.
 
The deal with the EU has potentially wider scope than the North American Free Trade Agreement (NAFTA). Canadian dependence on the US market has put the NAFTA deal under pressure.
 
"We are one of the most dependent countries in the world in regards to trade," said former Quebec Premier Jean Charest, who started negotiations on the EU-Canada trade deal during his tenure.
 
"If this agreement [CETA – Ed.] fails, it will be a disappointment," he told Reuters last week.
 
CETA was expected to eliminate tariffs on 98 percent of goods traded between the EU and Canada. The deal was blocked by Belgium because of the opposition from regional parliaments. Belgium’s French-speaking region of Wallonia has refused to approve the deal, fearing an influx of Canadian pork and beef products would undermine local farmers.
 
EU trade treaties can only enacted with the unanimous agreement of all 28 member states.
 
After a 24-hour ultimatum from the EU to patch up differences over CETA, Belgium’s Prime Minister Charles Michel said on Monday the country was not ready to sign the pact.
 
Despite that Canada’s Prime Minister, Justin Trudeau, did not immediately postpone a trip to Brussels this Thursday for an EU-Canada summit where the treaty was expected to be signed.
 
“We encourage all parties to find a solution. There’s yet time,” the head of the European Council Donald Tusk tweeted after speaking to the Canadian leader.
 
The EU and Canada have spent more than seven years negotiating the pact. The talks have been followed by protests in Europe with the opposition claiming the deal will violate workers' rights and benefit the interests of the wealthy elite and corporations.
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Caterpillar rally hindered by fresh drop in sales www.mining.com

Shares in world’s largest heavy machinery maker Caterpillar (NYSE:CAT), the best-performing industrial stock so far this year, suffered Monday morning after the firm logged a 18% drop in global retail sales of equipment for the three-month period ended in September.
 
While the Peoria, Illinois-based company has had more discussions about potential sales in recent months than in the last two or three years, it looks like those talks have once again failed to materialize. Currently, only the Asia-Pacific region is growing, the company said on Monday.
 
Total retail sales to resource companies dropped 37% in the quarter when compared to the same period last year. Yet the results are slightly better than a 39% decrease registered from April to June.
 
Global sales by CAT’s energy and transportation division fell 25%, the same as in August, including respective declines of 44%, 26% and 15% in transportation, power generation, and oil and gas products. The situation is problematic as energy and transportation is Caterpillar’s largest segment, accounting for 36% of its total revenue.
 
In light of the numbers, the giant construction and mining equipment manufacturer is now is expected to forecast a fifth straight annual sales decline in 2017 Tuesday, when it reports quarterly earnings, according to Bloomberg.
 
Caterpillar’s performance is often seen as a gauge of the health of the global economy, as its machines are huge, expensive, and used in different kinds of projects to which companies and governments are only likely to commit if they're confident in the economic outlook and their financial standing.
 
CAT’s shares were slightly down (-0.45%) at 10:56 am to $85.95. Year to date they’ve gained almost 27%.
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China's HNA Group buys $6.5 billion stake in Hilton, extends hotels push www.reuters.com

China's aviation and shipping giant HNA Group extended its push into hotels and Chinese tourism on Monday, paying $6.5 billion to buy a 25 percent stake in Hilton Worldwide Holdings Inc (HLT.N) from biggest shareholder Blackstone Group LP (BX.N).
 
The deal marking the second investment in the hotel industry this year by ambitious and fast-growing HNA, now the operator of more than a dozen airlines including flagship carrier Hainan Airlines Co (600221.SS) and a group with more than $100 billion in assets. In April HNA bought Carlson Hotels Inc, owner of Radisson hotels, for an undisclosed sum.
 
It also comes as Chinese companies step up hotel deals to tap free-spending mainland China tourists, now traveling overseas in record numbers. Their spending at home and abroad is expected to hit $72 billion this year, according to China Travel Academy, a government-backed research institute.
 
Chinese companies have also been splurging on foreign acquisitions to sidestep slowing growth at home. The HNA deal would take China's overseas M&A to a record $191 billion so far this year, more than 70 percent of 2015's tally.
 
HNA agreed to buy its shares in Hilton for $26.25 each, a 14.6 percent premium to Hilton's Friday's closing price, valuing the whole of Hilton at about $26 billion. Blackstone took Hilton private in 2007 for $26.7 billion, including debt, and the private equity firm listed the company in 2013 in the biggest-ever hotel IPO.
 
Shares in Hilton, whose brands include Conrad Hotels & Resorts, Curio and Double Tree as well as Hilton, ended flat in New York on Monday after rising as much as 3.7 percent to $23.76 in early trading on news of HNA's stake buy.
 
Established in 1993, HNA has emerged under the stewardship of co-founder and chairman Chen Feng as one of China's most acquisitive overseas dealmakers, having announced about $20 billion of deals this year alone, according to Reuters calculations.
 
As well as buying aviation assets, HNA has been investing in other travel-related businesses, including Swiss airline catering firm Gategroup Holdings (GATE.S), and U.S.-listed electronics distributor Ingram Micro (IM.N). It now controls 11 companies listed on mainland China and Hong Kong stock markets.
 
Earlier this month HNA's Avolon Holdings agreed to buy CIT Group (CIT.N) aircraft leasing assets worth $10 billion, a deal that will create the world's third-largest lessor.
 
In hotel deals, however, it hasn't all been plain sailing for would-be Chinese buyers.
 
In April, Chinese insurer Anbang Insurance Group Co [ANBANG.UL], owner of the iconic Waldorf Astoria in New York, abandoned its pursuit of Starwood Hotels & Resorts Worldwide following a bidding war with Marriott International Inc (MAR.O). Marriott completed the acquisition of Starwood in September to create the world's biggest hotel chain.
 
Meanwhile HNA's latest deal will see it appoint two directors to Hilton's board, raising its size to 10. It will also give HNA a stake of about 25 percent in Hilton's real estate and timeshare businesses, following their expected separation by the end of 2016.
 
Blackstone will continue to have two seats on Hilton's board, including Jonathan Gray who will remain as chairman.
 
Evercore was the financial adviser to Hilton, while JPMorgan advised HNA.
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Huawei earns Europe's trust with excellence in high-tech www.chinadaily.com.cn

"This is the guts of the business, this is what we do," our guide said, patting a large green, hardware-filled street cabinet sitting in the bowels of Huawei Technologies Co's UK headquarters in Reading.
 
To the average Briton, Huawei is best known as a smartphone manufacturer. Its basic models could be an alternative to pricey market leaders. Some are aware of the TV commercial for its higher end P9 featuring movie stars Scarlett Johansson and Henry Cavill.
 
But most would be unaware that Huawei plays a key role in the "last mile" technology that delivers superfast broadband from the pavement to some 20 million homes across the United Kingdom.
 
"This is where it all begins, the kit that weathers rain or shine... If this doesn't work, nothing else does."
 
Reliable equipment and thrust on innovation have helped Huawei to emerge as the world's biggest telecommunication equipment manufacturer, after starting as a private reseller of PBX switches in China in 1987.
 
Founded by Ren Zhengfei with an investment of $3,500, Huawei's revenue reached $60.8 billion in 2015. It's the only Chinese company in the Fortune 500 list to make more money abroad than domestically.
 
The company said it will likely meet its sales target of 140 million handsets this year, driven by over 50 percent year-on-year growth in western and northeastern Europe, two of its fast-growing markets.
 
Huawei is also the world's third-largest smartphone vendor after Samsung Electronics Co Ltd and Apple Inc. The gap between Apple and Huawei is narrowing.
 
Huawei's market share was 8.2 percent in the first quarter of this year, up from 5.2 percent last year, while Apple fell to 15.3 percent from 18.3 percent, with Samsung remaining at around 24 percent, market research firm International Data Corporation reported in July.
 
Both Apple and Huawei are likely to benefit from Samsung's ill-fated Galaxy Note 7.
 
Analysts attributed Huawei's success to its unique management and ownership structure. Huawei is a 98.6 percent employee-owned private entity run by rotating CEOs. Emphasis is on research, which received $38 billion over the last 10 years and 45 percent of its 176,000 employees worldwide.
 
According to Roland Montagne, head of broadband practice at European telecoms think tank IDATE, making inroads into Europe is at the heart of Huawei's global rise.
 
"Huawei decided to invest quite early in the European market because it's a center of expertise in terms of technology and it is a dynamic market," he said. "That's why they decided to collaborate quite quickly with the main players in Europe－BT, Orange, Telefonica, to mention a few."
 
After setting up its first UK offices in 2003, Huawei clinched a game-changing supplier deal with British Telecom in 2005, to roll out the latter's 21st Century Network data network program.
 
"At the time, very little was known about (Huawei) outside of Asia, it didn't really sell very much in Europe," said Mike Galvin, head of technology, services and operations at BT. "We compared Huawei's with others' equipment ... and we said this equipment meets our needs. It was well-made."
 
Galvin said Huawei scored in terms of security of supply and ethical practices. He attributed much of its success to customer centricity.
 
"The unique thing ... (about) Huawei ... is how close they are to their customers and how their customers drive what products they produce."
 
Stefano Cantarelli, chief technology officer and network vice-president for UK and Ireland at Huawei, said gaining BT's trust opened the doors to other major deals in the UK and Europe. Carriers Vodafone and EE went on to buy Huawei equipment for their telecom networks. Huawei teamed up with EE later to launch the UK's first 4G LTE (long term evolution) network.
 
The BT deal signified the opening up of the traditional, R&D-driven European operator market to Chinese vendors, Cantarelli said. "They (BT) have been fundamental in establishing trust, and we were able to get the second-biggest deal we got with Vodafone. It has been pivotal in creating a brand reputation."
 
According to Montagne, maintaining such trust is imperative for Huawei as the new frontier of all-cloud transformation and cloud-based strategies offer a fresh set of complex security challenges.
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