Japanese authorities vow to tighten immigration rules after Carlos Ghosn's escape www.cnn.com

(CNN Business)Japanese officials on Sunday criticized Carlos Ghosn's escape from the country as "unjust" and vowed to tighten immigration rules in their first public remarks since the former auto executive fled for Lebanon a week ago.

Ghosn left Japan "illegally by unjust methods," said Justice Minister Masako Mori, the country's top judicial official. She said that authorities have no official record of Ghosn's departure from Japan, and that prosecutors are investigating the case.
Mori also said she has ordered the country's immigration department to "further tighten" rules for leaving the country "so that the same situation won't be repeated."
Mori's statement — along with a similar one published Sunday by a Tokyo prosecutor — marked the first time Japanese authorities addressed Ghosn's stunning escape last week. Government offices in the country had been closed all week for the New Year holiday.

Ghosn — the former chairman of Nissan and Mitsubishi Motors, and former chairman and CEO of their alliance partner, Renault — had been awaiting trial in Japan on charges of financial wrongdoing. As a condition of his release on bail, Ghosn was required to stay in Japan. But the case was upended after Ghosn revealed that he had fled Japan for Lebanon to escape what he called a "rigged" justice system.
Mori defended the country's justice system on Sunday, adding that it assured "fundamental human rights" and set out to "find out the truth of the case."
She also said that Ghosn's bail has been "canceled," and confirmed that the Japanese government asked Interpol, the international police agency, to issue a "red notice" for Ghosn. Lebanon said last week that it had received that notice, confirming that Ghosn is wanted by police.
Takahiro Saito, Tokyo's deputy chief prosecutor, said in his own statement Sunday that Ghosn "deliberately ignored" Japan's justice proceedings by fleeing the country, even though his bail barred him from overseas travel. Saito added that Ghosn's escape "could be a criminal act."
"Ghosn broke his own promise to attend the court and run away from Japan," Saito said. Both he and Mori called the event "regrettable."
Ghosn was arrested in November 2018 and has since faced a litany of charges, including allegations that he understated his income for years and funneled $5 million of Nissan's money to a car dealership he controlled. He was ousted from his posts at Nissan and Mitsubishi Motors following his arrest in November 2018, and later resigned from Renault. He has denied the charges against him.
Ghosn's Japanese lawyer, Junichiro Hironaka, said Saturday that the defense team would resign after contacting Ghosn this week. Hironaka had earlier told reporters that Ghosn's escape was a "complete surprise."
Authorities, meanwhile, have been scrambling to figure out how Ghosn pulled off the escape. Prosecutors in Tokyo raided the home where he had been staying last Thursday. Ghosn has denied reports that his family were involved in helping him flee.
Last week, a Turkish company that charters private jets confirmed that two of its planes were used "illegally" to transport Ghosn without the knowledge of company management. That company, MNG, said it has filed a criminal complaint.
-- Yoko Wakatsuki reported from Tokyo, Akanksha Sharma reported from Hong Kong and Amy Woodyatt wrote from London.

Sales revenue of Erdenes Tavan Tolgoi reaches USD 1 billion www.montsame.mn

Ulaanbaatar /MONTSAME/ Sales revenue of Erdenes Tavan Tolgoi JSC reached USD 1 billion or MNT 2.7 trillion in 2019. The company exported 14.3 million tons of coal last year and earned net profit of MNT 1 trillion.

Gold, oil soar, shares slip as U.S. and Iran trade threats www.reuters.com

SYDNEY (Reuters) - A gauge of Asian shares was toppled from an 18-month top on Monday as heightened Middle East tensions sent investors scurrying for the safety of gold, which hit a near seven-year high while oil jumped to four-month peaks.

US announces countrywide ban on flavoured e-cigs www.bbc.com

The US has announced a countrywide ban on some e-cigarette flavours amid concerns about vaping among teens.

Forex reserves in Mongolia reach high record in 2019 www.menafn.com

The central bank of Mongolia said on Thursday that the foreign exchange (forex) reserves in Mongolia have reached a high record in the previous year of 2019.

China drops tariffs on hundreds of Pakistani products as wide-ranging trade agreement takes effect www.rt.com

A newly implemented deal between Beijing and Islamabad will eliminate tariffs on hundreds of products, a move which is expected to provide a billion-dollar boost to bilateral trade.
The Free Trade Agreement (FTA)–II, which started on Wednesday, will waive or ease 75 percent of tariffs imposed by each country, over a period of 15 years. Beijing will immediately drop tariffs on more than 300 Pakistani exports, including textiles and garments, seafood and leather.

China copper outlook brightens with miners likely to shine most www.bloomberg.com

Chinese copper stocks are returning to favor as the outlook for demand brightens, with a late spurt delivering the best annual gain in half a decade for the largest, Jiangxi Copper Co.

What has ailed copper for most of the year largely dissipated last month as the U.S. and China closed in on an interim trade deal that will steady the global economy, and as Chinese data demonstrated that growth in the top producer and consumer of the metal is stabilizing.

The benchmark London price, a barometer for the broader economy because of the metal’s wide usage in construction and power transmission, ended last week with a sixth consecutive gain, its best run in over two years. China’s manufacturing purchasing managers index, meanwhile, showed a second straight month of expansion in December.

Still, recent gains in the stocks may deter some investors, and the winners aren’t clear-cut. The prospects for miners that dig up ore could be healthier than for the smelters refining the metal, which are burdened by overcapacity and weak margins. Many of China’s big copper firms are active in both areas. While the smelting industry has signaled it will cut output this year to rescue treatment fees that have sunk to near seven-year lows, it’s the producers of the raw material that may be best placed to benefit from resurgent demand.

Stocks such as Jiangxi Copper, China’s no. 1 smelter and second-biggest miner, still have room to rally, said Wang Chen, a partner at XuFunds Investment Management Co. in Shanghai. “Copper prices have fallen to near cost and the downsides are limited,” he said. “Easing trade tensions and global monetary loosening are also going to boost demand and prices of the metal.”

Goldman Sachs commodities team is most bullish on copper for 2020, one of a cluster of banks that expects great things from the metal. After barely rising in 2019, Citigroup predicts that Chinese copper consumption will increase 2.6% next year, powered by gains in grid investment and demand from autos.

“The global economy is rebounding amid monetary easing, boosting demand for raw materials including copper,” said Yang Kunhe, an analyst at Pacific Securities Co. “Chinese PMIs are also bottoming out as anti-cyclical measures are working. There is still big room for stimulus. All these will benefit copper demand and prices.”

Yang recommends the mainland listings of miners including Jiangxi Copper, Zijin Mining Group Co. and China Molybdenum Co. He prefers them to pure copper smelters such as Tongling Nonferrous Metals Group Co., which are suffering from low profitability because the global supply of raw material can’t keep up with the country’s vastly expanded processing capacity.

Zijin Mining, also a big gold producer, is the most heavily favored by analysts, with 91% surveyed by Bloomberg holding buy ratings. Tongling Nonferrous is at 83% and China Moly at 60%, with Jiangxi Copper bringing up the rear on 47%.

Zijin Mining declined to comment. Spokesmen for Tongling Nonferrous and China Moly said they couldn’t immediately comment. A spokesman for Jiangxi Copper couldn’t be reached for comment.

Jiangxi Copper will also see significant returns from its interest in the Cobre Panama mine, part of its first overseas acquisition announced last month, according to Essence Securities Co. The broker has a buy on the stock, with a six-month target of 18.8 yuan, 11% higher than its end-year close.

Cautionary voices include Xiong Qi, the deputy head of research at Windsor Capital Management Co. in Beijing. “I am not comfortable chasing the rally in cyclical stocks including copper, lithium and cobalt,” he said. “They have surged a lot already and prices may face corrections.”

Mongolia’s economic growth surpasses ADB’s forecast www.news.mn

The Mongolian economy grew around 7.3 percent year on year in 2019, compared to 1.2 percent in 2016, said Prime Minister U.Khurelsukh in his New Year’s message.

How much do Mongolians spend on food during New Year? www.news.mn

Mongolians spend money mostly on food products during the New Year celebration.

Commercial banks told to halt lending for pensioners www.montsame.mn