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Nightmare on Wall Street: Stocks swiftly dive then recover
Dow industrials recoup some after near 1,000-point plunge, but end sharply off
May 6, NEW YORK (MarketWatch) -- U.S. stocks ended with steep losses Thursday after an afternoon meltdown lopped nearly 1,000 points off the Dow Jones Industrials Average -- its biggest intraday drop ever -- before a comeback of sorts, as Europe's troubles took hold on Wall Street and talk of errant trades exacerbated the swift selloff. ... "The panic in the middle of the day was market makers that just disappeared, and every machine on Wall Street was trying to sell into a market that didn't exist. That was a bizarre electronic quant panic of people selling into a black hole," said Boockvar. ... http://www.marketwatch.com/story/us-stocks-struggle-data-retailers-in-focus-2010-05-06?dist=afterbell
Market Drop Fueled by a Crisis, Anxiety and an Error
May 6 (NYT) Combine one part nervous traders, one part Greek crisis and one part trader error. Stir in one part central bank complacency. Bring to boil. Panic.
That combination produced one of the wildest days ever in financial markets, with the Dow Jones industrial average, at one point, down almost 1,000 points while the euro sank to its lowest level in more than a year. There were substantial declines in emerging markets, whose economies had seemed to be booming, and in developed markets fearful of renewed recessions.
Even though a substantial part of the worst plunge appeared to be linked to a trader error — one $40 stock fell for a time to one penny — prices had fallen around the world even before such mistakes began to happen. ... http://www.cnbc.com/id/37008236
Mogi: Governor of Khanbogd Soum (where OT is located) of Umnugovi Aimag is detained. Umnugovi governor's detention a misreport
May 6 (Summarized from Mongolian & comments inserted) news.mn reports that Khanbogd Soum governor Mr. D. Dendevsamba was detained in UB's Gants Hudagt Detention Center on charges of giving land with gold to Chinese citizens.
May 7's Ardyn Erkh daily newspaper (same company as news.mn) reports that the Soum governor is charged with same charges as news.mn's yesterday article reporting the detention of Umnugovi governor, accepting bribes for granting licenses to take gold out of the country to Chinese citizens.
It may have been indeed Khanbogd Soum governor who was detained, not Governor Badraa of Umnugovi. I apologize for yesterday's misreport.
The journalist telephoned the Central Intelligence Agency's press representative A. Batbileg. Khanbogd Soum governor Mr. Dendevsamba was brought in UB on May 6. He is being currently investigated by Central Intelligence Agency for taking money for granting gold export licenses of tremendous amount.
May 6 (news.mn) State Prosecutor General M.Altankhuyag has submitted his letter of resignation on health reasons. This was not unexpected as the reputation of Mongolian law enforcing organizations suffered in the aftermath of the July 1 incidents and ever since he assumed office, President Elbegdorj has been nudging Altankhuyag to go. He made the suggestion in his speech at the opening of the Spring session of Parliament also. Altankhuyag has one year left of his six-year term. The Prosecutor General is appointed by the President and takes office after Parliament’s approval. ... http://english.news.mn/content/10402.shtml
COMPOSITION AND VACANCY OF OFFICE APPROVED (government representative to Umnugovi Aimag)
May 6, Ulaanbaatar, /MONTSAME/ Government approved Wednesday a structure, composition and vacancies of an office for the Authorized Representative of Government to work in Omnogobi province.
According to this decision, maximum vacancy number has been fixed at eight staffers--Head of the Office, Senior Officer, Officer in charge of checkpoints, Law Officer, Assistant to the Representative, Translator, Accountant and driver.
May 6 (news.mn) An MPs’ working group set up by the Speaker decided on Wednesday by 84.4 percent votes that the State policy on railway transportation should be discussed by Parliament. The draft sees the railway as serving processing and manufacturing plants to be built in Sainshand and providing access to the European market by linking with the Trans-Siberian railway.
The MPs felt it was easy to decide to build a narrow railroad to China if Mongolia wanted to be content with exporting raw materials only. This would, however, benefit only mining companies and China, without encouraging domestic industrialization and expanding the job market. They recalled that for decades, Mongolia was just a raw material supplier to Russia, and it was time to think big.
Minister of Road, Transportation, Construction and Urban Development Kh.Battulga said the estimated cost for the proposed industrial complex in Sainshand was USD10 billion. Some proposals have already been received and work will begin as soon as Parliament approves the policy on railway. Germany buys two million tons of coking coal from China every year, and has expressed its interest to buy it from Mongolia. Foreign Minister G.Zandanshatar has discussed coking coal export with South Korean officials. He declared that he would be personally responsible for implementing the total plan.
Many MPs were found to have changed their original stand on the new railway but Batj.Batjargal remained firm in his support for a narrow railroad to China.
May 6 (news.mn) The Government meeting yesterday recommended the revocation of the license of Enjunmen, a company that mines fluorspar in Airag soum of Dornogobi aimag. Two weeks ago a Mongolian citizen was run over by a car at the mine site after scuffles between mine workers and artisanal miners who worked nearby. Ya.Sodbaatar, head of the State Inspection Agency (SIA), reported that Enjunmen had last year been found to have violated rules and regulations in several areas. It was ordered to halt operations on July 1, 2009 but continued mining, without rectifying the infringements.
(World Bank) In the first quarter of 2010, the trend improvement in the fiscal deficit stalled as the positive impact of improving revenues was offset by expanding expenditures. If expenditures were to continue to rise in step with mining-related revenues, Mongolia risks returning to the boom-and-bust cycle of the pre-crisis years. However, fiscal consolidation is necessary, given the difficult financing conditions projected for the next few years. In particular, 2011 will be a difficult year for the budget as the Windfall Profits Tax will have been abolished.
East Asia Minerals Appoints Edward C. Rochette as Director
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2010) - East Asia Minerals Corporation (TSX VENTURE:EAS) is pleased to announce the appointment of Mr. Edward C. Rochette to the Company's Board of Directors.
Denison Mines Corp. Reports First Quarter 2010 Results
TORONTO, ONTARIO--(Marketwire - May 6, 2010) -
... - Development spending will total $8.7 million in 2010 of which $5.0 million will be incurred on the Zambian and Mongolian projects. ... Exploration expenditures of $278,000 for the three months ended March 31, 2010 ($217,000 for the three months ended March 31, 2009) were incurred in Mongolia on the Company's joint venture properties. The Company has a 70% interest in the Gurvan Saihan Joint Venture ("GSJV") in Mongolia. The other parties to the joint venture are the Mongolian government as to 15% and Geologorazvedka, a Russian government entity, as to 15%. Under the new Nuclear Energy Law, the Government of Mongolia could acquire a 34% to 51% interest at no cost to the Government. Denison is currently engaged with industry groups and trade representatives in Mongolia to determine how the new law could be applied in practice. Discussions are also underway between industry groups and the Mongolian Government in an effort to have the Government amend some of these provisions. At this time, it is not clear how the Mongolian Government will attempt to apply the new law to the GSJV, in light of the GSJV's Mineral Agreement.
Grammy award winning band to give concert in Mongolia
ULAN BATOR, May 6 (Xinhua) -- A Grammy winning American band will visit Mongolia next month to give a concert and share the U.S.'s culture with the Asian country, the U.S. Embassy to Mongolia said Thursday.