(Have a good World Cup Weekend)
(US Markets will be closed on Monday to celebrate an extended Fourth of July/Independence Day Weekend)
U.S. miner Peabody in JV for Mongolian coal
NEW YORK, July 1 (Reuters) - Miner Peabody Energy (BTU.N) and China's Winsway Coking Coal Holdings said on Thursday they had entered into a joint venture agreement for mining steel-making coal in Mongolia.
They gave no financial details, but in a separate release, Polo said Winsway -- one of the leading suppliers in China of imported high-quality coking coal -- paid it $15 million, with $20 million more to come in cash or stock in the next year.
Peabody-Winsway Resources holds coal and uranium licenses in Mongolia, and is conducting an active exploration program in the South Gobi region and throughout the country, Peabody said.
Eurasia Capital and MonBiz Media launch MonBiz Hong Kong Index
July 2 (HedgeWeek) Eurasia Capital, a Hong Kong-based investment bank, and MonBiz Media have launched the MonBiz Hong Kong Index, which includes Mongolia-related companies listed on the Hong Kong Stock Exchange.
For a listed company to become a member of the index it must be listed on the Hong Kong Stock Exchange, have minimum market capitalization of HKD250m and a minimum of 33 per cent of the company's market value must be derived from assets and operations in Mongolia.
Shares flat as profit-takers move in
July 2 (AAP) Close. Australian shares eked out a minimal gain to end an eight-day losing streak but were well off highs as investors shrugged off the finish of a dispute over a "super profit" mining tax and turned to worries over the global recovery.
At the close, the benchmark S&P/ASX200 index was up 1.2 points at 4238.7, after earlier rising as high as 4281.6. The broader All Ordinaries index edged up 2.2 points, or 0.1 per cent, to 4264.9.
- Asian shares rebound ahead of US jobs data
- The dollar inches towards 85 US cents
- Gold recovers from 5-week low, hits $US1206
- Oil bounces back to $US73
- Dow futures are flat at 966
In a boost for the mining sector, the federal government scrapped its controversial 40 per cent tax on the mining industry, replacing it with a 30 per cent levy which will hit fewer companies.
The new tax will apply to iron ore and coal projects, and the petroleum resource rent tax will be extended to all onshore and offshore oil and gas projects, including coal seam gas.
Major mining shares lost their early gains, while smaller companies closed mixed.
Rio Tinto gained 20 cents to $65.30, BHP Billiton lost 2 cents to $37.09 and Fortescue Metals added 8 cents to $4.08.
Macarthur Coal lost 18 cents to $12.12, Iluka Resources lost 1 cent to $4.67 and OZ Minerals was steady at $1.00.
AAP, with BusinessDay
Leighton wins India deals
July 2 (The Age) LEIGHTON Holdings has bolstered its continued strategic push into Asia with the win of two construction contracts in India.
The contracting giant signed a four-year $US500 million ($A597 million) contract to help build a nine-kilometre, two-lane road tunnel in Jammu, in the country's north-west, and a $US45 million agreement to widen Vizag Port in the east.
Asia stocks rebound, euro up ahead of U.S. data
July 2 (Reuters) - Asian stocks recovered on Friday after three days of declines but investors remained nervous ahead of a closely-followed U S. job report amid concerns over the U.S. and global outlook.
"The U.S. economy doesn't look so good. Wall Street is choppy and it's hard to predict trends, but it's starting to look a bit like a bear market," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
The MSCI index of Asia Pacific stocks outside Japan .MIAPJ0000US was 0.6 percent higher after a volatile week.
Investors are now awaiting the U.S. employment report later in the day which is expected to show a decline of 110,000 in non-farm payrolls, the first fall this year, according to a Reuters poll.
"Just because the economy is slowing doesn't mean it's going into a recession, that's the nuance the market has not figured out. The market has pretty much fully priced in a double-dip recession; at this point we don't agree," said John Canally, an economist at LPL Financial in Boston.
Policy tightening in China and a liquidity crunch due to a large public share offering has pushed the country's benchmark Shanghai Composite index .SSEC down more than 27 percent so far this year, the worst performing major stock market after Athens.
Mongolia: Winter Disaster Spurring Urban Migration
July 1 (Eurasianet.org) The arrival of summer is prompting nomadic herders in Mongolia to come to terms with this past winter’s devastation, which left may without animals or income. For thousands, there is no alternative than migration to cities.
As of mid-May, over 32,700 families had lost at least half of their animals, including 8,711 households left without any livestock at all, the UN said in an inter-agency appeal to respond to the dzud.
Whether the herders move to the cities or carry on in the countryside, many seem to agree that leaving their fortunes to the elements is not an option. Across the countryside, nomads have begun to talk of starting herders’ cooperatives, reducing herd numbers to focus on healthier animals that produce more meat and cashmere wool, or settling down and growing vegetables.
ADB to fund small wind farm projects
July 2, MANILA, (ABN-CBN) Philippines - The country will be one of the sites for small wind pilot projects of mulilateral lender Asian Development Bank (ADB).
Acharya said they expect to kick off the project by identifying the 5,000 villages in the Philippines, Nepal and Mongolia where small wind systems will be installed.
The ADB is initially earmarking $3.87 million for the project.
World Bank Supports Policy Reforms for Mongolia
July 2 (UB Post) A US$12 million credit, approved by the World Bank’s Board of Executive Directors will, among other things, help Mongolia to improve and manage social protection systems for the poor.
Duration of the project is four years from July, 2010 until December, 2014.
Japan TV may pull sumo over gambling scandal
TOKYO (AP) — Japan's public broadcasting network may drop an upcoming sumo tournament from its schedules because of viewer anger over a widespread gambling scandal involving wrestlers and coaches, a spokesman for the network said Friday.
The Japan Sumo Association is considering suspending or expelling 14 wrestlers and 13 coaches for involvement in the gambling ring.
If the suspensions go through, about one-third of the sport's top wrestlers would have to sit out the July tournament.
Monument to be Built for July 1 Riot Victims
July 2 (UB Post) A ground-breaking ceremony for a “2008.07.01” monument to be built in memory of victims of July 1 event was held at the National Museum of Mongolia.
"Mogi" Munkhdul Badral
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