Marubeni Signs Partnership With Winsway
July 15 (Bloomberg) –
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Marubeni Corp. (8002 JT): The trading house will supply 2 million tons of coking coal annually under a five-year sales agreement with China’s Winsway Coking Coal Holdings Ltd. (WINCCZ HK), Nikkei English News said. Marubeni gained 2.4 percent to 473 yen.
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Mongolia, China's Xinjiang region vow to boost ties
ULAN BATOR, July 16 (Xinhua) -- Prime Minister Batbold Sukhbaatar said Friday that his country wants to develop ties with China's Xinjiang Uygur Autonomous Region.
Enhancing cooperation at the border areas of the two countries plays an important role in widening bilateral trade and economic cooperation, and Mongolia has been paying attention to developing its relations with the border areas and autonomous regions of China, the prime minister said.
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Mongolia and China have 13 ports at the border, four located in Xinjiang.
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He said that Mongolia wants to boost ties with Xinjiang in developing agriculture, animal husbandry, ancillary sectors and working industries.
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Mongolia leader follows Putin to bottom of Baikal
Moscow, Jul 16 (AFP) Mongolia's president today became the first head of state to dive to the bottom of Baikal, the world's deepest lake, in a mini-submarine, following in the footsteps of Russia's adventure-seeking Prime Minister Vladimir Putin.
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The Fund for Protection of Lake Baikal is a group created in 2008 on the initiative of Russian investment bank Metropol to promote conservation of the lake.
Zijin Stymied by China Gold Industry’s Worst Spill in Two Years
July 19 (Bloomberg) -- Zijin Mining Group Co., China’s biggest gold producer, planned for two big foreign acquisitions this year. Chairman Chen Jinghe instead is saddled with regulatory probes and a plunging share price after the industry’s worst environmental accident in years.
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… The company, the largest publicly traded Chinese bullion producer, operates in Peru, Mongolia, Canada, and Myanmar, according to its website.
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Australia
Shares retreat for a third day
July 19 (AAP) Australian shares fell for a third day as worries about the outlook for the global economy prompted investors to sell.
The benchmark S&P/ASX200 index closed 64.4 points lower, or 1.5 per cent, at 4,358.3 points, while the broader All Ordinaries index sank 64.3 points, or 1.4 per cent, to 4,372.7 points.
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What you need to know:
· The Australian dollar was buying 86.6 US cents
· Asian shares extend falls on economy worries
· European stocks open lower as Ireland debt downgraded
· Spot gold hovered at $US1193
· Oil eased below $US76 a barrel
· Dow futures were up 23 to 10082 points
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The price of gold in Sydney at 1630 AEST was $US1,191.30 per fine ounce, down $US15.60 on Friday’s close of $1,206.90.
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On the Sydney Futures Exchange, the September share price index futures contract was 71 points weaker at 4,335 points, with 21,088 contracts traded.
Junior miners weigh protest
July 19 (The Age) JUNIOR miners will decide at a meeting this week whether to restart their advertising campaign against the government's proposed mining tax as the election campaigning begins and the miners accuse Prime Minister Julia Gillard of reneging on her promise to ''throw open the door of government'' and listen to their concerns.
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AMEC chief executive Simon Bennison said the small to mid-cap miners had been among the biggest losers from the revised mining tax.
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If the tax is to be legislated, the smaller miners want the threshold at which companies pay the tax lifted from a profit of $50 million to a profit in excess of $100 million and reintroduction the exploration rebate.
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Atlas Iron chief executive David Flanagan said potential coal and iron ore miners would face a huge hurdle to entering the market.
''The RSPT wasn't tax reform, it was an ambush, and while the MRRT is an improvement it is still not good,'' he said. ''The MRRT treats the juniors differently from the majors because it creates barriers for entry. Atlas is OK be cause it is under way, but those starting out will find it much harder.''
China
Mainland, HK sign revised clearing agreement for renminbi business in HK
HONG KONG, July 19 (Xinhua) -- The People's Bank of China (PBOC) , or the central bank, and Hong Kong's renminbi clearing bank -- Bank of China (Hong Kong) Limited -- on Monday signed the revised Clearing Agreement for Renminbi Business in HK, which is set to help the financial hub expand its business in the Chinese currency RMB.
Global
U.S. Futures Rise; Forint Drops on IMF Talks, Irish Bonds Fall
July 19 (Bloomberg) -- U.S. index futures rose, indicating the Standard & Poor’s 500 Index may rebound from its biggest sell-off this month. The forint weakened and the cost of insuring Hungarian debt surged as deficit-reduction talks with the International Monetary Fund broke down.
Futures on the S&P 500 gained 0.4 percent at 11:19 a.m. in London, after the U.S. benchmark index tumbled 2.9 percent July 16. The Stoxx Europe 600 Index advanced 0.1 percent. The forint weakened 1.9 percent versus the euro and Hungary’s BUX Index declined 2.2 percent. Irish bonds dropped after Moody’s Investors Service lowered the nation’s rating one step.
Twenty of the 23 companies in S&P 500 that have reported quarterly earnings since July 12 have beaten analysts’ estimates, according to Bloomberg data. Halliburton Co., International Business Machines Corp. and Texas Instruments Inc. announce results today.
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The MSCI Emerging Markets Index declined for a third day, losing 0.5 percent. The South Korean won fell 1 percent against the dollar and India’s rupee lost 0.5 percent, leading Asian currencies lower after a private report last week showed confidence among American consumers dropped to an 11-month low in July, worsening the outlook for regional exports.
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Copper for delivery in three months advanced 0.7 percent to $6,530 a metric ton on the London Metal Exchange, the first increase in three sessions. Tin led gains on the LME, rising 1.4 percent. Crude oil for August delivery dropped 4 cents to $75.97 a barrel on the New York Mercantile Exchange, the fourth consecutive decline.
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Asia cushioned from debt wave that hurt European banks: media
SINGAPORE, July 19 (Xinhua) -- Analysts here said Asia will largely escape the looming credit crunch which could knock financial markets, because its banks are better capitalized than those in Europe, local media reported on Monday.
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But according to experts, this second credit crunch will not have an impact on Asia, where the situation is different from the West.
Asian banks are seen to be in a much stronger position than those in Europe or the United States, where problems are more intractable.
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Singapore banks said that they are confident that their ample liquidity will largely cushion them from any financing crunch.
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Moody's downgrades Ireland on growth worries
July 19 (Reuters) - Moody's cut Ireland's credit rating on Monday, warning the country faces a slow climb out of recession as the cost of a rescue of its banking sector mounts.
The one-notch downgrade to Aa2, which came a day ahead of a scheduled sale of up to 1.5 billion euros of Irish debt, put Moody's on par with rival agency Standard and Poor's AA rating and still one notch above Fitch.
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Asia stocks slide as U.S. growth fears escalate
SYDNEY, July 19 (Reuters) - Asian stocks fell on Monday as a sharp drop in U.S. consumer sentiment added to worries that its economic recovery is losing momentum, with the cautious tone also pulling the euro from two-month highs.
The MSCI index for Asian stocks outside Japan .MIAPJ0000PUS dropped 1 percent, its worse daily performance this month, as investors sold riskier assets. Australian stocks .AXJO fared the worst in the region, shedding 1.6 percent.
"The key issue driving the market at the moment is slower global growth," said George Clapham, head of equities at Arnhem Investment Management in Australia.
Investors who believed the world economy is on shaky ground got more ammunition for their arguments on Friday after U.S. data showed consumer prices fell for the third straight month in June while consumer sentiment dropped to a near one-year low.
Major U.S. stock indexes slumped as much as 3.1 percent, with the gloom spilling over into Asia on Monday.
The Japanese market was shut on Monday for a holiday.
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Misc.
Containing China from Mongolia to Vietnam
Op/Ed Commentary:
Jul. 16 – At first glance, the cities of Ulaanbataar, the capital of Mongolia, and Hanoi, the capital of Vietnam, may not seem to have very much in common. Some 3,000 miles apart at opposite ends of Asia, the people, culture and history are very different except for one element, having China as a neighbor.
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Bulgaria to Close 30 Diplomatic Missions - Report
July 19 (Novinite) The Bulgarian Foreign Ministry proposes the closing of 30 diplomatic missions abroad from a total of 111, the Bulgarian daily “Trud” (Labor) reports Monday.
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“Trud” lists missions in Ireland, Norway, Estonia, Latvia, Slovakia, Chile, Mexico, Morocco, Tunisia, Ethiopia, Ghana, Nigeria, Angola, Zimbabwe, Yemen, Pakistan, Mongolia, North Korea, Thailand and Cambodia among those slated for closure.
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KOICA to Bring Solar Power to Developing Nations
July 19 (Korea IT Times) Korea International Cooperation Agency (KOICA) has begun its assistance of solar photovoltaic (PV) projects in the developing nations of Mongolia, Bangladesh, Ethiopia and Djibouti.
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Mongolian Forces smother rage during riot control training
7/15/2010 By Cpl. Rebekka S. Heite , Marine Corps Bases Japan
Brazilian soccer coach to train Mongolian youth
ULAN BATOR, July 16 (Xinhua) -- Brazilian Carlos de Almeida has come to Mongolia to train Mongolian children within the frame of the World Cup 2030 project.
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Almeida played in AA Germer/SC Catarinense Champion, Rio Claro/GO clubs and now works with South Korea's Ravens FC child club.
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