DeTeam to acquire 2.14 bln tons of coal in Mongolia
Jul. 26, 2010 (China Knowledge) - DeTeam Co Ltd<0065> recently announced plans to spend US$10 million to acquire entire equities of Shine Shivee LLC, which owns exploration rights on seven collieries with coal reserves totaling 2.14 billion tons in Mongolia.
The Hong Kong-listed firm inked a letter of intent on Jul. 20 and intends to sign a formal contract before Dec. 1.
The target coal assets, which are along Sino-Russia railway line, are expected to generate electricity to China.
Mak Shiu Tong, co-chairman of the purchaser, said that the company will simultaneously develop its projects in Mongolia and Inner Mongolia Autonomous Region to expand its market, sources reported.
Prosecutor General again demands dismissal of Ch. Sangaragchaa
July 25 (news.mn) State Prosecutor General D. Dorligjav has written for the third time demanding the dismissal of the director of the Anti-Corruption Authority (ACA), Ch. Sangaragchaa.
Another development that has been revealed is that the case of MP L. Gundalai is going to be closed, after it had been reopened at the time when the Standing Committee on Justice discussed Sangaragchaa’s case.
Observers see the hand of Sangaragchaa behind the reactivation of the case relating to Gundalai, in the same manner as happened when the head of the Inspection Department at ACA, E. Amarbat, then investigating the Gundalai case, was charged with raping a woman.
The woman was believed to be the lawyer of Gundalai and former MP S. Otgonbayar. Covering one case with another is becoming a fashion in Mongolia.
COMMENT: Mongolia - right place, right time
Op-ed by Alisher Djumanov, Eurasia Capital
July 26 (Business News Europe) In the vast expanse of Eurasia, a trained investor eye might notice a subtle dust cloud rising on the Mongolian steppes from the gently trotting economy. This trot is set to become an unstoppable gallop as the country, roared on by the mining sector, emerges from the shadows of the Asian Tigers and takes its place as one of the fastest growing in the world.
Currently, the Mongolian economy is experiencing a vigorous recovery from the recent slump. It is expected to expand over 8% in 2010 and then we think average 20% growth per annum over the next decade, thanks to massive investments into resource projects and the subsequent rise in exports. …
Mongolia is the world's best performing stock market so far this year, rising 62.5% as of July 16 in dollar-adjusted terms. … The index has outperformed the MSCI Frontier Markets Index, which was down 0.9% so far this year as of July 16. We believe that the MSE Top 20 Index will gain over 76% to reach the 11,000 level, putting it among the world’s top-performing markets in 2010.
Shares advance on gains by Wesfarmers, miners
July 26 (AAP) Australian stocks rose for a second day after Wesfarmers registered better-than-expected sales performance. Banks and miners also gained.
The benchmark S&P/ASX200 index ended the day up 27.7 points, or 0.6 per cent, at 4486.1 points, while the broader All Ordinaries index rose 29.3 points, or 0.7 per cent, to 4504.4 points.
The major banks all gained as last week's so-called stress tests of European banks passed with few negative surprises.
Major miners were up a little, with BHP Billiton gaining 14 cents at $39.82 and rival Rio Tinto up 39 cents at $70.25.
The spot price of gold in Sydney at 1640 AEST was $US1193.30 per fine ounce, down $2.83 on Friday’s closing price of $US1,196.13.
The top-traded stock by volume was Continental Coal, with 213.4 million shares worth $15.1 million changing hands.
Its shares were down 0.4 cents, or 5.88 per cent, at 6.4 cents.
Preliminary national turnover was 1.99 billion shares worth $4.74 billion, with 606 stocks up, 397 down and 354 unchanged.
On the Sydney Futures Exchange at 1615 AEDT, the September share price index contract was 32 points higher at 4,468 on a volume of 22,513 contracts
Aussie shares poised to rally: strategist
July 26 (Bloomberg) Australia's benchmark stock index may climb as much as 17 per cent by the end of the year as the nation's economy rebounds and concern over a slowdown in China recedes, UBS strategist David Cassidy said.
The S&P/ASX 200 Index, which closed last week at 4,458.40, may rise to 5,200 by year's end, the Sydney-based equity strategist said. It has slumped 8.5 per cent this year, driving valuations to a 16-month low on July 5, as China's slowing growth and Europe's deepening debt crisis fueled speculation a global recovery is faltering.
''Our market is cheap and we can move higher,'' said Mr Cassidy, the No. 1 Australian equity strategist in three of the past five annual fund manager surveys conducted by research company East Coles and published in the Business Review Weekly. ``We might see better performance in the second half if the economy shows improvement and concerns over a China slowdown dissipate.''
More evidence Australia's economy is strengthening would help push stocks higher over the next few months, according to Cassidy. A change of government in upcoming elections would have a significant impact on the country's economic situation, he said.
''The problem in China, and to some extent Australia, is too much growth rather than not enough,'' Mr Cassidy said. ''That's different from the problem in the U.S. and Europe, which is a lack of growth and too much debt.''
The biggest obstacle to a rally in the Australian stock index to as high as to 5,200 would be evidence of a deepening US slowdown, the strategist said. This month, US Federal Reserve members cut their growth forecasts for the world's biggest economy, while separate reports showed retail sales declined and manufacturing contracted.
Asian Stocks Rise to One-Month High on Bank Stress Test Results
July 26 (Bloomberg) -- Asian stocks rose, driving the MSCI Asia Pacific Index to a one-month high, after most European banks passed stress tests, boosting optimism over the health of the global economy.
The MSCI Asia Pacific Index gained 0.5 percent to 118.02 as of 5:57 p.m. in Tokyo, set for its highest close since June 22. The gauge has slumped 8.6 percent from this year’s high on April 15 as Europe’s debt crisis and China’s steps to curb property prices fueled concern that global economic growth will slow.
Japan’s Nikkei 225 Stock Average climbed 0.8 percent, while Australia’s S&P/ASX 200 Index gained 0.6 percent. New Zealand’s NZX 50 Index rose 0.9 percent.
Hong Kong’s Hang Seng Index added 0.1 percent as rising home prices boosted property developers. China’s Shanghai Composite Index gained 0.7 percent as brokerages including Citic Securities Co. predicted further gains for equities.
South Korean Growth
The Kospi index increased 0.6 percent in Seoul, where the central bank reported a 1.5 percent expansion in the country’s second-quarter gross domestic product from the previous quarter. That was more than the 1.3 percent median forecast in a Bloomberg News economist survey.
Futures on the U.S. Standard & Poor’s 500 lost 0.2 percent. The gauge advanced 0.8 percent on July 23 on speculation acquisitions are accelerating and General Electric Co. boosted its dividend.
BHP Billiton Ltd., the world’s biggest mining company, increased 0.4 percent to A$39.82 in Sydney after copper futures in New York advanced for a sixth day. Rio Tinto Group, the world’s third-largest mining company, gained 0.6 percent to A$70.25.
Jiangxi Copper Co., China’s biggest producer, gained 0.8 percent to HK$16.98 in Hong Kong after it was reiterated at “overweight” at Morgan Stanley, which said in a note to clients copper was “primed” for a rally.
Also in Hong Kong, Sun Hung Kai Properties Ltd., the city’s biggest developer by market value, gained 0.8 percent to HK$114.80 after saying sold 300 flats at an apartment project in the past two weekends, said Victor Lui, an executive director at Sun Hung Kai’s agency arm.
House prices fall for first time in 15 months
July 26 (Reuters) - House prices in England and Wales fell for the first time in 15 months in July, causing the the annual rate to weaken for the first time in over a year, property data company Hometrack said on Monday.
European Stocks Decline; Benchmark Stoxx 600 Index Slips 0.3%
July 26 (Bloomberg) -- European stocks retreated, erasing earlier gains, as health-care and food companies dropped. The Stoxx Europe 600 Index fell 0.3 percent to 255.1 at 9:17 a.m. in London, having previously increased as much as 0.4 percent.
CHINGIS KHAAN JUDO WORLD CUP FINISHES
July 26, Ulaanbaatar, Mongolia, /MONTSAME/ The second Chingis Khaan Judo World Cup took place July 24-25 in the Central Palace of Sports, Ulaanbaatar, under auspices of the President of Mongolia.
As the final results, Mongolian judoists won five gold, three silver and 12 bronze medals. Of these, the men's team took 1st place winning 4 gold, 2 silver and 7 bronze, whereas the women's team 3rd place winning 1 gold, 1 silver and 5 bronze medals.
Other countries, for instance, the Republic of Korea, grabbed 5 gold, 5 silver and 3 bronze; Japan--2 gold, 1 silver and 4 bronze; Poland--1 gold; Belgium--1 gold; Russia--3 silver and 2 bronze; the DPRK--1 silver and 3 bronze; the USA--1 silver; Kazakhstan--2 bronze; Hungary--1 bronze and Ukraine--1 bronze medal.
Genghis Khan, Feminist
When his sons ruined the empire, it was a woman who re-created Mongolia in the late 15th century.
July 26 (thetyee.ca) –
In this new book, Weatherford argues that it was his daughters, not his sons, who made Genghis's empire a success. And when the sons ruined the empire, it was a woman who re-created Mongolia in the late 15th century.
By the time Temujin became Great Khan of the Mongols in 1206, he was in his 40s, with a large family including "four self-indulgent sons who proved good at drinking, mediocre in fighting, and poor at everything else."
But he also had seven or eight daughters, whose names and lives are far less well-known; Weatherford has had to "re-assemble" their stories from various sources. They were clearly remarkable young women.
"Mogi" Munkhdul Badral
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at email@example.com or +976-9999-6779.