PREMIER MEETS RUSSIAN MINISTER OF TRANSPORTATION
Ulaanbaatar, Mongolia, /MONTSAME/ The Prime Minister of Mongolia S.Batbold received a delegation headed by I.E.Levitin, the Russian Minister of Transportation, on July 19. The Russians are here to take part in the 14th regular meeting of Mongolia-Russia intergovermental commission.
Then he shared views with the Russian Minister on agenda of the 14th regular meeting, Mongolia-Russia relationship and cooperation, on issues of intensifying activities of the intergovermental commission, and mentioned that the bilateral friendly ties and collaboration have been boosting intensively.
Elbegdorj attends meeting of Mongolians from all over the world
July 20 (news.mn) Some 650 people from all over the world but tracing their roots to Mongolia are now gathered in Ulan-Ude in Buryatia, sharing views on how to protect the traditional Mongolian script and culture, and organizing meetings, symposium, arts festivals and sports competitions.
Montsame English articles on yesterday’s cabinet meeting decisions:
DEVELOPMENTAL BANK TO BE ESTABLISHED
July 20, Ulaanbaatar, Mongolia, /MONTSAME/ On Tuesday, an irregular cabinet meeting made a decision to set up a developmental bank of Mongolia and then approved a rule of this bank. A Head of the National Committee of Development and Reform (NCDF) Ch.Khashchuluun, and a head of the State Property Committee (SPC) D.Sugar were ordered to start activities of the bank within the third quarter of 2010 and to build through a selection an independent and skillful team to manage the bank.
The Premier warned authorities of the NCDF and SPC that the bank must be managed by internationally accepted professional skillful team under a correct management.
PEOPLE TO RECEIVE BENEFITS FROM AUGUST 1
Ulaanbaatar, Mongolia, /MONTSAME/ An irregular cabinet meeting held Tuesday altered the resolution on some measures to deliver benefits to the Mongolians from the Human Development Fund (HDF).
In accordance with the amendment, a Minister of Social Welfare and Labor T.Gandi has been ordered to organize from August 1 delivering last part of benefits of the HDF. On February 1 this year, the first part of the benefits went to the people when each person received MNT 70 thousand in cash.
ABOUT PREPARATION FOR "SAINSHAND" INDUSTRIAL COMPLEX
July 20, Ulaanbaatar, Mongolia, /MONTSAME/ Cabinet members were told Tuesday about a preparation for establishing the "Sainshand" industrial complex by Ch.Khurelbaatar, a Head of the Cabinet Secretariat of the Government.
"BEEHIVE" PROGRAM APPROVED
July 20, Ulaanbaatar, Mongolia, /MONTSAME/ Tuesday's irregular cabinet meeting approved the "Beehive" program. Its Issues were discussed at a forum themed "Our participation in development of homeland" which ran July 19 under auspices of the Prime Minister with a participation of some 350 Mongolians who live and work outside the country.
The program aims to provide these Mongolians with necessary information about jobs in homeland, to create database about their education, professional experiences and skills, and to inform them about entities and organizations in Mongolia.
Market ekes out gain as miners advance
July 21 (AAP) Australian shares eked out a second day of gains propelled by the big miners after BHP Billiton released its latest production figures.
The benchmark S&P/ASX200 index ended up 9.1 points, or 0.2 per cent, at 4412.7 points, while the broader All Ordinaries Index gained 10 points, or 0.2 per cent, to 4428.7 points.
Gains were made across the mining sector following the release of strong production figures from global miner BHP Billiton’s latest production report.
The miner said its petroleum and iron ore divisions have both achieved annual production records.
BHP shares were up 45 cents, or 1.17 per cent, at $38.75, Rio Tinto gained $1.30, or 1.95 per cent, at $67.80 but Fortescue Metals dropped three cents to $4.10.
In other mining news, NGM Resources recommended its shareholders accept a $27 million takeover bid from African-focused uranium miner Paladin Energy.
The price of gold at 1629 AEST was $US1,189.00 per fine ounce, up $US5.38 on Tuesday’s close of $US1,183.62.
The top-traded stock by volume was Continental Coal, after its trading halt was lifted on Wednesday, with 181.6 million shares worth $10.9 million changing hands.
Preliminary market turnover at 1635 AEST was 2.24 billion shares worth $4.53 billion, with 540 stocks up, 446 down and 351 unchanged.
On the Sydney Futures Exchange, the September share price index futures contract was up 10 points to 4,392 points, with 22,122 contracts traded.
Asian Stocks Rise on Apple Profit, Commodity Prices; BHP Rises
July 21 (Bloomberg) -- Asian stocks rose, driving the MSCI Asia Pacific Index higher for a second straight day, after Apple Inc. reported better-than-estimated earnings and commodity prices advanced. Japanese stocks fell as the yen strengthened.
Samsung Electronics Co., which supplies semiconductor to Apple, increased 2.4 percent in Seoul. BHP Billiton Ltd., the world’s No. 1 mining company, jumped 1.2 percent in Sydney as a growth in U.S. building permits boosted copper prices. LG Chem Ltd. rallied 4.4 percent in Seoul on record quarterly profit. Toyota Motor Corp., which gets 67 percent of its revenue from outside Japan, sank 0.8 percent as the yen’s gains dented the outlook for export earnings.
The MSCI Asia Pacific Index rose 0.3 percent to 115.76 as of 7:16 p.m. in Tokyo.
Japan’s Nikkei 225 Stock Average dropped 0.2 percent, erasing a 1.1 percent increase, as the yen snapped a two-day loss against the euro and rose versus 15 of 16 major counterparts. A stronger Japanese currency lowers the value of overseas revenue that is repatriated.
Futures on the Standard & Poor’s 500 Index gained 0.4 percent. The gauge climbed 1.1 percent yesterday on speculation the Federal Reserve will take steps to spur lending and after a government report showed building permits, a gauge of future construction, rose 2.1 percent last month.
BHP Billiton, which today reported a 16 percent increased in fourth-quarter iron-ore production, rose 1.2 percent to A$38.75. Copper futures in London rose 0.3 percent, extending yesterday’s 2 percent climb, after the report on U.S. building permits bolstered prospects for metals demand.
Rio Tinto Group, the world’s third-largest mining company, jumped 2 percent to A$67.80. Jiangxi Copper Co., China’s largest producer of the metal, rose 3 percent to HK$15.96 in Hong Kong.
“Sentiment has been improving after the better-than- expected U.S. earnings eased investors’ concerns about a poor economic outlook,” said Michiya Tomita, a Hong Kong-based fund manager for Mitsubishi UFJ Asset Management Co., which oversees $64 billion.
BHP cautious on global growth
July 21 (AAP) BHP Billiton says its petroleum and iron ore divisions have both achieved annual production records, but the mining giant continues to be cautious about the short-term outlook on the global economy.
With iron ore prices strong amid demand from China, BHP Billiton also said West Australian iron ore achieved its tenth consecutive annual production record.
But the company was cautious about the outlook for the global economy.
"BHP Billiton sees these measures as a normal continuation of China's economic management policies."
Goldman: Oil Over $100 in 2011; Gold to $1,335
July 21 (Seeking Alpha) Goldman remains a long-term commodities bull. Their latest projections follow:
BHP Tops Rio Tinto in Iron Ore Output
July 21, NEW YORK (TheStreet) - Iron ore production at BHP Billiton (BHP) for the June quarter jumped 16% year over year against Rio Tinto's (RTP) 2% decline . BHP achieved this output increase following a production ramp up at its Samarco iron ore mine.
Peabody's 2Q profits soar with Asian demand strong
July 20, ST. LOUIS (AP) -- Peabody Energy's second-quarter profit more than doubled, the miner said Tuesday, easily topping most expectations thanks to strong demand for the high-margin Australian coal that Asia needs to feed its booming steel industry.
Peabody, which fuels roughly one-tenth of all U.S. electricity generation and more than 2 percent worldwide, said its net income rose to $206.2 million, or 76 cents per share, in the April-June period. That's up from $79.2 million, or 29 cents a share, a year earlier.
Revenue rose 24 percent to $1.66 billion, in line with analyst estimates, on the strength of a $288.4 million jump in revenue from Australia. Peabody's total revenue during the same period last year was $1.33 billion.
Copper marks best gains in three weeks
July 21 (AAP) Copper prices jumped the most in three weeks after a gain in US building permits boosted demand prospects for the metal used in electrical wiring and plumbing.
Gold futures rebound from eight-week low
July 21 (AAP) --
Gold futures for August delivery rose $US9.80, or 0.8 per cent, to $US1191.70 on the Comex in New York, the biggest gain for a most-active contract since July 13. The metal has gained 8.7 per cent this year.
Giorgio Armani Opens First Stores in Mongolia and Vietnam
July 20 (Bloomberg) -- Giorgio Armani SpA, the Italian fashion company whose clothes are worn by celebrities including Angelina Jolie and Leonardo DiCaprio, said it opened its first stores in Mongolia and Vietnam as it seeks to tap Asian demand.
Each country is “ready” for Italian fashion and design, Giorgio Armani, the closely held company’s founding president and chief executive officer, said in the statements.
Mongolia: How the winter of 'white death' devastated nomads' way of life
Herders leave the steppe after losing a fifth of their livestock. Now foreign firms are to exploit Mongolia's vast resources
July 20 (guardian.co.uk Op-Ed) –
Rallying round - blues and twos to Ulaanbaatar
Four charity fund-raisers are hoping to complete the 10,000 mile Mongol Rally in a redundant fire engine.
July 19 (bbc.co.uk) –
They plan to donate the vehicle, which saw service at Staleybridge in Greater Manchester, to fire authorities in the Mongolian capital Ulaanbaatar.
Teams prepare for charity trip to outer Mongolia in ambulances
July 20 (Gazette) TWO teams of intrepid drivers are about to set off on a journey to outer Mongolia in refurbished ambulances to raise money for charity.
"Mogi" Munkhdul Badral
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