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Mongolia’s Epic Meltdown Won’t Be Reversed by a Commodity Revival
The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer.
Mongolia Hikes Interest Rate to 15% Protect Currency
The central bank of Mongolia raised its key interest rate to 15 percent to protect the currency, reversing a cut in borrowing costs to 10.5 percent in May.
The World’s Worst Currency Is in a Record Slide
Mongolia’s tugrik, the world’s worst-performing currency in August, is in its longest losing streak on record as the nation’s government seeks ways to stabilize an economy it says is in the grip of a crisis.
China’s Closing Coal Mines Too Slow to Meet Capacity-Cut Targets
China urged state-owned coal producers to accelerate mine closures in order to meet year-end targets as part of President Xi Jinping’s drive to curb industrial overcapacity.
Pitfalls of Global Hunt for Yield Highlighted in Mongolia Crisis
Investors who piled into some of the world’s riskiest bonds to escape near-zero interest rates got a reality check on Wednesday when Mongolia sent its debt plunging by sounding the alarm on its economic crisis.
Mongolia Calls for Economic ‘Crisis’ Plan; Bonds Tumble
Mongolia is planning to set up a task force to deal with an “economic crisis’’ that’s led to slowing growth, a declining currency and a soaring budget deficit, the nation’s finance minister said. Government bonds due in 2022 tumbled the most on record and the currency weakened.
Mongolia Calls for ‘Crisis’ Plan
Mongolia says it is creating a task force to deal with what it describes as an economic crisis. The country has been struggling with slowing growth, a declining currency and a soaring budget deficit. Bloomberg’s Nick Edwards reports on “Asia Edge.”
Hot Money Fleeing Negative Yields Shelters in Outer Mongolia
Terrorism in France, Brexit in Britain, a coup in Turkey — political convulsions everywhere. So where’s the hot money going?
Russia Stalls China’s $1 Billion Hydropower Loan for Mongolia
Russia’s concern about water rights is holding up a $1 billion loan package Mongolia is seeking from China to build a hydroelectric dam that would help the landlocked central Asian nation ensure independent supplies of energy.
Copper’s $149 Billion Mine Pipeline Stalls as Deficit Nears
The $149 billion pipeline to expand the world’s copper supply is running into trouble.
Mongolia Picks Former Finance Minister to Lead New Government
Mongolia’s new parliament has named a former finance minister who helped oversee the an expansion of the massive Oyu Tolgoi mine to steady the economy as the country’s next premier.
Rio Tinto Unit Leads Mining Stock Gains on Push for Gobi Riches
The best bet among Americas mining stocks this week is the owner of a giant copper deposit in the Gobi Desert, a sign the industry is entering a new phase after years of cutbacks.
Mongolian Mining Defaults on Bond Coupon as Grace Period Ends
Mongolian Mining Corp. failed to make a $26.6 million coupon payment on bonds, in the latest sign of financial stress in the coal industry.
Mongolia Seeks $1.3 Billion From China to Complete Coal Railway
Mongolia is seeking a $1.3 billion loan from the Export-Import Bank of China to complete a railway connecting its Tavan Tolgoi coal deposit with the Chinese border, a project that has stalled because of lack of funds.
Mongolia Eurobond Price Tag Doubles Before Impending Sale: Chart
If Mongolia proceeds with its first dollar sale since 2012, it will have to pay almost double what it initially bargained for. The country, which ended investor meetings on Jan. 20, said last summer it was seeking to raise cash at yields below 6 percent. Since then, a combination of slumping commodity prices and political [...]
Mongolia GDP Slows to Weakest Since 2009 Amid Commodities Crash
Mongolia’s gross domestic product slowed in 2015 to the weakest pace since 2009, as foreign investment dried up amid protracted disputes with investors, dragging down an economy already battered by weak commodities prices.
Rio Revising Mongolia Mine Costs After $4.4 Billion Funding
Rio Tinto Group, the world’s second-biggest mining company, is revising the cost estimate to expand Mongolia’s Oyu Tolgoi copper and gold mine after agreeing a $4.4 billion financing package.
Inside Mongolia’s Manhattan-Sized Mega-Mine
Rio Tinto Group, the world’s second-biggest mining company, is revising the cost estimate to expand Mongolia’s Oyu Tolgoi copper and gold mine after agreeing on a $4.4 billion financing package. The company is reacting to a dramatic change in market conditions over the past 6 months – while the costs of raw materials have fallen [...]
Mongolian Warrior Spirit Boosts MMA in Asia
Saturday night, Beijing is the venue for one of the most-watched sports events in Asia. It’s the Mixed Martial Art featherweight world championship, with the Mongolian title holder and his Russian challenger as top of the bill in Asia’s booming One Championship fight promotion. Bloomberg TV Mongolia’s Duuya Baatar looks at the form.
World’s Second-Biggest Miner Unfazed by China Growth Pessimists
The head of the world’s second-biggest mining company says he’s unfazed by pessimism around China’s ability to meet official economic growth forecasts that are critical to the fortunes of the embattled industry.
At least 120 people were killed in Paris in Europe’s worst terrorist attacks for more than a decade and France tightened border controls and shut down public venues after gunmen targeted hostages at a rock concert and diners at a restaurant.
This Fashion Magnate Is Reviving a Medieval Italian Hill Town
Italian fashion magnate Brunello Cucinelli takes time out from meetings with designers of his 2016 winter collection to discuss work—and why people shouldn’t exhaust themselves doing it. It’s a drizzly mid-September morning in Solomeo, the 12th-century hamlet where the 62-year-old CEO has located both his home and the global headquarters of his namesake fashion house.
Mongolia Pres. Tsakhiagiin Elbegdorj: Charlie Rose
On “Charlie Rose,” a conversation with Tsakhiagiin Elbegdorj. He has been President of Mongolia since 2009 and is considered one of the principal architects of democracy in his country. This year marks the 25th anniversary of Mongolia’s transition to Democracy. http://www.bloomberg.com/news/videos/2015-10-15/mongolia-pres-tsakhiagiin-elbegdorj-charlie-rose
Claude Dauphin Passes as Trafigura Tested by Commodities Slump
The death of Claude Dauphin, the billionaire who co-founded Trafigura Beheer BV and built it into one of the world’s biggest commodity trading houses, leaves the firm with fresh challenges amid unprecedented turmoil in the sector.
Mongolia mulls privatizations, tax hikes to fill budget deficit
Mongolia’s growing budget deficit is forcing the government to consider the sale of state-owned enterprises, tax hikes on petroleum imports and other measures to boost income.
Copper Leads Metals Slump as Zinc Falls to Lowest in Five Years
Copper led losses in industrial metals and zinc fell to a five-year low on concern that a weakening economy will reduce demand in China, the world’s biggest metals user.
China Effect Seen as ADB Cuts Asian Growth Forecasts Again
China’s declining appetite for energy, metals and other commodities will hurt commodity-focused export economies, including Mongolia, Indonesia, Azerbaijan, and Kazakhstan, the Asian Development Bank said.
Oyu Tolgoi Financing Set to Advance After Mongolian Approvals
Key government approvals for the expansion of Mongolia’s Oyu Tolgoi copper and gold mine will allow Rio Tinto Group and its partners to advance talks with lenders, according to the state-owned company that holds a stake in the project.
First Steel, Now Copper: Rio Stays Optimistic on Chinese Growth
Rio Tinto Group isn’t just bullish about China’s steel demand, it’s also upbeat about copper use in the world’s biggest consumer.
Putin’s Got a New Problem With China
As Chinese leader Xi Jinping welcomes Russian President Vladimir Putin to Beijing this week to celebrate the anniversary of the end of World War II, the news on the economic front for the two would-be allies isn’t nearly as positive.