Competition from other regional industrial hubs and persistent labour unrest have diminished Batam Island's appeal as an expansion location for Singapore firms, though its strategic proximity to Singapore remains important. While Batam was once seen as having great potential due to its cheap land and labour, issues like a lack of connectivity to Singapore and Indonesia's protectionist policies have prevented it from reaching its potential as an export-oriented industrial zone. Labour problems, including frequent strikes over wages, also threaten to deter investors if Batam no longer offers a wage advantage. However, Singapore remains committed to supporting Batam's development through investment and cooperation with Indonesia.
This document provides a summary of events from the Business Council of Mongolia in 2013. It discusses 14 new members that joined the Business Council in 2013 and their business activities. It also summarizes two presentations from the January 2013 Business Council meeting. The first presentation discussed concerns about Mongolia's draft Minerals Law. The second presentation discussed two new laws affecting auditors and lawyers in Mongolia that will restrict their professional abilities.
This document discusses a project report submitted by Saifullah Yaqoob for their MBA degree from the Islamic University of Science and Technology. The project examines the financing of small and medium scale industries (SMSI) by J&K Bank in Kashmir. It provides context on the industrial profile of Jammu and Kashmir state and the role of the Department of Industries and Commerce. It acknowledges the internship completed by Saifullah Yaqoob at J&K Bank where they studied the bank's financing of SMSI. The document includes certificates from J&K Bank and the university praising the quality of the project report and internship.
This document is a project report submitted by Saifullah Yaqoob to the Islamic University of Science and Technology in partial fulfillment of an MBA degree. The report analyzes housing loan schemes at Jammu and Kashmir Bank in India, where Saifullah completed an internship. Over the course of 45 days, he studied the bank's housing loan program and compared it to other major banks. The report includes sections on the research methodology, data analysis, conclusions, and recommendations.
ABC Bank has secured a Euro 7 million loan facility from the European Investment Bank to lend to small and medium enterprises. The long-term loan ranging from 4 to 12 years will enable ABC Bank to lend to SMEs at lower interest rates. A Kenyan cooking gas company, Midland Energy, hopes to expand its operations across East Africa in the next five years after overcoming initial challenges in the industry. The article provides an overview of Midland Energy's growth and challenges since starting its liquefied petroleum gas business in 2008.
News Bites is a monthly scan covering issues and trends surfaced in various local mainstream media sources that would be of relevance to the Malay/Muslim community. It is produced by the Research and Design Department (R&D) of Yayasan MENDAKI.
The key highlights for this month are:
• Deputy Prime Minister and Minister of Finance Lawrence Wong said that Singapore's way of resolving contentious issues has been to find a combination of compromise and common ground to gradually move society forward, while recognising that some issues are better set aside to be returned to at a later time (ST, 7 Sept)
• Launch of the Healthier SG programme in the second half of 2023 is an initiative that will see Singapore residents paired with a family physician so doctors can more holistically manage a patient's health and focus on prevention of illnesses. (ST, 21 Sept)
• From this month, about 19,000 full-time lower-wage retail assistants, cashiers and assistant retail supervisors will see their salaries rise by 8.4 per cent to 8.5 per cent annually over the next three years. (ST, 7 Sept)
The Business Council of Mongolia (BCM) was formed as a non-government organization to advocate for business issues and improve Mongolia's business climate. The BCM will hold its first monthly meeting on October 29th featuring an "Ambassadors Panel". Additionally, a local company won the rights to launch a new TV channel, and significant copper and gold deposits were discovered that could have huge potential for partners Ivanhoe Mines and Entree Gold. Mongolia's Parliament will consider important decisions around mining agreements and legislation around social issues, the economy, and the environment during its fall session.
The document summarizes news from Mongolia's Business Council newsletter. It discusses optimism from an investment forum highlighting Mongolia's growth. It also mentions a bank issuing bonds, a mining company urging shareholders to accept an offer, Canadian miners seeing potential in Mongolia, and a company submitting a uranium reserve calculation to the Mongolian government for approval. Politics and the economy were also briefly touched on.
The document summarizes the signing of an agreement between the Mongolian government and mining companies Ivanhoe Mines and Rio Tinto regarding development of the Oyu Tolgoi copper-gold mining project in Mongolia. Key details include:
- Ivanhoe Mines chairman called the agreement "the godfather of new beginnings" for Mongolia.
- Representatives from Ivanhoe Mines and Rio Tinto praised the Mongolian government's commitment during negotiations.
- The agreement will make Oyu Tolgoi one of the largest copper and gold mines in the world, operating for at least 60 years.
This document provides a summary of events from the Business Council of Mongolia in 2013. It discusses 14 new members that joined the Business Council in 2013 and their business activities. It also summarizes two presentations from the January 2013 Business Council meeting. The first presentation discussed concerns about Mongolia's draft Minerals Law. The second presentation discussed two new laws affecting auditors and lawyers in Mongolia that will restrict their professional abilities.
This document discusses a project report submitted by Saifullah Yaqoob for their MBA degree from the Islamic University of Science and Technology. The project examines the financing of small and medium scale industries (SMSI) by J&K Bank in Kashmir. It provides context on the industrial profile of Jammu and Kashmir state and the role of the Department of Industries and Commerce. It acknowledges the internship completed by Saifullah Yaqoob at J&K Bank where they studied the bank's financing of SMSI. The document includes certificates from J&K Bank and the university praising the quality of the project report and internship.
This document is a project report submitted by Saifullah Yaqoob to the Islamic University of Science and Technology in partial fulfillment of an MBA degree. The report analyzes housing loan schemes at Jammu and Kashmir Bank in India, where Saifullah completed an internship. Over the course of 45 days, he studied the bank's housing loan program and compared it to other major banks. The report includes sections on the research methodology, data analysis, conclusions, and recommendations.
ABC Bank has secured a Euro 7 million loan facility from the European Investment Bank to lend to small and medium enterprises. The long-term loan ranging from 4 to 12 years will enable ABC Bank to lend to SMEs at lower interest rates. A Kenyan cooking gas company, Midland Energy, hopes to expand its operations across East Africa in the next five years after overcoming initial challenges in the industry. The article provides an overview of Midland Energy's growth and challenges since starting its liquefied petroleum gas business in 2008.
News Bites is a monthly scan covering issues and trends surfaced in various local mainstream media sources that would be of relevance to the Malay/Muslim community. It is produced by the Research and Design Department (R&D) of Yayasan MENDAKI.
The key highlights for this month are:
• Deputy Prime Minister and Minister of Finance Lawrence Wong said that Singapore's way of resolving contentious issues has been to find a combination of compromise and common ground to gradually move society forward, while recognising that some issues are better set aside to be returned to at a later time (ST, 7 Sept)
• Launch of the Healthier SG programme in the second half of 2023 is an initiative that will see Singapore residents paired with a family physician so doctors can more holistically manage a patient's health and focus on prevention of illnesses. (ST, 21 Sept)
• From this month, about 19,000 full-time lower-wage retail assistants, cashiers and assistant retail supervisors will see their salaries rise by 8.4 per cent to 8.5 per cent annually over the next three years. (ST, 7 Sept)
The Business Council of Mongolia (BCM) was formed as a non-government organization to advocate for business issues and improve Mongolia's business climate. The BCM will hold its first monthly meeting on October 29th featuring an "Ambassadors Panel". Additionally, a local company won the rights to launch a new TV channel, and significant copper and gold deposits were discovered that could have huge potential for partners Ivanhoe Mines and Entree Gold. Mongolia's Parliament will consider important decisions around mining agreements and legislation around social issues, the economy, and the environment during its fall session.
The document summarizes news from Mongolia's Business Council newsletter. It discusses optimism from an investment forum highlighting Mongolia's growth. It also mentions a bank issuing bonds, a mining company urging shareholders to accept an offer, Canadian miners seeing potential in Mongolia, and a company submitting a uranium reserve calculation to the Mongolian government for approval. Politics and the economy were also briefly touched on.
The document summarizes the signing of an agreement between the Mongolian government and mining companies Ivanhoe Mines and Rio Tinto regarding development of the Oyu Tolgoi copper-gold mining project in Mongolia. Key details include:
- Ivanhoe Mines chairman called the agreement "the godfather of new beginnings" for Mongolia.
- Representatives from Ivanhoe Mines and Rio Tinto praised the Mongolian government's commitment during negotiations.
- The agreement will make Oyu Tolgoi one of the largest copper and gold mines in the world, operating for at least 60 years.
The document provides a summary of business and economic news from Mongolia. It discusses several stories including CHPP No. 4 receiving funds for renovations, a meat producer making the first shipment to China, a trade finance program helping a food storage facility get built, and Mongolian Airlines turning a profit despite economic challenges. It also lists updates from various Mongolian companies and economic indicators. The summary recaps the main topics and events covered in the Mongolian business news document.
India and South Korea have a long cultural and historical relationship that has strengthened economically in recent decades. They established diplomatic relations in 1973 and have since concluded economic agreements. In 1991, India adopted liberalization policies that attracted Korean companies like Samsung, Hyundai, and LG to invest. Both countries benefited from economic reforms and growth. In 2009, they signed a Comprehensive Economic Partnership Agreement to boost bilateral trade to $20 billion by 2011. Currently, both seek to further increase investment and collaboration in areas like defense, technology, and manufacturing under their special strategic partnership.
The document summarizes the April 26, 2013 issue of the Business Council of Mongolia NewsWire. It includes highlights on business, economic, and political news in Mongolia, such as Rio Tinto naming a new president, Mongolia's stock market weakening, and changes to Mongolia's SEFIL law. It also provides a recap of the most recent BCM monthly meeting, including presentations on a new Gobi resort, Mongolian politics and foreign investment, and Mongolia's mining policy outlook.
Trade & Investment News 8th June 2009 (Ministry For Economic Affairs, Indonesia)ssbashini
- US President Obama praised Indonesia's promotion of religious tolerance and gender equality in a speech to the Muslim world.
- The Constitutional Court will begin ruling on almost 600 disputes over Indonesia's April legislative election results starting next week.
- Membership in the terrorist group Jemaah Islamiah has plummeted to around 200 members from over 2,000 at its peak, though some fugitives may still harbor violent plans.
The document provides an overview of recent business, economic, and political news in Mongolia. It discusses ongoing debates around ownership of the Asgat silver deposit, a French uranium company establishing operations in Mongolia, positive economic indicators including trade with China and internet expansion, upcoming increases to rail freight capacity, new regulations around liquor licensing and the minerals law, and an upcoming event featuring an anti-corruption expert from Hong Kong. Currency exchange rates and inflation figures for Mongolia are also included.
The document summarizes recent news from Mongolia across business, economic, and political sections. It discusses a hedge fund increasing investments in Mongolia to capitalize on growth from the mining industry. It also reports on increases to water and drainage fees in Mongolia. Additionally, it recaps a meeting between the Business Council of Mongolia and the Minister of Trade and Industry where economic challenges and commitments to improving the business environment were discussed.
This document provides a summary of business and economic news from Mongolia. It discusses several major business deals and events, including China lending money to Mongolia's Development Bank, positive drill results from mining companies, and financing for various industrial projects in Mongolia. It also summarizes political events, including visits by Chinese and Russian leaders that resulted in new economic agreements. Finally, it outlines presentations made at a recent Business Council of Mongolia meeting, including discussions of upcoming investment conferences and a CEO survey on business trends in Mongolia.
The document provides a summary of business and economic news from Mongolia in its Business Council of Mongolia NewsWire issue dated August 28, 2009. Key points include:
- Mongolia's parliament approved changes to laws facilitating an agreement for the Oyu Tolgoi mining project, paving the way for a formal signing within two weeks.
- Russia and Mongolia signed an agreement to establish a joint venture to develop the Dornod uranium deposit, though the Canadian company that owns the deposit license has concerns about Mongolia's new nuclear energy law.
- The Business Council of Mongolia held its monthly meeting, welcoming new members and discussing developments in the mining sector and opportunities for trade with Germany.
The document summarizes news from Mongolia across business, economic, and political topics.
1) Rio Tinto is encouraged by Mongolian government steps to update minerals laws and resume talks on the major Oyu Tolgoi copper and gold mining project.
2) A Korean investment consortium proposes a large investment to develop and transport coal from the Tavan Tolgoi deposits via railway to Russia and then by sea to meet South Korean energy needs.
3) The EBRD finalizes financing for major projects in Mongolia including loans to a petrol distributor and distribution company, and reviews its support for reducing air pollution in the capital.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- The Central Bank representative running Anod Bank called for state supervision of the bank to normalize its affairs after financial issues.
- Senior bankers requested more practical assistance from the government beyond just placing money in commercial banks, such as buying outstanding apartment loans.
- Mongolia's Minister of Mineral and Energy wants to begin preliminary talks with mining companies this week but the government has not fully determined its position on agreements and an investment bank advisor still needs to be selected.
- A meeting discussed ensuring transparency in negotiations over investment contracts for the Oyu Tolgoi and Tavan Tolgoi mining deposits
This document summarizes a newsletter from the Business Council of Mongolia covering business, economic, and political news in Mongolia. On the business front, it discusses the delay in signing the Oyu Tolgoi investment agreement, Erdenet Mining Corporation's plans to build new smelters, and a specialist dismissing concerns about recent water law amendments. It also notes SouthGobi Energy Resources' offer to list on the Mongolian stock exchange. Regarding the economy, it mentions investors' interest in Mongolia, falling copper prices, and pressure on Mongolia's fiscal balance. Finally, it briefly outlines some political news items covering various meetings, reforms, and international agreements.
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key stories:
1) Ivanhoe Mines and Rio Tinto agreed to change provisions in their agreement for Rio to invest in Ivanhoe's Oyu Tolgoi project to allow Ivanhoe to potentially sell a minority stake and delay Rio's investment deadline.
2) Mongolia's Minister of Mineral Resources said last-minute issues are being resolved so the Oyu Tolgoi investment agreement can be signed by September 30th.
3) An updated mining report termed the Oyu Tolgoi agreement a "landmark" that will boost foreign investment in Mongolia's mining industry.
4) However, former
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key events:
- Mongolia's first copper exports from the Oyu Tolgoi mine were delayed at the government's request, amid disputes over revenue sharing.
- Despite the expected start of OT exports and presidential election results, Mongolia's resource nationalism continues to concern investors and hurt economic growth prospects.
- Mongolia opened its first wind farm, a USD122 million project that aims to reduce coal reliance and air pollution in the capital. The EBRD plans to invest another USD50 million in wind projects.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: Khan Bank received an $8 million EBRD loan to finance small and medium businesses; Golomt Bank signed agreements with Hungarian and Chinese banks to provide financing for trade; the Mongolian Stock Exchange is negotiating to use Bloomberg's terminal system for bond trades and took legal action against 196 companies that failed to file reports; Rio Tinto's CEO has helped steer the company to recovery as it approaches interim results and considers options for generating cash going forward including potential growth projects.
A digital copy of the Business News 24 (18 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
The document summarizes news from the Business Council of Mongolia newsletter. It lists the top performers among Mongolia's national enterprises in 2009 as MCS Group and Erdenet Mining Corporation. It also provides brief updates on various Mongolian companies and economic news, including Khan Bank being named best bank, Centerra Gold's increased revenue, and plans for development of the Tavan Tolgoi and Ovoot Tolgoi mines. The monthly BCM meeting recap discusses membership growth, working group activities, and presentations on biodiversity offsets and the mining sector outlook.
- The document summarizes business and economic news from Mongolia. It discusses several mining companies expanding operations in Mongolia, including Centerra Gold and Xstrata Coal. It also mentions the European Bank for Reconstruction and Development planning to increase investments in Mongolia by 50% in industries like mining, retail, and tourism. Additionally, it provides updates on Mongolia's rankings in terms of ease of doing business and notes a sharp fall in the country's budget surplus for the first 8 months of 2008.
The Business Council of Mongolia NewsWire issue 300 provides news highlights from Mongolian business, economic, and political realms. Key business stories include SouthGobi Resources restating financial results for the past 3 years due to revenue recognition errors, and several mining and exploration companies announcing new partnerships, investments, and projects. Economic reports touch on recommendations to tighten policies, investment rules spurring mining development, and Mongolia gearing up for challenges in the mining sector. Political headlines cover initiatives such as joining the Open Government Partnership and establishing cross-border reserves with Russia.
Boris Collardi became CEO of Julius Baer in 2009 at age 35, making him the youngest CEO in the bank's history. In 2013, he led Julius Baer's acquisition of Bank of America's Merrill Lynch private banking business outside of the US and Japan for $880 million. This strategic purchase will increase Julius Baer's total assets under management by 40% once integration is complete in mid-2014. It will also significantly boost Julius Baer's presence in Asia, where Merrill Lynch has more assets than Julius Baer and the addition of its Indian business could double Julius Baer's Asian assets and make it one of the top five private banks in Asia. Collardi views organic growth as the primary strategy going forward rather
The document discusses how increasing economic and financial ties between Asia and the Middle East will further boost the growth of Islamic finance globally. It notes that Asia and the Middle East are the two major centers for Islamic finance. Stronger connectivity between the two regions, through growing trade, investment, and financial flows, will provide impetus for the future expansion of the Islamic finance industry. Singapore is well-positioned to facilitate the increasing business and deals between the two regions due to its vibrant Islamic finance ecosystem and position as a major financial hub in Asia.
The document provides a summary of business and economic news from Mongolia. It discusses several stories including CHPP No. 4 receiving funds for renovations, a meat producer making the first shipment to China, a trade finance program helping a food storage facility get built, and Mongolian Airlines turning a profit despite economic challenges. It also lists updates from various Mongolian companies and economic indicators. The summary recaps the main topics and events covered in the Mongolian business news document.
India and South Korea have a long cultural and historical relationship that has strengthened economically in recent decades. They established diplomatic relations in 1973 and have since concluded economic agreements. In 1991, India adopted liberalization policies that attracted Korean companies like Samsung, Hyundai, and LG to invest. Both countries benefited from economic reforms and growth. In 2009, they signed a Comprehensive Economic Partnership Agreement to boost bilateral trade to $20 billion by 2011. Currently, both seek to further increase investment and collaboration in areas like defense, technology, and manufacturing under their special strategic partnership.
The document summarizes the April 26, 2013 issue of the Business Council of Mongolia NewsWire. It includes highlights on business, economic, and political news in Mongolia, such as Rio Tinto naming a new president, Mongolia's stock market weakening, and changes to Mongolia's SEFIL law. It also provides a recap of the most recent BCM monthly meeting, including presentations on a new Gobi resort, Mongolian politics and foreign investment, and Mongolia's mining policy outlook.
Trade & Investment News 8th June 2009 (Ministry For Economic Affairs, Indonesia)ssbashini
- US President Obama praised Indonesia's promotion of religious tolerance and gender equality in a speech to the Muslim world.
- The Constitutional Court will begin ruling on almost 600 disputes over Indonesia's April legislative election results starting next week.
- Membership in the terrorist group Jemaah Islamiah has plummeted to around 200 members from over 2,000 at its peak, though some fugitives may still harbor violent plans.
The document provides an overview of recent business, economic, and political news in Mongolia. It discusses ongoing debates around ownership of the Asgat silver deposit, a French uranium company establishing operations in Mongolia, positive economic indicators including trade with China and internet expansion, upcoming increases to rail freight capacity, new regulations around liquor licensing and the minerals law, and an upcoming event featuring an anti-corruption expert from Hong Kong. Currency exchange rates and inflation figures for Mongolia are also included.
The document summarizes recent news from Mongolia across business, economic, and political sections. It discusses a hedge fund increasing investments in Mongolia to capitalize on growth from the mining industry. It also reports on increases to water and drainage fees in Mongolia. Additionally, it recaps a meeting between the Business Council of Mongolia and the Minister of Trade and Industry where economic challenges and commitments to improving the business environment were discussed.
This document provides a summary of business and economic news from Mongolia. It discusses several major business deals and events, including China lending money to Mongolia's Development Bank, positive drill results from mining companies, and financing for various industrial projects in Mongolia. It also summarizes political events, including visits by Chinese and Russian leaders that resulted in new economic agreements. Finally, it outlines presentations made at a recent Business Council of Mongolia meeting, including discussions of upcoming investment conferences and a CEO survey on business trends in Mongolia.
The document provides a summary of business and economic news from Mongolia in its Business Council of Mongolia NewsWire issue dated August 28, 2009. Key points include:
- Mongolia's parliament approved changes to laws facilitating an agreement for the Oyu Tolgoi mining project, paving the way for a formal signing within two weeks.
- Russia and Mongolia signed an agreement to establish a joint venture to develop the Dornod uranium deposit, though the Canadian company that owns the deposit license has concerns about Mongolia's new nuclear energy law.
- The Business Council of Mongolia held its monthly meeting, welcoming new members and discussing developments in the mining sector and opportunities for trade with Germany.
The document summarizes news from Mongolia across business, economic, and political topics.
1) Rio Tinto is encouraged by Mongolian government steps to update minerals laws and resume talks on the major Oyu Tolgoi copper and gold mining project.
2) A Korean investment consortium proposes a large investment to develop and transport coal from the Tavan Tolgoi deposits via railway to Russia and then by sea to meet South Korean energy needs.
3) The EBRD finalizes financing for major projects in Mongolia including loans to a petrol distributor and distribution company, and reviews its support for reducing air pollution in the capital.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- The Central Bank representative running Anod Bank called for state supervision of the bank to normalize its affairs after financial issues.
- Senior bankers requested more practical assistance from the government beyond just placing money in commercial banks, such as buying outstanding apartment loans.
- Mongolia's Minister of Mineral and Energy wants to begin preliminary talks with mining companies this week but the government has not fully determined its position on agreements and an investment bank advisor still needs to be selected.
- A meeting discussed ensuring transparency in negotiations over investment contracts for the Oyu Tolgoi and Tavan Tolgoi mining deposits
This document summarizes a newsletter from the Business Council of Mongolia covering business, economic, and political news in Mongolia. On the business front, it discusses the delay in signing the Oyu Tolgoi investment agreement, Erdenet Mining Corporation's plans to build new smelters, and a specialist dismissing concerns about recent water law amendments. It also notes SouthGobi Energy Resources' offer to list on the Mongolian stock exchange. Regarding the economy, it mentions investors' interest in Mongolia, falling copper prices, and pressure on Mongolia's fiscal balance. Finally, it briefly outlines some political news items covering various meetings, reforms, and international agreements.
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key stories:
1) Ivanhoe Mines and Rio Tinto agreed to change provisions in their agreement for Rio to invest in Ivanhoe's Oyu Tolgoi project to allow Ivanhoe to potentially sell a minority stake and delay Rio's investment deadline.
2) Mongolia's Minister of Mineral Resources said last-minute issues are being resolved so the Oyu Tolgoi investment agreement can be signed by September 30th.
3) An updated mining report termed the Oyu Tolgoi agreement a "landmark" that will boost foreign investment in Mongolia's mining industry.
4) However, former
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key events:
- Mongolia's first copper exports from the Oyu Tolgoi mine were delayed at the government's request, amid disputes over revenue sharing.
- Despite the expected start of OT exports and presidential election results, Mongolia's resource nationalism continues to concern investors and hurt economic growth prospects.
- Mongolia opened its first wind farm, a USD122 million project that aims to reduce coal reliance and air pollution in the capital. The EBRD plans to invest another USD50 million in wind projects.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: Khan Bank received an $8 million EBRD loan to finance small and medium businesses; Golomt Bank signed agreements with Hungarian and Chinese banks to provide financing for trade; the Mongolian Stock Exchange is negotiating to use Bloomberg's terminal system for bond trades and took legal action against 196 companies that failed to file reports; Rio Tinto's CEO has helped steer the company to recovery as it approaches interim results and considers options for generating cash going forward including potential growth projects.
A digital copy of the Business News 24 (18 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
The document summarizes news from the Business Council of Mongolia newsletter. It lists the top performers among Mongolia's national enterprises in 2009 as MCS Group and Erdenet Mining Corporation. It also provides brief updates on various Mongolian companies and economic news, including Khan Bank being named best bank, Centerra Gold's increased revenue, and plans for development of the Tavan Tolgoi and Ovoot Tolgoi mines. The monthly BCM meeting recap discusses membership growth, working group activities, and presentations on biodiversity offsets and the mining sector outlook.
- The document summarizes business and economic news from Mongolia. It discusses several mining companies expanding operations in Mongolia, including Centerra Gold and Xstrata Coal. It also mentions the European Bank for Reconstruction and Development planning to increase investments in Mongolia by 50% in industries like mining, retail, and tourism. Additionally, it provides updates on Mongolia's rankings in terms of ease of doing business and notes a sharp fall in the country's budget surplus for the first 8 months of 2008.
The Business Council of Mongolia NewsWire issue 300 provides news highlights from Mongolian business, economic, and political realms. Key business stories include SouthGobi Resources restating financial results for the past 3 years due to revenue recognition errors, and several mining and exploration companies announcing new partnerships, investments, and projects. Economic reports touch on recommendations to tighten policies, investment rules spurring mining development, and Mongolia gearing up for challenges in the mining sector. Political headlines cover initiatives such as joining the Open Government Partnership and establishing cross-border reserves with Russia.
Boris Collardi became CEO of Julius Baer in 2009 at age 35, making him the youngest CEO in the bank's history. In 2013, he led Julius Baer's acquisition of Bank of America's Merrill Lynch private banking business outside of the US and Japan for $880 million. This strategic purchase will increase Julius Baer's total assets under management by 40% once integration is complete in mid-2014. It will also significantly boost Julius Baer's presence in Asia, where Merrill Lynch has more assets than Julius Baer and the addition of its Indian business could double Julius Baer's Asian assets and make it one of the top five private banks in Asia. Collardi views organic growth as the primary strategy going forward rather
The document discusses how increasing economic and financial ties between Asia and the Middle East will further boost the growth of Islamic finance globally. It notes that Asia and the Middle East are the two major centers for Islamic finance. Stronger connectivity between the two regions, through growing trade, investment, and financial flows, will provide impetus for the future expansion of the Islamic finance industry. Singapore is well-positioned to facilitate the increasing business and deals between the two regions due to its vibrant Islamic finance ecosystem and position as a major financial hub in Asia.
Hassan Marican had a highly successful 21-year career at Petronas, the Malaysian national oil company, where he served as president and CEO from 1995 to 2010. During his tenure, he aggressively expanded Petronas' global operations and transformed it into a major international player despite facing political interference at times. However, he had disagreements with Malaysian Prime Minister Najib Razak and left Petronas in 2010. Since then, Marican has taken board positions at several major Singapore and international companies. He will now become chairman of Singapore Power in June, drawing some criticism of brain drain from Malaysia. Marican is known for his frugality and humble lifestyle despite his corporate success.
Angela Stanford won the HSBC Women's Champions golf tournament, beating players from China, Korea, and Taiwan. Susan Lim, a high-profile surgeon in Singapore, sold her sea-front bungalow in Sentosa Cove for a record $39 million to an Indian national. Meryl Streep won her third Oscar for Best Actress for her role in The Iron Lady, having previously won Best Actress for Sophie's Choice and Best Supporting Actress for Kramer vs Kramer. Australia appointed former New South Wales premier Bob Carr as the new Foreign Minister, replacing Kevin Rudd. Andrew Chew, a former civil servant in Singapore who served in various positions over 52 years, died of heart failure
- The document discusses the trend of retired politicians taking on board roles in large companies and whether this practice should be allowed or restricted.
- It notes that retired politicians are sought after for their connections, expertise, and experience running large organizations, as exemplified by Apple appointing Al Gore to its board.
- However, others argue that appointing politicians could undermine good governance and raise perceptions of corruption. The document examines this issue in both global and Malaysian company contexts.
- It concludes that potential board candidates should be judged on their individual merits and abilities rather than barred from roles based on past occupations alone. Strong governance depends more on the competency of the entire board than any single director.
The document summarizes the global scope of the 1Malaysia Development Berhad (1MDB) scandal, which has tentacles reaching numerous countries and entities. 1MDB is a Malaysian state investment firm saddled with over RM42 billion in debt. Investigations into allegations of mismanagement and corruption at 1MDB have been launched in Malaysia and several other locations, including Singapore, Switzerland, the United States, the United Kingdom, the Middle East, and Hong Kong. Key individuals such as Malaysian Prime Minister Najib Razak and businessman Jho Low are also mentioned in relation to the 1MDB investigations.
1) Datuk Seri Idris Jala was appointed to lead Malaysian Airlines in 2005 when it was facing financial difficulties and losses.
2) Under his leadership, Malaysian Airlines made a stunning recovery - turning losses of RM1.3 billion in 2005 to a record profit of RM851 million in 2007 through cost cutting measures and performance targets.
3) After successfully turning around Malaysian Airlines, Jala was appointed to a new role in the Prime Minister's department to drive performance management in the government. However, some question if he will be as effective in the public sector environment.
The document discusses the upcoming leadership change in Malaysia as Deputy Prime Minister Najib Razak prepares to take over from Abdullah Ahmad Badawi as Prime Minister in March. It notes that some individuals may see their political influence rise or business opportunities open up with the new leadership, while others may lose influence. The document also profiles some key figures from business and government that are expected to have influence in the Najib administration or may be poised for bigger roles, including Azman Mokhtar, Tan Sri Md Nor Yusof, and Datuk Mohd Nadzmi Mohd Salleh. It speculates on what direction Najib may take the country and reforms to government-linked companies.
Richard Branson invites a journalist to his private island of Necker in the British Virgin Islands. The journalist spends two relaxing days on the island, enjoying massages at the cliffside spa, dining with Branson and his staff, and playing a dice game with Branson, where she manages to outguess him. Branson feels guilty that the journalist came such a long way just for a short interview, so he ensures she experiences the full hospitality of Necker Island.
Richard Branson, chairman of Virgin Group, recalls meeting Tony Fernandes 25 years ago when Fernandes interviewed for a job at Virgin. Branson liked Fernandes and hired him. Their relationship has now culminated in Branson acquiring a 20% stake in AirAsia X, Fernandes' long-haul airline venture. The partnership combines Virgin's experience in long-haul flights with AirAsia's Asian reach and low-cost expertise. While long-haul low-cost flying has challenges, Branson is optimistic about the partnership's prospects given AirAsia's existing large passenger volume in Asia.
1. BY ANITA GABRIEL
SENIOR CORRESPONDENT
IT HAS long been seen as the bright new
frontier for Singapore businesses desper-
ate for space to expand but Batam’s eco-
nomic promise seems to be fading, bat-
tered by forces from within and without.
Its ace cards – cheap land, cheap
labour, proximity to home base – still res-
onate with Singapore firms although with-
out the force of a few years ago.
The rise of other industrial enclaves,
whether in Johor or China or fast-rising
states like Vietnam, have dented Batam’s
appeal but it is problems closer to home
that worry businesses more.
A man known only as Mr Tan, a manag-
er at a Singaporean-owned shipyard in
Tanjung Uncang, on the western side of
Indonesia’s Batam
Island, shifts uncomfort-
ably in his seat, smiling
evasively, when the top-
ic comes up.
No wonder, it is
Batam’s most touchy
subject – the perpetual
demand of its raucous
and spirited labour force
for higher wages. When
prodded, Mr Tan,
admits: “If there is no
more wage advantage to
stay here, investors may
move out.”
Labour unrest could
well become the island’s
Archilles heel, notes Mr
Robert Broadfoot, man-
aging director of Hong
Kong-based Political
and Economic Risk Consultancy.
He notes that the regulatory environ-
ment is tilted in favour of labour, which
encourages a confrontational situation
between labour and management.
Strikes in Batam are becoming an annu-
al affair. “Most of the time, the demands
are reasonable and the strikes last a day,”
says a manager at a firm in Batam.
But late last year, the protest involving
thousands of workers from 200 firms
turned ugly and lasted three days.
“While they appear to be isolated inci-
dents and do not detract BBK (Batam, Bin-
tan and Karimun) from its fundamentals,
they remind us to be sensitive in manag-
ing the local workforce,” says Mr Lee Yee
Fung, trade agency IE Singapore’s region-
al director based in Jakarta.
The mission to turn Batam, a once
sleepy fishing outpost with just 6,000 res-
idents, into a hive of industrial and tour-
ism activity remains intact despite the
ructions on the industrial front.
The population is now more than one
million, there is a workforce of about
300,000 and a million visitors come eve-
ry year, drawn by six “international stand-
ard” golf courses, 25 industrial parks, 50
hotels and two marinas. Between 2003
and 2010, with the exception of 2009, its
economy grew over 7 per cent each year.
More than 1,200 foreign companies
operate there, drawn particularly by the
proximity to Singapore.
But the place – and the mission itself
– needs a turbo-charged jolt.
That came in part two weeks ago when
Singapore Prime Minister Lee Hsien
Loong and Indonesian President Susilo
Bambang Yudhoyono renewed the pledge
to drive growth in Batam and two other
islands – Bintan and Kar-
imun – dubbed BBK,
which make up one of
two free trade zones in
Indonesia.
Singapore’s role is
crucial given its strate-
gic position in the
“growth triangle” be-
tween Malaysia’s thriv-
ing Johor region and the
three Riau Islands.
For hundreds of thou-
sands of Indonesians
who have found jobs on
Batam, the largest island
in the Riau archipelago,
Singapore has become a
lifeline.
“Batam exists
because of Singapore,”
says a local, born in
Jakarta and one of about 300,000 who
came to the island for work.
In almost all of Batam’s development
benchmarks, Singapore sits on the perch.
It is the island’s largest investor, having
contributed US$933 million (S$1.2 billion)
or 70 per cent of its foreign direct invest-
ment over the first half of last year. Half
of Batam’s exports head to Singapore.
It is mostly companies from the preci-
sion engineering, electrical components
and electronics manufacturing, and
marine and offshore supporting indus-
tries that have set up shop on Batam, says
Mr Lee Yee Fung.
The advantages are aplenty. “Land is
cheap, infrastructure is cheap, labour
abundant. We save 20 per cent in overall
business cost,” says Mr K. T. Ang, manag-
ing director of ASL Marine Holdings, a
Singapore-listed shipping firm with a
shipyard in Batam which employs 3,000
contract workers, mostly Indonesians.
Big firms are not the only ones flock-
ing to the area.
A woman known only as Ms Lo bought
an oceanfront villa on a 328ha island
between Singapore and Batam, which is
the third favoured tourist spot in Indone-
sia, after Bali and Jakarta.
She is one of a huge band of hopefuls
who have scooped up real estate in Batam
and neighbouring islands banking on
their sheer promise.
Yet that promise, that potential, does
not look as shiny as it did a few years ago.
Rivals like China’s southern city of
Shenzhen, also once a small fishing vil-
lage that became a special economic zone
about the same time as Batam, has
thrived.
Malaysia has poured billions of ringgit
into Iskandar Malaysia in south Johor
since 2006, also to leverage its proximity
to Singapore.
While Shenzhen is an export process-
ing zone, a lot of its products are also sold
in China.
But Batam, built on the concept of an
export-oriented industrial area, is not
meant to compete with other industrial
areas in Indonesia, which market their
products within the country.
“Indonesia ought to be its natural mar-
ket but Batam is strictly an export zone
and there’s a firewall between them. It’s
a flawed protectionist strategy,” says Mr
Broadfoot.
Another weak link is connectivity.
“As close as Batam is to Singapore, it
is still a ferry ride away. It’s easier for fac-
tories in Singapore to move to Johor,”
says Mr Broadfoot, referring to the two
direct road links between Johor and Singa-
pore.
About 70,000 Singapore passport hold-
ers cross the Causeway to Johor a day, sig-
nificantly more than some 62,000 Singa-
poreans who visited Batam in January.
There has been talk of building a tun-
nel or other land link from Singapore to
Batam but the costs as well as the securi-
ty and political dilemmas make that more
pie-in-the-sky than viable policy.
“Batam will never be close to its poten-
tial till it makes these fundamental chang-
es,” says Mr Broadfoot.
anitag@sph.com.sg
BY SALMA KHALIK
HEALTH CORRESPONDENT
CHANGI General Hospital (CGH) has
been helping one of its doctors get back
on his feet after he admitted that he wore
a schoolgirl’s uniform and exposed him-
self to a student.
The efforts have led to Ivan Ngeow Ko
Yen, a specialist in geriatric medicine,
being allowed to see patients again.
A hospital spokesman said he
remained under the close supervision of
his head of department.
On Tuesday, Ngeow, 37, pleaded
guilty to insulting the modesty of a
female university student in 2010.
He is out on $10,000 bail and the next
hearing is fixed for April 24.
The judge called for a pre-sentence
report to gauge his suitability for proba-
tion.
Ngeow’s lawyer told the court that the
doctor had been cross-dressing in secret
from the age of nine.
Ngeow, who is married, is currently
away on short leave, said CGH chief exec-
utive T. K. Udairam.
The Singapore Medical Council (SMC),
the professional watchdog, told The
Straits Times yesterday that it was aware
of the case and would await the conclu-
sion of court proceedings “before pursu-
ing its own action”.
The CGH spokesman said that when
the hospital discovered Ngeow’s trou-
bles, he was made to take a month off for
treatment with a psychiatrist from the
Institute of Mental Health.
This was before his arrest early last
year.
It was only when his condition
improved, and with the approval of his
psychiatrist, that he was allowed back to
work in October 2010.
But he was allowed to do only backend
duties that did not involve seeing
patients, such as training and drafting
clinical policies for his department.
The spokesman said the hospital
“takes this matter very seriously”.
The incident happened in August
2010. The victim, then 19, had alighted
from a bus at about 9pm and was walking
to her flat in Clementi Street 13.
She noticed Ngeow in the void deck of
her block wearing what she said was a Vic-
toria Junior College school uniform.
She entered the lift and through the
glass panels of the lift doors, saw him lift
his skirt and expose his genitals to her.
She rushed home and called the police
and he was arrested five months later.
No details of the arrest were revealed
in court but the judge allowed for an unre-
lated offence to be compounded, as Nge-
ow had paid $5,000 and issued a written
apology to another victim.
Before the incident, as a registrar in
the geriatric department, Ngeow was
mentioned in a letter published in The
Straits Times.
The son of a patient who had spent 40
days in CGH had praised the “top-class”
medical work of Ngeow and four other
doctors and nurses.
Meanwhile, another doctor who has
run afoul of the law – Dr Randhawa Singh
Tre’gon, 32 – is no longer working at KK
Women’s and Children’s Hospital (KKH).
He had looked at the medical records
of his former girlfriends in the hospital’s
electronic record system although they
were not his patients and he had no right
to see them.
He was censured and fined $10,000 by
the SMC in January.
The hospital has since made a police
report against him.
Yesterday, Ms Audrey Lau, director of
KKH’s corporate development division,
said he “ended his employment and has
left KKH”.
v
CHANGES NEEDED
“Indonesia ought to
be its natural market
but Batam is strictly
an export zone and
there’s a firewall
between them. It’s a
flawed protectionist
strategy.”
Mr Broadfoot
Competition from regional industrial enclaves, labour unrest and limited connectivity to Singapore have dented the appeal of Batam to Singapore firms looking to expand. ST PHOTOS: CHEW SENG KIM
Island’s potential to be
industrial hub for S’pore
firms no longer as bright
Batam losing its economic lustre
Batam
MALAYSIA
Kundur
Sumatra
Strait of
Malacca South China
Sea
Strait of Singapore
K e p u l a u a n R i a u
Johor
Karimun
Besar
Tanjung
Pinang
Tanjung
Uncang
US$ million
0
500
1,000
1,500
2,000
2,500
Batam export by destination country
(up to June 2011)$2,489m
Source: BATAM INDONESIA FREE ZONE AUTHORITY
RISING TIDE LIFTS ALL BOATS
Proximity to Singapore is driving growth in Indonesia's Batam
PHOTO: CHEW SENG KIM ST GRAPHICS
The Singapore-Johor-Riau
(SIJORI) Growth Triangle
A shipyard in Tanjung Uncang, west of Batam IslandA shipyard in Tanjung Uncang, west of Batam Island
SINGAPORE
Thailand
US
M
alaysiaPapuaNew
GuineaNetherlands
France
Japan
China
Italy
Other
countries
NOTE: *Up to June
2011*201020092008200720062005200420032002
US$ million
Foreign private investment
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
3,631
4,467
4,765
5,188
3,482
3,814
4,080
5,547
5,938
6,020
Johor Baru
Bintan
I N D O N E S I A
SINGAPORE
Doctor who exposed himself to
girl back seeing patients
newsprimeí q THE STRAITS TIMES FRIDAY, MARCH 30 2012 PAGE A8