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TRADE AND DEVELOPMENT BANK TDB

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TRADE AND DEVELOPMENT BANK TDB

BANK PROFILE

TDB, the oldest bank of Mongolia, prides itself for its leading position in the universal banking service provider, offering a full range of over 100 types of international standard banking services, including large corporate, SME and retail lending, deposit-taking, trade finance, remittance, cash management, treasury, foreign exchange and investment banking. TDB acts as a primary lender to most of Mongolian leading corporations as well as foreign corporations and foreign representative offices across all major industrial and commercial sectors with a constantly innovating range of universal banking products and services delivered with dynamism and excellence in service and quality.

Leveraging this pre-eminent position and its long-standing customer relationships, the Bank has consolidated its market-leading position in the handling of international trade finance and remittance, with access to credit lines from major international lenders and correspondent banking relationships with over 150 international financial institutions.

In 2004, TDB was the first bank in the country to receive the investment from the Asian Development Bank (ADB) and International Finance Corporation (IFC) totaling USD 11 million, in the form of USD 3 million in new shares and USD 8 million in a subordinated five year term loan. Also, in 2006 TDB became the first commercial bank in Mongolia rated by Moody’s Investors Service.

Based on its international reputation the Bank has signed an investment agreement with The Goldman Sachs Group, a leading global financial services firm in 2012.

Always responsive to the public’s various banking requirements, TDB offers over 100 types of international standard banking products, services and has about 1386 highly qualified staffs providing professional and user friendly banking services through a network of 47 branches, settlement centers, 183 ATMs, 1952 POS terminals.  TDB is undoubtedly the major player in the financial and banking markets as well as a major innovator of the Mongolian financial sector.

Historical highlights of TDB:

TRADE AND DEVELOPMENT BANK TDB

TRADE AND DEVELOPMENT BANK TDB

TDB has issued the country’s first ever offshore CNH 700 million bond listed in Singapore Stock Exchange on 14 January 2014 This was the fifth time that TDB tapped into the international bond markets. The issuance of CNH 700 million affirms market confidence in TDB’s strategy, financial strength and management and the Bank’s standing in the international markets. It is an event of great significance within the bigger picture of further opening up Mongolia’s economy to the world and strengthening TDB’s ability to grow strong.

In December 2013, the Bank signed a contract with Allen International to create a best in class branch design to improve our financial services delivery with targeted segments. This will help us further to our goal to become the most international Bank in Mongolia setting up the new standards for banking sector.

In October 2013 the Trade and Development Bank, ‘Softline’ Information Technology Company and Microsoft, world’s leading corporation, signed ‘Enterprise agreement’. The ceremony underlines internationally affirmation of the banks software security and reliability.

 TDB has announced its first ever syndication on the international syndicated market in September 2013. The syndication was comprised of USD 35 million A loan arranged by FMO and USD 47 million B loan arranged jointly by ING and TDB Capital LLC, totaling USD 82 million in facility.

In June 2013, TDB Leasing LLC was established by TDB, TDB Capital LLC and MG Leasing Corporation, the subsidiary company of well-known Sumitomo Mitsui Financial Group, Inc. of Japan. The newly established TDB Leasing LLC provides comprehensive financial leasing solution to its customers and contributes greatly to the growing demand of financial leasing service in Mongolia.

In October 2012, TDB announced the official launch of Bloomberg TV Mongolia in partnership with Bloomberg International. The launch of Bloomberg TV Mongolia signifies the introduction of the first international broadcast news organization in Mongolia, one of the fastest-growing stock markets and investing environments in Asia today.

In 2011, TDB Capital was established to be regulated and licensed by the Financial Regulatory Commission of Mongolia to act as an underwriter, broker and other investment banking service provider that shall be done on behalf of the customer upon its order.

Awards and Accomplishment

      2014 -“Best Enterprises” by “European Business Assembly” EBA in Oxford, Great Britain

      2014 – “Best Commercial Bank Mongolia” by The Global Banking and Finance Review

      2013 –“Best Commercial Bank Mongolia” by “Global Banking & Finance review”

      2013 –“Best trade finance bank in Mongolia” from “GTR” Magazine

      2013 –“Best Bank in Frontier Markets” award from “Finance Asia” magazine

      2013 –“Best Bank of Mongolia” award from “Euromoney” magazine

At the end of March 2014, TDB’s total assets reached MNT 4864.3 billion and capital funds reached MNT 469.4 billion. The bank has had a strong earnings track record with MNT 20.7 billion in 2010, MNT 48.5 billion in 2011, MNT 64.8 billion in 2012, MNT 111.9 billion in 2013 and 21.5billion at the end of March 2014.

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‘This is not normal’ – Wall Street grows wary of stock bubbles

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'This is not normal' - Wall Street grows wary of stock bubbles 1

By Thyagaraju Adinarayan, Lewis Krauskopf and John McCrank

LONDON/NEW YORK (Reuters) – Growing concerns about stock bubbles on Wall Street are sparking fears of a pullback, highlighted by the wild ride for shares such as GameStop Corp.

A flood of money supply, ultra-low or zero interest rates and COVID-19 vaccine rollouts have sparked a “buy everything” rally, helping world stocks add a whopping $33 trillion in value from their lows of last March.

Surges in share prices of some loss-making firms, red-hot public markets and amateur investors chasing stocks have drawn concern as the benchmark S&P 500 has gained more than 70% since March.

Elevated retail participation has contributed to soaring prices.

“For retail traders, the warning signals on this … (are) if you are trading it, you are taking so much of an extra risk compared to normal activity. This is not normal activity,” said JJ Kinahan, chief market strategist at TD Ameritrade.

As a prime example, investors pointed to shares of U.S. videogame retailer GameStop, which, after rising about 250% already this year, more than doubled on Monday before paring back. Traders said short-sellers were quickly buying back in to the stock to cover potential losses while retail investors were piling in to benefit from the surge.

“Retail investors are a huge part of it,” said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group, referring to GameStop.

Early in Monday’s trading session, users of several major retail trading platforms, including those of Charles Schwab Corp and Robinhood, reported operational problems, according to outage monitoring website Downdetector.com.

The problems were the latest in a string of technical glitches among retail brokerages, which have faced a massive surge in volumes over the past year. Overall, around 16.4 billion shares traded hands on Monday, compared with a month-to-date average of around 14.5 billion shares, according to Cboe Global Markets.

The euphoria is also evident in the small-cap Russell 2000 index, whose component companies with a negative operating profit outperformed the wider index by nearly 50 percentage points over the last year, a Reuters analysis of Refinitiv data showed.

“Pockets of the market have recently demonstrated investor behavior consistent with bubble-like sentiment,” Goldman Sachs analysts led by David Kostin wrote in a note.

Goldman noted the outperformance of negative earners was still a far cry from the 140 percentage points clocked during the dotcom boom of 1999-2000 and more in line with that of the immediate aftermath of the 2008 financial crisis.

“You don’t have to reach 1999-2000 levels of frothiness to have the market go down and to go down in a meaningful way,” said Matt Maley, chief market strategist at Miller Tabak.

For examples of these selective bubbles, investors point to electric vehicle-related stocks – Tesla Inc is up 8-fold and electric vehicle charging equipment maker Blink Charging by 2,000% in the last 52 weeks, while an IPO index has surged 200% since last March versus a mere 57% for the benchmark S&P 500 index.

U.S.-listed shares of Canadian tech specialist Blackberry also surged on Monday while the company said it was not aware of a reason.

Deutsche Bank said in a research note that average call volumes over the last three months have hit a new peak with the bulk of the increase driven by small contract issues, reflecting retail buying.

Stocks with the highest call volume as a percentage of the market capitalization were Fubotv, GameStop and Riot Blockchain, said Deutsche.

Ninety percent of the respondents in a recent survey by Deutsche Bank said they saw price bubbles in some parts of markets, with a majority expecting Tesla to halve in value by the end of 2021.

Among the investors that have expressed concern are Jeremy Grantham of money manager GMO, who said earlier this month https://www.gmo.com/americas/research-library/waiting-for-the-last-dance that the long bull market since 2009 has finally matured into an “epic bubble.”

Baupost Group founder Seth Klarman told clients recently that risk “has simply vanished,” according to the Financial Times https://www.ft.com/content/9c3ecb09-c4bd-4066-a462-af496725105d.

However, not all the major banks see bubbles.

“Everyone’s asking us about bubbles … even the frothiest equity indices still lag well behind performance during previous bubbles,” said Robert Buckland, Citi equity strategist.

The S&P trades at 22 times 12-month forward earnings, below the peak of 25 times seen ahead of the dotcom crisis.

Citing premia over rock-bottom bond yields, Citi believes equity markets have a long way to go yet.

A possible rollback of U.S. Federal Reserve easing is seen as a threat to markets.

“Equity bubbles are not delicate,” Buckland added. “They don’t burst on the first hint of tightening from central banks.”

(Reporting by Thyagaraju Adinarayan in London and Lewis Krauskopf, John McCrank and April Joyner in New York; Editing by Kirsten Donovan, Megan Davies and Matthew Lewis)

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Nissan flips the switch on electric reboot in China

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Nissan flips the switch on electric reboot in China 2

By Norihiko Shirouzu

BEIJING (Reuters) – Nissan Motor is accelerating the rollout of electric vehicles in China under its main brand and its local, no-frills Venucia marque as it overhauls its strategy in the world’s biggest auto market, four sources told Reuters.

Besides the focus on green vehicles, the plan involves using more locally made parts and technologies to reduce costs and help the struggling Japanese carmaker compete better with lower-cost Chinese firms and major global rivals, the sources said.

The China strategy is a key pillar of Nissan’s turnaround, which involves focusing on producing profitable cars for China, Japan and the United States, rather than chasing all-out global growth as it did under disgraced former boss Carlos Ghosn.

“Before we were saying global, global, global, and China was just part of that strategy,” one of the four people familiar with the plans told Reuters.

“With regionalisation now replacing globalisation, we have to improve the cost competitiveness of all the components and technologies that go into a car by going totally local,” he said.

Both the Nissan board and the board of its China joint venture Dongfeng Motor Company have backed the plan and some elements of the new strategy will be unveiled at the Shanghai auto show in April, the sources said.

Nissan plans to launch three cars in China this year: the new all-electric Ariya crossover, a significant redesign of its X-Trail sport utility vehicle (SUV) and a hybrid Sylphy compact car using its e-Power technology, the sources said.

At least one new Nissan car will hit the Chinese market each year through 2025, with most either fully electric or hybrids equipped with autonomous and smart driving technology, the sources said. One is likely to be an e-Power X-Trail.

Two of the sources said the plan also involves turning Venucia more into a brand for affordable electric vehicles (EVs), though details are still being worked out. The idea is to price new Venucia EVs well below its current cheapest EV – the e30 mini car – which starts at 61,800 yuan ($9,540).

All four sources work for Nissan and spoke on condition of anonymity because they are not authorised to speak to reporters.

Nissan declined to comment on its future product strategy.

“China is a core market for Nissan and Nissan is getting prepared to launch a slew of technologies including e-Power technology to fulfil customers’ aspirations,” a Nissan spokesman said. He also confirmed the Ariya would be launched in 2021.

‘CHINA-SPECIFIC CARS’

Despite being one of the world’s first automakers to fully embrace fully electric cars with its best-selling Leaf, Nissan has fallen behind Toyota and Honda, analysts said. Both launched a slew of new hybrids in China in 2019 and 2020 which has helped boost their sales.

“Nissan has nothing to show off in terms of green cars in China today,” said Yale Zhang, head of consultancy Automotive Foresight in Shanghai. “That’s hurting their image and, most importantly, sales.”

Nissan’s new China strategy is also a response to growing competition from price-competitive Chinese automakers such as Geely Automobile, GAC Motor, and BYD, two of the sources said.

One of the sources said a new focus on “China-specific” cars designed to appeal to local tastes underpinned Nissan’s more decisive turn towards electrified models. That should mean bolder grilles, sharp-looking headlamps and tail lights as well as richer, softer and more sumptuous vehicle interiors.

Many local brands are now producing better-quality cars and that’s putting pressure on Nissan’s mainstream cars, as well as vehicles produced by other global automakers.

The most critical part of Nissan’s China-specific strategy, however, is to make cars with more parts and technologies procured within the country to slash costs.

After posting its first loss in 11 years, Nissan is scrambling to slash its production capacity and models by about a fifth and to cut fixed costs by 300 billion yen ($2.9 billion) over three years.

Nissan expects to post a record operating loss of 340 billion yen in the year ending March 31.

Two of the sources said there wasn’t necessarily a cost-cutting target for the China initiative.

However, Nissan is worried about the potential hit to profitability from increasingly stringent emissions and fuel-economy rules, as well as a likely rise in the cost of materials such as steel, other metals and semiconductors, they said.

GREEN-CAR CREDITS

Under the new China plan, parts engineered and procured locally should go well beyond bumpers, seats and lamps to include more complex technologies such as sensors and electric power inverters, three of the sources said.

Batteries for Nissan’s e-Power models, for example, will be locally developed and sourced from China’s Sunwoda Electric Vehicle Battery Co.

Nissan’s new plan is modest in terms of volume growth. It is simply aiming to outpace the overall Chinese market for cars and light commercial vehicles, which Nissan expects to grow by about 10% to 25 million vehicles by 2025, one source said.

Nissan’s previous “Triple One” China plan aimed to boost annual sales to 2.6 million cars by 2022 but the COVID-19 pandemic derailed it. Nissan sold 1.46 million cars last year, down from 1.56 million in 2018 when that plan was unveiled.

While Nissan’s performance in China last year was broadly in line with an overall 6% decline in passenger car sales due to the coronavirus, its Venucia brand fared particularly badly.

Established in 2012 to compete with local brands making cheap, gasoline-fueled cars, Venucia’s sales peaked in 2017 at 143,206 before sliding to 79,000 last year. The plan is to relaunch Venucia more as a brand for affordable EVs though it won’t be going fully electric for now, two sources said.

Carmakers in China need to make enough so-called New Energy Vehicles to win green-car credits which then offset negative points from their production of combustion engine vehicles.

Nissan looks set to fall short of credits so it would either have to buy them from rivals, or step up its EV production. As buying credits would eat into profitability, it is favouring the second strategy, one of the sources said.

Cheaper EVs made locally by global rivals such as General Motors through joint ventures have also proved to be a success story with customers, especially in big cities.

Launched in July, GM’s tiny Wuling MINI EV has already become China’s best selling electric vehicle, knocking Tesla’s Model 3 sedan off its perch.

“We don’t have enough electric cars in China. The new plan for Venucia is all about changing that more decisively,” said one of the sources familiar with Nissan’s plans.

($1 = 6.4767 Chinese yuan renminbi)

($1 = 103.8300 yen)

(Additional reporting by Tim Kelly in Tokyo; Editing by David Clarke)

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Top global traders work to ease seafarer crisis due to coronavirus

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Top global traders work to ease seafarer crisis due to coronavirus 3

By Jonathan Saul

LONDON (Reuters) – Over 300 leading companies said on Tuesday they would work together to help hundreds of thousands of merchant sailors stuck on ships for many months due to COVID-19 in a crisis that risks creating more dangers at sea.

About 90% of world trade is transported by sea, and coronavirus restrictions in many jurisdictions are affecting supply chains.

In December the U.N. General Assembly urged all countries to designate seafarers and other maritime personnel as key workers. Nevertheless, ship crews are still struggling to swap over with colleagues on land.

Shipping industry officials say many sailors are at breaking point and many have been at sea for longer than an 11-month limit laid out in a maritime labour convention.

The companies, which include shipping groups such as A.P. Moller Maersk, miners Anglo American and Rio Tinto, oil majors BP and Royal Dutch Shell as well as trading companies Cargill, Trafigura and Vitol, will boost information sharing as signatories of the “Neptune Declaration” initiative.

“All of us have a duty of care to seafarers,” said Kit Kernon, global head of shipping at Vitol.

“Their wellbeing is essential to safe and efficient operations.”

Signatories will also increase collaboration between shipping operators and charterers to speed up crew changes while also calling for key worker status for mariners.

“We are witnessing a humanitarian crisis at sea,” said Jeremy Nixon, chief executive of shipping group ONE.

“They have become hostage of the situation and unable to disembark from their ships.”

Sven Boss-Walker, senior vice president of shipping at BP, said the “remote nature of their roles meant their contributions are often out of sight and out of mind”.

“It is critical that the industry comes together to provide a collaborative response,” Ashley Howard at Rio Tinto added.

(Editing by David Evans)

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