Development Bank of Mongolia Announces Early Payment Before Maturity on JPY 30 Billion Samurai Bond

ULAN BATOR, Mongolia, May 13, 2022 (GLOBE NEWSWIRE) — Mongolian Prime Minister Oyunerdene Luvsannamsrai has instructed the Development Bank of Mongolia (DBM) to explore potential options, including an early payment, to settle its outstanding Samurai Bond obligations. Following this, the Bank says it will be able to further manage its future obligations and improve its overall debt profile. The move will reduce Mongolia’s general government debt as the sovereign guarantee on the bond will concurrently mature.

According to Mr. Manduul Nyamdeleg, CEO of DBM, the Bank is waiting on potential options to make an early payment on its first-ever Samurai bond of JPY 30 billion (US $231 million) before its maturity date of December 2023. DBM is the only policy-oriented financial institution in the country with a mandate to finance large-scale, strategically important development projects in Mongolia. DBM serves a unique role in the local economy by filling the gap created by the emerging domestic banking sector, which remains unable to finance large development projects. Since its inception in 2011, the Bank has financed energy, transportation, affordable housing, agriculture, processing factories and mining projects in the country.

Due to its policy nature and the Government backing, DBM has maintained a strong funding base with a longer tenure and lower cost compared to those of the commercial banks in Mongolia.

In 2013, the Bank issued Mongolia’s first-ever Samurai bond in the amount JPY 30 billion with a 10-year maturity and coupon rate of 1.52%. The guarantee from the Government of Mongolia and Japan Bank for International Cooperation (JBIC) made it possible to secure the long-term funding with a lower interest rate at the time. The proceeds from the bond have been used to finance affordable housing, processing factories, and agricultural projects in Mongolia.

Founded in 2011, Development Bank of Mongolia is wholly owned by the Government of Mongolia. Its principal objectives are ensuring sustainable economic growth in Mongolia, fostering value-added, export-driven production, and introducing financial solutions designed to implement Government development policies. As of May 10, 2022, total assets are MNT 4,196,004.38  million (US$1,351 million). Total loans and advances represent MNT 2,592,042 million (US $834.7 million), with the loan portfolio focusing on key sectors such as mining, agriculture and energy. Though the Bank was only established 11 years ago, it has successfully issued a number of notes in the international capital markets.

For more information, please contact: spilcher@atticuscomms.com

This content was issued through the press release distribution service at Newswire.com.

ITA Airways Launches the Summer Season on the French Market With Eleven Daily Flights Between France and Italy at Roadshow Presentation in Paris

A Total of 72 Weekly Flights at the End of July

ITA AIRWAYS LAUNCHES THE SUMMER SEASON ON THE FRENCH MARKET WITH ELEVEN DAILY FLIGHTS BETWEEN FRANCE AND ITALY

Pierfrancesco Carino, VP International Sales at ITA Airways poses for a portrait at a press event at the Hotel Shangri-La on Thursday, May 12, 2022 in Paris. (Adrienne Surprenant/AP Images for ITA Airways)

PARIS, May 13, 2022 (GLOBE NEWSWIRE) — Yesterday, at the Shangri-La Hotel in Paris, ITA Airways, the new Italian national carrier presented the summer season on the French market to representatives of the press as well as to business partners in the French market. The Company aims to offer eleven daily flights between France and Italy by June, in order to meet the travel needs of tourists and business passengers.

ITA Airways which started operations on October 15, 2021, is an efficient and innovative air carrier that will be a reference point to provide Italy with quality connectivity with national, international and intercontinental destinations. ITA puts customers at the center of its strategy, thanks to a strong digitalization of processes that guarantees a first-class experience and personalized services, combining it with environmental sustainability (new green and technologically advanced aircraft, use of sustainable fuels) and the integration of sustainability into internal strategies and processes.

The development of the intercontinental network represents one of the Company’s main assets, a strategy that will also be consolidated thanks to the arrival at the end of May of the new latest-generation Airbus A350, which will join the Airbus A330 already in service with the fleet since the beginning of the summer season on long-haul destinations.

The expansion of ITA Airways’ routes for this summer focuses on the French market, which is the most strategic European market after Italy and the United States, as well as the one with the largest number of Italian-French. Indeed, ITA Airways’ program for the French market will be strengthened with an additional route between Paris CDG and Milan Linate from May 16, which completes the offer with three daily flights. In addition, we are also strengthening the connections between Nice and Rome – already operational – from 1 June, with a second direct flight to Rome Fiumicino.

Additionally, there are three daily flights to Rome Fiumicino from Paris CDG and the three flights from Paris Orly to Milan Linate, the city airport.

The launch of these new routes consolidates the expansion process in the French market, which aims to reach a total of 72 weekly flights between France and Italy by July 2022, for a total of 11 daily flights.

The multiple offers of the Rome Fiumicino hub will allow ITA Airways to be the reference carrier of the France to Italy and via Rome to Europe and the Mediterranean for the Italian community and the main communities of the Mediterranean countries.

From Paris-CDG and Nice airports, connectivity is guaranteed with the main Italian destinations: Alghero, Brindisi, Bologna, Bari, Cagliari, Catania, Gene, Milan-Linate, Naples, Olbia, Palermo, Reggio Calabria (from Paris-CDG only), Lamezia Terme, Turin, Trieste, Venice. From July, the destinations of Florence and Verona will be added to the network. From Paris-Orly, the national destinations accessible by Milan-Linate are as follows: Alghero, Brindisi, Bari, Cagliari, Catania, Naples, Palermo, Reggio Calabria, Lamezia Terme.

During the 2022 summer season ITA Airways will also offer the most popular Mediterranean destinations with new flights to the Italian islands, including Sardinia served by both Rome Fiumicino and Milan Linate. As well as seasonal flights, departing from Rome FCO and Milan Linate, during the month of August to Spain, Greece and Croatia, Lampedusa, Pantelleria; (destinations served: Corfu, Heraklion, Thessaloniki, Rhodes, Ibiza, Menorca, Majorca, Kefalonia, Dubrovnik, Split).

In addition to these five routes already operated to North America, a new destination from Rome Fiumicino to Los Angeles will be added in June, bringing Italy’s offer to the United States to a total of six daily flights.

The summer season will also see the addition of new flights from Rome Fiumicino to Buenos Aires and São Paulo from early June. These new routes will allow ITA Airways to expand into South America, which has always been a preferred destination for Italian holidaymakers and a country with the largest community of Italian origin.

The centrality of the French market in ITA Airways’ strategy is also reflected in the major marketing campaigns launched in recent months in Paris and Nice, with billboards in the main French stations and places of passage such as La Défense or the department stores of the Bd Haussmann.

The local presence is also ensured by ITA Airways’ France team who work with travel agencies, business partners and the web to ensure coverage of key customer segments, including business, leisure and affinity traffic.

Finally, thanks to a strong commercial partnership established with the main commercial partners and companies, ITA Airways ensures the complete distribution of its flights covering each passenger segment in France.

Launched in early March, ITA Airways’ 2022 summer season includes 64 new destinations, including 23 domestic, 34 international and 7 intercontinental. Through codeshare agreements with major international carriers, ITA Airways continues to grow its network through partnerships with other global carriers – providing a preferred route to the Company’s most attractive markets, first and foremost in Europe and America, but also in Africa and Saudi Arabia.

The codeshare agreements allow ITA Airways to join the entire national network of other international carriers with direct flights from Rome Fiumicino and Milan Linate to their hubs. A total of 24 codeshare agreements have been signed to date, for a total of more than 270 destinations served on which ITA Airways will use its own codes.

All ITA Airways flights can be purchased on the ita-airways.com website, from the ITA Airways call center or from travel agencies and airport counters.

Volare Programme
With a commitment to maximum customer orientation, ITA Airways launched on October 15, 2021 “Volare”, its new loyalty program, also accessible to French customers. It has been designed as an open ecosystem of services and products, made available by ITA Airways and its partners to ensure customers have a unique 360° travel experience. Since March, the program has been enriched with new features that increase its flexibility and ease of use and offer frequent travelers everything they could want from a program dedicated to them.

Volare expands its strength by relying on the four values on which it was developed: “Freedom”, “Personalization”, “Choice ” and “Login” :

Volare is a “tailor-made” program that consists of four exclusive clubs, on an ascending scale of increasing premium levels and dedicated priority services: Smart, Plus, Premium and Executive. With every purchase on ITA flights, customers can earn the points they need to upgrade to the next Club level and enjoy various premium benefits and services. In addition, from Club Smart, as the access threshold increases, the benefit to the customer also increases in terms of multipliers and services available.

Volare already has many members, both from Italy and abroad. To date, the program has over 361,500 members, of which over 40,000 are Elite members (i.e. Club Plus, Premium and Executive). This result is also important because it is consolidated on the international market: 35% of the participants in the Status Match campaign came from foreign companies.

About ITA Airways
ITA Airways is a company wholly owned by the Italian Ministry of Economy and Finance for the exercise of activities in the air transport sector. ITA Airways aims to create an efficient and innovative air carrier that will become a reference point to provide Italy with quality connectivity both in terms of international destinations, thus boosting tourism and foreign trade, and within the country, also taking advantage of integrated air-train mobility. ITA Airways will place the best customer service at the center of its strategy (thanks to a strong digitization of processes that guarantee a first-class experience and personalized services), combined with sustainability, in its environmental aspects (new green and technologically advanced aircraft, use of sustainable fuels), social (equality and inclusion for a non-sexist company) and governance (integration of sustainability into strategies and processes) aspects internal). ITA Airways has been a member of the SkyTeam alliance since October 2021.

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff07a172-0049-4115-b5ce-e324665ab1ea

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

For Eurovision, Turin and Piedmont Shows Their Vocation for Hospitality on Many Levels

FOR EUROVISION, TURIN AND PIEDMONT SHOWS THEIR VOCATION FOR HOSPITALITY ON MANY LEVELS

Music brings people together, even in the most challenging times. The Eurovision Song Contest, one of the most important international songwriting competitions globally, turns the spotlight on the touristic, cultural, and eno-gastronomic excellence of Turin and the northern-Italian region of Piedmont and the vocation of the region for the hospitality of different cultures.

TURIN, Italy, May 13, 2022 (GLOBE NEWSWIRE) — Music brings people together, even in the most challenging times. The Eurovision Song Contest, one of the most important international songwriting competitions globally, is not only an opportunity to turn the spotlight on the touristic, cultural, and eno-gastronomic excellence of Turin and the northern-Italian region of Piedmont and the vocation of the region for the hospitality of different cultures. Turin and Piedmont are also showing how they embrace populations having a moment of difficulty.

On the occasion of the Eurovision Song Contest, the Youth Symphony Orchestra of Ukraine arrived in Turin to perform at the Eurovision Village, in the beautiful Valentino Park, in collaboration with the European Commission and the European Parliament. The Orchestra was also welcomed in Palazzo Madama, a historic building that houses the Turin City Museum of Ancient Art. “We have been welcomed with great warmth, we feel good, and we love the fact of being here with you,” said Natalia Stets, director of the Orchestra, adding, “I think that Ukrainians and Italians are very close to each other: we share a big heart and a strong feeling of welcome.”

Founded in 2016, the Orchestra aims to develop Ukraine’s very young musical talents and is made up of boys and girls aged between 12 and 22 years old, from different cities, such as Odessa, Chernobyl, Kiev and Kalviv. The presence of the Orchestra shows how peace is a relevant part of the program of the Eurovillage, created by City of Turin and the Piedmont region on the occasion of Eurovision.

The village is open to citizens and free, with the exhibitions of over 200 artists, testimonials and activists. The idea was to represent in a closed space the rich environment of Torino and Piedmont made of culture and events, dealing with peace and human rights. The Eurovillage saw, on Europe Day, also the presence of the European Commissioner for Equality Helena Dalli.

Turin and the Piedmont Region proved again to be one of the most welcoming in the world, not only for Eurovision and not only for the many tourists. After the outbreak of the conflict, it welcomed 10 thousand Ukrainians and activated info centers giving detailed indications for families, individuals, or local authorities wishing to receive those fleeing the country.

For further info on the region, on its touristic and cultural initiatives: visitpiemonte.com.

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b0a5968-228f-4d29-9abd-f5dad1973a89

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

US, China Vie for Africa Mobile Phone Sector

Africa, in recent years, has become the new frontier where China and the United States, the world’s two biggest economic superpowers, are competing for influence in a key industry: telecommunications.

This week, Ethiopia celebrated the launch of a 5G network powered by China’s telecom giant Huawei in Addis Ababa.

Just before that, on a visit to the continent last week, U.S. Deputy Secretary of State Wendy Sherman visited U.S. mobile company Africell’s offices in Angola, where the firm has amassed some 2 million users since it was launched just over a month ago.

“Today in Luanda, I visited @AfricellAo, an innovative, state-of-the-art U.S. company expanding 5G access in Angola with trusted technology components,” she wrote in a tweet.

Asked in a subsequent press briefing whether the tweet wasn’t a dig at Huawei – which already has a huge digital foothold in Africa but which was sanctioned in the U.S. in 2019 by then-President Donald Trump – Sherman was unequivocal.

“It’s not about throwing shade (being critical) on Huawei. We’ve been very direct. We believe that when countries choose Huawei, they are potentially giving up their sovereignty,” she said. “They are turning over their data to another country. They may find themselves bringing in a surveillance capability they didn’t even know was there.”

Washington has long expressed concern that Beijing is trying to monopolize networks and possibly use them for espionage, while Huawei has repeatedly denied the allegations.

“So, we’ve been very public about our concerns about Huawei, and so we are glad that Africell can provide to the people of Angola a safe, capable tool in their hands to reach out to the world,” Sherman added.

The deputy secretary’s comments raised ire in Beijing, where they were met with a stiff rebuke from Foreign Ministry spokesman Zhao Lijian.

“Chinese companies including Huawei have conducted mutually beneficial cooperation with many countries in Africa and the world beyond, contributed to the improvement and development of the countries’ communications infrastructure, provided advanced, quality, safe and affordable services for the local people and won great support,” he said on Chinese state media.

“There is not a single case of cyber security accident, surveillance or wiretapping in the course of the cooperation,” he added, going on to allege that the U.S. has long been responsible for such spying activities itself.

Zhao noted that it is up to African governments to decide with whom to cooperate.

In Angola, the company already has a significant presence, with mobile operator Unitel linked to Huawei, which is also building two technological training centers, worth $60 million, in the country in order to develop the digital economy.

And with Huawei widely available in South Africa, only one of the five people VOA spoke to at a local shopping center was even aware of the controversy over the brand.

Cheris Fourie, a sales consultant at a cellphone shop in Cape Town’s Blue Root Mall, said Huawei handsets aren’t that popular anymore, not because of concerns over any nefarious activities by the company, but rather because Google services are no longer on the devices. Google is no longer available because of a U.S. Huawei ban.

David Devillieras, who was sitting at a cafe at the mall using his Samsung phone, told VOA he’d never heard of the possibility Huawei was involved in surveillance. He added that he wouldn’t buy a Huawei phone having heard that.

“I wouldn’t go there at all, not for one second. I wouldn’t buy a Chinese phone,” he said.

One shopper, Steve Elliot-Jones, said he “wouldn’t trust anything that comes out of China,” but thought other countries could also be using mobile networks to spy.

“It wouldn’t surprise me if technology companies including the states or anywhere else for that matter… I wouldn’t say anyone’s actually innocent. I think they’re all probably all up to selling information and making money on the side and denying it if it comes out.”

Source: Voice of America

Meatpackers Convinced Trump Officials to Keep Plants Running During COVID Crisis, Report Says

Top U.S. meatpacking companies drafted the executive order issued by President Donald Trump in 2020 to keep meat plants running and convinced his administration to encourage workers to stay on the job at the height of the COVID-19 pandemic, according to a report released Thursday by a U.S. House panel.

The report by the House of Representatives Select Subcommittee on the Coronavirus Crisis details the meat industry’s influence on Trump’s White House as it tried to keep production rolling even as employees fell ill.

More than 59,000 meatpacking workers at plants owned by the nation’s top five meatpackers contracted COVID-19 in the first year of the pandemic and at least 269 died, according to the first report by the panel, released in October.

“The shameful conduct of corporate executives pursuing profit at any cost during a crisis and government officials eager to do their bidding regardless of resulting harm to the public must never be repeated,” committee chair Representative James Clyburn said.

The North American Meat Institute, the leading meat industry trade group, said the report “distorts the truth” and “uses 20/20 hindsight and cherry picks data to support a narrative that is completely unrepresentative of the early days of an unprecedented national emergency.”

The report, based on thousands of documents and interviews with workers, union officials and experts, found that in April 2020, meatpacking companies led by Tyson Foods and Smithfield Foods drafted an executive order invoking the Defense Production Act (DPA) to keep meat plants open.

The DPA, which was enacted in 1950, gives the president emergency powers to control the domestic economy.

The companies sent the draft to Department of Agriculture (USDA) officials and corresponded extensively with the White House, USDA, and other administration officials before the order was finalized and signed on April 28, the report found.

Industry executives argued at the time that domestic meat supply was threatened by worker absenteeism.

Those concerns were “baseless,” the House report said. USDA data showed meatpackers had 622 million pounds of frozen pork in March 2020 and that top meatpackers’ pork exports grew as much as 370% in the first year of the pandemic.

Jim Monroe, Smithfield vice president of corporate affairs, said the company is proud of its pandemic response.

“Did we make every effort to share with government officials our perspective on the pandemic and how it was impacting the food production system? Absolutely,” he said.

Gary Mickelson, a Tyson spokesperson, said the company’s top priority is worker health and safety and that it has collaborated with federal, state and local officials in its pandemic response in the interest of protecting workers.

In April 2020, meat industry executives also lobbied the USDA to encourage workers to report to plants as absenteeism rose, resulting in a public statement to that effect from former Vice President Mike Pence, the report found.

The industry worked closely with political appointee Mindy Brashears, the USDA undersecretary of food safety, and corresponded with her via her personal email and cell phone, a potential violation of the Federal Records Act, the report found.

The former director of the Centers for Disease Control and Prevention, Robert Redfield, also told the House committee that he added softening language, like “if feasible,” to CDC guidance for managing COVID-19 spread in meat plants because he was “persuaded by industry concerns” about the potential impact of the guidance.

Source: Voice of America

Yodngeum Power Mix Fuel to provide 10 million liters of diesel to Lao State Fuel Enterprise

Yodngeum Power Mix Fuel has signed a purchase agreement with the Lao State Fuel Enterprise pledging to provide the latter 10 million liters of diesel every month.

The agreement was signed in Vientiane on May 11 between Director of Yodngeum Power Mix Fuel Somvang Khulurat and Director of the Lao State Fuel Enterprise Sisangkhom Kotyotha.

“Our oil refinery in Yodngeum village, Pek district, Xieng Khuang Province is expected to refine 100 million litres of oil on an annual basis,” said Mr. Somvang Khulurat.

The 30-billion-kip refinery, the construction of which commenced in September 2021, is now fully completed and expected to launch its commercial production by the end of this month, according to the director of the company.

“Yodngeum Power is ready to provide diesel that is much needed in the country at the moment. The rising oil prices in the world market are posing direct impacts on our economy as an importing country.”

With a storage capacity of 2.4 million litres of oil, the refinery can process 100 million litres of petroleum products per year by mixing finished diesel with semi finished oil and certain chemicals in ratios of 60%, 39% and 1%, respectively.

The company will also import gasoline to supply in Xieng Khuang and neighboring provinces through the Lao State Fuel Enterprise.

The refinery is located 380 km from Nghi Son port in Vietnam’s Thanh Hoa which is a shorter distance compared to that between the refinery and Thailand, another oil import market for Laos.

“We have chosen Luang Prabang as our oil distribution centre for northern provinces,” said Mr. Somvang Khulurat.

Yodngeum Power Mix Fuel is expected to launch more production facilities in central and southern provinces in September this year.

Source: Lao News Agency