logo
Mongolia PM loses parliament confidence vote, resigns

Mongolia PM loses parliament confidence vote, resigns

Yahoo2 days ago

Mongolian Prime Minister Luvsannamsrain Oyun-Erdene resigned on Tuesday, a parliamentary statement said, after losing a confidence vote among lawmakers.
The secret ballot followed days of protests in the capital Ulaanbaatar against alleged corruption.
Speaking after the result of the vote was announced to parliament, Oyun-Erdene said: "It was an honour to serve my country and people in times of difficulties, including pandemics, wars, and tariffs."
He will remain as caretaker prime minister until his successor is appointed within 30 days.
Mongolia, a landlocked democracy in northern Asia, has battled deep-seated corruption for decades.
Many in the country believe that wealthy elites are hoarding the profits of a years-long coal mining boom at the expense of the general population.
Since Oyun-Erdene took power in 2021, Mongolia has plummeted in Transparency International's Corruption Perceptions Index.
The country has seen frequent protests and unrest, and hundreds of young people turned out in Ulaanbaatar last week calling for his resignation.
Fuelling public outrage are accusations that members of the prime minister's family are enjoying lavish lifestyles far beyond what a civil servant on the public dime could afford.
In a statement to AFP last month, the prime minister's office said it "vehemently" denied the allegations, describing them as a "smear".
Concerns over the economy and rising living costs have also stoked the unrest.
Some counter-protesters -- overwhelmingly older than their pro-opposition counterparts -- also turned out to support the prime minister.
- Secret ballot -
Mongolia has been ruled by a three-way coalition government since elections last year resulted in a significantly reduced majority for Oyun-Erdene's Mongolian People's Party (MPP).
But the MPP evicted the second-largest member, the Democratic Party (DP), from the coalition last month after some younger DP lawmakers backed calls for Oyun-Erdene's resignation.
The move pushed the country's political scene into further uncertainty.
Some 82 lawmakers participated in the secret ballot, with 44 voting for retaining confidence in Oyun-Erdene, and 38 against.
The ballot did not reach the 64-vote threshold required from the 126-seat parliament, prompting Oyun-Erdene to stand down.
On Monday, hundreds of young protesters crowded onto the square outside the parliament building, marching with white placards and chanting: "It is easy to resign."
Organiser Ulamsaikhan Otgon, 24, said the weeks of demonstrations "have showcased throughout that young people are very sensitive to unfairness" in society.
Yroolt, a 30-year-old content creator, said it was the second demonstration he had attended.
"The reason I came is because I want a different life, a different society," he told an AFP reporter, declining to share his last name out of privacy concerns.
"We all know injustice is deeply embedded in our society but it's time for change."
str/je/tym

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Zelensky says Russian ceasefire memorandum is an 'ultimatum'
Zelensky says Russian ceasefire memorandum is an 'ultimatum'

Yahoo

time2 hours ago

  • Yahoo

Zelensky says Russian ceasefire memorandum is an 'ultimatum'

President Volodymyr Zelensky on Wednesday said that Russia was giving Ukraine an ultimatum at peace negotiations but said he was ready to hold direct talks with Russia's Vladimir Putin and US President Donald Trump "any day". His comments came after Russian and Ukrainian delegations in Istanbul swapped terms for agreeing to a ceasefire and said they were ready to host another round of prisoner exchanges. Zelensky told reporters -- including from AFP -- that the Russian document outlining Moscow's requirements to halt its invasion amounted to an ultimatum. "That is, it is not a memorandum of understanding. At least a memorandum of understanding should be signed by two parties, not just one party demanding something," he said sitting around a table with international and Ukrainian media. "Therefore, it cannot be called a memorandum. It is, after all, an ultimatum from the Russian side to us," he added. Zelensky said that there was no point in continuing peace talks in Istanbul with the current level of Russian delegates as they are not high-ranking enough, calling instead for a sit-down with Putin. "We are ready for exchanges, but to continue diplomatic meetings in Istanbul at a level that does not solve anything further, I think, is pointless," Zelensky said, referring to the two agreements for prisoner of war swaps that have come out of the talks. He said instead that he was ready to hold a meeting with Putin and Trump. "We are ready for such a meeting any day," Zelensky said, adding that he was proposing that a ceasefire be put in place before any such summit, which would also include Turkish President Recep Tayip Erdogan. The White House said that Trump was "open" to meeting his Russian and Ukrainian counterparts in Turkey after the two sides failed on Monday to make headway towards an elusive ceasefire. Zelensky added that Ukraine and Russia were prepared to exchange captured military personnel this weekend, following the agreement between Moscow and Kyiv brokered in Turkey this week. "The Russian side has passed on information that this weekend -- on Saturday and Sunday -- they will be able to transfer 500 people, 500 of our military," Zelensky said. "We will be ready to exchange the relevant number" of prisoners of war, he added. Tens of thousands have been killed since Russia launched its full-scale invasion of Ukraine, with swathes of eastern and southern Ukraine destroyed and millions forced to flee their homes in Europe's largest refugee crisis since World War II. jbr/jc/bc

2 Dividends To Buy As Gold Takes A Dip (One Yields 8.3%)
2 Dividends To Buy As Gold Takes A Dip (One Yields 8.3%)

Forbes

time3 hours ago

  • Forbes

2 Dividends To Buy As Gold Takes A Dip (One Yields 8.3%)

SEOUL, REPUBLIC OF KOREA: Gold bars are displayed at Shinhan Bank in Seoul on 09 January 2004. AFP ... More PHOTO/JUNG YEON-JE (Photo credit should read JUNG YEON-JE/AFP via Getty Images) Gold prices have taken a breather—and we're getting a rare opportunity to snag two shimmering dividend plays paying up to 8.3%. Here's why this setup is on the table: While recession worries are still valid, they're overblown. Plus, the doomsayers are missing critical details set to kick gold higher. Let's break all of this down, then get into the 8.3% (and growing) payouts the archaic metal is poised to deliver. Last fall, we talked about a 'no-landing' economy in the US, where growth ticks along, but inflation sticks around, too. Fast-forward to today, and that's pretty much how things have played out. 'But wait,' the first-level thinkers cry. 'Didn't the economy shrink in the first quarter?' Sure, GDP growth did slow in Q1. But the underlying numbers were more bullish than the headlines suggested. The drop mainly came from a surge in imports ahead of tariffs—and imports are calculated as a drag on GDP. Government spending also fell in light of DOGE cuts, while consumer spending held up. In other words, this wasn't real weakness. It was a data blip. And we'll happily take it! Consecutive negative quarters would signal an 'official' recession, but President Trump and Treasury Secretary Scott Bessent do not want this scarlet letter heading toward the midterms. Jay Powell wants nothing to do with it, either. So we can expect the government and the Fed to continue their (quiet) interplay to keep rates down and growth ticking along. Inflation—or just the fear of inflation, which is all we need to spur gold—will likely come along with it, prompting higher gold prices. Let's start with the 'One Big, Beautiful Bill,' which is nothing if not stimulative (even though it adds to the $2-trillion-and-growing deficit abyss Uncle Sam is staring into), with its broad array of tax cuts. Consider, for example, the potential elimination of taxes on tips and overtime. According to the House Ways and Means Committee, this could put $1,700 in the pockets of individual taxpayers who collect either one. These folks, who lean toward the lower end of the income scale, tend to spend their earnings in the real economy, driving growth (and potentially inflation). Wealthier taxpayers, on the other hand, are more likely to pump any tax savings into investments. The bill has passed the House, and we have to see what happens with it in the Senate. But with both parties broadly supporting the tip/overtime measure, it'll likely survive. Next up we have Jay Powell, who, despite his tough talk, recently stepped up the Fed's bond buying by an extra $20 billion a month! Finally we have Treasury Secretary Scott Bessent, who's likely to stick with a tactic used by former Treasury Secretary Janet Yellen: Leaning more on short-term Treasuries to finance the government's needs, thereby reducing issuance—and increasing demand—for longer-term Treasuries. Without this shift toward shorter-term borrowing, the 10-year Treasury yield would be 30 to 50 basis points higher, according to a 2024 paper by economist Nouriel Roubini. In other words, the 10-year yield would top 5% today. And the cost of borrowing for business (lending rates) and individuals (mortgage rates) would be notably higher along with it. The bottom line? These measures (and more) are likely to keep inflation worries alive, even if they keep long rates capped and slow economic growth. That makes today's pullback in gold worth buying. Here are two ways to do it, for either high income now or dividend growth (and price gains) later. Or both! I've been critical of the GAMCO Global Gold, Natural Resources & Income Trust (GGN) in the past, because its discount to net asset value (NAV) never seems to drop to a level that catches our interest. That, in turn, has been part of the reason why GGN typically trails gold prices. But that discount story is starting to change (As a CEF, GGN regularly trades at a different level than its portfolio value, or NAV). CEF discounts like these quietly drive price gains as they flip to premiums. And while GGN's 2.3% discount isn't huge, it's a far cry from the premiums we saw late last year. That suggests this trade is much less crowded now, even as gold's outlook improves. Moreover, that 2.3% markdown is right around where it was a year ago. Here's how buyers did back then, as that discount shot to a 4% premium over the following five months (note that about a third of this gain came in the form of dividends): GGN Total Returns Another premium could be ahead, sparked by those moves by the Fed and the Trump administration we just talked about. Now there is something we need to keep in mind with GGN: It isn't a 'pure' gold play. As the 'Natural Resources' in the name suggests, about 60% of the portfolio is in mining stocks—including some non-gold names like Freeport McMoRan (FCX), which focuses mainly on copper. Another third or so is in energy stocks, with Exxon Mobil Corp. (XOM) the fund's top holding. That may be okay if you're bullish on oil. But with another part of Bessent's economic strategy being, quite literally, 'drill, baby, drill,' we think shares of gold mining companies offer better, er, 'prospects' now, especially if you're less focused on current income. Which brings me to … Imagine for a second you're an exec at a gold miner like Newmont Corp. (NEM), the biggest of the bunch. As I write this, the WTI crude price is around $62, not far off lows last seen in 2021. That's huge, with energy being a major input cost for any miner. At the same time, the selling price of your main output, gold, is around $3,300. That's still near historic highs, even with the modest pullback we've seen. I think you'll agree that this is a very good setup for a gold miner—maybe as good as it gets! No wonder Newmont's revenue shot up 25% year over year in Q1, while EPS soared to $1.68 from $0.14 a year earlier. Fourteen cents! And yet—as I write this, shares trade at just 12-times forward earnings, far below the five-year average of 19.3. NEM yields 1.9% now and pays a base plus variable dividend that fluctuates with gold prices. But the dividend clocks in at just 27% of NEM's last 12 months of free cash flow, so it's safe and primed to rise if gold keeps climbing. Here's where that leaves us with gold miners like NEM: Gold is likely to move higher, and energy prices are likely to remain low—both thanks to Bessent and Powell. That makes NEM worth a look, especially if you're okay with a bit of movement in the dividend. Higher gold also helps strengthen GGN's 8.3% payout, even with the prospect of continued lower energy prices. That payout comes in monthly and has held steady since mid-2020. Brett Owens is Chief Investment Strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: How to Live off Huge Monthly Dividends (up to 8.7%) — Practically Forever. Disclosure: none

Beijing slams Rubio 'attack' on China after Tiananmen Square remarks
Beijing slams Rubio 'attack' on China after Tiananmen Square remarks

Yahoo

time3 hours ago

  • Yahoo

Beijing slams Rubio 'attack' on China after Tiananmen Square remarks

Beijing hit back Wednesday at US Secretary of State Marco Rubio for saying that the world will "never forget" the deadly Tiananmen Square crackdown in 1989, describing his remarks as an "attack" on China. Chinese troops and tanks forcibly cleared peaceful protesters from Beijing's Tiananmen Square on June 4, 1989, after weeks-long demonstrations demanding greater political freedoms. The exact toll is unknown but hundreds died, with some estimates exceeding 1,000 people. China's communist rulers have since sought to erase any public mention of the crackdown, with censors scrubbing all online references and the foreign media warned over its coverage of the anniversary. Police were seen by AFP on Wednesday at the entrance to Wan'an Cemetery, a site in west Beijing where victims of the crackdown are known to be buried. Officers were also posted at several intersections leading into Tiananmen Square on Chang'an Avenue, a broad thoroughfare that is placed under tight security throughout the year. On Wednesday evening, a line of buses and a cherry picker partially blocked screens at the German and Canadian embassies showing images of candles, a symbol commonly used to pay tribute to Tiananmen victims. - 'Never forget' - Rubio said in a statement the "world will never forget" what happened on June 4, even as Beijing "actively tries to censor the facts". "Today we commemorate the bravery of the Chinese people who were killed as they tried to exercise their fundamental freedoms, as well as those who continue to suffer persecution as they seek accountability and justice for the events of June 4, 1989," Rubio said. Chinese foreign ministry spokesman Lin Jian hit back during a Wednesday briefing in the capital, saying Beijing had "lodged a solemn protest" over the American politician's comments. "The erroneous statements by the US side maliciously distort historical facts, deliberately attack China's political system and developmental path, and seriously interfere in China's internal affairs," Lin said. Taiwanese President Lai Ching-te echoed Rubio's remarks, vowing to preserve the memory of victims of the bloody crackdown. "Authoritarian governments often choose to be silent and forget history; democratic societies choose to preserve the truth and refuse to forget those who have contributed to the ideal of human rights and their dreams," Lai said on Facebook. China claims Taiwan is part of its territory and has threatened to seize the democratic island by force. - 'Reaffirm our commitment' - In Hong Kong, jailed activist Chow Hang-tung began a 36-hour hunger strike on Wednesday, a dogged attempt to individually commemorate the anniversary in a city that once hosted huge public remembrances. The former lawyer used to help organise an annual vigil that drew tens of thousands to the city's Victoria Park. Hong Kong had been the only place under Chinese rule where commemoration of the crackdown was tolerated. Slogans at the candlelight vigil sometimes called for democracy in China and an end to one-party rule. But after huge and sometimes violent protests roiled the city in 2019, Beijing brought in a wide-ranging national security law that has quashed political dissent. The public memorial has effectively been banned and Chow imprisoned, facing a potential life sentence on subversion charges. On Wednesday, AFP journalists saw dozens of police patrolling the district around the park. Over the last few years, activists have been detained for "offences in connection with seditious intention" around the anniversary. In a social media post, Chow said her hunger strike would "commemorate this day and reaffirm our commitment". She called the city's national security officers "real 'criminals'" and urged authorities to apologise to her over her "wrongful" imprisonment. "History tells us that (the apology) will likely take a very long time –- the Tiananmen Mothers have been waiting for 36 years and still have not received an apology," she said, referring to an activist group made up of families of victims of the crackdown. A video featuring 87-year-old Zhang Xianling, whose 19-year-old son was killed in 1989, circulated online last week. China's authorities have never addressed the group's plea for dialogue around the issue -- instead, they have used all means to monitor and wiretap members of the Tiananmen Mothers, Zhang said. "The lights in Victoria Park may have been blown out by the gales, but the sparks of justice will glow in the hearts of every conscientious person," she added. At a vigil Wednesday on Taipei's Liberty Square, 20-year-old American student Lara Waldron told AFP: "I feel like this June 4 is very close to me right now. "As a college student, I'm of the age of many organisers and participants -- people (who) lost their lives in Tiananmen." burs-tjx/dhc

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store