1 US TRADE WAR COULD COST GLOBAL ECONOMY $430 BILLION, IMF WARNS WWW.RT.COM PUBLISHED:2018/07/18      2 US PLANS G7 TALKS ON CHINA WWW.NHK.OR.JP PUBLISHED:2018/07/18      3 GOOGLE HIT WITH RECORD EU FINE OVER SHOPPING SERVICE WWW.BBC.COM PUBLISHED:2018/07/18      4 TURQUOISE HILL ANNOUNCES SECOND QUARTER 2018 PRODUCTION AND COMPLETION OF SHAFT 5 WWW.GOGO.MN PUBLISHED:2018/07/18      5 DEVELOPMENT OF BILL ON CIVIL SERVANT CODE OF CONDUCT FINALIZED WWW.GOGO.MN PUBLISHED:2018/07/18      6 CRUDE OIL EXPORTS GENERATED 94.3 BILLION WWW.GOGO.MN PUBLISHED:2018/07/18      7 MONGOLIAN PRESIDENT SUMMONS IRREGULAR PARLIAMENTARY SESSION WWW.NEWS.MN PUBLISHED:2018/07/18      8 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      9 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      10 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      ГЕРМАНЫ “ЧИНГИС ХААН” ХАМТЛАГ ИРЭХ ОНД МОНГОЛД ТОГЛОЛТОО ХИЙНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     АНУ, ОХУ ХҮЙТЭРСЭН ХАРИЛЦААНДАА ЦЭГ ТАВИЛАА WWW.UBINFO.MN НИЙТЭЛСЭН:2018/07/18     ХУДАЛДААНЫ ДАЙН ХЯТАДЫН КОМПАНИУДАД НӨЛӨӨЛЖ ЭХЭЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/18     МОНГОЛД 92 ОРНЫ 9.6 МЯНГАН ГАДААДЫН ИРГЭН АЖИЛЛАЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/18     ГАДААД ХУДАЛДААНЫ НИЙТ БАРАА ЭРГЭЛТ 6,3 ТЭРБУМ АМ.ДОЛЛАРТ ХҮРЧЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/18     ЕВРОПЫН ХОЛБОО ЯПОН УЛСТАЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ГЭРЭЭ БАЙГУУЛАВ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/18     АЖ ҮЙЛДВЭРЖИЛТИЙН ЭРЧ СУЛАРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/18     МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 3.8 ИХ НАЯД ТӨГРӨГӨӨР НЭМЭГДЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolia welcomes high-level meeting of South and North Korea www.montsame.mn

Ulaanbaatar/MONTSAME/ On January 9, the Spokesperson of the Ministry of Foreign Affairs of Mongolia issued a statement regarding the high-level meeting of the Democratic People's Republic of Korea and the Republic of Korea. 
It reads, "Mongolia welcomes the high-level meeting held today between the Democratic People’s Republic of Korea and the Republic of Korea. We hope that the meeting will give an important impetus towards resuming dialogue to ensure security on the Korean peninsula and confidence-building in the region."

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Mongolian Copper Corp says to fight government stake repurchase www.reuters.com

LONDON/ULAANBAATAR, Jan 9 (Reuters) - Mongolian Copper Corporation (MCC) said on Tuesday it will fight a decision by the Mongolian government to repurchase its stake in one of Asia’s biggest copper mines for about $400 million after a failed attempt to nationalise it.

Earlier on Tuesday, the government passed a resolution to buy the 49 percent holding, giving Mongolia full state control of the Erdenet mine, following a ruling by the country’s Supreme Court in December against the nationalisation decided by parliament in February 2017.

MCC said no agreement had been reached with the government and it would fight the decision legally.

“We will protect our legal ownership rights locally and internationally,” MCC’s Chairman Munkhbaatar Myagmar told Reuters on Tuesday in London. He was is in the city for talks with law firm Omnia Strategy, which is representing the company.

The signal Mongolia’s government was giving to potential foreign investors, which can help it meet the terms of an IMF bailout agreed last year, was negative, he said.

“If this kind of thing happens again, no-one will come to Mongolia,” he said.

Erdenet is one of the region’s largest copper mines, producing 530,000 tonnes of copper concentrate annually.

Mongolia’s proximity to neighbouring China, the world’s biggest copper consumer, has attracted interest from Chilean state-owned company Codelco, the biggest copper-producing company.

Major miner Rio Tinto is already present in Mongolia, where it is working on a massive underground extension at copper mine Oyu Tolgoi.

Oyu Tolgoi is jointly owned by the government of Mongolia (34 percent) and Turquoise Hill Resources (66 percent), which in turn is 51 percent-owned by mine operator Rio Tinto.

MCC purchased the Erdenet mine from Russia in 2016, with the approval of then prime minister Chimed Saikhanbileg.

The parliament later nationalised the mine, saying it had never endorsed the sale.

MCC says its purchase was legal and the government’s dismissal of the Supreme Court’s decision, which upheld an earlier court ruling, was unconstitutional.

It also argues the company will be run more efficiently under private management and says it is a big tax payer to the Mongolian government, paying around $100 million in tax in the first half of last year.

No-one from the Mongolian government was immediately available to comment on Tuesday.

In a statement last week before Tuesday’s government resolution formalised the repurchase, it said MCC would be compensated by the just over $400 million it said the company paid to Russia to acquire the stake. (Editing by David Evans)

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Airbus to increase aircraft production in China www.bbc.com

Airbus has struck a deal to increase the number of planes it makes in China as part of a state visit by French President Emmanuel Macron.

The European giant aims to produce six of its A320 jets each month by 2020 at its final assembly plant near Beijing.

During his three-day visit, Mr Macron said both France and China must open up to doing business with each other.

At present, he said, France has "access to markets which is unbalanced [and] unsatisfying".

He told an audience of French and Chinese business leaders: "If we don't deal with this responsibly, the first natural reaction will be to close up on both sides."

As part of the agreement, Airbus said it will "enhance its industrial partnership in Tianjin" which is one of four global facilities that assemble the A320 family of planes, whose wings are made in the UK.

Airbus said it hopes to "strengthen the cooperation with regards to technical innovation, engineering capabilities and supply chain expansion".

Airbus currently produces four aircraft a month at the facility but said this will rise to five by 2019 before reaching a monthly turnout of six jets by early 2020.

The company is one of a number of businesses travelling with Mr Macron on his first state visit since being elected last May.

He has called on Europe to take a more coordinated approach to trade with China.

Mr Macron said that in the past, countries had come to China with different agendas and varying degrees of openness.

"We need a coordinated European approach... that gives China more visibility about our agenda," Mr Macron said.

"That's why France is in favour of defining strategic sectors where we want to protect investments... It's a question of sovereignty as you yourselves have understood very well."

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Hitachi chairman to become next Keidanren chief www.nhk.or.jp

An executive known for turning around his company is set to become the new chief of Japan's largest business group. Keidanren says Hiroaki Nakanishi, who heads electronics firm Hitachi, will become its next chairman.

Current Keidanren chairman Sadayuki Sakakibara is stepping down when his second 2-year term ends in May.
He says he wants Nakanishi to take over.

Sakakibara said he wants his successor to be an executive from the manufacturing sector who will promote technological innovation and has global experience.

Nakanishi was considered the favorite for the position because of how he turned Hitachi around. The company had posted losses for several years.

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US has to buy Russian natural gas as consumer prices soar www.rt.com

Russia will deliver liquefied natural gas (LNG) to the US, Kommersant daily reports. The reason for the deal is the sharp rise in gas prices on the east coast of the US.
An LNG tanker belonging to French energy company Engie is now shipping from the British port of Isle of Grain to an American terminal, Everett, located near Boston.

The gas being shipped is from Russia’s Yamal LNG plant, according to the newspaper. The tanker is due to arrive in the US on January 22.

As the newspaper reports, the deal was signed because of rising gas prices – to an unprecedented $6,300 per a thousand cubic meters – on the east coast of the US. Extreme weather conditions, in particular a snow storm, led to the price hike.

US sanctions against the Russian energy sector do not directly ban supplies of LNG to America from Moscow. However, Washington has repeatedly stressed it wants to oust Russia as Europe’s key gas supplier and has imposed sanctions that hinder the financing of Gazprom’s projects with Brussels.

The tanker was loaded in the British port just after Russian tanker Christophe de Margerie arrived in the UK in December with the first batch of Russian LNG.

In December, Russia opened an LNG plant in the country’s northern region of Yamal. The ice-breaking tanker was named after the former CEO of Total, Christophe de Margerie, who died in a plane crash in Russia. The tanker can carry up to 173,000 cubic meters of LNG. Russia plans to build 15 tankers of that size.

Costing $27 billion, the plant will have three production lines and a total capacity of 16.5 million tons of LNG per year. Almost 96 percent of the Yamal LNG plant’s production has already been contracted.

The project is a joint venture between Russia’s NOVATEK (50.1 percent), Total (20 percent), CNPC (20 percent), and the Silk Road Fund (9.9 percent).

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Mongolia exports tobacco to North Korea www.news.mn

Trade between North Korea and Mongolia reached a record high last year due to large tobacco exports from Mongolia.

According to figures released by the Ulaanbaatar office of the South Korea Trade-Investment Promotion Agency (KOTRA), trade between the two countries jumped 43 percent year-on-year to nearly two-point-three million dollars in 2017.

Mongolia's exports to the North surged 55 percent to one-point-nine million dollars, and drove up total trade volume. Meanwhile, its imports from the North rose two percent to reach 370-thousand dollars.

KOTRA said that Mongolia's number one export item to North Korea, tobacco, accounted for over 92 percent of total exports to the country in monetary terms.

Meanwhile, medicine was found to its biggest import from the North, taking up 78 percent of the total as of November.

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Zagdjav Deleg: Oyu Tolgoi must stop www.gogo.mn

Deputy minister of Mining and Heavy Industry to take initiative against Oyu Tolgoi.

Deputy Minister of Mining and Heavy Industry Zagdjav Deleg announced to hold a press conference on Monday. However the Deputy Minister cancelled the meeting for uncertain reasons. According to some sources, the press conference supposed to be about Oyu Tolgoi residual deposits.

In the past, he had stated, “The Minister of Mining and Heavy Industry Sumiyabazar Dolgorsuren has a lobby group in the Parliament. This specific group initiated a plan to split the agreement and will soon present a draft agreement to the parliament. The benefits of Oyu Tolgoi are still invisible to the public and Mongolia`s economy.”

“After three years of operation, the company extracted around 3 million tons of copper extraction alone amounts to 600 thousand tons. no profit gained from this production. Rio Tinto recently raised USD 4.5 billion to finance Oyu Tolgoi. The fund has been split among the stakeholders. Not a single penny was brought into Mongolia. Mongolia`s debt. along with its interest rate, for the 34 percent ownership of Oyu Tolgoi equals around USD 2 billion. Why did company not pay off this debt?

This is the biggest reason why Oyu Tolgoi operations need to stop. However, the public had no information about it, which is regrettable. Therefore, the operation of Oyu Tolgoi must stop” said The Deputy Minister of Mining and heavy Industry at the Cabinet`s session.

Therefore, the Deputy Minister might be planning to bring up Oyu Tolgoi once again at the press conference. He also stated “Many Parliament members oppose the Oyu Tolgoi agreement, which was established in Dubai by the former PM Saikhanbileg Chimed. The current PM Khurelsukh Ukhnaa previously announced to inspect the Oyu Tolgoi agreement once he takes office. If there are illegal actions involved, they had to be settled by international regulations”.

Therefore, sources are saying that Mr. Zagdjav Deleg, the Deputy Mining minister of Khurelskh`s Cabinet, is becoming the first to take initiative in the Oyu Tolgoi issue.

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Prime Minister to make his first official visit Seoul www.news.mn

Newly-appointed Mongolian Prime Minister U.Khurelsukh will make his first official visit to South Korea on 15-17 January. The trip to Seoul, will also be his first official visit since taking office in October.

There is always public speculation as to the first country which a newly appointed head-of-state or prime minister will visit. In the case of PM Khurelsukh, most people had thought that he would make his first official visit to Beijing. As Mongolia is sandwiched between the Russian Federation and China and is dependent on the former for fuel imports and on the latter for the bulk of its exports, Mr Khurelsukh's choice of South Korea, may be seen as a wise choice. Ulaanbaatar has close connections with Seoul: currently, no less than 46,000 of its citizens are living and working in South Korea.

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Ministry of Food, Agriculture and Light Industry to implement 11 national programs this year www.montsame.mn

Ulaanbaatar /MONTSAME/ In connection with the Government’s decision to increase excise tax on fuel, filling stations began to impose limits on their supply. These limitations have caused citizens to worry about potential fuel price hike. Chief of the Authority for Fair Competition and Consumer Protection (AFCCP) B.Lkhagva stated its stance on the matter.

He said, “AFCCP is currently examining whether a condition to limit supplies really created. Retail sellers do not have a legal justification for raising prices and fabricating shortages. We met with related officials of the companies which imposed limits and also sent advisory letters to importers to prevent from creating fuel shortage. If companies artificially increased demand and raised prices, they will be fined at 4-6 percent of their sales revenue of the previous year depending on offences, according to the related clauses of the laws on Competition and Offence.

Last week, Mineral Resources and Petroleum Authority reported that the fuel prices would be discussed by the Public and Private Consultative Council responsible for maintaining and monitoring oil supply and prices.

Currently, our country has oil reserves equal to approximately 38 days consumption.

O.Onon

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Unjustified increase in fuel price will be penalized www.montsame.mn

Ulaanbaatar /MONTSAME/ In connection with the Government’s decision to increase excise tax on fuel, filling stations began to impose limits on their supply. These limitations have caused citizens to worry about potential fuel price hike. Chief of the Authority for Fair Competition and Consumer Protection (AFCCP) B.Lkhagva stated its stance on the matter.

He said, “AFCCP is currently examining whether a condition to limit supplies really created. Retail sellers do not have a legal justification for raising prices and fabricating shortages. We met with related officials of the companies which imposed limits and also sent advisory letters to importers to prevent from creating fuel shortage. If companies artificially increased demand and raised prices, they will be fined at 4-6 percent of their sales revenue of the previous year depending on offences, according to the related clauses of the laws on Competition and Offence.

Last week, Mineral Resources and Petroleum Authority reported that the fuel prices would be discussed by the Public and Private Consultative Council responsible for maintaining and monitoring oil supply and prices.

Currently, our country has oil reserves equal to approximately 38 days consumption.

O.Onon

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