1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      НУРАХ ДӨХСӨН БАЙРУУДЫГ ШИНЭЧЛЭХ КОМПАНИ ОЛДОХГҮЙ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛС ВАШИНГТОН, ПЁНЬЯНЫ ХЭЛЭЛЦЭЭРТ ЗУУЧЛАХАД БЭЛЭН ГЭДГЭЭ ЗАРЛАЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolia wins gold at Breckenridge Int'l Snow Sculpture Championships www.xinhuanet.com

ULAN BATOR, Jan. 27 (Xinhua) -- Team Mongolia won gold in the 28th International Snow Sculpture Championships on Saturday with a piece entitled, "The Secret."

The Artist's Choice Award was another Team Mongolia with a piece entitled, "Time" at the annual event in Breckenridge, the U.S. state of Colorado.

Alongside 14 other teams, Mongolia worked a total of 65 hours across five days until Jan. 27 without the use of power tools, internal support structures or colorants.

This is the sixth year of Mongolian artists participating in the competition. In 2017, Artists' Choice was split between the Mongolian teams. Also, the first place winner of both the Artist's and People's Choice Awards of the 23rd Breckenridge International Snow Sculpture Championships Awards was Team Mongolia, whose "Mongolian Warriors" sculpture depicted life-like 13th-century warriors and their horses striding out of a solid 20-ton block base of snow.

This year's Silver was awarded to Team China for their homage to "The Thinker" piece. Team USA won Bronze with their piece titled "Dance Divine."

Last year's winner of the Snow Sculpture Championships was Team China with a piece entitled, "Mermaid."

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Coincheck: World's biggest ever digital currency 'theft' www.bbc.com

One of Japan's largest digital currency exchanges says it has lost some $534m (£380m) worth of virtual assets in a hacking attack on its network.

Coincheck froze deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM, a lesser-known currency.

It may be unable to reimburse the funds lost on Friday, a representative told Japanese media.

If the theft is confirmed, it will be the largest involving digital currency.

Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.

The stolen Coincheck assets were said to be kept in a "hot wallet" - a part of the exchange connected to the internet. That contrasts with a cold wallet, where funds are stored securely offline.

Coincheck says it has the digital address of where the assets were sent.

Hackers broke in at 02:57 on Friday (17:57 GMT Thursday), the company said in a statement, but the breach was not discovered until 11:25, nearly eight and a half hours later.

Company chief operating officer Yusuke Otsuka said 523m NEMs had been sent from Coincheck's NEM address during the breach.

"It's worth 58bn yen based on the calculation at the rate when detected," he told reporters at the Tokyo Stock Exchange.

Coincheck was still examining how many customers had been affected and trying to establish whether the break-in had been launched from Japan or another country.

"We know where the funds were sent," Mr Otsuka added. "We are tracing them and if we're able to continue tracking, it may be possible to recover them."

Coincheck reported the incident to the police and to Japan's Financial Services Agency.

How damaging is the loss?
NEM, the 10th-largest crypto-currency by market value, fell 11% over a 24-hour period to 87 cents, as of 18:30, Bloomberg news agency reports.

Among the other crypto-currencies, Bitcoin dropped 3.4% and Ripple retreated 9.9% on Friday, according to prices seen by the agency.

More was lost on Friday than in 2014, when MtGox lost what it thought was 850,000 bitcoins. However, MtGox later found 200.000 bitcoins in an old digital wallet.

"In a worst-case scenario, we may not be able to return clients' assets," an unnamed Coincheck representative was quoted as saying on Saturday by Japan's Kyodo news agency.

After the collapse of MtGox shook the digital currency world, a licensing system was introduced in Japan to increase oversight of local currency exchanges such as Coincheck.

"What's the lasting impact? It's hard to tell," Marc Ostwald, global strategist at ADM Investor Services International in London, told Bloomberg.

"Japan is one of the most pro-crypto trading countries, among the G-20. In Japan they don't really want a wholesale clampdown. So it will be interesting how Japanese regulators respond to this, if they indeed do."

50 Cent discovers his Bitcoin millions
What is Coincheck?
Founded in 2012, the company is based in Tokyo, where it employed 71 people as of August last year.

Its headquarters are located in the city's Shibuya district, an area popular with start-ups that was also home to MtGox, Bloomberg reports.

Last year, Coincheck began running adverts on national television featuring popular local comedian Tetsuro Degawa, the agency adds.

Kunihiko Sato, a 30-year-old customer from Tokyo, told Kyodo he had deposited about 500,000 yen ($4,600), into his account with the exchange.

"I never thought this kind of thing would happen with Japan's developed legislation," he said.

How do crypto-currencies work?
Whereas money is printed by governments or traditional banks, digital currencies are generated through a complex process known as "mining". Transactions are then monitored by a network of computers across the world using a technology called blockchain.

There are thousands of them, largely existing online, unlike the notes or coins in your pocket.

It may be more useful to think of them as assets, rather than digital cash. The vast majority of Bitcoin holders, for instance, appear to be investors. But the anonymity that crypto-currencies afford has also attracted criminals.

The value of a crypto-currency is determined by how much people are willing to buy and sell them for.

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Rio Tinto and the Government of Mongolia strengthen relationship by setting up a joint working group to create long-term sustainable solutions www. news.europawire.eu

LONDON, 25-Jan-2018 — /EuropaWire/ — The Prime Minister of Mongolia U. Khurelsukh and other government representatives and Rio Tinto chief executive J-S Jacques met in Ulaanbaatar today to progress their partnership.

The two sides discussed ways to strengthen the relationship by setting up a joint working group to explore:

whether funding costs can be reduced to improve benefits from the Oyu Tolgoi project for all shareholders
an accelerated path of development for a power solution in Mongolia
an acceleration of Oyu Tolgoi’s strategy to enable private and public investments towards sustainable community development in Khanbogd, the town proximate to the mine
Rio Tinto chief executive J-S Jacques said: “Rio Tinto remains fully committed to Oyu Tolgoi and Mongolia. Our nearly 14,000 employees and the people of Mongolia should be proud that Oyu Tolgoi is one of Rio Tinto’s safest and most productive mining businesses in the world. We remain committed to creating opportunities for talented Mongolians to build their careers on a global stage.

“We want to work with the Government of Mongolia to create long-term sustainable solutions that benefit all stakeholders and the country while staying true to the established investment frameworks.

“We will continue to work together to solve outstanding issues as the joint working group progresses win-win solutions on matters such as power and community development.”

SOURCE: Rio Tinto

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Mongolian Finance Minister meets IMF delegates www.news.mn

Mongolian officials led by Finance Minister Ch.Khurelbaatar met with International Monetary Fund representatives on Thursday. The IMF delegation has come to Ulaanbaatar to discuss the latest progress on the Extended Fund Facility programme.

The finance minister reported that the Mongolian economy and Tugrik rate has stabilised, foreign reserve and investment has increased and the budget deficit has decreased; since the IMF programme began Mongolia’s credit rating has been upgraded.

The IMF team will stay for 14 days in Mongolia.

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Mongolia bans winter horse racing www.xinhuanet.com

ULAN BATOR, Jan. 25 (Xinhua) -- The Government of Mongolia decided to ban horse races in winter, the Mongolian government press office said in a press statement Thursday.

Also, children under the age 12 are prohibited to participate in all horse races held between the 3rd day of the first month of spring in the lunar calendar and May 1.

The decisions were made by the Government of Mongolia in connection with the health and safety of child jockeys and preventing possible risks during horse races.

According to the Rules of the National Naadam Horse Racing, the minimum age of child jockeys is seven years of age. However, this rule does not apply to all horse races in the country organized throughout the year.

Child jockeys are at greatest risk of being hurt when horses race in the extremely cold weather and at their highest speed.

Using child jockeys during winter and spring should be viewed as a dangerous form of child labor, critics say.

According to statistics, over 1,500 child jockeys were injured during training and races in the last five years, many children became disabled for life as a result of these races, and more than 10 lost their lives during a race.

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Local currency loan to boost Mongolia’s Teso Group www.ebrd.com

The EBRD is providing Mongolian food producer Teso Group with a local currency loan equivalent to US$ 6.5 million to finance the company’s expansion.

The funds will be used to construct a new production facility for fresh noodles and for the purchase of equipment by the subsidiary Agi LLC. In addition, Icemark LLC – another subsidiary of the Teso Group – will receive a portion of the loan to acquire equipment for ice cream production expansion.

Teso Group is one of the largest local food and beverage companies in Mongolia. Initially founded as a small ice cream family business, the company is today a medium-sized enterprise producing ice cream, snacks, noodles, margarine, dairy products and beverages, as well as importing other foodstuffs.

The cooperation between Teso Group and the EBRD began in 2014 when the Bank provided Mongolia’s first local currency loan equivalent to US$ 5.5 million. Local currency funding reduces the exchange rate risk for Mongolian producers but access to these funds remains scarce.

Irina Kravchenko, the EBRD’s Head of Office in Mongolia, said: “We are proud to sign the agreement with Teso Group today as it will support the expansion and growth of a strong and competitive local producer. Having been a partner of the company for more than three years now, we are impressed with the vision, drive and determination of its owners and employees to make it one of the market leaders in Mongolia. The combination of high quality and reasonable prices is a guarantee that consumers will benefit from Teso Group’s success.”

Damjin Odon, Chairman of Teso Group’s Board of Directors, said: “Teso Group started cooperating with the EBRD in 2012 on an international advisory project in preparation for our first financing from the Bank. As a result, our first project together is being implemented successfully. Today we are signing a second loan agreement to support our business expansion, which is taking our cooperation to the next level of development. I am sure that we will work with the Bank on future projects, bringing significant benefits to the Mongolian economy.”

The EBRD is a leading institutional investor in Mongolia, with over €1.6 billion invested in 93 projects in the country to date. The Bank’s investments aim to make the local economy more competitive, integrated and resilient.

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China’s coal imports from Russia, Mongolia surge after North Korea ban www.scmp.com

China’s coal imports from Russia and Mongolia soared in 2017, customs data showed on Thursday, as the two countries filled a supply gap caused by trade sanctions on North Korea.

Arrivals from Russia in 2017 surged 36.3 per cent from 2016 to 25.3 million tonnes, data from the General Administration of Customs showed, with December figures at 2.14 million tonnes, up 16.2 per cent from a year ago and 11.5 per cent from November.

Imports from Mongolia rose to 33.58 million tonnes in 2017, up 27.6 per cent from 2016, while December’s imports came in at 2.83 million tonnes, down 18.6 per cent from a year ago but up 2.5 per cent from November.

What will China say to US ‘blunt’ call to expel North Koreans?

China issued a ban on coal imports from North Korea in late February, about a week after the country tested an intermediate-range ballistic missile. For the rest of the year, China only reported North Korean coal imports in August and September.

In 2016, China brought in more than 20 million tonnes of North Korean coal, making it Beijing’s fourth-largest supplier after Australia, Indonesia and Mongolia.

“The majority of market share left by North Korea was grabbed by Russia, as mining costs in Russia are cheaper than in China’s northeastern region,” said Cheng Gong, an analyst at the China National Coal Association.

China’s imports from North Korea plummet to lowest level in four years

In 2017, Australia was China’s largest coal supplier for a sixth year in a row, bolstered by increasing demand for high-grade supplies due to Beijing’s crackdown on air pollution.

Coal imports from Australia rose 13.4 per cent from 2016 to 79.91 million tonnes. In December, China bought 8.07 million tonnes of Australian coal, up 19.4 per cent from a year ago.

Australian coal, with lower pollutants such as sulphides and ash and a higher energy value, is considered a high-grade fuel compared to Mongolian and Indian supply.

Arrivals from Indonesia in 2017 fell 9.7 per cent from 2016 to 35.28 million tonnes. December imports of 1.71 million tonnes were down 63.1 per cent from the same period in 2016.

China gas imports soar amid pollution crackdown on use of coal

In late November, Beijing eased some restrictions on coal imports to ensure stable coal supplies during the peak winter heating season.

Data released earlier this month showed China’s total December coal imports rose 3 per cent from November to 22.74 million tonnes.

Vessel-tracking and port data compiled by Thomson Reuters Supply Chain and Commodity Forecasts suggest China in January will import around 20.9 million tonnes of seaborne coal, both thermal and coking, up from 17.2 million in December and 19.1 million in November.

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Facebook and Google criticised by George Soros www.bbc.com

The billionaire investor George Soros has criticised tech "monopolies" such as Facebook and Google, calling them a threat to democracy.

At his annual dinner at the World Economic Forum in Davos, Mr Soros warned that social media platforms were "obstacles to innovation".

He raised concerns about their power to shape people's attentions.

However, he predicted their days were numbered because tax policy and regulation would catch up with them.

Mr Soros also called the Trump administration a "danger to the world", adding that he believed the president would be gone by 2020 "or sooner".

'Lost freedom'
But the outspoken financier reserved his strongest criticism for what he called the "unprecedented and transformative" effects of large internet firms.

"The power to shape people's attention is increasingly concentrated in the hands of a few companies," Mr Soros told assembled guests.

Referencing Google and Facebook several times during his speech, he said: "It takes a real effort to assert and defend what John Stuart Mill called 'the freedom of mind'.

"There is a possibility that once lost, people who grow up in the digital age will have difficulty in regaining it."

He cautioned that this would have "far-reaching political consequences", and had already played a large role in the election of Donald Trump.

Facebook declined to comment, while Google did not immediately return a request for comment.

The 87-year-old repeatedly praised EU competition commissioner Margrethe Vestager, whom he said would be the social media companies' "nemesis".

Ms Vestager has become best known for going after US tech giants, slapping charges on Google, Amazon and Apple.

Mr Soros said the EU, which has no internet giants of its own, was best placed to "protect society against them", whereas US regulators, he maintained, were too weak.

"Internet monopolies have neither the will nor the inclination to protect society against the consequences of their actions," he emphasised.

'Societies in crisis'
The Hungary-born hedge fund manager, who initially became famous for having made $1bn by betting on the devaluation of the pound in 1992, heads several foundations devoted to "defending open societies from their enemies".

Mr Soros, a Holocaust survivor, opened his speech by disclosing that he found the current moment in history "rather painful".

"Open societies are in crisis, and various forms of dictatorships and mafia states, exemplified by Putin's Russia, are on the rise."

But he predicted that Donald Trump, whom he previously branded a "would-be dictator," might not last to the end of his term.

"I expect a Democratic landslide in 2018," Mr Soros asserted.

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Cryptocurrency mining is a waste of energy – IMF's Lagarde www.rt.com

The amount of power wasted on producing bitcoin and other cryptocurrencies could soon be equivalent to the yearly energy needs of a large country like Argentina if current trends continue, according to IMF chief Christine Lagarde.

“The bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry,” Lagarde said at the World Economic Forum in Davos in an interview with Bloomberg on Thursday.

“And we figure that in 2018, if it continues, that system will actually consume as much electricity as Argentina.”

According to the Bloomberg’s data, cryptocurrency miners used more than 37 gigawatt-hours a day – equivalent to 30 1.2-gigawatt nuclear reactors running at full capacity.

Digiconomist’s Bitcoin Energy Consumption Index says cryptocurrency mining could power 4,124,115 US households, and the energy consumed can be compared to Iraq’s electricity consumption.

The cryptocurrency network is mostly fueled by coal-fired power plants in China because energy is cheap there, which results “in an extreme carbon footprint for each unique bitcoin transaction,” the website claims.

“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine bitcoin, it’s a big concern,” Lagarde said.

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DBM’s investment rating upgraded to BBB www.gogo.mn

Moody’s has stated that the credit rating of the Development Bank of Mongolia (DBM) has a direct link to the nation’s credit rating, which has been upgraded from Caa1 to B3, as the government can support DBM as needed, and DBM's rating has been upgraded to BBB.

With the upgraded rating, DBM has the opportunity to issue long-term and low-cost financing in the international stock market. A country’s financial system, governance, budget and monetary policy play an important role in determining a nation's credit rating. When a rating changes, international investment expenditure can swing by up to 0.8 percent.

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