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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FRC halts trading for some listed companies www.mongolia.gogo.mn

In accordance with the official notification given on November 21, 2017 by the State Inspector of Financial Regulatory Commission, Mongolian Stock Exchange will halt “APU” JSC, “Jinst-Uvs” JSC, “Nogoon Khugjil Undesnii Negdel” JSC and “Davaanbulag” JSC’s trading starting from November 22, 2017 due to the application of listing amendment.

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Doing business 2018: Mongolia ranked 62nd www.mongolia.gogo.mn

World Bank group introduced The Doing Business report every year.

This project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.
The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages economies to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each economy.

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SoftBank offers to buy Uber shares at 30 percent discount www.reuters.com

SAN FRANCISCO (Reuters) - Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday.

The investment, which was approved by the Uber board in October, would also trigger a string of governance changes at Uber that would limit some early shareholders’ voting power, expand the board from 11 to 17 directors and cut the influence of former Chief Executive Travis Kalanick.

The investment and board moves are supported by new Chief Executive Dara Khosrowshahi and come at the end of a year of scandals and change for Uber, including the announcement last week that executives covered up a major hack in 2016.

The consortium of investors led by SoftBank and Dragoneer Investment Group plan to take a stake of at least 14 percent in the ride-services company. The tender offer will launch on Tuesday, sources told Reuters, and investors have nearly a month to respond.

The SoftBank-led investor group will acquire two of the new board seats, with the remaining four going to independent directors.

Nearly all secondary transactions, when a new investor purchases from existing shareholders, come at a discount to the company’s valuation.

However, the 30 percent discount is steep given Uber’s plan to launch an initial public offering in 2019, said Phil Haslett, co-founder and head of investments at secondary marketplace EquityZen. Usually valuation cuts of this size happen when a company is at risk of being sold at a heavy discount, which Uber is not.

“It really comes down to a re-pricing of Uber’s value,” Haslett said.

Since it was valued at $68.5 billion more than a year ago, the company has been hit by scandals, including accusations of sexual harassment. It has also weathered federal criminal probes into software Uber used to deceive regulators and allegations of paying bribes to authorities in Asia, and a lawsuit by Alphabet Inc’s self-driving unit Waymo, accusing Uber of stealing trade secrets.

Most recently, Uber revealed that the data of 57 million Uber customers and 600,000 drivers had been stolen in a breach more than a year ago, and that the company had paid two hackers $100,000 to cover it up. Since then, governments across the globe have launched investigations into the incident. The scandal raised questions about whether SoftBank would try to renegotiate the deal for better terms.

But Uber said on Friday it had informed SoftBank about the data breach prior to informing the public. However, “our information at the time was preliminary and incomplete,” a spokesman said.

A person familiar with the matter said SoftBank would have already factored any negative impact from the breach into its negotiations with Uber.

Bloomberg reported the offer price earlier on Monday.

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Profit of big Mongolian banks increases www.news.mn

The Economic Policy and Competitiveness Research Centre (EPCRC) has been analyzing the performance of Mongolia's banks. The research covered all but one of the country's banks. According to the report ‘Overview of Bank Competitiveness-III’, thirteen commercial banks accounted for a total of MNT 242 billion profit. Furthermore, the profit of Mongolian banks increased by MNT 105 billion on the previous year.

The profit of the country's three big banks has increased by 64 percent, the three medium sized banks by 67 percent; however, other small sized banks’ earnings have decreased by 26 percent. The savings of the thirteen commercial banks was MNT 15.2 trillion.

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The foreign exchange reserves of Mongolia has exceeded USD 2.0 billion www.mongolia.gogo.mn

Over the last year, Mongolia’s foreign exchange reserves have been steadily increasing. The following factors played the key role in the increase of the foreign exchange reserves:

Due to the increase in the price of the main exporting commodities such as copper and coal, the export volume has increased to USD 4,313.1 million in September 2017 which is an increase of 32 percent from the same period of last year (YoY). As a result, the total foreign trade balance has improved, trade surplus reached to USD 201.9 million.
Since the approval of the “Extended Fund Facility” arrangement by the IMF, foreign investor’s confidence in Mongolia has dramatically increased and pressure on the economy alleviated. The first disbursement of the approved USD 5.5 billion IMF-led package has been credited.
The Government of Mongolia has successfully issued USD 800 million Eurobond with the maturity of 5.5 years and the coupon rate of 5.625 percent. With the proceeds the foreign exchange reserves of Mongolia has exceeded USD 2.0 billion in November 2, 2017.
The gold purchase of the Bank of Mongolia has reached to 16.8 tons by October 24th and which is an increase of 8 percent from the same period of last year (YoY).
The bilateral swap arrangement between the Bank of Mongolia and the People’s Bank of China has been extended for the further period of 3 years.

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Financial regulatory commission approves dual listing regulation www.mse.mn

The revised Securities Markets Law (2013) served as a gateway to new opportunities for the Mongolian capital markets. One such opportunity was the possibility of dual listing, which would enable foreign public companies to be listed on the Mongolia Stock Exchange (MSE) and domestic companies to be listed on foreign exchanges.

Although the legal framework for dual-listing was established in 2013, companies operating in Mongolia but listed on foreign stock exchanges were not able to list their shares on the MSE due to the absence of a dual-listing regulation.

Therefore, the MSE and the Financial Regulatory Commission (FRC) formed a working group to develop the “Provisional Regulation on Registering the Shares of Foreign-Listed Companies and the Shares of Domestic Listed Companies Dual-listing Overseas”, which was approved by the FRC Meeting on November 24, 2017.

Companies looking for a secondary listing are usually incorporated overseas and have their primary listing on their home exchange. Due to the fact that they follow their home laws and regulations, the secondary exchange normally provides initial and ongoing exemptions as per common international practice. Therefore, the highlight of this regulation is the enabling of the foreign-listed issuers that are being dual-listed in Mongolia to follow the laws and rules of their home exchange and for their reporting purposes, professional opinion such as those by international audit and legal firms are to be equally accepted as if they are provided by domestic professional companies. 

Accordingly, the most important requirement for foreign-listed companies looking to be dual-listed on the MSE is to have their primary listing on one of the 26 stock exchanges approved by the FRC. Given the company satisfies this requirement, the remaining procedures are designed to be simple and straightforward.

The approval of this regulation is a significant development milestone for Mongolian capital markets in that it will enable approximately 30 foreign-listed mining companies operating in Mongolia to be listed on the MSE, giving the Mongolian public the opportunity to share the rewards and risks of their businesses.

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November 27, 2017 trading report www.mse.mn

On November 27, 2017, 697,351 shares of 35 firms listed as Tier I, II, and III were traded. 12 firms’ shares increased in price, 18 decreased and 5 remained unchanged. Bulgan Guril Tejeel JSC /GTJ/ and Euroasia Capital Holding JSC /SUN/was the top performer, increasing 15.00 percent, whereas Ulaansan JSC /MNS/ was the worst performer, decreasing 14.60 percent.

The MSE ALL Index increased by 0.44 percent to stand at 1,273.16 points. The MSE market cap stands at MNT 2,435,121,867,239.

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KDDI : Mongolia’s MobiCom launches LTE-A www.4-traders.com

Japanese telco KDDI has announced that its Mongolian subsidiary MobiCom has launched its first LTE-A services. Speeds of up to 225Mbps are available to 4G customers with compatible handsets in parts of Ulaanbaatar and Erdenet. According to TeleGeography’s GlobalComms Database, MobiCom is Mongolia’s largest cellco by subscribers, with around 38% of the wireless market. It is owned by KDDI and Sumitomo Corp of Japan, plus local company NewCom.

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Cabinet reviews winter preparation, meat export and foreign worker quota www.theubpost.mn

Cabinet met on November 24 to discuss winter preparation and set the quota for foreign workforce.

The Prime Minister instructed the Deputy Prime Minister to increase the state reserve of hay and fodder to prevent shortage during winter. Cabinet members agreed to locate sites for hay warehouses in Bayantsagaan soum of Bayankhongor Province, Arvaikheer soum of Uvurkhangai Province, and Tudevtei soum of Zavkhan Province. They also agreed to dispatch hey reserves to regions likely to face challenging winter conditions.

Premier U.Khurelsukh instructed ministers to support exports of sheep and goat meat from provinces with not livestock disease outbreaks. Since January, Mongolia exported 18,000 tons of meat to China, Russia, Vietnam and Iran. The Ministry of Food, Agriculture and Light Industry is expected to export 13,600 tons of mutton and 13,800 tons of goat meat this year.

During the meeting, Cabinet approved the quota for foreign workers in Mongolia for 2018. Next year, the number of foreign specialists and workers being employed by Mongolian organizations and enterprises with over 20 employees must be no more than five percent of their workforce. If it is necessary to exceed the five percent limit, Cabinet will review requests for exceptions.

The five percent limit does not apply to all Mongolian industries and Cabinet approved a list of organizations and enterprises that are allowed to hire more foreign workers. Prime Minister U.Khurelsukh instructed Minister of Health D.Sarangerel to determine the costs of medical examinations for the residence permit of foreign workers. As of October 31, there were 9,500 foreigners from 91 countries residing in Mongolia and the government plans to reduce the number of foreign workers by half in 2020.

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Mongolian FM to visit China www.news.xinhuanet.com

BEIJING, Nov. 27 (Xinhua) -- Mongolian Foreign Minister Damdin Tsogtbaatar will pay his first official visit to China from Dec. 3 to 5, less than two months after Mongolia's new government was formed.

"The new Mongolian government has taken a positive attitude towards China, and China is willing to work with Mongolia to promote bilateral relations and pragmatic cooperation," Chinese Foreign Ministry spokesperson Geng Shuang said at a daily news briefing.
During the visit, Chinese Foreign Minister Wang Yi will hold talks with Tsogtbaatar on strengthening political mutual trust, practical cooperation and people-to-people exchanges, Geng said.

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