1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      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     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

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

NEWS

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Saudi Arabia could seize $800bn in assets in corruption crackdown www.rt.com

The Saudi anti-corruption push involving the arrest of princes and government ministers may lead to the confiscation of cash and other assets worth of at least $800 billion, according to people close to the issue, writes the Wall Street Journal.

“They reckon they could get around two to three trillion riyals from these people. That’s the number they are talking about,” a person close to the government told the paper.

On Saturday, Saudi state media reported the arrest of at least 11 Saudi princes and four incumbent ministers, with the minister of the National Guard, and the economy minister among those detained. The arrests are reportedly the part of a broader plan to fight corruption in the kingdom.

Some leading businessmen have been arrested since the crackdown started, with more than 60 princes, officials and other big-name Saudis in custody, according to the sources cited by the WSJ.

The kingdom's central bank has reportedly frozen the accounts of “persons of interest” and said the step was “in response to the Attorney General’s request pending the legal cases against them.”

According to the media, most of the frozen assets are abroad, which will make the process of reclaiming and confiscating longer and more complicated. All the funds accumulated through corruption are to become state property.

The anti-corruption crackdown is led by a newly established committee chaired by Crown Prince Mohammad bin Salman. The agency was created by royal decree of King Salman bin Abdulaziz Al Saud, and published by Saudi Arabia’s official news agency on Saturday.

The committee is exempt from “laws, regulations, instructions, orders, and decision” while performing its wide range of duties, namely “identifying offenses, crimes, persons and entities” complicit in corruption, and gives it the power to impose punitive measures on those caught red-handed. Those include asset freezes, travel bans and arrests.

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CIC, Goldman Sachs establish China-U.S. industrial cooperation fund -U.S. State depart www.reuters.com

BEIJING (Reuters) - China Investment Corp (CIC) and Goldman Sachs have signed a strategic agreement to establish a China and United States industrial cooperation fund on the sidelines of a state visit to Beijing by U.S. President Donald Trump.

CIC and Goldman’s new fund will target $5 billion in commitments to invest in U.S. companies in industries such as manufacturing, industrial, consumer and healthcare that have or can develop China business connections, the U.S. Department of State said in a release on Thursday.

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Non-banking financial institutions increase their share capital in 2017 www.mongolia.gogo.mn

Following the Financial Regulatory Committee's October 2016 order to nine non-banking financial institutions (NBFIs) to increase their shareholder value, NFBIs including National Credit, Khaan Credit, Ashig Golomt, Utpala Finance, Mongolian Financial Partners, Asia Capital Corporation, SONK, and others have raised their capital value to a minimum of 2.5 billion MNT.

Newly established NBFIs are no required to hold a minimum of 2.5 billion MNT in capital, and veteran institutions have been gradually raising their shareholder value over the past year. Exponential Fund Management LLC’s shareholder value increased by 110 million MNT in the past 12 months, reaching 214 million MNT.

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Copper, iron ore prices up despite plunge in Chinese imports www.mining.com

Copper and iron ore prices bounced back on Wednesday despite customs data showing a sharp drop in imports by China as the country's winter anti-pollution program cuts down refinery and blast furnace production.

In heavy volume of more than 1.1m tonnes by lunchtime in New York Comex copper for delivery in December added nearly 1% from Tuesday's close to $3.1115 a pound ($6,860 per tonne). Copper hit an intra-day high of $3.25 a pound, the highest since February 2014, mid-October and year-to-date gains for the bellwether metal remain above 23%.

October customs data from China showed import volumes of unwrought copper fell to the lowest since April, totalling 330,000 tonnes during the month, down more than 20% from September. While imports were up from September last year, cargoes are down nearly 8% over the first 10 months of 2017 to 3.76m tonnes compared to the same period in 2016.

Shipments of copper concentrate in October were up slightly from last year but fell back month-on-month to total 1.37m tonnes in October. Year to date Chinese concentrate imports are up slightly from last year. China consumes nearly 50% global copper output.

Iron ore volumes at year-and-a-half low
China consumes more than two-thirds of the seaborne iron ore market and produces as much steel as the rest of the world combined. Beijing's war on smog has concentrated on the country's steelmaking hubs near the capital where mandated cuts of as much as 50% came into effect last month.

Imports of high-quality iron ore fines and lump ore from Australia, Brazil and South Africa topped 100m tonnes for the first time in September, but plunged by 23% last month to 79.5m tonnes as steelmakers work through inventory amid lower production. Total shipments for the first ten months of the year is up 6.3% to 896m tonnes.

Reuters report usual seasonal factors are also behind the slump.

"The steel production cuts should be the main reason (behind the October drop in imports) but at the same time because we have a National Day holiday in October and if you look at historical data, October imports are usually lower," said Wang Di, consultant at CRU in Beijing.

"I think imports will remain relatively low (for November and December), but maybe not as low as October. Given the production cuts and the very high port stocks at the moment, I don't think there's very strong demand."
The Steel Index benchmark price for Northern China 62% Fe ore was up slightly on Wednesday to trade at $62.50 a tonne. While down sharply from highs struck early in 2017, year-to-date iron ore has averaged $71.10 a tonne compared to $56.50 over the course of 2016.

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120 billion MNT allocated for Ipotek loans in 2018 www.mongolia.gogo.mn

Under the proposed 2018 state budget, 120 billion MNT will be allocated for Ipotek loans.

The allocation for the 2017 state budget was 111 billion MNT. Since the implementation of the International Monetary Fund’s Extended Fund Facility program, the Bank of Mongolia (BoM) has been financing Ipotek loans with bond financing.
The government has been responsible for financing in the form of coupon payments and 9 billion MNT distributed to commercial banks from the state budget each month. The BoM is financing 16 billion MNT in Ipotek-backed bonds and 25 to 35 billion MNT in loan financing is being allocated to commercial banks.
The government is expected to be in full control of the Ipotek loan program in 2018, as discussed with the IMF. The balance of Ipotek loans currently stands at 4.2 trillion MNT, with 77 percent of loans having a 5 and 8 percent interest rate and the remaining 23 percent of loans having bank financing.
In September 2017, 49.6 billion MNT in loan financing was granted to 808 borrowers, which brings the total number of Ipotek borrowers to 92,600. Ipotek loan approvals fell by two percent compared to September 2016.

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Rio Tinto joins race for stake in world’s largest lithium miner www.mining.com

Rio Tinto (ASX, LON:RIO) is said to be weighing an investment in Chile’s Chemical and Mining Society (SQM), the world's largest lithium producer, becoming the latest in a long line of companies interested in grabbing a stake in the Santiago-based miner.

According to Chilean news site El Mostrador (in Spanish), the Anglo-Australian giant is eying the 32% interest in SQM that Canada’s Potash Corp. of Saskatchewan (TSX, NYSE:POT), the world’s largest producer of the fertilizer by capacity, has to sale to be allowed to merge with smaller rival Agrium (TSX, NYSE:AGU).

The Saskatoon-based potash miner is working with Goldman Sachs and BofA Merrill Lynch to sell its stake in SQM (worth about $4.5 billion at current market values), and so fulfill some of the conditions imposed by regulators in China and India to approve the company’s friendly merger with Agrium.

El Mostrador suggested Tinto Rio had already made a bid, potentially trumping Chinese companies Sinochem, Tianqi and GSR Capital, all of which had also expressed interest in SQM.

The news came on the heels of PotashCorp and Agrium announcing Tuesday that China’s ministry of commerce had approved the merger, but required the sale of PotashCorp’s minority holdings in Arab Potash Company and SQM within 18 months of closing, and Israel Chemicals Ltd. within nine months.

SQM, which has a market value at just over $15 billion, produced roughly 44 million tonnes of lithium carbonate last year and is developing new projects in Chile and Australia.

Rio's current incursion in the lithium market is mostly limited to its 100%-owned lithium and borates mineral project in Jadar, Serbia, which is still in the early stages of development.

While the company’s chief executive Jean-Sebastien Jacques has not ruled out acquisitions in recent comments to the market, he has also noted the company would only consider opportunities that make a "smart buy"
That’s why purchasing a stake in SQM would not be inconsistent with Rio's current strategy, said Investec in a note to clients, adding that such move would only provide a foothold in a sector where the company has some exposure, but with Jadar still many years away, "if it is developed at all".

Sources familiar with PotashCorp’s stake sale said in September that US chemical company Albenarle Corporation (NYSE:ALB) had already expressed its interest in acquiring a piece of SQM.

If successful, such deal would give the Charlotte, North Carolina-based firm a leading position in Chile’s lithium sector, something the country’s government would try blocking at all costs.

Laws enacted in the 1970s and 1980s classify lithium as a “strategic” commodity for Chile on the grounds it can be used in nuclear-fusion power plants. While the South American nation is very unlikely to build one of those facilities any time soon, controls on lithium production remain and only two companies — SQM and Albemarle — are currently allowed to mine the white metal used in electric car batteries.

PotashCorp-Agrium merger to close by year-end

Meanwhile, the PotashCorp-Agrium merger is moving forward with the companies saying Tuesday they expect the deal close by year-end. To expedite the process, Agrium has agreed to sell its Idaho phosphate production facility for $100-million to fertilizer company Itafos. The move aims to address concerns of US regulators about the tie-up.

The companies said that the new company, to be called Nutrien, would create the world’s largest potash miner worth about $36 billion, including debt.

The merged firm is expected to achieve $500 million of annual operating synergies.

Nutrien will also be the second biggest producer of nitrogen fertilizer with operations in 18 countries and more than 20,000 employees worldwide.

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November 08, 2017 trading report www.mse.mn

On November 08, 2017, 174,946 shares of 52 firms listed as Tier I, II, and III were traded. 27 firms’ shares increased in price, 17 decreased and 8 remained unchanged. Juulchin Govi JSC /JGV/ was the top performer, increasing 15.00 percent, whereas UB-Buk JSC /BUK/ was the worst performer, decreasing 14.30 percent.

On the secondary market for government bonds, 1,094 bonds with a value of MNT108.2 million were traded.

The MSE ALL Index increased by 0.14 percent to stand at 1,154.63 points. The MSE market cap stands at MNT 2,267,697,536,007.

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Russian Altai Republic interested in Mongolian livestock sector www.news.mn

Located in western Siberia, the Russian Altai Republic shares more than just a common border with the mountainous west of Mongolia: both are important agricultural regions, well known for ecologically pure products and the “Altai” brand. On Tuesday (7 November), the Mongolian National Chamber of Commerce and Industry (MNCCI) hosted a business meeting for a trade delegation from the Republic. The two sides exchanged views on mutually-beneficial cooperation in energy, heating, agricultural facilities, wheat, flour and fodder production, seabuckthorn oil processing and rail transportation. Representatives from over ten companies are in the Russian delegation; clearly, top of their agenda is the Mongolian livestock sector.

During the MNCCI conference, the Mongolian side introduced the Tsagaan Nuur Free Economic Zone to the Russian delegation. Meaning “White Lake”, the Tsagaan Nuur Free Economic Zone was established in November 2005 to catalyze the development of the far western region of Mongolia – in other words, the part of the country which shares a border with the Russian Altai Republic. The Free Economic Zone is located 68 km away from the administrative centre of the province of Bayan Ulgii and some1,720 km away from Ulaanbaatar. The Russian border is much closer - only 32 km.

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Mongolia aspires to level up its ties with Kazakhstan www.montsame.mn

Ulaanbaatar /MONTSAME/ Foreign Minister D.Tsogtbaatar received Ambassador of the Republic of Kazakhstan to Mongolia K.I.Koblandin, on November 7.

Minister D.Tsogtbaatar expressed Mongolia’s aspiration to bring the relations and cooperation with Kazakhstan into new level and noted the need of increasing a frequency of the political talks and mutual visits.

Ambassador K.I.Koblandin congratulated Minister D.Tsogtbaatar on his appointment as the Foreign Minister and handed over a letter from Foreign Minister of Kazakhstan Kairat Abdrakhmanov.

The parties also exchanged views on works planned in 2018 within the bilateral cooperation.

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Centerra Gold stock price increases by 2.03 percent www.mongolia.gogo.mn

The Government of Mongolia has stated that audits are being conducted of the nation's strategic mines, under the direction of Parliament's State Budget Committee, including the Boroo and Gatsuurt mines.

After the government's statement was made, on November 6, stock prices for Centerra Gold (full owner of the Gatsuurt mine) rose by 2.03 percent on the Toronto Stock Exchange, reaching 8.05 CAD.
Centerra Gold updated the Gatsuurt project's technical and economic feasibility study last October, and it is estimated that the project holds 1.3 million ounces of open-pit mining gold reserves.

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