1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

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-US diplomatic ties 30th anniversary celebration wraps up www.montsame.mn

Ulaanbaatar /MONTSAME/ Celebration of the 30th anniversary of diplomatic relations between Mongolia and the United States was officially closed last week.

Minister of Foreign Affairs D.Tsogtbaatar attended the closing ceremony, held by the US Embassy on February 2, where he delivered a speech, in which he highlighted the consistent support of the US in Mongolia’s transition to democracy.

In the margins of the anniversary, Ulaanbaatar and Washington engaged in several visits and events, including the visit of Mongolian Foreign Minister to the US, reforming of the Mongolia Group in the US Congress, and the announcement of Mongolia’s eligibility for a Second Compact Agreement with the Millennium Challenge Corporation, the preparations for which are ongoing.

The two countries also broadened bilateral cooperation through more events such as the US tour of Mongolian ethnic band Husugtun, performance of the Philadelphia Orchestra in Ulaanbaatar, cooperation within Fulbright, FLEX, LEAD programs, and Mongolia’s inclusion in the H-2A, H-2B visa programs.

Mongolia hosted the 12th bilateral consultations between Foreign Ministries on January 20 this year.

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Egypt, Mongolia discuss enhancing economic bilateral cooperation www.dailynewsegypt.com

The executive chairperson of the General Authority for Investment and Free Zones (GAFI), Mona Zobaa, discussed with Mongolian state secretary of the Foreign Affairs Ministry, Davaasuren Damdinsuren, the activation of the recommendations issued by the first session of the Egyptian Mongolian Joint Committee, as well as the Executive Programme for Cultural, Scientific, and Technological Cooperation until 2018.

This came during a meeting between Zobaa with Damdinsuren to discuss ways to strengthen bilateral cooperation between Egypt and Mongolia.

During the meeting, the two sides agreed to enhance areas of joint cooperation and to hold the second session of the Egyptian Mongolian Joint Committee to support bilateral cooperation in all fields.

Moreover, they discussed encouraging bilateral cooperation in the fields of health, medicine, mining, information technology, and agriculture in order to benefit from the technical expertise of both countries.

Finally, Zobaa stressed the keenness of Minister of Investment and International Cooperation Sahar Nasr to enhance the investment relations between the two countries and to welcome more Mongolian investments to Egypt.

She also assured Egypt’s keenness to transfer its expertise to achieve tangible results in Mongolia, through focusing on areas such as investment, investment zones, and free zones.

Damdinsuren arrived to Egypt on Saturday to head a delegation on a three-day visit to Egypt in the fifth round of the bilateral political consultations between Egypt and Mongolia to discuss means of enhancing the cooperation relations between the two countries in all fields.

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Mongolia's largest copper mine co. opens risk awareness center www.xinhuanet.com

ULAN BATOR, Feb. 6 (Xinhua) -- Mongolia's largest copper and gold mining company Oyu Tolgoi LLC has opened its Risk Demonstration Center here, local media reported on Tuesday.

The center aims to raise awareness about the common workplace risks of a mine site. The company's CEO Armando Torres said the center will be open to the public.

Oyu Tolgoi has been Mongolia's largest taxpayer in the past four years.

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IMF Reaches Staff-Level Agreement on the Third Review of Mongolia’s Extended Fund Facility www.imf.com

An International Monetary Fund (IMF) staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar from January 24 to February 6, 2018 to conduct discussions on the third review of the three-year Extended Fund Facility (EFF) arrangement approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million (see Press Release No. 17/193 ).

At the conclusion of the visit, Mr. Gottlieb made the following statement:

“The economy is doing better than expected led by commodity exports and a pick-up in domestic demand. Growth is now projected at 5.0 percent in 2018 and 6.3 percent in 2019. The government’s adjustment program, supported by a $5.5 billion IMF-supported package, is showing positive results with the successful roll over of external bonds maturing in 2017 and 2018, a $1.8 billion increase in reserves, and a sharp reduction in government debt. These developments have resulted in a largely stable exchange rate, a fall in interest rates, and have greatly improved the government’s debt service schedule. Nevertheless, the growth outlook is subject to risks including a fall in external demand for commodities and higher fuel prices. In light of these risks and still limited buffers, fiscal and monetary policies should remain prudent.

“Macro-economic performance under the program has been positive, with all quantitative targets met by large margins. Fiscal results have been much better than expected, supported by stronger revenues and tight expenditure control. The overall fiscal deficit in 2017 was 1.9 percent of GDP compared to the target of 10.6 percent and 17 percent in 2016. The authorities’ program for 2018 envisages continued prudence in the deficit, while strengthening tax administration through new tax laws and improving budgetary controls on concessions, public investment projects and the operations of the Development Bank of Mongolia. The fiscal over-performance has provided some room for adapting program policies including a rise in civil service salaries in 2019 after several years of restraint.

“The authorities are moving ahead with the strengthening of the banking system and it is crucial that the key steps are implemented as planned. Important legal reforms including the Banking law and Bank of Mongolia law have been passed, a new deposit insurance law is expected shortly, and improvements to the regulatory and supervisory framework are under way. The results of the comprehensive Asset Quality Review have been communicated to banks individually and they are now in the process of preparing plans to reinforce, where needed, their capital adequacy. A law on bank recapitalization that delineates, in line with international best practice, when public funds can and should be used will be introduced in coming months. The authorities will also move ahead with putting in place an NPL resolution framework that will allow for more rapid improvement in banks’ balance sheets.

“The authorities and the team have reached staff-level agreement on the completion of the third review under the EFF arrangement, which is subject to the approval of the IMF Executive Board.

“The team thanks the authorities for their cooperation, constructive dialogue, and hospitality during its stay in Mongolia.”

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Public trading sees an increase at the MSE www.gogo.mn

The Financial Regulatory Commission reported that public trading at the Mongolian Stock Exchange (MSE) increased rapidly in the past year.

Stock market trading was over 300 million MNT in 2016 and trading quadrupled in 2017, reaching 1.2 billion MNT. Foreign traders and corporations were responsible for 4.06 percent of all stock market trading, which was 34.8 million MNT higher than 2016’s 8.3 million MNT in trades.

Domestic companies saw trading increase in 2017, and totaled 657.6 million MNT compared to 2016 when the amount was 312.4 million MNT. Public trading on the stock market reached 167.7 million MNT, which was six times higher than 2016 and made up 19.5 percent of all trading.

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Russian company to construct power bridge in Mongolia www.news.mn

Russia’s Federal Grid Company (FGC), an affiliate of the Rosset holding, has started work on a preliminary feasibility study for the Russia - Mongolia power bridge.

Mongolia often experiences electricity shortage problems in its national grid. Previously, Rosset proposed supplying electricity using the power transmission lines from power generating facilities in Siberia. Ulaanbaatar expressed interest in the project, which was due to start in January 2018.

As previously reported, Rosset offered to construction a 500 kV power transmission line across the territory of Russia and Mongolia. Construction of the power line will make it possible for Russia and Mongolia to provide high quality power supply to regions currently experiencing problems with electricity supply. In addition, it would avoid the environmental risks which would have been caused by a 'home-grown' project to build a series of power plants on the River Selenga. The general benefit would be reducing the costs of developing the Mongolian energy system.

Russian environmental and scientific circles have repeatedly expressed their concerns about Mongolia’s plans to build a cascade of hydro-electric dams - one on the Selenga and two on its main tributaries - the Eg and the Orkhon. The sensitivity is because the Selenga river basin feeds Lake Baikal, the world’s largest and deepest freshwater lake and a UNESCO World Heritage site. There are real concerns as to how the dams would influence the sensitive ecology of the lake; in total some 80% of all water that flows into the lake comes from the Selenga and its tributaries.

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Nissan to invest $9 billion for EVs in China www.nhk.or.jp

Nissan Motor plans to invest about 9 billion dollars in China over the next 5 years to boost production and sales of electric vehicles.

Officials of Nissan and joint venture partner Dongfeng Motor Group announced the strategy at a news conference in Beijing on Monday.

They said the joint company aims to increase its annual sales to 2.6 million vehicles by 2022. That's 1.5 million more vehicles than last year.

The company intends to introduce 6 new EV models in China over the next 2 years.

It also wants to develop more than 20 other models, including electric and hybrid vehicles.

By 2020, the partners hope to increase sales of EVs or hybrids to some 30 percent of new car sales.

The head of the joint venture company, Jun Seki, said the Chinese auto market is growing drastically, and that the company aims to be the top brand for electric vehicles in China.

Toyota also plans to start selling electric vehicles in China in 2020.

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Samsung heir freed from S Korea jail www.bbc.com

Samsung heir Lee Jae-yong has been freed from jail after a South Korean court suspended his five year jail term for bribing the country's ex-president.

Seoul High Court upheld parts of the conviction, but used its discretion to release the executive.

Prosecutors may challenge the decision in the country's supreme court.

The case gripped the public amid growing anger against the country's biggest companies, known as chaebols, and their influence on wider society.

In Monday's hearing, the court halved Lee's original sentence to two and a half years - and suspended the sentence for charges including bribery and embezzlement, meaning he does not have to serve any more prison time.

Despite his release, Lee plans to appeal against the remaining guilty verdicts, his lawyer said.

Scandal
Last year a lower court jailed Lee for corruption in a political scandal that ultimately brought down former President Park Geun-hye.

The Samsung Electronics vice chairman, who is also known as Jay Y Lee, had been convicted of a range of offences including bribery and embezzlement.

Lee, has effectively directed operations at the mobile phone and chip maker since his father, Lee Kun-hee, was incapacitated by a heart attack in 2014.

A dramatic turnaround in fortunes for Samsung scion Lee Jae-yong.

There were many outcomes that could have taken place today. But it would be fair to say that Lee walking out of jail was the one that was least likely.

Lee's release will be a major relief to the world's biggest smartphone maker and arguably the most important company in Corporate Korea.

Sources inside Samsung tell me that while the company hasn't seen its share price or profits affected in the short term from Lee's absence, long term it was going to struggle, especially with strategy and future direction.

And you can see the immediate impact of that from the pop in Samsung's share price this Monday - a sign that investors are looking forward to Lee back in the driving seat.

But there are also political consequences to this latest move.

South Korea's President Moon Jae-in won office by campaigning to clean up the powerful chaebol sector in Korea. But many will see the court ruling as effectively a get-out-of-jail card for Lee that goes against everything the president stood for.

What was he accused of?
The 49-year-old was accused of giving donations worth 41bn won ($37.7m; £26.7m) to non-profit foundations operated by Choi Soon-sil, a friend of South Korea's former President Park Geun-hye, in return for political favours.

Prosecutors said the donations were made to Ms Park's confidante to win government support for a big restructuring of Samsung that would strengthen Lee's control over Samsung Electronics.

But Lee's defence team said that the payments were signed off without his knowledge.

Lee admitted that the firm also gave a horse and money to help the equestrian career of Choi's daughter, Chung Yoo-ra, but denied seeking favours.

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Bank of Mongolia to introduce G20 High Level Principles on Financial Consumer Protection www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia is introducing 11 principles of G20 High Level Principles on Financial Consumer Protection developed by Organization for Economic Co-operation and Development (OECD).

The BoM formulated principles in the following directions, considering the issue on financial consumer protection will be coordinated under the rule of regulatory organization and ensured within its supervision.

As projected in the principles, a financial services provider is responsible for strengthening good governance in organization, treating all costumers equally, honestly and fairly.

All financial parties undertake to promote financial education and carry out activities on imparting consumer-oriented knowledge and skills.

In addition, consumer’s savings, correspondent account, and all other assets are to be prevented and protected from fraud and misuse.

B.Batchimeg

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The UK Export Finance increases its assistance to Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ The UK Export Finance raised the volume of its trade-related assistance for Mongolia up to GBP 200 million. Thereby, the agency has admitted the financing with national currency, allowing transactions in MNT. This will enable the purchase of British products and services in MNT.

“Appointing Trade Representative to Mongolia is of a great importance for supporting UK-Mongolia trade and investment cooperation. On January 23, 1963, Great Britain became the first western country to establish diplomatic relations with Mongolia. One year later, our first diplomat came to Mongolia. Since then, our embassy has been operating. We are delighted to commence the 55th anniversary of bilateral diplomatic ties with the good news. UK will continue supporting Mongolia's economy, sustainable development, human rights and democracy,” the Ambassador of the UK, Catherine Arnold said.

B.Misheel

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