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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Mongolia plans 8GW increase in wind power capacity www.the-eic.com

Mongolia plans to add 8GW to its wind power capacity after the successful launch of a 50MW wind farm last week.

Clean Energy Asia’s Tsetsii windfarm in Umnugobi province in the Gobi Desert came online on 6 October.

The country is focusing on its wind power development in anticipation of the so-called Asian super-grid, which is planned to connect Russia, India, China, South Korea and Japan and holds huge export potential for Mongolia.

Engie’s 55MW Sainshand wind farm, located southeast of Ulaanbaatar, is the next project due to come online with commissioning planned for 2018.

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Investors smile as Elixir Petroleum soars 82 per cent on Mongolia deal www.stockhead.com.au

Investors have jumped on board Elixir Petroleum on news it will acquire Mongolian-focused coal bed methane company Golden Horde for around $3.6 million.

The stock (ASX:EXR) soared as much as 82 per cent on Tuesday to an intraday high of 8.2c before cooling to 7.2c — still up 60 per cent for the day.

Elixir has an exclusive option to buy Golden Horde for 79 million shares, which prices the deal at around $3.6 million based on yesterday’s closing price of 4.5c.

The prize is Golden Horde’s production sharing contract with the Mongolian government which, if awarded, will grant Golden Horde the right to explore and develop coalbed methane in what is considered one of the most prospective basins in Mongolia.

The contract covers land surrounding one of the world’s largest producing thermal coal deposits Tavan Tolgoi, which had 14 million tonnes of coal in 2016, Elixir said.

Golden Horde is awaiting final approval from the Mongolian government. The final award of the contract is a key condition precedent of the deal.

Elixir cautioned shareholders that there was no guarantee when or if the contract would be awarded given the extensive regulatory approvals required.

In the event approval occurred quicker than anticipated, Elixir secured the exclusive option to purchase Golden Horde for $25,000. The option lasts through to 30 September 2018.

Acquisition was subject to a $1.6 million capital raise by Elixir which was successfully completed today. Shareholders will vote on the acquisition at the 2017 annual general meeting.

Golden Horde managing director Neil Young will join the Elixir board as CEO and executive director once deal has been completed.

In meantime, Elixir will begin planning activities and studies over coming weeks including defining the prospective resource over the PSC area.

Elixir has a market cap of around $12 million.

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2016 Poverty Rate in Mongolia Estimated at 29.6 Percent www.worldbank.org

Ulaanbaatar, Mongolia, October 17, 2017 - The National Statistical Office (NSO) of Mongolia today presented the outcomes of the poverty estimation outcomes in a seminar entitled “Poverty Situation - 2016” organized jointly with the World Bank. The two institutions have been collaborating in developing methodology for estimating poverty rate through household income and expenditure surveys as well as living standard measurement survey since 2002. This time, the poverty rate has been jointly estimated based on the 2016 Household Socio-Economic Survey. 

This year poverty rate has been estimated at an aimag level for the first time in Mongolia, based on the 2016 Household Socio-Economic Survey. The poverty rate shows the changes in the living standards during the period of time and does not reflect the changes occurred since the beginning of 2017. 

During the 2014 launch of the poverty estimation outcomes, NSO mentioned that the consumption level of the people who got out of poverty was just above the national poverty line, making many people vulnerable to slipping back into poverty in case of negative effects from economic shocks. The outcome of the current survey shows that the people who were above the poverty line in 2014 have slipped back into poverty due to negative consequences of the socio economic shocks in 2015-2016.

The economic growth has been slowing down since 2012, lowering to 11.6 percent in 2013, 7.9 percent in 2014, 2.4 percent in 2015, and 1.2 percent in 2016. Thus, the economy grew by only 3.6 percent in total between 2015 and 2016, while in 2012-2014 the growth was 20 percent.

Factors behind worsening livelihoods in 2015-2016 included decline in the construction, professional, science and technology sector outputs by 6.3-7.4 percent in 2016, drop in the number of employees in the construction sector by 16,700 people, and zero increase in salary and pension in 2015 and 2016. 

According to the estimation, concluded jointly by NSO and the World Bank, the poverty rate in Mongolia reached 29.6 percent in 2016 – an increase by 8.0 percentage points from the poverty rate of 21.6 percent in 2014. This shows that 907.5 thousand people out of the total 3.0 million people in Mongolia were living in the poverty. In 2016, the poverty depth amounted to 7.7 percent representing a growth of 2.5 percentage points from 2014 level, and poverty severity amounted to 2.9 percent, an increase by 1.0 percentage point from 2014 level. 

Comparison of the livelihood standards in urban and rural areas showed that the poverty has increased more in rural areas then in urban areas. Although the overall number of people living in rural areas is less than the number of urban residents, the poverty rate in rural areas has increased by 10.1 percentage points. The poverty rate in rural areas declined by 11.7 percentage points in 2014 from the 2012 levels, but resumed back by 10.1 percentage points in 2016, reflecting how the households with consumption level just above the national poverty line, affected by minor socio-economic difficulties and weather conditions, shifted below the poverty line. 

Regional poverty rate estimations show the poverty rate increase of 12.5 percentage points in Eastern region, 10.1 percentage points in Western region, 8.4 percentage points in Ulaanbaatar city, 8.3 percentage points in Khangai region, and 4.6 percentage points in Central region - the lesser increase compared to other regions.

Poverty outlook by regions shows the lowest poverty in Uvs aimag among other four Western aimags with the poverty scope of 24.2 percent. Poverty level in Zavkhan is highest with the poverty scope of 47.5 percent. In Khangai region, the poverty scope in Orkhon aimag is 23.5 percent – the lowest compared to five regional aimags, while poverty scope in Uvurkhangai aimag has the highest in the region at 41.5 percent. In the Central region, Umnugovi had less poverty than the other six aimags with the aimag poverty scope at 15.4 percent, while Govisumber aimag had more poverty with the scope of 52.4 percent. In the Eastern region, all three aimags have similar levels of poverty with poverty scope of approximately 41.5-47.0 percent.

Poverty scope was higher than the national average in all aimags except Uvs, Orkhon, Khuvsgul, Dornogobi, Dundgobi, Umnugovi, and Tuv.

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Khan bank and Golomt bank selected as dealers of Interbank FX platform www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia (BoM) has selected the Khan Bank and the Golomt Bank again as basic dealers of the Interbank Currency Exchange Platform for the fourth quarter of this year.

Basic dealer- banks are responsible for conducting foreign exchange deal actively at the platform and have advantage to use the name of basic dealer and participate in foreign exchange auction with more bids.

The BoM launched interbank exchange platform last April and it activated interbank dollar exchange trade by 2.2 times, compared to the same period of last year.

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SEC charges Rio Tinto, former top executives with fraud www.mining.com

NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Tuesday charged mining company Rio Tinto Plc (RIO.AX) and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique acquired for $3.7 billion and sold a few years later for $50 million.

The U.K.’s Financial Conduct Authority also said Tuesday it had reached a settlement with Rio Tinto under which the company would pay a fine of £27 million ($35.6 million) to settle claims that it breached accounting rules in connection with the Mozambique assets.

In a lawsuit filed in U.S. federal court in Manhattan, the SEC said Rio Tinto, former Chief Executive Officer Thomas Albanese, and former Chief Financial Officer Guy Elliott failed to follow accounting standards and company policies to accurately value and record the assets.

The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan
The lawsuit centers on Rio Tinto’s 2011 acquisition of Mozambique coal explorer Riversdale Mining for $3.7 billion. The SEC said that soon after the deal was completed, Rio Tinto learned that the acquisition would yield less coal, and of a lower quantity, than expected.

The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan. Making public a second failure “would call into question Albanese’s and Elliott’s ability to pursue the core of Rio Tinto’s business model,” the SEC said in its complaint.

By making misleading public statements, Rio Tinto and the executives were able to raise $5.5 billion from U.S. investors, the SEC said. They continued to solicit the investments even after executives of the Mozambique subsidiary told Albanese and Elliott that the unit was likely worth negative $680 million, according to the SEC.

The SEC said the fraud continued until January 2013, when another executive discovered accounting irregularities. Albanese subsequently resigned, and the Mozambique subsidiary was sold for just $50 million, the SEC said.

Rio Tinto said it would defend itself vigorously against the allegations. Lawyers for Albanese and Elliott could not immediately be reached for comment.

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Putin green lights launch of the CryptoRuble www.rt.com

Russian President Vladimir Putin has ordered the issue of a national cryptocurrency, according to Communications Minister Nikolay Nikiforov, after a closed-door meeting.

The minister said once the digital currency or CryptoRuble is issued other cryptocurrency mining will be banned and it will be entirely regulated by the government.

“I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbors in the Eurasian Economic Community will do it in a couple of months,” said Nikiforov.

All the financial operations involving the CryptoRuble will be taxed according to the minister. The tax will also be applied to any appreciation in value.

“When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total,” he said.

The national digital currency will be moved to international markets, according to the Russia's Deputy Minister of Economic Development Oleg Fomichev, stressing that there is no point in the currency circulating only inside the country.

“This mustn’t be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy,” he said.

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Housing price index declines www.mongolia.gogo.mn

ULAANBAATAR (GoGo Mongolia) - The housing price index of 6 central districts of Ulaanbaatar observed a decline by 1.2% if compared to third quarter of 2016 and by 0.3% from the preceding quarter of 2017, respectively. 

Most depreciation is recorded in Bayangol and Songinokhairkhan districts at 1.6% and 1.5%, respectively from a year ago. Subsequent decline goes to Khan-Uul Chingeltei and Bayangol districts at 0.3%, Bayangol and Sukhbaatar districts at 0.2%.
The lowest drop is observed in Songinokhairkhan district at 0.5%. 
Below figure shows the housing price index, by percent, in the third quarter of 2017, by central 6 districts of Ulaanbaatar, compared with the same period of previous year. 
In reference period, housing price index for apartments built before 1970's dropped in all 6 central districts from 0.4% to 2.2%.
For apartments built during 1970's to 2001 this figure is by 0.6%-1.8% and for apartments built after 2001 by 0.4%-1.0% compared with same period of 2016, respectively.
If compared to preceding quarter, housing price index for apartments built before 1970's stays without a change in Sukhbaatar district, however decreasing in remaining districts from 0.3% to 0.6%.
Housing price index for apartments built 1970's-2001 unchanged in Bayanzurkh district, however, decreased in other 5 districts from 0.1% to 0.5% and for apartments built after 2001 decreased in central 6 districts by 0.1%-0.3% compared with previous quarter.

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Discussing future of robotics www3.nhk.or.jp

Technology specialists from Japan and the US have gathered in Silicon Valley to discuss the future of robotics.

About 400 people on Monday participated in the event sponsored by Japan's New Energy and Industrial Technology Development Organization.

University of California Professor Henrik Christensen was optimistic about the future possibilities for the robotics industry. He said research should lead to new practical applications, such as nursing care for the elderly and rescue work during natural disasters.

The event showcased some of the latest robots. One machine will pick things up in response to orders sent from a tablet.

A Japanese participant said he hopes to work with Silicon Valley to foster further growth in Japan's robotics industry.

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IMF team to arrive in Mongolia later this month www.montsame.mn

Ulaanbaatar /MONTSAME/ A team of the International Monetary Fund (IMF) will be arriving in Mongolia later this month for a Second Review of the Extended Fund Facility program.

The above issue was touched upon during a meeting between N.Bayartsaikhan, Governor of the Bank of Mongolia and Christine Lagarde, IMG Managing Director, on the sidelines of Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) held in Washington, DC, the USA on October 9-15.

During his meeting with the IMF Managing Director, the Mongol Bank Governor reiterated Mongolia’s commitment to implementation of the Extended Fund Facility program and handed over a formal letter from Prime Minister U.Khurelsukh.

Managing Director Christine Lagarde appreciated a progress of the Mongolian economic growth and successful implementation of actions within programs thanks to consistent efforts of the Government of Mongolia. She informed that an IMF team will visit Mongolia end of this month to review the program's realization.

Mongolian delegation led by the Governor and B.Nyamaa, State Secretary of the Ministry of Finance participated in the Annual Meetings and met several officials including the IMG Managing Director, Victoria Kwakwa, WB Vice President for the East Asia and Pacific, representatives of the State Department and the Millennium Challenge Corporation of the US and others.

The sides exchanged views on Mongolia’s current economic and social situation, the progress of IMF’s Extended Fund Facility program, future policy measures and cooperation.

During the Annual Meetings, the Mongolian delegates also met with authorities of the Moody’s Corporation and Fitch Ratings Inc.

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Kincora advances Red Well prospect, adjacent to Rio Tinto drilling www.kincoracopper.com

Vancouver, BC— October 17th, 2017. Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announced that ground magnetic and gravity surveys have commenced at the wholly owned Red Well license. The Red Well license is located approximately 40km north of the Oyu Tolgoi concentrate plant and immediately to the north of Rio Tinto drilling activities on a Turquoise Hill Resources license (XV- 19315), the latter being the first regional drilling by any major group since 2012.

Limited previous exploration across the immediate Red Well region has identified outcropping volcanic rocks with localized malachite staining. The volcanics continue into both the eastern and western sections of the license. At the eastern margin of the license a historic rock chip sample returned 2% copper, 0.25g/t gold, 1.5g/t silver, 0.25% arsenic and zinc, 0.08% lead, 0.002% molybdenum and bismuth, with further copper and other anomalies identified to the immediate west. Historic airborne magnetic data suggests that the cover sequence to the north of the outcrop in the central third of the license is shallow, with a historic regional Induced Polarization (“IP”) target across the central portion of the license.
Sam Spring, President & CEO, commented: “The immediate and general regional setting of Red Well is considered to be highly prospective. Capital constrained field activities since securing the license last year have provided encouraging geological indications with positive fertility results, sodic-calcic alteration, with smears of malachite within volcanics located in the central portion of the license. Recent drilling activities by Rio Tinto based on geophysical targets on the license immediately adjacent to the south along the general NNE arc transverse trend from Oyu Tolgoi also provides encouragement.
Ongoing ground magnetic and gravity surveys are expected to advance our interpretation of Red Well and refine target generation for follow up exploration.
The recent direct private placement with EBRD has further strengthened our balance sheet supporting an acceleration of exploration activities. First phase drilling and initial follow up geophysics has already be completed at Devonian target #1, East Tsagaan Suvarga, and drilling is ongoing at our second target, Bayan Tal.
These activities support the first modern systematic Tier 1 copper porphyry drill testing and district scale reconnaissance exploration program in the Devonian copper belt with current geophysics are advancing Red Well as target 3, with plans currently refining targets 4 and 5 within the dominant ground position we hold across the Oyu Tolgoi-Tsagaan Suvarga Devonian belt.”

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