1 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      2 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      3 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      4 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      5 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      6 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      7 SOLAR EMPOWERMENT OF NOMADS IN RURAL MONGOLIA WWW.GREENOPTIMISTIC.COM PUBLISHED:2019/02/15      8 MONGOLIA, CUBA TO BOOST BILATERAL RELATIONS WWW.PLENGLISH.COM PUBLISHED:2019/02/15      9 GOOGLE OUTLINES $13BN US INVESTMENT WWW.BBC.COM PUBLISHED:2019/02/14      10 NATIONAL DEVELOPMENT AGENCY TO COOPERATE WITH JAPAN’S MIZUHO BANK WWW.MONTSAME.MN PUBLISHED:2019/02/14      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Trump signs tariffs memorandum against China despite strong warnings www.xinhuanet.com

WASHINGTON, March 22 (Xinhua) -- Despite strong warnings from business groups and trade experts, U.S. President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of imports from China, the latest unilateral move that poses a threat to global trade.

Trump has directed U.S. Trade Representative Robert Lighthizer to publish a list of proposed Chinese goods that could be subject to tariffs in 15 days, while the U.S. Treasury Department will have 60 days to propose restrictions on Chinese investment in the United States, according to the presidential memorandum.

The tariffs "could be about 60 billion" dollars, Trump said Thursday at the White House before signing the memorandum. But a senior White House official told reporters earlier in the day that the number would be close to 50 billion dollars.

The memorandum is based on a so-called Section 301 investigation into alleged Chinese intellectual property and technology transfer practices, launched by the Trump administration in August 2017.

China will "take all necessary measures" to defend its rights and interests, an official with the Ministry of Commerce said Thursday, responding to media reports that Washington will soon release results of the investigation.

"China has made clear its position several times that it stands firmly against such unilateral and trade protectionist practices from the U.S. side," the official said.

Section 301, once heavily used in the 1980s and the early 1990s, allows the U.S. president to unilaterally impose tariffs or other trade restrictions on foreign countries. But the United States has rarely used the outdated trade tool since the World Trade Organization (WTO) came into being in 1995.

"It became no longer necessary really for the United States that they have to use that law, because now we have an effective dispute settlement system under the WTO," said Chad Bown, a trade expert and senior fellow at the Washington D.C.-based Peterson Institute for International Economics (PIIE).

The memorandum follows Trump's recent tariff plan on steel and aluminum imports and January's tariffs levied on imported solar panels and washing machines. These unilateral moves have prompted strong opposition and warnings from business groups around the world.

In a letter to Trump on Sunday, 45 U.S. trade associations, representing retail, technology, agriculture and other consumer-product industries, urged the administration not to move forward its tariff plan on Chinese imports, as it would hurt U.S. consumers and companies.

A group of 25 major U.S. retail companies, including Walmart, Costco and Best Buy, also warned on Monday that any additional broad-based tariff would worsen U.S. inequity and "punish American working families" with higher prices on household basics like clothing, shoes and electronics.

If the Trump administration imposes a 25-percent tariff on information and communications technology imports from China, it would cost the U.S. economy 332 billion dollars over the next 10 years, according to a report recently released by the Information Technology and Innovation Foundation, a U.S. technology policy think tank.

"Simply put, tariffs are damaging taxes on American consumers," said Thomas J. Donohue, President and CEO of U.S. Chamber of Commerce, warning the Trump administration's tariff plan could lead to "a destructive trade war" with serious consequences for U.S. economic growth and job creation.

"Tariffs of $30 billion a year would wipe out over a third of the savings American families received from the doubling of the standard deduction in tax reform. If the tariffs reach $60 billion, which has been rumored, the impact would be even more devastating," Donohue said.

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Mongolia holds mineral exploration forum to boost mining industry www.xinhuanet.com

ULAN BATOR, March 22 (Xinhua) -- The 10th Mongolia Mineral Exploration Forum held here on Thursday to boost the development of geological explorations and mineral industry in Mongolia.

Mongolia has attached large importance to "the development of value-added products, job creation and economic expansion by encouraging domestic and foreign investors" and also has been keen to "strengthen the public-private partnership," Dolgorsuren Sumiyabazar, minister of Mining and Heavy Industry said at the opening ceremony.

The mining industry accounts for about a quarter of the country's gross domestic product (GDP) and more than 90 percent of exports in Mongolia, he added.

Officials and investors from over 10 countries attended the two-day annual event.

In addition, an investors' business meeting will be organized on the second day of the forum to provide a platform for businessmen to introduce their projects.

 
 
 
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Minister D.Sumiyabazar meets EBRD and Deutsche Bank representatives www.montsame.mn

Ulaanbaatar /MONTSAME/ On March 22, Minister of Mining and Heavy Industry D.Sumiyabazar met with Deutsche Bank delegates headed by Heinz-Guenter Bockenheimer, Deutsche Bank Relationship Manager for Asia and Pacific.

At the meeting, Minister D.Sumiyabazar said Deutsche Bank is possible to cooperate with the Erdenes Tavan Tolgoi JSC for issuing later's IPO. Moreover, the Minister informed of lead-up to an upcoming meeting of Mongolia-Germany Intergovernmental Commission.

The same day, Minister D.Sumiyabazar received Nandita Parshad, Managing Director of the European Bank for Reconstruction and Development (EBRD)’s Energy and Natural Resources.

The parties exchanged views on collaboration in resolving water issue Gobi region is confronted with and on technical assistance projects and measures and ways of cooperation within Gold-2 program. 
B.Batchimeg

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Mongolian sales managers’ index increases www.gogo.mn

According to World Economics, the Mongolian sales managers' index increased in March, reaching 51.8 points, after previously being in decline.

The index is calculated based on the speed and direction of economic activity, and analysts say an increase is a sign of a growing economy.

As of March, the market growth index increased and reached its highest point in the last six months. World Economics also highlighted that there was an increase in the business confidence index. In February the index was at 53.4 points, but it approached almost 60 points in March. In 2016, the business confidence index was at 30 points.

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Rio sells one of latest coal assets in Australia for $200 million www.mining.com

Mining giant Rio Tinto (ASX, LON:RIO) has agreed to sell its 75% stake in a Queensland project to Australia's Whitehaven Coal (ASX:WHC) in a deal worth $200 million.

The sale would be the second one this week, and in line with Rio’s strategic decision to exit coal to focus on iron ore, copper and aluminum.

The company noted it was in the process of offloading its remaining Australian coal asset — a stake in the Kestrel underground mine.

"We believe this agreement for the sale of Winchester South represents the best option for the future development of the project while delivering attractive value for Rio Tinto," chief executive Jean-Sebastien Jacques said in the statement.

The transaction, subject to Australian regulatory approvals, is expected to close in the second quarter of the year.

Winchester South is a large, undeveloped coal project located in the northern Bowen Basin, roughly 30km south-east of the Moranbah township. It holds 356 million tonnes of coking and thermal coal mineral resources.

According to Whitehaven, the project has the potential for an open cut mine life of 20-30 years with significant exploration potential, ROM coal production of 7.5 million to 15 million tonnes annually and product coal in the range of 3.5 million-7.5 million tonnes a year.

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7 percent mortgage program in discussion www.ubinfo.mn

The Cabinet is considering to facilitate 8 percent mortgage program. Earlier this year, the Ministry of Finance and Bank of Mongolia (BoM) co-established a working group to prepare a draft subsidiary mortgage program with 7 percent interest rate and 25 percent downpayment, which is 5 percent lower than the current subsidized mortgage requirement. Officials perceive that the current 8 percent mortgage program has reached its target market; thus, the Cabinet has prepared a draft program for the first-time accomodation purchasers in the outskirts of Ulaanbaatar with more favorable terms. Sources claim that the program will be financed from the USD 500 million borrowing from the Republic of Korea that settled was during the Prime Minister’s visit to South Korea in January. The soft loan has a maturity date of 30 years and grace period of 10 years with an annual interest rate of 0.2 percent. Presently, around 30 thousand accommodations are ready for sale; however, the housing sales are only about 30 percent. This year, the Government and BoM set a plan to finance around MNT 300 billion to the mortgage program, which will provide around five thousand accommodations. According to Marketinfo, the mortgage program will be effective in decreasing pollution and other associated social problems. This, along with several air pollution protests last winter, will likely galvanize the Cabinet to approve the application of the program in the second quarter of 2018.

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China ready for trade war with ‘repeat abuser’ of international norms US www.rt.com

China is readying itself for a trade war with the US as Washington reportedly plans to announce new measures against Beijing within days. Officials have been seeking support from other nations and world trade bodies.
US media reports have claimed the White House was preparing punitive measures, including tariffs on Chinese technology and telecoms commodity imports valued at $60 billion dollars, to be a announced on Friday.

That was despite the much-vaunted rapport between US President Donald Trump and China’s Xi Jinping, following the former’s state visit to Beijing last year. A fortnight ago, Trump announced tariffs on steel and aluminum imports, hitting the EU, Japan and South Korea, as well as China.

“The Chinese side never wants to fight a trade war with anybody, but if we are forced to, we will not hide from it,” Foreign Ministry spokeswoman Hua Chunying warned on Wednesday. Beijing will “definitely take firm and necessary countermeasures to defend its legal rights,” she said, as quoted by China’s Global Times.

Meanwhile, the Commerce Ministry said in a statement that Vice-Minister Wang Shouwen had slammed Trump’s new wave of protectionism at an informal meeting of ministers from 50 World Trade Organization (WTO) member-states in India earlier this week.

“Trade restriction measures will not only hurt the global trade order but also cause serious damage to the multilateral trade system,” Wang said, urging all countries to “support the global multilateral trade system and defend the authority and effectiveness of WTO rules.”

The Commerce ministry welcomed Wednesday’s WTO ruling against Obama-era anti-subsidy tariffs on Chinese goods. The decision “proves that the US side has violated WTO rules, repeatedly abused trade remedy measures, which has seriously damaged the fair and just nature of the international trade environment and weakened the stability of the multilateral trading system,” the statement said.

In the Argentine capital Buenos Aires this week, outgoing People's Bank of China governor Zhou Xiaochuan stressed China’s “continued support for multilateralism” at a summit of G20 finance ministers and central bank governors.

Chinese Premier Li Keqiang told a Tuesday press conference that the two economic powers should talk through their differences rather than impose trade restrictions. “In trade, disputes are always resolved through consultation, negotiation and dialogue. I hope both sides will act rationally rather than emotionally to avoid a trade war,” he said.

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Organic products to be recorded in State registration www.montsame.mn

Ulaanbaatar /MONTSAME/ Discussion on draft regulation on state registration and mass consumption of organic products took place on March 21. Food producers, NGOs, scolars and researchers are taking part in the discussion being co-organized by the Ministry of Food, Agriculture and Light Industry, Food and Agriculture Department of the capital city and World Bank Export Development Project.

Suggestions and proposals of the participants on respective provisions regarding state registration and mass consumption of organic products will be reflected in the draft regulation. By approving this regulation it will be possible to register domestic and import alimentary products with the ‘organic’ and ‘natural’ labels and recall the products with counterfeit labels and non-compliant products from the market.

Moreover, it will be easier for consumers to figure out the origin of the organic products through the registration number and QR code on the label including information on where, when and which company produced it and what requirements the product meet.

“Currently all required organic food production regulations have been approved. Therefore, by approving the regulation on state registration and mass consumption of organic products in 2018, the legal environment for producing organic food will be complete” said Organic food specialist of the Ministry of Food, Agriculture and Light Industry D.Tungalag.

At the second part of the discussion an expert of the World Bank's Export Promotion Project introduced the opportunities for companies willing to shift into organic production and preparing for export market to participate in the Export Development Project. The project supports non-mining sectors and provides grants up to USD 100 thousand for organic food producers.

B.Misheel

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Czech-Mongolia B2B seminar on April 03 www.mongolianbusinessdatabase.com

Six Czech companies offering solutions, technologies and units for the mining and energy sector will take part in the prestigious Mongolian international expo ‘Mongolia Mining 2018’ on 4-6th April 2018, with the support of the Embassy of the Czech Republic in Mongolia and the CzechTrade agency. Thanks to the project to support the economic diplomacy, Czech participants will also present at a professional business seminar organized by the Embassy of the Czech Republic in Ulaanbaatar on 3rd April 2018.

With the kind support of the our Embassy and the CzechTrade Agency, ENELEX, the manufacturer of special electronic devices for mining and power engineering, BELT & SERVICE, transportation conveyor belts and technology units for mines and power engineering, FERRIT, offering comprehensive minerals transportation solutions for all types of mines, INCO ENGINEERING, supplying mining machinery for underground mining, T MACHINERY, producer of mining machinery and hydraulic equipment, as well as, RPS OSTRAVA dedicated to supply-engineering activities in the field of coking factory and minerals purification, energy and biomass processing.

The Embassy of the Czech Republic is cordially inviting you to the specific Czech-Mongolia B2B seminar on April 03 between 15.00-18.00 at Galaxy tower's 10th floor 1003, followed by the cocktail networking.

Please RSVR at 321886 (24) 99018708.

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AmCham Mongolia hosts a meeting with His Excellency Ch. Khurelbaatar, Minister of Finance www.gogo.mn

The American Chamber of Commerce (AmCham) in Mongolia hosted its March Monthly Meeting with Minister of Finance Khurelbaatar Chimed and other officials from the Ministry of Finance, on Tuesday, March 20, at Shangri-La Hotel Ulaanbaatar.

The meeting convened representatives from AmCham member organizations, the Ministry of Finance, and national and international businesses. Minister Khurelbaatar exchanged views with members of the business community and provided updates on the Ministry’s efforts to introduce proposed tax reforms that are focused on securing a favorable business environment and protecting the interests of trustworthy private sector players and taxpayers.

In his keynote address, Minister Khurelbaatar noted, “Today’s Monthly Meeting organized by AmCham is coming at a very timely moment. The proposed amendments to tax legislation are based on recommendations received from international organizations, and they take into account the current economic situation. In addition, the major principles of the proposed amendments relate to creating favorable investment opportunities, increasing employment, focusing on a common taxation policy, supporting trustworthy private sector taxpayers, and certain actions to take for entities and individuals that avoid paying taxes. Within the last 26 days of consultation meetings, over 2,000 proposals and comments have been received, and the ministry is currently working with professional institutions on the processing of all available data. We are planning to submit a final draft of the amendments to Parliament for review by July. The Ministry of Finance will be cooperating with AmCham Mongolia to support their efforts in supporting the private sector and attracting foreign investment.”

Chairman of AmCham Mongolia Mr. Steve Potter, while thanking the Minister for initiating such a transparent consultation process, stated, “Without a healthy and growing private sector, Mongolia will face a stagnant economy, low wages, high unemployment and a lack of funding for critical government services. We support a fair and clear tax regime that enables tax revenues while, at the same time, supports investment to expand existing business and attract new investment. We also understand the need to get the balance right between increasing the tax base and being consistent with the principles of sustainable development and investment stated by the current government. To specifically address the proposed taxation legislation AmCham, together with representatives from BCM, MNMA, and The CEO Club, has set up a special working group to support legislation that recognizes the important role played by the business sector in underpinning the growth of our economy.”

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