1 US-MONGOLIA 'THIRD NEIGHBOR TRADE ACT' ON THE WAY WWW.THEDIPLOMAT.COM PUBLISHED:2018/11/17      2 CHINA'S FIGHT AGAINST SMOG MAKES PALLADIUM 2018'S BEST METAL WWW.MINING.COM PUBLISHED:2018/11/17      3 MILLENNIUM CHALLENGE CORPORATION PRESENTS GMS LICENSES WWW.MONTSAME.MN PUBLISHED:2018/11/17      4 MONGOLIA CALLS FOR GLOBAL ATTENTION ON CLIMATE CHANGE WWW.NEWS.MN PUBLISHED:2018/11/17      5 ADB OPENS A NEW WASTEWATER TREATMENT PLANT IN ARVAIKHEER, MONGOLIA WWW.AGENPARL.EU PUBLISHED:2018/11/17      6 CHINA TO BOOST COOPERATION WITH INDIA, MONGOLIA: DEFENSE MINISTER WWW.GLOBALTIMES.CN PUBLISHED:2018/11/17      7 DEATH ON MONGOLIA’S ‘COAL ROAD’ WWW.NEWS.MN PUBLISHED:2018/11/17      8 MONGOLIA SHAKEN BY WIDENING LOAN SCANDAL WWW.ASIA.NIKKEI.COM PUBLISHED:2018/11/17      9 MONGOLIA’S UNEMPLOYMENT FALLS BY 2.2 PERCENT WWW.NEWS.MN PUBLISHED:2018/11/16      10 MEETING MEAT DEMAND: MONGOLIA TO TRADE 17.9 PERCENT OF LIVESTOCK WWW.NEWS.MN PUBLISHED:2018/11/16      БНСУ-ЫН АЖ АХУЙН НЭГЖҮҮДИЙН АУТСОРСИНГ ЗАХИАЛГЫГ ГҮЙЦЭТГЭХ ЗАЛУУЧУУДЫГ СОНГОН, ШАЛГАРУУЛНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/17     НҮҮРСНИЙ ЭКСПОРТ 10 ХУВИАР ӨСӨЖ, 31.3 САЯ ТОНН БОЛОВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/17     СУДАЛГААГААР ЖДҮ ЭРХЛЭГЧИД ЗЭЭЛИЙН ХҮҮНИЙ ЗАРДАЛ ХАМГИЙН ИХ ХҮНДРЭЛ УЧРУУЛДАГ ГЭЖ ХАРИУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/17     ERDENE RESOURCE DEVELOPMENT: ХАЙГУУЛЫН ЗАРДАЛ III УЛИРАЛД 42 ХУВИАР БУУРСАН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/17     ГОРХИ, ТЭРЭЛЖИЙН БАЙГАЛИЙН БОХИРДОЛД АНХААРАЛ ХАНДУУЛЖ ЭХЛЭВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/17     ИРЭХ БААСАН ГАРАГТ ХОТЫН ДАРГЫГ ОГЦРУУЛАХ ЭСЭХИЙГ ХЭЛЭЛЦЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/17     “АМГАЛАН” ХОТХОНД БАЙРЛАХ ГЭРТЭЭ КАННАБИС ТАРЬЖ, УРГУУЛЖ БАЙСАН ТУРК ИРГЭНИЙГ БАРИВЧИЛЖЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/17     ӨНӨӨДӨР АВТОМАШИНЫ ДУГААРЫН ХЯЗГААРЛАЛТ ҮЙЛЧЛЭХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/17     ГАШУУНСУХАЙТЫН НҮҮРСТЭЙ МАШИНЫ ЦУВАА 120 КМ БОЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/16     ТАТВАРЫН ОРЛОГО 32.2 ХУВИАР ӨСӨЖ, ТӨСВИЙН ТЭНЦЭЛ 341.9 ТЭРБУМ ТӨГРӨГИЙН АШИГТАЙ ГАРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/16    

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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India’s Singareni Collieries wants to produce 85 million tonnes of coal per year www.mining.com

In a year-review post published on its official Facebook page, state-owned Singareni Collieries Company Limited announced that it expects coal production to touch 85 million tonnes per annum in the next five years as it plans to open up 12 new mines.

The company’s outlook is also based on the fact that during the fiscal year 2017 it produced close to 41 million tonnes of the black mineral. Only in December -the miner says- production reached 5.67 million tonnes, while dispatches were of 5.9 million tonnes and 40.89 million cubic meters of overburden were removed.

In the statement, Chairman and Managing Director N Sridhar is quoted as saying that during the past three years, particularly since the creation of the eastern-central state of Telangana in 2014, the firm has been showing an average growth of 7 per cent.

Sridhar also said that the Singareni Thermal Power Plant stood at 4th position among the power plants in India in December, as it has generated 888.42 Million Units and exported 839.60 Million units to the grid. The goal is to be able to supply of 24 hours power to local communities.

Singareni Collieries is jointly owned by the Government of Telangana and Government of India. According to its website, the company currently operates 18 opencast and 29 underground mines in four districts of Telangana, whose reserves are calculated in 8,791 million tonnes of coal.

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The border trade area between China and Mongolia has accumulated 20,000 trades during the past year www.westdollar.com

Inner Mongolia Autonomous Region Erenhot City Council on the 1st on the 1st circular, the border city of Erenhot in Inner Mongolia, the border trade area has been formally operated since the two countries have accumulated into the area of ​​20000 transactions.

On March 7, 2017, the border trade area between China and Mongolia was formally closed and closed for nearly nine months.

Year-end and New Year, the mutual trade zone in Mongolia candy as Erenhot public purchase of selected products.

Li Pengyuan, a local populace, said that the Mongolian merchandise here is very authentic and everyone is reassuring to shop here.

Li Pengyuan also introduced that since the trade zone was closed to traffic, many Mongolian people rushed to the trade zone to purchase Chinese goods.

Erenhot city government sources said that the border residents and the city trade zone, with a total investment of 350 million yuan (RMB, the same below), covers an area of ​​100,000 square meters, the two countries in Mongolia and Mongolia in the inter-city trade zone shopping 8000 yuan can enjoy the following Duty-free shopping policy.

It is reported that since the customs zone was closed, citizens of China and Mongolia have accumulated 20,000 transactions in the zone and the total sales volume of inter-city goods has reached about 20 million yuan.

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Saudi Arabia and United Arab Emirates introduce VAT for first time www.bbc.com

Value Added Tax (VAT) has been introduced in Saudi Arabia and the United Arab Emirates for the first time.

The 5% levy is being applied to the majority of goods and services.
Gulf states have long attracted foreign workers with the promise of tax-free living.
But governments want to increase revenue in the face of lower oil prices.
The tax kicked in on 1 January in both countries.
The UAE estimates that in the first year, VAT income will be around 12 billion dirhams (£2.4bn; $3.3bn).
No plans for income tax
Petrol and diesel, food, clothes, utility bills and hotel rooms all now have VAT applied.
But some outgoings have been made exempt from the tax, or given a zero-tax rating, including medical treatment, financial services and public transport.
Organisations such as the International Monetary Fund have long called for Gulf countries to diversify their sources of income away from oil reserves.
In Saudi Arabia more than 90% of budget revenues come from the oil industry while in the UAE it is roughly 80%.
Both countries have already taken steps to boost government coffers.
In Saudi Arabia this included a tax on tobacco and soft drinks as well as a cut in some subsidies offered to locals. In the UAE road tolls have been hiked and a tourism tax introduced.
But there are no plans to introduce income tax, where most residents pay 0% tax on their earnings.
The other members of the Gulf Co-operation Council - Bahrain, Kuwait, Oman, and Qatar - have also committed to introduce VAT, though some have delayed plans until at least 2019.

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Diplomatic ranks awarded by president www.montsame.mn

Ulaanbaatar /MONTSAME/ President of Mongolia Kh.Battulga has issued decree to award ranks to diplomats who worked for many years with invincible effort and dedication in the international relations sphere of Mongolia. 

On the occasion of the 2226th anniversary of the Statehood, 811th anniversary of the Great Mongol Empire, 106th anniversary of the Restoration of National Freedom and Independence, 96th anniversary of the People’s Revolution, 28th anniversary of the Democratic Revolution and the 106th anniversary of inception of modern foreign service in Mongolia, and in recognition of their effort, accomplishment and tangible contributions to realizing diplomatic goals, title ‘Ambassador Extraordinary and Plenipotentiary’ was presented to a former Ambassador of Mongolia to Germany, Mr Davaadorj Baldorj, the current Ambassador of Mongolia to the Republic of Italy, Mr Jambaldorj Tserendorj, and the Director of the Department for Neighboring Countries, Mr Janabazar Tuvdendorj, and the rank ‘Envoy Extraordinary’ was awarded to the current Ambassador of Mongolia to the Republic of Turkey, Mr Munkh-Ochir Enebish.

The diplomatic ranks were presented by President Kh.Battulga on December 28. Ambassadors B.Davaadorj and T.Janabazar received their awards in person. 

After this, the President congratulated the awardees and wished success in their further career.

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SoftBank succeeds in tender offer for Uber shares www.reuters.com

(Reuters) - A consortium led by SoftBank Group Corp will buy a large number of shares of Uber Technologies Inc [UBER.UL] in a deal that values the ride-services firm at $48 billion, Uber said on Thursday, in a victory for new Chief Executive Dara Khosrowshahi.

The price is a roughly 30 percent discount to Uber’s most recent valuation of $68 billion. The deal will trigger a number of changes in the way the board oversees the company, which is dealing with federal criminal probes, a high-stakes lawsuit and an overhaul of its workplace culture.

SoftBank and the rest of the consortium, which includes Dragoneer Investment Group, will own approximately 17.5 percent of Uber, a person familiar with the matter said. That stake includes a share purchase, through a tender offer, from earlier investors and employees at the $48 billion valuation, as well as a $1.25 billion investment of fresh funding at the $68 billion level.

Uber said the deal will close early next year. On Thursday it said that existing investors had agreed to sell enough shares for SoftBank to go through with the transaction.

SoftBank itself will keep a 15 percent stake, while the rest of the consortium will own approximately 3 percent, according to a second person familiar with the matter.

Khosrowshahi, who took the top job in August after Travis Kalanick was forced to step down in June, helped negotiate the deal. Uber is losing more than $1 billion each quarter, and a new cash infusion is critical. The company is also planning an initial public offering in 2019.

Uber will use the investment “to support our technology investments, fuel our growth, and strengthen our corporate governance,” a spokesperson, who declined to be named, said.

When the deal is completed, the company will make governance changes, expanding Uber’s board from 11 to 17 members including four independent directors, limiting some early shareholders’ voting power and cutting the control wielded by Kalanick, who remains on the board and is still one of the largest stakeholders.

‘SMART THING’

“The stockholders did the smart thing. The price is less important than locking in the governance changes and securing the support of the world’s most powerful technology investor,” said Erik Gordon an entrepreneurship expert at the University of Michigan’s Ross School of Business.

Rajeev Misra, chief executive of SoftBank's Vision Fund, a $98 billion tech investment vehicle, will join the Uber board, The Wall Street Journal reported. (on.wsj.com/2ChJNyS) SoftBank will get two seats on the expanded board, a source told Reuters.

Misra said in a statement that SoftBank has “tremendous confidence in Uber’s leadership and employees.” Uber board members agreed in early November to governance changes to pave the way for the SoftBank deal.

Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported.

SoftBank founder Masayoshi Son has taken a keen interest in ride-hailing companies around the world, and already has sizeable stakes in China’s Didi, Brazil-based 99, India’s Ola and Singapore Grab, all of which have competed with Uber. Didi last week raised $4 billion, including some investment from SoftBank.

The Uber investment comes after a year of troubles for the company, including a lawsuit by Alphabet Inc’s self-driving car unit Waymo that alleges trade-secrets theft and federal investigations that span possible bribery of foreign officials in Asian countries and the use of software to evade regulators.

Over the past year, a former employee’s charges of endemic sexual harassment led to an internal review, London said it is stripping Uber of its license and Uber revealed it had covered up a major hack.

Venture capital firms Benchmark, which owns 13 percent of Uber, had indicated that it would sell a portion of its shares, SoftBank said last month. Menlo Ventures, another large shareholder, would tender shares, Managing Director Shawn Carolan said at the time. Carolan on Thursday praised the deal without describing Menlo’s participation. Benchmark did not respond to a request for comment.

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Japan sumo champion Harumafuji charged with assault www.bbc.com

Former sumo grand champion Harumafuji has been charged with assaulting a junior wrestler in a scandal that has rocked Japan's ceremonial sport.

The 33-year-old wrestler from Mongolia has already apologised and stepped down over the incident.
He is facing a summary indictment, which means he is expected to be fined rather than tried in court.
Japan's sumo world has been hit by scandals involving violence, mafia links and match fixing in recent years.
Harumafuji's assault on fellow Mongolian Takanoiwa happened while they were out drinking with other wrestlers in a bar in the western city of Tottori in October.
The grand champion is reported to have been angered that his countryman was checking his phone while being given advice. The latter was admitted to hospital with concussion and a fractured skull.
Harumafuji admitted punching him hitting him with a karaoke remote control but denied using a beer bottle in the attack.
"I'm truly sorry for hurting Takanoiwa mentally and physically," Harumafuji told police, according to Jiji Press.

Harumafuji started his career in Japan at the age of 16 and was promoted to grand champion or yokozuna - sumo's highest rank - in 2012.
The Japan Sumo Association (JSA) also recommended that its director Takanohana be demoted for failing to report the incident quickly enough, Kyodo news agency said.
Takanohana is a former sumo champion himself and the JSA is expected to finalise its decision in early January, according to Kyodo.

The incident around Harumafuji follows a string of scandals in recent years.
Last year, a wrestler and his coach had to pay nearly $300,000 (£230,000) to a fellow fighter they allegedly abused so badly he lost sight in one eye, according to reports.
Several wrestlers have also been implicated in match fixing scandals and links between sumo and the mafia-like yakuza crime syndicates.
Another Mongolian grand champion retired from the sport in 2010 after reports of his involvement in a drunken brawl.
In 2007 a sumo stable-master received six years in prison after a novice was beaten to death by older wrestlers.

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UB extends restriction for local migration ban www.news.mn

Ulaanbaatar is one of the top-ten most polluted cities in the world. The scale of the migration is astounding. In the last decade, around 20% of the country’s population of three million has moved to Ulaanbaatar over the last decade, which has doubled the city’s population and further increased pollution. The influx has also brought other problems. There has been an increase in crime, severe gridlock, problems with urban planning, and pressure on the housing, health and social care systems.

In January of this year, Ulaanbaatar Mayor S.Batbold issued three decrees primarily designed to combat air pollution. The decree entitled “Restriction Action” has received the most attention as its purpose has been to limit migration to the city from rural areas. The decree states that rural residents, apart from those who require long-term medical care, those who already own an apartment, and those who have a mortgage loan, will be restricted from taking up residence in Ulaanbaatar.

This restriction is in place until 1 January 2020. Even though freedom of movement is the constitutional right of every citizen, the threat of air pollution in the capital has reached a point where it could potentially affect national security.

For the first time, the population of the Mongolian capital has actually decreased. According to the latest statistics that cover until November, over 11,000 people have left the city.

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Putin says Russia should ditch petrol in favor of natural gas fuel www.rt.com

Russia should follow the lead of Gazprom and have more cars running on natural gas instead of traditional gasoline, according to President Vladimir Putin. It is cheaper and more eco-friendly, he said.

“Gas fuel is, of course, more environmentally friendly. And we have great competitive advantages in this because we have enough of this fuel. More oil and petroleum products can be sold on the foreign market, as it is more profitable than gas sales,” Putin said on Thursday, speaking at a meeting dedicated to the development of Russia's regions.

Putin also pointed at Gazprom as an example of how gas fuel saves money. When the company switched to gas fuel, many of its drivers retired because they no longer had an opportunity to steal gasoline.

The president was referring to drivers working for state companies who commonly fill up using corporate credit cards, then siphoned and resold the petrol to other drivers.

“And what about the army? What is happening in the Ministry of Defense and in other departments? I think comments are needless,” said the Russian president, apparently hinting at the same practice.

“Natural gas fuel will have a huge positive economic effect and will create competitive advantages for the whole economy. Therefore, it is necessary to continue, of course, to support its development, both at the governmental level and at the regional,” Putin added.

Gazprom sells two types of natural gas fuel: compressed natural gas (CNG) and liquefied natural gas (LNG). CNG is used for passenger and light cargo vans, motor cars, and municipal vehicles. LNG is for big trucks, railway and water transport, quarry machinery and agricultural equipment.

“Natural gas is the most economical, eco-friendly and safe type of fuel available today,” claims Gazprom.

The world's biggest automaker, Volkswagen, announced in May it is in talks with Gazprom to back its efforts to promote cars running on natural gas.

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Noble Group raises stake in Mongolian railways firm in exchange for debt repayment www.businesstimes.com.sg

NOBLE Group has bought an additional 10 per cent stake in Northern Mongolian Railways Limited (NMRL), a subsidiary of Australia-listed Aspire Mining Limited for US$1.4 million.

NMRL owns a concession to build, operate and transfer a railway line in Mongolia through its 100 per cent owned subsidiary Northern Railway LLC.

The consideration was satisfied through the conversion of debt owed to Noble Group's wholly owned subsidiary Noble Resources International Pte Ltd (NRIPL) by Ovoot Coking Coal Pte Ltd, a wholly owned subsidiary of Aspire.

The shares carried a negative book value of A$833.8.

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Foreign exchange reserves reach USD 2.9 billion www.montsame.mn

Ulaanbaatar /MONTSAME/ This year, the Central Bank’s foreign exchange reserves have surged to USD 2.9 billion. The reserves are crucial factor to sustain value of domestic currency and stability of financial and macro economic sector.

It is also significant to improve asset liquidity in a time of economic crisis, reassure and provide confidence to foreign investors, ensure that the country meets its external obligations and most importantly, guarantees national security. 

“In the beginning of this year, foreign reserves barely passed minimum level – the amount was enough to cover only 3.1 months’ import of products and services. Now, in December, it has risen to 6.1 months. While the reserves had deficit of USD 400 million last year, it has a surplus of USD 520 million as of the beginning of December. The future looks promising as well”, said Director of Finance Department of the Bank of Mongolia D.Bayanzul.

The official foreign currency reserves have grown by USD 1 billion compared to the beginning of 2018. Economists emphasize that Mongolian Gold project, “Khuraldai” and “Gerege” bonds played a major role in the hike. The rise was additionally leveraged by 8.2 percent increase in gold purchase this year.

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