1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      НУРАХ ДӨХСӨН БАЙРУУДЫГ ШИНЭЧЛЭХ КОМПАНИ ОЛДОХГҮЙ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛС ВАШИНГТОН, ПЁНЬЯНЫ ХЭЛЭЛЦЭЭРТ ЗУУЧЛАХАД БЭЛЭН ГЭДГЭЭ ЗАРЛАЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20    

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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Minister N. Tserenbat reflects on Mongolia's tourism potential www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Environment and Tourism N.Tserenbat briefed Irina Kravchenko, the European Bank for Reconstruction and Development (EBRD) Head of Mongolia, on his priorities and policy directions on November 10.

The meeting was also attended by Svetlana Radchenko, EBRD Senior Banker in charge of infrastructure affairs. Appreciating the EBRD’s investment into entities working in the area of renewable energy, Minister N.Tserenbat inquired into possibilities of directing EBRD investment into development of tourism infrastructure.

“Tourism sector development is based on the opportunities of private sectors in Mongolia. Investment is lesser in tourism sector than major industries like mining,” said the Minister, citing a promise he made upon his appointment which is to attract a million tourists to Mongolia in a short amount of time and increase tourism revenue to USD 1 billion. “If we look at Mongolia’s geographic and other advantages, it is not a dream number,” he said.

The Minister proceeded to introduce his action plan, which will focus on several areas – universalizing service quality in all parts of Mongolia, ensuring transport safety and improving the services offered by hotels and camps and assisting companies working in air transport.

The Minister touched upon the Cabinet’s action plan which comprises major projects and developments targeting tourism sector, expressing his readiness to put all necessary efforts in order to put these plans into action. “Most importantly, tourism sector can’t continue with the current self-financing mode, which is why long-term cooperation with international organizations is ideal,” said the Minister, expressing his hope to strengthen cooperation with the EBRD.

In return, the EBRD Head of Mongolia expressed the bank’s readiness to cooperate with public organizations as it has experience in working with private entities. “There are dozens of opportunities for cooperation,” she said, emphasizing the high environmental standards the Bank sets in all projects.

She also informed that the Bank will be co-implementing an infrastructure project in cooperation with the Mongolian Government. The project team includes a representative from the Ministry of Environment and Tourism. The EBRD is also working with the Government on infrastructure development in the capital city, which will serve as a contributing factor for attracting more tourists.

“Environment and tourism are inseparable,” remarked Irina Kravchenko, pointing out how air pollution is affecting winter tourism in Mongolia. She suggested that more detailed discussion on projects and investment areas is needed between the sides.

As such, the meeting paved the way for a closer and broader cooperation between the Ministry of Environment and Tourism and the EBRD. Over the years, the EBRD has made an investment worth USD 1.5 billion into Mongolia.

Environment Minister N.Tserenbat has also met country directors of the Asian Development Bank (ADB) and World Bank Group (WBG).

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Gold demand from China picks up again www.resources.mn

China seems to have recovered its appetite for gold, with demand for bars and jewellery markedly increasing in the first nine months of the year, data from the China Gold Association shows.

Total gold consumption, including jewellery and bullions but excluding the central bank’s purchases, went up 16% to 815.9 tonnes in the period, the association reported Wednesday according to Xinhua news agency. That’s a positive turnaround from the same period last year, when demand dropped by almost 13%.

Demand for gold bars jumped 44.5% to 222 tonnes amid rising global demand for safe haven investments. Jewellery consumption, in turn, rose 7.44% to 503.87 tonnes.

China, the world’s No.1 consumer and producer, accounts for about 29% of the global jewellery demand, and close to 26% of total bars and coins purchases. With its almost 1,843 tonnes, the country also has the fifth largest gold reserves in the world, data from the World Gold Council corresponding to the second quarter of the year shows.

Prices for the yellow metal have fallen in the last two weeks as the dollar has strengthened, taking it to a three-week low on Friday. They climbed briefly back above $1,280 an ounce on Wednesday as caution ahead of this week’s confirmation of the new US Federal Reserve chair and a policy statement from the bank prompted some to close out bets on falling prices.

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Weekly trading report www.mse.mn

During the week spanning November 06 to November 10, 2017, MNT2,061,273,576.21 worth of securities were traded through 5 trading sessions on the MSE. The daily average MNT volume was 412.6 million.

1. STOCK TRADING:

A total of 75 companies’ 490,374 shares worth MNT 387,371,556.06 were traded.

2. GOVERNMENT SECURITIES TRADING:

No government securities were issued on the primary market during the week spanning November 6 to November 10, 2017.

On the secondary market trading of Government securities, 118,016 units of securities were traded for MNT 11,676,103,160 through 16 trading sessions.

As of November 10, 2017, total market capitalization of MSE is MNT 2,275,972,165,028 . The MSE ALL index declined by 0.0007% to stand at 1,151.81 units.

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These 35 cities in China are as wealthy as some countries www.rt.com

Decades of skyrocketing economic growth have resulted in some Chinese cities having economies as big as many countries.

An infographic, made by Visual Capitalist, compares some cities in China, which has a population of 1.4 billion people. The numbers are gross domestic product (GDP) by purchasing power parity (PPP). Have you heard of the cities of Suzhou, Wuhan or Tangshan, which are as wealthy as Austria, Israel or New Zealand?
These Chinese towns are not isolated, and are connected creating megaregions like the Northeast US, in which New York City, Philadelphia, Boston, Baltimore, and Washington, DC are close to each other, creating a mega economic zone, Visual Capitalist explains.

In China, there are three important megaregions.

Yangtze River Delta
With a combined GDP of $2.17 trillion, the region unites cities like Shanghai, Suzhou, Hangzhou, Wuxi, Ningbo, and Changzhou, and is economically as big as Italy.

Pearl River Delta
With a combined GDP of $1.89 trillion, the region unites cities like Hong Kong, Guangzhou, Shenzhen, Foshan, Dongguan, and Macao, and is as wealthy as South Korea.

Beijing-Tianjin
With a combined GDP of $1.14 trillion, the region unites the two largest cities in northern China, Beijing, and Tianjin. This megaregion's economy can be compared to Australia.

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Former star funds crash out of Europe’s top list www.ft.com

Almost half of the 20 largest actively managed funds in Europe in 2012 have disappeared from the same ranking in 2017, as portfolio manager departures, the hunt for yield and upheaval in Asian markets transformed the continent’s investment industry.

Nine new funds have entered the top-20 chart over the past five years, pushing out old favourites including Pimco’s Total Return and Diversified Income funds, according to figures compiled for FTfm by Morningstar, the data provider.

Pimco’s Total Return fund, which ranked as the third-largest fund in Europe five years ago, no longer appears in the top 20. Investors fled the fund on the back of the departure of Bill Gross, the famed bond investor.

Invesco Perpetual’s High Income and Income funds also fell out of the top 20 after Neil Woodford, who ran the products, quit Invesco in 2013 to set up his own asset management company.

Ali Masarwah, a director at Morningstar Europe, said: “You get celebrities among fund managers. If the celebrity exists, money will usually flow out of the funds.”

Several funds rose up the charts as investors went on the hunt for income because of the low interest rate environment, according to the data. This included Pimco’s Income fund, which did not appear in the 2012 ranking but surpassed €50bn in assets in September and is now Europe’s largest mutual fund.

JPMorgan’s Global Income fund, DWS Top Dividende and Nordea’s Stable Return were also entrants to the ranking, each appearing in the top 10.

Massimo Greco, head of European funds at JPMorgan Asset Management, said: “European investors are seeking income as a result of demographics and macroeconomic factors that keep interest rates low.”

Chris Chancellor, a partner at Mackay Williams, the asset management consultancy, added: “Since the end of the crisis, we’ve seen a whole new type of fund rise up the rankings: those offering some kind of solution, whether that is income or a stable return.

“More building-block options, such as the core equity funds, have fallen out of favour for the time being and this [has led to] some funds falling out of the rankings.”

According to the data, the dominant position of Franklin Templeton, the US fund house, has been challenged in Europe over the past five years. In 2012, the emerging markets specialist was home to Europe’s largest actively managed fund, the Templeton Global Bond vehicle run by Michael Hasenstab. But this has dropped to 15th position over the past five years.

Its Templeton Asian Growth fund also fell out of the top 20 since 2012. The company has suffered because of a sell-off in emerging markets during 2013 and 2014, and concerns about performance.

“Franklin has had a pretty rough few years. Performance was quite poor relative to the peers,” said Mr Masarwah, adding that investors continue to pull money from the asset manager.

Aberdeen Global Emerging Markets Equity, Axa’s US short duration high yield, AllianceBernstein’s American Income and M&G’s Recovery funds also fell out of the top 20 over the past five years.

While many of the largest funds in Europe are run by huge asset managers, the data revealed some smaller investment houses are doing well. Two funds from Carmignac, the French boutique, and an equity fund run by Terry Smith, who set up a UK-based asset management company in 2010, appear in the top 20.

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Bitcoin Plunges 29% From Record High www.bloomberg.com

Bitcoin plummeted, extending its drop to 29 percent from a record high, on speculation some traders were buying its offshoot amid a struggle over the digital currency’s future.

Bitcoin dropped to as low as $5,605 on Monday, from a record high $7,882 reached on Wednesday, data compiled by Bloomberg show. Bitcoin cash rose to $2,426 on Sunday, before plunging to $1,379 as of 9:32 a.m. in Hong Kong, according to Coinmarketcap.com.

Bitcoin has slumped since the cancellation of a technology upgrade to increase its block size, amid speculation supporters of the proposal bid up bitcoin cash to undermine the original bitcoin.

“It’s the bitcoin cash pump,” said Arthur Hayes, chief executive officer of BitMEX, a cryptocurrency exchange based in Hong Kong. “It’s obviously a coordinated action of certain individuals who have a vested interest in bitcoin cash.”

At the heart of the debate is how bitcoin’s underlying technology can accommodate rising transactions as its popularity booms. While increasing its block size would help, opponents argue it would only concentrate mining power, undermining the decentralized nature of bitcoin.

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Washington State company trying to revive shuttered coal mine www.mining.com

A Washington State company is trying to resist the wave of U.S. coal mine and coal plant closures by re-opening the John Henry Mine in King County.

According to The Seattle Times, Pacific Coast Coal Co. wants to mine 85,000 to 90,000 tons a year over six years from the privately owned, 480-acre site.

If the plan is successful, it would mean the first time any coal has been mined from John Henry since 1999. Mining first began there in 1986.

The proposal is under federal review but the restart looks promising according to a September 2017 Department of the Interior report which found that coal mining would not have a significant impact on the environment. However the report also states that the proposed mine "would result in negligible beneficial economic impacts," with just 50 jobs created throughout the six years of mining plus a year of reclamation.

The Seattle Times notes that Washington and Tennessee are the only two states that delegate mining regulation to the federal government.

Of course the proposal is not without opposition, with King County Executive Dow Constantine vowing to stop the project.

“The Earth is rapidly moving toward global climate catastrophe, and the notion that we would have a company here digging up rocks and burning them, rocks that should be left underground, is not consistent with the values of the people of our county,” Constantine was quoted saying. “I am going to do everything I can, legally and politically, to prevent us from having to suffer the impacts from coal mining in King County.”

Meanwhile Bloomberg reports that a year after Donald Trump won the presidency promising to put coal back on track, it hasn't happened:

In fact, what was true under President Barack Obama is still true today: Coal’s share of the power mix is declining, and wind and solar remain the fastest-growing U.S. sources of electricity.

Building and operating a utility-scale wind farm costs as little as $30 a megawatt-hour over its lifetime — as little as $14 if you count subsidies. Keeping an existing coal plant running costs $26 to $39 a megawatt-hour, according to Lazard Ltd. And solar is on its way to becoming the cheapest power source on Earth.

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Uber board strikes agreement to pave way for SoftBank investment www.reuters.com

SAN FRANCISCO/NEW YORK (Reuters) - Uber Technologies Inc’s [UBER.UL] warring board members have struck a peace deal that allows a multibillion-dollar investment by SoftBank Group Corp to proceed, and which would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.

Venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and Kalanick have reached an agreement over terms of the SoftBank investment, which could be worth up to $10 billion, according to two people familiar with the matter.

The Uber board first agreed more than a month ago to bring in SoftBank as an investor and board member, but negotiations have been slowed by ongoing fighting between Benchmark and Kalanick. The agreement struck on Sunday removed the final obstacle to allowing SoftBank to proceed with an offer to buy to stock.

Uber confirmed the deal was moving forward.

“We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment,” an Uber spokesman said. “We believe this agreement is a strong vote of confidence in Uber’s long-term potential.”

SoftBank, a Japanese conglomerate that has become a heavyweight in Silicon Valley tech investing, is joined by Dragoneer Investment Group in leading a consortium of investors that plans to invest $1 billion to $1.25 billion in Uber, and in addition, will buy up to 17 percent of existing shares from investors and employees in a secondary transaction. The terms were signed on Sunday, although the tender offer would likely take weeks to complete.

Uber is valued at $68 billion, the most highly valued venture-backed company in the world. SoftBank’s roughly $1 billion investment of fresh funding is expected to be at the same valuation. The secondary transaction, or the purchases from employees and existing investors, would be at a lower valuation.

A spokeswoman for Benchmark did not immediately respond to a request for comment, and a spokesman for Kalanick declined to comment.

Completing the SoftBank deal would allow Uber to open a new chapter after a year of controversy, including the resignation of Kalanick, the ouster of several top executives, sexual harassment and discrimination allegations, and multiple federal criminal probes. The deal is also tied to new governance rules that aim to distribute power more equally and bring more oversight to the company.

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India's only copper miner plans to nearly triple production at largest mine www.mining.com

Hindustan Copper is making moves to expand its production and operations in India where the company has a monopoly on copper mining.

The state-run company said in a filing on the Bombay Stock Exchange that its board has increased its borrowing limit and approved the formation of a joint venture with National Aluminum Company and Mineral Exploration Corporation for exploring and mining strategic metals abroad, according to Business Standard.

It plans to invest about $700 million in six expansion projects including a near tripling of production at its largest mine, Malanjkhand in Madhya Pradesh. The mine would up its production from 2 million tonnes annually to 5.2 million, by building an underground mine under the current open-cast operation. Located 20 kilometres from a national park, Malanjkhand contains almost 70 percent of India's copper reserves and represents around 60 percent of Hindustan Copper's output, states Business Standard.

Copper prices have risen above 23 percent year to date. Despite a sharp drop in copper imports from China, which consumes nearly half of the metal seen as a bellwether for economic growth, the copper price hit an intra-day high of $3.25 a pound on Wednesday – the highest since February 2014. Copper last closed at $3.07 a pound or $6,777 a tonne.

The same day Bloomberg reported that trading in copper futures is reaching a frenzy, with bets for December 2018 skyrocketing above $10,000 a tonne. Red metal futures haven't been that high since 2011 and Bloomberg says it suggests traders are becoming increasingly bullish due to the need for copper in electric cars.

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Dubai Airshow: Boeing wins $15bn order from Emirates www.bbc.com

Emirates has ordered 40 Boeing 787 Dreamliners in a deal worth about $15bn (£11.3bn) at list prices.

The Dubai airline's chairman, Sheikh Ahmed bin Saeed al-Maktoum, said the aircraft had been chosen over the Airbus A350.
He had been expected to announce a big order for the Airbus A380 superjumbo at the media briefing.
Airbus desperately needs more orders for the A380, the biggest passenger aircraft in the skies.
The Franco-German company and Emirates were understood to be in intense final negotiations to have an announcement ready for this week's show.
Emirates, the largest airline in the Middle East, is already the biggest customer for Boeing's 777, with 165 in service and another 164 on order.
Sheikh Ahmed said Sunday's order raises the cost of its purchase of Boeing aircraft to $90bn. Some of the new 787s will be used to replace older planes, while others will be used to expand the airline's network.
Boeing welcomed the deal, which Kevin McAllister, head of its commercial aviation division, said would sustain many jobs in the United States.
Deliveries of the aircraft are scheduled to start in 2022.
Also on Sunday, Azerbaijan Airlines said it was buying five Dreamliners, as well as two Boeing freighters, in a deal worth an estimated $2bn.
Amid the display of military hardware and the latest civil aircraft, it is the traditional rivalry of Boeing and Airbus that grabs the airshow headlines.
So far this year, Boeing has won about 65% of the new orders placed for aircraft globally.
Neither Emirates nor Airbus would comment on the status of the rumoured A380 order, which would help protect jobs at the aircraft manufacturer's plant in north Wales, where the wings are made.
Emirates has been the biggest customer for the A380, having bought 142 of the almost 320 that are in service or on the production line. The last order for the superjumbo came two years ago, when Japan's ANA purchased just three planes.
In July Airbus said it would again cut annual production of the A380 from 12 to eight. Two years ago Airbus was making 28 planes a year.

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