1 PM U.KHURELSUKH PAYING AN OFFICIAL VISIT TO THE UNITED STATES WWW.MONTSAME.MN PUBLISHED:2018/09/18      2 ELON MUSK UNVEILS FIRST TOURIST FOR SPACEX 'MOON LOOP' WWW.BBC.COM PUBLISHED:2018/09/18      3 CHINESE DELEGATION INFORMS MONGOLIANS ON TIBET'S DEVELOPMENT WWW.XINHUANET.COM PUBLISHED:2018/09/18      4 CHINA REPORTS NEW AFRICAN SWINE FEVER OUTBREAK IN INNER MONGOLIA WWW.REUTERS.COM PUBLISHED:2018/09/18      5 MORE MONGOLIANS VISITING SOUTH KOREA FOR MEDICAL SERVICES WWW.NEWS.MN PUBLISHED:2018/09/18      6 CHINA RAILWAY TO BUILD INFRASTRUCTURE FOR RUSSIA’S FAR EAST WWW.RT.COM PUBLISHED:2018/09/18      7 MOST PROFITABLE MINING COMPANIES IN 2017 WWW.MINING.COM PUBLISHED:2018/09/18      8 MINISTRY OF ENERGY PLANS TO TAKE CONTROL OF POWER PLANTS FOLLOWING SATURDAY BLACKOUT WWW.ZGM.MN PUBLISHED:2018/09/18      9 IRRESPONSIBILITY AT WORKPLACE RESULTS IN CITYWIDE BLACKOUT WWW.ZGM.MN PUBLISHED:2018/09/17      10 SALESFORCE BILLIONAIRE MARC BENIOFF TO BUY TIME MAGAZINE WWW.BBC.COM PUBLISHED:2018/09/17      БНХАУ-ЫН 200 ТЭРБУМ АМ.ДОЛЛАРЫН ИМПОРТОД 10 ХУВИЙН ТАРИФ НОГДУУЛАХ ШИЙДВЭР ИРЭХ 7 ХОНОГООС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/18     ӨВӨЛ ЦАХИЛГААН СААТВАЛ ХОТ ДӨРВӨН ЦАГИЙН ДОТОР Л ХӨЛДӨНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/18     ИРЭХ ОНД ТӨРИЙН АЛБАН ХААГЧДЫН ЦАЛИН 20 ХУВИАР НЭМЭГДЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/09/18     ЕВРОПЫН СЭРГЭЭН БОСГОЛТ ХӨГЖЛИЙН БАНК ЖИЖИГ ДУНД БИЗНЕСИЙН БҮСИЙН ХӨТӨЛБӨРӨӨ МОНГОЛД ЭХЛҮҮЛЖ БАЙНА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/18     ХАЙЛААР, ЧИТА, ЧОЙБАЛСАНГ ХОЛБОСОН АЯЛАЛ ЖУУЛЧЛАЛЫН КОРИДОР БАЙГУУЛНА WWW.NEWS.MN НИЙТЭЛСЭН:2018/09/18     АМ.ДОЛЛАРЫН ХАНШ 2500 ТӨГРӨГ ДАВЛАА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/18     ЗОЧЛОХ ҮЙЛЧИЛГЭЭНИЙ САЛБАРЫН 6500 ГАРУЙ БИЗНЕС ЭРХЛЭГЧ "CROCUS"-Т ЧУУЛЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/18     ХОККАЙДО-МОНГОЛЫН ЭДИЙН ЗАСГИЙН ХАРИЛЦААГ ДЭМЖИХ НИЙГЭМЛЭГИЙН ТЭРГҮҮН ТАКЭБЭ ЦҮТОМҮТЭЙ АЯЛАЛ ЖУУЛЧЛАЛЫН АСУУДЛААР ЯРИЛЦЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/18     УЛААНБААТАР ХОТОД САЙЖРУУЛСАН ТҮЛШ НӨӨЦЛӨХ АГУУЛАХ БАРИНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/17     МӨНГӨ УГААХ ГЭМТ ХЭРЭГТЭЙ ТЭМЦЭХЭД ТӨРИЙН БАЙГУУЛЛАГУУДЫН ОРОЛЦОО ЧУХАЛ WWW.IKON.MN НИЙТЭЛСЭН:2018/09/17    

Events

Name organizer Where
LONDON- “BRAND LICENSING EU 2018” БОЛОН БИЗНЕС ХӨТӨЛБӨР Oct 09-14. 2018 MBD London UK
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolian ministry proposed to delay fuel tax increase www.news.mn

The Ministry of Mining and Heavy Industries of Mongolia has proposed to the Cabinet to delay the increase of fuel import tax. The proposal aims to stabilize fuel supply and retail prices; it also intends to decrease the tax increase agreed by between the Finance Ministry and IMF team.

Under an IMF programme requirement, fuel import tax must be increased. The level of the hike is set out in Government Resolution 109 from 1 October. 

As of 24 October, Mongolia has a nationwide fuel reserve for 42 days.

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EU ambassadors call on president Kh. Battulga www.montsame.mn

Ulaanbaatar /MONTSAME/ President Kh.Battulga Wednesday received EU Ambassadors led by Hans Dietmar Schweisgut, Non-Resident Ambassador of the EU to Mongolia.

The meeting was attended by Ambassadors of EU member states including Belgium, Finland, Austria, Slovakia, Estonia, Greece, Lithuania, Hungary, Germany, France, Sweden, Malta, Latvia, Slovenia, the Czech Republic, Italy, Bulgaria, the United Kingdom, the Netherlands, Luxembourg, Spain and Denmark.

President Kh.Battulga expressed his pleasure at meeting the Ambassadors and the opening of EU Delegation in Mongolia, which has been on agenda for about four years. “We believe that opening of EU Delegation in Mongolia will help intensify bilateral relations including trade ties,” said the President, citing statistical figures in Mongolia-EU trade.

Bilateral trade turnover reached USD 1.2 billion in 2016, with Mongolia’s export amounting to USD 643 million. “If we look at the EU, it is not a big sum,” said the President, explaining that he focuses on economic sector since he is a businessman-turned-politician.

President Kh.Battulga continued to state the fact that Mongolia is situated between two giant nations the world takes interest in, which he sees as “a geographic advantage”.

“Mongolia is rich in above and below-ground resources. Although Mongolia has big potentials in agricultural sector, we are far behind in terms of technology,” the President said. President K.Battulga suggested that European technologies can be introduced in Mongolia to process and export raw materials – the above-ground resources. "Almost all European countries have advanced agricultural sectors,” said the President

The President then answered questions raised by the Ambassadors, who also remarked on the growing political cooperation between Mongolia and the EU and agreed to intensify economic cooperation.

Mongolia-EU Framework Agreement on Comprehensive Partnership and Cooperation entered into force on November 1.

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Press conference 'Transparent and Accounting Mining' held www.montsame.mn

Ulaanbaatar /MONTSAME/ With a purpose to make the sector’s activity, policy and objectives open to public, D.Sumyabazar, Minister of Mining and Heavy Industry, planned to regularize a press conference titled ‘Transparent and accountable mining’ within the first week of every month. On November 1, the Ministry organized its first press conference.

As of September of 2017, gross production of industrial sector reached MNT 9,409.1 billion, with an increase of MNT 2,562.1 billion (37.4 percent) as compared with the same period of the previous year. Within the gross production, the production of mining and extractive industries reached MNT6,886.3 billion, with an increase of 2,088.2 billion (43.5 percent) against the same period of previous year.

About major commodities of mining and extractive industries: 36.2 million tons of coal, 960.0 thousand tons of copper concentrate, 14.8 tons of gold, 4.2 thousand tons of molybdenum concentrate, 5.9 million tons of iron ore, 2.7 million tons of iron ore concentrate, 71.8 thousand tons of fluorspar, 17.0 thousand tons of spar concentrate, 60.6 thousand tons of zinc concentrate and 104.2 tons of cathode copper.

As of nine months of the year, the sector accumulated MNT 1,075.4 billion to the state budget as taxes, fees and royalties. MNT 33.7 billion was accumulated from gold mining, MNT 388.3 billion--from coal, MNT 44.6 billion -- zinc, MNT 556.7 billion --copper, MNT 7.6 billion --iron, MNT 5.1 billion --fluorspar and MNT 39.4 billion from others.

Against the same period of the previous year, the income from major commodities increased by MNT 581.2 billion or 117.6 percent; incomes from gold extraction increased by MNT 7.3 billion (27.5 percent), coal -- by MNT 305.5 billion (368.7 percent), zinc --by MNT 21.0 billion (88.8 percent), copper--by MNT 222.9 billion (66.8 percent), fluorspar --by MNT 1.2 billion (30.6 percent) and others--by MNT 26.5 billion (206.6 percent), but the income from iron mining decreased by MNT 3.1 billion or 29.3 percent.

As of October 20, 2017, 1,789 exploration licenses, 1,395 mining licenses and 527 licenses of common spread minerals were registered at the Cadastre Registration System. 

According to the Minister that as of October 24, Mongolia has a 42-day reserve of oil products reserve for domestic needs. Paying a special attention on fuel supply and making the prices stable, the ministry is collaborating with the Finance Ministry to make a review with the International Monetary Fund to lower the previously agreed rate of excise duty on fuel, and postpone a term of commencement. 

It was planned to extract and export 8.4 million barrel or 1.1 million tons of oil in 2017. As of October 18, 6.04 million barrel or 821.9 thousand tons of crude oil have been exported to China.

The Mineral Reserves and Resources Classification System of Mongolia have registered reserves of 70 deposits that were discussed and approved at the meeting of Professional Council on Minerals in August, 2017.

The Minister also reported projects to be implemented in the heavy industry. The projects include construction of oil refinery, copper concentrate processing plant,’ construction of plant to produce synthetic gas and construction of metallurgy park in Darkhan and Selenge.

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Russia to build pipeline to supply Iranian natural gas to India www.rt.com

Moscow and Tehran are about to sign a memorandum of understanding to back a new gas pipeline project, according to Russian Energy Minister Aleksandr Novak.

The countries will build a 1,200-kilometer long pipeline from Iran to India with the Russian energy major Gazprom developing several Iranian deposits along the route of the future pipeline.“The project will be implemented with the participation of Iranian, Pakistani and Indian firms,” said Novak.

The parties will work on the list of gas fields and prepare the necessary planning documentation. Construction is expected to start next year, according to the minister.“

This is a memorandum between the ministries. We have agreed to assist in the implementation of the project for gas supply from Iran to India. This is a large-scale project with Gazprom participation. The company will develop gas fields on Iranian soil with all the necessary infrastructure for gas supplies to India to be built,” Novak said.

Novak didn’t disclose how much it will cost but said it will be significant, as the pipeline will include an underwater part that will pass through the Persian Gulf.

Iran has been ramping up energy production to restore much of its lost market share since international sanctions were eased in 2015. However, decades of economic isolation and underinvestment left the country’s oil and gas infrastructure outdated.

International energy corporations took a chance to work in Iran with France's Total becoming the first to sign a deal to develop the country’s South Pars fields. The company estimated the initial investment at a billion dollars.
Royal Dutch Shell, Italy’s Eni, and Russia’s Rosneft are among more than 30 foreign companies that have qualified for oil and gas projects in Iran since sanctions were lifted.

American corporations are prohibited from working in the Islamic Republic except through foreign subsidiaries.

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World Bank Group: Mongolia strengthens business environment www.montsame.mn

Ulaanbaatar /MONTSAME/ Governments in 119 economies carried out 264 business reforms in the past year to create jobs, attract investment and become more competitive, says the World Bank Group’s latest Doing Business 2018: Reforming to Create Jobs report, which monitors the ease of doing business for small and medium enterprises around the world.

Developing countries carried out 206 reforms, accounting for 78 percent of the total reforms, with Sub-Saharan Africa implementing 83 reforms and South Asia implementing a record 20 reforms. A large number of reforms centered on improving access to credit and registering a new business, with 38 reforms each, as well as facilitating cross border trade, with 33 reforms.

Mongolia implemented substantive reforms to boost SME financing through Secured Transactions Reform project. Access to finance is a challenge faced by many Mongolian SMEs, which struggle to obtain bank loans as they do not own land or buildings that banks generally seek as collateral.

To address this issue, the International Finance Corporation (IFC), a member of the World Bank Group, and the Ministry of Justice have partnered with the Bank of Mongolia, Mongolia Bankers’ Association, and other stakeholders since 2013 to help reform the country’s secured transactions system to unlock affordable financing for SMEs. As part of the reform, a web-based pledge-notice registry was launched in February 2017, enabling creditors to search for existing interests on movable assets that they intend to use as collateral and to file security interest on their approved collaterals. In addition, the IFC-supported Law on Tangible and Intangible Movable Property Pledge went into effect on March 1, 2017. The new law, along with the registry, allows SMEs to offer moveable assets such as accounts receivable, inventory, livestock, equipment, and future income as collateral to banks – a major move to improve access to finance for SMEs. The system also reduces the need for paper documents and notifies creation of pledge-rights to existing and prospective lenders.

To date, around 90,000 pledge-notices have been registered, 38 percent of which is equipment, 24 percent is livestock, 5.4 percent is account receivables, and 2.0 percent is vehicles. Women account for 24 percent of the total borrowers.

“We are very encouraged to see the strong early results from this project” said Tuyen D. Nguyen, IFC Resident Representative in Mongolia. “Mobilizing movable collateral to boost access to finance, especially for MSMEs, can play a significant role in Mongolia’s sustainable economic recovery and job creation.”

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Novermber 01, 2017 trading report www.mse.mn

On November 01, 2017, 114,827 shares of 58 firms listed as Tier I, II, and III were traded. 24 firms’ shares increased in price, 13 decreased and 21 remained unchanged. Dornod Khudaldaa JSC /DES/ was the top performer, increasing 15.00 percent, whereas Bayan-Aldar JSC /VIK/ was the worst performer, decreasing 8.33 percent.

On the secondary market for government bonds, 9,900 bonds with a value of MNT978.1 million were traded.

The MSE ALL Index increased by 1.01 percent to stand at 1,145.15 points. The MSE market cap stands at MNT 2,209,423,625,837

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Rio Tinto throws its weight behind Africa as mining central www.mining.com

LONDON, Nov 1 (Reuters) – Africa, as the largest untapped source of growth in the mining sector, is pivotal in helping Rio Tinto and other resources companies to supply the changing needs of the huge Asian market, a senior company official said on Wednesday.

The comments, delivered at a Bloomberg forum as part of LME Week, is a vote of confidence in Africa, which has suffered from investor caution over political risk and corruption scandals.

"From a mining perspective, Africa is the largest untapped source of growth for our industry," Bold Baatar, Rio Tinto's chief executive of energy and minerals, said, according to a copy of his speech.

"This provides us with a huge opportunity. It provides us with the opportunity, in partnership with the east, to be part of the once-in-a-lifetime transformation story of Africa."

Rio Tinto has strong relationships with China and other Asian customers that buy approximately 70 percent of its products.

China's development required bulk commodities, such as iron ore, but its needs are evolving as it focuses on implementing environmental standards and seeks to lead a shift to electric transport.

The world's biggest miner BHP has emphasised copper as its commodity of the future.

Rio Tinto, the second biggest major, has a massive copper project in Mongolia, but is also looking at less traditional commodities through its unit Rio Tinto Ventures.

They include the rare earth mineral monazite, used in heavy magnets for electric vehicles, which is produced from Rio Tinto's mineral sands project in Madagascar.

Elsewhere in Africa, Rio Tinto in Guinea mines bauxite, used to produce aluminium, which can make vehicles lighter and more energy efficient.

Rio Tinto is selling its stake in Guinea's giant Simandou iron ore project to Chinalco, China's biggest state-run aluminium producer, although the deal announced more than a year ago has yet to be finalised.

Rio's relationship with Africa has had its challenges.

It suspended one senior executive and accepted the resignation of a second after discovering $10.5 million in unexplained payments to a consultant in Guinea.

It also faces fraud allegations over coal assets it once owned in Mozambique.

Investors have this year been particularly wary of Africa after Tanzania banned unprocessed mineral exports as part of a plan to reap greater rewards from international miners, and South Africa proposed a new mining code that the industry has challenged.

(Reporting by Barbara Lewis; Editing by Mark Potter).

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Abe re-elected as prime minister of Japan www.asia.nikkei.com

TOKYO -- Shinzo Abe was re-elected as prime minister of Japan at a special parliamentary session on Wednesday, following last month's snap election for the House of Representatives.

He reappointed all of his ministers, who were selected in a reshuffle in August. The reappointments are a bid to pursue continuity of key economic and diplomatic policies. The last time Japan's prime minister reappointed his entire cabinet was in 2005, when Junichiro Koizumi was in power.

Among those reappointed are Taro Aso, deputy prime minister and finance minister; Taro Kono, foreign minister; Itsunori Onodera, defense minister; and Yoshihide Suga, chief cabinet secretary.

Of the 20 ministers, two are women -- Seiko Noda, minister of internal affairs and communication, and Yoko Kamikawa, minister of justice.

Abe is expected to hold a news conference on Wednesday evening to explain how his new government will operate.

Abe's Liberal Democratic Party and its junior coalition partner Komeito won a resounding victory in the Oct. 22 poll. Having dissolved the all-important lower chamber of parliament to trigger the election, Abe took the victory as a vote of confidence in his government.

Wednesday's special parliamentary session also re-elected LDP member Tadamori Oshima as speaker of the lower house and Hirotaka Akamatsu, a member of the Constitutional Democratic Party, as vice speaker.

As newly elected prime minister, Abe will hold talks with Komeito leader Natsuo Yamaguchi to confirm that the two parties will continue to govern in coalition. A new cabinet will be formed soon after the talks.

(Nikkei)

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Alibaba's Jack Ma to star in short kung fu film www.chinadaily.com.cn

Chinese e-commerce tycoon Jack Ma has confirmed he is to make his debut next month in a kung fu film alongside action stars such as Jet Li and Donnie Yen.

Titled Gong Shou Dao, which means the art of guard and defense, the 20-minute movie, which will not be seen in cinemas, is set to be released on November 11.

"That night ... that dream," Ma wrote in a post attached the movie's poster on China's microblogging platform Weibo on Saturday, without giving any details of the plot.

Jet Li, the movie's executive producer, told Sina, one of China's leading Internet-based media groups, "We all have the same dream to use the movie to promote traditional Chinese culture and pay a tribute to the predecessors in the field of Chinese kung fu."

Other big names among the film's crew include action stars Jet Li, Donnie Yen, Wu Jing and Sammo Hung Kam-bo, boxing star Zou Shiming, Thai actor Tony Jaa and retired Mongolian sumo champion Asashoryu Akinori.

Ma, the executive chairman of the Alibaba Group, has long expressed interest in traditional Chinese culture, especially kung fu, and has practiced tai chi for many years.

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Alibaba Leads $335 Million Funding for Chinese Car Trading Site www.bloomberg.com

SouChe.com, a Chinese car trading site, raised $335 million in a funding round led by Alibaba Group Holding Ltd. as it expands in auto-financing and prepares for a potential U.S. IPO.

Alibaba will become the biggest backer of the site and integrate parts of the business with its own e-commerce services. Warburg Pincus, Primavera Capital and CMB International also took part. The new funding round valued the company at between $1 billion and $2 billion, according to SouChe founder Yao Junhong.

SouChe sells used cars from dealers across the country, with interest in second-hand vehicles increasing as the Chinese economy begins to slow. The company also provides financing for customers to buy new vehicles for a year, which they can then purchase outright, trade in for a new model or hand back.The company may consider an initial public offering and could do so at a higher valuation than Qudian Inc., Yao said The online provider of credit products sold stock at a valuation of more than $6 billion last month.

“We are considering a U.S. IPO for next year, potentially towards the end of the year," Yao said. “But our finances are strong so we may not have to do it.”

The latest round follows an earlier funding that included Alibaba affiliate Ant Financial, which is working with SouChe to finance products and services through a product called TanGeChe. Over 50,000 cars have been sold through financing, with data from Alibaba and customers used to reduce the risk of bad debt - Yao said its default rate stood at less than 1 percent. These are then turned into asset-backed securities to raise money from the banks to purchase more cars.

The company is expecting to hit 150 billion yuan ($22.6 billion) in 2017 gross merchandise volume, which refers to the total value of cars sold on its platform.

SouChe has raised $615 million in the past year. But rivals in the sector include Renrenche.Com, which raised $200 million from car hailing service Didi Chuxing in September as well as Uxin Group, which has raised $500 million. Another rival Guazi.com raised $400 million this year, according to the South China Morning Post, and this week launched a similar car financing program.

Uxin in particular is a key threat with search giant Baidu Inc. and Tencent Holdings Ltd. among its shareholder base. However, Yao said his company’s advantage was its extensive connection to traditional offline used car dealerships.

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