1 US TRADE WAR COULD COST GLOBAL ECONOMY $430 BILLION, IMF WARNS WWW.RT.COM PUBLISHED:2018/07/18      2 US PLANS G7 TALKS ON CHINA WWW.NHK.OR.JP PUBLISHED:2018/07/18      3 GOOGLE HIT WITH RECORD EU FINE OVER SHOPPING SERVICE WWW.BBC.COM PUBLISHED:2018/07/18      4 TURQUOISE HILL ANNOUNCES SECOND QUARTER 2018 PRODUCTION AND COMPLETION OF SHAFT 5 WWW.GOGO.MN PUBLISHED:2018/07/18      5 DEVELOPMENT OF BILL ON CIVIL SERVANT CODE OF CONDUCT FINALIZED WWW.GOGO.MN PUBLISHED:2018/07/18      6 CRUDE OIL EXPORTS GENERATED 94.3 BILLION WWW.GOGO.MN PUBLISHED:2018/07/18      7 MONGOLIAN PRESIDENT SUMMONS IRREGULAR PARLIAMENTARY SESSION WWW.NEWS.MN PUBLISHED:2018/07/18      8 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      9 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      10 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      ГЕРМАНЫ “ЧИНГИС ХААН” ХАМТЛАГ ИРЭХ ОНД МОНГОЛД ТОГЛОЛТОО ХИЙНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     АНУ, ОХУ ХҮЙТЭРСЭН ХАРИЛЦААНДАА ЦЭГ ТАВИЛАА WWW.UBINFO.MN НИЙТЭЛСЭН:2018/07/18     ХУДАЛДААНЫ ДАЙН ХЯТАДЫН КОМПАНИУДАД НӨЛӨӨЛЖ ЭХЭЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/18     МОНГОЛД 92 ОРНЫ 9.6 МЯНГАН ГАДААДЫН ИРГЭН АЖИЛЛАЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/18     ГАДААД ХУДАЛДААНЫ НИЙТ БАРАА ЭРГЭЛТ 6,3 ТЭРБУМ АМ.ДОЛЛАРТ ХҮРЧЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/18     ЕВРОПЫН ХОЛБОО ЯПОН УЛСТАЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ГЭРЭЭ БАЙГУУЛАВ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/18     АЖ ҮЙЛДВЭРЖИЛТИЙН ЭРЧ СУЛАРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/18     МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 3.8 ИХ НАЯД ТӨГРӨГӨӨР НЭМЭГДЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     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    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Russian tank crews taught Mongolian counterparts to eliminate a simulated enemy using the ‘fire carousel’ method in the Gobi Desert flatland www.eng.mil.ru

As a part of the Selenga 2017 Russian-Mongolian exercise, which had started in the Zuunbayan range located in the Gobi Desert (Mongolia), Russian tank crews shared an experience of using modern methods of a maneuver combat. Particularly, Mongolian servicemen were taught how to eliminate a simulated illegal group using the ‘fire roundabout’ method.

The principle of the fire carousel tank combat is a circle-wise successive change of military vehicles, which move one after another eliminating a simulated enemy with flank fire. Only that constant maneuvers of that kind will help to win a fight in the Gobi Desert flatland.

In course of the exercise tankmen successively eliminated joint and separate targets using the fire carousel method. The cooperation was performed using previously arranged signs.

For the first time the Selenga 2017 joint exercise is taking place in harsh climate of the Gobi Desert. On the part of Russia a combined tactical group of the Eastern MD, located in the Republic of Buryatia, is taking part in the exercise. Servicemen are practicing joint actions in a fight with simulated illegal groups. More than 1,000 troops and 200 pieces of military hardware are involved in the exercise.

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Vostochny Port is ready to handle cargo from Mongolia – RF Transport Minister Maxim Sokolov www.portnews.ru

Vostochny Port is among the most prepared platforms for the development of port infrastructure able to handle cargo transiting from Mongolia to the markets of the South-East Asia and APR, RF Transport Minister Maxim Sokolov has said today, 5 September 2017, when visiting Vostochny Port JSC, part of Port Management Company (PMC LLC), says PMC.

Apart from the Minister, Vostochny Port has been also visited by Victor Olersky, Deputy Transport Minister – Head of the Federal Marine and River Transport Agency; Oleg Belozerov, President of Russian Railways; Dangaa Ganbat, Minister of Road and Transport Development of Mongolia; Yondon Manlaibayar, head of Ulan Bator Railway.

The delegation visited the dedicated coal terminal, where Irina Olkhovskaya, First Deputy Director of Port Management Company LLC, paid special attention to the company’s measures focused on minimization of the port’s impact on the environment.

The guests also visited the construction site of the coal terminal’s Phase III, the largest investment project in the port sector of the Far East. The project is financed through private investments without involving the state budget.

RF Transport Minister Maxim Sokolov commented: “The terminal under construction at Vostochny Port has a design capacity of almost 20 mln t. It offers cutting-edge world-class technologies and railway infrastructure allowing for faster accepting/unloading/dispatching of trains. Sound infrastructure being developed here will let considerably improve the logistics of the port approaches. With such projects we ensure competitive advantages of our Far East ports.

Today, the Primorsky Territory and particularly Vostochny Port is among the most prepared platforms for the development of port infrastructure able to handle cargo transiting from Mongolia to the markets of the South-East Asia and APR.

The leaders of Russia and Mongolia will have a dialogue on the sidelines of the Eastern Economic Forum. I think the visit of the President of Mongolia to Russia will result in the nearest future in signing of an agreement on transit between Russia and Mongolia. The scope of transit will depend on agreements between Mongolian and the third countries”.

Phase III of Vostochny Port JSC, the largest investment project in the Far East which also implies the construction of the railway infrastructure at Nakhodka Vostochnaya station, will be presented at the III Eastern Economic Forum (Vladivostok, 6-7 September).

Vgrangel, Primorsky Krai based Vostochny Port JSC is Russia's largest dedicated open access coal port using covered stations for unloading and transfer of coal, conveyor equipment, rotary car dumpers, shiploaders and the second-to-none system of multi-stage magnetic coal separation. The port handles coal mined and exported by Russian coal companies. In 2016 coal throughput at the terminal reached 23.5 million tonnes, a fifth of all coal exports from Russia's seaports and about 30% of coal transshipment in the ports of the Far Eastern basin.

Since the port construction completion 390 million tonnes of coal have been exported through the facility and 6.6 million rail cars have been handled, 28,000 vessels have been received at the port berths. Over the past ten years, JSC Vostochny Port has shipped more than 200 million tonnes of coal, an all-time record among all Russian coal ports.

Vostochny Port JSC is a free access terminal, open to all coal producers. The enterprise's main objective is the increase in coal throughput and the best quality of cargo handling services: ensuring an uninterrupted supply chain and loading the commodity to the most efficient types of vessels for the formation of new supply routes.

Vostochny Port JSC LLC is implementing an ambitious investment project on construction of the coal terminal’s Phase 3 including the construction of the federal railway infrastructure. New terminal facilities will be put into operation in 2017 allowing for port capacity to reach 39 mln t in 2019. The coal will be delivered from Kuzbass and other coal fields of Russia. A sole executive body of Vostochny Port JSC is Port Management Company LLC.

Port Management Company LLC is Russia's major coal port holding that exercises the powers of a single executive body of largest dedicated coal ports based in the Baltic Sea region (Rosterminalugol JSC, Ust-Luga, Leningrad Region) and in the Far East (Vostochny Port JSC, Wrangel Bay, Primorsky Territory).Total coal throughput by the 2016 year-end results of the holding's stevedoring companies reached 41.5 million tonnes, which is more than one third of all seaborne coal exports from Russia. The commodity is exported to more than 30 countries in Europe, the Middle East and the Asia-Pacific region. By 2019, according to PMC' estimates the total annual coal throughput across marine coal terminals will increase to 56.5 million tonnes.

The PMC LLC was founded in 2008. Since then coal volumes handled at Vostochny Port leaped by more than 60%, and in 2016 totaled 23.5 million tonnes. Between 2010 and 2017, the PMC Holding implemented a program of production optimization, handling equipment modernization and upgrade.

In 2016, another stevedoring company JSC Rosterminalugol became member of the PMC Holding. Following the 2016 year-end results coal volumes at Rosterminalugol terminal reached a record high of 18.1 million tonnes.

Dedicated coal ports of the holding, Vostochny Port and Rosterminalugol, are fitted with the cutting-edge equipment for closed transshipment of coal.

A specific feature of the holding’s activities is the search and introduction of the best technologies available to increase coal transshipment and improve environmental safety. The ports boast the world’s best equipment, unique import substitution technologies and self-engineered products.

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GCF backs Mongolian forum to open up low-emission, business paths www.greenclimate.fund

XacBank, a Green Climate Fund (GCF) Accredited Entity, is helping Mongolia forge a new sustainable phase in its economic growth by holding the bank’s first green finance forum on Wednesday.

The one-day event run by XacBank, and supported by GCF, is designed to tap the entrepreneurial energies of the country’s private sector to drive low-emission innovation. It will bring together a range of experts to explore how to reduce greenhouse gas emissions and enhance energy efficiency, while also making Mongolian businesses more competitive.

The forum marks a crucial phase in ongoing endeavours by XacBank, one of Mongolia’s major lenders, to carve out a low-carbon energy sector in this landlocked country.

In July, GCF completed a USD 20 million transfer of climate finance to XacBank as part of a USD 60 million project to support micro, small and medium-sized enterprises (MSMEs) finance low-carbon initiatives in Mongolia.

The bulk of GCF’s support is in the form of loans, with at least half directed at women-led enterprises.
Speaking before the first of what XacBank plans to be yearly green finance forums, the bank’s president stressed the important role of Mongolian women in driving low-emission business opportunities.

“The increased involvement of women should mean a higher probability of effective climate finance,” said Amar Hanibal. “Statistics show women have a lower probability of default of loans, while our anecdotal observations indicate women-led businesses tend to be more accurate, risk averse and better planners.”

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China's ICBC opens office in Mongolia www.news.xinhuanet.com

ULAN BATOR, Sep. 5 (Xinhua) -- Industrial and Commercial Bank of China (ICBC) opened its Mongolia representative office in Ulan Bator on Tuesday.

The opening ceremony was attended by Choijilsuren B., minister of finance of Mongolia, Chinese Ambassador to Mongolia Xing Haiming and President of ICBC Gu Shu.
At the ceremony, Gu said Mongolia is an important country along the Belt and Road Initiative.
He noted that China and Mongolia signed cooperation agreements under the initiative in May, which would bring huge opportunities for the two countries' cooperation in industrial capacity and finance.
Gu also said that ICBC always attaches great importance to the Mongolian market, adding that with ICBC's internationalized service network and diversified business lines, its Mongolia office will proactively devote itself to market research and project organization, and strive to become a bridge for China-Mongolia economic and trade exchange.
In recent years, China and Mongolia have witnessed rapid development in political mutual trust, economic and trade cooperation and people-to-people exchanges. China has remained Mongolia's largest trading partner and a major investor in the country for several years. In 2014, the two established a comprehensive strategic partnership, a more advanced form of bilateral relationship China holds with another country.
Over the past years, ICBC has taken the initiative to adapt to consumer demands for diversified financial services, closely followed China's foreign trade and investment moves to refine its overseas business layout, and has been an obvious enhancement in its capability to provide service globally.
Currently, the bank has established overseas institutions in 44 countries and regions worldwide, and extended its presence in 20 African countries indirectly through holding shares of the Standard Bank of South Africa.

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China cracks down on cryptocurrencies with ban on initial coin offerings www.rt.com

Beijing has outlawed raising funds through launches of token-based digital currencies or so-called initial coin offerings (ICOs). The ban means trading and usage of all cryptocurrencies, including bitcoin, could now be illegal in China.

The People’s Bank of China (PBOC) said in a statement ICOs are “essentially a form of non-approved illegal public financing behavior and raises suspicions of illegal selling of notes and bills, illegal securities issuance, illegal deposit-taking, financial fraud, illegal direct marketing and related criminal activity.”

It added that individuals and organizations that have completed ICO fundraisings should make arrangements to return the money.

According to cryptocurrency analysis website Cryptocompare, $2.32 billion has been raised through ICOs, with $2.16 billion of that being raised since the start of 2017.

The PBOC added that "any so-called tokens financing trading platform shall not engage in the exchange of legal currency and tokens." It even goes so far as to ban platforms from "provid[ing] pricing, information, [and] intermediary services."

ICOs have surged in China this year as entrepreneurs could raise large sums, sometimes even hundreds of millions of dollars in minutes, by creating and issuing digital tokens.

Government data showed there had been 65 ICOs so far during the year, raising a combined 2.62 billion yuan ($394.6 million) from 105,000 individuals in the country.

In July, the US Securities and Exchange Commission warned that some ICOs should be regulated like other securities. Authorities in Singapore and Canada have issued similar warnings.

Some experts claim China’s ICO ban could be temporary. The director of the Shanghai-based financial technology consultancy Kapronasia, Zennon Kapron said he suspected regulators are putting the brakes on ICOs to better understand the phenomenon, but that could ease off in the future.

“Regulators globally are struggling to understand what ICOs are, what the risks are, and how to ring-fence and regulate them,” he told Reuters.

“China, in many ways, is no different than the US or Singapore in saying, ok, we need to push back on these for now until we figure out how to deal with them...I think it will be slightly a temporary measure,” Kapron added.

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Three countries hold meeting on economic corridor establishment www.montsame.mn

Ulaanbaatar /MONTSAME/ The second expert-level trilateral meeting on implementation of the Program on Establishing Economic Corridor among Mongolia, China and Russia was held in Moscow, Russia on August 29, 2017.

The meeting was co-chaired by V.Enkhbold, Director of the Mongolian Foreign Ministry Department of Foreign Trade and Economic Cooperation, Xiao Weiming, Deputy Director of the western development division of the China's National Development and Reform Commission (CNDRC), and Ye.N.Popov, Head of the Asia, Africa and Latin America Department of the Russian Ministry of Economic Development.

The parties initialed a Memorandum of Understanding on setting up a mechanism to accelerate the Economic Corridor’s implementation after coming to an agreement over the document’s context.

In addition, the countries prioritized 32 projects, which are reflected in the Program, and discussed those projects to be realized in the first turn. The parties then included three of them in the Memorandum’s appendix on building up a central corridor of railways and learning a chance for Chinese companies to getting involved in renovation of the electricity network in Mongolia and Russia.

In order to implement the projects in the first turn, the countries concurred to establish a joint center for investment and projection in Ulaanbaatar.

Present at the meeting were representatives and officials from the Mongolian Ministry of Foreign Affairs, the Ministry of Road and Transportation, the Ministry of Energy, the Mongolian Embassy in Russia, the CNDRC, the Chinese Embassy in Russia, the Russian Ministry of Foreign Affairs, the Ministry of Economic Development, the Ministry of Environment, the Ministry of Transportation, the Ministry of Energy and the Russian Railways JSC. 
B.Ooluun

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Mongolia Foreign Direct Investment: % of GDP www.ceicdata.com

Mongolia's Foreign Direct Investment (FDI) registered a growth equal to 6.1 % of the country's Nominal GDP in Mar 2017, compared with a growth equal to 3.7 % in the previous quarter. Mongolia's Foreign Direct Investment: % of Nominal GDP data is updated quarterly, available from Mar 2000 to Mar 2017. The data reached an all-time high of 50.5 % in Dec 2011 and a record low -145.3 % in Jun 2016. CEIC calculates Foreign Direct Investment as % of Nominal GDP from quarterly Foreign Direct Investment and quarterly Nominal GDP. The Bank of Mongolia provides Foreign Direct Investment in USD. The National Statistics Office of Mongolia provides Nominal GDP in local currency based on SNA 2008. The Bank of Mongolia average market exchange rate is used for currency conversions. Nominal GDP prior to Q1 2010 is based on SNA 1993.

In the latest reports of Mongolia, Current Account recorded a deficit of 98.8 USD mn in Jul 2017. Foreign Direct Investment (FDI) increased by 148.4 USD mn in Jul 2017. Mongolia's Direct Investment Abroad expanded by 0.2 USD mn in Jul 2017. Its Foreign Portfolio Investment fell by 43.3 USD mn in Mar 2017. The country's Nominal GDP was reported at 3.0 USD bn in Jun 2017.

Please review in details on the link https://www.ceicdata.com/indicator/mongolia/foreign-direct-investment--of-nominal-gdp 

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Mongolian President to hold meeting with Moon and Putin www.news.mn

Mongolian President Kh.Battulga will hold summit talks with leaders of South Korea and Russia during his visit to the Russia Far Eastern city of Vladivostok.

Kh.Battulga is set to attend the Eastern Economic Forum on Thursday and Friday. It will be his first visit to Russia since taking office on 10th of July. During the visit, Kh.Battulga and Russian President Vladimir Putin will hold a meeting. Before this, two held informal meeting in Hungary on 27th of August during the 2017 World Judo Championships.

Following the meeting with President Putin, Kh.Battulga will hold talks with South Korea`s President Moon Jae-in to seek a means to develop bilateral relations and discuss North Korean missile and nuclear issues.

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KAMCO to conduct financial consulting project in Mongolia www.news.mn

The Korea Asset Management Corporation (KAMCO) and Financial Access (FA), which is a financial consulting firm headquartered in the Netherlands, have been selected as the preferred bidders for the Asian Development Bank’s consulting project for the recovery and stabilisation of the banking industry of Mongolia.

The project is a part of the Technical Assistance (TA) projects of the ADB. The TA projects are for international organisations and developed countries to send their experts to developing countries in order to provide consulting related to industrial development, technological development, etc.

The project in Mongolia is worth a total of more than USD 1 million. The KAMCO has become the first South Korean public enterprise to lead the ADB’s TA project of that size. Before the selection of the preferred bidder, the ADB looked into each candidate’s degree of understanding of the purpose of a public asset management corporation in Mongolia, past consulting history, methodology, etc. The candidates included consulting firms and accounting firms located in Great Britain, Canada, Ireland and New Zealand.

The KAMCO and FA are planning to conduct their consulting for approximately 24 months following negotiations with the ADB.

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Caa1 - the lowest credit rating in Mongolian history www.mongolia.gogo.mn

ULAANBAATAR (GoGo Mongolia) - In Nov 2016, Moody's Investors Service ("Moody's") downgraded Mongolia's government long-term issuer and senior unsecured ratings to Caa1 from B3. 

Several green lights have turned on in Mongolian economy since then. Specifically, current account deficit stood at 358 million USD, meaning that it has dropped by 37 percent or 212 million USD from the same period of last year.
Goods and services account deficit dropped by 470 million USD and had a surplus of 248 million USD. Moreover, the balance of financial account had a surplus of 313 million USD. 
Mongolia has received 645 million USD foreign investment in the same period of last year while as of Jul 2017, foreign investment amounted 313 million USD which decreased by 332 million USD compared to the same period of last year. 
Meanwhile, the total balance of payments deficit was 48.8 million USD as of July 2017. A year ago, this amount was 41 million USD.
However, Caa1 ratings have not moved up and it is the lowest credit ratings in Mongolian history. 
"Invest Mongolia 2017" conference which is being held in Ulaanbaatar during Sep 4-5 raised this issue. Private sector representatives noted that with the Caa1 rating, it is almost impossible to attract investment from foreign countries. If one could find investment, the cost would be high. The biggest banks of Mongolia including Trade Development Bank, Khas and Khaan are determined their credit rating separately. However, their ratings are directly affected by the country`s rating. 
The Government pays for providers of credit ratings such as Moody`s, Fitch and S&P. Thus, private sector representatives recommended inviting representatives of these organizations to introduce the latest economic data and move the rating up. If Mongolia still has the Caa1 rating, Western investors consider Mongolia as a high-risk country to invest.

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