1 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      2 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      3 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      4 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      5 BIOGRAPHY OF TAVAN TOLGOI RESIDUAL COAL DEPOSITS WWW.ZGM.MN PUBLISHED:2018/07/16      6 NAGOYA BASHO LOSES LAST OF THREE YOKOZUNAS WWW.MONTSAME.MN PUBLISHED:2018/07/16      7 CHINA'S GDP HITS 6.7% IN Q2 OF 2018 WWW.CHINADAILY.COM.CN PUBLISHED:2018/07/16      8 US-CHINA TRADE WAR DIMS BRIGHT FUTURE FOR SEMICONDUCTORS WWW.ASIA.NIKKEI.COM PUBLISHED:2018/07/16      9 RIGHTS GROUPS URGE BETTER TREATMENT FOR MONGOLIA CHILD JOCKEYS WWW.REUTERS.COM PUBLISHED:2018/07/16      10 TPP CHIEF NEGOTIATORS TO MEET IN JAPAN WWW.NHK.OR.JP PUBLISHED:2018/07/16      МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16     1,5-2 САЯ ТӨГРӨГИЙН ЦАЛИНТАЙ ЖОЛООЧИЙН АЖЛЫН БАЙРНЫ БҮРТГЭЛ ЭХЭЛЛЭЭ WWW.ZINDAA.MN НИЙТЭЛСЭН:2018/07/16     ОЛОН МЯНГАН НИСЭХ ОНГОЦ ШИНЭЭР ҮЙЛДВЭРЛЭХ ШААРДЛАГАТАЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     КРИПТОВАЛЮТЫН ТАЛААРХ ХОРООНЫ БАЙР СУУРЬ ХЭВЭЭРЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/16     ОРОСЫН ЭДИЙН ЗАСГИЙН ӨСӨЛТӨД ДАШТ-2018 НӨЛӨӨЛӨХ НЬ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     ЗҮҮН ӨМНӨД АЗИ ХАНШАА ХАМГААЛЖ ЭХЛЭВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/16     АЯЛАЛ ЖУУЛЧЛАЛЫН САЛБАРААС 400 ГАРУЙ САЯ ДОЛЛАР ОЛЖЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/16     МОНГОЛЫН ЭДИЙН ЗАСГИЙН БҮТЭЦ ЭМЗЭГ ХЭВЭЭР БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/10     МОНГОЛ, ВЬЕТНАМЫН ГАДААД ХАРИЛЦААНЫ ЯАМ ХООРОНДЫН ЗӨВЛӨЛДӨХ УУЛЗАЛТ БОЛОВ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/10    

Events

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

NEWS

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Bitcoin price surpasses $5,000 for first time www.rt.com

The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.

Bitcoin hit a high of $5,013.91, according to the CoinDesk index, on Friday and stayed above the mark for 10 minutes of trading, before falling back to a low of $4,867.19.

The cryptocurrency reportedly reached its highest market price of $5,149 thanks to Chinese bitcoin exchange OkCoin.

Bitcoin’s surge in popularity is largely down to a growing interest in cryptocurrencies, improved technologies, and sustained inflow from investors, Forbes says.

The new record comes amid news that six big banks have joined a project developing a new settlement currency based on blockchain technology – the world’s leading software technology used by bitcoin, ethereum, and other cryptocurrencies.

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street joined UBS, BNY Mellon, Deutsche Bank, Santander, NEX, and blockchain startup Clearmatics in the project to create a “utility settlement coin.”

Originally started by UBS, the new currency could pioneer how central banks chose issue cryptocurrencies.

“We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point," UBS director Hyder Jaffrey told CoinDesk.

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Hyundai seeks to draw young professionals away from Mercedes and BMW www.asia.nikkei.com

SEOUL -- Hyundai Motor unveiled its mid-size luxury sedan under premium brand Genesis on Friday, targeting young professionals in their 30s and 40s who have thus far preferred the German brands of Mercedes-Benz and BMW.

The largest automaker in South Korea hosted a media preview for the G70, news about which was embargoed until Sunday morning, expecting the new model would boost growth and lead to a recovery following sales declines in China and other parts of the world. Hyundai said it had placed emphasis on the design of the third Genesis model, which it said embodied "athletic elegance," to satisfy customers' sense of luxury.

The company said in a press release that they had pursued athletic elegance for the car's design, "illustrating tension and beauty of the moment, such as when an archer releases an arrow".

Joo Byung-chul, a design director at the company, said that he tried to bring dynamism into the rear-wheel-drive car. "We carved a natural parabola from the rear to the front, making it more dynamic and powerful."

However, the company prevented journalists from taking photos of the car, seeking to keep the image confidential until it officially launches on Sept. 15. The automaker will start selling the sedan in South Korea the same day. In overseas markets, it will launch in the U.S. early next year, and then expand gradually to other areas.

Koo Za-yong, a vice president at Hyundai, said that the company aimed to draw young professionals in their 30s and 40s who have previously preferred the Mercedes-Benz's C-class and BMW 3 series models. "We want to win young customers from our German rivals."

G70's debut comes as Hyundai is suffering from falling sales at home and abroad. The company said its sales dropped 6% to 336,000 vehicles in August from a year ago. For the January-August period this year, its sales fell 7.2% to 2.86 million units.

Its domestic sales jumped 29.6% to 54,000 in August from the previous year when its labor union staged a partial strike. But overseas sales fell 10.8% to 282,000 during the same period, largely due to declining sales in China which have been hit by worsening consumer sentiment against South Korean brands since the launch of a U.S. missile defense system in the country.

Shares of Hyundai rose 1.78% to 143,000 won on Friday, erasing all of its 1.75% loss the previous day. The benchmark Kospi fell 0.23% to 2,357.69.

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Macquarie says iron ore, coal prices to remain strong into 2018 www.mining.com

Prices for iron ore and coking coal, the two key ingredients for steelmaking, are set to remain buoyant for the remainder of the year, Macquarie Bank predicted in a recent report.

The influential Australian bank revised its earlier price estimates for iron ore and coking coal by a wide margin, citing an overall improvement in the Chinese economy, which consumes the vast majority of the world's steelmaking inputs.

"The biggest discernible change in fortunes for commodities has been a lifting in investor sentiment towards Chinese demand, with the strong June macroeconomic prints — including the third-highest ever loans data — having presented a more robust picture of activity for the second half of 2017," Macquarie says in the report quoted by Business Insider. "After resurgent strength in commodities prices, particularly amongst the bulks, we upgrade our forecasts."

Macquarie previously saw the benchmark spot price for 62% fines averaging $50 a tonne in the first quarter of 2018, but now estimates it will settle around $73/tonne – an increase of 46%.

"Our prior forecasts assumed a more rapid closing of the discount for low grade iron-ore as the fall in benchmark prices was expected to be driven by both increased high grade supply and declining steel demand," the bank explained. "However, with the outlook for steel bullish for at least the next six to nine months, we have assumed the discounts for lower grade ore close more slowly than previously anticipated."

Benchmark iron ore last traded at $76.08 a tonne, a slight dip from its Aug. 22 close of $79.65 a tonne, according to Metal Bulletin.

The bulk-shipped material has been on a tear since June when it was trading in the mid-$50s, largely due to increased Chinese steel production. China's steel production in July rose more than 10% compared to last year to a record 74m tonnes as traders worry about a steel supply crunch going into the new year. Beijing wants to cut output by as much as 50% during winter months to fight smog, particularly in its capital city and surrounding areas.

In Hebei province, China's key producing region, steelmakers said they will comply with stringent new emissions regulations starting September 1. Some 120 million tonnes of low-quality steel capacity were shuttered during the first six month of the year.

Meanwhile BHP (NYSE:BHP), one of the largest exporters of iron ore and coking coal from Australia, said it is optimistic going into 2018.

“Based on our view that the steel market in China will remain tight, thus supporting mill margins, we expect (iron) ores at the higher end of the grade spectrum to perform well for at least the remainder of the calendar year,” chief commercial officer Arnoud Balhuizen said on BHP's website.

Turning to coal, Macquarie said coking coal prices will also remain elevated for longer than it previously anticipated.

The bank revised its near-term coking coal price forecasts by 32% and 40% in the first and second quarters of next year, respectively, to $185 and $175 a tonne. It said the upgrades were based on Chinese restocking demand and tight coking coal supply.

“With the potential for voluntary supply restraint by major Chinese metallurgical coal producers, ongoing supply issues, Chinese port inventories remaining low, high land-borne logistics costs in China, and the potential for an accelerated rate of capacity closures in calendar year 2018, it is possible that metallurgical coal prices can sustain above long-run marginal costs for some time,” BHP's Balhuizen was quoted in The Australian.

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"APU" JSC presents its 2017 semi-annual report to public at MSE www.mse.mn

"APU" JSC, a Tier 1 listed company, presented its semi-annual financial and operational report to the public on August 30th, 2017 at MSE. 

In the first half of 2017, the company has achieved the following results: 

Net sales revenue rose by 12% reaching 108.4 billion tugriks; 
Net income grew by 63% reaching 15.9 billion tugriks,
The Company paid 60.8 billion tugriks for taxes; 
APU repaid $7.9 million, or 19.1 billion tugriks of debt, and plans to similar repayments in the second half of 2017;
During its shareholder meeting on August 18th 2017, APU made several strategic decisions including: establishing "APU Dairy" LLC., reorganizing the company by merging with the “Evergreen Investments” LLC, and issuing 321,304,553 units of additional shares by a closed subscription. 
The Company announced that it will strive to further innovate, improve its successess, and generate steady growth while improving its transparency and setting new standards of disclosure.

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Mongolia comes to West Virginia: Judges come to learn about American judicial process www.wvrecord.com

CHARLESTON – West Virginia Supreme Court of Appeals representatives recently met with a group of Mongolian judges to discuss the role of the Supreme Court and the appeal process, court administration, electronic filing and other judicial matters.

Chief Justice Allen H. Loughry II and Supreme Court Administrative Director Gary Johnson met with the judges July 27.

“Even though these judges came to West Virginia to learn about our judicial system, we also learn from them,” Loughry told The West Virginia Record.

Loughry said that, “while it is clear that each country has a unique history and develops its own system,” there are also similarities in the countries’ justice systems.

“The judges I spoke with expressed their desire to have a system of justice that is fair and to have well-trained judges,” Loughry said. “This is obviously a viewpoint shared by me and by all of the judges in our judicial system.”

According to the release, the Mongolian judges’ experience with the West Virginia court system was planned by the Center for International Understanding, a non-partisan organization based in Princeton.

The court said the center, along with the Open World Rule of Law Program and the U.S. Department of State, brings professionals from emerging democracies to Appalachia to learn about American government. Since the center opened in 1988, representatives from more than 70 countries have visited West Virginia.

While in West Virginia, the Mongolian judges watched a circuit court sentencing hearing, a family court hearing and a video arraignment in magistrate court.

Loughry said programs like those run by the center are important because “it is in the best interest of the United States to discuss our judicial system with leaders from other countries.”

“The judicial branch is the cornerstone of democracy, and this program allows West Virginia judicial officials to help educate others about our system of government,” Loughry said. “It allows us to share with them the importance of an independent judiciary that makes rulings based upon the law and not based upon external influences.”

Loughry said the West Virginia court system has been involved in this program for years and has had visitors from many countries.

“I am hopeful that visiting judges learn the value of our democracy and value of the rule of law,” he said. “They are able to see how legal disputes are decided in open court for the entire world to see. I am hopeful they learn that the level of transparency in our judicial system also leads to trust in the judiciary by our citizens.”

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Preliminary Balance of Payments for July, 2017 www.mongolbank.mn

Main indicators  

Current and capital account balance totaled to USD 358.9 million deficit, which is 37% or USD 212.7 million decrease compared to the same period last year. The change was mainly driven by USD 470.2 million decrease in deficit of goods and services account, resulting a surplus of USD 248.1 million.

Financial account totaled to a surplus of USD 313.0 million. In the first 7 months of last year, Mongolia had a net borrowing of USD 645.3 million from other countries, while this year the amount totaled to USD 313.0 million. Thus, the net external financing is decreased by USD 332.4 million.

As of July 2017, balance of payments aggregated a deficit of USD 48.8 million.

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Russia & China plan joint production of at least 200 heavy lift helicopters www.rt.com

 
Russia's state hi-tech corporation Rostec says a contract for a joint project with China to produce an Advanced Heavy Lift (AHL) helicopter may be signed by the end of the year.
 
“At least 200 heavy lift helicopters are planned to be built in China. This is an estimated market volume. These helicopters will possibly be exported," said Victor Kladov, Rostec’s International Cooperation, and Regional Policy Director.
 
He explained the cooperation as "technological partnership,” with China responsible for the helicopter’s design and production and Russia acting as a technical partner.
 
The new helicopter is among a range of Russian-Chinese projects that also include plans for a long-range widebody aircraft.
 
The AHL will have a maximum takeoff weight of 38.2 tons and will be able to carry up to 15 tons. With a range of 630 kilometers and a top speed of 300 kilometers per hour.
 
According to Rostec, some components for the helicopter will be supplied by Russia, but the helicopter will be manufactured in China.
 
"Our designers and engineers will actively participate in the development work, trials and certification of the helicopter, but this will be done on the basis of contracts," said Kladov.
 
Agreement on the program of developing a heavy civilian helicopter was signed in June 2016 during an official visit by Russian President Vladimir Putin to China.
 
Under the agreement, Rostec’s subsidiary Russian Helicopters will invest in the project and develop separate systems for the new machine.
 
Last year Russian Helicopters announced plans to sell 18 helicopters to China, including Mi-171s, Ka-32s, and Ansat. The helicopters will be delivered by the end of 2018.
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VW launches new UK diesel scrappage scheme www.bbc.com

 
Volkswagen UK is offering customers discounts of up to £6,000 to trade in diesel vehicles when buying a new car.
All the Volkswagen UK brands - including Audi, Seat, Skoda and Volkswagen Commercial Vehicles - will participate.
VW launched a more generous scheme in Germany in August in the wake of its diesel emissions scandal.
Competitors in the UK, including BMW, Ford, Hyundai, Mercedes-Benz and Vauxhall have already launched schemes.
Rival Toyota also launched a scrappage scheme on Friday, offering up to £4,000 off a new Toyota.
VW's UK scheme is a continuation of the initiative launched in Germany, which was brought in after a top level summit between politicians and the country's leading carmakers, including BMW, Daimler and Opel.
VW's German scheme offered a discount of up to 10,000 euros (£9,000) to trade in diesel vehicles.
Diesel cars have been under scrutiny over high levels of nitrogen oxide emissions, sparked by VW's diesel scandal.
Two years ago, it was revealed that Volkswagen had cheated emissions tests that affected 11 million vehicles worldwide.
Car manufacturers have been under increasing political pressure, especially in Germany, to encourage consumers to buy less polluting cars.
UK trade-ins
VW's UK scheme will apply to any diesel vehicle that has emissions standards lower than Euro 5 and was registered before 2010.
Incentives range from £1,800 off a new VW Up! to £6,000 off a Sharan people carrier.
Electric and hybrid vehicles, which attract government grants, will be included in the scheme.
So, for example, an e-Golf, which gets a £4,500 grant from the government, will also have VW trade-in saving of £5,500, adding up to £10,000 off in total.
Jim Holder, editorial director of Haymarket Automotive, told the BBC: "The car industry is trying to get on the front foot after an extended period of negative headlines in the wake of dieselgate.
"It's a fact that the latest, Euro 6 compliant petrol and diesel engines are rated as substantially cleaner than these older engines, and this is a great way of both publicising the giant strides the industry has made and also stimulating demand for sales at a time the car market is down year-on-year."
He said VW's scrappage incentives would vary from country to country due to factors such as transport costs and vehicles being cheaper in its home market.
However, he said it would also be important to VW that its UK competitors have similar schemes running, and VW will probably have pitched their discounts at that level in order to compete.
VW's UK scheme offers substantially higher discounts than some of its competitors, which seem to hover around the £2,000 mark as an upper limit.
Sales boost?
Mr Holder added that "it's not clear" what impact the VW scheme will have on vehicle sales.
"Owners of older vehicles typically don't have the money to spend on a new vehicle, even with these discounts - in normal circumstances it would be far more likely that they would trade up to another, less old used car.
"However, there are some potentially good savings here, and the positive publicity could stir interest at a time when registrations are down across the market," he said.
He added that by matching rival offerings VW will probably keep its advantage over its opposition.
"Sales have been robust in the wake of the dieselgate scandal, and it's worth remembering that no cars on sale today were affected by that issue, and that the VW Group is still the largest spender on R&D in the car industry, leading to its impressively strong line-up of cars," he said.
Toyota scheme
The Japanese car giant's scheme runs from 1 September to 31 December and is open to any vehicle more than seven years old.
Customers can get a discount of £2,000 off models including Aygo, Prius and Hilux, and £4,000 off a Land Cruiser.
Paul Van der Burgh, Toyota GB managing director, said: "Our scrappage scheme is a win-win solution. Motorists can dispose of their older vehicles and have access to our cleaner, more efficient model range."
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Russia-Mongolia-China economic corridor to open next year www.therussophile.org

The Russia-Mongolia-China economic corridor will open for international road transport next year, Russian Transport Minister Maxim Sokolov told a seminar reviewing preparations to implement an intergovernmental agreement on international transport via the Asian network of highways, according to TASS.

“We expect that this agreement will come into effect and will be ratified shortly in our countries. And haulage via the Russia-Mongolia-China corridor will open already next year, in 2018,” the minister said.
“This is the development of the central railway corridor, organizing transit trucking activities on the Tianjin-Ulan Bator-Ulan-Ude route and paving a road along this route,” Sokolov said.
The minister told TASS that first cargoes will be transported along the highway in 2018. “The issue of obtaining bilateral and multilateral permission for hauling different types of cargoes between the countries is now under discussion. A data bank is being put together with a list of shipments that will include oil cargoes and unified containers,” he added.

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Canada’s Trevali among world’s top zinc producers with Glencore mines buy www.mining.com

Canadian miner Trevali (TSX:TV) reached a milestone Thursday, as it finished the acquisition of majority stakes in Glencore’s (LON:GLEN) Rosh Pinah mine in Namibia and the Perkoa mine in Burkina Faso.

The deal, announced in March, places the Vancouver-based company among the world’s top ten zinc producers and helps it extend its footprint to Africa.

The acquisition of an 80% interest in Rosh Pinah and a 90% stake in Perkoa, will allow Trevali double its annual output to approximately 410 million pounds of zinc. It also makes it the first pure zinc company with operations in North and South America as well as Africa.

Rosh Pinah opened in 1969 and is expected to have a further 14 years of operating life, while Perkoa is set to produce for another six years.

The two African mines complement Trevali’s existing operations at the Caribou zinc-lead mine in Canada’s New Brunswick and Santander copper-zinc mine in Peru.

“We are very pleased to finalize our acquisition of the Rosh Pinah and Perkoa zinc mines, which marks a truly transformational event for Trevali shareholders,” President and CEO Mark Cruise said in the statement. “Additionally, we welcome Glencore as a key strategic shareholder in Trevali, expanding on the strong, proven business relationship we’ve enjoyed since 2010 at our Santander operation.”

Glencore now owns about 25.6% of Trevali’s issued and outstanding shares, representing about a 21% increase in ownership previous to the transaction.

Zinc was one of the best performing commodities last year, climbing up 60% as a few top mines, such as Lisheen in Ireland and Century in Australia, closed down. At the same time, top miners of the metal, including Glencore and Nyrstar, suspended some production.

Trading of Trevali shares was halted previous to the announcement and they were trading slightly up (0.70%) at 12:39PM ET.

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