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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Drones to support mobile communications www3.nhk.or.jp

 
Japanese telecom giant NTT Docomo is planning to use drones to support mobile phone communications in the event of natural disasters.
 
Quakes and torrential heavy rain can damage land-based communication facilities. Such a problem occurred in Kyushu, southwestern Japan, during record rainfall in July.
 
NTT Docomo is planning to test whether drones carrying relay equipment could temporarily replace the functions of wireless networks.
 
If the trial goes smoothly, the carrier plans to ask the government to consider a legal revision. The current law does not allow moving equipment like drones to be used as relay stations.
 
NTT Docomo official Tadashi Ikeda says people expect wireless signals to be available at all times. He says it's important for services to continue undisrupted under any circumstances.
 
NTT Docomo also plans to reroute communication cables laid under bridges, after seeing a number of them get washed away by floods caused by heavy rain.
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Invest Mongolia 2017 conference kicks off www.mongolia.gogo.mn

ULAANBAATAR (GoGo Mongolia) - "Invest Mongolia 2017" Frontier`s 11th annual conference is taking place in Shangri-La hotel Ulaanbaatar during Sep 4-5. 

Invest Mongolia is one the of the largest events in Mongolia, which serves as a platform of bringing in delegates from the Government of Mongolia, key industries' players, financial institutions, global investors and medias attracting close to 1000 delegates where they get a chance to talk about several socio-political and economic development throughout the year.
What`s new this year?
The impact of the IMF program and whether the Government will take investor friendly measures to increase FDI.
The overview of Mongolian Economy including updates on legal, accounting and other regulatory changes
The progress and its impacts of OT underground and other major projects to the economy
AIIB and its involvements to the infrastructure development in Mongolia
The Mongolian Banking Industry and the Bank Strategies
The development of the non-mining sectors including the Real Estate
The foreign Investment in Mongolia: Concerns & Opportunities
The outlook of the Bond Market and the possible measures to increase the credit rating. 
The key speakers of the conference are:
Armando Torres, Member of the Board of Directors and CEO, Oyu Tolgoi
S.Batbold, Governor of Capital City and Mayor of Ulaanbaatar City
Neil Saker, Resident Representative, IMF 
Prof.Christian Strenger, Member of the Supervisory Board, Deutsche Asset Management
Graeme Knowd, Managing Director, Moody's Investors Service
Peter Akerley, President & CEO, Erdene Resource Development
Erdembileg Ochirkhuu, First Deputy Governor, Bank of Mongolia
Nyamaa Buyantogtokh, Secretary of State, Ministry of Finance
Ganbold Gombo, Vice President/CFO, Erdenes Mongol LLCChristopher Melville, Managing Partner, Hogan Lovells.

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International business community shows confidence in BRICS cooperation www.xinhuanet.com

XIAMEN, China, Sept. 3 (Xinhua) -- The international business community at the BRICS Business Forum inaugurated here Sunday expressed confidence in cooperation built by the BRICS bloc grouping Brazil, Russia, India, China and Russia, hoping such cooperation can be furthered in future.
About 1,200 business elites from more than 600 enterprises gathered here to attend the two-day forum, an important side event of the BRICS summit in Xiamen City of southeast China's Fujian Province.
"The BRICS is never about short-term fluctuation of economic activity. It's always about complementarity," Jeremy Stevens, an economist with Standard Bank, Africa's largest bank headquartered in South Africa, told Xinhua on the sidelines of the business forum.
In a keynote speech at the opening ceremony of the BRICS Business Forum, Chinese President Xi Jinping acknowledged that BRICS countries have encountered headwinds of varying intensity affected by complex internal and external environments, but he is upbeat about the countries' growth outlook.
Together, the five countries now represent 44 percent of the world's population and 23 percent of the global gross domestic product (GDP), up from 12 percent a decade ago.
"I'm very positive about BRICS and we'll continue to support China in its endeavors to facilitate trade and investment," Stevens said.
Amid the rise of trade protectionism, Stevens said Xi's speech was "so great" as he mentioned Xiamen, one of China's earliest special economic zones, in his opening remarks to remind the world "how important being open to trade and investment."
Atul Dalakoti, executive director of the Federation of the Indian Chambers of Commerce & Industry, also hailed Xi's speech as "comprehensive, strategic and future-looking" and expressed his confidence in BRICS.
"The intent is there. They (BRICS countries) intend to do things, to change things, to look for drivers for growth," Dalakoti told Xinhua, adding that such determination should be followed by concrete policy decisions and "that will make a real difference."
Looking to the future, Dalakoti said he hoped that starting from the Xiamen summit, there will be a new consensus among the BRICS countries that they need develop their economies "with a much closer relationship."
Li Yong, director general of the United Nations Industrial Development Organization, told Xinhua that he believed the BRICS countries will enjoy great potential for cooperation in the future.
"As long as the five countries explore their advantages, their cooperation will go smoothly which will be like 'adding wings to a tiger'," Li said.

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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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