1 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      2 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      3 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      4 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      5 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      6 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      7 SOLAR EMPOWERMENT OF NOMADS IN RURAL MONGOLIA WWW.GREENOPTIMISTIC.COM PUBLISHED:2019/02/15      8 MONGOLIA, CUBA TO BOOST BILATERAL RELATIONS WWW.PLENGLISH.COM PUBLISHED:2019/02/15      9 GOOGLE OUTLINES $13BN US INVESTMENT WWW.BBC.COM PUBLISHED:2019/02/14      10 NATIONAL DEVELOPMENT AGENCY TO COOPERATE WITH JAPAN’S MIZUHO BANK WWW.MONTSAME.MN PUBLISHED:2019/02/14      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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China, Mongolia agree to strengthen parliamentary cooperation www.xinhuanet.com

BEIJING, Feb. 6 (Xinhua) -- Top Chinese legislator Zhang Dejiang on Tuesday met with L. Enkh-Amgalan, deputy chairman of the State Great Hural (Parliament) of Mongolia in Beijing, with the two sides agreeing to strengthen parliamentary cooperation.

Zhang, chairman of the Standing Committee of the National People's Congress (NPC), expressed the hope that the NPC and the State Great Hural will make use of the mechanism of regular exchanges between the two legislatures to deepen their cooperation.

He said the two legislatures should share experience in state governance and legislation, improve the legal guarantee for pragmatic cooperation, and expand the social foundation of bilateral friendship.

He also called on the two sides to respect each other's core interests and major concerns, and cement the political foundation of China-Mongolia ties.

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Mongolia to receive 100 asylum seekers annually www.news.mn

The Standing Justice Committee has backed a draft resolution about receiving asylum seekers from 2018-2020. According to the draft resolution presented by the government, Mongolia will annually receive up to 100 from 2018-2020. The following quotas have been imposed; up to 30 from Russia, up to 30 from China and up to 40 from other countries.

Regarding the question of where the asylum seekers will live, it is being proposed that up to 52 will be supported in Ulaanbaatar, up to four in the Darkhan-Uul, Orkhon and Selenge provinces and up to two asylum seekers in other provinces.

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Positive changes emerge in economy www.montsame.mn

Ulaanbaatar /MONTSAME/ According to the review of implementation of the third phase of the IMF's Extended Fund Facility, Mongolia's economic growth was higher than expected, reported Geoff Gottlieb, head of IMF's working group.

He, also emphasized that increase in mining raw materials' prices has contributed to reaching economic growth in a short period of time.

Minister of Finance Ch.Khurelbaatar said "The IMF's working group is leaving back after working in Mongolia since January 25. As a result of the IMF's program, many positive changes has been recorded in the Mongolian economy. In 2017, our economic situation was difficult. Foreign exchange reserves accounted to USD 1 billion. Early 2017, we paid USD 580 millions for bond repayment and we faced a lot of difficult situations. However, with implementing the IMF's program economy has recovered and even grown by 5 percent over the past period. Foreign currency reserves exceeded USD 3 billion, and we drew foreign direct investments of USD 1.1 millions. Moreover, budget revenues exceeded MNT 600 billions," said the Minister.

Head of IMF's working group Geoff Gottlieb: As a result of the external and internal economic situation and policies implemented by the Government of Mongolia, the economy of Mongolia is expected to increase by 5 percent in 2018 and by 6.3 percent in 2019. The Mongolian government's policy adjustment program is being funded with USD 5.5 billion by donors including IMF. Moreover, governments bonds to be paid off in 2017-2018 were successfully re-funded. Official foreign currency reserves increased by USD 1.8 billion. Overall, a range of positive outcomes were reached such as drastic deacrese in government debt. Thanks to these changes, the exchange rate has stabilized, interest rate has fallen and the government debt service schedule has been greatly improved. However, there are several risks to economic growth. In particular, there is a tendency that external demand for raw materials might reduce and oil price increase. Taking into consideration insufficient funds allocated for risk protection, monetary and financial policies should remain adequate. In the near future, it is of importance to continue strengthening the banking system, building sophisticated taxation system and improving budget monitoring," said Gottlieb. IMF noted that as a result of the program Mongolia's foreign debt issue has been resolved in positive way, and foreign currency reserves increased by USD 1.5 billion.

Minister of Finance added that "Owing to the decrease in government’s debt and positive changes in economy, individual's income tax will be set at 10 percent as before. In 2018, 2019, a decision was made on increasing salaries in line with the inflation rate."


G.Tuguldur

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Elon Musk's huge Falcon Heavy rocket set for launch www.bbc.com

US entrepreneur Elon Musk will attempt to fly the world's most powerful rocket later from the Kennedy Space Center.

His Falcon Heavy vehicle is designed to have more than twice the lifting capacity of any existing launcher.

Because of the historic high failure rate of maiden flights, the rocket will only carry a dummy payload, however.

Mr Musk has decided this should be his old cherry-red Tesla sports car. A mannequin wearing a space suit will be strapped to the driving seat.

The entrepreneur says David Bowie's classic hit Space Oddity will be looping on the radio in the roadster as it is hurled into an elliptical orbit that stretches out to Mars' orbit around the Sun.

"[The car will] get about 400 million km away from Earth, and it'll be doing 11km/s," he told reporters in a briefing on Monday. "We estimate it will be in that orbit for several hundred million years, maybe in excess of a billion years."

The car will be sent towards Mars' orbit - but there is little chance it will hit the planet
Thousands of spectators are expected to descend on Florida's Space Coast to witness the ascent, which could occur as early as 13:30 EST (18:30 GMT).

Mr Musk's rocket company, SpaceX, has given itself three hours to get the vehicle up on Tuesday. If technical glitches lead to a postponement, a second attempt will be made on Wednesday.

The Falcon Heavy is essentially three of SpaceX's workhorse Falcon 9 vehicles strapped together. But the triple-booster configuration has demanded a number of specific alterations, including a strengthening of the central core booster.

The 27 Merlin engines at the base of the rocket should be capable of generating almost 23,000 kilonewtons of thrust - slightly more than double that of the world's current most powerful rocket, the Delta IV Heavy, which is operated by US competitor United Launch Alliance.

Rocket graphic comparison
The 70m-tall Falcon Heavy is designed to put up to a maximum of 64 tonnes in low-Earth orbit. That is like putting five London double-decker buses in space.

In reality, however, the Heavy would rarely be asked to raise so much because SpaceX intends to land the rocket's boosters back on Earth after launch and the fuel required to do this necessarily negates some performance. But the rocket's immense thrust does open up some fascinating new possibilities. These include:

much bigger satellites for use by US intelligence and the military. The scale of these satellites is limited by current rocket performance.
large batches of satellites, such as those for Mr Musk's proposed constellation of thousands of spacecraft to deliver broadband across the globe.
bigger, more capable robots to go to the surface of Mars, or to visit the outer planets such as Jupiter and Saturn, and their moons.
putting up huge telescopes. Hubble's successor, the James Webb telescope, is having to be folded origami-like for its launch in 2019
At the moment, the Falcon Heavy only has a handful of bookings on its manifest.

Two of these are for large telecommunications satellites that must be thrown up into a geostationary orbit some 36,000km above the Earth.

"These satellites are over six tonnes, knowing that the capacity of the rocket is eight tonnes to geostationary transfer orbit (GTO) - if it is fully reused," Rachel Villain, from the leading space consultancy Euroconsult, told BBC News.

"So, obviously, the objective must be to fully re-use the rocket, otherwise the capacity to GTO is 20 tonnes which is a lot to fill."

She added: "The main targets are possibly the US government and those proprietary constellations. And when I say US government, I mean both beyond Earth orbit (Nasa) and the US Department of Defence, because SpaceX is now a recognised supplier to the DoD for classified and non-classified missions."

The conundrum for the agency and legislators in Washington DC is that this Space Launch System, as it is known, is still some years away from entering service (in a 70-tonnes to LEO configuration); but more than that - it will probably cost about $1bn per flight. Mr Musk says his Falcon Heavy will cost just $90m per flight.

Many commentators are already asking how Congress can justify the considerable extra expense of the SLS when a much cheaper alternative is about to become available.

And Mr Musk is not the only entrepreneur developing a commercial heavy-lift solution that promises to dramatically undercut the SLS on cost.

Jeff Bezos, the head of Amazon.com, is working on a rocket he calls New Glenn, which should be able to put 45 tonnes in low-Earth orbit. He has even teased something more powerful still, called New Armstrong.

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China chases oil benchmark to knock US off global perch www.asia.nikkei.com

SHANGHAI/TOKYO -- China is almost ready for its next step toward full-fledged superpower status: launching crude oil futures trading.

Final preparations are underway at the Shanghai International Energy Exchange, or INE, in the city's pilot free trade zone. After five system tests in 2017, the trading platform has had small glitches but is nearly set to go, according to Tang Yun, an assistant to the president of Shanghai-based East Asia Futures. Trading in yuan could start by March, once the authorities give the go-ahead.

While China mostly prohibits foreign investors from trading commodity futures on its soil -- to prevent a flood of speculative funds -- it is opening its doors wide for crude. Jiang Yang, vice chairman of the China Securities Regulatory Commission, on Jan. 15 said China will welcome domestic and overseas investors alike.

Simply put, the government is determined to turn the INE's crude oil futures into a global benchmark, and to do so it needs to get large numbers of traders involved. The more participants a market attracts, the more liquid it will be, and the more it will inspire confidence.

This is not China's first attempt at handling oil futures. It launched trading in 1993, only to shut down the operation about one and a half years later due to volatility and other issues.

Now China is calling on oil producers and consumers -- from global majors to its own big players -- to participate in the new market. The INE plans to handle seven kinds of Middle Eastern crude, including Basrah Light produced in Iraq, Dubai crude and Oman crude. China Petroleum & Chemical, or Sinopec, and other state-owned Chinese companies that import large volumes from the Middle East are expected to make use of the market.

So are small and midsize refineries. The government has been working to liberalize the business and in 2015 started assigning oil import quotas to "teapots" -- small, independent refineries. The teapots see the INE as a place to hedge the risk of price swings on Middle Eastern imports.

What China is doing here is challenging the U.S.-led world order, established in the wake of World War II.


Although oil demand has shifted toward Asia, the world's leading benchmarks are still West Texas Intermediate in the U.S. and Brent crude in London. Their position reflects market liquidity and transparency.

Dubai crude, a benchmark for Asia, is mainly traded on a spot basis, while futures trading in Tokyo and elsewhere is sluggish. In reality, Dubai crude prices are influenced by Brent futures.

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Mongolia-US diplomatic ties 30th anniversary celebration wraps up www.montsame.mn

Ulaanbaatar /MONTSAME/ Celebration of the 30th anniversary of diplomatic relations between Mongolia and the United States was officially closed last week.

Minister of Foreign Affairs D.Tsogtbaatar attended the closing ceremony, held by the US Embassy on February 2, where he delivered a speech, in which he highlighted the consistent support of the US in Mongolia’s transition to democracy.

In the margins of the anniversary, Ulaanbaatar and Washington engaged in several visits and events, including the visit of Mongolian Foreign Minister to the US, reforming of the Mongolia Group in the US Congress, and the announcement of Mongolia’s eligibility for a Second Compact Agreement with the Millennium Challenge Corporation, the preparations for which are ongoing.

The two countries also broadened bilateral cooperation through more events such as the US tour of Mongolian ethnic band Husugtun, performance of the Philadelphia Orchestra in Ulaanbaatar, cooperation within Fulbright, FLEX, LEAD programs, and Mongolia’s inclusion in the H-2A, H-2B visa programs.

Mongolia hosted the 12th bilateral consultations between Foreign Ministries on January 20 this year.

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Egypt, Mongolia discuss enhancing economic bilateral cooperation www.dailynewsegypt.com

The executive chairperson of the General Authority for Investment and Free Zones (GAFI), Mona Zobaa, discussed with Mongolian state secretary of the Foreign Affairs Ministry, Davaasuren Damdinsuren, the activation of the recommendations issued by the first session of the Egyptian Mongolian Joint Committee, as well as the Executive Programme for Cultural, Scientific, and Technological Cooperation until 2018.

This came during a meeting between Zobaa with Damdinsuren to discuss ways to strengthen bilateral cooperation between Egypt and Mongolia.

During the meeting, the two sides agreed to enhance areas of joint cooperation and to hold the second session of the Egyptian Mongolian Joint Committee to support bilateral cooperation in all fields.

Moreover, they discussed encouraging bilateral cooperation in the fields of health, medicine, mining, information technology, and agriculture in order to benefit from the technical expertise of both countries.

Finally, Zobaa stressed the keenness of Minister of Investment and International Cooperation Sahar Nasr to enhance the investment relations between the two countries and to welcome more Mongolian investments to Egypt.

She also assured Egypt’s keenness to transfer its expertise to achieve tangible results in Mongolia, through focusing on areas such as investment, investment zones, and free zones.

Damdinsuren arrived to Egypt on Saturday to head a delegation on a three-day visit to Egypt in the fifth round of the bilateral political consultations between Egypt and Mongolia to discuss means of enhancing the cooperation relations between the two countries in all fields.

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Mongolia's largest copper mine co. opens risk awareness center www.xinhuanet.com

ULAN BATOR, Feb. 6 (Xinhua) -- Mongolia's largest copper and gold mining company Oyu Tolgoi LLC has opened its Risk Demonstration Center here, local media reported on Tuesday.

The center aims to raise awareness about the common workplace risks of a mine site. The company's CEO Armando Torres said the center will be open to the public.

Oyu Tolgoi has been Mongolia's largest taxpayer in the past four years.

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IMF Reaches Staff-Level Agreement on the Third Review of Mongolia’s Extended Fund Facility www.imf.com

An International Monetary Fund (IMF) staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar from January 24 to February 6, 2018 to conduct discussions on the third review of the three-year Extended Fund Facility (EFF) arrangement approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million (see Press Release No. 17/193 ).

At the conclusion of the visit, Mr. Gottlieb made the following statement:

“The economy is doing better than expected led by commodity exports and a pick-up in domestic demand. Growth is now projected at 5.0 percent in 2018 and 6.3 percent in 2019. The government’s adjustment program, supported by a $5.5 billion IMF-supported package, is showing positive results with the successful roll over of external bonds maturing in 2017 and 2018, a $1.8 billion increase in reserves, and a sharp reduction in government debt. These developments have resulted in a largely stable exchange rate, a fall in interest rates, and have greatly improved the government’s debt service schedule. Nevertheless, the growth outlook is subject to risks including a fall in external demand for commodities and higher fuel prices. In light of these risks and still limited buffers, fiscal and monetary policies should remain prudent.

“Macro-economic performance under the program has been positive, with all quantitative targets met by large margins. Fiscal results have been much better than expected, supported by stronger revenues and tight expenditure control. The overall fiscal deficit in 2017 was 1.9 percent of GDP compared to the target of 10.6 percent and 17 percent in 2016. The authorities’ program for 2018 envisages continued prudence in the deficit, while strengthening tax administration through new tax laws and improving budgetary controls on concessions, public investment projects and the operations of the Development Bank of Mongolia. The fiscal over-performance has provided some room for adapting program policies including a rise in civil service salaries in 2019 after several years of restraint.

“The authorities are moving ahead with the strengthening of the banking system and it is crucial that the key steps are implemented as planned. Important legal reforms including the Banking law and Bank of Mongolia law have been passed, a new deposit insurance law is expected shortly, and improvements to the regulatory and supervisory framework are under way. The results of the comprehensive Asset Quality Review have been communicated to banks individually and they are now in the process of preparing plans to reinforce, where needed, their capital adequacy. A law on bank recapitalization that delineates, in line with international best practice, when public funds can and should be used will be introduced in coming months. The authorities will also move ahead with putting in place an NPL resolution framework that will allow for more rapid improvement in banks’ balance sheets.

“The authorities and the team have reached staff-level agreement on the completion of the third review under the EFF arrangement, which is subject to the approval of the IMF Executive Board.

“The team thanks the authorities for their cooperation, constructive dialogue, and hospitality during its stay in Mongolia.”

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Public trading sees an increase at the MSE www.gogo.mn

The Financial Regulatory Commission reported that public trading at the Mongolian Stock Exchange (MSE) increased rapidly in the past year.

Stock market trading was over 300 million MNT in 2016 and trading quadrupled in 2017, reaching 1.2 billion MNT. Foreign traders and corporations were responsible for 4.06 percent of all stock market trading, which was 34.8 million MNT higher than 2016’s 8.3 million MNT in trades.

Domestic companies saw trading increase in 2017, and totaled 657.6 million MNT compared to 2016 when the amount was 312.4 million MNT. Public trading on the stock market reached 167.7 million MNT, which was six times higher than 2016 and made up 19.5 percent of all trading.

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