|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
Ulaanbaatar /MONTSAME/ Prime Minister U.Khurelsukh stated that the Government will fight vigorously against illegal trading of land ownership and mining licenses, during his speech to the Parliament last Friday in connection with a discussion of 2018 State Budget Bill.
The Government will stop improper practices, including issuance of mining and exploration license or land ownership certificate directly by one signature under the name ‘according to application’, issuance of hundreds of licenses to few people or company and they sell the licenses under the name granting or transferring to avoid tax payment.
The Government intends to submit a new law, which legislates to issue licenses for land use and ownership, mining and exploration through open bid and auction and MNT36 billion is estimated to be accumulated to the State Budget by approval and realization of the law. According to the Prime Minister, tax will be imposed on indirect transfer of special licenses and ownership rights, registering basic beneficiary of the special license and final users as well as direct and indirect transfers.
The Government expects that hidden and illegal acts related to special licenses will be eliminated as special license will be cancelled, if license holder fails to present tax report or hide necessary information.
A total of 3,476 licenses, of which 1596 mining licenses and 1,880 exploration, have been registered as of first half of 2017.
Toronto-based Steppe Gold is a precious metals exploration and development company focussing on opportunities in Mongolia. The company has filed a preliminary prospectus in connection with a proposed initial public offering (IPO) of its common shares.
In September 2017, Steppe Gold acquired advanced-staged Altan Tsagaan Ovoo Project in Mongolia from Centerra Mongolia, a subsidiary of Centerra Gold Inc., for aggregate consideration of USD 21.78 million. Steppe Gold has also acquired two exploration stage mineral properties in Mongolia.
The Altan Tsagaan Ovoo Project is comprised of one mining license (MV-017111) over an area of 5,492.63 ha. The project is located in the territory of Tsagaan Ovoo Soum, Dornod Province in eastern Mongolia, 660 km east of the capital Ulaanbaatar, and is at the junction of rivers of Bayan and Duruu. It is near the foot of the mountains Delger Ulziit, Bayan, Namkhai Hill and Yaruu.
Ulaanbaatar /MONTSAME/ “Mongolia has a lot to study experiences from Greece; in particular the country is interested in naturalizing Greece solutions of greenhouse farming technology that are fit to Mongolia’s climatic conditions,” said B. Batzorig, Minister of Food, Agriculture and Light Industry, during the November 3 meeting with the Non-Resident Ambassador of the Hellenic Republic.
In this regard, the Minister put forward a request to Ambassador Leonidas Rokanas to study a possibility to naturalize farming techniques and technology of fruits, berry and vegetables in Mongolia and boost cooperation between scientific organizations of two countries.
Moreover, N. Batzorig expressed an interest of Mongolia in cooperating in introducing experiences and management of farming communities of Greece, conducting joint a program and project and involving Mongolian farmers and specialists in the training in Greece. He also highlighted a full opportunity of cooperation with Greece on producing and exporting meat products.
In the end of the meeting, the sides reached an agreement to expand bilateral cooperation and establish a Memorandum of Cooperation between the ministries.
Designed by Rural Urban Framework, Ger Plug-In is a traditional Mongolian building, a portable structure made of timber, felt and canvas. It is located on the edge of Bayankhoshur, one of Ulaanbaatar’s ger districts – sprawling settlements comprised of a mixture of gers and low-cost detached homes. It is estimated that over 700,000 people live in the ger districts, accounting for over 60% of the city’s population. The numbers are constantly growing with new migrants moving from the countryside to the city daily. It is likely the only city in the world where the poorest people own the majority of the land. The city has expensive new development plans to bring services and apartments to the residents of the ger districts. However, they do not reach the fringe areas where Zulaa and Urangua live. The project tackles the problem from the basic unit of habitation – the one thing that all residents own – the ger itself.
The Ger Plug-In is conceived as being in-between a ger and a house. Designed for adaptation and growth with embedded environmental systems, the aim is to “seed” a transformation process that can lead to the creation of off-grid infrastructural networks. The Ger Plug-in is designed as a thickened infrastructural wall containing water and septic tanks and heating systems that the ger plugs into. By hybridising the ger with essential infrastructure, it provides a new form of urbanism. Rather than accepting generic forms of brick houses, so typical in developing regions, the project creates a new typology of affordable housing.
Bordering Russia and China, Mongolia, the landlocked country in northeast Asia, has been experiencing more severe and frequent effects of climate change. Among several of these issues, water quality and scarcity are at the top of the list. Mongolia’s unique landscape is comprised of sparse rivers, lakes and springs that flow from the wooded northeast, leaving most of the east and south with a desert climate.
Of the population that is just under 3 million, about one-third to one-half reside in the capitol, Ulaanbaatar. The people of Mongolia traditionally practice a nomadic lifestyle. Second to mineral industries, Mongolians rely heavily on livestock as a major economic driver. Needless to say, water quality in Mongolia has a profound effect on this industry, as well as on the health and well-being of its people. Threats to water supplies exist both in urban and remaining rural communities. A lack of water quality infrastructure has led to contamination of water supplies, and unregulated use has resulted in scarcity in some regions.
In the last few decades, Mongolia has also made a transition to democracy and has introduced a market economy across the nation. Issues have arisen since the adoption of this new system that have directly affected water usage, such as wealth gaps, overgrazing and collapsing value systems and traditions. Desertification, premature melting of permafrost and water pollution have also increased along with the growing effects of climate change. As a consequence of drier rivers in the northern region, many have had to rely on groundwater resources, which made up roughly 80 percent of Mongolia’s water consumption in 2010.
One solution that Mongolia is exploring is a pipeline that would stretch across the steppe that comprises the majority of the country. While this project may ensure more sanitary and abundant water supplies, there has been no advancement on this project due to the high cost and labor burden that it would pose. Although projects like these may be costly and inefficient, it is important that sustainable options are being explored and debated as the water quality in Mongolia continues to decline.
"Invest Mongolia Tokyo" 5th Conference will be held on November 24 this year. On the same day, Japan-Mongolia "Business Matching Event" for the representatives from Mongolia will be held at the same venue of “Invest Mongolia Tokyo” conference. About 40 distinguished speakers and 300 guests are attending the Conference and the Business Matching Event on the day. As you will have the opportunity to hear different opinions from Japanese investors and experts on Mongolia through the presentations and panels, you will obtain the most updated and accurate information on Mongolia from Japan after the Conference.
Please see the details of the "Invest Mongolia Tokyo 2017" conference at below link
If you want to join to the conference , please register online at below link.
Registration Fee: free (conference badge only)
Please see the details of the "Business Matching Event" at below link. http://frontier-conference.com/…/Business%20Matching%20Even…
On November 03, 2017, 68,792 shares of 21 firms listed as Tier I, II, and III were traded. 8 firms’ shares increased in price, 12 decreased and 1 remained unchanged. Durvun-uul JSC /DRU/ was the top performer, increasing 15.00 percent, whereas State Department Store JSC /UID/ was the worst performer, decreasing 13.20 percent.
The MSE ALL Index decreased by 0.34 percent to stand at 1,152.63 points. The MSE market cap stands at MNT 2,251,355,625,122.
What are the Paradise Papers?
The Paradise Papers are a huge leak of financial documents that throw light on the top end of the world of offshore finance.
A number of stories are appearing in a week-long expose of how politicians, multinationals, celebrities and high-net-worth individuals use complex structures to protect their cash from higher taxes.
As with last year's Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. BBC Panorama and the Guardian are among the nearly 100 media groups investigating the papers.
The Paradise Papers name was chosen because of the idyllic profiles of many of the offshore jurisdictions whose workings are unveiled, including Bermuda, the HQ of the main company involved, Appleby. It also dovetails nicely with the French term for a tax haven - paradis fiscal. Then again, the Isle of Man plays a big part.
Who is being exposed?
The offshore financial affairs of hundreds of politicians, multinationals, celebrities and high-net-worth individuals, some of them household names, have been revealed. The papers also throw light on the legal firms, financial institutions and accountants working in the sector and on the jurisdictions that adopt offshore tax rules to attract money. The top stories so far include:
Apple has protected its low-tax regime by using the Channel Island of Jersey
Formula 1 champion Lewis Hamilton avoided tax on his £16.5m luxury jet, the papers suggest
The Queen's private estate invested about £10m offshore including a small amount in the company behind BrightHouse, a chain accused of irresponsible lending
One of President Donald Trump's top administration officials kept a financial stake in a firm whose major partners include a Russian company part-owned by President Vladimir Putin's son-in-law
A Lithuanian shopping mall partly owned by U2 star Bono is under investigation for potential tax evasion
How three stars of the hit BBC sitcom, Mrs Brown's Boys, diverted more than £2m into an offshore tax-avoidance scheme
One of the world's largest firms loaned a businessman previously accused of corruption $45m and asked him to negotiate mining rights in a poor central African nation
The Isle of Man passed a law that would help tax evaders, the documents show
A key aide of Canada's PM has been linked to offshore schemes that may have cost the nation millions of dollars in taxes, threatening to embarrass Justin Trudeau
Lord Ashcroft, a former Conservative party deputy chairman and a significant donor, may have broken the rules around how his offshore investments were managed. Other papers suggest he retained his non-dom tax status while in the House of Lords, despite claiming to have become resident in the UK
How questions were raised about who is controlling Everton FC
An oligarch with close links to the Kremlin may have secretly taken ownership of a company responsible for anti-money laundering checks on Russian cash
How a UK company exploited an anti-tax avoidance law to actually save itself tax
This is by no means everything - more will be coming out over the next few days.
You can find our stories on the revelations here.
Where do the Paradise Papers come from?
There are more than 1,400GB of data, containing about 13.4 million documents. Some 6.8 million come from the offshore legal service provider Appleby and corporate services provider Estera. The two operated together under the Appleby name until Estera became independent in 2016. Another six million documents come from corporate registries in some 19 jurisdictions, mostly in the Caribbean. A smaller amount comes from the Singapore-based international trust and corporate services provider, Asiaciti Trust. The leaked data covers seven decades, from 1950 to 2016.
What is Appleby?
A law firm that helps corporations, financial institutions and high-net-worth individuals set up and register companies in offshore jurisdictions.
Founded in Bermuda and with a history dating back to the 1890s, it has become one of the largest and best known of about 10 major companies involved in the specialist arena. The leak shows the US dominates Appleby's client register, with more than 31,000 US addresses for clients. There were more than 14,000 UK addresses and 12,000 in Bermuda.
Graphic showing facts & figures about Appleby. The company has 470 employees, 200 lawyers and 60 partners. It operates from 10 offices wordwide in the Cayman Islands, British Virgin Islands, Bermuda, the Isle of Man, Jersey, Guensey, the Seychelles, Mauritius, Hong Kong and Shanghai. The company was started in the 1890s in Bermuda by Major Ronald Appleby. Over 125 years and through a process of mergers and expansion, is it now ranked as one of the world's largest providers of offshore legal services.
Who are Appleby?
Who leaked the Paradise Papers?
As with 2016's Panama Papers, German newspaper Süddeutsche Zeitung obtained the original material and was the stepping off point for this investigation. In the case of the Panama Papers, the originator of the leaks, named only as John Doe, issued a manifesto a month after the publication date. A simple statement this time says: "For their protection, Süddeutsche Zeitung does as a general policy not comment on its sources!"
Who is working on the leaks?
As with the Panama Papers, the International Consortium of Investigative Journalists, a global network of investigative journalists, was called in to work on the project. Along with the BBC's flagship Panorama programme, there are nearly 100 media partners involved in 67 countries, including the Guardian and the New York Times.
Why is it in the public interest?
The media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing. The leaks have led to hundreds of investigations worldwide, resulting in politicians, ministers and even prime ministers being forced from office.
Why is this leak different?
The $64m question, or probably more if you are in a tax haven, or offshore financial centre as the industry prefers to call it. It is indeed the fifth major leak of financial papers in the past four years and, yes, last year's Panama Papers were bigger in size - 2.6TB to 1.4TB - but the scale of the information in the Paradise Papers and how it lifts the lid on sophisticated, upper-end offshore dealings, many linked to the UK, is unprecedented.
Graphic: How big is the Paradise Papers leak compared to other recent data leaks? The Panama Papers in 2016 was 2.6 terabytes (TB) of data. The Paradise Papers is 1.4 terabytes. Offshore leaks in 2013 amounted to 260 GB. Bahamas leaks, 2016 was 38 gigabytes (GB). Luxembourg leaks in 2014: 4.4 GB Swiss leaks, 2015: 33 GB. Wikileaks, 2010: 1.7 GB.
As Gerard Ryle, who oversees member journalists at the ICIJ, says: "This leak is important because it's the high end of town. People may have dismissed the Mossack Fonseca leaks as they were rogue players who would take any client. Most of the offshore world is not like that at all. Here you have the gold-plated company."
The documents were tougher than the Panama Papers too. Mr Ryle says: "They came in different formats and it took us a long time to decipher them. There were nice surprises along the way but it was a much more difficult data set."
What exactly is a tax haven?
It's hard to pin down an exact definition. Tax haven is the term usually used in the media and public, whereas the industry would prefer the term offshore financial centre (OFC). It is essentially a financial jurisdiction outside the regulations of your own nation used by companies and individuals to lower their taxes on profits or assets. They are usually secretive and stable. They are also often small islands, many of them UK Crown Dependencies or Overseas Territories, but not exclusively so. Nations such as Switzerland, Ireland and the Netherlands have similar tax reducing mechanisms, while the UK and the US are leading nations providing services that facilitate the use of OFCs.
The papers are a huge batch of leaked documents mostly from offshore law firm Appleby, along with corporate registries in 19 tax jurisdictions, which reveal the financial dealings of politicians, celebrities, corporate giants and business leaders.
The 13.4 million records were passed to German newspaper Süddeutsche Zeitung and then shared with the International Consortium of Investigative Journalists (ICIJ). Panorama has led research for the BBC as part of a global investigation involving nearly 100 other media organisations, including the Guardian, in 67 countries. The BBC does not know the identity of the source.
The Kremlin invested 'hundreds of millions' in Twitter and Facebook through Kushner associate Yuri Milner www.businessinsider.com
Newly-leaked documents show that the Kremlin invested hundreds of millions of dollars into Twitter and Facebook through a business associate of President Donald Trump's senior adviser and son-in-law, Jared Kushner.
According to the "Paradise Papers" — a trove of more than 13 million internal documents released Sunday that show how the world's wealthiest use offshore tax havens — two Russian state-owned entities with close ties to Vladimir Putin invested money into Facebook and Twitter through the Russian-American tech investor Yuri Milner.
Milner currently holds a stake in a real-estate project that was founded and is partially owned by Kushner. When Kushner first joined the Trump administration, he failed to disclose his holdings in the project.
Russia's state-owned VTB Bank gave Milner $191 million to invest in Twitter, according to the International Consortium of Investigative Journalists, which obtained the Paradise Papers. The bank, according to The New York Times, frequently embarks on "politically strategic deals."
Documents also show that Gazprom Investholding, the financial arm of the Russian state-operated energy firm Gazprom, backed a company affiliated with Milner which owned approximately $1 billion in Facebook stock shortly before it went public in 2012.
Gazprom is one of Russia's largest energy companies and Putin is said to wield significant influence over the firm, which is stacked with the Russian leader's allies and associates.
When all was said and done, Milner owned roughly 8% of Facebook and 5% of Twitter, according to The Times. He sold his holdings in both social-media companies years ago, and there is no evidence that he was connected to Russia's widespread propaganda campaign on the two platforms during the 2016 election. He also told the ICIJ that he was not aware of Gazprom Investholding's involvement in his investments, and that none of his deals were related to politics.
Vladimir Putin. Mikhail Klimentyev/Pool Photo via AP, File
Despite that, revelations that two major Russian state-owned entities pursued financial interests in Facebook and Twitter do bear some significance.
"Kremlin-connected institutions make investments with strategic interests in mind — not just commercial interests but state interests as well," Michael Carpenter, who served as Russia director on the National Security Council during the Obama administration, told The Times on Sunday. "They go hand in hand."
Carpenter added that Russian oligarchs who receive financial support from Russian banks must be above a certain "political threshold, meaning such support requires the explicit or tacit approval of those at the top of Russia's crony capitalist system."
Facebook and Twitter have taken center stage in recent weeks, particularly after it emerged in September that Russian "trolls" used the platforms to organize divisive rallies and spread misinformation to sow discord among the American public leading up to the election. Last week, lawyers representing the two companies and Google testified before the House and Senate intelligence committees about Russia's election meddling.
As part of their investigation into Russia's interference, congressional intelligence committees and the FBI are also looking into whether the Russians had help from any members of the Trump campaign. Brad Parscale, who served as the campaign's digital director, testified before the House Intelligence Committee in a closed-door session in late October.
Kushner, who managed the campaign's data operation along with Parscale, is also a subject of interest to the committees and to special counsel Robert Mueller....
BEIJING－China is determined to put growth quality before pace, but that will not hold the economy back from growing faster than most of other countries in the coming decade, according to experts.
In a report delivered to the 19th National Congress of the Communist Party of China or CPC, the country's leadership called it "a new historic juncture in China's development", as the economy has been transitioning from a phase of rapid growth to a stage of high-quality development.
In the eyes of Chi Fulin, head of the China Institute for Reform and Development, that does not mean the growth rate will be mediocre.
Over the next five to 10 years, China's economy will be able to achieve at least 6 percent of annual growth, thanks to improvement in industrial structure, upgrading of consumer spending and progress of urbanization, he said.
In the past five years, the global economy expanded at an average rate of 2.6 percent, while developing economies grew at 4 percent.
China has set 2020 as the target to finish building a moderately prosperous society in all respects, just one year before the CPC celebrates its 100th anniversary.
Chi estimated that by the end of 2020, China's economic rebalancing will yield eye-propping results.
By then, the value of the country's services sector will increase to about 50 trillion yuan ($7.58 trillion) from 38.4 trillion yuan recorded in 2016.
Retail sales of consumer goods will also expand to about 50 trillion yuan from 33 trillion yuan recorded in 2016.
The integrated development of urban and rural areas is expected to generate investment and consumption of nearly 100 trillion yuan, which will be the most remarkable bonus for China's development in the medium to long run, he said.
Over this period, China's contribution to global economic growth would remain at around 30 percent. More than half of its population would become middle-income earners.
"A successful rebalancing of the world's second largest economy would not only upgrade China's economy, but also boost global economic recovery and growth," Chi said.
In the future, China's economic restructuring will be advanced together with opening-up, of which the Belt and Road Initiative and the development of trade in services and free trade zones will be focus areas, he said.
The International Monetary Fund recently raised its forecast for China's economic growth in 2017 and 2018 to 6.8 percent and 6.5 percent respectively, both higher than the earlier forecast in July.
For an economy with a total volume of over $11 trillion, maintaining such high growth is not easy, Chinese Vice-Finance Minister Zhu Guangyao said.
China's stable economic growth mainly stems from major progress in economic reforms, particularly supply-side structural measures (such as cutting overcapacity in key sectors like steel and coal), and the government's ability to maintain a stable macroeconomic policy, he said.
While gains from structural reforms will come with a time lag, they will have a positive impact on China's economic growth in the medium term, said Changyong Rhee, director of the Asia Pacific Department at the IMF, adding China's growth has also provided ample opportunities for Asia to maintain its growth over the last 10 years....