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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7th roundtable meeting between Central Banks of Mongolia and China being held www.montsame.mn

Ulaanbaatar /MONTSAME/ With an aim to activate cooperation in the banking sector, 7th roundtable meeting between the central banks of Mongolia and PRC is taking place on July 27 and 28.
 
During the meeting, the central banks of both countries are expected to present their monetary policies and are discussing issues of exchange of currency. On July 6, the Bank of Mongolia extended the CNY 15 billion swap agreement with the People’s Bank of China to 2020. The economic cooperation of the two countries is further expanding. But the bilateral trade is mostly conducted using US Dollar. Therefore, the Deputy Governor of BoM B.Lkhagvasuren signified the importance of swap agreement on using MNT and CNY for bilateral trade.
 
Mr. B.Lkhagvasuren said “Mongolia has used 70 percent of the CNY 15 billion. But China has only spent MNT 500 million. Therefore, it is important to focus on increasing the usage of MNT in China. Presently, 12 Mongolian banks are cooperating with Chinese banks. Bank of China and ICBC Bank of China have their representative offices in Mongolia and haven’t officially opened a branch. We don’t have regulations for foreign banks to open a branch in Mongolia. Legal reforms are currently in process in our country and discussions on Law on Development Bank of Mongolia started taking place during the Parliament’s spring session. And a draft law on Commercial Banks will be discussed soon.”
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Russian airline first to sell tickets using ethereum blockchain www.rt.com

The Siberia-based S7 Airlines has teamed up with Russia's Alfa-Bank to start a blockchain platform for the automation of trade operations.

The new technology simplifies payments and has quicker settlement times between airlines and agents. The process that used to take two weeks can now be done in seconds.

“Implementation of the blockchain platform ethereum opens the door for optimization of business processes for both the carrier and its partners. Speed of computation has revved up from 14 days to 23 seconds. Thus, the airlines don't delay payment to an agent which receives the money shortly after the ticket is processed,” Alfa-Bank said.

In turn, agents can do away with termination payment security (TPS), which is typically used to eliminate the risk of non-payment.

Automation of the procedures speed things up and reduced the paperwork for the airline and agent. The new system makes sure there is a balance in an account before drawing a payment.

Blockchain also eliminates the human factor and boosts system reliability and transparency of trade operations.

“We have made the world's first flight ticket purchase through an open api (application programming interface) blockchain to a bank. I’m sure that the system will soon be used by most companies globally,” said Deputy CEO of IT Solutions at S7 Group Pavel Voronin.

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Geo-Database being developed to save exploration costs www.montsame.mn

Ulaanbaatar /MONTSAME/ In order to provide reliable and practical information to national and international investors of Mongolia, the Authority for Mineral Resources and Petroleum is starting to place data on geology, geochemistry, hydrogeology and locations on its website.

The geo-database is being established in frames of the Australia-Mongolia Program on Cooperation in Mineral Sector. “Unveiling geo-data will help lower the cost of mineral explorations. To provide information in globally compatible format, ‘Mongeokat” system is being developed”, said B.Baatartsog, Director of the Authority.

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Mongolia to host 'Environmentally sustainable transport' forum www.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolia will host the 11th ‘Environmentally Sustainable Transport’ regional forum.

J.Batbayasgalan, Deputy Mayor of UIaanbaatar in charge of Green Development and Air Pollution met with Choudhury Rudra Charan Mohanty, Environment Programme Coordinator/ Expert and Ganesh Raj Joshi, Researcher of the UN Centre for Regional Development regarding the hosting of the forum. Sides discussed the forum theme, timing and side sessions.

More than 50 countries are likely to send delegates to the 11th ‘Environmentally Sustainable Transport’ forum which will take place in 2018. Forum preparations are expected to be finalized within the next six months. “We will include some issues challenging Mongolia’s transport and other sectors”, said Mr. Mohanty.

Deputy Mayor J.Batbayasgalan expressed delight at Mongolia’s hosting of the regional forum, emphasizing on the importance of the forum for Ulaanbaatar, a city with air pollution as a major issue in winter and soil pollution in the summer. “We are ready to cooperate and assist on organizational issues”, he said.

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Mongolia Unemployment Rate Forecast 2016-2020 www.tradingeconomics.com

Unemployment Rate in Mongolia is expected to be 8.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Mongolia to stand at 8.90 in 12 months time. In the long-term, the Mongolia Unemployment Rate is projected to trend around 7.30 percent in 2020, according to our econometric models.

Please review more on http://mongolianbusinessdatabase.com/base/sourcesdetials?id=19  

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Schuler installs forging lines at Mongolia plant www.thefabricator.com

The Darkhan Metallurgical Plant (DMP), established in 1990 and located around 200 kilometers North of Ulaanbaatar, Mongolia, has installed two automated Schuler forging lines featuring short-stroke die forging hammers KGH 5.0B for the manufacture of steel balls with diameters of 100 to 140 mm.

As a system supplier, Schuler has provided the whole line including the dies and lubrication within seven months. The assembly began in November 2016, and configuration and testing of the machinery was completed on Dec. 14th, 2016. DMP has commissioned the lines. A new steel ball is produced by each line every eight seconds; the annual capacity of both lines is up to 25,000 tons per year.

According to DMP, the project will open new opportunities to the development of the metallurgical industry in Mongolia.

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Snapdeal board accepts Flipkart's $900m-plus takeover offer www.asia.nikkei.com

MUMBAI -- Indian e-commerce startup Snapdeal has accepted a $900 million to $950 million takeover bid from market leader Flipkart, after a roller-coaster round of talks, in a deal that would give the bigger company ammunition for fighting Amazon.com in the booming e-commerce market.

The board of Snapdeal parent Jasper Infotech has agreed to the offer, and the proposal will be presented to Snapdeal shareholders in as soon as two weeks, a source told the Nikkei Asian Review on Wednesday.

"The deal is progressing ahead and it will be put forward to all shareholders now," the source said.

Flipkart and Snapdeal declined to comment.

Nikkei reported previously that Snapdeal's top shareholder, Japan's SoftBank Group, had broadly agreed to the combination of market leader Flipkart with No. 3 player Snapdeal and was in talks with Flipkart investors Microsoft, eBay and Tencent Holdings.

However, billionaire Azim Premji, whose investment company PremjiInvest is a minority shareholder in Snapdeal, has raised questions about the merger. The Economic Times reported that PremjiInvest had written to Snapdeal seeking clarity on how minority shareholder rights would be protected in the deal. The company also reached out to U.S.-based BlackRock and Singapore's Temasek Holdings to oppose any special payments to shareholders, including venture capital firms Nexus Ventures and Kalaari Capital, and founders Kunal Bahl and Rohit Bansal.

Business tycoon Ratan Tata is also an investor in Snapdeal.

Flipkart and Snapdeal -- founded in 2007 and 2010, respectively -- have been fighting hard to keep U.S.-based Amazon at bay. Snapdeal has been bleeding red ink and the consolidation was seen as a natural step forward.

Although growth in India's e-commerce industry has been slowing recently, global payments company Worldpay predicted in December that the country will overtake the U.S. as the world's second-largest e-commerce market behind China within 20 years. The Indian market is seen growing at a 28% annual clip from 2016 to 2020.

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UK court obliges Ukraine to pay par value on its Eurobond debt to Russia www.rt.com

The High Court of London has bound Ukraine to pay £2.8 million ($3.6 million) to Russia as compensation for legal costs related to Kiev’s Eurobond debt, the Russian Finance Ministry announced on Wednesday.

According to a statement on its website, Ukraine has been ordered: “to compensate a portion of costs related to legal proceedings to Russia in the amount of £2.8 million, with 50 percent to be paid by the debtor at the latest of September 20, 2017."

In March, the court ruled Ukraine failed to offer a “justifiable” or court-ready defense for not paying back the $3 billion lent by Russia in 2013 during the presidency of Viktor Yanukovich. The financial aid from Russia to Ukraine came in the form of a Eurobond governed by English law.

The court has ruled Kiev must pay Moscow the par value of Eurobonds, the coupon payment of $75 million and penalty interest on those amounts.

It also said it would consider Russia's demand for compensation - due to Kiev’s default on its debt - in 2018, after the case’s full hearing.

After Ukraine had failed to repay the notes following a 10-day grace period after the deadline in 2015, Russia brought the lawsuit in the English courts. Moscow offered Kiev a debt-relief plan, under which it could repay its arrears in three installments of $1 billion over three years.

However, Ukraine refused to pay, claiming the money was a political credit which the country was forced to take.

Ukraine insisted on a full hearing, citing the political nature of the case.

According to Kiev, in 2013 the Ukrainian government was subject to “massive, unlawful and illegitimate economic and political pressure.”

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Prime Minister meets IMF delegates www.montsame.mn

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat met with International Monetary Fund representatives on Wednesday.

Koshy Mathai, chief of the IMF staff team in charge of Mongolia reported on the latest progress on the Extended Fund Facility program for the last time to the Prime Minister before taking on a different assignment.

Prime Minister J.Erdenebat said that the Mongolian Government was focusing on overcoming the economic difficulty, expressing readiness to consistently work with the IMF.

The IMF representative noted the important role the Prime Minister’s leadership played in overcoming the debt crisis, increasing budget income and improving some macroeconomic indicators.

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12 Regions of China: Inner Mongolia www.thediplomat.com

Separated from the independent nation of Mongolia by the vast Gobi, the deserts and grasslands of Inner Mongolia stretch from the Tibetan plateau’s northeast ramparts along the great bend of the Yellow River and toward China’s far northeast, where they are divided from Manchuria by the Greater Khingan mountains. For two millennia this region was contested between Chinese states and the steppe nomads; imperial China’s northern defense lines – equivalent to the Roman limes on the Rhine and Danube – roughly followed this frontier.

In the 1500s one of Genghis Khan’s lesser heirs built his power base in this area anchored by the city of Hohhot, which remains Inner Mongolia’s capital today. Altan Khan’s depredations spurred construction of the fortifications around Beijing that are now shown to tourists as the “Great Wall.” But he was also pivotal in spreading Buddhism among the Mongols through an alliance with the head of Tibet’s Gelugpa sect, upon whom he conferred the title of “Dalai Lama.”

Exploiting their patronage of Tibetan Buddhism, the Qing emperors of China secured the loyalty of the eastern Mongols. Today the descendants of these tribes are spread around Inner Mongolia’s 1.2 million square kilometers, and the region’s administrative districts still partly reflect organization under the Qing. For centuries the region has seen growing Han in-migration and administrative assertion, changing the ecology of the grasslands and putting pressure on the Mongol way of life, as vividly captured in the bestselling novel Wolf Totem.

With China’s 1911 revolution, Outer Mongolia declared independence, and was recognized as a sovereign state by the People’s Republic of China in 1949. During the 1930s the Japanese established a puppet state in Inner Mongolia, but their expansion in this area led to defeat at Soviet hands, with arguably momentous consequences for the course of World War II. In the 1960s-80s, Inner Mongolia was a closed and militarized region on the frontline of potential Soviet invasion. Today it has been overrun instead by Chinese tourists seeking a dude ranch-style Mongolian experience, although the Jiuquan space launch center in the region’s far west remains a restricted area.

Today, Inner Mongolia’s economy is based on primary industry, including a dominant share of global rare earths production. In the 21st century’s first decade, the province led the nation with annual growth rates breaking 15 percent, achieved through a mining boom and an infrastructure binge aimed at urbanizing the region, with the inevitable wastage epitomized in China’s most famous ghost city.

Rampant development, environmental destruction, and pressure on herders to resettle in urban centers has in recent years triggered sporadic unrest among ethnic Mongols. At the same time, burgeoning links with the independent nation of Mongolia, being developed as part of the state-led Belt and Road Initiative, are opening a new phase in the ancient relationship between the Mongol peoples and China.

(John Lee is a former visiting fellow of the Mercator Institute for China Studies.)

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