|“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|
Councilors of the Japan Sumo Association have demoted stablemaster Takanohana from the post of director over his handling of an assault scandal.
In October, Yokozuna Grand Champion Harumafuji hit and injured a fellow Mongolian wrestler, Takanoiwa, during a night out drinking. Harumafuji retired from sumo the following month.
The board of directors of the association last week unanimously decided to recommend that Takanoiwa's stablemaster, Takanohana, be removed from his post as a director of the association.
The board cited Takanohana's repeated failure to cooperate with its internal investigation, despite reporting the assault to police.
An extraordinary meeting of the association's key decision-making body on Thursday unanimously agreed to remove Takanohana as director and demote him.
The chair of the council, former senior vice education minister Yasuko Ikenobo, told reporters that Takanohana had failed to report on the assault to the association and refused to cooperate with its internal investigation.
She said Takanohana's actions are unacceptable as a director of a public-interest corporation and that he neglected his duties.
It was the first time that a director of the association has been removed.
Ikenobo said Takanohana reportedly expressed his acceptance of the dismissal.
Former sumo grand champion Harumafuji has been fined 500,000 yen ($4,400; £3,280) after being found guilty of assault.
The 33-year-old from Mongolia had admitted hitting a junior wrestler over the head with a karaoke machine remote control during a night out in Tottori in October.
He has already apologised and stepped down over the incident.
The case rocked the world of sumo, a hugely popular ceremonial sport.
The assault on fellow Mongolian Takanoiwa happened while they were out drinking with other wrestlers in a bar in the western city.
The grand champion is reported to have been angered that his countryman was checking his phone while being given advice, seeing it as showing a lack of respect.
The latter was admitted to hospital with concussion and a fractured skull.
Two others involved in the incident have faced disciplinary action, and Takanoiwa's stablemaster - as coaches are known - is expected to be demoted for allegedly delaying reporting the incident.
Harumafuji started his career in Japan at the age of 16 and was promoted to grand champion or yokozuna - sumo's highest rank - in 2012.
He released a statement in late December, Reuters reports, saying his life "is now set to be sharply different from what I thought it would be".
"I have a feeling of chagrin, to be honest. But the responsibility is all mine."
Sumo has been hit by a string of scandals in recent years.
Last year, a wrestler and his coach had to pay nearly $300,000 to a fellow fighter they allegedly abused so badly he lost sight in one eye, according to reports.
Several wrestlers have also been implicated in match fixing scandals and links between sumo and the mafia-like yakuza crime syndicates.
Another Mongolian grand champion retired from the sport in 2010 after reports of his involvement in a drunken brawl.
In 2007 a sumo stablemaster received six years in prison after a novice was beaten to death by older wrestlers.
NEW YORK/SAN FRANCISCO (Reuters) - Music streaming service Spotify has filed confidentially with U.S. regulators for an initial public offering and is targeting a direct listing in the first half of 2018 that would allow some longtime investors to cash out, a source familiar with the matter said on Wednesday.
If Spotify, which was valued at as much as $19 billion last year, goes ahead with its plans, it would be the first major company to carry out a direct listing, an unconventional way to pursue an IPO without raising new capital.
A direct listing mainly eliminates the need for a Wall Street bank or broker to underwrite an IPO along with many associated fees and could change the way companies approach selling shares to the public.
The confidential filing was initially reported by news outlet Axios.
The U.S. Securities and Exchange Commission now allows all companies, regardless of revenue, to file a draft IPO registration statement confidentially before they unveil their financials.
Spotify is the biggest global music streaming company and counts Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) as its main rivals. Reuters had previously reported Spotify was aiming to file for an IPO in late 2017 and list with the New York Stock Exchange early this year.
Spotify declined to comment.
Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs without a license and compensation to the music publisher. Wixen is seeking damages worth at least $1.6 billion.
Spotify intends to proceed with a U.S. direct listing in the first half of 2018 despite the lawsuit, according to a source familiar with the matter. Goldman Sachs, Morgan Stanley and Allen & Co are helping arrange the listing, the source added.
The lawsuit is unlikely to have a major impact on Spotify’s IPO, said Luke DeMarte, a copyright lawyer at Michael Best & Friedrich not involved. DeMarte said he expects Wixen to settle its case for far less than the damages it is seeking and that it is unlikely any of the publisher lawsuits go to trial.
“It is not in Wixen’s interests or its constituents’ interests to stop Spotify or really inflict harm on them because it is the main game in town for streaming,” DeMarte said.
The company said in June it had more than 140 million active users while listing more than 30 million songs. Spotify last reported more than 60 million paid users, twice that of Apple Music, its closest rival.
The world’s second-largest economy, China, is poised for breakthroughs in cyberspace, says the country’s Ministry of Industry and Information Technology (MIIT). Beijing wants to be in the forefront of the booming digital economy.
“China will endeavor to basically build itself into a strong cyber power by 2035 to join the world's top rank in cyberspace," said the minister Miao Wei.
Among its new projects, China is planning to build a 13.8 billion yuan ($2.1 billion) artificial intelligence (AI) development park in the Mentougou district of Beijing, the state-run Xinhua news agency reported on Wednesday. Spanning a total of 54.87 hectares, the park will be home to around 400 businesses focused on high-speed data, cloud computing, biometrics and so-called deep learning – an advanced learning technique of AI.
Beijing also plans to advance the development of information technology and spread internet applications in the coming years. It will start a series of strategic projects and accelerate upgrading the internet. The average speed of 4G technology in China has increased 30 percent in 2017.
The minister said that deeper integration between the internet, big data, AI and manufacturing should be encouraged. He has promised to strengthen regulations to better protect private information and online data.
The spread of high-tech, such as big data and AI, is reviving traditional industries, said Miao Wei.
Statistics from the World Internet Developing Report show there were almost four billion internet users around the world as of June 2017, China accounted for over 750 million users.
Mongolia joins “Inclusive Framework on BEPS” to counter multinational firm tax avoidance www.mnetax.com
Mongolia has joined the “Inclusive Framework on BEPS,” bringing the number of participating countries to 111, the OECD announced today.
Mongolia’s decision to join follows that of the Bahamas and Zambia, which both joined in late December.
The Inclusive Framework on BEPS is a group of countries that are working together to prevent multinational group tax avoidance and to ease the resolution of cross-border tax disputes
By joining the group, Mongolia has pledged to adopt minimum international taxation standards developed in 2015 by OECD and G20 nations, with input by other nations, in response to the base erosion profit shifting (BEPS) plan.
The commitment means that Mongolia will adopt provisions to prevent tax treaty shopping, implement country-by-country reporting on multinationals and exchange country-by-country reports with other country tax administrations, will limit the benefits of any intellectual property or other tax regimes deemed to be preferential tax regimes, and will fully implement the mutual agreement procedure in its tax treaties with other countries to aid resolution of tax disputes. Mongolia must also pay a fee to participate.
In return, Mongolia will be permitted to work alongside other BEPS inclusive framework countries to ensure widespread adoption of the BEPS minimum standards and participate in a peer review processes.
Mongolia may also participate in the framework’s international tax standard setting work.
Mongolia is constructing a new international airport located to the south of the capital Ulaanbaatar. The new airport will provide better safety and reliability, good links to the city and will contribute to the economic development of Mongolia. The new international airport is under construction in the Khusig Valley, 52 km south of Ulaanbaatar in the Sergelen sum (district) of Tuv province.
According to J.Bat-Erdene, Minister of Road and Transport Development, the new Ulaanbaatar International Airport is expected to open in 2019. Currently, construction of the airport buildings is 98 percent complete. Work on the highway is 54.2 percent ready and is expected to be finished by October this year. Construction work on the 32 km-long fast highway connecting the airport with UIaanbaatar began last spring with a USD 140 million soft loan provided by the Export-Import Bank of China.
In 2008, the Government of Mongolia received a USD 500 million soft loan from the Japanese Government to finance the construction of the new airport. As the moratorium period ends this year, Mongolia will repay MNT 20 billion in 2018.
In 2017, a record 1.2 million passengers passed through the old Chinggis Khaan International Airport; the new airport. however, will have an annual capacity of 3 million passengers.
Mongolian Copper Corporation announces official reinstatement of 49 percent stake in Erdenet www.theubpost.mn
Mongolian Copper Corporation (MCC) announced that its 49 percent stake in Erdenet Mining Corporation (EMC) has been officially reinstated by the Government Agency of Intellectual Property and State Registration and issued a renewed certificate of legal entity on December 28.
On December 7 2017, the Supreme Court of Mongolia held the final hearing on the case relating to shareholder’s dispute of EMC and ruled in favor of MMC.
MMC said that the official reinstatement is an important development and commended the current Cabinet for delivering a guidance to the Agency for Policy Coordination and State Property and the Government Agency of Intellectual Property and State Registration, defendants in the case, instructing them to reinstate interest and share ownership of MCC according to the Constitution and other legislations of Mongolia.
“The current government’s action shows critical aspect of rule of law’s system by rescinding the previous government’s decision, which was determined to be illegal by the Supreme Court,” MMC stated.
The final decision on the case, which has lasted over a year, in respect to the shares of and the future of EMC as a public-private partnership company not only demonstrates the rule of law in local businesses but also an important step for Mongolia to maintain its investment friendly status for foreign investors, according to MMC.
“This dispute was not only the case of MCC but also showed that hundreds of foreign and local investors, and thousands of local companies can protect their legal and commercial interests pursuant to the rule of law and by independent judiciary in Mongolia,” it added.
MCC stated that it expects that the majority shareholder, the government, to honor and follow the Company Law of Mongolia by respecting the minority shareholder’s interest and cooperating with MCC to increase efficiency, revenue to the state budget and work together in creating a better work environment for the thousands of employees of EMC.
Erdenet Mining Corporation’s (EMC) net profit increased by 273 billion MNT compared to 2016, following the change in minority ownership. According to EMC officials, change in ownership and management has allowed engineers to be more flexible and undertake reform in the company’s operation.
In 2016, EMC recorded a net profit of 27 billion MNT, while 2017 saw EMC record 273 billion MNT in net profit so far.
EMC was previously a Mongolian-Soviet joint venture, established in 1974, and later transformed into a Mongolian-Russian venture. In 2016, it was announced that the Russian state-owned Rostec would be selling off its 49 percent stake in Erdenet for 390 million USD to MCC, a phantom corporation for one of the largest private banks in Mongolia, the Trade and Development Bank.
In February 2017, Parliament had decided to nationalize the 49 percent stake in EMC due to questions regarding the legitimacy of the purchase. With the overturning of the decision by the Supreme Court, MMC has been officially reinstated as a minority shareholder and will be allowed to appoint members on the board of EMC....
Ulaanbaatar /MONTSAME/ “Reduction of air pollution in the capital city comes down to the reduction of smoke produced by ger areas,” said academician D.Regdel, President of the Mongolian Academy of Sciences on January 3.
He made a report on the follow-up actions of a Prime Ministerial ordinance issued on January 6, 2017. Former Prime Minister J.Erdenebat had formed a working group of scientists and tasked them to find solutions to reduce air pollution.
The academician pointed out that ger areas contribute 80 percent of smog in the capital city whereas vehicles generate 12-13 percent of smog and chimneys of steam boilers about 7-8 percent. The working group consisted of three sub-groups working in three directions – energy, heat supply solution and reduction of vehicle smoke.
“It is necessary to provide cost-effective warm pads to 200 thousand households in order to reduce heat loss, build a factory of thermal accumulators which maintain and reserve heat at minus 20-24 degrees Celsius, and expand the electricity distribution network,” he said.
It has been calculated that MNT 55.8 billion will be required to build a new electricity distribution network in the capital city and MNT 24 billion to expand the current network.
The scientists also suggested some additional measures such as converting public transport diesel buses to gas and imposing vehicle taxes proportional to the amount of harmful pollutants emitted.
“Overall, there is a possibility to reduce air pollution if we take decisive measures, adapt a comprehensive plan, and ensure accountability in the implementation,” the academician concluded in his report delivered at the second meeting of a parliamentary working group on air pollution reduction.
Formed on December 28 pursuant to an ordinance of Parliament Speaker M.Enkhbold, the working group is designed to draft bills and recommendations during necessary inspection of the implementation of resolutions and decisions on air pollution reduction issued by the Parliament, Parliamentary Standing Committees and Sub-Committees, and supervise the Cabinet regarding the same. The working group met for the first time on December 28.
During the January 3 meeting, working group leader, MP Yo.Baatarbileg had pointed out that the second meeting of the working group aimed to discuss the view and recommendations of scientists on air pollution.
After the discussion of the report, the working group members agreed to work in ger areas to obtain first-hand information on the situation of households in ger areas, and familiarize with anti-air pollution operations run by government and non-government organizations and entities. On January 4-12, three sub-groups led by MPs S.Byambatsogt, L.Oyun-Erdene and L.Eldev-Ochir will work in districts.
The working group also agreed to hold a joint meeting of the Parliamentary Standing Committees on Environment, Food and Agriculture and Social Policy, Education, Culture and Science to discuss the establishment of a sub-working group and drafting of air pollution bills.
The meeting was attended by representatives of the Ministry of Environment and Tourism, Ministry of Energy, Ministry of Health, Ministry of Education, Culture, Science and Sport, the National Committee on Environmental Pollution Reduction, Mayor’s Office and the Mongolian Academy of Sciences....
PERTH-based Tian Poh Resources has inked a deal to create a special-purpose vehicle with a major Chinese group to advance its coal to gas project in Mongolia.
Tian Poh signed a memorandum of understanding with Shenzhen Stock Exchange ChiNext-listed Shenwu Environmental Technology, formerly known as Tianli Environmental Engineering, for "strategic co-operation" to advance the project sourcing coal from the Perth company's Nuurst coal deposit.
Phase 1 of the project targets gas production by 2020 to supply both the Mongolian and Chinese markets, with the special-purpose vehicle - 81% owned by Tian Poh and the rest by Shenqu - to own the plant and associated infrastructure.
Shenwu will provide the engineering, procurement and construction services, and discussions are now underway to finalise the contractual terms of the arrangement.
Both Tian Poh and Shenwa are exploring the potential to obtain Chinese government funding to help develop the project.
It's all part of Tian Poh's plans to develop a 3.9 billion cubic metres of annual capacity plant at Nuurst by using the 478.3 million tonnes of JORC resource coal that Modun Resources has 120km east of Ulaanbaatar where a number of other coal mines are operating.
Nuurst is also 6km from a rail line allowing direct access onto the existing Trans-Mongolian Railway line, with a 35kV power line about 5km southwest of the project area and a 220kV one to the east.
The Nuurst project is consistent with China's famed One Belt, One Road plan announced in 2013, otherwise known as the Belt and Road Initiative, which aims to reconfigure global trading by placing Chinese investments like railways and power grids in at least 69 countries that mirror the ancient Silk Road.
That initiative aims to cover not only parts of Asia but the Middle East, Europe and Africa.
Tian Poh closed at 5.9c yesterday on the ASX.
(Bloomberg) — Europe’s set to be stuck with a higher oil bill as Russia shifts more of its supply to the Chinese oil market.
As the world’s second-biggest economy buys more, crude shipments from Primorsk port in the Baltic region will be cut, according to industry consultant FGE. The reduction will push up the price of varieties available for sale to Europe. Russia is already the biggest supplier to the China, and will probably boost exports to the country by 200,000 barrels a day in 2018 from a year earlier, FGE said.
After a glut sparked the biggest price crash in a generation and starved Russia of oil revenues, the nation sought to boost market share in the world’s top importer. It’s now supplanted Saudi Arabia as the top exporter to China, even as the two producers lead efforts to shrink the global oversupply by curbing output. A pipeline that transports crude from the East Siberia-Pacific Ocean system has helped its mission to increase volumes.
“Russia is starting in effect immediately to shift crude exports away from Europe to China,” FGE said in a Dec. 29 note. “While we see overall crude exports from Russia flat year-over-year in 2018, this is bullish news for the Urals price due to its lower availability, in particular from the port of Primorsk.”
This increase in China-bound deliveries is expected to cut exports from Primorsk in January and February, and reduce pipeline flows to Eastern Europe in March, according to FGE. Shipments of the Urals grade from the port in January will likely fall by 160,000 barrels per day, compared with a year ago, while supplies from Novorossiysk in the Black Sea could remain largely flat, with some possible upside, according to the note.
The diversions have made Urals prices stronger at the end of December, compared with a month before, according to FGE. The grade turned about 60 cents a barrel costlier relative to London’s Brent crude, the benchmark for sales of the variety, the industry consultant said.
China imports the bulk of Russian oil via inland pipes and seaborne shipments from the eastern ports of Kozmino, De-Kastri and Prigorodnoye. A second conduit between the two countries began operations on New Year’s Day, doubling China’s ESPO crude import capacity to 30 million tons annually, or about 600,000 barrels a day. The two lines run parallel to each other between Mohe at the border and Daqing in northeast Heilongjiang Province.
The Asian nation has also sought to expand its energy relationship with Russia. CEFC China Energy Co., a firm that’s grown from a small local trader to a global deal-making juggernaut, in November sold its first cargo of Russian crude after buying a $9 billion stake in Rosneft Oil Co. last year. The Russian energy giant will supply the Shanghai-based company with as much as 60.8 million tons, including the Urals, ESPO and Sokol grades, over five years.
Russia supplied 5.12 million tons of crude to China in November, official customs data show, the equivalent of about 1.3 million barrels per day. It also aims to start natural gas sales via the Power of Siberia pipeline by December 2019....