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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Mongolia: Death penalty confined to history as new criminal code comes into effect www.montsame.mn

Ulaanbaatar /MONTSAME/ Amnesty International welcomes the coming into force of the new Criminal Code and Code of Criminal Procedure in Mongolia as an historic milestone in the country’s journey towards full enjoyment and protection of human rights. The new Criminal Code, which abolishes the death penalty for all crimes, became effective on 1 July 2017 after it was adopted by the Mongolian Parliament on 3 December 2015.
 
Today’s development brings to completion a seven year process towards abolition which formally began in January 2010, when the country’s President, Tsakhiagiin Elbegdorj, commuted all death sentences and announced an official moratorium on executions. The move was followed two years later by the ratification of an international treaty committing the country to the abolition of the death penalty. Amnesty International Mongolia has relentlessly campaigned for abolition since the national human rights group was first established in 1994.
 
The new legal text also contains advances on other human rights issues. For example, it includes for the first time a definition of torture that broadly reflects the ones outlined in the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment. Regrettably however, Mongolia has failed to take the opportunity of the new legislation to put in place and implement protective mechanisms to prevent and punish torture, such as establishing an independent and effective mechanism to investigate torture allegations.
 
Mongolia and the death penalty
 
The last execution in Mongolia was carried out in 2008 and death sentences imposed since the moratorium was established in 2010 have been routinely commuted. However, figures on the use of the death penalty in the country remained classified as a state secret.
 
Today Mongolia becomes the 105th country to have freed itself from the ultimate cruel, inhuman and degrading punishment. It is the eighth country to have done so in the past five years, alongside Benin, Congo (Republic of), Fiji, Latvia, Madagascar, Nauru and Suriname. During the same period, Guinea also abolished the death penalty for ordinary crimes only.
 
As other countries in the Asia Pacific region continue to execute or even contemplate reinstating the death penalty, in clear violation of their international law obligations, Mongolia’s journey over the past decade is not only illustrative of the overwhelming global trend in favour of the abolition of the death penalty, but also of the critical importance that political leadership plays in driving human rights change.
 
Amnesty International opposes the death penalty in all cases without exception, regardless of the nature or circumstances of the crime; guilt, innocence or other characteristics of the individual; or the method used by the state to carry out the execution. The organization renews its call on the authorities of countries that still retain this punishment to follow Mongolia’s example and immediately abolish the death penalty once and for all.
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GCF completes USD 20 million transfer to drive clean Mongolian energy sector www.greenclimate.fund

The Green Climate Fund is helping Mongolian enterprises kick start a national, low-carbon energy sector with its completion of a USD 20 million funds transfer to a Mongolian bank.

The bulk of GCF’s contribution, USD 19.5 million, will allow Mongolia’s XacBank extend loans to micro, small and medium-sized enterprises to break down financial barriers to low-carbon investment.

An aversion to the risks of opening new markets means Mongolian entrepreneurs currently lack the necessary commercial finance to carve out new businesses in energy efficiency and renewable energy.

This five-year project is being implemented by XacBank, one of Mongolia’s major lenders which became the country’s first and only bank specializing in eco-banking in 2009. At the end of last year, GCF designated XacBank as a direct access Accredited Entity, which propose and implement GCF-financed climate initiatives.

“This disbursement marks an important milestone in the continued development of sustainable financing business of XacBank and our cooperation with the Green Climate Fund,” said Amartuvshin Hanibal, President of XacBank.

While many Mongolian people currently burn low-quality coal in their homes for heating and cooking, the government is striving to leap frog their landlocked nation into adopting a low-carbon energy sector.

In accordance with GCF’s gender focus, at least half of GCF’s loan support in this project will go towards women-led enterprises.

“This project will empower women and reduce emissions,” said Ayaan Adam, Director of GCF’s Private Sector Facility. “It will show women-led enterprises can make a strong impact in Mongolia’s private sector. Mongolian micro, small and medium-sized enterprises can demonstrate that low-carbon investment is the business of the future.”

Ms Adam added the growth of a low-carbon energy sector fits well with the Mongolian Government’s move to raise the percentage of renewables to 20 percent of national energy generation by 2020, according to the country’s Nationally Determined Contribution under the Paris Agreement.

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EBRD supports Mongolian logistics company Terra Express www.ebrd.com

The EBRD is supporting the integration of Mongolia into the global economy with the provision of a US$ 7.6 million financial package to Terra Express, a leading local logistics company.

“Integrated” is one the six transition qualities that the EBRD has identified as elements of a successful and sustainable economy. The other qualities are resilient, green, competitive, well-governed and inclusive.

The loan to Terra Express is the first project in the transport sector financed by the EBRD in Mongolia. It will consist of two tranches and support the expansion of the company by restructuring its balance sheet.

Terra Express, established in 2011, is a mining logistics service provider. With the expansion of the multi-billion-dollar Oyu Tolgoi mining project the market demand for the services of Terra Express is expected to increase significantly. In turn, Terra Express plays an important role in the value chain of key exports. The company is preparing itself for this increase with an ambitious investment programme that includes the acquisition of 35 new vehicles.

Ekaterina Miroshnik, EBRD Director for Infrastructure, Russia, Central Asia and Mongolia, said: “We are very pleased to support Terra Express with our financing, which will bolster the company’s investment programme. Improved and intensified logistics will play an important role in the integration of Mongolia into the global economy.”

Irina Kravchenko, EBRD Head of Mongolia, commented: “Mongolia has big potential, and young and innovative private small businesses such as Terra Express are key to realising this promise. This project supports the recently approved EBRD strategy for Mongolia with a focus on infrastructure and private sector development.”

Altanbagana Shiituu, CEO of Terra Express, added: ‘’I look forward to a long and mutually beneficial partnership with the EBRD, helping to expand our capacity and improve our operational safety and environmental standards. This financing will allow Terra Express to target new and exciting market opportunities within the Mongolian logistics sector. We appreciate the EBRD’s commitment to private entrepreneurship in Mongolia and the future development of our company.”

Since the start of its operations in Mongolia in 2006, the EBRD has invested over €1.4 billion in more than 80 projects in various sectors of the country's economy.

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Stock exchange weekly review (June 26 - 30) www.montsame.mn

Ulaanbaatar /MONTSAME/ During the period between June 26 and June 30, 2017, MSE conducted 4 trading sessions with a total value of MNT 41,830,706,350. The daily average value was MNT 10.4 billion.

1. STOCK TRADING:
471,015 shares of 55 listed companies with a total value of MNT 215,361,700 were traded.
2. GOVERNMENT SECURITIES:
370,000 units of Government retail bonds with a total value of MNT 34,794,430,000 were traded on the primary market in one trade.  
8,506 units of Government retail bonds with a total of the value of MNT 820,914,650 were traded by 6 trades on the secondary market.  
3. CORPORATE SECURITIES:
60.000 units of primary market listed company “Suu” JSC’s MNT 100.000 valued bond were traded with 17.5 percent interest rate and successfully collected MNT 6 billion.
As of June 16th, 2017, the market capitalization was worth MNT 1,497,666,603,273.07 and the MSE All index increased by 3.31% reaching 860.47 units.

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World-leading engineers and developers to gather in Ulaanbaatar www.montsame.mn

Ulaanbaatar /MONTSAME/ An international meeting for advanced technology will be taking place at "Tuushin Hotel", Ulaanbaatar on July 6. During the meeting, advanced technologies from Australia, Spain, Singapore, Malaysia, Indonesia and the Netherlands are expected to be presented.

During the meeting, engineers from the participating countries will be presenting their technologies, as well as exchanging practices of further development. The organizers consider that breakthrough technologies of the 21st century will help provide safety in the projects implementing in Mongolia and will have significant impact in their efficiency.

One of the highlighted technologies that is expected to be presented at the event is a non-destructive testing technology. Introducing internationally approved non-destructive testing technologies into Mongolian industrial sector would help determine abnormalities, evaluate safety and assets. In order to increase the longevity of equipments and for industries to adapt to the market, the usage of non-destructive testing technology is increased in the recent years.

With an aim to renovate various sectors, such as mining, renewable energy, construction and energy, Mongolia's branch of "Aplas" Ltd' is organizing the meeting to introduce breakthrough modern technologies. The company provides world-class human resource service and has expanded their operation to mining sector, cooperating with various projects in the energy sector.

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Feature: Joint venture sets model for China-Russia cooperation in energy field www.news.xinhuanet.com

MOSCOW, July 3 (Xinhua) -- On the vast east European plain 1,200 km east of Moscow, lines of pumping machines stand on the green grassland. It is the location of Udmurtia Petroleum Corp (UDM), an energy joint venture between Russia and China.

The UDM was bought out by China Petroleum and Chemical Corp., also known as Sinopec, and Russian oil giant Rosneft in August 2006.
Rosneft took a 51 percent stake and Sinopec 49 percent in the UDM, which is China's first and only oil field project in production in Russia.
Located in Udmurtia, a republic in western Russia, the UDM is the republic's largest oil corporation, with 32 oil fields and a daily production capacity of 17,000 tons.
In the UDM building, many awards hang on the wall. Wang Jun, general manager of Sinopec's Russian unit, said that since Sinopec became the UDM's shareholder a decade ago, the UDM has increased production by 7.7 percent and its reserves have gone up 9.5 percent.
In 2016, the UDM paid 843 million U.S. dollars in tax to the republic's government, accounting for 9.6 percent of its total tax revenue. The company ranks the first among the republic's taxpayers, Wang said.
The UDM's average annual profit has been more than 450 million dollars. By the end of 2016, the UDM's net profit totaled 4.877 billion dollars. This year, the company has discovered two new oil fields totaling 800,000 metric tons of reserves in Udmurtia.
The implementation of the China-proposed Belt and Road Initiative and the stability of Russia's domestic political situation and economic policies provide the joint venture with security and guarantee, Wang added.
The Belt and Road Initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was brought up by Chinese President Xi Jinping in 2013, with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road routes.
The UDM's general manager, Topal Andrey Yurievich, told Xinhua that the participation of Sinopec has optimized the administration of the joint venture and increased production efficiency.
According to Wang, Sinopec's investment in the UDM is like China marrying a daughter to Russia. How to adapt to the new family and live a good life depends on the good intention and cooperation of the two "original families."
Yurievich said the cooperative relationship between Chinese and Russian companies in the UDM is like a pair of chopsticks. The two chopsticks need to work together to catch food, as one chopstick will never work.
The China-Russia joint venture is regarded as a business success, and also a responsible player in shouldering social responsibilities.
It set up a foundation and spent 7.77 million dollars on charity between 2012 and 2016, including funds on the establishment of kindergartens, primary schools and outdoor parks for children, and for organizing art and cultural festivals. The company also helped build roads for local communities.
When asked to comment on the UDM, Chinese Ambassador to Russia Li Hui said it has not only brought profits to both companies and provided experiences for bilateral pragmatic cooperation in the future, but has also enriched the China-Russia comprehensive strategic partnership of coordination.
The success has demonstrated the broad prospects of China-Russia cooperation in the energy field, which should be strengthened and enlarged by the two sides, Li said.

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IGF releases Mining Policy Framework Assessment: Mongolia www.gogo.mn

The Government of Mongolia sees its minerals sector as critical to national plans for sustainable development, according to a new IGF Mining Policy Framework (MPF) Assessment.

“Mongolia is in the midst of a fiscal crisis and seeks to expand responsible development of its minerals sector in order to generate much-needed revenues,” said Kristi Disney Bruckner, a member of IGF’s assessment team for Mongolia.

“We were encouraged to see that, despite this crisis, leaders of Mongolia’s Ministry of Mining and Heavy Industry remain committed to developing and implementing a legal framework for the minerals sector that will promote long-term sustainable development.”

The ministry is currently revising key areas of its legal framework for the mining industry, including the new Law on Mining. The Government of Mongolia invited the IGF to perform an MPF Assessment in order to help identify gaps and ensure that the law reflects international best practices, with a focus on achieving sustainable development objectives. More information—including the draft Law on Mining—is available on the ministry’s website.

Over the past quarter century, Mongolia has experienced increased foreign direct investment in extractive industries. But economic growth has slowed significantly in recent years. The government is working to stimulate economic growth while ensuring that it meets its commitments to national and international sustainability goals, including the United Nations Sustainable Development Goals and Mongolia’s Nationally Determined Contributions under the Paris Agreement. While the country takes a multi-sectorial approach for economic growth, including through its vast agricultural and service sectors, the minerals sector remains a key focus of the government’s growth strategy and is a major contributor to Mongolia’s GDP.

The MPF Assessment reviewed the mining laws and policies of Mongolia and the country’s capacity to implement the IGF’s flagship MPF. It involved extensive desk-based research and a 12-day field visit to Mongolia in which the assessment team visited large- and small-scale mine sites and met with numerous stakeholders from government, civil society, international organizations and the private sector. It was conducted by Sustainable Development Strategies Group and the Ulaanbaatar-based Sustainable Development Research Centre between August 2016 and February 2017.

During the assessment, the Government of Mongolia invited the IGF to facilitate a series of capacity-building workshops focused on issues related to transfer pricing and beneficial ownership, socioeconomic benefit optimization and mine closure. The workshops, attended by over 80 Mongolian participants from national and subnational government, industry and civil society sectors, were held in March 2017 and featured leading international and Mongolian experts and institutions.

“We are grateful to the IGF for this assessment and the excellent capacity building workshops, which have helped us develop practical ways to address the gaps in our framework,” Minister of Mining Ts. Dashdorj said.

“We look forward to continuing our engagement in the IGF and to participating in the Annual General Meeting this October. Our partnership with the IGF helps us ensure that we are governing our minerals sector in a responsible and innovative manner that meets the needs of both current and future generations.”

The assessment team identified several major strengths of Mongolia’s mining sector in its report. The sector is led by many well-trained and highly competent professionals, in both private and public entities. The recently approved Model Agreement on Issues of Environmental Protection, Mine Exploitation, and Infrastructure Development in Relation to Mine Site Development and Jobs Creation serves as a model for agreements between mining companies and local administrative bodies to promote integration of benefits of mining into aimag (province) and soum (district) levels.

The increasingly frequent use of multistakeholder councils at the aimag and soum levels are viewed favourably by stakeholders as mechanisms to discuss and manage concerns related to the minerals sector. The level of open and transparent data on tax and royalty flows, largely a result of Mongolia’s decade of experience implementing the Extractive Industries Transparency Initiative, was also cited as a major strength in Mongolia. Furthermore, the report commends the efforts of the Government of Mongolia to include a legal framework for artisanal and small-scale mining in its mining law, with implementation support from the Swiss Sustainable Artisanal Mining Project and others.

IGF’s assessment team also identified a number of gaps in Mongolia’s mining law and policy framework.

“The government is well aware of many challenges it faces, and seems committed to taking action to fill the gaps in its existing laws and regulations,” said Luke Danielson, co-author of the IGF’s Mongolia Assessment Report. “It is already working to draft a new Law on Mining, which regulates mine closure and other important aspects of the mining industry. Government officials are actively engaging in capacity building with a number of governmental and non-governmental organizations.”

One of the gaps the team identified in its report was a lack of management of large-volume and high-risk mine wastes, including, but not limited to, their impact on water resources. The report also identifies a lack of government capacity to audit complex tax returns and to deal with transfer pricing, beneficial ownership and related issues. Mongolia also lacks clear criteria regarding which deposits should be classified as “mineral deposits of strategic importance.” The team also identified a lack of clarity and transparency regarding how revenue is distributed to and utilized at the aimag and soum levels.

Mongolia’s participation in the IGF contributes to the implementation of the country’s comprehensive and ambitious State Minerals Policy 2014–2025. The State Minerals Policy lays out a vision for responsible mining, with the goal of providing sufficient social and economic benefits from mining, while also achieving Mongolia’s national plans to implement the Sustainable Development Goals.

“We see great promise in Mongolia,” Bruckner said. “The Ministry of Mining and Heavy Industry’s commitment to sustainable development of the minerals sector sets a great example throughout Asia, while also attracting responsible investors who share this vision. The ministry’s work to develop a comprehensive system for planning and regulating mine closure and rehabilitation shows concrete and practical progress towards addressing the gaps identified in the IGF Assessment. The IGF is extremely pleased by the fruitful partnership it has developed with the Government of Mongolia and looks forward to ongoing collaboration.”

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BRIEF-Moody's changes outlook on Mongolia banking system to stable www.reuters.com

Moody's:

* Moody's changes outlook on Mongolia banking system to stable from negative

* Moody's on Mongolia banking system - outlook indicates expectation for how bank creditworthiness will evolve in the country over the next 12-18 months

* Moody's on Mongolia banking system- Moody's baseline scenario assumes a marginal decline of 0.2% in real gdp growth for Mongolia in 2017

* Moody's on Mongolia banking system- Moody's forecasts real gdp growth for Mongolia of 1.8% in 2018

* Moody's- outlook on Mongolia's banking system based economic program between imf,government of Mongolia to lead to less challenging operating environment Source text - (bit.ly/2tA3foQ)

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High-level TPP meeting to be held in Japan www3.nhk.or.jp

A high-level meeting on the Trans-Pacific Partnership free trade deal will take place in Japan later this month.

The 2-day conference will be held following an agreement reached at a meeting in Vietnam in May, which was attended by ministers of the 11 parties to the TPP deal. The United States withdrew from the pact in January.

By making as few revisions to the deal as possible, the Japanese government hopes to reach a broad agreement before the Asia-Pacific Economic Cooperation summit in November.

But government officials say that, while countries such as Canada and Australia are positive, Malaysia and Vietnam are cautious about implementing the pact without the US.

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Deutsche Bank refuses Democrats' demand to give up Trump’s financial details www.rt.com

Germany's biggest bank has rejected a request by US House Democrats to provide details of President Donald Trump's finances. Deutsche Bank is citing privacy laws.

The bank provided multimillion dollar loans to Trump’s real-estate business before his political career.

"We respectfully disagree with the suggestion that Deutsche Bank freely may reveal confidential financial information in response to requests from individual members of Congress," Deutsche's counsel said in a letter seen by Reuters.

Maxine Waters and four fellow Democrats have demanded Deutsche disclose the information about Trump’s bank account.

"Trump has made it entirely clear that he has a lot to hide, and it appears that Deutsche Bank is willing to cover for him," Waters wrote to the news agency.

"Efforts by Trump, his family members and associates, and Deutsche Bank to avoid scrutiny only intensify our resolve to follow the Trump money trail,” she added.

In June, a disclosure document published by the US Office of Government Ethics showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas.

The Democrats don’t have the power to make Deutsche Bank disclose the information. The Financial Services Committee can issue a subpoena, but the Republicans, who are in the majority, would have to agree.

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