1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      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     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Korean consortium bids for Australian iron-ore giant Arrium www.mining.com

A consortium of companies including Korean steel juggernaut POSCO has made a bid for Arrium, a major Australian iron ore miner and steelmaker.

Split into two divisions, Arrium runs the steelworks at Whyalla, South Australia, and is also a supplier (to Whyalla) and an exporter of hematite iron ore. It is Australia's only manufacturer of long steel products, with capacity of about 2.5 million tonnes a year. Arrium also has steel operations on the east coast.

But the company was forced into "voluntary administration" in April 2016 with debts of over AUD$4 billion. Voluntary administration is an insolvency procedure whereby the directors of a financially troubled company appoint an external administrator called a "voluntary administrator".

The shutdown affected about 2,500 steelworkers who lost their jobs.

Today, however, it was announced that a consortium headed by Newlake Alliance Management and JB Asset Management and supported by POSCO, has bid on the business that was put up for sale by administrator KordaMentha and its advisers Morgan Stanley. A bid figure was not disclosed. The sale would have to be approved by the creditors committee and the Foreign Investment Review Board.

The consortium outbid rival consortium Liberty Group and Simec.

The Australian opined that it was the greater firepower brought to the table through POSCO, which is the world's fourth largest steelmaker, that sealed the bid.

"The opportunity for the Korean steelmaker is thought to be one where a distribution network is created to distribute its own steel products throughout Australia from out of Korea and make it more competitive with Australian steel making champion BlueScope," Australian Business Review wrote.

POSCO also reportedly is able to produce iron or steel from thermal coal, "which could lower Arrium’s steelmaking costs, and make an acquisition of the loss-making Whyalla a viable proposition," according to an analysis of the deal. A byproduct of the FINEX steelmaking process is natural gas, which could generate up to 250 megawatts, ABC News said.

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BHP Billiton announces new Chairman www.mining.com

The world’s largest mining company, BHP Billiton (ASX, NYSE:BHP) (LON:BLT) announced today that Ken MacKenzie has been elected to succeed long-serving Chairman Jac Nasser.

Following a formal process led by Senior Independent Director, Shriti Vadera, the new chairman will assume his post on September 1, 2017.

Former CEO of global packaging company Amcor, MacKenzie joined the BHP board as a non-executive director in September 2016 and is a member of its Sustainability Committee.

The Canadian executive, who lives in Australia, has over 23 years of international business experience and, according to Vadera, “has a proven track record of delivering value for shareholders.”

His appointment comes after Australian Nasser, who was a board member for over 10 years and was appointed chairman in 2010, announced his retirement in October last year. Nasser wanted to retire earlier, but he chose to stay on while BHP dealt with the aftermath of the Samarco mine disaster in Brazil, which claimed 19 lives and caused widespread environmental damage.

In a press release, the outgoing executive dubbed MacKenzie’s election “an excellent choice” and thanked BHP’s CEO, Andrew Mackenzie, for his “vision and hard work to help deliver significant change over the past four years.”

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Mongolia Growth : Announces AGM results and Director Resignation www.4-traders.com

Toronto, Ontario (FSCwire) - Mongolia Growth Group Ltd. (YAK - TSXV and MNGGF - USA) (“MGG”) or (“the Company”) a commercial real estate investment company participating in the Mongolian economy announces the passage of all resolutions and the election of all nominated directors (Nick Cousyn, Jim Dwyer, Brad Farquhar, Harris Kupperman, Byambaa Losolsuren and Robert Scott) at the Company’s Annual General Meeting held on June 14, 2017.

Additionally, following the election, MGG announced the resignation of Byambaa Losolsuren from the Board of Directors. “I want to thank Byambaa for her 6 years of insight and dedication as a board member,” Said Harris Kupperman, Chairman and CEO of MGG. “I wish her the best in all of her future endeavors.”

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Mongolia to spend CNY 2 billion on ger area replanning www.montsame.mn

Ulaanbaatar /MONTSAME/ During its regular meeting on June 14, Wednesday, the Cabinet resolved to spend Chinese CNY 2 billion aid on ger area re-planning to reduce air pollution.

During Prime Minister J.Erdenebat’s official visit to the country, the People’s Republic of China granted the non-refundable to Mongolia.

Minister of Construction and Urban Planning G.Munkhbayar and Ulaanbaatar Mayor S.Batbold were assigned to draft the necessary project and propose to the Cabinet.

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Mongolia: New Project to Deliver Reliable Electricity and Scale-Up Renewables www.worldbank.org

WASHINGTON, June 15, 2017—In the context of rapidly growing energy demands, a new project will support Mongolia’s efforts to improve the reliability and sustainability of electricity services.

The Second Energy Sector Project, approved today by the World Bank’s Board of Executive Directors, will contribute $54.4 million in financing to help the government of Mongolia address key bottlenecks in select electricity distribution companies by upgrading aging assets and expanding distribution capacity. The project will also support the development of solar power.

“More reliable access to electricity will improve the lives of families and help businesses thrive. The World Bank is committed to continuing our partnership with Mongolia to strengthen the power sector and explore options for renewable energy to help the country pursue sustainable development,” said James Anderson, World Bank Country Manager for Mongolia.

Obsolete and inefficient distribution networks have led to significant distribution losses, which are as much as 25 percent in many networks. The regional distribution systems have reached their capacity limit and are in critical need of renovation and expansion.

The project will finance investments to upgrade and expand the capacity of power distribution infrastructure in the Baganuur-Southeast and the Erdenet-Bulgan distribution networks, which supply electricity to nine of Mongolia’s 21 provinces.

It will also help scale up production of renewable energy in remote rural areas by designing and building the first large-scale solar photovoltaic 10 MW power plant in Mongolia outside the Central Energy System. The plant will supply affordable and clean energy to the country’s western region, which currently imports 70 percent of its power supply.

“We are encouraged by the government’s target to increase the share of renewables to 30 percent by 2030,” – said Peter Johansen, Senior Energy Specialist of the World Bank. “With its abundant solar and wind power resources, the country is now considering to more effectively and efficiently incentivize renewable energy investment to fully use its potential.” 

The project will be funded by a $42 million loan on concessional terms from the World Bank’s International Development Association and a $12.4 million grant from the Scaling-Up Renewable Energy Program under the Strategic Climate Fund.

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Block IV and V PSC Extensions www.petromatadgroup.com

 
Petro Matad, the Mongolia focussed oil exploration and future development and production company is pleased to advise that the Mongolian regulatory body ("MRPAM") has formally approved an extension of the exploration period for the Block IV and V Production Sharing Contracts, for 2 years each, until 29th July 2019. A further two-year extension is provided for in the PSCs, which the Company will be eligible to apply for in early 2019. Detailed analysis and pre-drill work conducted by the Company has documented the significant exploration potential of Blocks IV and V with multiple leads and prospects. The Company has matured a series of prospects for exploration drilling, having secured a drilling rig from Sinopec Mongolia LLC and the first well is due to spud in Q3 2017. The Company will be providing further details on targets and prospectivity at that time.‎
Excluding the cost of the first well to be drilled in 2017 (which will count against the first term Block V PSC commitment ending on 29 July 2017), the financial commitments agreed with MRPAM to be undertaken in the extended period totals $7 million. The Company's planned work programmes will satisfy these commitments.
These PSC extensions will enable the Company to execute its planned work programme for 2017, which includes the drilling of two wells and the acquisition of 3D seismic. Further details on the specifics of the work programme will be the subject of subsequent announcements.
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Mongolian diet, health focus of collaboration www.dailyasianage.com

 
CloudHealth Genomics, a Shanghai-based company, and the Mongolian Health Initiative, an NGO, have signed a memorandum of understanding to collaborate on population-based public health interventions.
The shared aim is to advance precision medicine for diagnosis, treatment and prevention of nutritional deficiencies and reducing nutrition-related diseases including cardiovascular disease and diabetes.
Mongolians are traditionally nomadic people whose diet is mostly animal products, because of poor soil quality and geography. The imbalances in agriculture and the food supply, compounded by sudden changes in diet and physical activity brought about by Mongolia's recent economic growth, have contributed to unhealthy eating choices.
In recent reports, Mongolia had the highest national percentage of cardiovascular disease attributable to dietary imbalance, and the highest mortality for both genders attributable to low fruit consumption, low vegetable consumption, and low fiber consumption in the world.
Rapid urbanization and adoption of indoor occupations, has led to a rise in obesity, type II diabetes, and other lifestyle-related diseases. At the same time, there are widespread deficiencies of multiple micronutrients, particularly among children and women of reproductive age.
The signing is an opportunity and also part of an ongoing effort of China’s Belt and Road Initiative, which is to create the world's largest economic platform for economic cooperation, including policy coordination, trade and financing collaboration, and social and cultural cooperation.
"This agreement will encourage and support strategic science-driven collaboration between two neighboring countries to catalyze innovation in biomedical research in dietary, nutrition-related diseases and other diseases," said Jason Gang Jin, CEO and founder of CloudHealth, which is one of the world's fastest-growing genomics-based precision medicine and scientific wellness solution's companies. "This will evolve to the development of new cost-effective diagnostics to monitor and guide treatment of the dietary habits and associated diseases for the whole country and beyond."
"This will only help the people of Mongolia be healthier and in the mid- to long-term, provide insights and time for our country to improve existing healthcare infrastructure and how we communicate with our nomadic communities," said Uyanga Buyanjargal, executive director of Mongolian Health Initiative.
Winston Patrick Kuo, chief technology officer of CloudHealth, said, "As a scientific adviser of MHI, I really see the Belt and Road Initiative as a huge global 'big data' healthcare infrastructure opportunity for ethnic population-based cohorts studies for a variety of diseases that are not necessary connected to neighboring countries, but countries on different continents."
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Mongolia's Munkh-Orgil: Middle-class surge will change everything www.asia.nikkei.com

Of all the important trends shaping Asia, the rise of the middle class will have the most profound impact, Mongolian Foreign Minister Tsend Munkh-Orgil told the conference.
 
Citing an OECD estimate that the middle-class population will surge to 4.9 billion by 2030, from 1.8 billion in 2009, Munkh-Orgil said the figures are "mind-boggling." The change, he said, will have wide-ranging repercussions on politics and globalization.
"It will have a significant impact on every aspect of life for the next 20-30 years in Asia," he said. In his view, the future will not be about cheap labor or resources -- rather, it will be centered on connections and technological innovation.
Munkh-Orgil stressed that despite talk of spreading protectionism, Asia will see itself increasingly connected and integrated. "We do not believe globalization will stop or slow down, we believe it is unstoppable."
Munkh-Orgil said that countries should not try to avoid the risks associated with globalization -- epidemics, terrorism, human trafficking and so on -- by closing their doors.
"We know what happens when nations do that," he said. "Nothing good comes out of it."
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Presidential campaigns monitored to ensure a fair election www.theubpost.mn

 
The Civil Society Monitoring Network (CSMN) for Fair Elections has released a report on its monitoring of news coverage related to this year’s presidential election in Mongolia.
 
The study analyzed information and televised news stories broadcasted by Mongolian National Broadcaster, TV9, C1, UBS, and MN25 during the first four days of the presidential campaign.
 
The following are highlights from the CSMN report.
 
MNB ALLOWED MORE AIRTIME FOR S.GANBAATAR
 
CSMN found that MNB failed to give the same amount of coverage to the three presidential candidates, as it mentioned candidate S.Ganbaatar more often than the other two candidates.
 
The time allocated for each candidate was similar, but discussion of Mongolian People’s Revolutionary Party (MPRP) candidate S.Ganbaatar made up 35 percent of all presidential election-related news coverage, while Democratic Party (DP) candidate Kh.Battulga got 34 percent of the share, and Mongolian People’s Party (MPP) candidate M.Enkhbold got 31 percent of the station’s coverage.
 
CHANNELS TEND TO FOCUS ON ONE PARTICULAR CANDIDATE
 
Each television channel seemed to give more coverage to a particular candidate, as observed by CSMN.
 
In particular, 74 percent of C1’s election-related news and 40 percent of MN25’s broadcasts mentioned candidate Kh.Battulga. CSMN concluded that two of the four commercial television channels favored the DP candidate.
 
TV9 gave more coverage to candidate S.Ganbaatar, precisely 38 percent of its broadcasts, and UBS gave more coverage to candidate M.Enkhbold, around 43 percent of its broadcasts.
 
C1 INVOLVED IN NEGATIVE CAMPAIGNING
 
C1 aired the most negative campaigning during the first four days of the election campaign. According to the CSMN study, over one-fifth of C1’s broadcasts were negative stories about the candidates.
 
The study also showed that C1 shared the most implicit messages. While C1 aired programs with implic- it messages 45 percent of the time, UBS broadcasts had the least amount of implicit messages, taking up seven percent of its programming on the candidates. MNB’s broadcasts did not contain any implicit campaigning.
 
TELEVISION CHANNELS SAID TO LACK REAL JOURNALISTIC STANDARDS
 
CSMN underlined that hardly any television channels maintained fair and impartial coverage of the candidates, and explained that this was related to the excessive amount of paid programs they aired.
 
According to the study, all television channels included in the study promoted candidates for 76 percent of their on-air time. Experts stressed that the television channels lacked independent journalistic standards for the information, news, and programming dedicated to educating their viewers.
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Oil Guru Who Foresaw Crash Says OPEC Should Have Deepened Cuts www.bloomberg.com

The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month.
 
“They should have cut another million barrels a day for ninety days in order to drain the system,” said Gary Ross, global head of oil at PIRA Energy, a forecasting and analytics unit of S&P Global Platts.
 
For Ross, the producers missed an opportunity to deepen cuts between June and August when refinery demand is higher and so accelerate the decline in inventories. Such a move would have pushed the market into backwardation, when near-term prices are higher than those for later months, he said. That structure favors OPEC because it would discourage their shale-oil rivals from locking in prices for future production.
 
“If that was really their objective, then they should have cut during this window of maximum crude runs to accelerate,” he said.
 
The Organization of Petroleum Exporting Countries and partners led by Russia re-upped their agreement on May 25, agreeing to maintain curbs of as much as 1.8 million barrels a day until next March. Yet benchmark crude prices have since slid toward $45 a barrel, and the International Energy Agency said Wednesday that the cuts are only slowly diminishing global stockpiles.
 
Ross’s view was echoed by analysts at Sanford C. Bernstein Ltd., who said OPEC needs to cut deeper for longer to restore inventories to normal levels. “OPEC needs to drain by 34 million barrels a month or 1 million barrels a day for the next 10 months,” the analysts wrote in a note. “This looks challenging.”
 
Although the market is rebalancing, the surplus isn’t reducing at the rate OPEC was hoping for and will still be somewhere between 150 million to 200 million barrels by year-end, Ross said. That’s partly because crude production is increasing in Libya and Nigeria -- OPEC members that are exempt from curbing output because of internal turmoil.
 
Ross also warned that Chinese crude-demand growth is set to decrease in the second half of this year. “That poses a real problem for OPEC as they enter 2018,” he said.
 
Ross forecasts benchmark Brent crude will be trading at $50-$55 a barrel by year-end.
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