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 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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Mongolia and Japan to continue development policy loan negotiations www.montsame.mn

 
Ulaanbaatar /MONTSAME/ During its regular meeting on June 14, Wednesday, the Cabinet looked over draft policy measures to be taken in the framework of ‘Fiscal and Economic Reform Development Policy Loan’, to be co-realized by the government and Japan International Cooperation Agency (JICA).
Finance Minister B.Choijilsuren was tasked to continue the loan negotiations while the corresponding Ministers were ordered to ensure realization of the policies.
The development policy loan will support Mongolia’s Economic Recovery Program, improve fiscal stability, reduce fiscal deficit, enhance the governance in social insurance and banking sectors and diversify the economy, the Cabinet sees.
The loan is a finance in the first phase of Japanese grant worth USD 850 million, provided within the framework of Extended Fund Facility of International Monetary Fund.
To be provided in an equal amount, USD 283 million, for the next three years, the soft loan has a 20-year term, 6-year moratorium and annual interest of 0.8 percent.
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US key interest rate highest since 2008 www.bbc.com

 
The US Federal Reserve has said it would raise its key interest rate by 0.25%, the second rise this year.
The central bank voted to raise its key rate target to a range of 1% to 1.25%.
That's the highest level since 2008, when policymakers cut rates to encourage borrowing and spending after the financial crisis.
The bank also said it would begin cutting its bond holdings and other securities this year.
It cited continued US economic growth and job market strength as reasons for raising its benchmark interest rate.
"Our decision ... reflects the progress the economy has made and is expected to make," said Federal Reserve Chair Janet Yellen.
Mixed data
The rise was widely anticipated after a low unemployment rate, but other economic indicators, including inflation, have been weaker.
Data on Wednesday showed US consumer prices unexpectedly fell in May and retail sales recorded their biggest drop in 16 months.
This has raised questions about the bank's future course.
US stock markets the S&P 500 and the Nasdaq edged down at the close.
But the rate increase was already priced into most stocks.
Bond buying
Federal Reserve policymakers have been grappling with when and how to alter the policies put in place after the 2008 financial crisis to boost economic activity.
At the time, they slashed interest rates and bought up US treasuries and mortgage-backed securities to keep rates low.
The Fed has a $4.2trn portfolio of Treasury bonds and mortgage-backed securities, most of which were purchased in the wake of the financial crisis and recession.
In 2014 the bank stopped its bond purchase program, known as quantitative easing, but it has continued to reinvest the assets on its books.
On Wednesday, policymakers said they aim to reduce that balance sheet, by reinvesting payments from those securities only above certain caps, totalling $10bn.
The cap would escalate in three month intervals. It would start implementing those policies this year, assuming economic growth continues.
Ms Yellen said she's not sure how far the committee will want to reduce the holdings over the long run, but she said they would be levels "appreciably below" those seen in recent years though larger than before the financial crisis.
Rate hikes
The Fed raised interest rates for the first time since the crisis in December 2015.
Policymakers acted in December 2016 and again in March.
Wednesday's decision was made with an 8-1 vote, with Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, dissenting. Mr Kashkari also voted against the March rise.
Interest rates remain low by historic standards. The board expects to raise rates at least three times this year.
The moves depend on the strength of the economy, which has been mixed.
On Wednesday, the US Labor Department reported that prices for goods excluding food and energy increased by 1.7% from May 2016, slowing steadily from earlier in the year.
That fell short of the Federal Reserve's target of 2%.
Ms Yellen said the bank is aware of the shortfall and it was "essential" to move back to the target.
But she said this year's data may be skewed by one-off factors, such as lower prices on cell phone plans.
"It's important not to overreact to a few readings," Ms Yellen said. "Data on inflation can be noisy."
Consumers
For US consumers, interest rate increases tend to lead to increased borrowing costs.
Greg McBride, chief financial analyst for Bankrate.com, said the cumulative effect of recent rate increases on consumers is "mounting".
"The combination of rising debt burdens and rising interest rates is straining some households, with delinquencies picking up from recent lows," he said.
In broader terms, the economic impact includes a stronger dollar and higher bank profits.
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FM Ts.Munkh-Orgil discusses inter-parlamentary cooperation with US Congress Members www.montsame.mn

Ulaanbaatar /MONTSAME/ On the sidelines of his visit to the US, Minister of Foreign Affairs of Mongolia Ts.Munkh-Orgil held meetings with members of the United States Congress to discuss bilateral ties and cooperation, especially, between the legislative bodies.

While underlining that inter-parliamentary interactions have been making great contributions to Mongolia-US relations, the Foreign Minister extended thanks to the US Congress for passing a number of resolutions in support of Mongolia.

During the meeting with Mr Peter J.Roskam, Chairman of the House Democracy Partnership, FM Ts.Munkh-Orgil highlighted that the Democracy Partnership and the Open Earth programs have been a huge help for Mongolian lawmakers to visit USA to learn practices.

Afterwards, FM Ts.Munkh-Orgil met with congresswoman Dina Titus and congressman Don Young, co-chairs of the Mongolia group in the US Congress and expressed his satisfaction with the continuation of the functions of such a group in American legislature, while noting that it had been a big factor in strengthening cooperation and understanding between the two legislatures.

The Mongolian Foreign Minister expressed interest to deepen cooperation with the US, particularly in economic sphere, through increasing the US investment to Mongolia. The US side also expressed they are willing to mobilize the initiatives from Mongolian side.

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