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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Thousands Take to Moscow Streets, Hundreds Detained www.themoscowtimes.com

Hundreds were arrested across Russia Monday in nationwide "anti-corruption" demonstrations organized by the opposition leader Alexei Navalny. The protests coincided with “Russia Day,” a national holiday.
Several thousand attended the Moscow rally despite the fact that it was an unsanctioned demonstration. Navalny changed the location a day before the rally, asking supporters to take to the central Tverskaya Street instead of Prospekt Sakharova, which is on the outskirts of the city center. According to Navalny, authorities had withdrawn permission to install sound equipment at the Prospekt Sakharova location.
The unofficial presidential candidate was detained as he headed out of his house to the rally.
Dozens were arrested already within the first hour of the rally. Detentions were usually accompanied by cries of “Shame! Shame!”
According to the police watchdog NGO OVD-Info, at least 600 were arrested in the Moscow protests alone.
A reporter for The Moscow Times witnessed several detentions, including that of prominent opposition activist Ilya Yashin, who was dragged off into a police van. Another protester we removed by police for waving a sheet of paper that looked like a protest banner.
An hour after the rally started, police started separating the crowd into groups and then isolating them from each other — a tactic known as "kettling." Several journalists ended up inside these “kettles.”
Detentions increased as police pushed back on the crowd.
“They were pushing so hard that I thought they could break my neighbor’s bones”, Anna, 23, said after the rally. “Many were crying, people were hysterical.”
Navalny said the police action would be unlawful.
“We have our constitutional right to gather peacefully with political demands", Navalny told his supporters on his YouTube channel the day before.
The rally started at 2 PM. By 4 PM, Tverskaya Street was largely cleared of demonstrators.
“I was here not because of Navalny, but because I wanted to show that I care about the future of my country. And [the authorities] ruined my day completely,” Pavel, in his twenties, told The Moscow Times.
As with the previous demonstration organized in March, Navalny’s call to come out on the streets seemed to enthuse youngsters disproportionately. Russia’s protest base has grown younger compared to Bolotnaya protests of 2011-2012.
Navalny’s bases his popular appeal on an anti-corruption platform. His investigation of Prime Minister Dmitry Medvedev’s alleged corrupt activity has already received tens of millions of hits on Youtube and has defined him as Russia’s strongest and most influential opposition leader.
Speaking after the rally, former liberal politician and political commentator Leonid Gozman told The Moscow Times that he believed the Kremlin had already “lost the battle.”
“They can’t rule without people,” he said. “And they don’t have them anymore”.
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Oil giants need to invest heavily in renewables by 2035, says analysis www.theguardian.com

More than a fifth of investment by the largest oil and gas companies could be in wind and solar power in just over a decade, according to analysis of how global changes in energy will reshape the sector.
Slowing demand for oil and forecasts of rapid growth in renewables posed both a threat and and opportunity BP, Shell and Total among others cannot ignore, said research group Wood Mackenzie.
“The momentum behind these [renewable] technologies is unstoppable now,” said Valentina Kretzschmar, director of research.
“They [the oil companies] are recognising it is a megatrend; it’s not a fad, it’s not going away. There is definitely a risk to their core business.”
The commodities analysts found the major energy companies would need to spend more than $350bn (£275bn) on wind and solar power by 2035 to take a market share similar to the 12% they have in oil and gas.
Wood Mackenzie admitted that such spending was high even for oil companies and therefore an “unlikely scenario”, but forecasted that renewables could still be more than a fifth of capital allocation beyond 2030.
Most of the oil and gas giants are slowly beginning to transform in the face of climate change policies and slowing demand.
Norway’s Statoil is to deploy the world’s first floating offshore windfarm later this year off Scotland to buoy its existing portfolio of offshore turbines. Shell spent several hours of its annual general meeting in May boasting of its commitment to tackling climate change and to renewable power projects, such as windfarms off the coast of the Netherlands.
Wood Mackenzie said most oil and gas companies realised renewables posed an existential risk to them and needed to hedge against the threat by diversifying.
“Capturing the growth opportunity in this growing market is a driver, but let’s not also forget there is investor pressure,” said Kretzschmar, citing the 62% of shareholders who voted at Exxon’s AGM to force the company to be more transparent on climate change.
Like BP, Wood Mackenzie predicted demand for renewables would grow faster than oil in the next two decades: the analysts forecasted annual growth rates of 6% for wind and 11% for solar, compared with 0.5% for oil demand.
Offshore windfarms are probably the most attractive individual technology because of the comparable in scale to drilling for oil and gas, Wood Mackenzie said. But “dramatic reductions” in costs for solar and wind meant that in some places both technologies were now subsidy-free, it added.
Kretzschmar said the European oil and gas companies had embraced renewables much more eagerly than US rivals such as Exxon and Chevron because the US firms had lower cost oil and gas production.
Statoil said it now employed about 100 people in its energy solutions division, which includes wind and carbon capture. The gas and renewable power division of France’s Total, which includes solar, biofuels and batteries as well as gas, employs 13,000 people and accounted for $4.7bn of capital expenditure in 2016.
Anglo Dutch firm Shell has said its new energies unit will spend $1bn a year on biofuels, hydrogen and renewables by 2020, up from the $200m it spent last year, mainly on R&D.
Wood Mackenzie said returns for renewables were about half those of oil and gas production, but the long-life of cashflow from assets such as windfarms could help firms support their dividends.
The analysts warned that companies that delayed diversification could risk finding themselves left behind - “at a structural disadvantage” - if wind and solar grow even more rapidly than expected.
Revenues from oil and gas are 33 times the level of renewables, but expected to narrow to 13 times by 2035.
Campaigners said Total was the only European oil and gas major taking renewables seriously.
“It has ambitious plans. For BP and Shell, renewables are nice for PR, but they are not doing anything significant on it. So the idea all the majors could be doing 20% [of capital expenditure on renewables] is quite bold,” said Greg Mutitt of Oil Change International.
However, he said that even a fifth of investment was incompatible with the goals of the Paris climate deal. “Twenty per cent of Capex doesn’t even come close [for Paris]. You could put it the other way, that 80% of Capex is still causing the problem.”
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SoftBank engineers integration of India's Snapdeal, Flipkart www.asia.nikkei.com

TOKYO -- SoftBank Group has reached a broad agreement to combine Flipkart, India's top e-commerce company, with third-ranked Snapdeal to more effectively take on rapidly encroaching American titan Amazon.com.

The Japanese telecommunications company, Snapdeal's top shareholder, has been holding talks with Flipkart investors Microsoft, eBay and Tencent Holdings. Looking to own 20% of the combined entity, SoftBank plans to put in more money via its massive joint investment fund.

Flipkart and Snapdeal, which entered the Indian e-commerce market in 2007 and 2010, had maintained a duopoly until Amazon stormed into the country in 2013. Snapdeal dropped to third place.

SoftBank sank $627 million into Snapdeal's parent company under a deal announced in 2014 and has since ratcheted up its investment. The Japanese company hopes that integrating Snapdeal with Flipkart will give Amazon stiffer competition.

Cash has been the dominant payment method in India. But last November's demonetization of 500 rupee and 1,000 rupee ($7.76 and $15.52) notes -- more than 80% of the paper money then in circulation in value terms -- helped e-commerce make significant strides.

The nation's online retail market swelled from $3.8 billion in 2009 to $23 billion in 2015, data from the Japan External Trade Organization shows. It is expected to surpass $100 billion in 2020.

SoftBank Chairman and CEO Masayoshi Son told Prime Minister Narendra Modi in 2014 that the company would invest $10 billion in India over the following decade. In addition to Snapdeal, SoftBank has also invested in OYO Rooms, which operates a service for booking budget hotels, and the operator of the Ola ride-hailing app.

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Overseas voter turnout 66.8 percent www.montsame.mn

Ulaanbaatar /MONTSAME/ Voter turnout in the overseas Presidential election was 66.8 percent, reported a Head Commission of the General Election Commission which was in charge of collecting the votes of Mongolian nationals living abroad.

Present at the press conference to brief journalists were D.Davaasuren, Chief of the Head commission, D.Bayanduuren, Deputy Chief and members N.Ankhbayar and L.Bazarsad.

Out of 7209 registered overseas voters for the 2017 Presidential election, 4816 partook in the election, successfully organized by 45 sub-commissions set up in 33 countries on June 10-11. Voter turnout was 44.6 percent at 2PM on Ulaanbaatar time on June 11.

In the 2013 Presidential election, out of 6233 Mongolian nationals that were registered, 4248 people voted.

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Coking coal price slides to 8-month low www.mining.com

The price of coking coal dropped on Monday with the industry benchmark price tracked by the Steel Index down 1.1% to $146.20 a tonne as supply returns to normal levels following tropical storms in Australia in March.

According to preliminary Chinese customs data released last week, the country imported 22.2 million tonnes of coal (both thermal and met coal) in May. Volumes were down 10.5% from April, but still up 16.6% year on year. Total import for the first five months of 2017 jumped 30% compared to the same period last year to 111.7 million tonnes.

The steelmaking raw material is now trading more than $160 a tonne below its mid-April peak when the price of Australia free-on-board premium hard coking coal jumped to highest since the second quarter of 2011.

That price spike was also the result of flooding in Queensland that saw quarterly contract prices negotiated at an all time high of $330.

The wild swings in the price of coking coal is forcing a rethink of the industry's long-standing quarterly contract pricing system. In its monthly review, The Steel Index says Japanese steel mills are considering using the monthly average of daily coking coal spot prices and are also looking to diversify their coking coal supply sources:

Buyers have looked to other coking coal basins to cover their needs, with Mozambique and the US likely to be the biggest beneficiaries. Mozambique is currently on track to increase its annual coking coal production levels to 8 million tonnes, a 100% increase on 2016.
A survey of economist and investment bank analysts by FocusEconomics show prices are expected to stabilize through to the end of the year.

The median forecast is for met coal to average $152 per tonne in Q4 2017 and $134 during the final quarter next year. Coking coal averaged $121 a tonne in 2016 recovering from a slump to below $80 a tonne in February last year.

Iron ore's decline – down 42% from its February peak – took a breather on Monday. The Northern China import price of 62% Fe content ore added 1% to $54.40 a tonne according to data supplied by The Steel Index.

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World Bank to Support Mongolia’s Efforts to Improve Fiscal and Financial Stability www.worldbank.org

WASHINGTON, June 9, 2017 – The World Bank approved today $12 million in financing to help strengthen fiscal and financial stability in Mongolia at a critical juncture for the country’s economy. 

The Strengthening Fiscal and Financial Stability Project will work across sectors to improve the quality of expenditure management, bolster financial sector stability, increase fiscal discipline, and strengthen the social protection system. Comprehensive support will be provided to strengthen budget preparation in all stages, starting from preparation to execution.

“With its vast natural and human resources, Mongolia’s long-term prospects are promising, but vulnerabilities to external shocks such as commodity market fluctuations pose risks. The World Bank is committed to partnering with Mongolia in deepening and sustaining reforms that can promote sustainable growth,” said World Bank Country Manager for Mongolia James Anderson.

Reform measures will include the application of the latest econometric tools to improve government capacity in macro-economic forecasting, and the upgrading of the financial information system in order to strengthen management, accountability, and transparency.

The project will also support the implementation of a financial sector strategy and the strengthening of the public investment management system, so that growing investment leads to better living standards across the country.

Existing social welfare programs will be strengthened to ensure that social welfare support provided by the government benefit the poorest. Mongolia has a relatively large number of small but fragmented social assistance programs that are cash-based. The project will support the government’s efforts in implementing their pension reform program.

The project will be funded on concessional terms by the World Bank’s International Development Association.

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Railway wagons assembled in Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ The first ever railway wagons that assembled in Mongolia, were transferred into service on 09 June, with joint efforts by the Ministry of Road and Transport Development, ‘Mongolian Railway” joint venture and private sector. Engineers of the Wagon Repair Department in Zuunkharaa, Selenge aimag noted that the five wagons assembled in Mongolia will serve for 30-32 years, while imported wagons from Russia and China have a useful life of 20-25 years. 

Moreover, it costs MNT120 million to assemble one wagon, which means they are much cheaper than the imported wagon from Russia or the Commonwealth countries that costs USD80-100 thousand or from China for USD79.5 thousand. The assembled wagons have a carrying capacity of 88 cubic meters and 72 tons with a speed of 120 km/hour.

We will study possibilities to produce some parts of wagons at home and buy some parts from private companies, putting a goal to manufacture wagon in the country, not only being limited to assembling, said Minister of Road and Transport Development D.Ganbat. “- Erdenet Mining Corporation has full potential to manufacture some parts of wagons and supply to the Ulaanbaatar Railway. We have some Mongolian private companies, which manufacture rubber products. Therefore, I assigned relevant officials to stop rubber product import from Russia. The Government supports job creation and private companies through a policy and the Ministry will back domestic production that replaces import products and gives benefits to the Mongolian people, not only in the transportation sector, but also in any sector related to the ministry”, Minister D.Ganbat emphasized.

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BoM issues 1-week bills www.mongolbank.mn

1 - week CBBs, a main monetary policy instrument of BoM, plays an important role on managing the reserves of the banks. This CBB rate represents BoM’s policy rate guides interbank money market. In July 2007, the CBB with stable rate and unlimited bidding was introduced with auctions to be held on every Wednesday. This really had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. There has been a substantial change in the way banks manage their reserves since then. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB has been held in a type of competing by rate since May 2005. The auction average rate is the targeted rate variables in +/-2 percent from the policy rate and it frames to make the interbank rate as the operational target in midterm.

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President of Mongolia : Elbegdorj Meets With Putin www.4-traders.com

On June 9, on the sidelines of the Shanghai Cooperation Organization (SCO) Summit of the Council of Heads of State in Astana, the Republic of Kazakhstan, the President of Mongolia Tsakhiagiin Elbegdorj met with the President of the Russian Federation Vladimir Putin.
 
At the meeting, the parties exchanged views on expanding the bilateral relations between Mongolia and the Russian Federation. President Elbegdorj highlighted that the Russia's investment in Mongolia is increasing and this is important for the development of mutual ties. He also noted: 'All relations established with Russia in all spheres are good relations for Mongolia. All investments from Russia are also good. Mongolia and Russia have always enjoyed good friendly relations and we must not have any issues pertaining to our bilateral relationship'.
 
The President of the Russian Federation Vladimir Putin mentioned that he is glad to see the President of Mongolia Tsakhiagiin Elbegdorj and discuss issues related to the mutual relations and cooperation, during the the Shanghai Cooperation Organization Summit of the Council of Heads of State. He stressed that there is quite a lot in terms of quantity and areas of cooperation between the two countries.
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Bayan Khundii, Mongolia: 108m grading 2.8g/t gold from 97.7m depth (BKD-110) www.mining-journal.com

Continued drilling at Erdene Resource Development Corp’s (CN:ERD) 100%-owned Bayan Khundii project in Mongolia has discovered a new mineralisation zone north of Midfield. 

The above-mentioned drill hole, 60m north of the Midfield zone, also included 20m at 7.2g/t gold, and contained visible gold at 144m.

Erdene said this visible gold represented the “most strongly mineralised comb-textured vein observed to date” at the project.

Results are still pending for two step-out holes north of Midfield where visible gold was also observed in the core.

The latest assays also identified a previously untested area for exploration, with BKD-118 returning 10m of 12.8g/t gold, 90m east of the Striker zone.

The two rig, 20,000m programme is continuing and Erdene said more detailed drilling would then be done before establishing a resource estimate.

Investor confidence in the company is growing with Erdene’s share price up more than 245% in 12 months.

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