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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China protests at Zambia mining arrests www.bbc.com

China has complained to Zambia after 31 of its nationals were arrested at the weekend for alleged illegal mining practices.
A senior Chinese foreign ministry official is quoted as saying that the Zambian authorities have failed to provide strong evidence.
Those arrested are accused of, among other things, running unlicensed smelting plants and employing children.
China has invested heavily in Zambian copper mining and other sectors.
The country is also home to a growing Chinese community.

The arrests happened in a joint police and immigration operation in the town of Chingola, 400km (250 miles) north of the capital, Lusaka.
"We are here to put to an end this criminality. Foreign investors who come into this country must work within the confines of the law. Those who break the law will be flushed out," Home Affairs Minister Stephen Kampyongo was quoted as saying in the Times of Zambia.

Lin Songtian, the Chinese Foreign Ministry's director-general for African affairs, said that while he supports measures to deal with illegal mining, in this case proof had not been provided, Reuters news agency reports.
He also complained that among those arrested was a pregnant woman and two others with malaria.
There has been some tension between the Chinese and Zambians in the past.
In 2010, two Chinese managers were accused of attempted murder after firing on miners during a pay dispute. The charges were later dropped.
Two years later, Zambian miners killed a Chinese manager during a riot at a coal mine.

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Qatar row: Five countries cut links with Doha bbc.com

Saudi Arabia, Egypt, Bahrain, the United Arab Emirates and Yemen have cut diplomatic ties with Qatar, accusing it of destabilising the region.
They say Qatar backs militant groups including so-called Islamic State (IS) and al-Qaeda, which Qatar has denied.
The Saudi state news agency SPA said Riyadh had closed its borders, severing land, sea and air contact with the tiny peninsula of Qatar.
Qatar called the move "unjustified" with "no basis in fact".
The unprecedented move is being seen as a significant split between powerful Gulf countries, who are also close US allies.
It comes in the context of increased tensions between Gulf countries and their near-neighbour Iran. The Saudi statement accused Qatar of collaborating with Iranian-backed militias.
What has happened?
The diplomatic withdrawal was put into motion by Bahrain then Saudi Arabia early on Monday. Their allies swiftly followed.
SPA cited officials as saying the decision was taken to "protect its national security from the dangers of terrorism and extremism".
The three Gulf countries have given Qatari nationals two weeks to leave their territory.
In the latest developments:
The UAE has given Qatari diplomats 48 hours to leave the country. Abu Dhabi accuses Qatar of "supporting, funding and embracing terrorism, extremism and sectarian organisations," state news agency WAM said
The UAE state airline Etihad Airways said it would suspend all flights to and from Qatari capital Doha from 02:45 local time on Tuesday
Bahrain's state news agency said it was cutting its ties because Qatar was "shaking the security and stability of Bahrain and meddling in its affairs"
The Saudi-led Arab coalition fighting Yemen's Houthi rebels also expelled Qatar from its alliance because of Doha's "practices that strengthen terrorism" and its support to groups "including al-Qaeda and Daesh [IS], as well as dealing with the rebel militias", according to SPA.
 
What is the context?
US President Trump met Egyptian President Sisi and Saudi King Salman in Saudi Arabia two weeks ago
While the severing of ties with Qatar was sudden, it has not come out of the blue, as tensions have been building over recent years, and particularly in recent weeks.
Two weeks ago, the same four countries blocked Qatari news sites, including Al Jazeera. Controversial comments purportedly by Qatari emir Sheikh Tamim bin Hamad al-Thani criticising Saudi Arabia appeared on Qatari state media.
The government in Doha dismissed the comments as fake, attributing the report to a "shameful cybercrime".
Qatar says news agency was hacked
More broadly, there are two key factors driving Monday's decision: Qatar's ties to Islamist groups, and the role of Iran, Saudi Arabia's regional rival.
While Qatar has joined the US coalition against IS, the Qatari government has been forced to repeatedly deny accusations from Iraq's Shia leaders that it provided financial support to IS.
However, wealthy individuals in the emirate are believed to have made donations and the government has given money and weapons to hardline Islamist groups in Syria. Qatar is also accused of having links to a group formerly known as the Nusra Front, an al-Qaeda affiliate.
The SPA statement accused Qatar of backing these groups, as well as the widely-outlawed Muslim Brotherhood, and that it "promotes the message and schemes of these groups through their media constantly".
 
Where does IS get its support?
Saudi Arabia, a Sunni majority country, also accused Qatar of backing Shia militants in Bahrain and in the eastern Saudi province of Qatif. Qatar has repeatedly denied ties to Iran in the past.
While on a visit to Riyadh two weeks ago, the US President Donald Trump urged Muslim countries to take the lead in combating radicalisation, and blamed Iran for instability in the Middle East.
 
What has been the reaction?
Qatar, which is due to host the football World Cup in 2022, was critical of the decision, in comments broadcast on Al Jazeera.
"The measures are unjustified and are based on claims and allegations that have no basis in fact," Al Jazeera quoted the foreign ministry as saying. It said the decisions would "not affect the normal lives of citizens and residents".
US Secretary of State Rex Tillerson, speaking in Sydney, urged the countries to resolve their differences through dialogue.
"I do not expect that this will have any significant impact, if any impact at all, on the unified fight against terrorism in the region or globally," he added.
Qatar's stock market plunged in early trading on Monday,
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Modi, Erdenebat discuss on what Mongolia will spend $1-bn Indian loan www.akipress.com

 
AKIPRESS.COM - Mongolia Prime Minister Jargaltulgyn Erdenebat met with his Indian counterpart Narendra Modi on the sidelines of the Saint Petersburg International Economic Forum (SPIEF) 2017 on June 2.
 
The Mongolian PM said that $1 billion loan from India will be used in promoting infrastructure development instead of financing railway projects as agreed previously, Montsame state news agency reported.
 
Modi, for his part, said that this change has to be looked through by the Indian side accordingly with internal regulations, and the Indian side will try to settle the matter as much in favor of Mongolia as possible.
 
Mongolia intends to use funds to build oil processing plants and support other import-substituting productions.
 
Erdenebat and Modi also discussed opening of secondary school with professional Indian teachers in Ulaanbaatar on Indian grants. The new school is expected to pave way for Mongolians to preparing highly-skilled professionals in the field of IT and communications in cooperation with India.
 
The Indian Prime Minister expressed interest in buying minerals, coal, fluorspar, copper concentrate, uranium and iron ore, cashmere and wool from Mongolia.
 
The two reassured the mutual interest in promoting bilateral trade, current state of which is below the level of cooperation that the two countries can potentially achieve.
 
In 2016, the bilateral trade turnover was $27 million (imports from India - $24.8 million, exports from Mongolia - $2.2 million).
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Rosneft gets access to vast oil transportation system in Iraqi Kurdistan www.rt.com

Russian energy major Rosneft and the Kurdistan Regional Government in northern Iraq have signed a number of oil exploration and production agreements. It is the biggest deal made by a Russian company so far at the St. Petersburg International Economic Forum (SPIEF 2017).
 
Rosneft will get access to a major regional transportation system with the capacity of 700,000 barrels per day (bpd), the company said. It is planned to expand capacity to more than 1 million bpd by the end of 2017.
 
The documents were signed ahead of a meeting between Russian President Vladimir Putin and the Prime Minister of Iraqi Kurdistan Nechirvan Barzani. Rosneft CEO Igor Sechin and Minister of Natural Resources for the Kurdistan Regional Government Dr. Ashti Hawrami signed the contracts within the framework of the Forum.
 
The Russian company will get access to “one of the most promising regions of the developing global energy market with expected recoverable reserves in the order of 45 billion barrels of oil and 5.66 trillion cubic meters of gas (according to the estimate of the Ministry of Natural Resources of Kurdistan Region),” said Rosneft.
 
“The agreement includes five Production Sharing Agreements (PSA). It includes production; it is a contribution to infrastructure… It is a fairly large supply contract on favorable terms for Rosneft. As a result, we get access to a large pipeline that goes from Kurdistan to Turkey. It’s a contract for 20 years,” Rosneft spokesman Mikhail Leontyev told RT.
 
“It’s a strategic investment in one of the most strategically developing regions. American and other players want to get access to the region. Kurdistan is highly promising in terms of oil production, and it wants to diversify its output,” said Leontyev.
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Parliament passes revised law on referendum www.montsame.mn

Ulaanbaatar /MONTSAME/ During its plenary session on June 2, Friday, Parliament passed the revised Law on Referendum which was submitted by the Cabinet on May 15.

However, in order to save MNT 10 billion budget, the Cabinet had made specifications in the revision that the date of a referendum can be fixed 21 days prior to an election day so as to conduct the referendum with the June 26 Presidential election.

During the plenary session, Parliament Members expressed opposing stances to holding the referendum with the Presidential election, and the Parliament voted to postpone the referendum by 87.8 percent. Moreover, suggestions were made on conducting a public symposium before the referendum, and the Parliament agreed on holding the symposium from July 5 to September 10.

As such, the revised Law on Referendum was passed at its first reading.

On June 2, the Parliament also discussed and adopted a Resolution on ‘Ensuring sovereignty and participation of the people of Mongolia on Amendment of the Constitution’.

The resolution reflects that a draft document on the constitutional amendment, formulated by a designated working group following the 1st Deliberative Polling session of April 29-30, will be discussed by the public from June 5 to August 10; and the draft amendment to the Constitution will be publicized.
Kh.Aminaa

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First Mongolian satellite launched into space www.montsame.mn

Ulaanbaatar /MONTSAME/ June 4, Sunday saw the launch of Mongolia’s very first satellite ‘Mazaalai’, made by Mongolians, at Kennedy Space Center, Florida at 5.50AM (Ulaanbaatar time). The launch was supposed to take place on June 2, but had to be postponed due to weather factor.

Within the framework of international BIRDS project, realized under the auspices of UNESCO and Government of Japan, the Mongolian miniature satellite ‘Mazaalai’ was thus launched to space alongside the satellites of Japan, Nigeria, Ghana and Bangladesh, other participating countries of the project.

Named after Mazaalai, a Gobi bear found in only Mongolia, the satellite was designed, developed and experimented by three Mongolian students, D.Erdenebaatar, D.Amartuvshin and T.Turtogtokh studying at the Kyushu Institute of Technology, Japan.

The miniature satellite is capable of taking 100m resolution images in the altitude of around 400km, transmitting data through 437MHz frequency modulation, identifying satellite locations, determining air density in the altitude of 400km, detecting space radiation and using ground stations as an international network.

National University of Mongolia celebrated the historic moment of launching Mongolia’s first ever satellite at 5 o’clock in the morning in front of its headquarters.

The year 1981 has a special significance in the history of modern Mongolia as aerospace engineer J.Gurragchaa became the first and only Mongolian to conduct a space mission along with Russian cosmonaut Vladimir Dzhanibekov. And 2017 thus becomes an another important year for Mongolia’s presence in space.

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New gold mine in Timmins by 2018: Gowest CEO www.mining.com

Timmins could see the start of another gold mine by 2018 according to the CEO of mine developer Gowest Limited (TSXV:GWA).

Greg Romain gave an update on the company's Bradshaw mine site, located on a parcel of land off Highway 655 near Timmins, at the recent Canadian Mining Expo.

“Gowest is a Canadian company. Everybody knows about us. We’re trying to develop the next new mine in Timmins,” he told the audience at the two-day event in Timmins.

The Bradshaw deposit is located on the Frankfield property, part of Gowest's North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its 100+-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp.

Interest in the property goes back to the 1960s when magnetic aerial surveys were carried out because of the huge Kidd mine discovery. The Kidd mine is the world's deepest base-metal mine below sea level, mining at 9,600 feet with shaft bottom at 9,889 feet. The mine and concentrator are currently operated by Glencore (LON:GLEN).

Currently, Bradshaw has a National Instrument 43-101 indicated resource estimated at 2.1 million tonnes grading 6.19 grams per tonne gold (g/t Au) containing 422,000 ounces (oz) Au and an inferred resource of 3.6 million tonnes grading 6.47 g/t Au containing 755,000 oz Au. Further, based on the pre-feasibility study (PFS) produced by Stantec Mining on June 9, 2015, Bradshaw contains mineral reserves in the probable category, using a 3 g/t Au cut-off and utilizing a gold price of US$1,200/oz, totalling 1.8 million tonnes grading 4.82 g/t Au for 277,000 oz Au.

On May 25 Gowest began driving underground, completing first blast and is now developing the main ramp towards the deposit. Ongoing definition drilling continues to identify promising zones above areas previously defined in the PFS, according to Gowest.

Fresh from a visit underground, Romain told the conference crews are about 60 metres into the face and will hit the mineralized zone at about 300 metres, in a couple of months. He says Gowest is targeting commercial production by 2018.

“Our objectives are very simple,” said Romain, quoted in The Sudbury Star. “Bulk sample. From bulk sample we’re going to move into pre-production and then right into production.”

Gowest plans to acquire half-ownership in the Redstone mill south of Timmins, and will also use an ore sorting machine to reject waste rock before it goes to the mill.

“What that’s going to do is when we crush the ore, we will increase the grade from about five grams up to about 10 to 12 grams before it goes to the mill. It rejects about 60% of the waste rock,” The Star reported.

Gowest stock, which trades at 20 cents a share, is up 29% year to date. Its market value is currently $59.4 million on the Venture exchange.

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Cobalt-rich crusts confirmed on seabed off Chiba www.nhk.or.jp

Japanese researchers have confirmed details of a large area of rare metal deposits in the seabed off eastern Japan.

Researchers from the Japan Agency for Marine-Earth Science and Technology, or JAMSTEC, conducted a robot survey of the deposit about 350 kilometers off Chiba Prefecture from April to May.

The area with cobalt-rich crusts was found nearly 30 years ago. It contains a large amount of cobalt and other rare metals.

The researchers say the surface of a submarine volcano at the depth of 1,500 to 5,500 meters was covered with the crusts.

The crusts extend for about 950 square kilometers and are more than 10 centimeters-thick. That's about 2 times as thick of cobalt-rich crusts found in other areas of the world.

An official at the agency says it is surprising such a huge amount of mineral resources are found near Japan's main island of Honshu.

The official says the agency hopes to conduct research on the presence of more resources and the technical feasibility of marine resource development around Japan.

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IFC International Finance : Supported New Collateral Registry in Mongolia Delivers Strong Early Results for MSMEs www.4-traders.com

 Ulaanbaatar, Mongolia, June 5, 2017-Mongolia's web-based Pledge Notice Registry-supported by IFC, a member of the World Bank Group-was launched in March of 2017 and has already accounted for over 10,000 moveable-collateral registrations by micro, small, and medium-sized (MSMEs) borrowers. The registry is backed by the Ministry of Justice and Home Affairs under the Mongolian Secured Transactions Reform Project. The registry, which officially commenced operations along with the enabling Law on Tangible and Intangible Movable Property Pledge, provides filing and enquiry services for all types of movable-asset security interests and similar transactions, such as finance lease, credit sale, sale and buy-back.
This new web-based registration system represents a significant milestone under the Secured Transactions Reform Project. It enables creditors to search for existing interests on movable assets that they intend to use as collateral for a particular loan and to file security interest on their approved collaterals and establish priorities. It is an important foundation for the development of a movable-asset finance market in Mongolia. Typically, in developed markets, about 60 to 70 percent of business lending involves movable assets in various forms.
Over the past several years, the IFC team worked with the Ministry of Justice, the Bank of Mongolia, the Mongolia Bankers' Association, and other stakeholders to prepare the law and get it approved, develop the registry, and promote movable-asset finance to lenders. Of the more than 10,000 registrations to date, 38 percent is equipment, 25 percent livestock, 5.4 percent account receivables, and 1.7 percent vehicles. Women account for 23 percent of registrations.
'The Pledge-Notice Registry has strengthened the confidence of lenders. This supports the further improving of access to capital for MSMEs, including agricultural businesses, in Mongolia,' said Unenbat Jigjid, CEO of the Mongolian Bankers' Association. 'The use of movable assets as the basis for lending is a new deepening of our financial markets, which will benefit the economy and help generate more employment and income for the population.'
'We are very encouraged to see the strong and early results from the new registry,' said Tuyen D. Nguyen, IFC Resident Representative in Mongolia. 'Mobilizing moveable collateral to boost access to finance, especially for MSMEs, can play a significant role in Mongolia's sustainable economic recovery.'
Previously, IFC has helped develop modern secured financing systems in about 40 emerging markets including China, Cambodia, Vietnam, Sri Lanka, and Ghana. In China alone, around $3 trillion debt financing backed by movable assets is disbursed every per year, benefitting a large number of MSMEs and others.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org

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World Bank says trade, manufacturing to boost 2017 global growth www.reuters.com

The World Bank on Sunday maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in manufacturing and trade, improved market confidence and a recovery in commodity prices.

The update of the multilateral development lender's Global Economic Prospects report marked the first time in several years that its June forecasts were not reduced from those published in January due to rising growth risks.

The World Bank's 2017 global growth forecast of 2.7 percent compares to its 2.4 percent estimate for 2016, a figure that was increased by a tenth of a percentage point since January.

The World Bank said advanced economies were showing signs of improvement, especially Japan and Europe, while the seven largest emerging markets - China, Brazil, Mexico, India, Indonesia, Turkey and Russia - were again helping to drive global growth.

"With a fragile but real recovery now under way, countries should seize this moment to undertake institutional and market reforms that can attract private investment to help sustain growth in the long term," World Bank President Jim Yong Kim said in a statement.

The bank boosted its 2017 growth forecast for Japan by 0.6 percentage point since January to 1.5 percent, while the euro zone's forecast was increased by 0.2 percentage point to 1.7 percent. In both cases, a pickup in exports and unconventional monetary easing are helping to support growth.

The World Bank said U.S. growth also is improving but it shaved 0.1 percentage point off its forecast for 2017 to 2.1 percent after weak growth early in the year caused by a pullback in consumer spending it viewed as temporary. It slightly lifted its 2018 U.S. growth forecast to 2.2 percent.

It left unchanged its forecast that China's growth would slow to 6.5 percent from 6.7 percent last year and predicted that commodity exporters Argentina, Brazil, Nigeria and Russia will see recessions end and positive growth resume this year.

But the World Bank warned that new trade restrictions could derail the recovery in trade that is benefiting many advanced and developing economies, citing actions being contemplated by the Trump administration.

Such restrictions could fall disproportionately on China and other Asian economies, the bank said.

"Significant disruption to China's exports would undermine its growth with large spillovers on the region," the bank said in the report. "Furthermore, trade-restricting measures in the United States could trigger retaliatory measures."

It said exports and investment in Mexico also could be negatively affected by the looming renegotiation of the North American Free Trade Agreement, causing spillovers to Central America as well.

(Reporting by David Lawder; Editing by Andrea Ricci)

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