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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Softbank sets up new technology fund www.nhk.or.jp

Japanese telecom giant Softbank Group has officially announced a 93-billion-dollar fund to foster developments in cutting-edge technology.

Backers include government funds from Saudi Arabia and the United Arab Emirates, US tech giant Apple and US chip maker Qualcomm. Taiwan's Hon Hai Precision Industry, also known as Foxconn, will also invest along with its Japanese subsidiary Sharp.

Sources say that Apple has committed around one billion dollars and Larry Ellison, the founder of US software company Oracle, is chipping in another billion.

Softbank Chairman and CEO Masayoshi Son says technology has the potential to address the biggest challenges and risks facing humanity today.

He says businesses working to solve these problems will need long-term capital and support.

The fund has a target of 100 billion dollars

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US, Saudi Arabia agree on business deals www.nhk.or.jp

US President Donald Trump wrapped up the first day of his visit to Saudi Arabia by touting huge investment deals. He said the projects involved would lead to tens of thousands of new jobs in both countries.

Trump received a royal welcome Saturday as he arrived in Riyadh on the first leg of his first foreign tour since taking office. After meeting with King Salman bin Abdulaziz and other royal family members, he ended the day with a banquet and dancing.

Government officials of both countries say Saudi and US company representatives held talks on business projects worth at least 200 billion dollars.

Saudi Arabia's state-run oil firm, Saudi Aramco, signed 50 billion dollars' worth of agreements with 11 American firms, including General Electric.

US private equity firm Blackstone said Saudi Arabia's Public Investment Fund will provide 20 billion dollars for a new fund for infrastructure projects in the United States.

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Philadelphia Orchestra visit to Ulaanbaatar is now definite for June 1-5, thanks to key support from MIAT, Rio Tinto, Khan Bank and USG www.nambc.org

 
Despite prior reports that it might be canceled because of budget austerity measures affecting Ulaanbaatar City and the Mongolian Government, the long-anticipated Ulaanbaatar visit of the world-famous Philadelphia Orchestra (PO) will definitely take place during June 1-5 as a major component of the celebration of the 30th anniversary of US-Mongolia relations. The Philadelphia Orchestra will be the first Western orchestra to perform in the country; the visit is part of the orchestra’s East Asia tour that also includes China and South Korea. The PO musicians will be accompanied by a group of 15 prominent Pennsylvania business leaders who are patrons of the PO.
 
The visit was rescued by generous support by Rio Tinto, Khan Bank, the US State Department, and MIAT Mongolian Airlines. Together with leading Mongolian soloists, a core Philadelphia Orchestra contingent (30 out of 115 orchestra members) will perform a special Children’s Week concert for young Mongolian students on June 3, as well as a larger public concert at a venue to be announced on the same day. The orchestra will jointly perform with Mongolian military bands at the National Defense University on June 2 and PO Vice President Ryan Fleur will meet with Mongolian arts leaders to discuss support mechanisms for the performing arts. This visit has been a special interest for Mongolia’s Ambassador to the US B. Altangerel and US Ambassador Jennifer Z. Galt, who will host a reception for the PO delegation during the visit.
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IMF Board to again consider approving Mongolia US$5.5 billion Extended Fund Facility (EFF) on May 24 after repeal of mandatory FX deposit clause www.nambc.org

 
The 24-Member Executive Board of the International Monetary Fund has scheduled another review of Mongolia's request to implement the US$5.5 Extended Fund Facility (EFF) at its next meeting on May 24.The request was removed from the IMF board’s April 28 agenda because of concerns about the mandatory FX banking deposit requirement contained in an amendment to the revised banking provision, the so-called Resolution 29 or Subclause 11 requirement, which parliament subsequently repealed.
 
Finance Minister B. Choijilsuren recently told a journalist that the financing package within the EFF will be around US$5.5 billion, of which US$2.2 billion covers an extension of the swap line between the People's Bank of China with the Bank of Mongolia, plus an IMF loan of US$440 million with a 15 year term at less than 2% interest. In addition, the Asian Development Bank (ADB) will grant a loan of US$900 million, of which US$600 million will cover the state budget deficit and US$300 million to fund programs and projects. In addition, the World Bank pledged US$600 million with less than 2% interest for a 15 year term, of which Mongolia promised to apply US$440 million to the state budget deficit in 2017-2019, and Japan and South Korea are expected to together provide loans of US$1.3 billion, some of which may be in the form of Ex-Im Bank-style funding for purchasing Japanese and Korean goods and services.
 
Minister Choijilsuren said implementation of loan funds earmarked for programs and projects will await completion of already-started ministry project feasibility studies, slated to be finished by the second quarter of 2017, with disbursement anticipated during 2018-2019.
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Mongolian delegation visits Taiwan, attends CIECA and MNCCI joint meeting www.taiwannews.com.tw

 
The Chinese International Economic Cooperation Association (CIECA) and the Mongolian National Chamber of Commerce and Industry (MNCCI) signed a memorandum of understanding in 2002. Since then, the two organizations alternately held the “Joint Meeting between CIECA and MNCCI” at Taipei and Ulaanbaatar without interruption.
 
This year, CIECA held the meeting at Taipei and Mrs. Magvan Oyunchimeg, CEO of MNCCI, led a delegation of agricultural food products, beverages, construction, mining, IT and tourism business representatives and contractors began to arrive on May 14th.
 
Deputy Minister of Foreign Affairs François Wu, Chih-Chung delivered remarks at the welcoming dinner on May 15th. For the meeting on the 17th, 110 delegates from both sides attended the conference. Chairman Kuo, Lin-Wu of CIECA’s Mongolia Committee (Vice Chairman, Taiwan External Trade Development Council, TAITRA) and Mrs. Magvan Oyunchimeg jointly presided over the conference.
 
Experts and businessmen from both sides reported on business opportunities and exchanged views on “Mining”, “Renewable Energy”, “Investment Environment in Mongolia”, “E-Commerce” and “Experience Sharing”.
 
During their stay, Mongolian delegates have been arranged to visit the Export-Import Bank of the Republic of China which is responsible for financial business between the two nations, TAITRA, ANKO Food Machine Co., Ltd. and King Car Group’s Kavalan Distillery with the expectation of exploring substantive business opportunities.
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Baogang Group, MCC cooperate on mineral resources www.chinadaily.com.cn

 
Baogang Group signed a long-term cooperation agreement with Mongolian Mining Co (MCC), the largest privately owned coal mining company in Mongolia, on mineral resources on May 12, reports Baotou Daily.
 
According to the agreement, the two companies will cooperate in areas like coal mining, ore washing and selecting.
 
The move marks remarkable progress in international cooperation for Baogang Group, an iron and steel State-owned business based in Baotou, Inner Mongolia autonomous region.
 
Bordering Inner Mongolia autonomous region, Mongolia is one of the Belt and Road Initiative countries. It boasts rich mineral resources including iron and coal.
 
Baotou has formed partnerships with Mongolia in various areas over the past few years as part of the implementation of national strategies for China’s Belt and Road Initiative and the China-Russia-Mongolia Economic Corridor.
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FRC reports only two percent of Mongolians are actively involved in the stock market www.theubpost.mn

 
Out of the 92 percent of Mongolian citizens eligible to participate in the stock market, only two percent are actively participating in trading, reports the Financial Regulatory Commission (FRC).
 
When former Prime Minister Su.Batbold’s administration provided each Mongolian citizen with 1,072 shares in Erdenes Tavan Tolgoi, every citizen who received shares had an account with the stock exchange automatically registered in their name.
 
In recent years, the FRC has been making efforts to develop the stock market with a project being carried out with the Japanese International Cooperation Agency (JICA), the Project for Capacity Building of the Capital Market in Mongolia. The project has been carried out for the past three years.
 
The purpose of the project is to improve market confidence by developing an active primary market at the MSE by increasing the number of IPOs released for unlisted Mongolian companies with sound fundamentals, as well as promoting dual listings for those listed on overseas stock exchanges. The FRC and JICA believe that the project will also enhance the financial literacy of the general public.
 
Financial and accounting requirements, legislative differences, and the limitations of the Mongolian market all serve as obstacles for the dual listing of Mongolian companies. As of right now, there are no companies listed on the Mongolian Stock Exchange (MSE)that are also listed on another stock exchange.
 
Mongolia International Capital Corporation (MICC) hassuggested that relatively small companies could launch a collective IPO. Once listed on the MSE for a year or more, the possibility of dual listing will open up for companies, says MICC. They also noted that Mongolian companies should look for being dual-listed on stock exchanges with less stringent requirements, such as South Korea’s KOSDAQ.
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Mongolia adopts law for youth development www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During its plenary session on May 18, Thursday, Parliament made the final reading of and adopted a Law on Youth Development, producing the country’s first law for the younger generation.
 
The newly adopted law legalizes the establishment of a ‘Fund for Youth Development’, affiliated with the Ministry of Labor and Social Protection. According to N.Nomtoibayar, Minister of Labor and Social Protection, money up to MNT 1 billion can be accumulated in the fund which can be spent for supporting young people financially.
 
During the drafting of the law, a survey was conducted engaging 27300 young people from across the country. The survey found that 45 percent of the participants has housing problems, and 27.3 percent identified employment as the number one issue whereas education is the most pressing issue for 18 percent of the participants.
 
Parliament Members appreciated the arrival of the first independent law to regulate the social role and responsibilities of young people, aged between 15-34 and who constitute 35.5 percent of the population. The Parliament voted up the adoption of the law by 76.1 percent.
 
Encompassing 7 articles and 24 clauses, the Law on Youth Development will take effect on January 1, 2018.
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China successfully mines flammable ice from the South Sea www.mining.com

 
After nearly two decades of research and exploration, China has successfully mined so-called “flammable ice” in what authorities qualify as a major breakthrough that may lead to a global energy revolution.
 
The element, a kind of natural gas hydrate, was discovered in the area in 2007, but this is the first time the country is able to successfully extract combustible ice from the seabed, in a single, continuous operation on a floating production platform in the Shenhu area of the South China Sea, about 300km southeast of Hong Kong, state-run Xinhua news agency reports.
 
Methane hydrates, where molecules of methane gas are trapped in a lattice of ice crystals, exist in conditions of low temperature and high pressure. According to Xinhua’s report, one cubic metre of flammable ice is equal to 164 cubic metres of natural regular gas.
 
During the mining trial done at a depth of 4,153 feet, engineers extracted each day around 16,000 cubic metres of gas, with methane content of up to 99.5%, Minister of Land and Resources Jiang Daming said.
 
The new energy source, while revolutionary, is not exempt of risks. The release of methane into the atmosphere as permafrost melts is regarded for those who believe in climate change as one of the worst potential accelerator mechanisms for it. Methane hydrate is also hard to extract, which makes the cost of producing it high.
 
Test drillings have also taken place in the US, Canada and Japan, with the latter announcing earlier this month that it was successful at producing the natural gas on the pacific coast and will continue mining it for around three to four weeks.
 
Sources of methane hydrate are so large that the US Department of Energy has estimated the world's total amount could exceed the combined energy content of all other fossil fuels.
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India to build 10 reactors in big nuclear power push www.rt.com

 
In the biggest expansion of the country’s nuclear power industry, the Indian government has announced plans to construct ten heavy water reactors. India currently operates 22 nuclear plants, with a capacity of 6,780 megawatts.
The new reactors will have more capacity and will be in addition to those expected to get online by 2022.
 
"A total of 7,000 megawatts will be added. It will help produce clean energy," said India’s Power Minister Piyush Goyal.
 
The planned nuclear units will generate business worth $11 billion and create more than 33,000 jobs, according to the authorities.
 
India is one of the world's largest consumers of electricity mostly generated from coal. In recent years, the country has started ramping up its nuclear power capacity.
 
The Russian nuclear corporation Rosatom is constructing India’s Kudankulam nuclear power plant (NPP) as part of a deal signed between Moscow and New Delhi in 1998.
 
At the moment, Russia is the only country cooperating with India on nuclear energy.
 
The first reactor at the Kudankulam NPP is among the most powerful in India and meets the latest safety requirements. The second generator is planned to start operating shortly.
 
Three years ago the sides agreed to construct the NPP’s second stage, including the third and fourth reactors. They also decided to develop a roadmap for cooperation in nuclear energy which envisages the construction of 15 nuclear reactors in India, including at the Kudankulam site.
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