1 TOP 10 RICHEST PEOPLE IN MONGOLIA 2018 MONGOLIAN BILLIONAIRES WWW.ELITESHARED.COM PUBLISHED:2018/07/22      2 IRKUTSK REGION'S EXPORT OF CHICKEN EGGS TO MONGOLIA ALMOST DOUBLED WWW.RUSEXPORTER.COM PUBLISHED:2018/07/21      3 86 PERCENT OF ACTIVE ENTITIES IN MONGOLIA HAVE UP TO 9 EMPLOYEES WWW.GOGO.MN PUBLISHED:2018/07/20      4 MONGOLIA TAKES STEPS TO BOOST CASHMERE PRODUCTION WWW.NEWS.MN PUBLISHED:2018/07/20      5 HIV INFECTIONS RISES TO 262 IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2018/07/20      6 FRONTCLEAR FACILITATES A LANDMARK TRANSACTION WITH STATE BANK MONGOLIA, EBRD AND ING BANK WWW.KTVN.COM PUBLISHED:2018/07/20      7 MONGOLIA COULD BE RIO'S COPPER GROWTH KEY WWW.MINING-JOURNAL.COM PUBLISHED:2018/07/20      8 FOREIGN OFFICE MINISTER MARK FIELD VISITS MONGOLIA WWW.GOV.UK PUBLISHED:2018/07/20      9 ZOO-BRED PRZEWALSKI’S HORSES ARE FREED INTO THE PLAINS OF MONGOLIA WHERE THEIR ANCESTORS ROAMED FOR CENTURIES HAVING BATTLED BACK FROM JUST ONE SURVIVING WILD ANIMAL WWW.DAILYMAIL.CO.UK PUBLISHED:2018/07/20      10 MONGOLIAN AND CHINESE JOINT VENTURE ESTABLISHED WWW.MONTSAME.MN PUBLISHED:2018/07/20      ТАВАНТОЛГОЙ-ЗҮҮНБАЯН ЧИГЛЭЛИЙН ТӨМӨР ЗАМЫГ БАРИХ АЖИЛ ЭХЛЭЭД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/22     ШИНЭ УРГАЦ ГАРЧ ЭХЭЛСЭН Ч НОГООНЫ ҮНЭ ӨНДӨР ХЭВЭЭР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/20     АВТОЗАМД ҮҮССЭН ХОХИРЛЫН ХЭМЖЭЭ 1,3 ТЭРБУМ ТӨГРӨГТ ХҮРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/20     BURBERRY БРЭНД 32.6 САЯ АМ.ДОЛЛАРЫН ҮНЭ БҮХИЙ БАРАА БҮТЭЭГДЭХҮҮНЭЭ ШАТААЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/20     ИРГЭДЭЭС ЦУГЛАСАН ХАНДИВААР ГАЛ УНТРААХ ТОНОГ ТӨХӨӨРӨМЖ АВЧЭЭ WWW.DNN.MN  НИЙТЭЛСЭН:2018/07/20     ГААЛИЙН БАЙГУУЛЛАГЫН ТӨСӨВТ ТӨВЛӨРҮҮЛСЭН ОРЛОГО 1.2 ИХ НАЯД ТӨГРӨГТ ХҮРЧЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ИХ БРИТАНИЙН АЗИ НОМХОН ДАЛАЙН БҮС НУТГИЙГ ХАРИУЦСАН САЙД МАРК ФИЙЛД МХБ-Д ЗОЧИЛЛОО WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ЭКО АЛТНЫ УРАМШУУЛЛЫГ МОНГОЛБАНК ОЛГОХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/20     ЯМАШИТА МАМОРҮ: МОНГОЛД ДУНДАЖ ЦАЛИНГ ТЭТГЭВРИЙН ХЭМЖЭЭТЭЙ УЯЛДУУЛЖ ТООЦОХ МЭРГЭЖЛИЙН БАГ ХЭРЭГТЭЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/20     ХЯТАД УЛС БИЗНЕСИЙН ОРЧНОО САЙЖРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/19    

Events

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

NEWS

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'Trump Trade' turns to trepidation as investors unwind www.reuters.com

Investors were shelving rosy hopes for U.S. tax reform and rethinking strategies premised on Donald Trump's economic growth promises on Wednesday, as the President faced his loudest criticism yet over possible collusion between his election campaign and Russia.

From stocks to bonds to the U.S. dollar, a bevy of trades that have been fashionable since Trump's election last November, were getting dialed back or in some cases shredded as his reform agenda looked increasingly vulnerable amid the fallout from his firing last week of James Comey, the director of the Federal Bureau of Investigation.

The uncertainty about Trump's future increased in the last 24 hours over allegations Trump had sought to end Comey's investigation into ties between the president's first national security adviser, Michael Flynn, and Russia, and even some Republicans were now calling for a deeper probe into possible obstruction of justice.

The result was the harshest sell off yet in U.S. stocks since Trump was elected and a jettisoning of positions that were tied to the notion that his policies would stoke economic growth and inflation.

"The Trump Trade is over as of today," Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth and Investment Management, who said they have been selling for the past 45 days and continued to be bearish on risky assets today. "We've seen cracks all year, but today, this is the first institutional selling we are seeing."

Indeed, some "Trump trades" have been unwinding for weeks, especially in the bond and currency markets where bets on inflation risks and economic growth prospects are most prevalent.

"This has created opportunities for investors," said Richard Benson, managing director, co-head of portfolio investments, Millennium Global Investments, London, who said they had been short U.S. dollars against European currencies. "And right now, we're looking at these opportunities."

On Wednesday, one key indicator of the level of inflation five years from now fell to its lowest since late November. Meanwhile, the U.S. dollar, which had surged more than 5.0 percent after Trump's election, was effectively back to its Election Day level.

The real pain trade on Wednesday, though, was in stocks. Through the end of last week the S&P 500 stock index had gained more than 12 percent since Trump won the White House, and while the index has seen one other day since last November's election in which it fell by more than 1.0 percent, Wednesday's drop of 1.7 percent was its largest one-day fall in eight months.

"It doesn't mean that institutions are saying: 'its time to leave the U.S.', but for various reasons it's time to go to the sidelines," said Michael Purves, chief global strategist at Weeden & Co.

Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS Securities, said clients were "certainly concerned because it increases the uncertainty".

With Washington policymakers distracted by Trump's political problems, investors were betting on a longer timeline to get to tax reform.

"Immediately after the election, we asked our analysts to use lower forward-looking tax rates in their models, and now in the last couple of days I'm starting to think whether we should reverse that to assume the status quo for tax rates," said Edward Perkin, Chief Equity Investment Officer at Eaton Vance.

U.S. House Speaker Paul Ryan said on Wednesday that Republicans were determined to keep pursuing tax reform, although such efforts could be seriously hampered. Democratic Representative Jim Himes, a member of the House Intelligence Committee, told MSNBC that the "legislative agenda...(was) lying in ruins."

Investors have become increasingly bearish on US equities versus international assets in recent weeks, pulling a total of $11.2 billion from U.S.-based domestic stock funds, according to Thomson Reuters Lipper data, and instead stampeding into U.S.-based stock funds that invest in Europe.

“We have been contemplating an increase in international stocks to kind of hedge our U.S. equity bet," said Phil Blancato, CEO of Ladenberg Thalmann Asset Management in New York. "So we are very much remodeling our portfolios."

A longshot worry is the uncertainty that could be presented if Trump is actually impeached by the U.S. Congress. A small but growing number of Trump's fellow Republicans called for an independent probe of possible collusion between his 2016 campaign and Russia, and one mentioned impeachment.

Investors said that was not necessarily a market negative, if Vice President Mike Pence were to take over.

"Policy wise it might not make such a difference," said Frances Hudson, Global Thematic Strategist at Standard Life Investments in Edinburgh.

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Money supply slightly increases www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ According to the report of the Bank of Mongolia (BoM), the money supply (broad money or M2) has reached MNT 12.4 trillion at the end of April 2017, showing an increase by MNT 220.9 billion or 1.8 percent from the previous month and by MNT 1,892.8 billion or 18.0 percent compared with the same period of 2016.
At the end of April 2017, the national currency in circulation reached MNT 843.2 billion, up by MNT 45.9 billion or 5.8 percent from the previous month and by MNT 89.1 billion or 12.0 percent compared to the same period of 2016.
The amount of outstanding loan amounted to MNT 12.7 trillion in the reference period. This is a growth by 0.2 percent against the previous month and by 9.2 percent compared to the same period of 2016. At the end of April 2017, the principals in arrears reached MNT 1,009.3 billion, indicating a decrease by MNT 14.2 billion or 1.4 percent from the previous month, up by MNT 98.0 billion or 10.8 percent from the same period of 2016.
The non-performing loans in the bank system reached MNT 1 087.3 billion, up by MNT 51.8 billion or 5.0 percent from the previous month, up by MNT 13.4 billion or 1.3 percent from the same period of 2016.In April 2017, 4.9 million pieces of securities worth of MNT 178.4 billion were traded on the national stock market, up by MNT 46.2 billion or 34.9 percent from the previous month and by MNT 131.8 billion which is 3.8 times more from the same period of the previous year. The traded share number increased by 2.0 million or 69.1 percent from the previous month and decreased by 5.3 million pieces or 52.3 percent compared with the same period of the previous year.
In April 2017, the Top 20 index of the financial market was 12999.6, increased by 320.5 units from previous month and 1979.7 units from the same period of 2016.
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IMF Executive Board to discuss Mongolia's request next Wednesday www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The International Monetary Fund Executive Board is scheduled to discuss Mongolia's request to implement Extended Fund Facility (EFF) during its meeting on May 24. Minister of Finance B.Choijilsuren was interviewed on this matter and other issues concerning the EFF program.
 
Has the meeting schedule of the IMF Executive Board been confirmed? Is there a guarantee that the meeting will not be delayed again?
 
Deputy Governor of Bank of Mongolia and I attended the spring meeting of Asian Development Bank on May 08, during which we met with relevant IMF officials and confirmed the meeting schedule.
 
Do initial agreements and funding remain the same? Would there be any change?
 
The total financing package within the EFF will be around USD5.5 billion. USD2.2 billion of it covers an extension of swap line of the People’s Bank of China with the Bank of Mongolia. IMF will provide loan of USD440 million with 15 year term. The loan will be less than 2 per cent interest and the loan principal will not be repaid over the first 5 years. The Asian Development Bank will grant a loan of USD900 million, of which USD600 million will be spent for recovering state budget deficit and USD300 million for funding programs and projects. The World Bank pledged USD600 million with less than 2 per cent interest and 15 year term and we agreed to spend USD440 million of it for recovering state budget deficit in 2017-2019. Japan and South Korea are expected to together provide loans of USD1.3 billion.
 
When programs and projects start to be implemented and when the funding is provided?
 
We will not implement it directly. Ministries are preparing feasibility studies of projects to use the loans. After completion of feasibility studies by second quarter of 2017 and in 2018-2019, the fundings will be disbursed.
 
A request to postpone the realization of increased excise tax on passenger vehicles has been submitted. Is it possible to accept the request?
 
An increase of 7 types of taxes in stages to raise budget revenue has been agreed in detail with IMF within the policy. Therefore, it cannot be changed by a group of people. IMF has 182 member countries and the Executive Board has 24 members. It is difficult to make all members understand our internal problems. Increased tax took effect from the beginning of this month. In connection to the excise tax increase, customs organization worked extended hours during the last working days of April and over 1000 hybrid cars were imported.
 
Concerning the EFF implementation, some people criticize that government has given the country’s economic freedom to foreigners. What is your comment on it?
 
The situation was very hard when the Government got its authority on July 30, 2016. Then, we asked assistance from IMF, which put its requirements to decrease budget deficit and create debt stability. We had no choice because, if we did not accept the IMF program, the economy would have been bankrupted. The EFF will have positive effects on the economy.
 
How fruitful was the Prime Minister’s visit to China or how much benefit will the economy get from the visit?
 
The Parliamentary Speaker visited China in autumn of 2016 and forwarded two requests; to increase the quota of our traditional export products in 2017-2018 and to give support by creating a market. During the Foreign Minister’s visit, China expressed its position to accept the requests and increased quota of coking coal and iron ore to be exported from Mongolia and their prices have grown up. The PM’s recent visit was a continuation and next step of this policy.
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Minister addresses 'ENERGY MONGOLIA - 2017' international conference www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ “I would like to assure investors and businesses on the stability of the current Government’s policy for the next 4 years”, remarked Minister of Energy P.Gankhuu as he delivered an opening speech at the annual ‘Energy Mongolia’ international conference & exhibition which is to take place on May 17-18 at the Corporate Hotel & Convention Center.
 
As 2017 marks the 95th anniversary of energy sector in Mongolia which is frequently called the ‘fireplace of homeland’, he extended his warmest wishes to the about 11 thousand staff working in the energy sector on the anniversary.
 
“I hope this conference serves as an effective platform for productive discussion practical cooperation among the energy sector representatives and foreign delegates”. Aiming to solve the challenges the energy sector is facing in Mongolia, facilitate constructive discussion on solutions, and attract investment, the international conference gathers about 300 international and local delegates representing over 50 organizations from Mongolia, the Russian Federation, the People’s Republic of China, the US, Germany, Switzerland and Thailand.
 
The energy sector of Mongolia, the driver of economic growth, is considered to have been established in 1922, with powering of athermal power facility with capacity of 24kW, fueled by mine bench coals delivered from Nalaikh mine. The commissioning of the plant is regarded as the start of the industry.
 
Afterwards, the first power plant came into operation in 1934, forming the ground for the future energy complex. In the following 70 years of the sector’s history, the capital city as well as main centers in the central region of the country were connected to the energy grid. As a result of implementation of the government’s policies for investment and development in the sector, well over 90 percent of the total population of Mongolia is now connected to integrated energy grid.
 
The Minister also touched upon the 2016-2020 action plan of government which states that a very targeted policy is to be implemented in the energy sector, and reflects several major projects to improve and renovate the sector.
 
Mongolia will start the implementation of a range of development projects namely Ulaanbaatar – Mandalgobi, Baganuur – Choir, Khushuut – Uyench power transmission lines, and capacity expansion works for Dornod Power Plant, Erdenet Power Plant and Thermal Power Plant No. 3 starting this year. In addition, development works are commencing this year for the completion of 50MW wind farms in Tsogttsetsii soum of Umnugobi aimag and in Sainshand soum of Dornogobi aimag.
 
 
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Ukraine to Block Russian Social Media in Sweeping Sanctions www.themoscowtimes.com

 
Ukraine will block several top Russian websites, including VKontakte and Odnoklassniki, social networks with broad popularity across the former Soviet Union.
 
On May 15, Ukrainian President Petro Poroshenko signed an order imposing new sanctions on Russia for three years, the Meduza news site reported. Among the entities facing restrictions under the sanctions is the Mail.ru Group, a major Russian internet company that owns VKontakte and Odnoklassniki.
 
Both sites have millions of users in Ukraine, and VKontakte maintains a server in the country. Last year, VKontakte boasted 53 percent of Ukraine's daily internet audience, while Odnoklassniki commanded 34 percent, internet researcher Kirill Mikhailov wrote on Twitter.
 
The order will also require Ukrainian internet providers to block all services of the Yandex internet company, besides its search engine, and the anti-virus companies Kaspersky Lab and DrWeb.
 
Ukraine also will impose asset freezes and broadcast bans on Russian television channels TV Tsentr, RBK, VGTRK, NTV-Plus, Zvezda, TNT, REN and ORT, the independent Novaya Gazeta newspaper reported. Additionally, it will block the Rossiya Segodnya Russian state media conglomerate, the RIA Novosti news site, a branch of the conglomerate, reported.
 
The order also blacklists the Aeroflot and Transaero airlines, the Rossiya and Gazprombank banks and the defense companies Russian Helicopters and Rosoboroneksport.
 
 
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MPRP nominates S.Ganbaatar as a candidate for the Presidential election www.gogo.mn

Assembly of Mongolian People`s Revolutionary Party to select its next presidential candidate was held yesterday. With the 65 percent of the voting result, S.Ganbaatar was announced as MPRP’s candidate for the Presidential election that will be held on June 26. 
Now the MPRP must register its next candidate at the General Election Committee within today. 
Based on some missing statements and other reasons, former presidential candidate of MPRP N.Enkhbayar was not allowed to run in the parliamentary elections.

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Turquoise Hill revenue surprise lifts shares 6% www.mining.com

 
Shares in Turquoise Hill (TSE:TRQ) rose sharply on Tuesday after the company announced better than expected revenues amid declining production at its massive Oyu Tolgoi copper and gold mine in Mongolia.
 
By the close in New York Turquoise Hill stock was changing hands at $2.81, up 6.2% on the day, bringing its year-to-date gains to more than 21%.
 
The Vancouver-based company said in a statement copper production at Oyu Tolgoi fell 16.3% during the first quarter compared to the final quarter 2016 while gold production declined 49%. Turquoise Hill said the drop was expected due to lower grade and recoveries at the lower end of the grade recovery curve.
 
Sales went in the other direction and the company recorded revenue of $237.5 million in Q1 which was 5.7% higher than Q4 last year reflecting a higher average selling price for copper and higher volumes of copper in concentrates sold. The Oyu Tolgoi concentrator amassed record average daily throughput for the quarter of 112,100 tonnes, up 5.1% compared to the December quarter.
 
Turquoise Hill is forecasting lower output at the open pit compared to last year of 130,000 – 160,000 tonnes of copper in concentrates during 2017. Gold in concentrate output of 100,000 ounces – 140,000 ounces is forecast for the full year.
 
$136.4 million was spent on the Oyu Tolgoi underground expansion during the quarter and the company awarded several large contracts during the quarter, with the largest for the decline material handling system.
 
More than $363 million has been spent on construction of the new mine so far and capital commitments for the year is an additional $872 million. Total capital outlay is around $5.3 billion with first production from the underground operation expected mid-2020.
 
Oyu Tolgoi is expected to be world's third-largest copper mine at peak production in 2025 with output of over 550,000 tonnes per year.
 
Turquoise Hill owns a 66% interest in Oyu Tolgoi in the Gobi Desert close to Mongolia's border with China with the government of the Asian nation holding the rest. Turquoise Hill is controlled by Anglo-Australian giant Rio Tinto (LON:RIO).
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Export surge as coal price increases www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Some positive changes occurred in Mongolian economy in connection with the 100-120 percent increase in coal price on the global market against the same period of last year, reports the Bank of Mongolia.
 
Following the soaring coal price, Mongolia’s exports grew by 41 percent, said the Director of the Research and Statistics Department of the central bank, Mr D.Gan-Ochir. “Regarding this growth, as the foreign exchange flow has been increasing, the GDP rose by 4.2 percent compared to the same period of 2016. All of these have been resulting in alleviation of foreign debt burden, and stabilization of MNT rate against foreign exchange. Also, companies and individuals have been transferring their USD savings into MNT accounts”, he added.
 
The amount of non-performing loans has been decreasing as MNT rate stabilizes. Non-performing loans constituted 7.9 percent of total outstanding loans. The banks, which had been granting only consumption loan, started to allocate loans for mining and construction.
 
“All of the positive changes are thanks to the coal price increase and Mongolia’s cooperation with IMF”, said Mr Gan-Ochir.
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Mongolia says it grows 4.2 pct y/y in Q1, lifted by higher coal prices www.reuters.com

 
May 16 Mongolia's economy, which grew only 1 percent in 2016, expanded 4.2 percent in the first quarter from a year earlier, buoyed by the coal sector's turnaround, government data showed on Tuesday.
 
The National Statistics Office data may signal a recovery for the resource-dependent nation, mired in an economic crisis caused by heavy foreign debt, a collapse in its currency and slowing growth in China, its biggest trading partner.
 
"The frontier economy of Mongolia has started to grow and is showing the green shoots of recovery after three years of plummeting growth and recession in the private economy," World Economics, a London-based research group, wrote on Tuesday.
 
First quarter growth clearly was helped by stronger prices for coal, the main revenue source.
 
The average coal price from Mongolia in March was $62.37 per tonne, compared with $28.60 one year earlier, according to data from China's customs authority.
 
Bold Ulziibayar, chief executive of Ulaanbaatar-based ARD Capital, said the increased price "is definitely the main driving factor of the growth."
 
"Although, we saw some decrease in production of some mining products such as oil and copper, coal production has increased twofold and iron ore threefold," she said.
 
STRONGER CURRENCY
 
In the first four months of 2017, coal exports jumped nearly fivefold from a year earlier to $769.8 million, contributing to a 40 percent increase in total export income, the statistics office said.
 
Mongolia's tugrik currency, which tumbled nearly 25 percent in 2016, strengthened 3 percent against the dollar in the first quarter.
 
However, economic pressures continue to hurt Mongolia ahead of June presidential elections. At the end of March, annual inflation was 3.4 percent, compared with 1.1 percent at the end of 2016. Unemployment reached 9.1 percent, from 8.6 percent at the end of last year.
 
The Mongolian government has said it expects economic growth of 1.5-2.5 percent this year, while the Asian Development Bank has forecast 2.5 percent. The World Bank and International Monetary Fund have both predicted a 0.2 percent contraction.
 
The IMF board is expected to decide this month on a proposed $5.5 billion bailout for Mongolia. A decision was delayed from April because of legislation, since annulled, that forced some companies to make transactions through Mongolian banks.
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Duterte says he'd sponsor Turkey & Mongolia for ASEAN, defying geography www.rt.com

 
The Philippines’ outspoken President Rodrigo Duterte says he would push for the entry of Turkey and Mongolia into the Association of Southeast Asian Nations (ASEAN). That’s despite neither of the countries actually being in Southeast Asia.
 
Duterte said that he met Turkish President Recep Tayyip Erdogan and Mongolian Prime Minister Jargaltulga Erdenebat on the sidelines of the ‘One Belt, One Road’ summit in the Chinese capital, Beijing, that took place May 14-15.
 
Erdogan and Erdenebat told the Philippines leader about their desire to join ASEAN, Duterte said. The Philippines is will be chairman of ASEAN 2017.
 
“They want to join ASEAN and since I am now the chair, the Philippines is, they wanted me to sponsor their entry and I said, ‘Yes, why not,’” he told reporters in the Philippines, as cited by AFP.
 
Neither Turkey nor Mongolia is actually in Southeast Asia, though. Turkey lies between western Asia and Eastern Europe, while Mongolia, sandwiched between Russia and China, is in East Asia.
 
Aung San Suu Kyi, a State Counsellor and de facto head of government of Myanmar (also an ASEAN member) asked Duterte at the summit if he had taken geography into account. The Philippines leader was firm – these countries belong in ASEAN.
 
“They are. I would say that they are…Turkey seems to be ambivalent on whether to be a bridge of Europe and Asia or being an Asian ... Sometimes they say they are part of Asia. Sometimes they say they are a bridge of Asia to Europe,” he said.
 
ASEAN, which was established in 1967, includes 10 states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. East Timor and Papua New Guinea have repeatedly sought membership, but they only hold observer status in the organization.
 
The Philippines leader, nicknamed ‘The Punisher’, was voted the most influential person of 2017 by readers of Time magazine in an online poll. Duterte has become notorious for his controversial statements about world leaders and the Church, among others.
 
The hardline Duterte has repeatedly come under fire for his infamous ‘War on Drugs’, which has reportedly resulted in more than 7,000 killings. He was elected partially on a promise to extend countrywide the brutal tactics he had used against drug crime while serving as mayor of Davao for 22 years.
 
In March this year, when the European Parliament passed a resolution concerning his plans to revive the death penalty for drug convicts, Duterte questioned why Brussels “has to f**k with” his country.
 
Also in March, he made clear his distaste for former US President Barack Obama, calling him and his entire administration “idiots.” He is obviously not ‘amused’ by the United Nations either – in December 2016 he simply threatened to burn down its headquarters in New York.
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