1 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      2 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      3 AIRBNB IS USING WHAT3WORDS TO LIST STAYS WITH MONGOLIAN NOMADS WWW.TECHCRUNCH.COM PUBLISHED:2018/11/20      4 LOCAL PRECIOUS METAL ASSAY LABORATORY PURIFIES 99 KG OF GOLD WWW.MONTSAME.MN PUBLISHED:2018/11/20      5 LEGISLATOR OF MONGOLIA'S RULING PARTY SUBMITS PROPOSAL ON DISMISSING GOVERNMENT WWW.XINHUANET.COM PUBLISHED:2018/11/20      6 SHOCK DECISION: CHINA CLOSES BORDER TO COAL IMPORTS FROM MONGOLIA WWW.NEWS.MN PUBLISHED:2018/11/20      7 STRATEGY INTRODUCED TO FOSTER PRIVATE SECTOR IN WESTERN MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      8 MONGOLIA TO STRENGTHEN ECONOMIC TIES WITH RUSSIA WWW.XINHUANET.COM PUBLISHED:2018/11/19      9 VOLKSWAGEN TO SPEND $50 BILLION ON ELECTRIC CAR 'OFFENSIVE' WWW.CNN.COM PUBLISHED:2018/11/19      10 HABITABILITY OF MONGOLIA UNDER THREAT FROM CLIMATE CHANGE WWW.ADELAIDENOW.COM.AU PUBLISHED:2018/11/19      ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20     ХАЙНАНЬД ЗУГААЛАХ ГЭСЭН МОНГОЛЧУУД УЛААН-ҮҮДЭЭС НИСЭХ ТАСАЛБАРЫГ ХУУ ХАМЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/20     ГАШУУНСУХАЙТ БООМТ: ЖОЛООЧ НАРЫН МЭДЭЭЛЛИЙГ УРЬДЧИЛАН ЯВУУЛАХ БАЙДЛААР АСУУДЛЫГ ШИЙДВЭРЛЭХЭЭР БНХАУ-ТАЙ ТОХИРОЛЦЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/20     ЗАМЫН НӨХӨӨС, 100 ГАРУЙ ТӨРЛИЙН РЕЗИНЭН БҮТЭЭГДЭХҮҮН ДОТООДОД ҮЙЛДВЭРЛЭЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20     АЛТНЫ ОЛБОРЛОЛТ ЭДИЙН ЗАСГИЙГ ДЭМЖИЖ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/20     МОНГОЛЫН АНХНЫ ХУВИЙН ХӨРӨНГИЙН БИРЖИЙН ХОЁР ДАХЬ БҮТЭЭГДЭХҮҮН: “ПАРК ТАУН” БОНД WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/20     МОНГОЛ, ОХУ-ЫН ТЭЭВРИЙН САЛБАРЫН ХАМТЫН АЖИЛЛАГААГ ӨРГӨЖҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/20     БНХАУ-ЫН ОЛОН УЛСЫН ИМПОРТЫН ҮЗЭСГЭЛЭН БНХАУ-ОХУ-ЫН БИЗНЕСИЙН ХАРИЛЦААГ ӨРГӨЖҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/19     АМЧАМ МОНГОЛ 2018 ОНЫ ЖИЛИЙН ТАЙЛАНГИЙН ХУРЛАА АМЖИЛТТАЙ ЗОХИОН БАЙГУУЛЛАА WWW.IKON.MN НИЙТЭЛСЭН:2018/11/19    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolian Derby: Australian Olympian Ed Fernon wins world's toughest horse race www.abc.net.au

A young Australian Olympian has won the longest and toughest horse race in the world.

Twenty-nine-year-old Ed Fernon conquered the gruelling Mongolian Derby, crossing the finish line with South African Barry Armitage in equal first after a nail-biting race to the finish.

The 2017 race saw 12 men and 24 women from nine countries riding 1,000 kilometres across Mongolia on semi-wild horses.

Mostly riding full tilt, they charge through the rugged terrain of the Mongolian Steppes, fording rivers, deserts and wide open plains on a course that is designed to recreate Genghis Khan's ancient postal system.

It puts to the test the competitor's survival skills, horsemanship and sheer endurance.

Competitors change horses every 40 kilometres and camp out under the stars or stay with local herders.

Horses will often injure the participants if badly handled, and riders are also given penalties if they overwork the tough Mongolian ponies.

Although city born, he spent time on a family farm near Wagga Wagga in NSW where he first threw his leg over a horse.

His love of riding inspired him to take up the modern pentathlon, mastering the five disciplines of swimming, fencing, running, shooting and show jumping.

He started the sport as a 20-year-old and four years later represented Australia in the 2012 London Olympics.

Needing a new challenge post-Olympics, Fernon did a charity ride across the snowy mountains.

The ride retraced the 1,100 kilometre journey of Archer, the legendary horse that walked from NSW to Melbourne before winning the inaugural Melbourne Cup in 1861.

"Following the Legend of Archer" raised over $50,000 for The Black Dog Institute, offering support for people suffering from depression and bipolar disorder.

Fernon crossed the finish line of the Mongolian Derby exhausted and exhilarated.

"Regardless of winning, what I came here for was to challenge myself, give it my all, and I've done that. I'll sleep well tonight," he said.

Just to complete the hardest horse race in the world is an achievement few can boast.

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Russia cutting dependence on US dollar – economy minister www.rt.com

The Russian government is taking steps to reduce the value of transactions using the American currency in the country, according to Economic Development Minister Maksim Oreshkin.

“There is a big trend toward the de-dollarization of the Russian economy. The central bank has taken some very important steps against loans in foreign currencies," the minister said on Wednesday.
Data from the Central Bank of Russia shows 60 percent of Russia's external debt in August is in US dollars, the lowest since 2014.
Experts say foreign sanctions and central bank policy are making loans in rubles more attractive than in dollars. Rates on ruble deposits are also more attractive than foreign currencies.
In June, Russia reduced its investment in US Treasuries by $5.8 billion, dropping to 14th place among the largest holders of the US debt with $101.9 billion.
However, while loans in rubles are becoming more popular, it’s too soon to say if the Russian economy is ready to live without dollars.
“You need to look at the share of foreign currency deposits. In retail, there is no big decline, the share of foreign currency deposits remains at 23 percent, it is quite stable over the past year," said Alfa-Bank chief economist Natalia Orlova in an interview with RIA Novosti.
Last week, Deputy Foreign Minister Sergey Ryabkov said the Russian government would intensify efforts to cut the country’s dependence on US payment systems and the dollar as a settling currency.
Russian President Vladimir Putin has repeatedly urged the economy and finance ministries to cut dollar dependence in the Russian economy as relations between Moscow and Washington have soured.

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Ulaanbaatar hosts INT’L Trade Union Confederation's regional meeting www.montsame.mn

Ulaanbaatar /MONTSAME/ 15th meeting of the International Trade Union Confederation’s Asia- Pacific Regional General Council of started today at the Blue Sky Hotel Conference Room, Ulaanbaatar to discuss issues of trade unions’ rights and labor relations in the Asia-Pacific region.

Mongolia hosts the meeting for the first time and leaders and representatives from the International Labor Organization and Trade Unions of over 30 countries, including Japan, Korea, India, Australia, Singapore and Malaysia are participating in the two-day meeting.

The meeting will discuss and approve 2018 budget of the Asia- Pacific Regional Organization of the International Trade Union Confederation (ITUC-AP), working plan, guidelines and its report. " - Hosting the event in Mongolia has a significance to share experiences and achievements of Mongolia in the field of labor relations and social partnership with the leaders of trade union organizations of the countries in the Asia-Pacific region," said Chairman of the International Relations Division of the Confederation of Trade Unions E. Amarsanaa. Mongolia, Taiwan and Indonesia had competed for hosting the meeting.

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Dalai Lama ‘Dreams’ of NATO Relocating to Moscow www.themoscowtimes.com

In a recent interview with Russian media in India, the Dalai Lama voiced a radical proposal to reduce tensions between NATO and Russia.

“I have mentioned before an idea that may be an empty dream, but if NATO were to shift its headquarters to Moscow it might allay whatever misapprehensions Russians may feel,” the Dalai Lama said in an interview with the Kommersant newspaper.

The Dalai Lama’s comments come as NATO is bolstering deployments to the Baltic States and Poland ahead of Russian military exercises in Belarus in September.

Aware that his controversial suggestion might not be well received in Washington, the Dalai Lama said: “I'm afraid now that after such a suggestion, I won’t be allowed to go to America!”

The Buddhist spiritual leader is a contentious figure in Russia. He last visited in 2004, and authorities in Moscow have repeatedly denied him permission to return ever since. China has publicly thanked the Kremlin on each occasion it bars the Dalai Lama.

In an outspoken interview in 2014, the Dalai Lama criticized Russian President Vladimir Putin for being self-centered. "His attitude is: I, I, I. This is the root of the problem,” he told a German newspaper.

This time, he told Kommersant he saw positive changes. “I look at Russia and I see protests against corruption and so on. In Stalinist times that was impossible,” he said. “Perhaps not as quickly as we would want, but change is happening.”

“I believe in a big future for Russia,” he added. “Russia could become a real bridge between East and West.”

The Dalai Lama was in New Delhi for the first ever conference of Russian and Buddhist scholars.

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Police detain central figure in mining's largest corruption scandal www.mining.com

Diamond magnate Beny Steinmetz and four others were taken into custody by Israeli police on Tuesday on suspicion of fraud, forgery, obstruction of justice and bribery.

This is the second arrest of Steinmetz as part of a joint Swiss, Israeli and US probe over allegations that BSGR, the billionaire Israeli-French businessman's mining company, bribed government officials in Guinea in order to obtain mining rights over the vast Simandou iron ore deposit.

The UK's Telegraph newspaper reports that Steinmetz could be held until Thursday. Steinmetz who denies any wrongdoing and was not charged with a crime again blamed hedge fund billionaire George Soros for running a defamation campaign:

“I feel terrible that the state of Israel is doing this to me. This is customary in totalitarian states. It's like a dictatorship that decides and marks people,” Mr Steinmetz said.

“There is nothing, the whole investigation is nothing. There are those who have marked us here. It's political. George Soros marked me. We did not do anything.”
BSGR acquired the rights to one half of Simandou (stripped from Anglo-Australian giant Rio Tinto over development delays) in 2008 when Guinea was under military rule.

After spending $170 million advancing the project BSGR signed a $2.5 billion deal with Brazil's Vale in 2010 to jointly develop the project, but the Rio de Janeiro company only paid out $500 million before Guinea stripped BSGR’s rights in 2014.

The UK’s anti-fraud investigating body said last month it is probing Rio's dealings in Guinea involving Simandou. In November last year Melbourne-based Rio fired two executives involved in the project after an internal investigation uncovered a $10.5m payment in 2011 to a French national acting as a go-between with the West African nation’s government.

Rio, the world’s second largest mining company, announced in October it was exiting the project by selling its stake to former partner Chinalco for up to $1.3 billion. Rio has spent more than $3 billion advancing the project (including a $700m payment to the Guinea government to resolve "outstanding issues" in April 2011) having first acquired the property in the late nineties.

Rio last year had its lawsuit for damages against BSGR and Vale dismissed in a New York court. BSGR is still seeking international arbitration over the loss of its Simandou mining rights.

In June, ex-Wall Street banker Mahmoud Thiam who served as Guinea’s mining minister during 2009–2010 was convicted of laundering $8.5 million he was alleged to have taken to help a Chinese company gain mining concessions. Guinea is one of the world's largest producers of bauxite, the primary ore used in the production of aluminum.

With complete control of Simandou, Beijing-based Chinalco may revive the stalled project for the southern block of the 2 billion-tonne deposit of high-grade iron ore, but the cloudy outlook for prices for the steelmaking raw material now trading around $70 a tonne after peaking in 2011 at $190 may deny Guineans a windfall again.

The original $20 billion agreement signed in 2014 with the backing of the World Bank (which has since withdrawn support) called for a new 650km railway to Conakry, Guinea's capital in the north, plus a new deep water port at a conservatively estimated cost of $7 billion, and infrastructure investments that would double the economy of the impoverished country.

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Russia & Japan to develop tourism in disputed Kuril Islands www.rt.com

Moscow and Tokyo are discussing the possibility of organizing cruises around the South Kuril Islands, the Kyodo news agency reports quoting diplomatic sources. This is a part of a plan to develop business links in the disputed territories.

Following the visit by Russian President Vladimir Putin to Japan in December last year, Moscow and Tokyo agreed to start joint economic activities on the islands. Putin will meet Japanese Prime Minister Shinzo Abe in Vladivostok in September to continue the discussions. The countries plan to develop fishing, tourism, healthcare and ecology in the region.

Russia is looking for Japanese investment in the Far East, while Japan hopes to recover the territories lost after WWII. However, Russia has repeatedly rebuffed Japanese claims.

The Kuril Islands stretch between the northernmost Japanese island of Hokkaido and Russia’s Kamchatka.

The entire archipelago is currently administered by Russia, which received them after WWII under the 1945 Potsdam Declaration.

Japan claims sovereignty over the two southernmost large islands of Iturup and Kunashir, as well as the Shikotan and Habomai islets, citing their history as Japan’s northern territories. Russia and Japan did not sign a peace treaty after WWII over the issue.

Moscow claims sovereignty over the islands based on the post-war agreement signed by the Allies in 1945. The pact stipulated the South Kurils became part of the USSR following the war which Japan lost. According to the Kremlin, as the rightful successor of the Soviet Union, Russia's sovereignty over the territories is recognized internationally and not in doubt.

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Qatar to open embassy in Mongolia www.news.mn

Mongolian President Kh.Battulga received H.E. Sultan Mansoori, Ambassador to Mongolia from Qatar earlier today (15th of August). 

During the meeting, Ambassador Mansoori noted that the two countries are marking the 15th anniversary of the establishment of relations between the two countries this year. Qatar is seriously focusing on investing in Mongolia. Mr Mansoori confirmed that Qatar is planning to open Embassy in Mongolia.

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No left turn! New traffic rules for Ulaanbaatar's 'Peace Avenue' www.news.mn

Starting from yesterday (August 15th), left turns are to be prohibited on Ulaanbaatar's main thoroughfare, Peace Avenue, between the Western Central Intersection and the Eastern Central Intersection. The decision has been made to decrease the pressure of traffic on the main roads of the Mongolian capital. 

Because of the this decision, the routes of seven buses will be changed from 15th of August.

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Shale Will Beat OPEC as U.S. Oil Thrives at $40, Citigroup Says www.bloomberg.com

U.S. shale oil will prevail over OPEC as the two rivals compete in an oversupplied world market, Citigroup Inc.’s head of research said.

The Organization of Petroleum Exporting Countries and its allies may have boosted oil prices by cutting production, but they’re losing revenue in the process and their position “is not sustainable over a long period,” Citigroup’s Ed Morse said in a Bloomberg television interview on Tuesday. On the other hand, U.S. shale drillers have adapted to survive prices as low as $40, he said.

“In the end, the markets are going to win, and it’s going to be shale,” Morse said. “If we’re in a $40 to $45 world, we’ll have enough drilling to add to the surplus in the world as a whole.”

Oil prices have lost 12 percent in London this year, trading near $50 a barrel, as output curbs by OPEC, Russia and other partners fail to drain a global surplus. U.S. shale explorers have boosted drilling and are poised to reach a record output next month, plugging some of the gap left by OPEC’s cutbacks.

The steadiness of crude prices on the forward curve at about $50 a barrel suggests that U.S. oil producers are active in using futures contracts to lock in -- or “hedge” -- their output for this year and next, according to Morse.

Despite some weaker guidance from operators, the oil-rich Permian Basin “is going to grow at a hefty rate this year, and probably the same rate next year,” he said.

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Singapore ready to partner China to build Belt and Road: Minister www.chinadaily.com.cn

SINGAPORE - Singapore stands ready to partner China to jointly build the Belt and Road Initiative, Singapore's Minister for National Development and Second Minister for Finance Lawrence Wong said on Tuesday.

Wong told the Singapore Regional Business Forum that Singapore and China have agreed to carry on cooperation in three areas for the building of the Belt and Road - infrastructure connectivity, financing of Belt and Road projects, and cooperation of companies of the two sides for doing projects in third countries.

He said the infrastructure connectivity is being operationalized through the China-Singapore (Chongqing) Connectivity Initiative (CCI).

Both sides are now working to jointly develop the CCI Southern Transport Corridor that will link western China to Southeast Asia through Chongqing, a municipality in western China and Singapore, and connect the overland Silk Road Economic Belt with the 21st Century Maritime Silk Road.

The corridor is expected to offer a shorter and more direct trade route between western China and Southeast Asia, and will lower logistics costs, enhance cross-border trade flows, and catalyze the economic development of both regions, in particular the provinces along the corridor, said the minister.

He said Chongqing and Singapore can be the two hubs in Asia, linking up the Belt and Road, and enlarging the possibilities for connectivity across western China and Southeast Asia.

Speaking of the financing of Belt and Road projects, Wong said there are large infrastructure gaps in Asia, and Singapore, as a major center for the financing of infrastructure projects in Southeast Asia, can play a role in it.

He said 60 percent of projects in Southeast Asia enjoy project finance and advisory services from Singapore-based banks, and Chinese banks in Singapore are also expanding their presence and doing more to finance Belt and Road projects.

"Beyond financing, we are home to a full suite of high-quality professional services that are necessary to bring infrastructure projects into being, including project advisory, dispute resolution, and legal services," he added.

Wong said Singapore also wants to encourage Singaporean and Chinese companies to forge partnerships and do projects together in third countries, as well as work together on human resource development in countries along the Belt and Road.

He said Singaporean companies are natural partners for Chinese companies in expanding to the region, as Singaporean companies have good market knowledge of Southeast Asia and can do engineering design and master-planning, project management, financing, logistics and servicing.

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