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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Development road program backed www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On May 10, the cabinet approved the Development Road Program, which will aim at intensifying the developments in sectors of road, transport, energy, communication, mining, industry and tourism, connecting Mongolia with other countries by better infrastructure, eliminating trade barriers and reducing transport costs of goods.
 
Related ministers were tasked to reflect general guidelines of actions and annual expenditures into the Government Budget, plan of foreign governments’ and international organizations’ credits and assistances, and to seek to raise funds from public and private partnerships.
 
The government expects from implementation of the program an increased investment in infrastructural projects and community developments, upgrade of extractive industries, increased amount of workplaces, improved living condition and increased GDP.
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Investment management company to be established www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During its regular meeting on May 10, Wednesday, the Cabinet assigned Chairman of Board of Development Bank to establish and adopt the regulations for a subsidiary under the bank, designated to generate investment funds which will finance projects augmenting economic growth.
 
By generating an investment fund, the Cabinet views, value-added production and new services based on mining, agriculture, food and light industry will be facilitated, increasing employment.
 
In addition to loan repayment risks, there are necessities to expand the middle-class; increase saving; manufacture value-added products, including supporting export of agriculture and light industry sectors; improve mining infrastructure and diversify the economy which lead to the establishment of the investment fund.
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Softbank's profit surges www3.nhk.or.jp

 
Telecom giant Softbank Group has logged a record net profit in fiscal 2016, which ended in March. Its officials say strong performance of the group's domestic operation drove the result.
 
Sales were about 78 billion dollars. That's up slightly from the level for the previous year.
 
Net profit tripled to 12.5 billion dollars. It's the first time the figure topped 1 trillion in yen terms.
 
Executives say earnings were also boosted by the sale of part of the firm's stake in the Chinese online retail giant Alibaba Group.
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Tesla starts taking orders for premium solar roofs www.reuters.com

 
Tesla Inc (TSLA.O) on Wednesday began taking orders for its solar roof tiles, a cornerstone of Elon Musk's strategy to sell a fossil-fuel-free lifestyle under the brand name of its luxury electric vehicles.
 
Tesla said the product, which generates solar energy without the need for traditional rooftop panels, will be pricier than a conventional roof but will look better and ultimately pay for itself through reduced electricity costs.
 
The solar roof tiles were unveiled in October as Musk sought to convince shareholders of the benefits of combining his electric vehicle maker with SolarCity, the solar installer run by his cousins.
 
Tesla acquired SolarCity in November, and has been working to remake a money-losing company that was selling traditional solar systems into a premium energy brand. To date, other companies have had little market success with attempts to incorporate solar technology directly into roof tiles. It remains unclear whether the products will appeal to consumers as much as Tesla's electric vehicles do.
 
To get in line for a solar roof, homeowners must put down a $1,000 deposit via Tesla's website. There, they can also calculate the estimated upfront cost of a solar roof.
 
A 1700-square-foot roof in Southern California, with half the roof covered in "active" solar tiles, would cost about $34,300 after a federal tax credit, according to the calculator. Tesla estimates such a roof could generate $76,700 of electricity over 30 years.
 
The company said its solar roofs would cost between 10 and 15 percent less than an ordinary new roof plus traditional solar panels.
 
But Jim Petersen, chief executive of PetersenDean Inc, which installs about 30,000 new roofs plus solar a year, estimated that a 1700-square-foot roof with new solar panels, including the tax credit, would cost about $22,000, well below the Tesla website's estimate. Costs vary depending on roof type.
 
Glass tiles will be available in the United States later this year, beginning with gray smooth glass and black textured glass versions, Tesla said. Slate and Tuscan styles will be introduced in 2018. Overseas markets will receive the products next year.
 
Tesla said it expects the product to be popular in locations beyond where its SolarCity subsidiary currently operates, and plans to expand installation crews accordingly.
 
Tesla will manufacture the tiles at its solar factory in Buffalo, New York. Production will start "very slowly," Musk told reporters on a conference call, adding he expects robust demand.
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ISDEF Expo 2017 - Israel www.mongolianbusinessdatabase.com

We are happy to announce that WE WILL BE EXHIBITING at ISDEF 2017, which will take place on June 6th-8th at the Tel-Aviv Convention Center, Israel.

ISDEF 2017 is a great opportunity to see our new products, meet with colleagues and business partners, get acquainted with the latest and newest in defense and homeland security technology and more. 

Please contact us at 77109911, 98994787, 99066062 or contact@mongolianbusinessdatabase.com for more information and registration.

 
 
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Labour selects John Grogan to contest Keighley seat at General Election www.keighleynews.co.uk

(Mr.John Grogan is the Chairman of Mongolian-British Chamber of Commerce, very close business partner/"friend" of MBD and its business delegations to UK)

- JOHN Grogan is to reprise his battle to wrest Keighley from Tory control.

He has been selected by Labour to contest the Parliamentary seat at the General Election, on June 8.

In 2015, he failed in his bid to unseat sitting Conservative MP Kris Hopkins, who was returned with a 3,053 majority.

But Mr Grogan said this week he was confident the polls nationally would tighten in the coming weeks and that he was looking forward to a "robust but civilised" campaign.

"I'm delighted to be standing again in Keighley," he said.

"I was asked to put forward my name in a couple of safe Labour seats, but I wanted to stand my ground and fly the party flag in Keighley and Ilkley once again.

"The constituency is 23rd on the national list of target seats for Labour and if we are to get rid of the Conservative majority in Parliament, it is crucial that it is a Labour gain on June 8."

Mr Grogan said he first campaigned for Labour in Keighley in 1979, when the late Bob Cryer stood and took the seat by just 78 votes.

And he began his latest campaign today with the constituency's last Labour MP, Ann Cryer, exactly 20 years after her election victory and the party's national success.

Mr Grogan, 56, who lives at Burley-in-Wharfedale, was MP for Selby from that same year until 2010.

"When we were in Parliament together Ann and I voted the same way on 95 per cent of votes," he said.

"As we remember that great victory in 1997 we of course are also looking forward to the coming campaign.

"I anticipate some robust discussions on policy in the next five weeks, but I'm sure the local campaign will be civilised and courteous as it was last time.

"I expect the national polls to tighten as the campaign goes on and electors begin to look beyond the Conservatives' mantra of 'strong and stable'.

"There is not much stability in Keighley's schools at the moment, for example, as they face very significant cuts in funding.

"In the coming weeks I will set out Labour's policies for Keighley and Ilkley regarding education, health, transport, Brexit and housing."

On the issue of party leader Jeremy Corbyn, Mr Grogan said neither he nor Mrs Cryer had voted for him in the leadership contest.

But he added: "I think he has made a strong start to the campaign.

"Both of us know his many qualities from our time working together on the backbenches on issues such as Iraq."

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Japan Display still swimming in red ink after missing Apple wave www.asia.nikkei.com

 
TOKYO -- Japan Display's dismal fiscal 2016 earnings stood out in the sea of good results from electronic-device makers, but the company has only itself to blame for misreading a clear shift in demand from its biggest customer -- Apple.
 
The major LCD panel manufacturer on Wednesday reported a group net loss of 31.6 billion yen ($277 million) for the year ended in March. The third consecutive year of net losses came despite Chairman Mitsuru Homma expressing hope for a annual profit as recently as February.
 
Japan Display continued a familiar pattern, having repeatedly downgraded earnings forecasts since its stock listing in 2014. President Shuji Aruga said at the earnings briefing that he felt "greatly responsible" for the disappointing result. Homma was a no-show.
 
Missing the boat
 
The red ink sprung mainly from the business of supplying liquid crystal display panels for smartphones, which generates roughly 80% of the company's sales. Japan Display struggled to keep output flowing smoothly, beset by delays in improving the production yield of a new type of panel.
 
South Korea's Samsung Electronics also snatched some business from Japan Display by pitching organic light-emitting diode panels to Chinese smartphone makers for use in their upmarket handsets.
 
Japan Display said during Wednesday's briefing that it aims to counter the setback in smartphone panels by boosting sales of LCD panels for other electronic devices, such as automotive displays. But this segment looks unprepared to deliver, accounting for only around 10% of the company's sales.
 
Storms ahead
 
"Three straight years of net losses will be viewed as a seriously negative factor when we consider additional loans," an official of a lender bank noted. But things could get even worse for Japan Display.
 
Apple, the source of roughly half of Japan Display's sales, is expected to use an OLED panel on the iPhone for the first time with the new model set for release in the fall. This change could sink Japan Display's fiscal 2017 sales by 20% compared with a year earlier, according to some estimates.
 
OLED displays are expected to make up a significantly bigger share of the iPhone's 2018 models, said Yoshio Tamura of research firm Display Supply Chain Consultants.
 
Apple's shift toward OLED panels likely will prompt Chinese smartphone makers to follow suit, since they have grown by imitating the U.S. tech giant. This poses a serious threat to Japan Display's plan to capture market share for its LCD panels among high-end Chinese-made models.
 
With its eyes fixed on LCDs, Japan Display kicked off production at a 190 billion yen panel plant in Japan's Ishikawa Prefecture in December. Though the company has the technology to manufacture OLED panels, it is unable to ready production in time to supply them to Apple in 2018, Aruga said, in essence admitting management's failure to anticipate a major shift in the industry.
 
Samsung, by contrast, has invested billions of dollars to raise its OLED production capacity. Fellow South Korean manufacturer LG Display is expected to begin supplying Apple in 2018.
 
Japan Display was created five years ago through a merger of the LCD panel operations at major Japanese electronics manufacturers under the lead of the Innovation Network Corp. of Japan. Still the top shareholder, the public-private investment fund has enlisted Nobuhiro Higashiiriki, president of Japanese OLED panel developer JOLED, to take the helm at Japan Display next month to try to change course. But some warn that navigating the transition from LCDs to OLEDs will would prove a challenge for even a deft hand.
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After IMF postpones approval, Parliament repeals Subclause 11 requirement of mandatory FX deposits in Mongolian banks, awaits IMF board review of assistance package – but is it over? NAMBC Newsletter

The State Great Khural has repealed the highly controversial subclause 11 in the revised budget legislation that would have required foreign companies to deposit foreign exchange sales revenues in Mongolian banks. The board of directors of the International Monetary Fund (IMF) had postponed approval of the Mongolia bailout package, scheduled for April 28, because of concern about that clause. The IMF will now re-examine the amended budget law and proceed towards a decision. The mandatory bank deposit clause was not in the Government’s original bill but rather was added by MPs during the Budget Committee consideration of the bill.

Besides erecting a major new impediment to FDI, and throwing a scare into overseas financial markets that were beginning to incline towards taking another chance on Mongolia, the provision would have been a clear violation of existing Investment Agreements (IA) and Production Sharing Contracts (PSC), which guarantee investors no changes in tax and performance requirements beyond those in effect at the time the IA or PSC was signed. Foreign companies making multi-billion dollar investments in projects with life spans of 30 to 60 years must have a stable tax and regulatory environment in order to secure the necessary capital. Among the foreign investors with major stakes in the sanctity of Investment Agreement contracts are the IFC and MIGA, members of the World Bank Group, which arranged US$2.2 billion in debt and guarantees to support the Oyu Tolgoi copper. Mongolia concluded its Investment Agreement on Oyu Tolgoi in 2009. The International Monetary Fund and the World Bank Group are sister organizations that were both created at the international Bretton Woods Conference (New Hampshire, USA) in July 1944. The IMF and the World Bank Group hold their semi-annual meetings together at the same time and place because of the close ties between the two.

However, comments made by a Mongolian People’s Party (MPP) leader when the MPP announced that they would support repeal of subclause 11 with their 85% majority in parliament have reignited worries among foreign investors about whether this issue will come back again. MP Khayankhyarvaa Damdin, MPP floor leader in the State Great Khural, told a Mongolian reporter for Nikkei Asian Review that, yes, the parliament would “change the new regulation again [i.e., repeal and delete subclause 11],” but he went on to explain, “Because the economy is in a dire state, Mongolia first needs to be part of the [IMF] grant,.” However, he concluded, “after that, we will discuss whether foreign investment should go through a Mongolian bank."

Some observers suggest that the IMF board – and the global financial community – might welcome, if not require, reassurances of stability and transparency in the form of an official statement from the Mongolian Government declaring that proposals requiring mandatory bank deposits would not again be raised during the life of the current government, which runs until the next parliamentary election in 2020. One Canadian financial analyst told us, “The [Mongolian] Government offered an undertaking to China last December that promised no future visits by the Dalai Lama for the duration of the incumbent government and that same modus vivendi regarding forced bank deposits may well be a good idea now.”

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Agreement on Indian government loan to be submitted for immediate parliamentary discussion www.montsame.mn

 
Ulaanbaatar /MONTSAME/ The cabinet discussed the bill of ratification of General Agreement on Credit Line of USD 1.0 billion between the Government of Mongolia and the Government of the Republic of India, and resolved to recommend the parliament to run immediate discussion on this matter.
 
The 20-year loan will have annual interest rate of 1.75 percent with 5-year grace period. It has been agreed by both governments to dedicate the credit financing to projects on industrialization, railroad, infrastructure, agriculture and other important economic fields.
 
In regard to the amount of financing, credit grace period for infrastructural projects costing more than USD 200 million and project with strategic importance that cost USD 100 million or more will be seven years, with overall credit term of 25 years.
 
 
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Cabinet approves draft agreements on infrastructure development www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During its regular meeting on May 10, Wednesday, the Cabinet discussed and approved draft special loan agreements on projects ‘Construction of steel-concrete bridges on Tuul River in Bayanzurkh and Sonsgolon’ and ‘Construction of Ulaanbaatar-Mandalgobi electricity transmission network and electrical substation’ to be established by the Ministry of Finance and Chinese Export-Import Bank.
 
From USD 1 billion soft loan issued by the Export-Import Bank following an agreement established with Mongolian Government in 2015, USD 118 million fund will be allocated for the Ulaanbaatar-Mandalgobi electricity transmission network and electrical substation project.
 
With establishment of the agreement, the Cabinet views, electricity will be distributed to major mines like Oyu Tolgoi, Tavan Tolgoi and Tsagaan Suvarga, and moreover, there will be two electricity sources when Tavan Tolgoi power station launches its operation.
 
The Bayanzurkh bridge on Tuul River, inaugurated in 1963 and 1965, will be enlarged with the project, and the road leading to Sonsgolon bridge will be expanded to a four-lane road.
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