1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      НУРАХ ДӨХСӨН БАЙРУУДЫГ ШИНЭЧЛЭХ КОМПАНИ ОЛДОХГҮЙ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛС ВАШИНГТОН, ПЁНЬЯНЫ ХЭЛЭЛЦЭЭРТ ЗУУЧЛАХАД БЭЛЭН ГЭДГЭЭ ЗАРЛАЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20    

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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Apple debuts HomePod speaker to bring Siri into the living room www.reuters.com

Apple Inc (AAPL.O) on Monday introduced the HomePod, a voice-controlled speaker that can make music suggestions and adjust home temperatures, taking aim at Amazon.com Inc's (AMZN.O) Alexa feature and Echo devices.
 
The move is the first into a completely new area by Apple for more than two years as the world's most valuable technology company looks to make up for a dip in iPhone sales and new ways to get customers to use more of its money-making apps and services.
 
Apple's Siri assistant will be integrated into the $349 speaker, and can make music recommendations that pair with the company's Apple Music service, send text messages, check news and sports scores and control compatible home gadgets like lightbulbs and thermostats.
 
HomePod users may initially be constrained by Siri's lack of capabilities as compared to Alexa, which also boasts the ability to order millions of Amazon products as well as food from restaurants like Domino's.
 
Apple is expected to announce plans this week to make its Siri voice assistant work with a larger variety of apps, but initial changes were expected to add just a small number of capabilities.
 
The HomePod speaker stands just under seven inches (18 cm) tall and is covered in fabric mesh that will come in white or gray. A computer processor will tune sound to the room and beam specific parts of music, like a singer's voice, toward the listener.
 
Apple will begin shipping the HomePod to the United States, Britain and Australia in December.
 
The speaker, while expected by some industry watchers, marked Apple's first new product announcement since the Apple Watch in September 2014. As a music-playing device, it will also be a challenger to Sonos, whose wifi-controlled speakers are used by many smartphone users for home entertainment.
 
The Cupertino, California-based company said Siri, which also competes with Alphabet Inc's (GOOGL.O) Google Assistant, will now work across devices.
 
A new Siri interface on the Apple Watch will also blend users' calendar information with other useful details, like airline tickets they may have booked, the company said.
 
Apple shares closed down 1 percent at $153.93, not far below the all-time high set last month.
 
Apple also used its annual developer meeting in San Jose, California - its largest ever with some 5,000 people attending - to offer hints about so-called augmented reality technology.
 
The technology, a feature of the wildly successfully smartphone game Pokemon Go, overlays digital information on real-world images and is seen as an area in which the keenly awaited 10th-anniversary iPhone can stand out from competitors.
 
New indoor maps of areas like malls and airports indicated that Apple might be laying groundwork to display information over images of those places in the future.
 
The company also rolled out tools for developers to create augmented reality applications for iPhones and iPads. To show the tools off, Apple invited Wingnut AR, the company formed by "Lord of the Rings" director Peter Jackson, on stage.
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FDI in Mongolia reaches USD 178.1 million www.montsame.mn

 
Ulaanbaatar /MONTSAME/ Foreign direct investment (FDI) inflow in Mongolia averaged USD 178.1 million as of April 2017, which was down by 39 percent compared to the same period of last year.
 
As for the FDI outflow from Mongolia, it increased by 15 percent to USD 4.4 million. The net flow amounted to USD 173.8 million, which is 40 percent less than last year. Bank of Mongolia informed that the Balance of Payment showed USD 75.2 million surplus at the end of April. The Minister of Finance previously stated “By joining the International Monetary Fund’s Extended Fund Facility financial arrangement, basic economic and fiscal conditions, such as the growth of foreign investors’ confidence, increased future investments, improved credit rating and decreased interest expense are expected”. Therefore, the FDI is expected to grow in the future. Within the framework of the IMF Extended Fund Facility program, the Bank of Mongolia has received the first stage deposit of USD 38.6 million in May.
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Haranga sells Mongolian iron project www.asiaminer.com

 
HARANGA Resources has entered into an agreement for the sale of its Selenge Iron Ore Project in Mongolia. The company has executed a formal share sale agreement with Ambaatar Bilguun for the sale of its 100% interest in Mongolian subsidiary Haranga Iron LLC.
 
Haranga Iron holds an 80% interest in Haranga Khuder, which holds the Selenge project in the country’s north. The project comprises a mining licence and exploration licence.
 
The ASX has advised Haranga that it will require shareholder approval and the company is preparing the necessary notice of meeting, which it intends to hold in July.
 
On execution, the buyer will pay to Haranga a non-refundable deposit of US$100,000. After receiving shareholder and other regulatory approvals, the buyer will then pay US$1 million.
 
Twelve months from the first date that proceeds from the sale or other disposition of product from the Selenge project are received, the buyer will pay a further US$3.5 million.
 
In a release to the ASX, Haranga said the decision to divest the project was taken following a sustained period of investor disinterest in the project. It said, “The Board continues to actively pursue other opportunities to restore shareholder value.”
 
The company also advises that Peter Youd has been appointed to the Board of Directors while Brian McMaster has resigned as non-executive chairman. A chartered accountant, Peter Youd has extensive experience within the resources and oil and gas services industries. He has held a number of senior management positions and directorships for publicly listed and private companies in Australia and overseas.
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Khan Bank concludes its first financing project with JBIC under JBIC’s Export Credit Line to Mongolia www.khanbank.com

In June 2013, Japan Bank for International Cooperation (JBIC) has established the first Export Credit Line worth of JPY 8 billion (~USD70 million) to Mongolia with intention to provide funds to local Mongolian companies importing goods and machineries from Japan, through the Ministry of Finance (MOF) by on-lending structure.
 
Since 2015, Khan Bank has implemented a new self-service banking service by introducing brand new, multifunctional ATMs (Recycle ATMs) of Japanese Hitachi-Omron Terminal Solutions in order to provide the most convenient and reliable banking services to our customers all across Mongolia. In order to obtain a long-term competitive external funding for our ATM purchases made in 2016, Khan Bank has approached JBIC for financing 85% of total purchases in the amount of approximately ~USD 6 million and successfully completed the financing arrangement JBIC with support of Ministry of Finance. The financing is also to be co-financed by SMBC, a Japanese commercial bank, under NEXI insurance.
 
Khan Bank sees that implementation of this project as a gateway to establish a long-term cooperation with JBIC, whose support has enabled us to diversify our funding sources in longer-term financing, and to promote medium to long-term, favorable financing solution to our corporate clients who are conducting cross-border trade with Japanese companies.
 
Khan Bank, with over 535 online branches reaching every community in Mongolia, is the largest commercial bank in the country, providing comprehensive banking and other financial services to its customers. Khan Bank’s continued investment in technology has significantly improved access to online banking at all branches; an extensive ATM network covering Ulaanbaatar, provincial capitals, and major soum centers; as well as nationwide access to internet, mobile, and SMS banking.
 
JBIC is a policy-based financial institution of Japan, and conducts lending, investment and guarantee operations while complementing the private sector financial institutions with the aim of contributing to the sound development of Japan and the international economy and society.
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Mongolian minister 'confident' on structural reform www.asia.nikkei.com

TOKYO -- Mongolia will be able to implement the structural reforms it has agreed to with the International Monetary Fund, Foreign Minister Tsend Munkh-Orgil told the Nikkei Asian Review in an interview on Monday in Tokyo.
 
Last month the IMF approved a three-year, $434 million loan for Mongolia as part of a wider $5.5 billion aid package that is also supported by Japan, South Korea, China, the Asian Development Bank and the World Bank.
 
The resource-rich country has benefited from a commodities boom over the last 15 years or so. But a subsequent commodity price slump, investment outflows and slowing demand in key export markets have hit the economy hard.
 
"I am confident that resources and the money that will be lent to the Mongolian government will be used effectively to overcome the temporary economic problems," Munkh-Orgil said on the sidelines of the International Conference on The Future of Asia.
 
The agreement was reached after IMF determined that Mongolia had met some of the lender's demands, including raising taxes and cutting spending. Some observers, however, question the ability of the government to carry through with the painful structural reforms needed to put the economy back on track.
 
But Munkh-Orgil said the reform was inevitable. "With or without IMF, we know that we must undertake these reforms. We have expanded fiscally -- a lot. We have stretched ourselves on [the] budget. We have reached unsustainable levels of government debt," he said.
 
The government is trying to respond through fiscal consolidation, Munkh-Orgil said, and by bringing the budget under control. Mongolia aims to reduce the budget deficit, currently equivalent to 17% of gross domestic product to 10.2% by the end of this year. By 2022, it aims to have a budget deficit equal to around 2% of GDP, he said.
 
"For the next several decades, the mining sector will continue to be the central linchpin of the Mongolian economy," Munkh-Orgil said. "But at the same time, mining is a very capricious animal. [The] fortunes and misfortunes of the mining sector can go up and down unexpectedly."
 
Mongolia is ready to diversify its economy, which currently relies on minerals for 90% of its export revenue, he said. "We need to bring in more products, [put] more industries in play. We need to engage the public and businesses in other areas that employ more people and bring more export revenues, like agriculture and tourism."
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Saudi Arabia's Feud With Qatar Has 22-Year History Rooted in Gas www.bloomberg.com

 
Saudi Arabia’s excommunication of Qatar has been brewing since 1995, and the dispute’s long past and likely lingering future are best explained by natural gas.
 
Not only was that the year when the father of the current emir, Sheikh Tamim bin Hamad Al Thani, toppled his own pro-Saudi father, it was also when the tiny desert peninsula was about to make its first shipment of liquid natural gas from the world’s largest reservoir. The offshore North Field, which provides virtually all of Qatar’s gas, is shared with Iran, Saudi Arabia’s hated rival.
 
The wealth that followed turned Qatar into not just the world’s richest nation, with an annual per-capita income of $130,000, but also the world’s largest LNG exporter. The focus on gas set it apart from its oil producing neighbors in the Gulf Cooperation Council and allowed it to break from domination by Saudi Arabia, which in Monday’s statement of complaint described Qataris as an “extension of their brethren in the Kingdom” as it cut off diplomatic relations and closed the border.
 
Instead, Qatar built its own ties with other powers including Iran, the U.S. -- Qatar hosts U.S. Central Command -- and more recently, Russia. Qatar’s sovereign wealth fund agreed last year to invest $2.7 billion in Russia’s state-run Rosneft Oil Co. PJSC.
 
“Qatar used to be a kind of Saudi vassal state, but it used the autonomy that its gas wealth created to carve out an independent role for itself,” said Jim Krane, energy research fellow at Rice University’s Baker Institute, in Houston, Texas. “The rest of the region has been looking for an opportunity to clip Qatar’s wings.”
 
Trump’s Visit
 
That opportunity came with U.S. President Donald Trump’s recent visit to Saudi Arabia, when he called on “all nations of conscience” to isolate Iran. When Qatar disagreed publicly, in a statement the government later said was a product of hacking, the Saudi-led retribution followed.
 
Critically, Qatar’s natural gas output has been free from entanglement in the Organization of Petroleum Exporting Countries, the oil cartel that Saudi Arabia dominates.
 
The new emir, having survived a counter-coup attempt in 1996, didn’t build pipelines that would have integrated Qatar into the markets of its Gulf neighbors. Two senior Qatari government officials alleged during the trial of the coup plotters in 2000 that Bahrain helped to organize the attempt with Saudi Arabia’s consent, according to a report by the BBC.
 
At the time, those much richer oil states saw natural gas as virtually worthless, useful mainly for injecting back into oil wells to improve extraction rates. They were willing to pay only a fraction of the world market price for LNG, according to a paper Krane co-authored with Qatar University’s Steven Wright.
 
The sole pipeline built, the Dolphin project connecting Qatar’s North Field to the United Arab Emirates and Oman, has operated at half to two thirds capacity. Contracts signed last year should fill the rest, yet the vast majority of Qatar’s exports will continue to go to markets in Asia and Europe.
 
Angering Neighbors
 
More recently, demand for LNG to produce electricity and power industry has been growing in the Gulf states. They’re having to resort to higher-cost LNG imports and exploring difficult domestic gas formations that are expensive to get out of the ground, according to the research. Qatar’s gas has the lowest extraction costs in the world.
 
Qatar gas wealth enabled it to develop foreign policies that came to irritate its neighbors. It backed the Muslim Brotherhood in Egypt, Hamas in the Gaza Strip and armed factions opposed by the UAE or Saudi Arabia in Libya and Syria. Gas also paid for a global television network, Al Jazeera, which at various times has embarrassed or angered most Middle Eastern governments.
 
Above all, gas prompted Qatar to promote a regional policy of engagement with Shiite Iran to secure the source of its wealth.
 
Gas isn’t the immediate cause of the current showdown, but “you can question why Qatar has been unwilling to supply its neighboring countries, making them gas poor,” said Wright, the academic, speaking by telephone from the Qatari capital Doha. “There probably was an expectation that Qatar would sell gas to them at a discount price.
 
What Next?
 
Adding to regional frustrations, in 2005, Qatar declared a moratorium on the further development of the North Field that could have provided more gas for local export.
 
Qatar said it needed to test how the field was responding to its exploitation, denying that it was bending to sensitivities in Iran, which had been much slower to draw gas from its side of the shared field. That two-year moratorium was lifted in April, a decade late, after Iran for the first time caught up with Qatar’s extraction rates.
 
“People here are scratching their heads as to exactly what the Saudis expect Qatar to do,” said Gerd Nonneman, professor of international relations and Gulf studies at Georgetown University’s Doha campus. “They seem to want Qatar to cave in completely, but it won’t call the Muslim Brotherhood a terrorist organization, because it isn’t. And it isn’t going to excommunicate Iran, because that would jeopardize a relationship that is just too fundamental to Qatar’s economic development.”
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Discussion on draft amendment to constitution to begin nationwide www.montsame.mn

 
Ulaanbaatar /MONTSAME/ Following Parliament's adoption of Resolution on ‘Ensuring sovereignty and participation of the people of Mongolia on Amendment of the Constitution’ on June 2, a press briefing was held by Parliamentary Standing committee on State Structure on June 5, Monday.
 
In accordance with the resolution, a public discussion on the draft amendment to the Constitution of Mongolia will take place nationwide from June 5 to September 10.
 
Present at the briefing were Member of Parliament D.Lundeejantsan who is leading the working group in charge of conducting public discussion on the draft amendment and Members of Parliament D.Erdenebat, G.Zandanshatar and J.Batzandan who are leading sub-working groups.
 
Citing the 1991 public discussion on the draft new Constitution of Mongolia, Member of Parliament D.Lundeejantsan said, “Since then, Mongolia has undergone inevitable changes, as the world did. The matter of amending the Constitution has been on agenda for a long time”.
 
Around 2 million Mongolians who are of age can partake in the public discussion that will proceed for 95 days. The discussion will take place in four main areas – stable and transparent civil service, system of accountability, distribution of legislative powers and a human rights-oriented society.
 
The discussion enables online participation through social networking sites which also allows Mongolians living abroad register their opinions.
 
The draft amendment is expected to be submitted to Parliament by October 1.
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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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