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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BHP Urged by Elliott to Unify Structure, Separate Petroleum www.bloomberg.mn

 
BHP Billiton is being targeted for an overhaul by sometimes-activist Elliott Management Corp., which is urging the world’s biggest mining company to unify its corporate structure, spin off more assets and improve capital returns.
 
The resources giant, which has two separate legal entities listed in Sydney and London that are run as one group, should unify into a single Australian-headquartered company, Elliott said in a press release Monday. The New York-based hedge fund is also urging BHP to seek a demerger of its U.S. petroleum business, which Elliott said is worth about $22 billion. Shares of BHP surged 4.6 percent to A$25.73 at the close Monday in Sydney.
 
Elliott is arguing BHP, which has a market value of about $96 billion, should return capital through buybacks that would maximize tax credits and discourage expensive cash acquisitions. The investment firm, which referred to talks already held with BHP management, said the changes could boost shareholder value by about 50 percent. Elliott said it owns about 4.1 percent of BHP’s London-listed shares and has rights to acquire 0.4 percent of its Australian stock.
 
“Despite the first-class quality of most of BHP’s assets, BHP as an investment has underperformed,” Elliott said in a letter to the company’s board. Most of that underperformance “has been driven by the incomplete status of management’s streamlining and value-optimization of BHP’s group structure and asset portfolio.”
 
A Melbourne-based spokesman for BHP said he couldn’t immediately comment.
 
BHP has been slashing costs as it seeks to position for an era of meager demand growth amid cooling economic expansion in China, the company’s top customer. Elliott, which manages about $33 billion, is adding BHP to a list of other companies it’s recently targeted including Samsung Electronics Co., Marathon Petroleum Corp. and NRG Energy Inc.
 
Chairman Jacques Nasser in November 2015 defended BHP’s current structure as two listed firms, warning the costs of changing the setup would likely be high. Under terms of the 2001 merger of BHP Ltd. and Billiton Plc that created the group, holders of London or Sydney-listed shares receive equal cash dividends, according to the producer’s annual report. They remain separate legal entities, with BHP Billiton Ltd. trading in Australia and BHP Billiton Plc listed in London.
 
Elliott said BHP “took an important first step towards streamlining” with the 2015 spinoff of South32 Ltd., which included smaller operations across a suite of commodities and focused BHP around key assets in iron ore, coal, copper and oil. The creation of Perth-based South32 reduced BHP’s portfolio from about 40 operations to 19 core assets.
 
Still, that move “actually magnified the inefficiencies” of BHP’s dual corporate structure, leaving its London entity generating just 10.3 percent of revenue, Elliott said. The commodity producer should create a single company, which would continue to be managed from Australia and retain BHP’s current stock market listings, according to Elliott.
 
Competing Priorities
 
BHP, the largest overseas investor in U.S. shale, should seek a separate listing of its U.S. onshore petroleum and offshore Gulf of Mexico assets on the New York Stock Exchange to realize their growth potential, the hedge fund said. The business’s expansion opportunities are limited under BHP, which has competing priorities for capital allocation, according to Elliott.
 
The investment firm is also arguing BHP could buy back shares effectively at a 14 percent discount by making better use of about $9.7 billion accumulated franking credits, which offset taxes on Australian stock dividends. The proposed changes would also “help management to avoid making badly timed acquisitions paid for in cash,” Elliott said, and “increase the scope for management to pursue appropriate acquisition opportunities using unified BHP’s own shares.”
 
BHP lowered its dividend for the first time in 15 years in February 2016 amid weaker commodities prices and scrapped a guarantee of continually rising returns. The company switched to a policy to provide payouts at a minimum of 50 percent of underlying attributable profit.
 
Any separation of the petroleum business would mark a shift from the recent strategy under BHP Chief Executive Officer Andrew Mackenzie, who has been in his post for nearly four years. The company said in February that oil and copper are better placed in longer-term than materials including iron ore and coal. BHP will direct about three-quarters of capital expenditure over the next five years to the two favored commodities, according to Macquarie Group Ltd. forecasts.
 
BHP in December outbid BP Plc to partner with Petroleos Mexicanos on the Trion oil field in the Gulf of Mexico. In February, BHP approved its $2.2 billion share of spending on the Mad Dog Phase 2 oil project. The company earned about 20 percent of its underlying profit from the global oil business in the six months ended December, less than half the proportion coming from iron ore, data compiled by Bloomberg show.
 
Elliott, led by billionaire Paul Elliott Singer, makes investments that typically involve complex legal analysis and corporate research. While most of its investments aren’t activist -- where it amasses shares and seeks changes to boost shareholder returns -- it’s those campaigns that often attract the most attention.
 
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Morin Khuur to be taught at Austrian conservatory www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Traditional Mongolian instrument Morin Khuur or horse head fiddle is to be taught at Franz Schubert Conservatory based in Vienna, Austria.
 
In a recent Facebook post, Morin Khuur player at Music and Dance College of Mongolia B.Sanjaajav announced that a Morin Khuur teaching program has indeed been approved by the institute.
 
B.Sanjaajav proposed a 4-year Morin Khuur course to the conservatoire in September, 2016 following which the governing board and corresponding division reviewed the proposal for over a month and approved with pending improvements. The due improvements were made to the Bachelor’s program and its instruction plan by B.Sanjaajav who alongside Daniela Egg, Director of the Franz Schubert Conservatoire signed a document formalizing the introduction of the course in February, 2017.
 
“Not only can international students at the Franz Schubert Conservatoire learn how to Mongolian Morin Khuur in Austria, they will learn about Mongolian culture and music”, wrote the enthusiastic musician. He considers the event to entail positive outlook for Mongolian tourism sector as well.
 
He also highlighted that this is the first time a Mongolian Morin Khuur program is introduced to a foreign conservatoire.
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WeChat to make more of UK pay digitally www.chinadaily.com.cn

 
WeChat Pay is expanding into the United Kingdom next month.
 
China's biggest mobile payments platform in terms of number of transactions will offer a new payment option to British retailers looking to attract Chinese shoppers.
 
"In overseas markets like Europe, we'll keep focusing on the development of services to best serve EU companies interested in leveraging digital channels to foster business opportunities with Chinese customers," said Andrea Ghizzoni, European director of Tencent, the company that owns WeChat.
 
In the UK, WeChat Pay has linked up with the British payments company Tramonex, which will help WeChat Pay integrate its payments infrastructure with British retailers.
 
"We know we can bring real value to the WeChat Pay solution and the entire team is very excited about this opportunity," said Amine Berraoui, CEO of Tramonex. "This arrangement goes a long way in developing Tramonex's footprint and awareness within Asia and completely opens up the East-to-West corridor, fulfilling the goal of facilitating global flows."
 
WeChat Pay's foray into Italy in 2015 enabled Italian merchants to accept mobile payments from Chinese customers by scanning a barcode.
 
France and Germany are to be next European destinations for WeChat Pay, which has 800 million users in China, thanks to WeChat, China's largest social media network in terms of daily users.
 
They use WeChat Pay in wide-ranging ways: for restaurants bills, online and offline shopping, digital transactions for hotel bookings and travel tickets, and even to pay street vendors.
 
WeChat Pay's European expansion follows that of Alipay, another Chinese mobile payment company, which is an affiliate of the Chinese e-commerce giant Alibaba.
 
With two years of operating history in the UK, Alipay has linked up with powerful European banks, including BNP Paribas, Barclays and UniCredit, enabling 930,000 merchants to join its payment network.
 
In the UK, Alipay is accepted at many luxury stores and brand retailers, including Harrods in London. Alipay has 450 million active users in China.
 
Ghizzoni said WeChat Pay is already available at more than 50 locations in Italy, including large fashion and luxury brand outlets, retail companies and the hospitality industry.
 
"Revenues are already in the range of millions, and we expect them to grow significantly this year," he said.
 
Ghizzoni said WeChat Pay is also working with clients to find ways to promote their products to Chinese consumers, leveraging on WeChat's advertising capabilities and Tencent's cloud solutions.
 
"All these tools can prove extremely successful to help Western brands reach and serve Chinese consumers in a consistent and effective manner," he said.
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IMF to upgrade Japan's projected growth www3.nhk.or.jp

 
Officials at the International Monetary Fund are compiling their growth forecasts ahead of the G20 summit on April 20th.
 
They've indicated that Japan's GDP will expand from 1 to 1-and-a-half percent this year.
 
That's higher than their previous estimate in January of 0.8 percent. They say firm exports will likely be the main contributor.
 
IMF officials are also looking to upgrade Britain's GDP growth outlook from 1-and-a-half percent to around 2 percent.
 
The IMF will also warn against protectionist policies around the world, which they say could dampen global growth.
 
The officials say other future risks include rising numbers of migrants due to civil wars in Syria and Africa.
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Technology & investment Mongolia expo to be held www.mongolia.gogo.mn

 
“Technology and Investment to Mongolia”-2017, an annual International technology exhibition and conference will take place on April 20-21 at Shangri-La Hotel, Ulaanbaatar. The exhibition’s unique mission is to introduce the cutting edge technology to priority 10 sectors including infrastructure, construction industry, mining industry, city and rural planning, environmental technology, renewable energy, agriculture, industry sector, energy sector and financial sector. Moreover, the expo will feature international investors as well as focus on the investment.
International top companies from Austria, German, Switzerland, French, and South Africa will introduce their products at the expo.
 
Moreover, the expo is offering its participants a direct access to the Government of Mongolia through its Government Hour event. The Organizing Committee will accept questions and comments from various participants. All questions will be directed to the respective government body in advance of the event hence giving ample time for appropriate officials to prepare to address the issue in a constructive way during the Government Hour.
 
“Technology & Investment to Mongolia”-2017 exhibition is welcoming the representatives of Construction, Urban Development, Mining, Renewable Energy, Food processing and General Aviation sectors. Registration is now open at www.tim.mn
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China offers concessions to avert trade war with U.S.: FT www.reuters.com

 
China will offer the Trump administration better market access for financial sector investments and U.S. beef exports to help avert a trade war, the Financial Times reported on Sunday, citing officials familiar with the matter.
 
China is prepared to raise the investment ceiling in the Bilateral Investment treaty and is also willing to end the ban on U.S. beef imports, the newspaper also reported.
 
"China was prepared to (raise the investment ceilings) in the BIT but those negotiations were put on hold (after Trump's election victory)," the Financial Times also reported citing a Chinese official involved in the talks.
 
U.S. Commerce Secretary Wilbur Ross said on Friday that President Donald Trump and Chinese President Xi Jinping have agreed to a new 100-day plan for trade talks on Friday.
 
The U.S. trade department was not immediately available for comment while the China's ministry of commerce could not be reached for comment.
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Shell corruption probe: New evidence on oil payments www.bbc.com

 
The BBC has seen evidence that top executives at Shell knew money paid to the Nigerian government for a vast oil field would be passed to a convicted money-launderer.
It also had reason to believe that money would be used to pay political bribes.
The deal was concluded while Shell was operating under a probation order for a separate corruption case in Nigeria.
Shell said it did not believe its employees acted illegally.
OPL 245 is an oilfield off the coast of Nigeria whose estimated nine billion barrels of oil are worth nearly half a trillion dollars at today's prices. Shell has been active in Nigeria for nearly 60 years and was keen to acquire the field.
New evidence shows just how far Shell was prepared to go to get its hands on it.
Standing between Shell and its prize was Dan Etete, whose company acquired the rights to OPL 245 for a tiny sum while he was oil minister of Nigeria. He was later convicted of money laundering in a different case.
Shell and the Italian oil company ENI eventually acquired OPL 245 in 2011 - by paying $1.3bn to the Nigerian government. That's more than the entire health budget of Nigeria but it didn't get spent on public services.
The government promptly passed on more than $1bn of the money to a company called Malabu, which was controlled by Dan Etete.
Emails obtained by anti-corruption charities Global Witness and Finance Uncovered, and seen by the BBC, show that Shell representatives were negotiating with Etete for a year before the deal was finalised.
In March 2010, an email from a former MI6 officer employed by Shell shows the company believed Etete stood to benefit from the deal.
"Etete can smell the money. If, at 70 years old, he does turn his nose up at 1.2 bill he is completely certifiable and we should then probably just hold out until nature takes its course with him."
That email was forwarded to the then Shell chief executive Peter Voser - one of the most powerful men in the oil business - showing knowledge of Etete's involvement went right to the top.
Representatives of Peter Voser declined to comment.
Shell also had good reason to suspect that hundreds of millions would end up in the pockets of Nigerian politicians including the former President Goodluck Jonathan.
In an email from July, the same Shell employee says Etete's negotiating strategy is "clearly an attempt to deliver significant revenues to GLJ [Goodluck Jonathan] as part of any transaction."
Italian prosecutors allege that $466m were laundered through a network of Nigerian bureaux de change to facilitate payments to President Jonathan and other politicians.
A spokesperson for Goodluck Jonathan told the BBC that no charges or indictments have been brought or secured against the former president relating to this transaction and described the allegations as a "false narrative".
The BBC is still awaiting comment from Dan Etete, but in the past he has previously denied any wrongdoing.
The controversy around this deal has attracted the attention of law enforcement agencies in Italy and the Netherlands.
In February of 2016 Shell's offices in the Hague were raided and documents removed.
On the day of the raid, the current chief executive, Ben van Beurden called the now former chief financial officer Simon Henry to discuss the raid. That call was recorded by Dutch law enforcement officials and has been heard by the BBC.
On that call, Ben van Beurden said that Shell's own investigation had turned up correspondence from the former MI6 officers which he described as "just pub talk in emails which was stupid but nevertheless it's there" and acknowledged they were "really unhelpful".
'Doubled down'
The emails the BBC has seen seem more than pub talk. They seem to show that a number of Shell executives were aware that a company controlled by Etete would ultimately receive over a billion dollars and were advised by their own employees that the money was likely to end up being paid in political kickbacks.
In a statement Shell said it did not believe that any current or former employees had acted illegally. ENI did not respond to the BBC's request for comment but has previously stated it did not believe that the company or its ENI personnel had been involved in any wrongdoing.
It should be remembered that this deal was concluded just months after Shell had paid $30m to settle previous allegations of bribery in Nigeria and elsewhere.
As part of a deal to spare the company a damaging criminal conviction in that case, Shell agreed to what was, in effect, a probation order, by giving an undertaking to the US Department of Justice to tighten up its internal controls in order to stay in compliance with America's tough anti-corruption laws.
The question for Shell is what on earth were they doing negotiating with a convicted money launderer, who they suspected might pass the money to the president, months after reaching a previous bribery settlement in the same country.
Matthew Page worked for the US State Department in Nigeria for 15 years. He told the BBC: "At a time when Shell should have been cautious having just settled a previous case, rather than walk away from a deal with clear corruption risks, they doubled down."
Italian courts will decide whether to proceed with criminal proceedings against Shell and its partner ENI on 20 April.
Corruption may be a stubbornly regrettable fact of life in Nigeria. And it may very difficult to drill for oil there without buying access through corrupt payments to politicians. Western companies - and their investors - have to decide if that is a price worth paying.
Law makers will have to decide whether the weapons they have to stop it are sufficient to deter it.
 
 
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WHO calls for better depression awareness www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On April 7, World Health Day which was themed 'Depression: Let’s Talk', the World Health Organization in cooperation with the Ministry of Health organized a meeting at the Ministry of Foreign Affairs.
 
Health Minister A.Tsogtsetseg was present at the meeting and remarked, “Mental health especially concerning depression is everyone’s problem to certain extent. We will work with the World Health Organization in realizing the objectives set by its Comprehensive mental health action plan 2013-2020”.
 
It is considered that mental illness awareness rate isn’t particularly high in Mongolia. On average, National Center for Mental Health of Mongolia renders assistance to some 40 thousand people a year, 6 thousand of whom receive in-hospital treatment. In that, some 1800-2000 patients were diagnosed with depression and other similar problems.
 
During the ‘Depression: Let’s Talk’ meeting, a documentary made with the support of the World Health Organization reflecting the state and consequences of depression in Mongolian society was screened.
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6th Mongolia London Business Forum takes place www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Mongolian British Chamber of Commerce in cooperation with Mongolian Embassy in London successfully organized the 6th Mongolia London Business Forum on April 5 in the capital of the UK, gathering more than 200 participants made of government officials from both countries, private sector representatives and researchers.
 
During his opening speech, Ambassador of Mongolia to the UK S.Bayar emphasized on how the high number of participants from government, private sector and academia makes way for active exchange of information and opinion on various matters.
 
Secretary of State at the Ministry of Foreign Affairs D.Davaasuren was introduced by the Ambassador and reported on the economy and investment climate of Mongolia, the Government’s policy, measures and targets.
 
Through sessions themed ‘Investing in Mongolia’ and ‘Doing Business in Mongolia’, representatives of organizations and companies such as the Mongolian Finance Ministry, Mongolian Stock Exchange, London Stock Exchange, the European Bank of Reconstruction and Development, ‘Asia Pacific Investment Partners’, ‘What3words’, ‘Thomas Air’ and Mongolian Business Database discussed bilateral relationship in economy and commerce.
 
On the sidelines of the forum, State Secretary D.Davaasuren visited the London Stock Exchange.
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Deputy Road Minister meets Chinese Railway chief www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The People’s Republic of China has expressed willingness to increase transit transport of Mongolia, reports the Ministry of Road and Transport Development.
 
The Ministry of Road and Transport Development in cooperation with Ulaanbaatar Railway Joint Venture Company is organizing a forum named ‘Transit Mongolia -2017’ on April 7-8 in Beijing, China. The two-day forum assembles government, transport and customs organizations and companies that are part of Mongolia-China-Russia rail transport to discuss the existing problems insightfully.
 
On the sidelines of the meeting, Deputy Minister of Road and Transport Development B.Tsogtgerel met with Lu Dongfu, General Manager of China Railway Corporation to exchange views on transit freight between Erenhot and Tianjin seaport, increase of freight passage to Mongolia, tariff discount and Tavantolgoi-Gashuunsukhait, Khuut-Bichigt and Khangi-Mandal railways.
 
The Deputy Minister talked about the importance of the forum in increasing freight passage through the rail corridor of Mongolia, China and Russia, and requested the Chinese side to study possibilities for tariff discount on Erenhot-Tianjin rail freight transport.
 
General Manager Lu Dongfu expressed that he will look into the matter and pay attention to transit transport through Tianjin seaport. Since there will be a need to improve the basic structure of railway as freight turn-over increases, sides agreed to intensify their cooperation.
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