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

Events

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

NEWS

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‘Transit Mongolia’ forum to be held in Beijing www.news.mn

The ‘Transit Mongolia-2017’ road and transportation forum will take place in Beijing on 7th of April. The forum is being organised by the Ministry of Road and Transport of Mongolia in cooperation with Ulaanbaatar Railways JVC.

Mongolia, which has a long border with China and offers important road and rail links to Russia and beyond, is set to become an important transportation “bridge” between Asia and Europe. Freight between China and Russia as well as China and Europe passing through Mongolia is set to rise as the route is considered by many as the most economically efficient route.

China aims to increase the volume of trade with Europe to USD 1 trillion by 2020 and to Russia to USD 200 billion. In this connection, China needs to secure faster trade routes. Container shipments travelling by sea are two to three times slower than by rail. China is, therefore focusing on developing rail and road transit between to and from Europe.

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Foreign Minister Ts.Munkh-Orgil to visit Vietnam www.gogo.mn


Within the framework of the visit, the Foreign Minister of Mongolia will pay a courtesy call on Prime Minister of Vietnam Nguyen Xuan Phuc, hold official talks with his Vietnamese counterpart Pham Binh Minh and conduct meetings with Ministers of Agriculture and Rural Development and Industry and Trade of Vietnam.
During the visit, Foreign Minister Ts.Munkh-Orgil is going to exchange views on issues concerning bilateral ties between Mongolia and Vietnam, such as strengthening of traditional and friendly relations, increasing the frequency of high level visits, expanding international and regional cooperation in the fields of trade, economy, science, technology and culture.
The partnership between Mongolia and Vietnam has been intensifying in all spheres since the establishment of diplomatic relations of Mongolia and Vietnam in 1954. The two countries' trade turnover reached USD 42.8 million in 2016.
 
 
 
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Samsung Group boss earned $1 million at flagship in first quarter, shows first disclosure www.reuters.com

Samsung Electronics Co Ltd (005930.KS) said on Friday it paid Vice Chairman Jay Y. Lee, the third-generation leader of Samsung Group [SAGR.UL], 1.135 billion won ($1.02 million) in the fourth quarter of 2016, disclosing his compensation for the first time.

Lee is currently on trial for bribery, embezzlement and other charges amid a corruption scandal that led to the ouster and arrest of President Park Geun-hye. He became a board member in October as part of a broader initiative to improve corporate governance for the smartphones-to-biopharmaceuticals business empire, and his salary was published alongside other members.

The compensation disclosure, made via a regulatory filing, only applies for payments Lee received following his appointment to the board, and Samsung declined to comment on how much he was paid prior to the appointment - including whether he made more or less in preceding quarters than what was disclosed for the fourth quarter.

The 48-year-old executive's compensation package includes 476 million won in wages equivalent to three months' pay from October through December. A Samsung spokeswoman told Reuters that Lee chose not to receive any pay from Samsung Electronics following his Feb. 17 arrest.

South Korean companies are required to disclose compensation for executives who sit on the board and are paid at least 500 million won on an annual basis.

Chief Executive Kwon Oh-hyun was the top earner among the executives who sit on the board with a total compensation of 6.698 billion won. That compared with Apple Inc (AAPL.O) counterpart Tim Cook's 2016 compensation of $8.7 million.

Asia stocks down, dollar posts gains on positive U.S. data
U.S. economic growth revised higher, boosted by consumer spending
The compensation disclosed by Samsung is a very small fraction of Lee's net worth. According to Forbes, Lee is South Korea's third-richest person with $6.4 billion in total wealth that is mostly based on his stakes in Samsung affiliates such as Samsung C&T Corp (028260.KS) and Samsung Electronics Co Ltd (005930.KS).

Co-Chief Executive Shin Jong-kyun, who overseas the company's mobile and network businesses, saw his 2016 compensation fall to 3.986 billion won from 4.8 billion won a year earlier. The businesses under his remit oversaw the costly collapse of the fire-prone Galaxy Note 7 smartphones in October.

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55-MW Wind Park in Gobi desert www.news.mn

The European Bank for Reconstruction and Development (EBRD) is considering lending up to USD 30 million (EUR 28m) for the construction of the 55-MW Sainshand wind park in Mongolia’s Gobi desert.

The project is developed by Sainshand Salkhin Park LLC, a special purpose limited liability company owned by French energy major Engie, the IFU, Ferrostaal Industrial Projects and a local partner. The total project cost is estimated at USD 120 million.

The project envisages erecting 25 wind turbines on government-owned land to the southeast of Sainshand city, in the Gobi region of Mongolia.

The EBRD said that this project will help Mongolia diversify its coal-dependent power sector and cut carbon dioxide (CO2) emissions by up to 5 million tonnes over its lifetime. It will also see a new private entrant in the local power sector, where assets are almost entirely state-owned.

The bank backed the Salkhit and Tsetsii wind projects in Mongolia in 2012 and 2016, respectively.

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Iron ore price under pressure from Chinese mine restarts www.mining.com

The Northern China import price of 62% Fe content ore drifted lower to trade at $81.60 per dry metric tonne on Thursday according to data supplied by The Steel Index, bringing the pullback over the past two weeks to 12%.

Worries about supply and stockpiles at record highs are worrying the market. According to estimates from Rio Tinto, world number two producer, 296m tonnes of additional seaborne supply have entered the market in the last three years.

The Melbourne-based diversified giant forecasts supply growth to slow but a further 100m tonnes from the world's top six producers are expected this year and next.
The potential reboot in Chinese iron ore production is the main source of uncertainty
It's not only low-cost miners from Brazil and Australia that are clouding the outlook, but domestic Chinese supply which have fallen by 140m tonnes from its peak to around 260m per year, but are now making a comeback:

"Additional capacity in Brazil and Australia is already reflected in iron ore prices, so the potential reboot in Chinese iron ore production is the main source of uncertainty and therefore the likely factor that will result in price volatility," Kellie Parker, Rio's managing director for planning integration and assets, told an industry conference on Wednesday.

BHP Billiton, the world's third-biggest iron ore producer, expects to see some idled iron ore capacity in China returning to the market, but could not estimate how much.

"We think if the price maintains the level that is attractive, you will see some (capacity return)," Edgar Basto, president of BHP's Western Australia Iron Ore Asset, told reporters at the same event.
Rio said with the release of its latest financial results that roughly 30m tonnes of Chinese supply had already come back online.

According to Umetal's survey of 42 ports in China, the total iron ore inventory scaled 130 million tonnes for the first time on record this week. But in terms of months of import cover stockpiles represent, the picture looks less dire as China-bound cargo volumes continue to rise.

Total imports for January-February climbed 12.6% to 175.3 million. Chinese imports of iron ore for the full year 2016 topped one billion tonnes for the first time. The 1.024 billion tonnes constitute a 7.5% increase over the annual total in 2015.

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Lloyd's of London to open company in Brussels www.nhk.or.jp

The world's largest insurance market, Lloyd's of London, says it will set up a new company in Brussels to continue providing services after Britain's future exit from the European Union.

Lloyd's issued a press release on Thursday. The City-based market says it will have the new firm ready to write business beginning in January 2019.

Lloyd's Chief Executive Inga Beale said in a statement that it is important to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU.

The British government plans to withdraw from the EU single market as part of a project to leave the bloc. Concern is growing that the move may restrict the EU operations of firms based in Britain.

On Wednesday, the British government officially notified the EU of its intention to leave the bloc, triggering the process for both sides to negotiate the terms of departure.

Analysts say the talks will be tough. They also predict that more firms, including financial institutions, may relocate their bases and functions outside of Britain.

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Ex-South Korean president Park Geun-hye arrested in corruption probe www.bbc.com

Ousted South Korean President Park Geun-hye has been arrested and taken into custody over a corruption scandal that led to her dismissal.
The 65-year-old was driven to a detention centre south of Seoul after a court approved her arrest.
She is accused of allowing her close friend Choi Soon-sil to extort money from companies, including Samsung, in return for political favours.
Ms Park, who was removed from office earlier this month, denies the claims.
She is the third former president of South Korea to be arrested over criminal allegations, Yonhap reports.

The Seoul Central District Court earlier issued a warrant to detain Ms Park while she is investigated on charges of bribery, abuse of authority, coercion and leaking government secrets.
It followed a nearly nine-hour court hearing on Thursday that Ms Park attended.
"It is justifiable and necessary to arrest [Ms Park] as key charges were justified and there is risk of evidence being destroyed," the court said in a statement.
Live television footage showed a black sedan carrying her to the detention facility from the prosecutor's office where she had been waiting.
Despite the early hour, some 50 supporters, waving national flags and demanding her release, were at the gate to greet her, the AFP news agency reports.
Ms Park can be held for up to 20 days before being formally charged.
If convicted she could face more than 10 years in prison.

Ms Park lost her presidential immunity and was dismissed from her post when the constitutional court upheld a decision by parliament in December to impeach her.
Ms Choi is accused of using her presidential connections to pressure companies to give millions of dollars in donations to non-profit foundations she controlled.
Ms Park is alleged to have been personally involved in this, and to have given Ms Choi unacceptable levels of access to official documents.
Judges had said the former president had broken the law by allowing Ms Choi to meddle in state affairs, and had breached guidelines on official secrets by leaking numerous documents.
Ms Choi and Samsung's acting head Lee Jae-yong, also involved in the scandal, are being held in the same detention centre to where Ms Park has been sent. They are also being tried separately.
Hwang Kyo-ahn, who is loyal to Ms Park, is now the acting president and an election is to be held by 9 May.

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Japan to grant a US$ 850 million soft loan to Mongolia www.gogo.mn

The official visit of Mongolian parliamentarians headed by Speaker of the Parliament M.Enkhbold has commenced on March 27, 2017. 
On this day, Japanese Prime Minister Shinzo Abe received Chairman M.Enkbold. Meanwhile, he announced to grant a US$ 850 million soft loan to Mongolia, in scope of IMF`s Extended Fund Facility program. 
This loan is almost equal to the total loan amount provided by the Japanese government since Mongolia`s transition to democracy and a market economy.
Japan has provided a total of US$ 3 billion loan to Mongolia, of which approximately US$ 1 billion was soft loan. 
During the meeting, Speaker M.Enkhbold mentioned some of the major projects that can be implemented by two countries. He stated "Mongolia is extremely rich in solar and wind energy resources. We have an opportunity to produce clean energy using these resources and supply it to regional countries of Northeast Asia Grid Interconnection. We would like to implement this project in cooperation with your country". Moreover, he asked Japanese Prime Minister to take into account the issue of copper, iron ore and fluorite export to the Japanese market. 
Japanese Prime Minister Shinzo Abe said "We are able to send a professional team to conduct research and conclusion when feasibility study of the coal-chemical complex project is completed. Other issues related to the export and energy should be submitted through the Japanese embassy in Mongolia".

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Mongolia launches seven new air routes www.gogo.mn

On Mar 30th at 8 a.m, Mongolian civil aviation sector launched seven new air routes. 
According to the "Government policy on civil aviation until 2020", Mongolian civil aviation sector set to implement Performance-based navigation (PBN) procedures with three phases. The launch of seven new air routes was the second phase of the implementation of PBN procedure. 
PBN offers a number of advantages over the sensor-specific method of developing airspace and obstacle clearance criteria:
reduces the need to maintain sensor-specific routes and procedures, and their costs. 
avoids the need for developing sensor-specific operations with each new evolution of navigation systems, which would be cost-prohibitive. 
allows for more efficient use of airspace (route placement, fuel efficiency and noise mitigation);
clarifies how RNAV systems are used;
facilitates the operational approval process for civil aviation authorities by providing a limited set of navigation specifications intended for global use.
Previously, Mongolia was using three PBN routes and today it has increased to 10. As estimated, the new PBN routes to reduce carbon dioxide emitting by transit air crafts by 5220 tons, shorten 230 thousand kilometers route and save 1,600 tons of fuel.

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Erdenes Tavan Tolgoi announces complete repayment of debt to CHALCO www.montsame.mn

Ulaanbaatar /MONTSAME/ The USD 350 million debt of Erdenes Tavan Tolgoi JSC owing to Aluminum Corporation of China Limited (CHALCO) was repaid completely. This enables the Mongolian government to reap the benefits of coal exploitation at the East Tsankhi of Tavan Tolgoi mine as the coal mining revenues will be added to the government budget 100 percent, said D.Ariunbold, CEO of Erdenes Tavan Tolgoi JSC, on Thursday, March 30.

“The Mongolian government had paid USD 240 million to CHALCO as of last October, and remained liable for USD 110 million more. Remnant of the debt was repaid within seven months. Thanks to wise management and government directions toward commencing exploitation in the West Tsankhi and open auction on coal, this became possible. Price for a ton of coal stood at USD 26.0 by September 2016. 
At the open auction, Tavan Tolgoi’s coal was sold at USD 72.5 per ton. A Mongolian project, jointly proposed by Mongol Uurkhaichin Negdel (Mongolian Miners Cooperative), also known as Khishig Arvin Company, and Olborlolt Mera LLC won the bid for operating the mine. This indicates that national companies have technological and educational capabilities of independently operating such a large-scale coal mine. With Mongolians operating the mine, around 200 billion Tugrugs of investment is staying in the Mongolian economy”, he said.

Erdenes TT expects to mine 11.5 million tons of coal and make revenue of USD 550 million. The company extracted 2.8 million tons and exported 2.2 million tons of coal so far in 2017. The Prime Minister has given an obligation to repay debts and distribute payables to the citizens for respective 1,072 shares of Erdenes TT. In case the coal price will be stable for a longer period, the distribution is deemed possible to be launched within this year. Also, Erdenes TT leaders intend to adopt adequate quality management to raise investment from international sources.

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