1 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      2 RUSSIA AND MONGOLIAN BORDER CROSSING NO. 487 WWW.NEWS.MN PUBLISHED:2018/09/20      3 WORLD ECONOMICS REPORTS THAT MONGOLIA’S EMPLOYMENT RATE HITS A FIVE-YEAR HIGH WWW.GOGO.MN PUBLISHED:2018/09/20      4 USD HITS RECORD HIGH IN MONGOLIA DUE TO HIGHER IMPORTS WWW.CHINA.ORG.CN PUBLISHED:2018/09/20      5 READOUT OF VICE PRESIDENT MIKE PENCE’S MEETING WITH PRIME MINISTER UKHNAA KHURELSUKH OF MONGOLIA WWW.WHITEHOUSE.GOV PUBLISHED:2018/09/20      6 MONGOLIA LAUNCHES EU-FUNDED PROJECTS TO PROMOTE GREEN DEVELOPMENT, ENVIRONMENTAL PROTECTION WWW.XINHUANET.COM PUBLISHED:2018/09/20      7 COAL EXPORTS FROM TOP SHIPPER HOBBLED WITH MINERS FACING CONSTRAINTS WWW.MINING.COM PUBLISHED:2018/09/20      8 FRONTIER'S "INVEST MONGOLIA TOKYO 2018" WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/09/19      9 U.S.-CHINA TRADE TUSSLE IS CREATING WINNERS IN SOUTHEAST ASIA WWW.BLOOMBERG.COM PUBLISHED:2018/09/19      10 YUSAKU MAEZAWA: THE JAPANESE BILLIONAIRE WHO WANTS TO FLY TO THE MOON WWW.BBC.COM PUBLISHED:2018/09/19      ШЕНГЕНИЙ БОГИНО ХУГАЦААНЫ ВИЗИЙН МЭДҮҮЛГИЙГ УЛААНБААТАР ХОТОД АВНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/19     2018 ЭХНИЙ 7 САРД МОНГОЛЧУУД ГАДААД РУУ ЭМЧИЛГЭЭНД ЯВАХДАА 19.5 САЯ АМ.ДОЛЛАР ЗАРЦУУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ӨНӨӨДӨР ТӨВ ТАЛБАЙД 4000 АЖЛЫН БАЙРАНД БҮРТГЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/09/19     ЗАЛУУЧУУДЫН ГАРААНЫ БИЗНЕСИЙН ШАЛГАРСАН ТӨСӨЛД 10,0 САЯ ТӨГРӨГИЙН ДЭМЖЛЭГ ҮЗҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/19     WORLD ECONOMICS: МОНГОЛЫН АЖИЛ ЭРХЛЭЛТИЙН ТҮВШИН СҮҮЛИЙН 5 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЛЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ERD: "ХӨНДИЙ" АЛТНЫ ТӨСЛИЙН ТОГТООГДСОН НӨӨЦ 751 МЯНГАН УНЦ АЛТ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ХЯТАДЫН $200 ТЭРБУМЫН ИМПОРТОД ТАРИФ ТОГТООВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/19     ШИВЭЭХҮРЭН БООМТООР ХОНОГТ 60-80 МЯНГАН ТОНН НҮҮРС ЭКСПОРТОЛЖ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/19     БНХАУ-ЫН 200 ТЭРБУМ АМ.ДОЛЛАРЫН ИМПОРТОД 10 ХУВИЙН ТАРИФ НОГДУУЛАХ ШИЙДВЭР ИРЭХ 7 ХОНОГООС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/18     ӨВӨЛ ЦАХИЛГААН СААТВАЛ ХОТ ДӨРВӨН ЦАГИЙН ДОТОР Л ХӨЛДӨНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/18    

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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Copper production jumped by a million tonnes last year www.mining.com

 
The latest report by the International Copper Study Group which includes full year 2016 estimates shows world mine copper production jumped by 5.3%, or 1 million tonnes last year to 20.16 million tonnes.
 
According to the report the increase was mainly due to a 38% (650,000 tonnes copper) rise in Peruvian concentrate output that benefitted from new and expanded capacity brought on stream in the last two years; a recovery in production levels in Canada, Indonesia and the US, and expanded capacity in Mexico, and low frequency of supply disruptions due to strikes, accidents or adverse weather conditions.
 
However overall growth was partially offset by a 3.8% (220,000 tonnes) decline in production in Chile, the world’s biggest copper mine producer, and a 4.5% decline in the Democratic republic of the Congo where output is being constrained by temporary production cuts.
 
On a regional basis, production rose by 6% in the Americas and 11.5% in Asia but declined by 3.5% in Africa while remaining essentially unchanged in Europe and Oceania.
 
ICSG estimates world refined production increased by about 2.5% (530,000 tonnes) in 2016 with primary production (electrolytic and electrowinning) increasing by 3% and secondary production (from scrap) declining by 2%.
 
World refined copper balance for 2016 indicates a deficit of around 50,000 tonnes, mainly because of a 2.5% increase in Chinese apparent demand. The refined copper market balance for the month of December 2016 showed a small surplus of around 20,000 tonnes.
 
Preliminary production by the top 10 copper mining companies totalled nearly 9.5m tonnes last year, a 4% increase compared to 2015, and some 45% of global production.
 
Six out of 10 companies increased their copper output while four of them declined. All companies in the Top 10 that disclose production costs reported significant reduction in copper unit costs.
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Coking coal price jumps to six-year high www.mining.com

 
The price of coking coal gapped higher again on Thursday with the industry benchmark price tracked by the Steel Index surging 4.6% to $314.00 a tonne due to continued supply outages following tropical storms in Australia.
 
It's the highest price for Australia free-on-board premium hard coking coal since the second quarter of 2011. That price spike was also the result of flooding in Queensland that saw quarterly contract prices negotiated at an all time high of $330. There was little in the way of a spot market and quarterly contract benchmarks negotiated by Australian miners and Japanese steelmakers was the industry standard.
 
Coking coal has more than doubled in two weeks on the back of disruption to Australia’s coal exports associated with Cyclone Debbie which caused serious damage to key rail lines serving mines in the state of Queensland.
 
Three lines are set to re-open by the end of this week according to operator Aurizon but large sections of the Goonyella railroad in the centre of the network could be out for a further four weeks.
 
Roughly 12–13 million tonnes of Australian met coal cargoes destined for China, India and Japan could be delayed.
 
Customs data released yesterday show Chinese imports of coal – both thermal and metallurgical coal – in March rose 12.2% from a year ago and 25% from February to 22.1 million tonnes.
 
The global met coal market is around 300 million tonnes per year with premium hard coking coal or PHCC constituting more than a third of the total market. More than half of PHCC seaborne coal come from Australian producers according to TSI data.
 
A reduction in allowable work days at China's coal mines last year sparked a massive rally in coal prices, lifting met coal prices to multi-year high of $308.80 per tonne by November from $75 a tonne earlier in 2016. But the speculative rally fizzled soon fizzled out with the commodity hitting a 2017 low of $150.10 a tonne last month.
 
 
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Apple may invest in Toshiba's chip business www3.nhk.or.jp

 
NHK has learned that IT giant Apple is moving to buy struggling Japanese conglomerate Toshiba's chip business.
 
The US firm is willing to spend billions of dollars to obtain a substantial stake. Its aim is to secure a stable supply of memory chips for its iPhones.
 
Toshiba officials are now in the process of narrowing down the bidders for their profitable semiconductor business, which they have spun off this month.
 
But Japanese government officials have expressed concerns about Toshiba selling critical technologies to overseas buyers.
 
Sources say that in response, Apple would have Toshiba keep some shares so the Japanese and US firms combined, will have a majority stake.
 
Apple executives are also considering teaming up with Hon Hai Precision Industry, also known as Foxconn. The Taiwanese maker is trying to acquire about 30 percent of the stake, and call on Japanese firms to join them.
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Money in offshore bank accounts obliged to be withdrawn in three months www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ At its plenary meeting held on April 13, the Parliament approved amendments to Law on Managing and Preventing from conflict of interests in the public service. The law bans state and government officials to hold offshore bank accounts and if the officials already have offshore bank accounts and have deposited money, they are obliged to withdraw money from the account within three months since the law approval and to report about it within 30 days after the action.
 
Restrictions and limitations of the law will be applicable to over 30 thousand government officials, who are obliged to submit annual income statements to the Anti-Corruption Agency. Income statement forms will be renewed, in compliance with the law.
 
Member of Parliament Kh.Nyambaatar said ‘ - Names of some politicians of Mongolia are included in the Panama Paper list, therefore this ban on offshore bank account was raised. There has been a report on press that some USD17 billion is deposited into offshore bank accounts. We have an economy of USD10 billion and money transfer of more than USD10 billion should be under control. Therefore it should be investigated and discovered how and how much money had flown abroad over the last 17 years. If officials breach the law, they will be dismissed from his/her position or charged with even legal responsibility”.
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SYMPOSIUM ON GLOBAL MARKETS Compliance, Cyber-Security, Competition Law and the Impact of the Trump Administration www.mongolianbusinessdatabase.com

June 12-13, 2017

The Center for American and International Law
Plano, Texas, USA

OVERVIEW
Join lawyers from more than 20 countries for a practical look at legal issues that impact international business.

The faculty and audience will include both in-house counsel and private practitioners.

Among the topics:

Compliance Trends – and Future Trends?
Com[liance – Shifting Sands and the New Dynamics of Voluntary Disclosure, “Cooperation”, and Multi-Jurisdictional Enforcement
The U.S. and Mexico – Walls and Bridges
Cuba – New Beginnings?
Cyber Security – Understanding the Threat
Cyber Security – Disclosure Requirements and Risk Management
Competition Law Update
This year’s program will include the presentation of the Robert G. Storey International Award for Leadership to Mohamed Ameermia Shafie, a 2001 participant in the Academy of American and International Law and a member of South Africa’s Human Rights Commission

For more information and registration, please click on the following link

http://www.cailaw.org/Southwestern-Instit…/…/symposium.html…

 
 
 
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Saudi Arabia's first Islamic bond sale raises $9bn www.rt.com

 
In its first international issuance of sukuk, or an Islamic bond, Saudi Arabia has raised $9 billion, people familiar with the matter told the Wall Street Journal. The bond sale comes as the kingdom looks to reshape its oil-dependent economy.
Investors placed orders in excess of $33 billion, the country’s Ministry of Finance said, adding bonds will be split equally between five and ten-year tranches.
 
Riyadh was able to issue more than the $8 billion it had planned to sell, and yields were lower than initial guidance. The five-year notes were sold at 2.93 percent, and the 10-year notes were sold at 3.65 percent.
 
Saudi Arabia issued bonds worth $17.5 billion in 2016, tapping international and domestic markets to help finance a budget deficit that is expected to reach $53 billion this year. The deficit ballooned to a record $98 billion in 2015 but narrowed last year to about $79 billion as the government introduced austerity measures, cutting spending and subsidies.
 
“The sukuk should cover about one-fifth of the expected fiscal deficit,” investors told the WSJ.
 
By raising money from sukuk, the Saudi government aims to support the kingdom’s finances as income from oil sales decline.
 
“They’re kicking the oil barrel down the road; they’re buying time on the fiscal deficit,” said Patrick Drum, a portfolio manager at Saturna Capital, which runs a sukuk-bond fund.
 
A sukuk is structured to generate returns to investors without infringing Islamic law that prohibits interest. Issuers are able to tap a wider pool of investors than with more conventional bonds.
 
Saudi Arabia is also preparing what may become the world’s largest initial public offering (IPO) of state oil company Saudi Aramco. The IPO is also expected to help manage the budget shortfall.
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Russia–China trade up almost 30% this year www.rt.com

Trade between China and Russia grew by nearly a third in the first quarter of the year, according to Chinese Customs data, cited by RIA Novosti.

In the first three months of 2017, bilateral trade amounted to $18.1 billion. Chinese exports to Russia increased by 22.4 percent compared to the same period last year to $8.43 billion. Russian exports to China grew by 36.1 percent to $9.66 billion.

In 2016, trade between Russia and China grew by 2.2 percent to $69.5 billion, as Chinese exports to Russia rose by 7.3 percent to $37.3 billion, while imports from Russia fell by 3.1 percent to $32.3 billion.

In an interview with the Sputnik news agency last month, Zhang Xiao, the deputy to the Chinese ambassador to Russia, said Beijing expects a breakthrough in trade between the countries this year.

"After a downturn in 2015 due to external factors, Russia-China trade returned to growth in 2016. Over the course of 2016, turnover between Russia and China reached $69.5 billion, a 2.2 percent increase against the previous year," Zhang Xiao said.

While a 2.2 percent growth is not significant, it is very important considering the unfavorable conditions in the global economy and a decrease in Chinese foreign trade volumes, he said.

Besides trade, Russia and China also have a number of investment projects. The countries are jointly building the Power of Siberia gas pipeline and a liquefied natural gas (LNG) facility on the Yamal Peninsula in the Russian Arctic. The countries are also working on a wide-body passenger jet to rival Airbus and Boeing and several other projects.

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Mongolia’s economy will stagnate in 2017 www.mongolia.gogo.mn

 
World Bank today introduces the East Asia and Pacific Economic Update, the comprehensive review of the region`s economies which is published twice yearly.
The review was involved 14 countries and Mongolia listed in 10th place at GDP growth projections.
The just-released East Asia and Pacific Economic Update expects the Mongolian economy will stagnate in 2017, as the government restores its debt to sustainable levels, but a modest recovery is expected in 2018.
Chinese economy to continue to slow down gradually, as it rebalances toward consumption and services. China’s growth rate to be 6.5 percent in 2017, 6.3 percent in 2018, compared with 6.7 percent in 2016.
In China, growth will continue to moderate, reflecting the impact of the government’s measures to reduce excess capacity and credit expansion. As a result, the report expects activity in the real estate sector to slow down.
The large developing economies in the Association of Southeast Asian Nations will likely expand slightly faster in 2017-18, although for different reasons. The Philippines will benefit from higher public spending on infrastructure, an uptick in private investment, credit expansion, and increased remittances, as growth accelerates to 6.9 percent in both 2017 and 2018. Higher government subsidies, more infrastructure spending and rising exports will push up Malaysia’s economy by 4.3 percent in 2017 and 4.5 percent in 2018.
In Indonesia, credit expansion and higher oil prices will help the economy grow 5.2 percent in 2017, up from 5 percent in 2016. In Vietnam, growth will rise to 6.3 percent in 2017, in line with favorable market sentiment and strong foreign direct investment.
The region’s smaller economies will generally benefit from the continued vitality of their larger neighbors, and some will also benefit from higher commodity prices. Cambodia’s economy will grow 6.9 percent in 2017 and 2018, with higher public spending and the expansion of agriculture and tourism offsetting a drop in the construction and garment sectors. In Myanmar, growth will reach 6.9 percent in 2017 and 7.2 percent in 2018, up from 6.5 percent in 2016, as infrastructure spending increases and structural reforms attract more foreign investment.
Papua New Guinea will see its economy gradually recover, thanks to a number of new mining and petroleum projects.
With credit growth remaining high across much of the region, including Vietnam, the Philippines and Lao PDR, the report suggests an emphasis on strengthening regulation and enhancing supervision.
In addition, the report says policy makers can put future economic prospects on a more sustainable path if they take steps to reduce pollution caused by farming, a rising threat amid the intensification of agriculture in the region.
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GoGo News Agency to cooperate with Mongolian Immigration Agency www.mongolia.gogo.mn

 
GoGo News Agency signed a cooperation memorandum with Mongolian Immigration Agency, the Government Implementing Agency of Mongolia. Thus it enables readers of mongolia.gogo.mn to keep up with the latest news, updates, and rules of the agency.
The signing ceremony was attended by G.Gantuya, CEO of Mongol Content LLC and Head of Mongolian Immigration Agency D.Murun.
About Mongolian Immigration Agency
Immigration status is an independent body responsible for central residents, immigrants and stateless persons to register controls in Mongolian implements the following functions.
Монгол Улсад байнга оршин суугч, цагаач, харьяалалгүй иргэдийн бүртгэл хяналтыг төвлөрүүлэн хариуцах
Mongolia Immigration Agency is an independent Government body responsible for managing the registration and controls of foreign citizens residing in Mongolia, immigrants and stateless people.
The main function of the agency as follows:
Organize at visa issuance for foreign nationals, who is applying for a temporary residence, for official or personal reasons; issue a visa permit or a residence permit; extension of visas; permit a personal invitation; electronic identity card; create and integrate registration database of controls, visas and visa permission
Provide professional assistance and methodological support for the Diplomatic Missions of Mongolia abroad
Resolve issues related to the civil citizenship and immigration, adoption a child who has a citizenship of Mongolia for the foreign family and issues related to the Representative Office of the International or foreign Non-Government Organizations.
Put control on the implementation of the laws and regulations about the civil citizenship and migration process, to resolve the violations found.
About GoGo news agency
GoGo news agency was founded in 2007 and dedicates its actions towards trustworthy, most up-to-date, unbiased, independent news spread about Mongolia. In addition, we prepare major articles and coverages which cover social, political and economic sectors.
Apart from gogo.mn, we are running mongolia.gogo.mn, daily news website for English-speaking people and yolo.mn, a website for teenagers.
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A lobby group established at Parliament www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ A lobby group against having accounts in offshore zone, was established at the Parliament, submitting a document to the Parliamentary Speaker and making a statement yesterday, April 11.
 
A bill against having accounts in offshore zone or officially, a bill on amendments to the law on managing and preventing from conflict of interests in the public service is under parliamentary discussion. The lobby group will work to ensure the law enforcement after the bill is approved and to organize actions in collaboration with foreign legal organizations to investigate money source in offshore zone and draw the source back.
 
The lobby group is also working to form a temporary committee fighting against illegal economic activities, said MP T.Ayursaikhan, the initiator of the group. MPs Ts.Davaasuren, M.Oyunchimeg, N.Uchral and B.Bilegt have joined the group.
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