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

64x64

Dulux owner invests in UK paint research www.bbc.com

 
AkzoNobel, the company that makes Dulux and Hammerite paint, is investing €12.6m (£10.7m) in a new research facility in north-eastern England.
The firm, known for its Old English sheepdog mascot, is putting the money into its R&D site in Felling, Gateshead.
As well as household paint, the firm produces specialist coatings for the mining and energy industries.
AkzoNobel said Felling was the "logical spot" for this investment.
The new facility will be able to simulate extreme environments, similar to the North Pole or a fire on an oil rig, to test new products.
"We are creating a kind of a campus of different research and development activities and strengths that we can then use for products that can be sold in the rest of the world," Ton Buchner, AkzoNobel's chief executive, told the BBC.
The company already employs 270 people at its site in Felling. The investment in a UK hub, rather than expanding research facilities elsewhere, would safeguard those jobs.
Research will focus on protection to make hydroelectric dams last longer, coatings to reduce emissions from coal-fired power plants and innovations in fire protection.
Pound effect
A €110m Dulux paint factory in nearby Ashington, Northumbria, is also about to begin production, the firm said.
AkzoNobel's chief executive, Ton Buchner, told the BBC that the vote for Brexit was not an obstacle to further investment in the UK.
The fall in the value of the pound since the EU referendum had "actually made it easier for some of the exporting of the products that are there", he said.
AkzoNobel is based in Amsterdam, and reports its financial results in euros. The fall in the pound, therefore, reduces the amount AkzoNobel earns from the UK.
But if the pound remains weak, then money invested into the UK will go further than in its other major research sites in Singapore and the Netherlands.
However, Mr Buchner said prices could rise for some products in the UK as a result of the devaluation of the pound.
"There is a possibility prices are going up in some of the areas where we sell into the market," he said.
The company's most recent accounts show decorative paints revenue was down 4% in 2016, "mainly due to unfavourable currency effects, in particular the pound sterling and currencies in Latin America".
...


64x64

Greece: EU and IMF in 'common position' www.bbc.com

 
German finance minister Wolfgang Schaeuble has said the institutions in charge of Greece's bailout have reached a "common position" on how to proceed.
His comments appear to indicate that deadlock between the EU and the International Monetary Fund over the next steps may have been resolved.
The IMF has said Greece needs more leeway to pay its huge debts before further rescue funds can be released.
However, the eurozone has been reluctant to go much further.
Arriving for a meeting of eurozone finance ministers in Brussels, Mr Schaeuble said: "I believe the institutions have a common position and that we will get to a point today where the technical mission can go to Athens so we can get a result."
The IMF said it was indeed sending a mission to Greece, but it was "too early to speculate" about whether some sort of agreement would be reached as a result.
It added: "More progress will be needed to bridge differences on other important issues."
No 'haircut'
In its most recent assessment of the Greek economy, the IMF said: "Greece cannot grow out of its debt problem. Greece requires substantial debt relief from its European partners to restore debt sustainability."
Eurozone governments have provided some debt relief already, in the form of lower interest rates and extended repayment periods. IMF staff think Greece needs more concessions.
However, the Fund has said there was no need for what it calls an "upfront haircut" - a reduction in the principal that has ultimately to be repaid.
In another development, the head of the European Stability Mechanism - the eurozone's bailout fund - said in a newspaper interview that Greece's finances were improving faster than expected.
Klaus Regling told Germany's Bild that Greece would probably need far less than the agreed maximum loan of 86bn euros (£73bn) by August 2018 as a result.
Athens has made a 2bn-euro repayment to the bailout fund as expected, which Mr Regling said showed "Greece is a reliable contract partner. It is a sign that the restructuring of the Greek banking sector is progressing well."
...


64x64

Global weapons sales highest since end of Cold War www.rt.com

 
Over the last five years, the world trade in arms has reached a level not seen since 1990. The Middle East and Asia remain the key markets for weapons, according to a report from the Stockholm International Peace Research Institute (SIPRI).
 
India is still the world’s largest arms buyer, accounting for 13 percent of global imports between 2012 and 2016 against 9.7 percent the previous five years. The country bought most of its arms from Russia.
 
“While China is increasingly able to substitute arms imports with indigenous products, India remains dependent on weapons technology from many willing suppliers, including Russia, the USA, European states, Israel and South Korea,” said Siemon Wezeman, Senior Researcher with the SIPRI’s arms and military expenditure program.
 
Saudi Arabia, which leads a military intervention in Yemen, became the second biggest buyer of arms, followed by the United Arab Emirates, China, and Algeria, the study said.
 
The kingdom’s arms imports soared 212 percent compared to the previous five years, accounting for 8.2 percent of global weapons imports. Riyadh bought weapons mostly from the US and the UK, the report said.
 
All in all, arms imports by countries in the Middle East increased 86 percent in the five years through 2016 with Qatar increasing purchases by 245 percent. However, Iran, being under an arms embargo, received only 1.2 percent of total arms sales to the region.
 
The US remained the world's biggest arms exporter, accounting for 33 percent of all weapons sold in the five years through 2016, the study found. Russia is the second largest supplier, while China took third place.
 
“The US has delivered a lot of weapons in 2016, both very expensive weapons and strategically important weapons - missile systems, surveillance and navigation technology. The weight of the US in the global arms trade is so big that it's enough to shape the trend,” said Aude Fleurant, the director of SIPRI's arms and military expenditure program.
 
US and Russia together supplied more than half of all exports. China, France, and Germany were also among the top five exporters.
...


64x64

Russia overtakes Saudi Arabia as world's top crude producer www.rt.com

 
Russia has once again taken the crown from Saudi Arabia as the world’s biggest oil producer. The two countries are global leaders in crude production by a wide margin, trading the top spot from time to time.
 
Russia produced 10.49 million barrels per day (bpd) in December, down 29,000 barrels a day from November. Saudi Arabia’s output dropped to 10.46 million bpd from 10.72 million bpd, according to Monday's data from the Joint Organizations Data Initiative in Riyadh.
 
This was the first time Russia became top producer since March 2016. Riyadh’s crude exports fell to eight million bpd from 8.26 million bpd in November, the biggest monthly slide since May 2003.
 
The United States is in third place, producing 8.8 million bpd in December. At the same time, America is neck-and-neck with China as the world's largest crude importer, buying 7.88 million bpd of crude last year.
 
The growth in US production mostly came from the Texas’ Permian Basin and Eagle Ford regions, which have better quality oil. However, local refineries can’t process it because they are geared to process poorer quality crude from Canada and Venezuela. The US producers export the higher quality oil and import what they need from abroad.
 
The Organization of the Petroleum Exporting Countries (OPEC) and oil producers outside the cartel led by Russia have agreed to prop up prices by cutting production by almost 1.8 million barrels per day during the first half of the year to curb a global oversupply.
 
On Monday, Brent crude was trading at $56.18 per barrel, while the US benchmark West Texas Intermediate rose to $53.69.
...


64x64

"Accounting best practices" MBD Business mission to Sydney, Australia (Registration will be closed in 2 days) www.mongolianbusinessdatabase.com

Mongolian Business Database (MBD) is starting to register the Mongolian business delegates to "Accounting best practices" theme targeted business program jointly with Saki partners Australia www.sakipartners.com.au and Dr.Nigel Finch, Honorary Consul-General of Mongolia in Sydney.

The business program includes a half day special training seminar and Australian accounting and financial company visits.

The Australian Partner Dr. Finch is a Managing Director of Saki Partners, Chartered Accountant, a Chartered Tax Adviser and a Fellow of CPA. He is a member of the Representative Council of CPA Australia, a director of the Australia Mongolia Business Council and a director of several companies listed on the Australian Securities Exchange. He recently served as a Dean of Accounting Department of Sydney University.

For more information please visit the following link http://www.mongolianbusinessdatabase.com/base/eventsdetails?id=17 and register at contact@mongolianbusinessdatabase.com or by tel: 77109911 and 98994787.

The registration will be closed by February 22, 2017.

...


64x64

IHI to unload Westinghouse stake www3.nhk.or.jp

 
Executives at struggling electronics maker Toshiba say they're going to buy all shares of their US nuclear-power subsidiary from major Japanese engineering firm IHI. Toshiba is predicting a loss of more than 6 billion dollars from its unit Westinghouse.
Toshiba will buy IHI's total stake, totaling 3 percent, for 157 million dollars in May.
Toshiba currently holds 87 percent of Westinghouse. Kazakhstan's state-run uranium mining company Kazatomprom has 10 percent.
IHI officials say the massive size of Toshiba's loss announced last week prompted them to ask Toshiba to buy them out to avoid any damage to their own business.
Toshiba purchased Westinghouse in 2006. It signed a contract with IHI at the time, stating it would purchase IHI's shares should the company want to unload them.
...


64x64

Tax rates on vehicle, alcoholic products and tobacco to increase www.gogo.mn

Excise taxes on vehicle, alcoholic products and tobacco as well as social insurance premium and personal income tax will be increased starting 1st of April, 2017 in accordance with the Staff-Level Agreement between Mongolia and International Monetary Fund on Three-Year Extended Fund Facility. 
Vehicle excise duty will be increased by 3-15 percent depending on the engine capacity and aging.
Excise taxes rates on alcoholic products and tobacco will be added by 10 percent by 2018, 5 percent by 2019 and 5 percent by 2020. Customs tax on imported tobacco is now at 5 percent. Minister of Finance noted that the custom tax on tobacco is lower than limits set by the World Trade Organization and it shall be increased up to 30 percent. 
Interest income on personal savings accounts will be taxed from 1st of April, 2017. However it is unclear that whether the taxes will be imposed on all taxpayers or owners of savings more than MNT 100 million. 
In addition, social insurance premium rate will be risen by 2 percent by 2018, 1 percent by 2019 and 2 percent by 2020. Currently employee pay 10 percent and employer pay an average of 11 percent monthly for social insurance premium. Thus the rate will be increased to 12 percent next year.
Moreover IMF demanded to increase personal income tax rate by 10, 15, 20 percent depending on the amount of salary. Currently individuals pay 10 percent of PIT in Mongolia. However its effective date is unclear. 
During the negitiations with the IMF, authorities discussed whether to increase value added tax (VAT) rate. However it has decided not to add the VAT.

...


64x64

Foreign Minister Ts.Munkh-Orgil visiting China www.montsame.mn

Ulaanbaatar /MONTSAME/ At the invitation of Minister of Foreign Affairs of the People’s Republic of China Wang Yi, Minister of Foreign Affairs of Mongolia, Ts.Munkh-Orgil is paying a visit to China between February 20 and 21.

During the visit, Ts.Munkh-Orgil is expected to hold an official talks with Minister Wang Yi, as well as other officials. According to the Ministry of Foreign Affairs of Mongolia, the Foreign Minister of Mongolia is planning to exchange views on the issues of Comprehensive Strategic Partnership, advancing and activating mutually beneficial relations in the leading sectors, undertaking cooperative agreements and determining the further directions of the collaboration. A discussion on the international and regional cooperation is also expected.

...


64x64

Mongolia agrees economic bailout plan with IMF www3.nhk.or.jp

 
The International Monetary Fund has agreed to extend emergency loans to Mongolia.
 
Officials from the IMF and Mongolia say they have agreed on a 5.5-billion-dollar package.
 
This includes 440 million dollars in 3-year loans from the IMF. Japan, China, the Asian Development Bank and other entities will also give assistance.
 
In return, Mongolia is to rebuild its finances by adopting austerity measures and reviewing its tax system.
 
The country relies heavily on exports of coal, copper and other commodities.
 
Its economy is believed to have plunged to near-zero growth last year. Fears were rising that Mongolia could default without assistance.
...


64x64

China won't buy any more North Korean coal this year www.mining.com

The economic noose is being tightened around North Korea's neck after the pariah regime ignored a United Nations resolution by testing a missile last week.

On Saturday North Korea's largest trading partner, China, reacted to the Feb. 12 test of a long-range ballistic missile by announcing a ban on coal from the rogue nation till the end of 2017.

CNN reported that the decision by the China's Ministry of Commerce, issued jointly with the country's customs agency, was made to comply with a UN Security Council resolution that China helped draft and pass in November. Resolution 321 imposed tough sanctions estimated to cost North Korea over $800 million a year, after it carried out its fifth nuclear test in September. Along with restricting the export of coal, the resolution also targets non-ferrous metals, statues and other luxury items like tapestries.

China's import ban on North Korean coal was supposed to be lifted in January but the missile test has meant that Beijing's coal ban will continue.

The dictatorship's export of coking coal – all of which goes to China – would be limited to 7.5 million tonnes this year, down nearly two thirds from the 2016 tally. But Beijing has in the past ignored some UN sanctions on the basis that it would hurt the civilian population of North Korea.

The DPRK has been under UN sanctions since 2006 over its nuclear and ballistic missile tests.

Grounding coal shipments to China is bound to hurt the North Korean economy, which relies on coal sales to generate hard currency to pursue, among other things, its nuclear and missile programs. However according to CNN the restrictions have a "silver lining", in that more electricity is now available to North Korea's population than previously – a fact that is evident by more lights on the Pyongyang skyline. The news network also quotes Ri Gi Song, a North Korean economist, saying that the coal export ban will not slow down North Korea's defense program, which has nuclear at its core.

If China does honour its coal import ban on North Korea for the rest of the year, it could affect the price of coking coal, which has fallen sharply of late.

Metallurgical coal is down more than $150 below its multi-year high of $308.80 per tonne hit in November.

Yet despite the pullback met coal is still trading at more than double multi-year lows reached this time last year. Coking coal averaged $143 a tonne in 2016 (about the same as it did in 2013). Consensus forecast is for the price to average about the same in 2017.

...