1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

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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Money in offshore bank accounts obliged to be withdrawn in three months www.en.montsame.mn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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Bills regarding customs tax to be submitted to Parliament www.montsame.mn

 
Ulaanbaatar /MONTSAME/ During its regular meeting held today, the cabinet discussed bills on exemption from customs tax and on the procedure of adhering to law on exemption from customs tax and decided to submit the bills to the Parliament. Law on exemption from customs tax was approved in 2008, exempting imported new tractors, combine harvesters and other machinery for agricultural use, equipment for flour milling and irrigation, fertilizers and plant protection substances (pesticides) until December 31, 2016.
 
The exemption has given significant support to restore agriculture sector, which had been in breakdown, to keep the stable growth, to improve the economic capacity of cultivators and producers, to encourage employment firmly and to provide people with healthy and safe food. Therefore, the Government considered it proper to extend the exemption term.
 
Currently, renovation of wheat seeds is running with 65 per cent and the most works of planting, harvesting and sorting are being made by hand as mechanization is not sufficient yet. Moreover fertilizers and protection substances are mostly imported.
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President recommends Cultural Campaign II www.en.montsame.mn

 
President of Mongolia Ts.Elbegdorj attended a meeting on soil, water and air pollution in Ulaanbaatar with representatives of the capital city residents and public organizations on April 12, Wednesday.
Government officials including Environment Minister D.Oyunkhoroal, Ulaanbaatar Mayor S.Batbold and Members of Parliament Kh.Nyambaatar and G.Batzorig were present at the meeting during which 18 presentations were given in 4 main areas – Urban planning and infrastructure, Engineering solution to reduce air and environmental pollution, Citizen participation and solutions and Bank and financing.
Mayor S.Batbold said that the presentations featured several ideas worth putting into work. “I invite you all to send these presentations and projects to the capital city administration. We will review them and cooperate on those we choose to finance”, he said.
In his closing speech, President Ts.Elbegdorj noted that the important issues discussed and forwarded at the meeting must be implemented. “We must see improvement in these areas”, he reiterated. He also expressed intentions to visit some of the factories introduced at the meeting. Moreover, the President suggested that Cultural Campaign II be forged to make the capital city a clean city, and gained support from the participants of the meeting.
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Gold sold to Bank of Mongolia to be spent for increasing currency reserve www.en.montsame.mn

 
Since the beginning of 2017, all of the gold sold to the Bank of Mongolia (BoM) by domestic entities and individuals has been used to increase foreign currency reserve of the country, reports the central bank.
Over the last years, the BoM had borrowed short-term loans from foreign banks with a condition to repay it with gold. Some officials of the Bank say that the loans' cost was high, the terms were too short and the condition of repayment was not economically efficient. For example, the Bank borrowed USD60 million in 2014 and USD160 million in 2015 with an interest rate of 9.3 per cent and a total of 12.1 tons of gold was sent for the loan repayment in 2014-2016.
Starting last August, the authorities of BoM has been adhering to a principle to stop getting loans and to fully repay all loans and as a result of this action, all loans of the central bank were repaid.
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