1 US-MONGOLIA 'THIRD NEIGHBOR TRADE ACT' ON THE WAY WWW.THEDIPLOMAT.COM PUBLISHED:2018/11/17      2 CHINA'S FIGHT AGAINST SMOG MAKES PALLADIUM 2018'S BEST METAL WWW.MINING.COM PUBLISHED:2018/11/17      3 MILLENNIUM CHALLENGE CORPORATION PRESENTS GMS LICENSES WWW.MONTSAME.MN PUBLISHED:2018/11/17      4 MONGOLIA CALLS FOR GLOBAL ATTENTION ON CLIMATE CHANGE WWW.NEWS.MN PUBLISHED:2018/11/17      5 ADB OPENS A NEW WASTEWATER TREATMENT PLANT IN ARVAIKHEER, MONGOLIA WWW.AGENPARL.EU PUBLISHED:2018/11/17      6 CHINA TO BOOST COOPERATION WITH INDIA, MONGOLIA: DEFENSE MINISTER WWW.GLOBALTIMES.CN PUBLISHED:2018/11/17      7 DEATH ON MONGOLIA’S ‘COAL ROAD’ WWW.NEWS.MN PUBLISHED:2018/11/17      8 MONGOLIA SHAKEN BY WIDENING LOAN SCANDAL WWW.ASIA.NIKKEI.COM PUBLISHED:2018/11/17      9 MONGOLIA’S UNEMPLOYMENT FALLS BY 2.2 PERCENT WWW.NEWS.MN PUBLISHED:2018/11/16      10 MEETING MEAT DEMAND: MONGOLIA TO TRADE 17.9 PERCENT OF LIVESTOCK WWW.NEWS.MN PUBLISHED:2018/11/16      БНСУ-ЫН АЖ АХУЙН НЭГЖҮҮДИЙН АУТСОРСИНГ ЗАХИАЛГЫГ ГҮЙЦЭТГЭХ ЗАЛУУЧУУДЫГ СОНГОН, ШАЛГАРУУЛНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/17     НҮҮРСНИЙ ЭКСПОРТ 10 ХУВИАР ӨСӨЖ, 31.3 САЯ ТОНН БОЛОВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/17     СУДАЛГААГААР ЖДҮ ЭРХЛЭГЧИД ЗЭЭЛИЙН ХҮҮНИЙ ЗАРДАЛ ХАМГИЙН ИХ ХҮНДРЭЛ УЧРУУЛДАГ ГЭЖ ХАРИУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/17     ERDENE RESOURCE DEVELOPMENT: ХАЙГУУЛЫН ЗАРДАЛ III УЛИРАЛД 42 ХУВИАР БУУРСАН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/17     ГОРХИ, ТЭРЭЛЖИЙН БАЙГАЛИЙН БОХИРДОЛД АНХААРАЛ ХАНДУУЛЖ ЭХЛЭВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/17     ИРЭХ БААСАН ГАРАГТ ХОТЫН ДАРГЫГ ОГЦРУУЛАХ ЭСЭХИЙГ ХЭЛЭЛЦЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/17     “АМГАЛАН” ХОТХОНД БАЙРЛАХ ГЭРТЭЭ КАННАБИС ТАРЬЖ, УРГУУЛЖ БАЙСАН ТУРК ИРГЭНИЙГ БАРИВЧИЛЖЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/17     ӨНӨӨДӨР АВТОМАШИНЫ ДУГААРЫН ХЯЗГААРЛАЛТ ҮЙЛЧЛЭХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/17     ГАШУУНСУХАЙТЫН НҮҮРСТЭЙ МАШИНЫ ЦУВАА 120 КМ БОЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/16     ТАТВАРЫН ОРЛОГО 32.2 ХУВИАР ӨСӨЖ, ТӨСВИЙН ТЭНЦЭЛ 341.9 ТЭРБУМ ТӨГРӨГИЙН АШИГТАЙ ГАРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/16    

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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Bill making cryptocurrencies legal way of payment comes into force in Japan www.rt.com

 
New legislation authorizing digital currency as a legal payment method has come into force in Japan.
The text of the law was released by Japan’s Financial Services Agency on March, 24.
 
Earlier this week, the Accounting Standards Board of Japan said that it would begin work on the creation of a framework to help understand how digital currency would be dealt with in the accounting sector. The process is expected to take six months, according to Nikkei.
 
Big business is especially concerned; since the country has failed to provide guidelines regarding the accounting process when dealing with cryptocurrencies.
 
“There is a risk that companies that hold virtual currency could turn out to have distorted valuations or that huge losses surface suddenly,” Chikako Suzuki, partner at PricewaterhouseCoopers Aarata, told Nikkei Asian Review.
 
Around $1.7 billion of cryptocurrency, including bitcoin, Ripple, Litecoin and others, was in circulation across Japan two years ago. The 2020 projection is set to be at $9 billion, according to a Fuji Chimera Research Institute study.
 
The set of measures, that now has come into force, was drafted as far back as 2015 and passed in 2016 after a year of negotiations. Uncertainty over the legal status of virtual currency was stirred after a multi-million dollar embezzlement scandal and the collapse of the Tokyo-based Mt.Gox Bitcoin exchange.
 
Mt.Gox, once largest exchange service for the cryptocurrency, collapsed in 2014 when 850,000 coins ($480 million at the time) went off its digital vaults.
 
The company, which dealt with around 80 percent of global bitcoin transactions, admitted that there was a bug in their system that allowed hackers to steal the coins.
 
The new law outlines that all virtual currency exchanges are to be regulated by the Japanese Financial Services Agency. They must be registered with the financial watchdog and verify the identity of customers opening accounts.
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Tesla reports record car deliveries www.bbc.com

 
In a record quarter, Tesla delivered just over 25,000 cars in the first three months of the year.
The electric car maker said that was a 70% rise on the same period of 2016.
It is a rebound for the US company after production problems late last year resulted in a 9% fall in deliveries in the fourth quarter.
Tesla was founded in 2003 and is controlled by entrepreneur Elon Musk, who also owns the space rocket firm, SpaceX.
Last week China's Tencent Holdings bought a 5% stake in Tesla for almost $1.8bn.
That was a boost for the company which has been investing heavily in raising production and faces an expensive year, with the launch of the new Model 3.
It is a medium-sized car which Tesla describes as its "most affordable" car yet and it hopes will have mass market appeal.
The Model 3 is due to go on sale in the US this year priced at $35,000 (£28,000).
That would be significantly cheaper than Tesla's current models - the Model X, an SUV, and the Model S, a sporty saloon, both priced at more than $70,000 (£56,000).
In the first quarter Tesla delivered 13,450 Model S cars and 11,550 of the Model X.
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Chancellor Hammond leading UK trade mission to India www.bbc.com

 
Chancellor Philip Hammond will lead a business delegation to India next week to drum up trade as the UK begins the process of leaving the EU.
He will be joined by international trade minister Mark Garnier and Bank of England governor Mark Carney for the talks in New Delhi and Mumbai.
Mr Hammond said boosting trade and investment "beyond the borders of Europe" was more important than ever.
He said it was vital to make links with "the world's most vibrant economies".
Last week Prime Minister Theresa May formally activated Article 50 of the Lisbon Treaty, starting a two-year countdown for quitting the 28-nation bloc.
'India's transformation'
The UK has started looking to establish new trade deals with non-EU nations over the coming years, although it cannot sign them while still a member of the bloc.
Mr Hammond said the UK was about to embark on an "exciting new phase of our economic history".
As well as Mr Garnier, Mr Carney and Commercial Secretary Baroness Neville-Rolfe, the Treasury said the trade mission includes some of the UK's most experienced leaders in financial services and financial technology.
Mr Hammond added: "The UK is perfectly placed to be India's financial partner of choice, helping it to raise the finance needed for its continued rapid growth and my message will be 'make in India, finance in the UK'.
"Our innovative markets have helped support the development of whole new product classes such as masala bonds that will support India's transformation."
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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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