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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Amazon halts sales of Indian flag doormat after visa threat www.reuters.com

 
Amazon.com (AMZN.O) removed doormats resembling the Indian tri-color flag from its Canadian website on Wednesday, after an Indian government threat to rescind visas of the U.S. company's employees if they did not stop selling the product.
 
"Amazon must tender unconditional apology," India's external affairs minister Sushma Swaraj said on Twitter. "They must withdraw all products insulting our national flag immediately."
 
"If this is not done forthwith, we will not grant Indian Visa to any Amazon official," she added. "We will also rescind the Visas issued earlier."
 
The doormat, sold by a third-party on Amazon's Canadian portal, was taken down late on Wednesday.
 
"The item is no longer available for sale on the site," a spokeswoman for Amazon said in an email.
 
Amazon's portal in Canada sells doormats fashioned around other national flags, but under Indian law any desecration of its flag is punishable with fines and imprisonment.
 
Amazon's official support account on Twitter had earlier responded to angry user comments on Twitter by saying the mats were not being sold on their Indian portal and the concerns had been escalated.
 
Swaraj tweeted that she had asked the Indian High Commission in Canada to take up the issue with Amazon, after it was brought to her attention by a Twitter user from India's financial capital of Mumbai.
 
Swaraj is a prolific user of the social media website and often responds to tweets directed at her.
 
Amazon is making a huge bet on India and has vowed to invest more than $5 billion as it takes on home-grown Flipkart and Snapdeal for a bigger share of the world's fastest growing internet services market.
 
In an event attended by Indian premier Narendra Modi in Washington last year, Amazon Chief Executive Jeff Bezos said India was the company's fastest growing region.
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Tigerair cancels Bali flights amid 'new requirements' from Indonesia www.bbc.com

 
Hundreds of passengers have been stranded in Bali after Indonesia imposed "new requirements" on Tigerair flights to Australia, the airline said.
All flights between Bali and Australia will be cancelled until at least Friday morning, Tigerair said in a statement.
The budget carrier said Virgin Australia would operate two replacement flights from Bali on Thursday.
More than one million Australians visit Indonesia each year, with most heading to popular holiday island.
About 700 passengers were affected by the cancellations on Wednesday, while a similar number will be grounded on Thursday, the airline said.
"We are working constructively with the Indonesian government to commence flying to Bali again as soon as possible and to work through the new requirements they have given us this week," Tigerair Australia CEO Rob Sharp said in a statement to the BBC.
"If the Indonesian government does not wish to honour the current agreement, we are asking them to give us a grace period so that we can continue to fly while we work through the new requirements together."
A spokesman for Indonesia's transport ministry told Reuters they suspended three chartered flights to Bali from Melbourne, Perth and Adelaide.
"(Tigerair) did not meet the rule for chartered flights. They should not sell tickets in the territories of Indonesia," Agoes Soebagio said.
Tigerair said its current cancellations were made "to provide certainty and notice to our customers", but added its five remaining flights on Friday were under review.
Passenger frustration
Australian traveller Sophie Kealley said she was stranded in Bali after her return flight to Perth was cancelled.
"We went to obviously check into our flight and they hadn't even sent us an SMS," she told the Australian Broadcasting Corp.
"We tried to get on the next Jetstar flight but they boarded the plane and then everyone was evacuated off the plane anyway."
Other passengers told of their frustration on Tigerair's Facebook page.
Mr Sharp said the airline would provide accommodation and refunds to affected passengers.
Tigerair Australia is owned by Virgin Australia and based in Melbourne.
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Bitcoin plunges on Beijing plan to bring cryptocurrency exchanges to heel www.rt.com

 
The price of the bitcoin digital currency plummeted more than eleven percent on Wednesday after China's central bank announced plans to investigate cryptocurrency exchanges over fears of capital flight.
 
The People's Bank of China (PBoC) said on its website that the investigation of bitcoin exchanges, including BTCC, Huobi and OKCoin, aims to reveal possible market manipulation, money laundering, unauthorized financing and other issues.
 
Following the announcement, the value of bitcoin dropped from around $915 to as low as $804.
 
PBoC’s announcement was a "ratcheting of the rhetoric" from the Chinese authorities, according to Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare.
 
"Instead of we're watching you it's now we're investigating you," he told CNBC.
 
Bitcoin's rally to become last year’s best performing currency has caught the attention of Chinese regulators concerned that the virtual asset was contributing to capital outflow.
 
Bitcoin more than doubled its value in 2016, skyrocketing 126 percent on the year. The Chinese yuan, on the contrary, suffered its worst year on record, weakening 6.5 percent.
 
China accounts for about 90 percent of all bitcoin trading on exchanges. The country has strict capital controls, which makes it difficult for the Chinese to convert the yuan into foreign currency, and limits the amount of cash investors can move abroad. That pushes Chinese investors to use the digital currency as a way to circumvent capital controls and minimize risks from the falling yuan.
 
Last week, Chinese regulators met with the country’s three largest bitcoin exchanges to remind them to “strictly” follow relevant regulations.
 
The existing regulations in China make the virtual currency impractical for facilitating large-scale asset transfers. The country’s bitcoin platforms require investors to link a domestic bank card to their accounts, which means transactions are not anonymous.
 
"The intentions of the Chinese state are clearer and it looks like they're trying to bring the Chinese bitcoin exchanges to heel - whether they are looking to make an example is yet to be seen," said Hayter.
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Taiwan passes bill to end nuclear power by 2025 www.nhk.or.jp

Taiwan's parliament has amended a law to terminate nuclear power generation by 2025.

Three nuclear power stations are operating in Taiwan, accounting for 16 percent of the island's power generation in 2015.

But with increased anti-nuclear opinion following the 2011 accident at the Fukushima Daiichi plant in Japan, Tsai Ing-wen won the presidential election with a pledge to phase out nuclear power.

Her administration submitted amendments to the electricity act to end the use of nuclear power by 2025.

The legislature passed the amendments on Wednesday.

The amendments call for greater use of renewable energy resources, such as solar and wind energy, and allow private companies to sell electricity to the main utility company.

Taiwan's administration wants to raise the percentage of renewable energy from the current 4 percent to 20 percent.

But critics say the end of nuclear power is likely to destabilize energy supply and raise utility charges.

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Trump hands over business empire to sons www.bbc.com

US President-elect Donald Trump says he is handing over his business empire to his sons, Donald Jr and Eric.
He told a news conference he had formally given "complete and total" control to them in a bid to avoid conflicts of interest.
Mr Trump's lawyer said the President-elect had "isolated" himself from his businesses.
Sheri Dillon said Mr Trump wanted to be clear that he was not using his presidency for his personal benefit.

Speaking at Mr Trump's first news conference since he was elected in November, Ms Dillon explained that all of the Trump Organization's businesses would be transferred to a trust controlled by his sons and the chief financial officer, Allen Weisselberg, before Mr Trump takes power on January 20.
"Together, Don, Eric, and Allen will have the authority to manage the Trump Organization and will make decisions for the duration of the presidency without any involvement whatsoever by President-elect Trump," said Ms Dillon, whose firm Morgan, Lewis and Bockius has been instructed by Mr Trump to draw up a structure to keep his business interests separate.
Ms Dillon added that an ethics adviser would be appointed to the management board of the trust to oversee any potential conflicts of interest.
Turning down deals
No new foreign deals will be made during Mr Trump's presidency, according to Ms Dillon, and domestic deals will be subject to a "rigorous vetting process".
And she said the group has cancelled more than 30 pending deals in recent weeks, in order to avoid potential conflicts of interest.
Earlier in the news conference Mr Trump said he had rejected a $2bn deal in Dubai last weekend, demonstrating he was putting his business activities behind him.
Previous presidents have relinquished control of their business assets by putting them into what is known as a blind trust, run by independent trustees.
Mr Trump spoke last year about dealing with his holdings in this way. However, he then questioned whether it would be a blind trust if his children were in charge of the company.
His daughter Ivanka, whose husband has been named as a senior adviser to the President-elect, will not be involved with the Trump Organization in the future, said Ms Dillon.

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Coal at East Tsankhi block of Tavan Tolgoi to be sold for USD 59.3 per ton www.montsame.mn

Ulaanbaatar /MONTSAME/ Erdenes Tavan Tolgoi (Erdenes TT) has planned to sell a ton of coal for USD 59.3 at the East Tsankhi block of the Tavan Tolgoi deposits in the first quarter of 2017.

This decision was made on the basis of the coal pricing index and the coal market price.

Before this, the Mongolian government and Erdenes Tavan Tolgoi working group revised the agreement with TTJVCo- the operating company East Tsankhi coal mine to raise the average selling price for coal by 85 percent in December 2016. The selling price of coal is projected to remain the same at the East Tsankhi block until the second quarter of 2017.

Erdenes TT plans to extract 1.1 million tonnes of coal at the West Tsankhi block within the first two months of its operation. However, the coal sales of the block has still not yet begun.

It is expected that the East and West Tsankh blocks will help to generate USD 100 million tax revenue in the first half of 2017 and to pay off the loans to Chalco and TT JV Co.

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6th Burns Supper in Ulaanbaatar www.mongolianbusinessdatabase.com

Since 2012 Honorary Consul for Mongolia in Scotland in association with the Mongolian British Chamber of Commerce have hosted an annual Burns Supper in Mongolia’s capital, Ulaanbaatar. As well as celebrating the life of Robert Burns, Scotland’s National Bard, we reflect on the growing ties between Scotland and Mongolia. In past years we have seen performances from the band of the Mongolian Armed Forces, the Ulaaanbaatar Scottish dance group and renowned Scottish bagpiper Alisdair McCallum.

The 6th Ulaanbaatar Burns Supper will take place on 28th January 2017. 
If you wish to join us please book in by 15th January. After this date tickets will no longer be available. http://www.mongolianconsul.com/ulan-bator-burns-supper/

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Global Economic Prospects: East Asia and the Pacific Weak Investment in Uncertain Times www.gogo.mn

World Bank releases its Global Economic Prospects report on 10 January 2017. 
Regional outlook: East Asia and Pacific 
Growth in the East Asia and Pacific region slowed to an estimated 6.3 percent in 2016, in line with expectations, reflecting the gradual deceleration of China. Excluding China, the region grew at a 4.8 percent pace, as a modest acceleration in commodity importers was offset by weaker growth in commodity exporters. Strong domestic spending, supported by generally benign financing conditions for most of 2016, largely counterbalanced weak export growth. Narrowing domestic and external imbalances and stronger policy buffers, coupled with solid growth, helped improve resilience to external headwinds.
Growth in the rest of the region except China was close to its long-term average as robust domestic demand countered weaker external demand. Low and declining inflation enabled central banks in the region to ease or maintain accommodative monetary policy stances last year. Growth picked up in commodity importers, led by the Philippines and Thailand. Activity softened among commodity exporters, including Lao People’s Democratic Republic, Malaysia, Myanmar, and eased considerably in Mongolia and Papua New Guinea, where adjustment needs were significant. Financial markets experienced an uptick in volatility toward the end of the year amid heightened policy uncertainty in the United States.
OUTLOOK
Growth in the East Asia and Pacific region is projected to ease to 6.2 percent in 2017 as slowing growth in China is moderated by a pickup in the rest of the region. Output in China is anticipated to slow to 6.5 percent in the year. Macroeconomic policies are expected to support key domestic drivers of growth despite softness of external demand and overcapacity in some sectors. Excluding China, growth in the region is seen advancing at a more rapid 5 percent rate in 2017.
Growth among commodity exporting economies in the region is forecast to accelerate. The growth outlook has deteriorated in several small commodity exporters, such as Mongolia and Papua New Guinea, where the terms-of-trade shock has exacerbated domestic vulnerabilities.
RISKS
Risks have tilted further to the downside since mid-2016 and include heightened policy uncertainty in advanced economies (Europe and the United States) amid a rise in support for trade protection. Financial market disruption and weak growth in advanced economies would pose further risks to growth. Rising political opposition to trade has contributed to a post-crisis high in new trade restrictions in the past year. The imposition of trade barriers by major trading partners would disproportionately affect the relatively more open economies of East Asia and Pacific.
An unexpected deceleration of major economies in the region or weaker-than-expected global trade would dampen growth in the region, and a faster-than-expected slowdown in China would have sizable regional spillovers.
Similarly, an adverse reaction to the U.S. Federal Reserve’s anticipated rise in interest rates or an increase in global risk aversion could also slow growth. The large, financially integrated economies of the region with sizable external, foreign-currency denominated, and/or short-term debt—such as Indonesia, Malaysia and, to a lesser degree, Thailand—would be most exposed.

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Migration to Ulaanbaatar city stops until 2018 www.gogo.mn

On Jan 9, City Mayor and City Governor S.Batbold has issued an order to stop migration to the Ulaanbaatar city from rurals until Jan 1, 2018, aiming to reduce air pollution. 
According to the order, people in need of long-term treatment in Ulaanbaatar city and people who purchased housing in Ulaanbaatar city are allowed migrate to the city. 
In other cases, migration of people from rural to Ulaanbaatar city is banned. 
Inspectors of City professional inspection agency and Air quality agency will monitor the implementation. 
Every citizen of Mongolia has the right to migrate. However, the country is facing problems that might affect national security. Thus, City Mayor has issued this order based on long-term study and professional recommendation. 
NO MORE GER-DISTRICT AREAS 
City Mayor has issued two more orders to tackle air pollution. 
For instance, the city will determine the residential areas. Setting up new ger-district areas at the outer parts of the chosen residential areas is prohibited. 
Moreover, city mayor divided air pollution of Ulaanbaatar city into four zones, considering the current air quality index. 
Further, city is planning to ban the most polluting vehicles.

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South Korean special prosecutors to question Samsung leader as a suspect www.reuters.com

A South Korean special prosecutor's office on Wednesday said it had summoned Samsung Group [SAGR.UL] leader Jay Y. Lee as a suspect in a widening influence-peddling scandal involving President Park Geun-hye.

Prosecutors have been checking if Samsung's support for a business and foundations backed by Park's friend, Choi Soon-sil, was connected to a 2015 decision by the national pension service to back a controversial merger of two group affiliates.

Samsung has acknowledged making contributions to two foundations as well as a consulting firm linked to Choi. The prosecution summoned two senior Samsung Group officials this week for questioning, though they were classified as witnesses.

Lee, the vice chairman of flagship affiliate Samsung Electronics Co Ltd, has managed South Korea's top conglomerate after his father and founding patriarch Lee Kun-hee was incapacitated after a May 2014 heart attack.

At a December parliament hearing, the executive denied that the firm paid bribes to pave the way for the 2015 merger.

Lee Kyu-chul, a spokesman for the special prosecution team, told a briefing Lee had been summoned for questioning at 9:30 a.m. (0030 GMT) on Thursday, over suspicions including bribery, but did not elaborate.

"All possibilities are open," the spokesman replied, when asked if the prosecution team would request an arrest warrant for the Samsung Group leader.

A Samsung Group spokeswoman declined to comment.

President Park could become South Korea's first democratically elected leader to leave office early after parliament voted in December to impeach her over the corruption scandal, a decision that must be approved or overturned by the Constitutional Court.

(Reporting by Se Young Lee and Ju-min Park; Editing by Clarence Fernandez)

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