1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      НУРАХ ДӨХСӨН БАЙРУУДЫГ ШИНЭЧЛЭХ КОМПАНИ ОЛДОХГҮЙ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛС ВАШИНГТОН, ПЁНЬЯНЫ ХЭЛЭЛЦЭЭРТ ЗУУЧЛАХАД БЭЛЭН ГЭДГЭЭ ЗАРЛАЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20    

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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Verizon close to Yahoo deal, price cut of $250-350 million: sources www.reuters.com

 
Verizon Communications Inc (VZ.N) is close to a revised deal to buy Yahoo Inc's (YHOO.O) core internet business for $250 million to $350 million less than the original agreed price of $4.83 billion, according to a source briefed on the matter.
 
Since last year, Verizon had been trying to persuade Yahoo to amend the terms of the acquisition agreement to reflect the economic damage from two cyber attacks. A source told Reuters that the deal, which could come as soon as this week, will entail Verizon and Yahoo sharing the liability from potential lawsuits related to the data breaches.
 
Another person familiar with the situation said the price cut was likely to be around $250 million, a figure that Bloomberg reported earlier on Wednesday.
 
A representative from Verizon declined to comment. Yahoo did not immediately respond to requests for comment.
 
"Maybe this isn't quite as much of a discount as initially thought, but it's at least something," said Dave Heger, senior equity analyst at Edward Jones.
 
Verizon hopes to combine Yahoo's search, email and messenger assets, as well as advertising technology tools, with its AOL unit, which Verizon bought in 2015 for $4.4 billion. Verizon has been looking to mobile video and advertising for new sources of revenue outside an oversaturated wireless market.
 
But Sunnyvale, California-based Yahoo has been under scrutiny by federal investigators and lawmakers since disclosing the largest known data breach in history in December, months after disclosing a separate hack.
 
The U.S. Securities and Exchange Commission has launched a probe into whether Yahoo should have disclosed the breaches, which occurred in 2013 and 2014, sooner, according to a report in the Wall Street Journal last month.
 
On Wednesday, Yahoo sent a warning to users whose accounts may have been accessed by intruders between 2015 and 2016, as part of a data security issue related to the breach it disclosed in December. A person familiar with the matter said notifications have gone out to a mostly final list of users.
 
Yahoo shares rose 1.5 percent to $45.69 in afternoon trading. Verizon shares fell 0.7 percent to $47.93.
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Yellen: Immigration policy change may slow growth www3.nhk.or.jp

 
The chair of the US Federal Reserve has repeated that President Donald Trump's immigration policies could slow the country's economic growth. Janet Yellen made the testimony before a House committee.
Yellen said that immigration has been an important source of labor force growth in the United States.
She also said that radical change in immigration would certainly affect the potential of the economy to grow.
Yellen stressed the importance of immigrants in the labor force during her Senate testimony the previous day.
The Fed chair has also been expressing concern that Trump's proposed tax cuts and stepped-up spending plans could hurt the country's fiscal health.
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Lufthansa agrees pay deal with pilot union www.bbc.com

 
Lufthansa has struck a deal to solve a five-year-long dispute with pilots that has cost it millions of euros.
Germany's largest airline and the Cockpit union have agreed upon an arbitrator's proposal for a new wage agreement that covers about 5,400 pilots.
The firm has agreed to a four-stage 8.7% total wage increase and a one-off 30m-euro (£25.5m) payment.
That works out at some 5,000 euros to 6,000 euros per employee.
Cockpit union spokesman Markus Wahl said although union negotiators had agreed upon the deal, its members would have the final say on whether to accept.
The dispute has seen pilots take part in 15 strikes.
The union had wanted an average annual pay rise of 3.7% for its members in Germany, backdated to 2012.
Despite a record profit last year, the company said it had been forced to cut costs to compete with budget rivals such as Ryanair in Europe and the likes of Emirates on long-haul routes.
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China may tighten up coal output curbs again as prices collapse www.mining.com

China may soon reinstate coal production curbs in an effort to avoid the return of an oversupply and improve the profitability of its heavily indebted coal industry.

The National Development and Reform Commission (NDRC), which is the country’s top planner, is considering to limit local coal output by restricting miners to a 276-day operational year, rather than the 330 days they are currently allowed to work.

Sources familiar with the matter told Bloomberg that the fresh clampdown will remain in place for six months, with some mines and areas possibly excluded, though no decision has been made yet.

Coal mining restrictions would remain in place for six months, with some operations and areas possibly excluded.
Coal, particularly the steelmaking kind, rocketed last year after Beijing introduced production curbs. Coking coal prices more than quadruple and peak at over $300 a tonne in December — a level last seen in 2011. Thermal coal, which is used in power stations to produce electricity, also benefitted from the restrictions. Its recovery helped major producers such as Glencore (LON:GLEN), Anglo American (LON:AAL) and Teck Resources (TSE:TECK.A, TECK.B) (NYSE:TECK) straighten up their balance sheets.

But after a recent pause following 12 weeks of non-stop selling, the rout on coking coal markets resumed on Tuesday. The steelmaking raw material fell 4.7% to $154.80 on the day, the lowest since early September.

China, the world’s largest coal consumer and producer, said last month it continues to work towards its long-term plans of reducing the share of coal in its overall energy mix and consequent smog and greenhouse gas emissions.

Other than shutting down mines and forcing production cutbacks Beijing has also halted the approval of new coal mines until at least 2019, eliminated about 560 million tonnes of coal production capacity and closed 7,250 coal mines in the last five years.

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Mongolian livestock: 20 million young expected www.news.mn

A total of 61 million livestock have been enduring an extra harsh winter in Mongolia. The official number of animals will be updated once livestock have finished giving birth to their young this spring. Preliminary estimates are that a total of 20 million young livestock will be born from March to May.

However, as of 14th of February, the ongoing 'Dzud' (the Mongolian term for harsh winter conditions) has resulted in the loss of 75 thousand livestock. More than 100 soums of 10 provinces currently are experiencing Dzud conditions.

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Siberia's sleeping oil giant could soon be awakened www.rt.com

The gigantic Samotlor oil field in Russia's Siberia holds 25 billion barrels. At its 1980s peak, it pumped 3 million barrels per day (bpd). Now it pumps 95 barrels of water to get five barrels of oil, but it could make money again, Bloomberg reports.
An idea to cut taxes for fields that produce more water than oil is being discussed in Moscow, according to the media.

“It is a supergiant field even today after almost 50 years of production, the elephant of elephant fields. There is still a lot of oil left,” Ildar Davletshin, an analyst at Renaissance Capital told Bloomberg.

The field belongs to Rosneft, and if the tax cuts are implemented, Samotlor can make the oil company an extra 90 billion rubles or $1.58 billion every year, Davletshin said.

In the 1980s, the Siberian oil field produced 3 million bpd, which is more than today’s daily production of the fourth-largest OPEC member – the United Arab Emirates.

The Soviet Union tried to keep up output and injected water to improve recovery, which led to cracks in the rock. As a result, Samotlor started producing water in circles, and the fall of the Soviet Union only sped up its demise. In 1996, the oilfield produced only 300,000 bpd. Production rose as high as 600,000 bpd in 2009, according to James Henderson, an oil analyst at the Oxford Institute for Energy Studies.

Russian ministries are considering a bill to reduce the tax on deposits that hold more than 150 million tons of resources, but produce more than 90 percent water, a government official told Bloomberg, asking not to be identified because the information isn’t public. At the moment, all such oil fields belong to Rosneft.

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MPs set up lobby group for responsible mining www.montsame.mn

Ulaanbaatar /MONTSAME/ A lobby group to support responsible mining was established by some parliament members. MPs A.Undraa, N.Amarzaya, Ts.Garamjav, Ya.Sodbaatar, O.Sodbileg, G.Temuulen and J.Bat-Erdene initiated the lobby group to raise an issue of responsible mining development at legislative level within legal framework.

They consider the mining sector - one of the main economic pillars should be developed in a responsible and transparent manner, meeting modern standards and requirements and to be in harmony with the long-term development goal. To realize it, relative laws and regulations should be improved, opening and closing of mines, and rehabilitation should be executed with high quality as well as natural resources should be utilized properly and effectively through introducing advanced technology.

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Berkshire takes huge bite of Apple, boosts airline stakes www.reuters.com

 
Warren Buffett's Berkshire Hathaway Inc (BRKa.N) was an aggressive buyer of stocks in last year's fourth quarter, nearly quadrupling its stake in Apple Inc (AAPL.O) and increasing its stake sevenfold in the four biggest U.S. airlines.
 
In a regulatory filing, Berkshire reported owning 57.4 million shares of Apple as of Dec. 31, which would now be worth $7.74 billion, up from just from 15.2 million shares in the iPhone maker three months earlier.
 
Berkshire also reported a $9.3 billion airline stake, with investments topping $2.1 billion in each of American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N), Southwest Airlines Co (LUV.N) and United Continental Holdings Inc (UAL.N).
 
It also disclosed new stakes in satellite radio company Sirius XM Holdings Inc (SIRI.O) and seed company Monsanto Co (MON.N), which is being bought by Germany's Bayer AG (BAYGn.DE).
 
Though it is unclear who make which investments, the filing appears to reflect much of the $12 billion of stock that Buffett said he had bought between the Nov. 8 Presidential election and the end of January.
 
Larger Berkshire investments such as Wells Fargo & Co (WFC.N), Coca-Cola Co (KO.N) and International Business Machines Corp (IBM.N) are normally Buffett's, but the 86-year-old billionaire has given his deputies Todd Combs and Ted Weschler more to invest over the years.
 
Berkshire's initial investment in Apple got attention last year, given Buffett's usual aversion to technology companies - apart from IBM - which he considers outside his zone of competence.
 
The new, larger stake makes Berkshire one of Apple's 10 biggest investors.
 
"I'm stunned to see the size of that Apple position," said Thomas Russo, who oversees $11 billion of assets, including 12 percent in Berkshire, at Gardner Russo & Gardner in Lancaster, Pennsylvania.
 
Berkshire did not respond to a request for comment.
 
The Omaha, Nebraska-based conglomerate also owns roughly 90 companies such as the BNSF railroad, Geico car insurance and Dairy Queen ice cream.
 
Its Class A shares closed on Tuesday up $2,078.95 at $250,419, a record high closing price and less than 0.2 percentage points below its all-time high on Dec. 14.
 
APPLE BECOMES CORE HOLDING
 
The plunge into Apple appears particularly well-timed.
 
Shares of Apple closed on Tuesday up $1.73 at $135.02, also a record closing high.
 
Assuming Berkshire has not sold its stake, Apple's 16.6 percent gain this year would leave it with a $1.1 billion paper profit in 2017 alone.
 
It had been widely believed that Berkshire's initial investment came from Combs or Weschler.
 
But their decisions have sometimes influenced Buffett, as when Berkshire last year paid $32.1 billion for aircraft parts maker Precision Castparts Corp, once a Combs investment.
 
"It's quite possible that Warren woke up and began to understand the virtues of Apple that he had been neglecting or, like with Precision Castparts, Todd or Ted had an affinity for Apple that sparked interest from Warren," Russo said.
 
Combs and Weschler are the leading candidates to eventually succeed Buffett as Berkshire's chief investment officer.
 
The airline investments, meanwhile, suggest that Buffett has overcome his two-decade aversion to the sector after an unhappy - though, he has said, profitable - investment in US Air Group.
 
Buffett told talk show host Charlie Rose in an interview last month that it was "in large part" his decision to dive back into airlines.
 
"The industry was once balkanized, but now it is bulking up, and has come to realize that an empty seat is a perishable asset," Russo said. "More planes are traveling more full."
 
Shares of American, Delta, Southwest and United, as well as Apple, Monsanto and Sirius, rose in after-hours trading.
 
Such increases often occur when investors perceive that Berkshire has given a company its imprimatur.
 
Monsanto and Sirius did not immediately respond to requests for comment.
 
To make room for new investments, Berkshire appeared to have shed a $1.8 billion stake in agricultural equipment maker Deere & Co (DE.N) and nearly all of what remained from a more than decade-old stake in retailer Wal-Mart Stores Inc (WMT.N).
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Ministry of Foreign Affairs presents plans for 2017 www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The monthly “Press Hour” conference of the Ministry of Foreign Affairs took place on February 14. State Secretary of the Ministry D.Davaasuren introduced the ministry's plans for 2017 regarding the foreign trade and economic relations and gave information on the foreign minister’s visit to Russia.
 
According to D.Davaasuren, a total of 32 projects are included in the Program on the Establishment of the Economic Corridor of Mongolia, Russia and China. Within the framework of the program, proposals are sent to the two neighboring countries to establish “Investment Projecting Center” in Mongolia. Also, an expert-level meeting is expected to take place in Ulaanbaatar in March to talk issues concerning the program.
 
The MFA is focusing on renewing the “national program to support exports” and advancing the implementation of “Mongol Export” program and the establishment of a free-trade zone in Zamiin-Uud and Erenhot cross-border port areas.
 
Also, the Ministry informed about its plans for this year, which include joining Asia-Pacific Trade Agreement to increase and enable the exports of domestic products to the neighboring countries’ markets, improving the legal environment of foreign trade, negotiating free-trade agreements with third neighbors and economic unions, attending ASEM Economic Ministers’ meeting, promoting public-private partnerships and conducting effective economic "advertisements".
 
The State Secretary also gave information on Mongolia's relations with its third neighbors and major trade partners. For instance, Mongolia and Japan signed Economic Partnership Agreement in June 2016. In this connection, 13 subcommittees were re-established to create a permanent consultation mechanism.
 
On that note, the MFA officials noted that Mongolia is to sign free-trade agreement with the Republic of Korea. Within the framework, Mongolia and South Korea signed the terms of reference of a joint research team on establishing Economic Partnership Agreement in October 2016 and organized the first meeting of the joint group in December 2016.
 
In addition, the officials noted that agreed with the Eurasian Economic Union to commence joint research on free-trade agreement with the union in order to reduce and remove tariffs and non-tariff barriers for Mongolia's export products to Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.
 
During the press conference, the State Secretary of Foreign Ministry reported that Foreign Minister Ts.Munkh-Orgil has been invited by Minister for Foreign Affairs of the People’s Republic of China, Wang Yi. The Foreign Minister of Mongolia may visit to China on February 19-20.
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Toshiba to ask banks for help www3.nhk.or.jp

 
Executives of Toshiba are seeking support from financial institutions to strengthen their capital base.
Company President Satoshi Tsunakawa said on Tuesday that Toshiba is expected to post a loss of about 6.2 billion dollars in the US nuclear-power business in the year through March. He said Toshiba's debt exceeded its assets as of December.
The president said Toshiba is considering selling more than half of its mainstay flash-memory business, up from the original plan of less than 20 percent, as one measure to rebuild the company.
Tsunakawa also said Toshiba will stop taking new orders for the construction of nuclear-power plants abroad.
He said the company is instead going to shift its efforts toward supplying reactor-related equipment.
Toshiba executives said they will meet representatives from 80 financial institutions, including main creditor banks, on Wednesday. They said they will explain plans to overhaul some of their businesses and ask for loans and other forms of financial support.
Meanwhile, Toshiba officials will spend about a month to investigate reports that accounting on their US nuclear business was handled inappropriately. Internal reports brought the problem to their attention.
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