1 US TRADE WAR COULD COST GLOBAL ECONOMY $430 BILLION, IMF WARNS WWW.RT.COM PUBLISHED:2018/07/18      2 US PLANS G7 TALKS ON CHINA WWW.NHK.OR.JP PUBLISHED:2018/07/18      3 GOOGLE HIT WITH RECORD EU FINE OVER SHOPPING SERVICE WWW.BBC.COM PUBLISHED:2018/07/18      4 TURQUOISE HILL ANNOUNCES SECOND QUARTER 2018 PRODUCTION AND COMPLETION OF SHAFT 5 WWW.GOGO.MN PUBLISHED:2018/07/18      5 DEVELOPMENT OF BILL ON CIVIL SERVANT CODE OF CONDUCT FINALIZED WWW.GOGO.MN PUBLISHED:2018/07/18      6 CRUDE OIL EXPORTS GENERATED 94.3 BILLION WWW.GOGO.MN PUBLISHED:2018/07/18      7 MONGOLIAN PRESIDENT SUMMONS IRREGULAR PARLIAMENTARY SESSION WWW.NEWS.MN PUBLISHED:2018/07/18      8 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      9 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      10 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      ГЕРМАНЫ “ЧИНГИС ХААН” ХАМТЛАГ ИРЭХ ОНД МОНГОЛД ТОГЛОЛТОО ХИЙНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     АНУ, ОХУ ХҮЙТЭРСЭН ХАРИЛЦААНДАА ЦЭГ ТАВИЛАА WWW.UBINFO.MN НИЙТЭЛСЭН:2018/07/18     ХУДАЛДААНЫ ДАЙН ХЯТАДЫН КОМПАНИУДАД НӨЛӨӨЛЖ ЭХЭЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/18     МОНГОЛД 92 ОРНЫ 9.6 МЯНГАН ГАДААДЫН ИРГЭН АЖИЛЛАЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/18     ГАДААД ХУДАЛДААНЫ НИЙТ БАРАА ЭРГЭЛТ 6,3 ТЭРБУМ АМ.ДОЛЛАРТ ХҮРЧЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/18     ЕВРОПЫН ХОЛБОО ЯПОН УЛСТАЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ГЭРЭЭ БАЙГУУЛАВ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/18     АЖ ҮЙЛДВЭРЖИЛТИЙН ЭРЧ СУЛАРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/18     МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 3.8 ИХ НАЯД ТӨГРӨГӨӨР НЭМЭГДЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     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    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Meat export to Vietnam under discussion www.montsame.mn

Ulaanbaatar /MONTSAME/ On July 5, State Secretary of the Ministry of Food, Agriculture and Light Industry D.Enkhbat held official meeting with representatives led by Hoang Van Thang, Deputy Minister of Agriculture and Rural Development of the Socialist Republic of Vietnam and Doan Thi Huong, the Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam to Mongolia.

During the meeting, the parties discussed about implementation of the activities agreed during the 16th meeting of Intergovernmental Commission between Mongolia and Vietnam, held in Ulaanbaatar last year.

They also exchanged views on the opportunities to increase the number of accredited plants of heat-treated meat and meat products and export deep frozen meat. In the framework of exporting deep frozen meat from Mongolia to Vietnam, risk assessment team from Vietnam is to work in Mongolia in August.

At the end of the meeting, the two sides agreed that they should focus on the development of cooperation between the private-sectors in food, agriculture and light industry sector.

M.Anudari

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Fuel prices rise by 2-15 percent in Mongolia www.news.mn

Fuel prices have increased for three times since January, reported the Committee on Road and Transportation at a press conference on Friday. The most recent price increase took place on 4 July. Fuel prices vary across Mongolia: in the western provinces of Bayan-Ulgii and Uvs, for example, Specially, fuel is 20 percent more expensive than in Ulaanbaatar.

The committee has demanded that the Mongolian People’s Party fulfills its election promises to reduce prices and rationalise them nationwide. Furthermore, the committee also called drivers to hold a car horn protest on 9 July at 12.30 p.m. and 6.30 p.m. in front of Sukhbaatar Square.

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Mongolia to hold festival of overseas Mongolians www.xinhuanet.com

ULAN BATOR, July 5 (Xinhua) -- Mongolia will organize a Naadam Festival for overseas Mongolians here on July 6-8, a Mongolian Foreign Ministry spokesperson said Thursday.

Over 200 representatives from China's Inner Mongolia, Xinjiang autonomous regions and Qinghai Province, and Russia's Buryatia, Tuva, Kalmykia, Altai and Saha are expected to participate in the festival, which is aimed at preserving, inheriting and promoting the cultural heritage and traditions of Mongolia, Kh. Mandakhtsetseg said at a news briefing.

The event, "Eternal Sky," is co-organized by the Mongolian Foreign Ministry, the Mongolian Ministry of Education, Culture, Science and Sports, and Ulan Bator's Culture and Arts Department.

Naadam, the Mongolian national sports festival, is a traditional display of strength, horsemanship and marksmanship. The festival was inscribed in the List of Intangible Cultural Heritage of Humanity of UNESCO (United Nations Educational, Scientific and Cultural Organization) in 2010.

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US started biggest trade war in history, China forced to retaliate – Beijing www.rt.com

China's commerce ministry says the country has no choice but to fight back after the US "launched the largest trade war in economic history," as Washington's 25 percent tariffs on various Chinese imports go into effect.

"On July 6, the US began to impose 25 percent tariffs on $34 billion worth of Chinese imports. The US has breached WTO trade rules and launched the largest trade war in economic history to date," the ministry's statement read​​​.

The Trump administration's new 25 percent duties apply to 818 Chinese imports worth $34 billion. They are the first stage in levies threatened by the US on a total of $450 billion worth of Chinese goods.

China warned that while it promised not to "fire the first shot," it will now be forced to "counterattack" in order to defend its core interests. Beijing has vowed to inform the World Trade Organization and work with other countries to "jointly safeguard free trade and the multilateral system."

As Beijing geared up to respond to the new tariffs, it warned that the US would be “shooting itself in the foot and hurting the world” if it were to go through with the measure. Reciprocal levies had reportedly been prepared, which were set to take effect on the same day.

Beijing has been actively seeking an EU ally in the mounting trade war, with senior Chinese officials offering European states access to its market if they take Beijing's side in the row. However, Europe has rejected China’s proposal to team up against the US.

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Reduction of consumer loans stipulated to have impact on business investment www.gogo.mn

The Bank of Mongolia reports that Mongolian consumer loan holders spend 69 percent, on average, of their net income for loan repayments each month, thus negatively affecting their quality of life.

As of the first quarter of 2018, consumer loan growth reached 47.3 percent in conjunction with the total household debt increase of 18.2 percent. Consumer households contribute to 57.6 percent of total banking sector loans.

Corporate loans show an average growth of 1.5 percent for the last nine quarters, representing low business and investment growth and even lower creation of new jobs. In June, the Monetary Policy Committee of the Bank of Mongolia issued a decision to set the consumer loan debt/income ratio at 70 percent.

According to officials, the decision will help to maintain balance between the public’s current and future consumption levels, to diminish the debt burden of households and to avoid potential financial risks. In addition, it is expected that financial resources will be effectively allocated for businesses.​

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Mongolia mulls halving tax on waste recycling plants www.china.org.cn

ULAN BATOR, July 5 (Xinhua) -- Mongolia will support waste recycling plants with tax reduction policies to fight against climate change, pollution and environmental degradation, Mongolian Environment and Tourism Minister Namsrai Tserenbat said Thursday.

"We are working to tackle environmental issues caused by a build-up of garbage. We have to improve waste management and recycling systems," Tserenbat said at an event on environmental problems.

"We are considering reducing tax on waste recycling plants by 50 percent," he said.

Statistics show that over 76 percent of Mongolia's land area suffer from soil degradation.

Recently, the government decided to ban single-use plastic bags from March 1, 2019. Enditem

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Inside the lives of Mongolia's 'millennial monks,' who play basketball, pray for 12 hours a day, and hold the fate of their religion in their hands www.businessinsider.com

In Mongolia, the future of one of the world's oldest religions is in the hands of millennials.

Young Buddhist monks are increasingly being given control of Mongolia's monasteries as the religion struggles to find new blood.

The millennial generation of monks is the first to come of age since democracy was introduced to Mongolia in 1990. Prior to that, Buddhists in this sparsely-populated country faced deadly persecution — an estimated 17,000 monks were killed in Stalinist purges in the late 1930s.

Now, monks in their 20s and 30s are tasked with leading the next generation of Buddhist religious leaders. At one monastery in northern Mongolia, the monks alternate hours of religious study with games of basketball and the occasional phone call, a privilege reserved for people older than 25.

Here's what life is like for Mongolia's generation of millennial monks.

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'Mongolia does not need to join SCO' says transport minister www.news.mn

During the 18th Shanghai Cooperation Organisation (SCO) summit earlier this month in Qingdao, Mongolian President Kh.Battulga said that his country is studying the possibility to upgrade the level of its participation in the SCO and a discussion on this matter has been launched in political and social circles in Mongolia. However, J.Bat-Erdene, Minister of Road and Transport Development said there is no need to join the SCO.

Under the “Development Road” programme, Mongolia aims to increase the volume of foreign trade to USD 200 billion by 2020. It was USD 84 billion last year. Furthermore, Mongolia is pursuing a policy to develop transit transportation for connecting an economic corridor between Mongolia-Russia-China to European Union as well as the economic and trade transportation corridors of the SCO.

Under the SCO corridors, six countries such as Russia, China, Uzbekistan, and Kazakhstan have united for conducting transit transportation along six key routes. Mongolia has the right to join an agreement of a member states of the SCO for composing good environment for international transportation. It does not need to be member of the SCO for joining the agreement.

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Copper price takes another huge hit www.mining.com

The price of copper suffered its seventh straight day of declines on Thursday, losing more than 3% in New York to $2.8205 or $6,220 a tonne on the Comex market, its lowest level since July last year.

It was one of the busiest days of 2018 on commodity futures markets with with over 2.3m tonnes of September copper worth $14.6 billion exchanging hands by mid-afternoon. 2018 star performer nickel also succumbed on Thursday, becoming the last of the base metal complex to drop below its 100-day moving average at $14,200 a tonne. Zinc's woes continued and the metal is now down nearly 20% year to date.

Reports out on Thursday suggest the trade spat between the US and China, responsible for half the world's consumption of copper, could quickly turn nasty. President Trump's 25% tariffs on more than 800 Chinese goods worth $34 billion kick in midnight Friday. The latest round comes a few months after duties on steel and aluminum exports from China and other countries went into effect.

Investment bank Goldman Sachs poured cold water on the notion that a trade war represents a serious threat to raw materials, saying most of them aren’t likely to be significantly impacted, and after recent declines now’s the time to buy.

Growth in global industrial production and manufacturing output appears to have peaked in the first-half of 2018, suggesting that resource commodity prices may generally have set their highs for the cycle.
“The trade war impact on commodity markets will be very small, with exception of soybeans where complete rerouting of supplies is not possible,” analysts including Jeffrey Currie said in the July 4 note. “This is consistent with our economists’ view that the macroeconomic impact of the trade war is likely to be very small,” it said, with added emphasis on the final two words.

Raw materials have been hurt by growing concern among global investors about the potential impact of the trade tariffs planned by Washington, and the threatened Chinese response. In June, the Bloomberg Commodity Index suffered its biggest monthly slump since mid-2016.

“In metals, we believe Chinese domestic concern over credit availability has been the primary driver of recent weakness, fueled by trade wars, and is set to reverse given recent policy shifts in China,” it said in the latest report, citing moves including the recent reduction in some banks’ reserve requirements.

“China will want to negotiate the trade wars from the position of a strong economy, which reinforces fading the trade war rhetoric but buying the trade war reality (which will likely be small),” Goldman said.

Other banks are more cautious. Among them, Morgan Stanley has flagged risks for consumption from a potential deepening of the global trade squabble, as well as from any slowdown in China. “Escalating global trade tensions bring a risk of demand destruction across commodity markets,” it said last week.

“Trade tensions between the U.S. and its major trading partners have the potential to undermine confidence and hinder global economic output,” Australia's Department of Industry, Innovation & Science said on Monday. Trade wars aside, the government forecaster sounded gloomy about the prospects for metals and minerals prices:

Growth in global industrial production and manufacturing output appears to have peaked in the first-half of 2018, suggesting that resource commodity prices may generally have set their highs for the cycle.

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Thermal coal prices hit 6-year high www.mining.com

Benchmark seaborne thermal coal prices jumped to $120.10 per tonne on Thursday, its highest level since November 2012, thanks to tight supply in key Asian export regions. Measured from lows hit end-2015, early 2016 coal used in power generation has gained 140%.

Strong consumption in China, despite ongoing efforts by Beijing to reduce reliance on coal for electricity generation, and restocking from the spot market by Japanese utilities have buoyed prices.

Import demand from China has been supported by hotter than average temperatures, weak hydro power output, and limited growth in domestic supply, the Australian dept of resources said in its quarterly report released this week.

Supply in South Africa has been diverted to domestic power-generating facilities, impacting exports. In May this year prices at the African nation's Richards Bay terminal topped $100 for the first time since April 2012 and was trending higher again this week at $106.25.

Coal at the Rotterdam port in the Netherlands is set to enter triple digits for the first time since January 2012 exchanging hands for $98.95 this week.

The Australian government forecaster said spot prices are forecast to remain well supported over the next few months, as a result of a relatively tight market, but sounded a note of caution on the longer term outlook:

However, with most of the contributing factors expected to be temporary, the price is forecast to decline from late 2018, to average US$74 a tonne in 2020 as import demand growth slows relative to supply.

Both China and India are expected to increase domestic thermal coal output.

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