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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Copper price correction in full swing www.mining.com

 
The copper price hit an 18-month high on an intraday basis at the end of November, buoyed by a rebound in top consumer China and a hopes of stronger economic growth in the US.
 
But the metal has been mostly in retreat this month as doubts creep in about the impact of president elect Trump's fiscal stimulus plans and a stronger dollar prompts profit-taking.
 
On Monday copper for delivery in March, the most active contract, declined 3.4% from Friday's close to a low of $2.4775 per pound ($5,395 a tonne) on the Comex market in New York.
 
While continuing to reduce bullish silver, platinum and gold bets, on the copper futures market hedge funds have added to long positions – bets on higher prices in future – for six weeks in a row.
 
According to the CFTC's weekly Commitment of Traders data up to December 13 so-called managed money investors have taken net longs to a fresh record high of just over 87,000 lots.
 
That's the equivalent of 2.2 billion pounds or nearly 1 billion tonnes and shatters the previous peak achieved mid-2014 when the copper price was above $3.20 a pound.
 
Recent declines aside, after vastly underperforming other metals and steelmaking raw materials in 2016, copper's enjoying a breakout fourth quarter with gains from six-year lows hit in January this year of nearly 28%.
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Belt and Road Initiative seeks world economic rebalancing, inclusive globalization www.chinadaily.com.cn

BEIJING - Industrial capacity cooperation has become a significant part of the Belt and Road Initiative and will serve as a crucial element of the global economic rebalancing as well as the extension of globalization towards its "land subsidence."

When it comes to the economic background of the Belt and Road Initiative, Western media frequently mention the issue of China's excess industrial capacity, claiming that China is trying to dumping its redundant industrial capacity to countries along the routes.

However, such criticism is a total neglect of the "double circulation," a trend of the world economy brought up by Chinese scholars, namely, the "developed economies-China" circulation and "the China-developing economies" circulation.

In a manner of speaking, within the "double circulation" system, China has gradually become the glue that holds the global economy together.

Along with its economic transformation and industrial upgrading, China is climbing up the global industrial chains to the middle and high ends while transferring some of its relatively lower-end production capacity into other economies, which is a natural progress in accordance with laws of economics.

For countries within the Belt and Road area, the pursuit of carrying forward their own industrialization and modernization is perfectly matched with China's "going abroad" strategy for the enormous industrial capacity accumulated for years.

The complementation between the two sides, creating new demand by enhancing effective supply, is certainly contributing to rebalancing the world economy.

The currently imbalanced global economy is partially a side effect of globalization. For a long period of time, globalization has not gone quite globally as it was expected to.

Most of the Belt and Road countries have been stuck in the "land subsidence" of globalization deep within the Eurasia continent, left forgotten and far behind in the course of economic globalization which has been flourishing along the ocean lanes across the world.

Nevertheless, things are about to change now. Economic ties between China and developing countries are growing increasingly stronger and closer, which is beneficial to the further development of economic globalization.

Over the last three years, for instance, China has signed industrial capacity cooperation agreements with more than 20 Belt and Road countries and built 52 economic and trade cooperation regions in 18 such countries.

It is fair to say that the realization of the Belt and Road Initiative is not only boosting the industrialization of the countries within the area, but also getting them on the map of economic globalization via the China bridge.

It is clear that by pushing forward the Belt and Road Initiative, China is seeking rebalance of the global economy, underlining "inclusive globalization" instead of "fragmented globalization" that used to prevail.

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Exclusive: U.S. proposed $5 billion - 7 billion penalty on Credit Suisse on toxic debt - source www.reuters.com

 
The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
 
The size of the suggested settlement indicates that the cost to the bank may be higher than analysts had expected and explains why Credit Suisse management, according to a second source, has been seeking a smaller penalty.
 
"Credit Suisse is confident of reaching a better solution," said the second person. Should talks break down, U.S. legal authorities could sue the bank, prolonging the uncertainty.
 
In a sign that negotiations may be reaching their final stages, U.S. Attorney General Loretta Lynch last week met with Credit Suisse chief executive Tidjane Thiam, another person familiar with the matter said.
 
A potential resolution could come as early as this week.
 
The sources did not want to be identified because the negotiations are not public.
 
Credit Suisse and the Department of Justice declined to comment.
 
The penalty stems from a 2012 initiative launched by U.S. President Barack Obama to hold banks accountable for selling mortgage debt while misleading investors about the risks, a practice that helped cause the worst economic crisis since the 1930s.
 
The penalties, which for U.S. banks reached $46 billion, are set to deliver another setback to European lenders, many of which remain fragile, with scant capital, in the wake of the financial crash.
 
After record settlements were reached with U.S. banks such as Bank of America and JPMorgan, the focus has turned to Europe's Deutsche Bank, Royal Bank of Scotland, Credit Suisse, Barclays, UBS and HSBC.
 
News in September that the Justice Department made an initial demand of Deutsche of $14 billion to settle its case sent the German lender's stock plummeting and raised fears Credit Suisse could also face a stiffer penalty.
 
Just prior to Deutsche confirming that the Department of Justice was seeking $14 billion, JP Morgan analysts estimated Credit Suisse's fine at around $2 billion.
 
Deutsche Bank could this week agree its penalty over the sale of toxic mortgage debt, one person with direct knowledge of the matter said on Monday. The bank has said it expects to pay materially less than $14 billion.
 
Credit Suisse's litigation provisions at the end of 2015 totalled 1.605 billion Swiss francs ($1.56 billion). In November, the bank said it had upped litigation provisions by 357 million francs, mainly in connection with mortgage-related matters.
 
In addition to the Justice Department probe, Credit Suisse is defending itself against lawsuits by the New York and New Jersey attorneys general over similar claims involving billions of dollars of investor losses.
 
If Credit Suisse reaches a settlement with federal authorities, it will likely settle with the states as well.
 
A New York attorney general spokeswoman declined to comment, and New Jersey did not immediately return a call for comment.
 
President-elect Donald Trump takes office on Jan. 20, which means key government players involved in the negotiations would change, complicating the banks' efforts to reach settlements.
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Mongolian State Great Khural and UAE’s Federal National Assembly ink cooperation MOU www.mongolia.gogo.mn

 
Ulaanbaatar /MONTSAME/ The Speaker of Mongolian Parliament, Mr M.Enkhbold and the President of the Federal National Assembly of the United Arab Emirates, Dr Amal Abdullah Al Qubaisi signed a Memorandum of Understanding on Cooperation between Parliaments on December 19 in Abu Dhabi.
The MoU covers issues concerning bilateral cooperation on both regional and global levels, and bilateral relations in the areas of politics, economy, culture and education.
During the ceremony, Dr Abdullah Al Qubaisi touched upon the matters of bilateral cooperation in investment, economy, justice and humanities. She highlighted that the UAE places a great importance in energy cooperation with Mongolia, and that both legislatures must pay a special attention to eliminating duplicated taxes and alleviation of visa conditions.
She underlined “Launching direct flights will lend an actual impetus to achieve more tangible progress. Also, the cooperation in culture, education and humanities are as equally important as the economic ties. First of all, it is vital to increase the number of Mongolians who study Arab language”.
Mr Enkhbold said “We strive to broaden the scope of bilateral relations, strengthening cooperation in export of meat and meat products and co-implement major projects. He proposed the other party to consider and study the feasibilities to draw workforce from Mongolia. He viewed that this is important for training professional cadres in Emirates and for consolidating the people-to-people ties. Ms Abdullah Al Qubaisi applauded this proposal.
Mongolia and the United Arab Emirates established diplomatic ties in 1996. Flydubai and Mongolia’s MIAT have signed Agreement of Aviation Relations.
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Softbank to invest $1 bil. in US satellite startup www3.nhk.or.jp

 
Japanese telecom operator Softbank will invest 1 billion dollars in a US venture that aims to provide global internet access through small, low-flying satellites.
 
The company officially announced the investment in the company OneWeb Limited on Monday.
 
The Virginia-based company has plans to launch more than 720 satellites. They will provide internet access to areas across the globe, including developing countries and disaster-hit areas.
 
The US firm plans to build a facility in Florida where it will manufacture the next-generation satellites.
 
The investment from Softbank will mainly go to building the Florida plant. It is estimated that the project will create about 3,000 jobs over the next 4 years.
 
Softbank Group Chairman and CEO Masayoshi Son met US President-elect Donald Trump in New York earlier this month and pledged investment and job creation in the United States.
 
Son called the investment in OneWeb "the first step toward delivering on that promise with the next US President."
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China's Thunder Software buys Finnish car software company www.chinadaily.com.cn

 
Chinese mobile operating systems company Thunder Software Technology Co Ltd (Thundersoft) said on Monday it has agreed to acquire Finnish automotive software company Rightware for 64 million euros ($67 million).
 
Rightware's "Kanzi" software is used by more than 20 global automotive brands for user interfaces such as digital dashboards and entertainment systems, the Finnish firm said.
 
The deal marks the first overseas acquisition for the Chinese company and Rightware will remain as an independent company with its current management after the acquisition, which is expected to close early 2017.
 
The arrangement is similar to another recent Chinese-Finnish deal in which mobile game maker Supercell operates independently under a majority ownership of China's Tencent Holdings Ltd.
 
 
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Putin Says Assassination of Russian Ambassador in Turkey Was a ‘Provocation’ www.themoscowtimes.com

 
Vladimir Putin met today with several of his top officials to discuss the assassination of Russia’s ambassador to Turkey, Andrei Karlov, who was shot and killed in Ankara at an art gallery on Monday. Sitting down with Foreign Ministry Sergei Lavrov, Federal Security Service director Alexander Bortnikov, and Foreign Intelligence Service head Sergei Naryshkin, Putin called the attack “a provocation” designed to derail the normalization of bilateral relations between Russia and Turkey.
 
Putin also said the murder was intended to disrupt the peace process in Syria, where he says Russia, Turkey, Iran, and other countries are working hard to end the civil war.
 
“There can be only one response: intensifying our fight against terror,” the Russian president said before television cameras. “And the bandits will feel it.”
 
On Monday, Dec. 19, Russia’s ambassador to Turkey, Andrei Karlov, was assassinated at an art gallery by a man identified by Ankara’s mayor as a former police officer.
 
Local news outlets in Turkey claim the assailant was involved in FETO, an organization run by Fethullah Gulen, who lives in exile in the United States. FETO is banned as a terrorist organization in Turkey, where local journalists say the assailant was fired from the Turkish police, following an unsuccessful coup attempt in Turkey on July 15, earlier this year.
 
Putin isn’t the first Russian politician today to use the word “provocation” when commenting on Karlov’s murder. Right-wing nationalist politician Vladimir Zhirinovsky described the assassination using the same word, claiming that the West is to blame for the attack on Karlov.
 
The assassination mars a reconciliation between the Turkish and Russian governments that began this summer, after Ankara made apologetic overtures to the Kremlin, months following the downing of a Russian aircraft by the Turkish Air Force in November 2015, along the country's border with Syria. The incident led to a sharp decline in bilateral ties, and Russia briefly imposed sanctions on Turkey.
 
On social media, some analysts have already begun speculating that Moscow and Ankara might try to escape another chilling in relations by holding the Obama Administration accountable for the assassination, given that the United States currently harbors Gulen.
 
 
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Ukraine's biggest lender PrivatBank nationalised www.bbc.com

 
Ukraine's biggest commercial bank, PrivatBank, has been nationalised in a move aimed at protecting 20 million customers and "preserving financial stability in the country".
The country's central bank said the problems faced by PrivatBank were mainly caused by its "imprudent lending policy" which led to capital losses.
Ukraine's president Petro Poroshenko has reassured PrivatBank depositors that their money is safe.
The bank is operating normally.
The National Bank of Ukraine (NBU) declared PrivatBank insolvent on Sunday. The government subsequently backed the nationalisation.
PrivatBank is part-owned by the powerful billionaire oligarch Ihor Kolomoisky, who also has big stakes in the media and energy industries and has frequently come into conflict with President Poroshenko.
'Imprudent lending'
Central bank governor Valeria Gontareva said they were confident the decision to transfer PrivatBank to state ownership was "the only possible way to protect deposits placed with this bank and rescue the financial system".
The 20 million Ukrainians who use the bank include 3.2 million pensioners, more than 500,000 students and 1.6 million socially vulnerable households.
The nationalisation also enables small businesses to continue trading and means 3.2 million public and private sector employees will continue to be paid.
The NBU launched a study of the banking sector more than two years ago.
The stress test on PrivatBank revealed that the bank had capital shortages, which, the central bank said "apart form the crisis-related factors, were caused by imprudent lending policy pursued by the bank".
The NBU said at the beginning of this month that the bank had a capital shortfall of about $5.65bn (£4.5bn) and about 97% of its corporate loans had gone to companies linked to its shareholders.
"Being aware of all the problems faced by PrivatBank and risks posed to the health of the financial sector and the economy as a whole we could not wait any longer," said Ms Gontareva.
Commenting on the decision to nationalise PrivatBank, the head of the International Monetary Fund, Christine Lagarde, said it was an "important step in [Ukraine's] efforts to safeguard financial stability".
"Ensuring that all banks operating in Ukraine meet capital and regulatory requirements is essential to maintain public confidence in the banking system and reinforce the banks' ability to support productive activities necessary for the prosperity of the Ukrainian people," she added.
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World's oldest bank launches share offer as Italy prepares possible bailout www.rt.com

 
Troubled Italian bank Monte dei Paschi di Siena has started a share sale to raise cash to avoid a state rescue.
 
The world oldest lender needs to raise €5 billion by the end of the year to avert nationalization as it battles against €28 billion of non-performing loans. The share sale will last until Thursday with a debt-for-equity swap extended to retail investors.
 
Monte dei Paschi wants to find anchor investors to buy a significant chunk of the shares.
 
The bank has offered 35 percent of the shares to individual investors and 65 percent to institutions. Existing shareholders are being offered 30 per cent of shares reserved for retail investors before the sale is open to others, Bloomberg reports.
 
“Taking into consideration the risk profile and the limited period of time available to subscribe to the offer, we believe that the outcome of the deal will mainly depend on institutional investors’ decisions, starting with sovereign funds,” said Marco Sallustio a Milan-based analyst at ICBPI as quoted by the agency.
 
In case the plan doesn’t work, the government is ready to earmark €15 billion by increasing public debt, to provide Monte dei Paschi and other ailing banks with state aid.
 
According to EU banking rules, losses are covered by bondholders if taxpayer money is used to bail out the bank. Italian authorities have been considering a precautionary recapitalization of the country’s third largest bank to keep bondholder losses down, according to people familiar with the matter.
 
Monte dei Paschi stock dropped nearly ten percent to €18.71 per share in early trading in Milan before paring losses to around seven percent at €19.31.
 
The bank's shares are down almost 86 percent for the year.
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China's famous elevated bus is now just a giant roadblock www.cnn.com

After seizing the world's attention over the summer, China's futuristic elevated bus appears to have reached the end of the line.
Video of the road-straddling bus cruising over the top of cars during a test run spread like wildfire on social media back in August. But the quirky vehicle now sits idle at the test site in northern China, where it has become a hulking eyesore.
Billed as a potential answer to China's crippling traffic problems, the elevated bus is now the source of bottlenecks in the port city of Qinhuangdao. Cars traveling in both directions have to crowd together on the other side of the road to avoid the test tracks and the 26-foot-wide bus.
"The road is narrower, of course it affects traffic," said Wang Yimin, a local mechanic who was one of several residents who grumbled about the inconvenience.
China elevated bus abandoned 2
The cavernous space bellow TEB's elevated compartment.
To host the test drive, the city built special tracks for the giant electric-powered vehicle, which is 72 feet long and 16 feet high. The company behind the bus, TEB Technology, was supposed to restore the 330-yard-long test site to its original state by the end of August, according to China's official state news agency Xinhua.
But that never happened.
"The tracks are still there and we're aware that it causes transportation problems," said a Qinhuangdao government official, who declined to be identified by name because he wasn't authorized to speak publicly.
"I don't know much about TEB's future plans or what we will do with the tracks," the official said, adding that residents have been calling to complain.

Shortly after the test run in August -- in which people rode in an elevated compartment as the vehicle straddled a two-lane highway -- Chinese state media began questioning the legitimacy of the project.
They raised concerns that the whole thing was a publicity stunt funded by a peer-to-peer lending program, a loosely regulated form of investment that has resulted in scams in China.
Some local news outlets reported that TEB's backers were in financial trouble after promising investors overly ambitious returns.
Repeated phone calls to TEB went unanswered. When CNN visited the company's Beijing office one afternoon last week, most of the lights were off. Inside, a miniature version of the elevated bus was circling around a scale model of the capital city.
China elevated bus abandoned 4
The TEB bus and specially-built station take up half of the road, cars need to crowd onto the other side to drive past.
An employee who was there said he didn't know what the company's future plans were for the elevated bus or any other projects.
The vehicle tested in Qinhuangdao was just a prototype, he said, and TEB planned to have a real bus ready by the middle of next year.
"But with all this money cutting off now, the company can't do anything," the employee said, declining to be identified by name because he wasn't authorized to speak to the media. His business card identified him as TEB's director of development.

The company appears to be "a good example of the risks that are involved" in peer-to-peer lending, said Zennon Kapron, the founder of Shanghai-based financial market research firm Kapronasia.
China elevated bus abandoned 3
The TEB bus sits idle, next to a station built just for the road test in August.
Experts also expressed doubts about the practicality of ever introducing the bus into Chinese cities.
The concept was originally unveiled in China in 2010. But it's not the first time a huge road-straddling vehicle has been suggested.
new york magazine elevated bus
The Landliner concept was featured in New York Magazine in 1969.
A pair of architects proposed a similar idea in 1969. The "Landliner" would have glided between Washington and Boston at 200 mph. The concept was featured as the cover story of New York magazine at the time.
But while that proposal faded into history, Qinhuangdao residents have to squeeze past the remains of TEB's concept every day.
-- Justin Robertson contributed to this report.

 
 
 
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