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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Goldman Sachs files $1 billion countersuit against Indonesian businessman www.reuters.com

Goldman Sachs filed a $1 billion counter lawsuit on Tuesday against an Indonesian businessman who is seeking damages from the U.S. bank for conducting what he called "unlawful" trades in the shares of a property firm.

Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk (MYRX.JK), filed a lawsuit in a Jakarta court on Sept. 8 against Goldman's unit, Goldman Sachs International.

Tjokrosaputro, who says that he owned the 425 million Hanson shares that Goldman traded, is seeking 15 trillion rupiah ($1.1 billion) in compensation from Goldman Sachs International and wants its assets frozen in Indonesia and overseas.

Goldman had said in response that Goldman Sachs International was the legal owner of the Hanson shares.

Goldman filed the counterclaim for "the reputational damage and negative business impact" that Tjokrosaputro's actions had caused, it said in a statement.

Tjokrosaputro's lawyer Nadia Saphira Ganie declined to comment, saying the team needed to study the counterclaim.

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Bank of Ireland sees IT investment as boosting deal potential www.ft.com

Ireland’s oldest lender Bank of Ireland wants to use a €500m technology investment to give itself “optionality” for future acquisitions, said its chief executive Richie Boucher.

The bank, the only significant Irish lender not to be nationalised during the financial crisis, unveiled the IT investment plan in October last year, saying that it would position the institution for “long-term sustainability and competitiveness”.

“It gives us optionality into the future,” Mr Boucher told the Financial Times. “It’s hugely important . . . if you’re in retail banking and thinking about an acquisition you have to be really very comfortable that you can get synergies . . . a lot of that is about IT.”

Retail banking mergers have been repeatedly thwarted by technology issues.

One of the most high-profile failures was Royal Bank of Scotland’s attempt to sell Williams & Glyn as a separate bank carved out of its branch network to Santander in 2012 — largely due to IT problems. RBS must divest Williams & Glyn as a condition of EU rules for receiving a £45bn bailout during the financial crisis.

RBS dropped plans last year to float Williams & Glyn as a standalone bank, after spending about £1.5bn on its technology platform. RBS is still in the process of finding a buyer for Williams & Glyn, with Santander UK and Clydesdale & Yorkshire Banking Group the two interested parties.

Mr Boucher, who recently became a non-executive director of Greece’s Eurobank, stressed that Bank of Ireland is not in the market for an immediate acquisition. “It [the IT spending] will make the bank a better place and give great optionality to the people that come after me,” he added.

He would not comment on when he might step down; his eight years at the helm already make him Ireland’s longest serving bank chief executive.

Bank of Ireland had to sell swaths of its noncore business under the terms of an EU approved rescue plan, but has begun rebuilding. Earlier this month, the lender paid an undisclosed sum to Irish company Covestone Asset Management, which had €100m under management.

Policymakers are not yet supportive of big bank mergers, but some believe this will eventually change as regulators realise that the M&A-inspired economies of scale are the only way for banks to make the profits they need to pay for their rising regulatory costs.

Nordea and ABN Amro were almost a test case for regulators’ willingness last year when the Nordic bank made an approach to the Dutch government about a bid for ABN, but the talks ultimately went nowhere.

Permanent TSB, a smaller Irish lender, is facing a 20 per cent increase in its cost base “in the near term” because of regulatory costs alone, chief executive Jeremy Masding told the FT.

As well as cutting costs, acquisitions would also allow Irish banks to deflect criticism from Ireland’s central bank governor Philip Lane who last year said they have “relatively concentrated business models, focused primarily on Ireland and to some extent the UK”.

Still, there is little immediate appetite for an acquisition spree. Mr Masding said the bank was concentrating on “getting it right here in Ireland” rather than “spreading our wings” in other markets where he would have a “small presence and a lack of familiarity”.

Bernard Byrne, chief executive of AIB, in which the government hopes to sell a significant stake later this year, said acquisitions were not in the bank’s “short-term horizon” and that it can be “more effective” in its core market.

Bank of Ireland had the third worst capital ratio in the most recent stress tests run by the European Banking Authority; Mr Boucher said this was largely because of a “bizarre accounting convention” on how its pension is treated.

“The most important thing for us is that we’re generating capital organically,” he said, pointing to the 100 basis points of capital the bank generated in the first six months of 2016.

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WeChat dominates Chinese mobile app use www.chinadaily.com.cn

 
Tencent Holdings Ltd's messaging services were by far the most popular mobile apps in China in 2016, leading steady
growth in the world's largest internet and smartphone market, a report showed on Sunday.
 
WeChat remained the most heavily used app in the country in 2016, with almost 80 percent of the online population employing the social media service frequently, the China Internet Network Information Center said in its annual report.
 
Tencent's QQ took second place, while Alibaba Group Holding Ltd's online platform Taobao came in third. Baidu Inc's mobile app and Alipay, the payments service run by Alibaba-affiliate Ant Financial, rounded out the top five.
 
The rankings underscore how China's "BAT" internet triumvirate-Baidu, Alibaba and Tencent-dominate the country's internet industry. Internet users in the Chinese mainland climbed roughly 6 percent to 731 million-about twice the population of the United States.
 
The number of people who accessed the internet through a mobile device surged more than 12 percent to 695 million. China has become a major source of revenue for smartphone industry players from Qualcomm Inc to Apple Inc. But, the domestic scene is again lorded over by a clutch of local players, including Oppo Electronics Corp, vivo Communication Technology Co and Huawei Technologies Co.
 
One of the fastest-growing areas in 2016 was ride-hailing, according to the CINIC. That segment is dominated by Didi Chuxing. Users of ride-hailing services such as Didi's leapt 38 percent to 168 million in the second half of 2016, from the first half. There were also 225 million people who used an app only to call taxis.
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US demand growth to push copper market into deficit www.mining.com

 
The surge in the copper price to near 18-month highs following Donald Trump's win in the US presidential election came as a surprise to an industry under pressure since 2011 over growing supply.
Bullishness about the impact of Trump's $500 billion infrastructure plans has cooled down considerably since then, but at $2.6430 per pound ($5,872 a tonne) in New York on Monday the bellwether metal is up by more than a third in value since hitting near-six year lows this time last year.
The Chilean Copper Commission upped its price estimates for this year and 2018 from its previous forecast in a report released on Monday, but the government forecaster for the world's top exporting country, still sees copper averaging below today's ruling price.
Cochilco said it projected average copper prices of $2.40 per pound in 2017, up from its prior estimate of $2.20, citing expectations that proposed increased fiscal spending in the US will boost demand for the metal widely used in construction and manufacturing. Prices should improve further to average $2.50 per pound in 2018. The copper price averaged $2.21 in 2016.
Cochilco's prediction for global refined copper demand growth in 2017 is adjusted upward from 1.9% to 2.6% to a total of 24.3 million tonnes of refined copper globally. After contracting by an estimated 1.9% last year, US demand will grow 2.5% this year, offsetting slower growth in China which is still to expected to consumer 3% or 356kt more copper in 2017 compared to last year.
At the same time the government forecaster expects supply growth to moderate to 2.9% or 583kt this year to 20.76m tonnes as Chile which produces nearly 30% of the world's copper increases output by 4.3% or 306kt and Peruvian output continues to grow.
Last year the organization estimated growth in supply was a significant 4.7% or more than 900kt, mainly on the back of a 42% surge in production from Peru and huge jumps in Mexico and Iran which offset declines in the DRC and Chile.
Cochilco revised downwards its 2016 market surplus to 60,000 tonnes compared with the 128,000 tonnes it forecast in September. The organization now sees a market deficit in 2017 compared to a forecast oversupply of 114,000 tonnes it predicted previously. The market will stay in a slight deficit in 2018 of 34,000 tonnes.
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54TH ANNUAL ACADEMY OF AMERICAN AND INTERNATIONAL LAW

May 21 - June 23, 2017 in Plano, Texas, USA

The Center for American and International Law
5201 Democracy Drive
Plano, Texas 75024
USA

The Institute's premier annual event is the Academy of American and International Law. www.cailaw.org

Since 1964, this multi-week program has attracted over 3,000 participants from 120 countries. Through its extraordinary classroom and extracurricular schedule, the Academy offers opportunities to forge valuable international relationships that last a lifetime.

This intensive, five-week course of study is designed for lawyers from outside the United States and focuses on U.S. law and international business transactions. Participants from more than 40 countries study and socialize together, learning from an impressive faculty and from each other. They receive instruction from some of the best teachers and practitioners of international law from U.S. law schools, law firms, and corporations.

The practical curriculum includes both skills training and substantive law subjects (legal writing, negotiations, international arbitration and litigation, international business transactions, mergers and acquisitions, international taxation, and more).

Please contact Jasmine Hunt jhunt@cailaw.org directly or Ser Od Ichinkhorloo Country Coordinator of CAILAW at serod@b2bmongolia.com and 976 99066062 mobile for an additional inquiry.

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Chip sales boost Samsung Electronics operating profit www.asia.nikkei.com

 
SEOUL -- Brisk demand for semiconductor chips boosted Samsung Electronics' consolidated operating profit in 2016 by 11% to 29.2 trillion won ($25.1 billion), the second-highest level ever, the South Korean company said Tuesday.
Operating profit for the semiconductor segment grew 6% from a year earlier to a record 13.6 trillion won. The company also said it will conduct a stock buyback totaling about 9.3 trillion won.
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Spain focuses on lucrative gay tourism market www.rt.com

 
With a high dependence on tourism revenue, Spain is intensifying efforts to lure high-spending travelers from the LGBT community.
According to an AFP report, the Fitur tourism fair in Madrid has dedicated a special section to gay and lesbian travelers.
Spain's western region of Extremadura promotes annual gay pride festivities, as well as bird watching trips, local architecture and rural tourism.
“The goal is to appeal to the growing number of gay and lesbian couples who are having children,” said Hugo Alonso of the Extremadura's tourism promotion agency.
"We are interested in volume," he said, adding that gay and lesbians make up around 10 percent of all tourists.
Spain is considered one of the most gay-friendly destinations thanks to equal rights legislation which has allowed same-sex marriages since 2005.
Juan Pedro Tudela, the director of Diversity Consulting International, which advises firms targeting the gay and lesbian market, said the segment is attractive because gays travel all year round and spend more on trips.
"They have more disposable income" since there are fewer couples with children, he said.
The average spending of gay tourists is more than 30 percent higher than spending by tourists generally, according to Tourism-review.com. It estimated that gay tourist spends about €130 a day on entertainment and dining.
In a recent report, the United Nations' World Tourism Organization said "there is no denying" that gay travelers "are a dynamic and influential segment within the tourism sector."
Data shows gay tourism contributes more than €9 billion a year to the Spanish economy, and the sector grew almost 30 percent in 2016.
Madrid generated about €150 million from its annual gay pride festivities last summer. The windfall may be even higher this year with some three million people expected to participate.
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Chevron Slams Canadian Backdoor in $9.5 Billion Pollution Fight www.bloomberg.com

Now entering its 24th year, an international legal war seeking to hold Chevron Corp. liable for oil pollution in the Amazon has featured battles in courtrooms ranging from the U.S. to Ecuador to Canada. In a blow to Ecuadorian villagers who contend the company sullied their lands, an Ontario judge last week protected Chevron’s Canadian assets from being seized as part of the fight.

That’s a big victory for the second-largest U.S. fossil fuel company, because in 2011 Chevron lost a court case in Ecuador over the question of liability. As far as the Ecuadorian judiciary is concerned, Chevron owes some $9.5 billion, plus interest, to the villagers. But the energy giant, contending that the enormous judgment was obtained by fraud, has refused to pay. Chevron has no assets in Ecuador, so there’s nothing there for plaintiffs to seize. That’s why the case migrated north to Canada, where a subsidiary has operations the villagers would like to liquidate to cover their verdict.

But in a highly technical 35-page opinion, Judge Glenn Hainey of the Ontario Superior Court of Justice made a sharp distinction between Chevron the parent corporation and Chevron Canada the subsidiary. Chevron Canada wasn’t the defendant in Ecuador and as a legally separate entity, the judge held, can’t be held responsible for its parent’s liabilities.

Chevron hailed the decision. “Once again, the plaintiffs’ attempts to enforce their fraudulent judgment have been rebuked,” R. Hewitt Pate, Chevron’s vice president and general counsel, said via email. “We are confident that any jurisdiction that examines the facts of this case and the misconduct committed by the plaintiffs will find the Ecuadorian judgment illegitimate and unenforceable.”

Karen Hinton, a New York-based spokesperson for the villagers, said in a statement that her clients will appeal Hainey’s ruling, and predicted a swift reversal. “The villagers expect to proceed later this year with their seizure of Chevron’s assets to force the company to respect multiple [Ecuadorian] court judgments that found it” liable for massive contamination, Hinton added.

The very long story that brings us to this moment began in 1993 with a lawsuit filed in New York federal court against Texaco (which Chevron acquired in 2001). Brought on behalf of poor rural Ecuadorians, the complaint was dismissed by U.S. courts and restarted in 2003 in Ecuador. Eight years later, it led to the multibillion-dollar verdict now at issue. Chevron countered that any pollution resulting from Texaco’s activities in the rain forest was the responsibility of the Ecuadorian government to clean up—and, in any event, the verdict was tainted by the misconduct of the villagers lawyers, led by a New York-based attorney named Steven Donziger.

To drive home that last point, Chevron sued Donziger in 2011, obtaining a U.S. judgment that he’d violated anti-racketeering laws by turning the Ecuadorian suit into the equivalent of an extortion scheme. Last year, a federal appeals court upheld the ruling, finding that Donziger and his colleagues engaged in coercion, fraud, and bribery in Ecuador. The decisions have the effect of making it impossible for the villagers to collect on the Ecuadorian verdict in the U.S. That brings us to Canada.

The legal complexities in this branch of the litigation proliferate. In a separate part of his Jan. 20 ruling, Judge Hainey said that if somehow the Ecuadorians succeed in moving forward with their action in Canada—for example, if a higher court reversed his finding that the subsidiary should be shielded—then the oil company would be allowed to fight asset seizures by pointing to the evidence of fraud presented in the U.S. racketeering case.
Meanwhile, on other fronts, the plaintiffs have started legal proceedings to enforce the controversial Ecuadorian judgment in both Argentina and Brazil. Chevron may have won this battle, but the legal war shows no sign of letting up.

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Trump signs memo to leave TPP agreement www3.nhk.or.jp

 
President Donald Trump has signed a presidential memorandum formally withdrawing the United States from the Trans- Pacific Partnership free trade deal. Trump pledged to withdraw from the TPP during the campaign.
The US and 11 other countries, including Japan, had signed the agreement while President Barack Obama was in office. The free trade deal will not take effect without US approval.
Trump called the presidential memorandum "a great thing for the American workers".
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Unlike the Saudis, Russia can't simply shut off oil taps www.rt.com

 
Moscow is committed to the OPEC agreement to cut oil production, but it can’t technically slash its output instantly, according to Russian Energy Minister Aleksandr Novak.
 
“We have our own technological peculiarities. To produce the same volume of oil as Saudi Arabia we have to use a hundred times as many rigs. We have different flow rates, different climatic conditions, and other production technologies,” Novak told RT after the first meeting of a global committee set up to monitor the crude production cut deal on Sunday.
 
According to the global accord, Russia has pledged to cut oil production by 300,000 barrels per day (bpd) starting from January. While Saudi Arabia claims to have cut even more than the pledged 486,000 bpd to 10.058 million bpd this month, Russia has slashed 100,000 bpd.
 
According to Novak, a swift and abrupt cut in production by Russia means investment outflow; it can cause a certain "investment lag".
 
A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, northwest of Ufa, Bashkortostan, Russia. © Sergei KarpukhinThe craziest oil price predictions for 2017
“Some rigs may be completely shut down. It is very hard, close to impossible, to reactivate these drill holes for us. We implement the agreement considering these technological peculiarities,” said the Russian minister.
 
Novak said it's the first time Russia has taken part in a global deal to deliberately and artificially cut its oil production, which is difficult.
 
"Given that our companies are committed to the agreement, they are very positive about it... The Russian contribution [to the global deal] is real and positive," concluded Novak.
 
Speaking to the Russian media, Novak predicted the oil price would jump from $50 to $60 per barrel this year.
 
“The situation in the market is being rebalanced; stockpiles have begun to fall partially. Most importantly, we see stability and lower volatility," he said.
 
OPEC has pledged to cut oil production by 1.2 million bpd from January 1 in a bid to end oversupply that has more than halved the price of crude since 2014. Other global producers have agreed to cut by 558,000 bpd.
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