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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Erdene new gold zone at Mongolia Bayan Khundii project larger than expected www.mining.com

Canada’s Erdene Resource (TSX:ERD), one of the very few miners to never have encountered issues in Mongolia, unveiled Tuesday results for nine diamond drill holes from its step-out program at Bayan Khundii gold project, which shows a discovery made in October is larger than originally thought.

The project, now Erdene’s flagship venture, has grown to prominence in the past 18 months. The company has held a variety of mineral interests in Mongolia, but leaned towards gold once Bayan Khundii came into the picture.

Before that, the Halifax, Nova Scotia-based miner had been advancing its Altan Nar project (meaning Golden Sun).

Today results show a new gold zone (Midfield) discovered in October under younger cover, includes some of the highest grades and the longest mineralized intervals intersected to date, the firm said.

Other highlights from the press release:

Gold mineralization at Midfield includes some of the highest grades and the longest mineralized intervals intersected to date including:
o 149 metres of 2.1 g/t gold from 23 metres depth, including 41 metres of 5.2 g/t gold and 15 metres of 6.5 g/t gold (BKD-90)
o 72 metres of 4.0 g/t gold from 108 metres depth (BKD-92)
o 16 metres of 3.9 g/t gold from 19 metres depth and 40 meters of 1.0 g/t gold from 106 metres depth (BKD-95)

Bayan Khundii project went from greenfield prospect to being Erdene’s flagship asset in roughly nine months.
All step-out confirmation holes intersected gold mineralization with visible gold observed in six of the eight holes, establishing lateral continuity of the new mineralized Midfield Zone in all directions.
Geophysical surveys indicate alteration zones that host gold mineralization at Midfield extend under cover along the 1.7 kilometre north-northeast trend.
2017 exploration drill program now being designed to test additional target areas.
Peter Akerley, Erdene’s President and chief executive said the company would launch this year a resource drilling program, complimented by an extensive exploration scheme designed to expand the known areas of gold mineralization at Bayan Khundii as well as our other targets in the district including Altan Nar.

Mongolia’s mineral wealth drew several firms in the past two decades as it opened up to investment. The main attraction has always been the country’s riches — vast deposits of copper, coal and iron ore— as well as its proximity to China, the world’s biggest buyer of the minerals.

The enthusiasm peaked in 2011 when the land-locked nation’s economy grew 17% or the fastest pace on the planet. It’s been downhill since.

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Coking coal price crashes through $200 www.mining.com

It's only been a week of trading, but the year to date fall in the price of coking coal has already reached 17%. The steelmaking raw material is also now $120 below its multi-year high of $308.80 per tonne (Australia free-on-board premium hard coking coal tracked by the Steel Index) hit in November.

On Tuesday the price dropped another 6.4% to $208.10 a tonne, the lowest since September 9 and one of the biggest declines (for the spot price) on record.

As it happens, coking coal futures trading on the Dalian Commodities Exchange in China went the opposite way with a jump of 7.8% on Tuesday on news that the country's top steel producing province Hebei is shutting down 32m tonnes of excess capacity this year, more than double the 2016 tally. Coking coal futures ended the day at 1,268 yuan or $182 a tonne.

The Australian benchmark metallurgical coal contract price is forecast to average $186 a tonne in 2017, a 63% increase from 2016
Still, metallurgical coal is up 150% from multi-year lows reached in February last year. Coking coal averaged $143 a tonne in 2016 (about the same as it did in 2013).

There was a more than $100 differential between the spot price average and the fourth quarter contract benchmark, but that situation has now completely reversed.

According to Australia's department of industry which yesterday released its quarterly report in early December, benchmark contract prices for the Q1 2017 were settled between Australian miners and Japanese steelmakers at $285 a tonne.

This marked the highest negotiated quarterly contract price in five years according to the report and compares to a benchmark contract price average of $114 a tonne in 2016. The authors of the report Q1 would be the high point for quarterly contracts and will decline with the spot price:

In a bid to raise domestic coal output and help ease upward pressure on prices, the Chinese Government started to ease restrictive coal production measures in September, and then took further measures in November. Since the November measures and the expectation of a return to normal production in Australia, prices have started to decline. This trend is expected to continue in 2017. The Australian benchmark metallurgical coal contract price is forecast to average US$186 a tonne in 2017, a 63 per cent increase from 2016.

In 2011 floods in key export region in Queensland saw the coking coal price briefly trade at an all-time high $335 a tonne.

 
 
 
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FIFA to add 16 teams for 2026 World Cup www.nhk.or.jp

Soccer's governing body, FIFA, says the 2026 World Cup will have 48 teams, 16 more than at present.

The FIFA Council unanimously approved the expansion in a meeting in Zurich on Tuesday.

FIFA President Gianni Infantino proposed the expansion last October.

Participants at Tuesday's meeting say that despite initial opposition from some FIFA Council officials, almost nobody raised objections as FIFA stressed the benefits of the expansion, including an increase in revenue.

The World Cup finals will be expanded for the first time in 28 years.

The number of teams increased from 24 to the current 32 in the 1998 World Cup in France. Japan made its first appearance in that year.

FIFA has yet to decide how many extra places will be allotted to each of the 6 continents.

At present, Asia has 4.5 slots for the World Cup finals. There is speculation that this may be increased to 7.

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Chinese official: Economy grew about 6.7% in 2016 www.nhk.or.jp

A top Chinese official says he thinks the government has met its growth target for 2016 as the economy is believed to have expanded by about 6.7 percent.

National Development and Reform Commission Chairman Xu Shaoshi said China's GDP grew 6.7 percent in the first, second and third quarters of last year. He said the annual growth rate is expected to be about the same.

Xu did not mention China's growth target for this year. But he said the country's economy has the potential to maintain a reasonable pace of expansion.

The Chinese government will release the official GDP figures for 2016 on January 20th.

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Ban Ki-moon's brother and nephew charged with bribery www.bbc.com

The brother and nephew of former United Nations Secretary General Ban Ki-moon have been charged with conspiracy to bribe a government official.
New York officials accuse Mr Ban's younger brother, Ban Ki-sang, and his nephew, Joo Hyun Bahn, of offering money to a Middle Eastern official.
They allege that bribes were given to entice the official to use government funding to buy their building project.
Ban Ki-moon served as UN secretary general from 2007 until 2016.
He was succeeded by former Portuguese Prime Minister Antonio Guterres on 1 January 2017.
Prosecutor say that in early 2013 the South Korean construction firm Keangnam, of which Mr Ban's brother Ban Ki-sang was an executive, was faced with growing debt and sought to sell a building complex in Vietnam known as Landmark 72.
In an 39-page indictment unsealed on Tuesday at a Manhattan courthouse, prosecutors alleged that he and his son Joo Hyan "Dennis" Bahn, a Manhattan estate agent, stood to make millions of dollars in commission on the sale, valued at up to $800m (£657m).
US officials say that the two men paid millions of dollars in bribes and tried to trade on the prominence of their South Korean family in order to persuade a Middle Eastern official from an unnamed country to arrange a purchase of the complex by that country's sovereign wealth fund.
Federal papers say the two even tried to secure a meeting to discuss the deal with the unnamed Middle Eastern country's head of state during his visit to New York during an annual UN general assembly meeting.
"This alleged bribery and fraud scheme offends all who believe in honest and transparent business," said New York Attorney General Preet Bharara, "and it stands as a reminder that those who bring international corruption to New York City, as alleged here, will face the scrutiny of American law enforcement."
M Ban's relatives are charged with corruption, money laundering and conspiracy.

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France's Le Pen wants repatriation of car plants a-la Trump www.rt.com

Far-right French presidential candidate Marine Le Pen has been inspired by US President-elect Donald Trump’s initiative to repatriate car production. She wants to see manufacturing back in France.

Speaking about Trump’s policy on France 2 television, Le Pen said it was "economic patriotism, (and) intelligent protectionism."

"I don't mind explaining to French companies that they can not escape tax that they should be paying in France, that they cannot go offshore without suffering the consequences... A choice has to be made, a choice of patriotism,” she said, as quoted by Reuters.

French car makers Renault and Peugeot have big plants in Spain, Russia and Eastern Europe.

Trump has pledged to dramatically hike tariffs on US cars made abroad, as moving production out of the country costs American jobs. The president-elect also praised Ford for scrapping a plan to build a plant in Mexico and Fiat-Chrysler’s announcement to create 2,000 jobs in the US.

Socialist Arnaud Montebourg and left-wing independent Jean-Luc Melenchon also praised Trump’s policy.

Le Pen’s calls for protectionism and anti-globalism has made her one of the upcoming French presidential elections favorites. The bookmakers regard conservative Francois Fillon as a favorite, and Le Pen is second favorite to win on April 23.

Fillon has a polar opposite stance on the car business. He calls for liberalizing car production and selling the government's 20 percent stake in Renault. Fillon says government control will not prevent companies from moving production abroad

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EU clears French capital injection for Areva www.reuters.com

European Union antitrust regulators approved on Tuesday French plans to grant a capital injection of 4.5 billion euros ($4.75 billion) to nuclear group Areva (AREVA.PA) and said Areva's restructuring plan would not unduly distort competition.

France, which owns 87 percent of Areva, notified the European Commission in April of the restructuring plan to restore the group's competitiveness and financial position.

State aid may be authorized under certain conditions when it contributes to an objective or common interest without unduly distorting competition.

The European Commission, which oversees competition policy in the European Union, said the state aid was subject to conditions, in particular a positive conclusion of tests on the nuclear reactor vessel Flamanville III and an approval of the divestment of Areva's reactor business.

Areva will concentrate on nuclear fuel.

(Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)

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Bank of America warns US-China tension puts global economy at risk in 2017

An escalation of trade tension between the world's two biggest economies –the US and China – could become one of the major threats to the global economy this year, according to Bank of America Merrill Lynch (BofAML).

In a report, the bank said the relationship is crucial for the world economy as the two countries have the most power to move global markets. This relationship could be tested in the coming months, depending on US President-elect Donald Trump’s agenda, BofAML added.

“It remains to be seen whether the incoming US administration will name China a currency manipulator,” analysts at BofAML said.

Trump has repeatedly argued many Chinese policies are unfair, pointing to Beijing’s currency manipulation, theft of trade secrets, hacking, lax labor and environmental regulations. He accused China of taking American jobs and depressing wages.

During his election campaign, Trump accused China of manipulating its currency to give its exports an advantage over US-made goods. He threatened to slap a tariff of up to 45 percent on Chinese imports.

In December, President-elect Trump established the White House National Trade Council, to be led by Peter Navarro, who’s a hard-line critic of China.

“Invoking the law would trigger a year of ‘enhanced bilateral engagement, ’ and if Trump deems the results as inadequate he can impose a number of relative modest trade restrictions,” Bank of America’s analysts said.

They added that both sides could impose considerable economic and “financial pain on the other (and the rest of the world); however, it is not clear how much each is willing to offer.”

According to the report, China could potentially agree to make some small concessions.

“We could imagine China agreeing to tighten its environmental rules since it seems increasingly in their self-interest and they are already trying to prevent weakness in their currency, but other concessions could prove hard to come by,” said Ethan Harris, head of global economics at BofAML.

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Yahoo to change name after Verizon deal, Mayer steps down www.rt.com

Yahoo said it would rename itself Altaba as soon as the deal with Verizon Communications is completed.

The company’s CEO Marissa Mayer along with another five longtime directors will step down from the board, according to Yahoo’s regulatory filing.

The new name is a combination of the words ’alternate’ and ‘Alibaba,’ said a person close to the issue, as quoted by the WSJ.

Altaba’s remaining assets include Yahoo’s 15 percent stake in the Alibaba Group and 35.5 percent stake in Yahoo Japan.

The new company named Eric Brandt chairman of the board. Brandt, the former chief financial officer of the US-based semiconductor producer Broadcom, joined Yahoo’s board last March.

According to the filing, Brandt will be joined by four other directors who are currently on Yahoo’s board.

“Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the Company following the Closing, and Mr. Brandt will serve as Chairman of the Board,” the company said.

Verizon announced the acquisition of Yahoo for $4.83 billion last July. The deal doubled Verizon's digital advertising business. The corporation received Yahoo's search, mail, and content businesses.

The terms of the agreement could be changed, and there is even the possibility of it being recalled after Yahoo disclosed two separate data breaches last year.

Verizon is investigating the data breaches. However, it is unlikely to scupper the deal as company executives see a strong strategic fit with Yahoo.

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Pen power: China closer to ballpoint success www.bbc.com

It has sent rockets into space, produced millions of the world's smartphones and built high-speed trains. But until now, one bit of manufacturing had perhaps unexpectedly eluded China: the ballpoint pen.
A year ago Premier Li Keqiang went on national television and bemoaned the failure of his country to produce a good quality version of this seemingly-simple implement.
Locally-made versions felt "rough" compared to those from Germany, Switzerland and Japan, Mr Li complained.
High precision
The problem was not the body of the pen, but the tip - the tiny ball that dispenses ink as you write.
It might be something we take for granted, but making them requires high-precision machinery and very hard, ultra-thin steel plates.
Put simply, China's steel has not been good enough. And it has struggled to shape its pen tips accurately.

Without that ability, China's 3,000 penmakers have had to import this crucial component from abroad, costing the industry a reported 120m yuan ($17.3m; £14.3m) a year.
But according to People's Daily, the state-owned Taiyuan Iron and Steel Co thinks it has cracked the problem, after five years of research.
The first batch of 2.3-millimetre ballpoint pen tips has recently rolled off its production lines, the paper says.
And once lab tests are completed, it's expected China could phase out pen tip imports completely within two years.
Symbolic
On one level, whether China can make a great pen is not hugely important in the scheme of things.
High-tech and innovative manufacturing lie at the heart of the central government's Made in China 2025 programme - designed to help domestic growth.
Relatively low-value items, like ballpoint pens, have not been a priority.

European firms have dominated the ballpoint pen industry at both the top and lower ends of the market
Despite producing more than half of the world's crude iron and steel, China has still heavily relied on imports for high-grade steel.
It was a failing that Mr Li said highlighted the need to upgrade China's manufacturing capabilities.
Different culture
"Historically, China has never been able to do precision engineering very well and the ballpoint pen is an example of that," says Professor George Huang, head of the University of Hong Kong's department of industrial and mechanical engineering.
"Its parts are so small and very precise, and it's not easy to solve this problem"
Precision engineering is thriving only in certain sectors such as aerospace and defence where the government has placed a high priority, says Prof Huang.
Even when it comes to smartphones and computers, the high end computer chips are usually imported from Japan and Taiwan.
Prof Huang says that China lacks a culture of excellence in precision engineering.
He uses the Mandarin term "fucao" or "floating grass", a euphemism for something that is not 100% solid or reliable.
"The culture is different from the Japanese and Germans," he says, who are known for innovation in engineering.
"We Chinese are supposed to be craftsmen, but somehow the spirit is not as good."

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