1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      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     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

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

NEWS

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BRICS bank plans $2.5bn in loans for emerging economies in 2017 www.rt.com

The BRICS' New Development Bank (NDB) is to allocate $2.5 billion in loans to member states next year. In 2016 the bank provided over $1.5 billion in financial assistance.
Headquartered in Shanghai, the BRICS bank was founded in 2014 by China, Russia, Brazil, India and South Africa and officially opened for business a year later. The goal of the bank, with an initial authorized capital of $100 billion, is to fund sustainable development infrastructure projects in emerging economies.

“The bank is currently working to increase the financing volume for projects in member countries of the NDB," said the president of the bank Kundapur Kamath.

According to NDB, two loans together worth $650 million will be provided for projects in China and India.

A sovereign project loan of $300 million has been approved for the Putian Pinghai Bay offshore wind power project in China’s Fujian Province. The power plant is expected to generate 873 million kWh of electricity annually and help curb 869,900 tons of carbon dioxide emissions.

Another short-term loan of $350 million will be provided for India to upgrade approximately 1,500 km of district roads.

In April, NDB approved its first package of loans worth some $811 million for renewable energy projects. It decided to allocate $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa.

According to bank estimates, renewable energy projects with a combined capacity of 2.37MW could help reduce harmful emissions by four million tons annually.

In Russia, the NDB has financed the construction of two small hydroelectric power stations at the cost of $185 million.

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Samsung Group, pension fund offices raided in growing South Korea scandal www.reuters.com

South Korean prosecutors raided the offices of Samsung Group on Wednesday, a prosecution official said, after media reports of alleged links with a confidante of President Park Geun-hye who has been indicted in an influence-peddling scandal.

Prosecutors also raided South Korea's largest pension fund, the National Pension Service (NPS), an NPS spokeswoman said. The Yonhap news agency reported that investigators were probing NPS's decision to approve the $8 billion merger of Samsung C&T Corp and Cheil Industries last year.

The raids signaled that prosecutors are expanding their investigation into allegations of influence-peddling in the corruption scandal that has rocked Park's presidency over the relationship between the government and big businesses.

NPS, the world's third-largest pension fund, has come under scrutiny by the media and civic groups over its approval as a major shareholder of the merger between two affiliates of Samsung Group, South Korea's largest family-run conglomerate.

Its backing was seen as crucial to the success of the merger and some South Korean media reports said its approval came under mysterious circumstances.

A Samsung Group spokeswoman confirmed prosecution officials had visited the group's headquarters but she could not provide further details. The NPS spokeswoman declined to give further details.

Prosecutors raided four locations - the NPS headquarters, NPS Investment Management office headquarters, Samsung Group offices and the office of a former NPS investment management official - said a prosecution official who was not authorized to speak to the media and declined to be identified.

Park and her confidante, Choi Soon-sil, are under investigation for allegedly improperly pressuring major conglomerates, including the Samsung Group, to raise funds for foundations that backed Park's policy of promoting the cultural and sports communities.

"DRAWBACKS TO BUSINESS"

Lee Young-ryeol, the senior prosecutor directing the probe, said on Sunday 53 conglomerates, "fearing direct and indirect drawbacks to business activities such as tax audits", were "coerced to contribute funds" to the foundations.

Park Ju-gun, head of research firm CEO Score, said there was little surprise that prosecutors were now seeking evidence in Samsung Group offices about how the merger may have been influenced by the conglomerate's contributions to the foundations.

The merger of the Samsung affiliates was approved by shareholders in July 2015 and prosecutors said the two foundations involved were set up in the following six months.

"This was expected. Due to the circumstances in this case, prosecutors cannot help but be suspicious about the genuine intent behind the donation, such as the timing," CEO Score's Park said.

President Park, through her lawyer, has pushed back on a request by prosecutors to question her about the case, potentially the first time a sitting South Korean president would be interrogated in a criminal case.

Park, who's five-year term ends in February 2018, has resisted calls to resign but has apologized twice, saying she only sought to benefit the economy and not herself, but acknowledges carelessness in her ties with Choi.

However, the growing calls for her to resign and Park's virtual withdrawal from public activities has left a worrying power vacuum in South Korea.

Choi and former presidential aide An Chong-bum were indicted on Sunday and charged with abuse of power, a major blow to the president's fight for political survival.

NPS has defended its decision in the face of criticism that the deal helped the Samsung Group family to cement control of the merged firms at the expense of other shareholders.

"The reason we approved the merger was due to taking a comprehensive view of the merger's synergy effect and potential for stock value increase," it said in a statement last week.

There were "special circumstances" where NPS-owned stakes in both firms were valued at a similar amount, it said. The size of NPS' combined stakes in both firms was about 2.4 trillion won ($2.05 billion), or 3 percent of NPS' domestic stock portfolio.

However, according to records of the NPS Investment Office committee's decision to back the merger in July 2015, acquired by an opposition lawmaker and seen by Reuters, the NPS had calculated a merger ratio of 1:0.46 of Cheil Industries shares to Samsung C&T shares, based on its valuations of the two firms.

This differed from Samsung Group's proposed ratio of 1:0.35, which the NPS committee noted was comparatively unfavorable to Samsung C&T shareholders.

(Additional reporting by Cynthia Kim, Yun Hwan Chae and Ju-min Park; Writing by Jack Kim; Editing by Stephen Coates and Paul Tait)

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Twitter accidentally suspends its CEO's account www.cnn.com

Twitter has been left red-faced after it briefly suspended its own CEO's account.
For a while late Tuesday, attempts to reach Jack Dorsey's profile produced an error message saying it had been suspended. That prompted speculation his account might have been hacked or automatically shut down because of a high number of complaints from other users.
After it came back online, Dorsey tweeted that the suspension was the result of "an internal mistake."
That provoked angry responses from some people asking how many regular users' accounts might also have been accidentally frozen by the company in the past.
Twitter didn't immediately respond to a request for further comment about what caused Dorsey's account to be put on ice.
"Just setting up my twttr...again (account suspension was an internal mistake)," Dorsey wrote -- a spin on the first ever message on Twitter (TWTR, Tech30), which he posted in March 2006.

Some parts of his account, which uses the handle @jack, were taking a while to get back to normal.
Soon after Dorsey was reinstated, his number of followers was showing up as only about 145 -- a steep drop from the roughly 3.9 million he had previously. The figure later popped back up to around 3.8 million.
Which users Twitter does or doesn't suspend has become a highly sensitive topic. The platform has struggled to find a healthy balance between allowing free speech and protecting users from harassment.

Dorsey, one of Twitter's founders, served as the company's first CEO before being forced out in 2008. He later returned to the business and took over the top job again last year.
Twitter has had a rough time in 2016.
Its share price is down 20% since the start of the year. The stock briefly surged in early fall on feverish speculation that a big company like Disney (DIS), Google (GOOGL, Tech30) or Salesforce (CRM, Tech30) might make a bid for it. But no potential acquirer came forward.
Late last month, Twitter said it was cutting hundreds of jobs and killing off its video app, Vine.

 
 
 
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Customers Against London-Based 'Double' www.themoscowtimes.com

Russian state energy giant Gazprom Neft is warning customers against unwittingly doing business with a London-based “double” that bears an almost identical name.
 
The “Public Joint Stock Company Gazprom Neft Ltd” was officially registered in Britain in July 2016, but it's totally unconnected to the Kremlin-backed multinational “Gazprom Neft PJSC.”
 
The Russian oil company also says its executive board members have been listed as directors for the British company without their consent.
 
The addresses listed on the U.K. company’s official registration correspond to a mail-forwarding center and a building offering office space to rent.
 
Gazprom Neft released a statement on its official website on Tuesday, warning customers against doing business with its London-based doppelgänger.
 
“Gazprom Neft PJSC wishes to advise that Public Joint Stock Company Gazprom Neft, a private limited liability company registered in England and Wales, has no connection whatsoever with Gazprom Neft PJSC or with the Gazprom Neft Group of Companies,” the statement said, adding that it has notified police in London and national regulators of the situation.
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Trump says US to quit TPP on first day in office www.bbc.com

President-elect Donald Trump says the US will quit the Trans-Pacific Partnership trade deal on his first day in the White House.
He made the announcement in a video message outlining what he intends to do first when he takes office in January.
The TPP trade deal was signed by 12 countries which together cover 40% of the world's economy.
Mr Trump also pledged to reduce "job-killing restrictions" on coal production and stop visa abuses.
But there was no mention of repealing Obamacare or building a wall on the southern border with Mexico, two actions he said during the campaign he would do as soon as he assumed power.
What is the TPP?
The massive trade deal was agreed in 2015 by nations including the US, Japan, Malaysia, Australia, New Zealand, Canada and Mexico, but has not yet been ratified by the individual countries.
Its aim was to deepen economic ties and boost growth, including by reducing tariffs.
There were also measures to enforce labour and environmental standards, copyrights, patents and other legal protections.
But its opponents say it was negotiated in secret and it favoured big corporations.

During the US presidential election campaign, Mr Trump gave broadbrush arguments against the pact, and used plenty of colourful language.
In June 2016 he described it as "another disaster done and pushed by special interests who want to rape our country, just a continuing rape of our country". In another speech he referred to the TPP as "the greatest danger yet".
But while there was plenty of talk about "taking back control" of the US economy, there were few specifics.
Announcing the plan to pull out of the TPP, he said that the US would "negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores".
What else did Mr Trump say about his plans?
In the video message, Mr Trump said his governing agenda would be based on "putting America first" and that he and the new administration would "bring back our jobs".
Besides quitting the TPP, he committed to several other executive actions that he said he would take on day one.
He said he would cancel restrictions on US energy production. Last year, President Obama brought in the Clean Power Plan, an anti-climate change measure which aimed to reduce carbon emissions from the power sector by 32% by 2030 compared with 2005 levels.
The plan, already on hold due to legal challenges, would have restricted coal power plants and came up against strong opposition in areas where leaders said the plans would devastate local economies.
Mr Trump said: "I will cancel job-killing restrictions on the production of American energy, including shale energy and clean coal, creating many millions of high-paying jobs.
"That's what we want - that's what we've been waiting for."
What would the Clean Power Plan have involved?

Mr Trump, a real estate mogul himself, has been strongly opposed to business regulations throughout his campaign. He blamed them for stifling business. A month before the election, he said that if he won, 70% of regulations could be axed, but safety and environmental rules would stay.
Now he has pledged that for every new regulation brought into force, two old regulations will be eliminated.

Political leaders and commentators in Asia in particular have reacted strongly. Japan's prime minister said the TPP would be "meaningless" without the involvement of the US and the economist Harumi Taguchi said China could move in to fill the "void" left by the deal's collapse.
China continues to push alternatives - the Regional Comprehensive Economic Partnership (RECP), which would include Japan, India and Australia, but not the US, and the Free Trade Area of the Asia Pacific (FTAAP).
China's foreign ministry said on Tuesday it would keep "pushing" to conclude talks on the RECP and warned against free trade agreements becoming "fragmented and politicised".
Malaysia's prime minister said it was President-elect Trump's right "to make the policy decisions he thinks right".
A spokesman for Canada's trade ministry said the government would continue to work on the TPP.
"We made a commitment to consult Canadians on the TPP and we will abide by that commitment," he told the BBC.

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Russia sets up free trade zone with Syria www.rt.com

An agreement on creating a 'green customs corridor’ for agricultural products has been signed by Moscow and Damascus during a visit by a Russian delegation to Syria.
 
"Syrians are trying hard to supply high-quality products to the Russian market. Why shouldn't we take these products that give jobs to thousands, tens of thousands of Syrian people? We have agreed on this," Russian Deputy Prime Minister Dmitry Rogozin told TASS.
 
Rogozin has been heading a Russian delegation meeting Syria's President Bashar Assad to discuss economic assistance. He co-chairs a Russian-Syrian commission for trade and economic, scientific and technical cooperation.
 
"Syria was a successful country that used to sell oil, grain. Now it has neither oil nor grain nor many other products to meet the demands of the population," Rogozin said, adding that the commission will consider any means to support the country.
 
The heads of major private Russian industrial companies were in Damascus to present energy and transport projects to President Assad. "He personally guaranteed that Syria will create a most favored treatment for each Russian company," Rogozin said.
 
Syria applied to be part of a free trade zone with Russia two years ago. Negotiations have been going on since before the war erupted in the country.
 
According to Syrian Prime Minister Wael al-Halqi, the two countries have already signed nearly a billion dollars worth of agreements to develop energy, trade, finance and other sectors of the war-torn economy.
 
Syria has offered Russia a chance to explore and develop oil and gas on land and offshore. In particular, Russia was invited to upgrade the Baniyas refinery and construct a refinery with Iran and Venezuela.
 
The sides also aim a joint bank to facilitate transfers. The bank would be controlled 50-50 by the countries’ central banks.
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Fitch Downgrades Mongolia to 'B-'; Outlook Stable www.fitchratings.com

Fitch Ratings-Hong Kong-22 November 2016: Fitch Ratings has downgraded Mongolia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-' from 'B'. The Outlooks are Stable. The issue ratings on Mongolia's senior unsecured foreign-currency bonds have also been downgraded to 'B-' from 'B'. The Country Ceiling has been downgraded to 'B-' from 'B' and the Short-Term Foreign- and Local-Currency IDRs have been affirmed at 'B'.

KEY RATING DRIVERS

The downgrade of Mongolia's Long-Term IDRs reflects the following key rating drivers:

Mongolia's fiscal indicators have deteriorated significantly and external liquidity risks have increased. Large pre-election spending programmes and weaker economic growth contributed to a dramatic widening of the general government deficit to 19.7% of GDP in 2016, the highest among Fitch-rated sovereigns based on our adjusted measure that includes commercial spending by the Development Bank of Mongolia (DBM). Fitch expects greater borrowing and the sharp depreciation of the tugrik over the past year to push gross general government debt to 84.3% of GDP at end-2016, compared to the 'B' category median of 51.2%. Mongolia has repeatedly missed targets set under its Fiscal Stability Law, evidence of a poor track record of policy implementation.

External financing conditions and market access have tightened ahead of looming repayments on sovereign and sovereign-guaranteed debt. Mongolia's external liquidity will be tested by over USD2bn in sovereign external debt payments scheduled over 2017 and 2018. This includes the maturity of an USD580m sovereign-guaranteed bond issued by the DBM on 21 March 2017, and another USD500m sovereign bond due on 5 January 2018. Liquidity buffers have diminished over the year, despite the government raising USD750m through a syndicated loan and bond issuance in March and April respectively. Headline international reserves stood at USD1.1bn at end-September 2016, the lowest level since 2009. Fitch estimates a further USD0.6bn is still available to be drawn through the CNY15bn (USD2.2bn) swap agreement with the People's Bank of China (PBOC).

Mongolia's IDRs also reflect the following key rating drivers:

Weak public and external finances relative to 'B' category peers and a heavy dependence on commodities and China weigh on Mongolia's ratings, but these are balanced by the potential of a transformative improvement to the credit profile in the medium term as further projects to harness the country's vast natural resources make progress. Mongolia also scores well on political stability and lack of violence in the World Bank's governance indicators compared with other sovereigns in the 'B' category.

Fitch expects the termination of pre-election spending programmes and other one-off spending to help bring the deficit down to 11.5% of GDP in 2017. The agency's forecasts show a slower pace of fiscal consolidation than that envisioned by the authorities, reflecting weaker nominal growth expectations and a history of fiscal slippages. However the 65 out of 76 seat majority won by the Mongolian People's Party in the June 2016 election could create a political environment that is more stable and conducive for effective policy-making than under the previous "super coalition" government.

Fitch's expects that near-term refinancing pressures will be alleviated through some combination of multilateral and bilateral support, giving the new government time and space to implement macroeconomic policy reforms and stabilise economic conditions. The authorities have requested financial assistance from the IMF to help manage balance of payment pressures, and plan to finalise a programme by early next year prior to the repayment of the DBM bond. An IMF programme alone is unlikely to be sufficient to cover Mongolia's refinancing needs, but is expected to be accompanied by funding from other multilateral institutions, such as the World Bank, Asian Development Bank and the Japan International Cooperation Agency. The authorities are also in discussion with the PBOC to extend and expand the swap agreement, which is due to expire in August 2017.

Medium-term external debt sustainability depends on whether the new government can encourage foreign investment and expedite large-scale mining and infrastructure projects, as laid out in the Economic Stabilization Plan. Foreign direct investment inflows linked to the second phase of the Oyu Tolgoi project will bring approximately USD6bn into the country over six years, although Fitch expects 30%-40% will be used to import capital goods. A possible resumption of the development of Tavan Tolgoi coal mines and the development of associated transport and infrastructure projects could strengthen Mongolia's external accounts considerably. The surge in coal prices since May could add further incentive for stakeholders to strike agreements.

Mongolia's public debt dynamics are sensitive to exchange rate movements, with external loans and securities comprising 70% of the government debt stock. Monetary financing of pre-election policy loan programmes and the subsidised Housing Mortgage Program (HMP) sharply increased the money supply, weighing on the tugrik. Central bank lending to the general government has increased by MNT566bn (USD232m) year-to-date as of October 2016. The Bank of Mongolia increased policy rates by 450bp to 15% in August and introduced three-month Central Bank Bills to manage excess tugrik liquidity, and stave off deposit dollarisation. The pre-election policy loan programmes have since been terminated, and the Bank of Mongolia has committed to restrict new lending in the HMP only to what can be funded through repayments of existing loans. However any unplanned new fiscal activities financed through the central bank could contribute to further depreciation of the currency.

The use of Central Bank Bills to absorb liquidity, along with foreign-exchange losses on swap transactions, has contributed to a MNT1.2trn capital loss for the Bank of Mongolia between January and September 2016. While there is no requirement to resolve the Bank of Mongolia's negative capital position in the short term, it could ultimately affect the general government balance sheet through foregone dividends or eventual recapitalisation.

Fitch expects GDP growth of 0.5% in 2016 and 1.8% in 2017, substantially lower than the 10.4% average growth experienced between 2010 and 2015. Tight fiscal and monetary conditions are likely to weigh on growth over the next two years, though these would be balanced against higher investment and employment tied to the development of the second phase of Oyu Tolgoi. Growth in 2017 has the potential to swing considerably either side of our forecast, depending on the success of the Economic Stabilization Plan and external financing conditions. Low growth, a pick-up in the unemployment rate and the sharp tugrik depreciation have lifted the commercial bank non-performing loan ratio to 9.1% at end-October 2016, from 7.5% in December 2015. Fitch expects asset-quality pressures to continue.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Mongolia a score equivalent to a rating of 'B-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final Long-Term Foreign-Currency IDR by applying its QO, relative to rated peers, as follows:
- Macro: +1 notch, to reflect Mongolia's high medium-term growth prospects due to development of the second phase of Oyu Tolgoi. 
- External Finances: -1 notch, to reflect weaknesses in Mongolia's external finances not captured in the SRM, including the very high net external debt burden and large external financing needs relative to reserves.

Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced.

The main factors that could lead to positive action, individually or collectively, are:
- Implementation of credible and coherent macroeconomic policy-making that improves Mongolia's basic economic stability.
- A track record of meeting stated fiscal targets, contributing to an improved outlook for government debt ratios.
- Evidence of substantial improvement in the country's medium-term external liquidity, for example through a build-up of reserve buffers, strong inflows of FDI or significant narrowing of the current-account deficit.

The main factors that could lead to negative action, individually, or collectively, are:
- Difficulty meeting imminent external financing needs, for example if multilateral and bilateral support is not forthcoming.
- A material increase in government debt ratios above Fitch's expectations, for example through a failure to meet fiscal targets and/or a sharp depreciation of the currency.
- Emergence of systemic financial stress

KEY ASSUMPTIONS

- Mongolia maintains stable political and economic relations with China, its largest export destination and key provider of its international liquidity resources.

 
 
 
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Ambassador hands over humanitarian assistance to North Korean side www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolian Ambassador to the Democratic People’s Republic of Korea S.Tsoggerel has handed over humanitarian aid from the Government of Mongolia, in connection with the disastrious flood that hit North Korea in late September, to the Deputy Minister for Foreign Affairs of DPRK Ri Kil Song.
 
The Ambassador noted that Mongolia is helping the people of disaster-stricken region with warm blankets and clothes.
 
Mr Ri Kil Song extended gratitude to the Government and people of Mongolia, who are extending the helping hand in the distressful times after a natural calamity, and emphasized that the aid will serve as physical and mental support to the citizens, who were suffering the disaster.
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China's Alibaba launches data center in Dubai www.xinhuanet.com

DUBAI, Nov. 21 (Xinhua) -- Alibaba Cloud, a cloud computing arm of China's Alibaba Group, said here on Monday that it launched a data center in Dubai.

Operated by YVOLV, a joint venture between Alibaba Cloud and United Arab Emirates (UAE) company Meraas Holdings, the data center will be the first "full-fledged public cloud" in the Middle East, said Alibaba Cloud and Meraas in a joint press conference.

It will serve the "increasing demand" for mission-critical, affordable and secure cloud computing in the region, they said.

Simon Hu, president of Alibaba Cloud, said that with the data center, global cloud network will be able to meet demands from enterprises which are going global.

Fahed Al-Hajeri, chief executive officer of YVOLV, confirmed that the cloud provider's achievements in its home market China "can be replicated in the region."

The project, he added, is in line with Dubai's smart city initiative and the Gulf state's strategic master plan "UAE vision 2021." The latter aims to transform the UAE, a major oil supplier, to the world's most competitive country.

Dubai, as one of the seven sheikhdoms forming the UAE, is considered its business and trade hub.

IT spending in the Middle East is expected to reach 212.9 billion U.S. dollars, which would represent a 3.7 percent year on year increase, Gartner, a U.S. IT research and consultancy firm said.

Editor: An

 
 
 
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Japan to form $900m investment fund with Russia www.dealstreetasia.com

Japanese and Russian state-backed lenders will create a fund to jointly invest in Moscow’s “priority development projects”, as the two countries look to promote business and diplomatic ties, the Nikkei reported. The Japan Bank for International Cooperation and the Russian Direct Investment Fund will form an about 100 billion yen ($901 million) fund, and each will contribute roughly half of the total amount to launch the development projects in 2017, the report said. The fund will invest in projects in fields of medicine, urban development and involve upgrades to manufacturing facilities, the Japanese daily reported. JBIC will form a venture with Russia’s Far East Investment and Export Agency and the Far East and Baikal Region Development Fund to encourage investment in a special economic zone, the report said. JBIC will also extend a new line of credit worth around 30 billion yen to Russia’s largest bank, Sberbank, subject to Western sanctions, the Nikkei reported. Progress on the economic side hinges on making headway on disputed islands off Hokkaido, Reuters reported earlier this month. “The territorial issue and economic cooperation are two sides of a coin,” a Japanese government official had told Reuters. “It’s meaningless if only economic cooperation moves ahead.”
 
 
 
 
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