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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JBIC to conclude loan agreement with Russian bank www3.nhk.or.jp

NHK has learned that a Japanese government-affiliated bank is preparing to play a role in forging closer economic ties between Japan and Russia. The Japan Bank for International Cooperation, or JBIC, is expected to conclude a loan agreement with Russia's largest bank.
 
The move comes as the 2 countries discuss economic cooperation ahead of a bilateral summit in Japan next month.
 
Sources have told NHK that JBIC is in final negotiations with Sberbank. They say it plans to set up a yen-denominated credit line of 30 billion yen, or about 270 million in dollars.
 
The goal is to make funds available to Russian businesses so they can buy infrastructure-related equipment from Japanese firms.
 
Commercial Japanese banks are cautious about lending to Sberbank. It's a target of Ukraine-related sanctions by the US and Europe. But the sources say the yen-denominated loans directly from Japan are not covered by the sanctions.
 
The credit line is intended to meet an increased level of demand for funding, stemming from closer bilateral cooperation.
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Nikkei rises above 18,000 mark www3.nhk.or.jp

On the Tokyo Stock Exchange, the benchmark Nikkei Average ended above 18,000 in Friday's morning session. It exceeded the level for the first time since January.
 
The weaker yen is boosting buy orders for shares of export-related firms. The Japanese currency is trading above 110 yen to the dollar for the first time in about 5-and-a-half months.
 
The yen weakened further after the chair of the US Federal Reserve, Janet Yellen, indicated that the key interest rate could be raised at a policy meeting in December.
 
Analysts say that investors want to know what Japan's Prime Minister Shinzo Abe and US President-elect Donald Trump talked about in their first meeting on Thursday.
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JP Morgan Chase to pay $264m over Chinese 'princelings' bribery scheme www.theguardian.com

JP Morgan Chase agreed to pay $264m on Wednesday to settle charges that it employed well-connected Chinese “princelings” in order to win business in the Asia-Pacific region.
 
The settlement with US regulators comes after a three-year investigation into a vast foreign bribery scheme that violated the Foreign Corrupt Practices Act (FCPA). It could be the first of several such deals with Wall Street banks.
 
“JP Morgan engaged in a systematic bribery scheme by hiring children of government officials and other favoured referrals who were typically unqualified for the positions on their own merit,” said Andrew Ceresney, director of the Securities and Exchange Commission’s (SEC) enforcement division.
 
“JP Morgan employees knew the firm was potentially violating the FCPA yet persisted with the improper hiring program because the business rewards and new deals were deemed too lucrative.”
 
The Department of Justice called the scheme “bribery by any other name” and said it had recently created three dedicated international corruption squads “to combat this type of quid pro quo, and we’ll use all resources at our disposal to uncover and put an end to these crimes”.
 
Starting in 2006 senior Hong Kong-based JP Morgan bankers set up and used a “client referral programme”, also referred to as the “sons and daughters programme”, to hire candidates referred by clients and government officials.
 
The bank admitted that some candidates hired under the scheme did little more than proof reading but were paid the same amount as entry-level investment bankers. In one case bankers in New York told their Hong Kong peers that one Chinese hire was unqualified to be an investment banker. But a senior Chinese official had said that his hiring would help JP Morgan secure a lucrative role in an upcoming initial public offering (IPO) of a state-owned company. A position was created for the candidate in New York, and JP Morgan thereafter obtained a leading role in the IPO.
 
The DoJ calculates the scheme increased profits at JP Morgan by at least $35m.
 
“US businesses cannot lawfully seek to gain a business advantage by corruptly influencing foreign government officials,” said US attorney Robert Capers of the eastern district of New York.
 
“The common refrain that this is simply how business is done overseas is no defence. In this case, JP Morgan employees designed a programme to hire otherwise unqualified candidates for prestigious investment banking jobs solely because these candidates were referred to the bank by officials in positions to award business to the bank. In certain instances, referred candidates were hired with the understanding that the hiring was linked to the award of specific business. This is no longer business as usual; it is corruption.”
 
Kara Brockmeyer, chief of the SEC enforcement division’s FCPA unit, said: “The misconduct was so blatant that JP Morgan investment bankers created ‘referral hires vs revenue’ spreadsheets to track the money flow from clients whose referrals were rewarded with jobs. The firm’s internal controls were so weak that not a single referral hire request was denied.”
 
A JPMorgan spokesman said in an email: “The conduct was unacceptable.” The hiring program was halted in 2013 and the bank took actions against those responsible, the spokesman said.
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China relaxes coal mining restrictions as supply tightens www.mining.com

China’s top planning body has reversed some of the restrictions imposed in March to local coal miners, as reduced output has dramatically increased prices for the nation’s top energy source.
 
The National Development and Reform Commission (NDRC) is now allowing companies to operate 330 days a year rather than the 276-day maximum previously imposed, Reuters reports.
 
The move comes after October production figures revealed that local coal production dropped 11% from January to October 2016, when compared to the same period last year. On a daily basis, output in October dropped 1.5% from September.
 
It also come on the heels of an International Energy Agency's (IEA) report that estimates China's coal use is likely to have peaked in 2013.
 
Coal generated 84% of all electricity in Asia’s richest economy in 2014, but the IEA's forecasts that figure will drop down to about 54% per cent in 2040.
 
“China could ease the pace of supply cuts, raising the possibility of China becoming a coal exporter in order to get rid of surplus output: this would prolong the slump in the international market,” the report says.
 
Despite the fresh measures, analysts at Wood Mackenzie expect coal prices to remain well above 2016 lows as the Chinese government balances maintaining positive cash flows for a majority of coal producers with margins of the utility sector.
 
The research firm, however, warns there is also a significant likelihood of continued price volatility in the seaborne market as the Chinese government adjusts its policy to achieve desired domestic outcomes.
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Dalai Lama to visit Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ The Gandantegchinlen Monastery – the Buddhist center of Mongolia called a news conference Thursday on a visit by Dalai Lama to Mongolia.

According to S.Davaapurev, head of the public relations service of the Gandantegchinlen Monastery, His Holiness’s visit is a religious mission. As a tradition, before leaving Dalai lama will give a media conference at the Ikh Tenger complex. The main events with participation of His Holiness will take place at the Gandantegchinlen Monastery on November 19. However, this will be exclusively religious ritual, not for mass. For the public, Dalai Lama’s teaching will be available on November 20. A scientific conference among scholars is expected as well. No political activity is planned.

The visit program of His Holiness does not provide for any action related to identification of a new embodiment of Bogdo Khaan X, Mongolian religious leader.

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Tencent's Ma says Wechat "very hard" to expand globally www.xinhuanet.com

WUZHEN, Zhejiang Province, Nov. 17 (Xinhua) -- CEO of Tencent Pony Ma on Thursday explained the difficulty in expanding Wechat overseas.

"It is very hard for Wechat to expand overseas, unless we can offer wholly different customer experience, but social apps are basically all alike," Ma told a forum at the third World Internet Conference in east China's Zhejiang Province. "In markets dominated by WhatsApp or Line, we can't challenge them."

WhatsApp is the world's most popular instant messenger, with close to a billion active users. WeChat lags behind with around 650 million users, mostly in China.

Tencent, possibly China's premier Internet company, rose to prominence with a messaging service called QQ in the late 1990s and came to dominate China's social networking market with WeChat a decade later, just as mobile Internet took off. China has around 700 million Internet users, most of whom use smartphones.

WeChat has gained a foothold in some overseas markets. It has become the messaging app of choice in Malaysia, but elsewhere users are mainly ethnic Chinese.

The spread of WeChat usually begins in the overseas Chinese community and spreads to friends and colleagues, Ma said.

Last year, on a visit to University of Washington where there are 7,000 Chinese among nearly 40,000 students, Ma found many foreigners, not least the university president, using WeChat. Off campus, WeChat is less popular because the Chinese population is low.

Ma remains interested in expanding overseas and expects Tencent to achieve some success in fields other than social networking, like gaming, payments and Internet of Things.

In China, WeChat is much more than a messaging app. People use it as a tool kit to shop both on and offline, buy air and train tickets, hail taxis, read the news, pay bills, book accommodation, and many other services.

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Japan, China to jointly tackle climate change www3.nhk.or.jp

Japan and China have confirmed their continued cooperation in fighting climate change.

Japanese Environment Minister Kouichi Yamamoto met with China's special representative for climate change, Xie Zhenhua, in Morocco on Thursday. The meeting was held on the sidelines of the COP22 UN climate change conference.

US President-elect Donald Trump has suggested that the United States should withdraw from the Paris Agreement on climate change.

Yamamoto told Xie that it's unclear what path the US will take, but Japan wants to continue its efforts to tackle global warming.

Xie replied that China learned about environmental policies from Japan and wants to maintain good relations with it.

Earlier, Yamamoto told NHK that it is important for the COP22 meeting to send a strong message regarding the whole world's commitment to the Paris Agreement. He said this would help those who are skeptical about global warming understand the world trend.

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Janet Yellen: US Fed could raise interest rates 'soon' www.bbc.com

The chair of the US Federal Reserve, Janet Yellen, has indicated that it could raise interest rates "relatively soon".
She said the job market had made further improvements this year and that inflation, while still below the Fed's 2% target, had started to pick up.
Financial markets are expecting the Fed to take action at a meeting next month.
She also defended the independence of central banks after criticism of the Fed by President-elect Donald Trump.
Ms Yellen's comments came in an appearance before a Congressional Committee on Thursday.
It would be only the second rate rise since the bank pushed rates to a record low during the financial crisis.
In December last year, the Fed raised its benchmark rate for the first time in seven years, from near zero to its current level of between 0.25% and 0.5%.
Inflationary pressures
Ms Yellen said that further delaying a rate increase would present its own risks.
BBC economics correspondent Andrew Walker says indications that Mr Trump will cut taxes and spend heavily on infrastructure make it more likely that the Fed will want to raise rates to contain inflationary pressures.
The Fed does not know yet what will happen when the president-elect and a new Congress take office next year, Ms Yellen said.
But she added that the central bank would take into account decisions by the White House and Congress when setting its interest-rate policies.
She also said the US economy was "making very good progress", further strengthening analysts' expectations of a rate rise at the 14 December meeting.
"As a result of the testimony, we raised our subjective probability of a hike next month to 90% (from 85% previously)," Goldman Sachs said. Other analysts give a similar likelihood.
'Terrible' consequences
Turning to the independence of central banks, Ms Yellen said they need to be able to make long term decisions that are not always popular.
In countries where central banks are subject to political pressures, there have been "terrible" consequences, she said.
Ms Yellen also confirmed she planned to serve out her four-year term, which expires in January 2018.
During the election campaign, Mr Trump criticised both the Fed and Ms Yellen's handling of the economy.
The Bank of England (BoE) has faced similar pressure from senior Conservatives over the effects of ultra-low interest rates and quantitative easing since the financial crisis of 2008.
Former shadow chancellor Ed Balls on Thursday called for the BoE's independence to be curbed in response to growing "popular discontent".
In an academic paper, he said central banks could "sacrifice some political independence" without undermining their ability to do their job.
 
 
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'Made in Russia' could be coming to a store near you www.rt.com

The currency crisis and a drop in real wages make Russia attractive for foreign manufacturers searching for cheaper labor costs. Besides providing jobs, this could make the country a regional production hub in the near future.
 
The Russian currency lost about 40 percent against the US dollar in the past two years following the collapse in global crude prices, leaving the ruble about 30 percent below its peak in June 2013.
 
Last year, Russian salaries in dollar terms slid below wages in Brazil, China and members of the former Eastern bloc such as the Czech Republic, according to the Moscow-based Higher School of Economics.
 
That makes Russia a broadly competitive platform for new plants and factories. For example, South Korea's Samsung has begun exporting Russian-made washing machines to 20 European countries. The Wrigley subsidiary of US confectioner Mars has started producing Juicy Fruit chewing gum at a facility in St. Petersburg.
 
In the last ten months, industrial output has risen 0.3 percent, which appears to show a turnaround in the country's declining factory production, according to new data. The Economy Ministry expects an annual increase of 0.4 percent after a contraction of 3.4 percent last year.
 
“This is a strong statement that we can do something really competitive from Russia. Russian suppliers are competitive today mainly because of the currency situation. I don’t think this is temporary,” said Magnus Benon, head of purchasing operations in Russia for IKEA, the world’s largest furniture retailer, as quoted by Bloomberg.
 
The current conditions can allow Russia to crack the problems bolstered by years of ruble appreciation and wage increases that outstripped gains in productivity. The country may vie to become a regional production hub in the short-term.
 
“The goal of our manufacturers in Russia is to create alliances with foreign companies, to become part of regional and global chains of added value and thus to increase not only the country’s competitive potential, but also its export potential,” said Yaroslav Lissovolik, chief economist at the Eurasian Development Bank. He even suggests Russia may become the region’s factory.
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Thursday Morning Briefing: Mr. Trump, there's a Shinzo Abe here to see you. www.reuters.com

President-elect Donald Trump is expected to meet with Japanese Prime Minister Shinzo Abe today, Trump's first meeting with a foreign leader since being elected. But as of last night, Japanese officials didn't know where or when the meeting would take place. Nor did they know who would be attending. The expected topics up for discussion, however, are well known: The nature of the alliance between the United States and Japan. During the campaign, Trump raised questions:

"If somebody attacks Japan, we have to immediately go and start World War III, okay? If we get attacked, Japan doesn't have to help us. Somehow, that doesn't sound so fair." – Donald Trump, Dec. 30, 2015, Hilton Head, South Carolina.

"You're going to have to ask yourself, at what point and at what cost do we continue to protect Japan, Germany and many other countries. They're not paying for the protection anywhere near what it's costing us." – Donald Trump, Face The Nation, CBS News, April 3, 2016

Katsuyuki Kawai, an adviser to Abe sent to set up the Trump meeting, said he had spoken to several Trump advisers since arriving in Washington on Monday.

"I have been meeting with so many top aides to the president-elect and also I have been meeting with the very distinguished senators and congressmen and they unanimously told me that we don’t have to take each word that Mr. Trump said publicly literally."

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