1 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      2 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      3 RUSSIA AND MONGOLIAN BORDER CROSSING NO. 487 WWW.NEWS.MN PUBLISHED:2018/09/20      4 WORLD ECONOMICS REPORTS THAT MONGOLIA’S EMPLOYMENT RATE HITS A FIVE-YEAR HIGH WWW.GOGO.MN PUBLISHED:2018/09/20      5 USD HITS RECORD HIGH IN MONGOLIA DUE TO HIGHER IMPORTS WWW.CHINA.ORG.CN PUBLISHED:2018/09/20      6 READOUT OF VICE PRESIDENT MIKE PENCE’S MEETING WITH PRIME MINISTER UKHNAA KHURELSUKH OF MONGOLIA WWW.WHITEHOUSE.GOV PUBLISHED:2018/09/20      7 MONGOLIA LAUNCHES EU-FUNDED PROJECTS TO PROMOTE GREEN DEVELOPMENT, ENVIRONMENTAL PROTECTION WWW.XINHUANET.COM PUBLISHED:2018/09/20      8 COAL EXPORTS FROM TOP SHIPPER HOBBLED WITH MINERS FACING CONSTRAINTS WWW.MINING.COM PUBLISHED:2018/09/20      9 FRONTIER'S "INVEST MONGOLIA TOKYO 2018" WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/09/19      10 U.S.-CHINA TRADE TUSSLE IS CREATING WINNERS IN SOUTHEAST ASIA WWW.BLOOMBERG.COM PUBLISHED:2018/09/19      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     СЗХ-НД МӨНГӨ УГААХТАЙ ТЭМЦЭХ НЭГЖИЙГ БАЙГУУЛАХААР БОЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/20     БНХАУ: ОЛОН ТАЛТ, ЧӨЛӨӨТ ХУДАЛДААГ ДЭМЖИЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/20     АТҮТ: БҮРТГЭЛТЭЙ АВТОМАШИНЫ 60 ОРЧИМ ХУВЬ НЬ ҮЗЛЭГ ОНОШИЛГООНДОО ХАМРАГДСАН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/20     ЭДИЙН ЗАСАГ УРТ ХУГАЦААНЫ ТЭНЦВЭРИЙГ ХАНГАХАД ТӨВЛӨРНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20     ЯПОН УЛСТАЙ АЯЛАЛ ЖУУЛЧЛАЛЫН САЛБАРТ ХАМТАРНА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/20     МОНГОЛ, АМЕРИКИЙН ХАРИЛЦАА ШАТ АХИЖ, ӨРГӨТГӨСӨН ИЖ БҮРЭН ТҮНШЛЭЛИЙН ТҮВШИНД ХҮРСНИЙГ НОТЛОВ WWW.NEWS.MN НИЙТЭЛСЭН:2018/09/20     ШЕНГЕНИЙ БОГИНО ХУГАЦААНЫ ВИЗИЙН МЭДҮҮЛГИЙГ УЛААНБААТАР ХОТОД АВНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/19     2018 ЭХНИЙ 7 САРД МОНГОЛЧУУД ГАДААД РУУ ЭМЧИЛГЭЭНД ЯВАХДАА 19.5 САЯ АМ.ДОЛЛАР ЗАРЦУУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19    

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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Moody's assigns Counterparty Risk Ratings to 9 banks in Mongolia www.moodys.com

Hong Kong, June 28, 2018 -- Moody's Investors Service, ("Moody's") has today assigned Counterparty Risk Ratings (CRRs) to 9 banks in Mongolia.

The 9 banks affected are: 1) Bogd Bank LLC (Bogd Bank), 2) Capital Bank LLC (Capital Bank), 3) Development Bank of Mongolia LLC (DBM), 4) Golomt Bank LLC (Golomt Bank), 5) Khan Bank LLC (Khan Bank), 6) State Bank LLC (State Bank), 7) Trade and Development Bank of Mongolia LLC (TDBM), 8) Transport and Development Bank LLC (TransBank), and 9) XacBank LLC (XacBank).

Moody's Counterparty Risk Ratings are opinions of the ability of entities to honour the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

At the same time, Moody's downgraded the Counterparty Risk Assessment (CR Assessment) of DBM to B3(cr) from B2(cr) to be consistent with the government support notching guidance per the Banks methodology.

RATINGS RATIONALE

The CRRs assigned to the 9 Mongolian banks are in line with the CR Assessment assigned.

Because Moody's considers that Mongolia does not have an operational resolution regime, in assigning CRRs to the Mongolian banks subject to this rating action, the rating agency applies its basic Loss Given Failure (LGF) approach. Moody's basic LGF analysis positions CRRs in line with the banks' CR Assessment, one notch above their adjusted BCAs.

None of the 9 Mongolian Banks' CRR incorporate any uplift from government support.

OUTLOOK

CRRs do not carry outlooks.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Bogd Bank LLC -- WHAT COULD CHANGE THE RATING UP

Bogd Bank's b3 baseline credit assessment (BCA) is at the same level as Mongolia's sovereign rating, and, as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

Bogd Bank LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating, or (2) a downgrade of the bank's BCA.

Bogd Bank's BCA could be downgraded if the bank's (1) asset quality deteriorates significantly (for example, with problem loans/gross loans exceeding 9% on a sustained basis); (2) tangible common equity falls below 8%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

Capital Bank LLC -- WHAT COULD CHANGE THE RATING UP

We will upgrade Capital Bank's BCA and long-term ratings if the asset-quality review (AQR) and additional funding from an international fund result in asset quality and capitalization levels consistent with a BCA of b3.

Capital Bank LLC -- WHAT COULD CHANGE THE RATING DOWN

The outlook on Capital Bank's domestic currency long-term rating could be changed to stable from positive if the bank is unable to secure additional capital to improve its capitalization. Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating, and (2) a downgrade of the bank's BCA.

The bank's BCA could be downgraded if its (1) asset quality deteriorates significantly, for example, with problem loans/gross loans exceeding 9.0% for a sustained period; (2) tangible common equity falls below 8.0%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

Development Bank of Mongolia LLC -- WHAT COULD CHANGE THE RATING UP

DBM's long-term rating incorporates a one-notch uplift from its BCA and is at the same level as the sovereign rating. A positive rating action is unlikely in the absence of an upgrade of Mongolia's sovereign rating.

We will consider upgrading DBM's BCA if the bank's asset quality and profitability improve to levels consistent with a BCA of b3 while maintaining sound capitalization.

Development Bank of Mongolia LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating; or (2) a weakening in the strategic importance of DBM to the government, as a result of which we would change our assessment of government support.

Golomt Bank LLC -- WHAT COULD CHANGE THE RATING UP

Golomt Bank's b3 BCA is at the same level as Mongolia's sovereign rating and, as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

Golomt Bank LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating, or (2) a downgrade of the bank's BCA.

Golomt Bank's BCA could be downgraded if the bank's (1) asset quality deteriorates significantly with its problem loans/gross loans exceeding 9% on a sustained basis; (2) tangible common equity ratio falls below 8%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

Khan Bank LLC -- WHAT COULD CHANGE THE RATING UP

Khan Bank's b3 BCA is at the same level as Mongolia's sovereign rating, and as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

Khan Bank LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include a downgrade of (1) Mongolia's sovereign rating; or (2) the bank's BCA.

The bank's BCA could be downgraded if its (1) asset quality deteriorates significantly (for example, if problem loans/gross loans exceeds 9% for a sustained period); (2) tangible common equity falls below 8%; or (3) profitability deteriorates significantly, leading to sustained annual net losses.

State Bank LLC -- WHAT COULD CHANGE THE RATING UP

State Bank's b3 BCA is at the same level as Mongolia's sovereign rating, and, as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

State Bank LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating; or (2) a downgrade of the bank's BCA.

State Bank's BCA could be downgraded if the bank's (1) asset quality deteriorates significantly, for example, with problem loans/gross loans exceeding 9% on a sustained basis; (2) tangible common equity falls below 8%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

Trade and Development Bank of Mongolia LLC -- WHAT COULD CHANGE THE RATING UP

TDBM's b3 BCA is at the same level as Mongolia's sovereign rating, and, as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

Trade and Development Bank of Mongolia LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating, or (2) a downgrade of the bank's BCA.

TDBM's BCA could be downgraded if the bank's (1) asset quality deteriorates significantly (for example, if problem loans/gross loans exceeds 9% on a sustained basis); (2) tangible common equity ratio falls below 8%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

Transport and Development Bank LLC -- WHAT COULD CHANGE THE RATING UP

TransBank's b3 BCA is at the same level as Mongolia's sovereign rating, and, as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

Transport and Development Bank LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include: (1) a downgrade of Mongolia's sovereign rating, or (2) a downgrade of the bank's BCA.

TransBank's BCA could be downgraded if the bank's: (1) tangible common equity falls below 8%; (2) profitability deteriorates significantly, leading to annual net losses on a sustained basis; or (3) asset quality deteriorates, with its problem loans ratio rising above 9%.

XacBank LLC -- WHAT COULD CHANGE THE RATING UP

XacBank's b3 BCA is at the same level as Mongolia's sovereign rating and, as such, a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

XacBank LLC -- WHAT COULD CHANGE THE RATING DOWN

Factors that could result in a downgrade include (1) a downgrade of Mongolia's sovereign rating, or (2) a downgrade of the bank's BCA.

XacBank's BCA could be downgraded if the bank's (1) asset quality deteriorates significantly, for example, with problem loans/gross loans exceeding 9% on a sustained basis; (2) tangible common equity falls below 8%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

All entities are headquartered in Ulaanbaatar.

Bogd Bank LLC reported total assets of MNT74.4 billion ($30.6 million) as of 31 December 2017.

Capital Bank LLC reported total assets of MNT745.6 billion ($374.1 million) as of 31 December 2015.

Development Bank of Mongolia LLC reported total assets of MNT3.74 trillion ($1.54 billion) as of 31 December 2017.

Golomt Bank LLC reported total assets of MNT5.21 trillion ($2.14 billion) as of 31 December 2017.

Khan Bank LLC reported total assets of MNT7.27 trillion ($2.99 billion) as of 31 December 2017.

State Bank LLC reported total assets of MNT2.34 trillion ($962.5 million) as of 31 December 2017.

Trade and Development Bank of Mongolia LLC reported total assets of MNT6.87 trillion ($2.83 billion) as of 31 December 2017.

Transport and Development Bank LLC reported total assets of MNT203 billion ($84 million) as of 31 December 2017.

XacBank LLC reported total assets of MNT3.04 trillion ($1.25 billion) as of 31 December 2017.

LIST OF AFFECTED RATINGS

Bogd Bank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

Capital Bank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B3

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

Development Bank of Mongolia LLC

Long-term Counterparty Risk Assessment downgraded to B3(cr) from B2(cr)

Assigned local and foreign currency long-term Counterparty Risk Ratings of B3

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

Golomt Bank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

Khan Bank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

State Bank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

Trade and Development Bank of Mongolia LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

Transport and Development Bank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

XacBank LLC

Assigned local and foreign currency long-term Counterparty Risk Ratings of B2

Assigned local and foreign currency short-term Counterparty Risk Ratings of NP

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Tae Jong Ok
Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077
Minyan Liu
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077
Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

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Mongolia revives plan for billion-dollar coal mine IPO www.asia.nikkei.com

ULAANBAATAR -- The Mongolian government has revived plans shelved several years ago for an international stock offering of the company that controls one of the world's largest coal mines, buoyed by recovering commodity prices.

The government's plan to list 30% of Erdenes Tavan Tolgoi through a combined domestic and overseas offering is now under debate in parliament and may be approved on Friday. The domestic listing is scheduled for September.

The government has yet to decide on a venue for the overseas listing or to detail how the offering will be split between the domestic and offshore markets. It is understood that Hong Kong, New York and London are under consideration.

Tavan Tolgoi, in the south of Mongolia about 240km from the Chinese border, holds estimated reserves of 7.5 billion tons of coking coal. Erdenes Tavan Tolgoi generated a profit last year of 461 billion tugrik ($187.7 million) on revenue of 1.2 trillion tugrik. It posted a profit of 80 billion tugrik in 2016. Most of its output is exported to China.

The company has been on a bumpy ride to market, amid volatility in commodity markets and Mongolian politics as well as unrealized corporate alliances. Shares in the company were distributed for free to the public in 2012 ahead of a planned $3 billion stock market listing; the country's economy then one of the fastest growing in the world.

As coal prices declined, Erdenes came into conflict with Aluminum Corp. of China, which had provided $350 million in financing in exchanging for a pledged supply of coal.

Resurgent demands for retaining domestic control of Mongolia's natural resources have been another obstacle in Erdenes' development. Parliament in 2015 blocked a $4 billion deal for a consortium led by China Shenhua Energy and Japan's Sumitomo Corp. to take over management of Tavan Tolgoi.

The Mongolian public has yet to receive any dividends on their 15% holding in Erdenes shares, but company officials have promised that payouts will start later this year. Government officials however have recently backed away from plans to make the public's shares tradeable as part of the stock listing plan; they worry that many Mongolians will immediately dump the stock after years of waiting for the chance, depressing the share price.

"Enabling Tavan Tolgoi shares to become tradeable in the market is a great way to improve Erdenes' governance," said lawmaker Luvsantseren Enkh-Amgalan of the Mongolian People's Party on Wednesday. The party holds 65 of the 76 seats in parliament.

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Deutsche Bank's US unit fails Fed's stress test www.bbc.com

Deutsche Bank's US division has failed the second round of the Federal Reserve's annual two-stage stress tests, designed to assess how well the sector could withstand another financial crisis.

The German lender suffered from "widespread and critical deficiencies" in parts of its business, the Fed said.

Goldman Sachs and Morgan Stanley were only granted "conditional" passes.

But 31 of the 35 banks tested were given the all-clear.

Stress tests were introduced in the wake of the 2008 financial crisis and every year America's central bank, the Federal Reserve, puts the country's banks, including foreign subsidiaries operating in the country, through their paces.

The Fed measures whether banks are holding sufficient capital to cope with a recession and in the second part of the process it focuses on banks' "capital plans" such as how much cash they intend to return to shareholders. However this is the first year that the results of the US units of foreign banks have been publicly released.

All of the 35 largest banks subject to the tests passed the first part of the tests last week.

But the Fed found Deutsche Bank's US arm had "material weaknesses in the firm's data capabilities and controls supporting its capital planning process, as well as weaknesses in its approaches and assumptions used to forecast revenues and losses under stress".

The verdict is another blow for the troubled German lender whose financial health has been under the spotlight recently. And it will require the bank to make changes to the way it operates in the US.

US banks pass financial stress tests
Goldman Sachs and Morgan Stanley were given passes, but will not be permitted to increase the amount they return to shareholders beyond levels inline with the last couple of years, in order to bolster their capital cushions.

The Fed said it was also granting a conditional pass to Boston-based State Street, which will be required to take additional steps to manage and analyse its exposure to losses.

Last year was the first time all banks passed the second round of the tests.

The second part of the tests is closely watched because it determines how much firms can return to shareholders in the form of items like share buybacks and dividends.

'One-off event'
The Fed said it had granted the conditional pass to Goldman and Morgan Stanley because the companies' results had been skewed by tax changes passed last year.

The tax overhaul lowered the corporate rate from 35% to 21%, but led to larger-than-usual one-off tax bills for many banks, as a result of other changes to how losses and overseas profits are taxed.

"This one-time reduction does not reflect a firm's performance under stress and firms can expect higher post-tax earnings going forward," the Fed said.

Despite the restrictions, Goldman will still be permitted to spend up to $6.3bn on share buybacks and dividends this year.

Morgan Stanley said it planned to return $6.8bn to shareholders.

Making progress
The decision is the latest blow for troubled Deutsche Bank. Last month the firm announced more than 7,000 job cuts and its credit rating was cut by Standard & Poor's. The bank reported an annual loss of €500m (£438m) at the end of February.

Deutsche said its US division had "made significant investments to improve its capital planning capabilities as well as controls and infrastructure."

"Deutsche Bank USA continues to make progress across a range of programmes and will continue to build on these efforts and to engage constructively with regulators to meet both internal and regulatory expectations," the bank said.

The bank will be required to improve its operations, risk management and governance as a result of the test-failure. It will not be able to make distributions to its German parent firm without the Fed's approval.

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Lafarge cement giant in terrorist funding probe www.bbc.com

Cement giant LafargeHolcim says its French subsidiary is under formal investigation in France over claims it funded a terrorist group in Syria.

The subsidiary is also accused of complicity in crimes against humanity and endangering lives in Syria.

Last year, Lafarge admitted paying groups in the country in order to keep a factory operating in Northern Syria as violence mounted after 2011.

However, Lafarge says it will appeal against some of the charges.

Eight former managers of the company are also being formally investigated.

An internal investigation last year found evidence the factory provided funding to local armed groups in order to stay open.

The investigation concluded that those in charge of the Jalabiya plant had taken "unacceptable" measures in order to keep the plant open and protect employees.

Various armed factions "controlled or sought to control" the area, it said.

At the time, Syria was subject to EU sanctions imposed on President Bashar al-Assad's government, which lost control of large swathes of the country to various armed groups.

The plant closed in 2014 and a year later LafargeHolcim was formed.

The company is a global giant, employing 80,000 in around 80 countries.

LafargeHolcim chairman, Beat Hess, said in a statement: "We truly regret what has happened in the Syria subsidiary and after learning about it took immediate and firm actions.

"None of the individuals put under investigation is today with the company."

The former managers under investigation include LafargeHolcim's first chief executive, Eric Olsen. He has denied doing anything wrong.

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Mongolian speaker denies Washington post corruption allegation www.news.mn

The Washington Post published an article on 26 June over a Mongolian political conspiracy to sell government positions. Entitled “Mongolian democracy has a familiar ailment, and it's all about money', the article outlines one of the biggest political scandals to hit the country since Mongolia became a democracy in 1990. The article refers to the, so- called, '60 billion case', which has been publicised by Mongolian political commentator D.Jagalsaikhan on his Jargal Defacto site.

Earlier today, M.Enkhbold, Speaker of Parliament, addressing the house during the opening ceremony of parliament, denied the Washington Post’s allegation. M.Enkhbold said, the case had been investigated not only by Mongolia's Independent Authority against Corruption, but an investigation team including the General Intelligence Authority and the National Police Agency. The State General Prosecutor's Office dismissed the case. The Speaker said: 'I have worked as a leader of Mongolian People’s Party before and after 2016 parliamentary election. I did not take any money from anyone for promoting so-and-so to a position.’

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Erdenet collateral scandal: Sh.Batkhuu released on bail www.news.mn

Sh.Batkhuu, former director of the 'Just Group', was released on bail on Wednesday because of health problems and banned from leaving the country. According to one source, Sh.Batkhuu was receiving high doses of insulin shots daily, however, these were increasing the risks of kidney failure and brain damage.

Sh.Batkhuu has been detained for three months in the 461st detention centre where he has been under investigation by Mongolia’s anti-corruption agency in connection to his offering the Erdenet Mining Corporation up as collateral for 109 million USD loan obtained from the South African Standard Bank.

The case began to be heavily publicised after the London Court of International Arbitration ruled in favour of the South African Standard Bank

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Mongolia's industrial production grows 23.3pc in Jan-May www.thefinancialexpress.com.bd

The volume of industrial production in Mongolia grew 23.3 per cent in the January-May period compared to the same period last year, amounting to $2.439 billion US dollars.

The Ministry of Mining and Heavy Industry of Mongolia announced this at a press conference for local media on Thursday, reports Xinhua.

Sumiyabazar Dolgorsuren, minister of the mining and heavy industry, said that production of the main products of mining and extractive industries was up by 23.7 per cent, which is the main cause of the growth of industrial production.

In particular, coal production of the East Asian country increased by 48 per cent, and the volume of iron ore production went up 12.6 per cent against the corresponding period of 2017.

Currently, over 72.2 per cent of Mongolia's total industrial production is accounted for by mining industry products.

The minister said that the production volume of copper concentrate for this period increased by 3.0 per cent, and fluorite concentrate grew 39.5 per cent.

As for crude oil production, it fell by 9.0 per cent compared to the same period last year.

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Khaan Quest 2018 int'l peacekeeping drill wraps up in Mongolia www.xinhuanet.com

ULAN BATOR, June 28 (Xinhua) -- An annual multinational peacekeeping exercise, code-named Khaan Quest 2018, concluded with a closing ceremony at Five Hills Training Area near the Mongolian capital on Thursday.

"First of all, I would like to express my sincere appreciation to all participating countries for sending their military servicemen to the multinational military exercise," Mongolian Prime Minister Ukhnaa Hurelsukh said at the closing ceremony of the military exercise.

"Peace and tranquility are the foundation of a nation's development. Therefore, Mongolia always welcomes any initiative to strengthen international and regional peace and security, and actively participates in the UN (United Nations) peacekeeping operations," he said.

A total of 1,400 military personnel from 26 countries, including Mongolia, the United States, China, Russia, Germany, Bhutan and Qatar have participated in the two-week-long military exercise.

Bhutan and Qatar's military servicemen have for the first time participated in the exercise.

Khaan Quest 2018 consisted of a command post exercise and a field training exercise focusing on peacekeeping and stability operations. Individual events include checkpoint control, combat casualty care, water patrolling and civilian protection.

Within the framework of Khaan Quest 2018, the participants provided medical treatment to more than 1,000 citizens.

In addition, cultural and sports events were held during the exercise, with the aim of promoting the traditions and customs of all participating countries.

The peacekeeping exercise was launched in 2003 by the Mongolian Armed Forces (MAF) in cooperation with the then U.S. Pacific Command and a United Nations peace support fund. It expanded to a multinational drill in 2006.

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Apple and Samsung settle their epic patent infringement battle www.cnn.com

Apple and Samsung just ended their epic seven-year legal patent infringement fight.
The two companies agreed to a settlement in the case, according to court documents filed Wednesday, but did not disclose the terms.

The settlement closes a dispute that started in 2011 when Apple accused Samsung (SSNLF) of "slavishly" copying the iPhone's design and software features. A jury awarded Apple (AAPL) $539 million in May, leaving Samsung with an outstanding balance of $140 million it owed Apple. It was not clear Wednesday how much more, if anything, Apple will receive.

Litigating the case cost the two world's two largest smartphone makers hundreds of millions of dollars and resulted in several rulings and appeals. In 2012, a jury ruled that Samsung must pay Apple more than $1 billion for copying various hardware and software features of the iPhone and iPad. A federal judge later reduced that penalty by $450 million.

Their fight eventually landed in the Supreme Court, which in 2016 reversed an appeals court ruling that Samsung must pay $399 million for patent infringement. Justices sent the case back to the lower court to sort out the financial penalty.

A representative for Apple declined to comment beyond referring CNNMoney to a statement the company released last month following the jury award.

"This case has always been about more than money," the company said at the time. "Apple ignited the smartphone revolution with iPhone and it is a fact that Samsung blatantly copied our design. It is important that we continue to protect the hard work and innovation of so many people at Apple."

Samsung declined to comment.

Ultimately, jurors found Samsung had infringed on the majority of the patents in question -- including software features like double-tap zooming and scrolling. Many devices also infringed on hardware style or icon setup. Although "Apple won most of the battles," Samsung found way to "design around" the patents Apple claimed it copied, said Michael Risch, a patent law professor at Villanova University.

"One lesson is consumers will drive tech more than patents. Samsung went where it thought consumers wanted ... and Apple stayed with its distinctive smaller shape for a much longer period than Samsung," Risch said. "Sometimes patent can drive innovation in ways we may not have expected."

CNNMoney (New York)
First published June 27, 2018: 4:55 PM ET

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Korean Air chief suspected of tax evasion www.nhk.or.jp

Prosecutors in South Korea are questioning the head of Korean Air's parent conglomerate on suspicion of tax evasion.

Hanjin Group Chairman Cho Yang-ho appeared at a prosecutors' office in Seoul on Thursday morning.

He told reporters outside the building that he will face the investigation in good faith.

South Korean media report Cho and his sister allegedly evaded about 50 billion won, or more than 44 million dollars, in taxes on their inheritance of their father's overseas assets.

The Cho family has made scandalous headlines in recent years.
Cho's eldest daughter was criticized in 2014 for ordering her flight back to the gate before takeoff because she was unhappy with the way her nuts were served. The episode is known the "nut rage" incident.

His younger daughter was questioned by police on suspicion of assault after she reportedly lost her temper during a meeting and threw a drink in the participants' faces.

Both daughters later stepped down from their executive posts at Korean Air.

Cho's wife was also questioned by police last month on suspicion of assault for reportedly shoving workers at a construction site

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