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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Mongolia to pitch railway projects to China-backed AIIB - govt adviser www.reuters.com

By Terrence Edwards
Mongolia will pitch a number of railway projects to the China-initiated Asian Infrastructure Investment Bank (AIIB), an adviser to the government told Reuters, as the crisis-hit nation tries to attract investment and boost trade.

The landlocked country, wedged between China and Russia, is mired in debt following a slump in commodity prices, a precipitous drop in foreign investment and a rapidly declining currency, forcing the government to hike interest rates and slash spending.

It sits on vast, untapped mineral wealth but inadequate transportation infrastructure has held back development, with several proposed railway projects to ship copper, coal and gold to China long out of reach because of prohibitive costs and arguments over security.

But China's "One Belt One Road" project, along with another initiative to create an "economic corridor" connecting it to Mongolia and Russia, has provided opportunities for Mongolia to kickstart new projects, including the expansion of the Trans-Mongolian railway and construction of a new route going east, said Yondon Manlaibayar, an adviser to Mongolia's Ministry of Roads and Transportation Development.

Manlaibayar said Mongolia plans over the next four years to bolster railway capacity and build new routes that will eventually connect it to a trading route spanning from China to Europe.

"It will go forward," Manlaibayar told Reuters. "We've been a driving force for the economic corridor," he said.

The corridor agreement signed by Mongolia, China and Russia in June committed the countries to upgrading regional rail transport by modernising existing capacity and building new routes.

Mongolia wants to find financing to build 550 km (342 miles) of new railways, and plans to expand existing routes.

Manlaibayar didn't say how much Mongolia would seek to borrow to finance the projects, but said preliminary discussions have already been held with the AIIB. A spokesman for the AIIB declined to comment when contacted by Reuters on Tuesday.

The plans include the Northern Railway project led by Australian coal miner Aspire Mining. The China Development Bank has already expressed interest in providing three-quarters of the financing needed for the project.

Also on Mongolia's list will be a rail line linking its Tavan Tolgoi coal mine to the Chinese border. Mongolia has already invested $200 million, Manlaibayar said, but the project needs another $800 million.

The Tavan Tolgoi railway project is one of five major infrastructure projects flagged as priorities by the finance ministry last week as the country tries to dig itself out of an economic crisis.

Five years ago, foreign investment helped drive Mongolian growth into double digits, but capital inflows have been on the decline since 2012 because of disputes with miners and a slump in commodity prices brought about partly by slowing Chinese growth.

The government has also identified Rio Tinto's underground expansion of the Oyu Tolgoi copper-gold mine and the Gatsuurt gold mine owned by Canada's Centerra Gold as development priorities.

Manlaibayar said he is seeking approval from the government to launch a road show to get other institutional investors involved in the railway projects.

"We'll present one-by-one because it's difficult getting all these investors in one room," Manlaibayar said. (Additional reporting by Sue-Lin Wong in BEIJING; Editing by David Stanway and Kim Coghill)

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Exxon Mobil investigated over oil assets www.bbc.com

US authorities are investigating the way Exxon Mobil has valued its assets following a plunge in the price of oil.
The company said it was "fully complying" with a request from the Securities and Exchange Commission (SEC) for accounting information.
Exxon is the only big US energy firm not to have taken a charge to reflect the slump in oil prices.
The SEC is also examining how Exxon accounts for the potential impact on its business of climate change policy.
It follows a similar investigation announced last year by a group of state attorneys general.
Led by New York state's top prosecutor, Eric Schneiderman, they are examining whether Exxon misled investors and the public on the impact of climate change on its business.
Responding to the news of the SEC probe, Exxon Mobil said in a statement: "The SEC is the appropriate entity to examine issues related to impairment, reserves and other communications important to investors.
"We are fully complying with the SEC request for information and are confident our financial reporting meets all legal and accounting requirements."
The investigation was first reported in the Wall Street Journal on Tuesday and the report prompted a 1.5% decline in Exxon Mobil shares.
The price of US crude oil has fallen from $100 a barrel in mid-2014 to around $44 a barrel. That's prompted many oil companies to reduce the value of their oil projects.
According to the WSJ report, Exxon feels that is unnecessary because it takes a conservative view when valuing new fields and wells.
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Tony Blair closes controversial consultancy business www.cnn.com

Tony Blair is giving up most of the consultancy work that made him millions after he stood down as U.K. leader.
In a statement on Tuesday, the former British prime minister said he had decided to close Tony Blair Associates and two related companies, Windrush Ventures and Firerush Ventures.
"I will retain a small number of personal consultancies for my income, but 80% of my time will be pro bono on the Not For Profit side," Blair said.
The "substantial reserves" that Tony Blair Associates had accumulated would be given to his non profit ventures, he added. They include his Africa Governance Initiative and Faith Foundation.
Blair, 63, won three consecutive general elections, the last in 2005. He was the Labour Party's longest serving prime minister.
He came under fierce criticism after leaving office for his decision to join the U.S. led invasion of Iraq in March 2003. An official inquiry published earlier this year found that the war was based on flawed intelligence and had been launched before diplomatic options were exhausted.

His business dealings were also controversial. Less than six months after leaving office in June 2007, he was hired by JP Morgan (JPM) to advise CEO Jamie Dimon on "global political issues."
It was his relationship with foreign leaders -- in particular President Nursultan Nazarbayev of Kazahkstan -- that drew the most criticism. Kazakhstan's human rights record came under intense scrutiny after at least 16 people were killed in 2011 in clashes between striking oil workers and police.
Blair's office said earlier this year that the former prime minister had not profited personally from advising the Kazakh government. "Fees do not go to Mr. Blair personally but primarily funds the team on the ground to live and work in the country, as well as support staff and the hiring of other consultants as necessary," it said in April.
Tony Blair Associates does not publish detailed financial accounts, but its most recent figures show Windrush Ventures had turnover of £19.4 million ($25.3 million) in 2015, an increase of 37% over the previous year.
Blair and his wife are reported to own a substantial real estate portfolio in the U.K.

 
 
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Microsoft launches $40bn share buyback www.bbc.com

US software giant Microsoft plans to buy back $40bn worth of its shares.
The firm did not say how long the repurchase scheme would last. Its previous buyback, also worth $40bn, was announced in September 2013 and is due to be completed by the end of the year.
Share buybacks tend to support a company's share price and are popular with investors.
Microsoft also announced that it was raising its quarterly dividend by 8%, to 39 cents a share.
Microsoft shares rose 1% in after-hours trading.
Big deal
Earlier this year Microsoft announced its biggest ever acquisition - the purchase of the professional networking website LinkedIn - for just over $26bn (£18bn) in cash.
That was considered a high price for LinkedIn, which reported an annual loss of $166m.
Microsoft chief executive Satya Nadella said it was part of Microsoft's transformation into a cloud computing business, providing a range of professional services to clients - including a social network to connect them to each other.

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Apple tax penalty only the beginning for US firms, warns EU competition watchdog www.rt.com

The European Union Competition Commissioner Margrethe Vestager is sure Apple’s €13 billion fine for unpaid taxes in Europe will not be the last for American companies that don’t like paying taxes.
Davide Serra, CEO and founder of Algebris Investments wrote to Vestager on Twitter: “Apple: so in the USA there are 185 CEO which think it’s legal to pay 0.05% Taxes in Europe! @vestager pls check what they pay asap!”

The commissioner responded: “I will. And I keep thinking about all the CEOs who just make sure that their companies do pay their taxes. They exist too.”

On August 30, a European investigation concluded Ireland provided Apple with a favorable tax rate which allowed the company to pay one percent on EU profits in 2003 down to 0.005 percent in 2014.

Vestager previously ordered the Netherlands to collect up to €30 million in taxes from Starbucks and Fiat Chrysler, while Anheuser-Busch InBev was among 35 companies asked to repay €700 million in back taxes to Belgium. Funneling European profits to Luxembourg may cost McDonald’s $500 million, while Amazon and Google’s parent company Alphabet are also being investigated for tax dealings in Europe.

On Monday, Vestager was in the US, meeting with officials including Treasury Secretary Jack Lew, who has criticized her for what Washington regards as unfair treatment of American companies.

The commissioner has denied any bias toward American businesses in Europe. "If you look at our practice, then you cannot find a US bias. You cannot find the statistics to back up any kind of bias," she said in Washington.

“Just today, we opened an in-depth investigation into Luxembourg's tax treatment of the French electric utility company GDF Suez group – now known as Engie," said Vestager. "Our concern is that tax rulings issued by Luxembourg may have given GDF Suez an unfair advantage over other companies, in breach of EU state aid rules.”

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China merger to create world's second largest steel firm www.bbc.com

Two of China's largest steel companies have announced plans for a merger, creating the world's second largest steelmaker, as the industry struggles with global overproduction.
Under the deal, Baosteel is to take over its smaller competitor Wuhan Iron and Steel.
Both companies are majority-owned by the state.
The announcement comes as Beijing tries to overhaul the steel industry, one of the country's bloated state sectors.
The merger will create a new company, China Baowu Iron and Steel Group. Based on data from 2015, the two firms together have an annual production of about 60 million tonnes a year, which would make it the country's largest steelmaker.
Globally, it would be second only to Luxembourg-based ArcelorMittal.
Baosteel's net profit tumbled 83% to 1bn yuan ($150m) last year, while Wuhan lost 7.5bn yuan, a sharp drop from its 1.3bn yuan net profit in 2014.

Global steel slump
Steel demand in China, as well as worldwide, has slumped in the past year as the country's economic growth has slowed.
The resulting overproduction has seen steelmakers around the world suffer huge losses. China has been accused of price dumping - selling its steel cheaply overseas in order to clear its stocks.
In April, China promised to reduce its steel output, following a crisis meeting attended by 30 nations.
Over the past 25 years, Chinese steel production has expanded hugely with output growing more than twelve-fold.
China produced more than 822 million tonnes of steel in 2014 and is expected to produce even more this year. However, projected demand for its steel in 2016 is only 672 million tonnes.

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Indonesia's Mitra Adiperkasa takes Zara into Vietnam www.asia.nikkei.com

JAKARTA -- Indonesian retail operator Mitra Adiperkasa has marked its entrance into the Vietnamese market with the opening of its first Zara outlet outside Indonesia.
 
The company -- which also franchises other international brands such as Starbucks, Burger King and Topman in Indonesia - said the new Zara store occupies 2,400 square meters in Ho Chi Minh City.
 
Mitra already runs 15 outlets selling the Spanish clothing line in Indonesia. The company operates nearly 2,000 retail stores or more than 150 brands in 66 cities in the archipelago.
 
Corporate Secretary Fetty Kwartati said Mitra, through a Vietnamese subsidiary it fully owns, is planning to open several other Zara stores in Vietnam next year, as well as stores of other brands under the Spanish clothing group Inditex, such as Bershka and Massimo Dutti.
 
The expansion in Vietnam was revealed after Mitra announced in June its partnership with U.S. investment company General Atlantic. Mitra had been hit hard by the slowing economy and the weak rupiah, which have seriously squeezed its profits over the past few years.
 
In the first half of 2016, net profit rose 78% to 46 billion rupiah compared with the same period the year before. Kwartati attributed the rise to investments that strengthened the company, including through the development of Mitra's e-commerce platform, Mapemall.com.
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GlaxoSmithKline names Emma Walmsley as chief executive www.bbc.com

GlaxoSmithKline has chosen Emma Walmsley, its current head of consumer healthcare, as its new chief executive.
Ms Walmsley, who joined the UK's biggest drugmaker in 2010 from L'Oreal, will replace Andrew Witty next year.
Mr Witty had previously announced he would retire in March 2017.
GSK chairman Philip Hampton said there had been "a very thorough and rigorous global selection process" for the role, adding that Ms Walmsley was "an outstanding leader".
Ms Walmsley will be the drugs giant's first female chief executive, and one of only a handful of women in FTSE 100 chief executive roles.
"I am delighted and honoured to be appointed GSK's next CEO," Ms Walmsley said in a statement.
"I'm looking forward to working with Andrew and other leaders over the next few months to ensure a smooth handover and to develop plans for 2017 and beyond."
 
 
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Petra Diamond sees shiny 2017 for the global industry www.mining.com

London-listed Petra Diamonds (LON:PDL), known for major findings in the past year, said Monday that despite challenging market conditions the sector’s future looks promising.
 
Reporting preliminary results for the year ended June 30, the diamond miner said it expected production to rise up to 24.3% in 2017 from the previous year and grow further to hit 5 million carats (mcts) in 2018, a year earlier than expected.
 
The Africa-focused company, which operates four diamond mines in South Africa and one in Tanzania, forecast production to surge to 4.4-4.6 mcts in the year ending June 30, 2017 from 3.7 mcts achieved in the same period last year.
 
The output growth would be mostly thanks to the imminent conclusion of a seven-year expansion program to boost its key South African mines Finsch and Cullinan. The recent acquisition of De Beer’s majority stake on the historic Kimberly mine is also expected to help lifting the company’s diamond overall production.
 
Petra’s chief executive Johan Dippenaar noted the company had completed a “transitionary period” as it contended with the dilution in the old mining areas of its underground mines, while the expansion programs worked hard to open up the new, undiluted areas.
 
“However by keeping the development work on track, Petra has navigated the most difficult stretch of this journey, and our progress is evident in the improving ROM grade and product mix achieved at both Finsch and Cullinan for the year,” he said in the statement.
 
Petra has attracted media and investors interest in recent months after finding three major diamonds at its Cullinan mine in South Africa, which were sold at record prices. One of those rocks, the “Blue Moon” became the world’s most expensive diamond after fetching $48.5 million at a Sotheby's auction in November.
 
In July, it sold a massive 121-carat white diamond unearthed at the same mine for $6 million. And last month it recovered yet another huge stone at the mine — a 138.57-carat white diamond, classified as type IIa, D colour.
 
Not surprisingly, the company embarked on a project to extend the life of the iconic Cullinan, located north-east of Pretoria. The new pit is due to come on stream before the end of the year, with a full ramp-up in 2017.
 
While Petra remains “cautious” for the rest of 2016, it’s confident in the long term outlook for the diamond industry, as it expects a growing middle classes in emerging markets to fuel demand for the precious rocks.
 
As a result, the miner is banking on becoming cash flow positive in the second half of the current financial year and said it would consider resuming dividend payments.
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Mongolia-Hokkaido Business Forum rounds up www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Such a forum was held at the Ministry of Foreign Affairs of Mongolia on September 20. The event took place at the very due time when the Economic Partnership Agreement (EPA) between Mongolia and Japan which took effect in June is on the early stage.
 
In October of 2014, Mongolia-Japan Economic Committee was established and now afilliates 12 leading entities of Mongolia.
 
Japanese businesspeople face a strong demand in information on Mongolian companies and businesses as avail big opportunities of cooperation. Therefore, this forum focused on identifying the key areas of cooperation.
 
Hokkaido island of Japan has similar climate conditions and can act as a proper role model for Mongolia for its agricultural technologies and management, and equipment that can adapt to cold weather conditions such as of Mongolia.
 
The Ministry and the Community for Promoting Mongolia-Hokkaido Economic Ties have thrown this forum to establish better contacts between businesspeople and open new cooperation opportunities.
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