1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20     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    

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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Facebook takes on LinkedIn with new job opening features www.reuters.com

Facebook Inc (FB.O) said on Monday, it was testing a feature that would let page administrators create job postings and receive applications from candidates, a move that could pressure LinkedIn Corp's (LNKD.N) recruiting business. "Based on behavior we've seen on Facebook, where many small businesses post about their job openings on their Page, we're running a test for Page admins to create job postings and receive applications from candidates," a company spokesman told Reuters.
 
LinkedIn makes most of its revenue from job hunters and recruiters who pay a monthly fee to post resumes and connect with people on what's often known as the social network for business.
 
Technology news website TechCrunch first reported the news on Monday. (tcrn.ch/2fwHLSB)
 
With Facebook's jobs features, companies could drive more traffic to their Facebook pages while allowing them to pay the social network to get their job openings in front of more candidates, TechCrunch said.
 
In October, Facebook launched Marketplace to allow people to buy and sell items locally as the social media network tries new ways to keep its users engaged.
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Chinese Mainland and Taiwan to team up in 5G technology research www.chinadaily.com.cn

The Chinese Mainland and Taiwan plan to work together to promote research and industrial cooperation on the fifth generation (5G) mobile network technology, experts and company executives said on Monday.
Their comments came after the Chinese mainland finished the first phase of 5G research and testing in September that focused on 5G wireless and key technologies. Domestic and overseas enterprises such as Huawei Technologies Co Ltd, Ericsson AB and Samsung Electronics Co Ltd have all played an active part in the process.
 
Yang Zemin, vice president and secretary general at China Communications Standards Association, said that he has an optimistic view of the opportunity for Taiwan-based firms to participate in the mainland's second phase of experimental work on 5G.
 
"Both the mainland and Taiwan have open minds for deep cooperation in [the] future, and the two sides can work together to help formulate global 5G standard," Yang said at a cross-straits CEO summit in Xiamen, Fujian province.
 
Cliff Lai, general manager at Taiwan Star Telecom Corp, a mobile network operator in Taiwan, said that currently most operators in Taiwan have launched the VoLTE service. However, due to the low data pricing, Taiwan-based firms lack a strong driving force for enhancing its development.
 
VoLTE stands for voice calls provisioned over a 4G LTE data network, rather than the 2G or 3G networks that are commonly used. It is a 4G technology that allows users to have better quality phone calls and high-definition video calls.
 
"I really look forward to working with the Chinese mainland. By working together, we can seek a better business model to profit from the VoLTE service."
 
In his point of view, the two sides will probably also work within the semiconductor business, especially the chips.
 
According to data from the US International Trade Administration, the Chinese mainland is the largest consumer market of semiconductors, accounting for more than half of global consumption in 2015. And Taiwan's semiconductor business is the world's second-largest in terms of output.
 
"Through the cooperation, Taiwan can fully access the mainland's market and compete with foreign chipmakers, such as the US-based Qualcomm Inc. For the mainland, it can have bigger development opportunities," Lai added.
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Baidu 'to raise up to $500m' for Waimai www.chinadaily.com.cn

Baidu Inc is seeking to raise as much as $500 million for its Waimai food delivery unit amid a costly battle with other Chinese internet giants for customers, according to people familiar with the matter.
 
The company is looking for at least $300 million and the funding round hasn't been finalized, the people said, asking not to be identified as the details are private.
 
Using scooters to supply everything from Starbucks coffee to sliced sashimi, Waimai is in a pitched battle with rivals to sign up delivery men and to convince restaurants to join its service. Baidu is up against Ele.me, which scored a $1.25 billion investment from Alibaba Group Holding Ltd, and the Meituan-Dianping business backed by Tencent Holdings Ltd.
 
Baidu declined to comment on any funding plans. The company has previously strongly denied Chinese media reports that it was considering a sale or merger of Waimai and its Nuomi group buying unit.
 
Baidu shares fell about 0.5 percent on Friday in US trading to $167.70. The stock has dropped 11 percent this year after a 17 percent slump in 2015.
 
Heavy investment in the online-to-offline, or O2O market, has driven up costs as companies pay subsidies to build out their services and win market share. The battle has already claimed victims, with Berlin-based Delivery Hero abandoning the Chinese market earlier this year.
 
The battle for customers has become increasingly hostile. In August, Baidu sued Tencent and Sohu.com Inc over a spate of articles it said defamed Waimai by purporting to expose poor hygiene at restaurants on its service.
 
Baidu has invested heavily in sectors outside its dominant desktop search business as it tries to find new growth as users switch to mobile devices.
 
 
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Govt. to promote business using personal data www3.nhk.or.jp

The Japanese government plans to create an "information bank" to tap the huge archive of personal data on the Internet in a bid to promote new business. This comes amid the rapid growth of IoT, or Internet of Things, technology.
 
According to a proposal compiled by an industry ministry task force, the bank will serve as a data broker for people who agree to share personal information.
 
The ministry group plans to design a data distribution mechanism and the legal framework.
 
They say the proposed bank would allow companies to develop new services. For instance, an automaker could share GPS data on vehicle movement with an insurance firm.
 
The insurer could then use that information to provide policies tailored to the specific needs of individual motorists.
 
Some of the information could be quite personal in nature, including data on assets and health.
 
The task force members say they will consider working with private-sector firms to design a secure way of handling such information.
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Trump vs Clinton: Who is better for Asia? www.bbc.com

 

Call it the Brexit effect. Asian investors and traders were caught by surprise in June when the UK voted to leave the European Union.
At the time, most had priced in a scenario where the UK would vote to remain in the EU. When the opposite happened, stocks fell and sentiment soured.
Fast forward a few months, and this time round the environment has become even more uncertain.
As equity markets research house Nomura puts it "the election has become the largest 'known-unknown' markets have had to deal with since the global financial crisis (far more than the Brexit vote, previous US elections, multiple European elections, US debt ceiling debates, OPEC meetings or even Fed decisions)."
So no surprise then that investors in Asia have been extremely nervous ahead of the vote, and are hedging their bets this time round.
Fool me once, as the adage goes. Brexit proved that complacency has a high price-tag, and if there's anything that 2016 has shown us it's that never assume the impossible isn't possible.

Trade:
When it comes to trade, Asia appears to prefer Clinton as she is seen as a case of "better the devil you know".
Both candidates have already indicated they won't push through with the Obama-backed Trans Pacific Partnership agreement but some US media have reported that if elected Mrs Clinton may be willing to support it in a different form.
Asian economies like Malaysia and Vietnam have most to benefit from the TPP being ratified.
Meanwhile, a Trump presidency is being seen as a major negative for Asia's trade prospects. The most likely scenario, according to research house Capital Economics, is the use of "the threat of tariffs as leverage in negotiations."
Mr Trump has said he'll slap a 45% tariff import on all US imports from China. Capital Economics says this would hurt China's electronics sector, which accounts for 50% of total Chinese exports to the US.
Visas and immigration:
Again, a Clinton presidency appears to be Asia's pick when it comes to immigration and visas.
Capital Economics says that if Mr Trump were to be elected president, then his plans to "punish American companies that outsource jobs abroad" would hurt countries like the Philippines and India.
Both countries have major outsourcing industries which rely on American firms being able to continue to employ the millions of Filipinos and Indians who have seen their livelihoods improve as a result of increased wages in the outsourcing sector.
Mr Trump has also warned of banning immigrants from countries where there is a "proven history of terrorism against the US or allies". This is likely to hit countries like India, the Philippines and possibly Indonesia.
Impact on shares and currencies:
The markets have spoken - Asian shares fell dramatically last week on news that the gap between Mr Trump and Mrs Clinton was closing. That's because a Trump presidency is seen as volatile for share markets and currencies.
Conversely, a Clinton presidency is seen as net positive for markets - for similar reasons as we've discussed above. After the FBI said that Mrs Clinton will not face charges over a new batch of emails on her private email server, Asian shares and the US dollar jumped in Asian trade against the Japanese yen.
Bear in mind market volatility should be expected in the lead up to an election and in its aftermath - so don't read too much into the daily see-saw of shares and currencies.
Longer term trends and trajectories are far more important, as are the economic policies the new president will back to support growth in the US. If the US continues on its recovery path, that could help to increase global demand, and lift global growth.

So what next?
All of the political shenanigans may not have mattered in the past, as the US has always been the dominant economic and political superpower for the world, as Eeswar Prasad, Professor in the Dyson School at Cornell University, and the author of "Gaining Currency: The Rise of the Renminbi" points out.
"But times have changed," he writes. "If the US voluntarily withdraws from the world, one country - China - is better positioned than any other to fill the void."
It may already be happening, judging by the visitors China's president Xi Jinping has had over the last few weeks.
First, Filipino leader Rodrigo Duterte - former foe, now turned friend. And then hot on his heels - the Malaysian Prime Minister Najib Razak. Both spoke of warmer ties between Beijing and their countries, and both lauded China's attempts to reach out to South East Asia by funding infrastructure projects and investing in South East Asian companies.
Still, the US hasn't lost out to China just yet. In many parts of Asia, China is increasingly viewed with some envy as well as suspicion. Skirmishes over the South China Sea have raised tensions with Vietnam, Singapore and Indonesia.
But as Mr Prasad points out, "China may offer a poor alternative for global leadership, but it's hard not to see it as an increasingly credible one."
As American voters decide who their next leader is, global influence may not be their top priority. But the impact of whoever they choose will be felt in this region for years to come.

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Samsung raided in political corruption probe www.bbc.com

South Korean prosecutors have raided the offices of Samsung Electronics as part of a probe into the political scandal around President Park Geun-hye.
The prosecutors are investigating allegations that Samsung gave money to the daughter of Choi Soon-sil, a close friend of the president.
Ms Choi is accused of using their friendship to interfere in politics and solicit business donations.
Samsung confirmed the raids to the BBC saying they had "no further comment".
President Park has apologized for her ties to Ms Choi but faces mounting calls to resign.
In this latest twist of the scandal that's been rocking South Korea for weeks, prosecutors are investigating allegations that Samsung might have provided €2.8m euros ($3.1m, £2.5m) to a company co-owned by Ms Choi and her daughter, to bankroll the daughter's equestrian training in Germany.
Prosecutors are also reported to have raided the offices of the Korea Equestrian Federation and the Korea Horse Affairs Association.
Ms Choi was arrested on 3 November and charged with fraud and abuse of power.

Over the past days, tens of thousands of South Koreans have protested in the capital, Seoul, to demand the resignation of President Park over the corruption row.
Ms Choi, a long-time friend of Ms Park's, is the daughter of Choi Tae-min, a shadowy quasi-religious leader who was closely linked to Ms Park's father, then-president Park Chung-hee.
She is alleged to have pushed businesses to donate millions of dollars to foundations she controlled, helped choose presidential aides, and even picked the president's clothes.
Ms Park has since apologised on TV for allowing her long-standing friend inappropriate access to government policy-making. The president admitted she had let Ms Choi edit her speeches.
President Park has already replaced her prime minster, reshuffled her cabinet and dismissed several aides, but there are growing calls for her resignation or impeachment.

The scandal has left Ms Park with an approval rating of just 5%.
Choo Mi-ae, leader of the main opposition Democratic Party, said she did not believe the apology was genuine and called on her to accept a new prime minister recommended by parliament.
Ms Park became her country's first female president when she was elected in a close-run contest in December 2012.

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Russia, China agree to jointly develop Far East www3.nhk.or.jp

Russia and China have agreed on a range of economic cooperation, including the development of Russia's Far East.

Russian Prime Minister Dmitry Medvedev welcomed Chinese Premier Li Keqiang to St. Petersburg on Monday for a conference on trade and investment.

Business leaders from both countries also attended the conference.

During the meeting, Russia's major oil company Rosneft agreed to sell a 20 percent stake in its subsidiary to a Chinese company for 1.1 billion dollars.

The subsidiary has been developing the Verkhnechonsk oil field in East Siberia.

The oil field has an estimated reserve of 1.2 billion barrels and is expected to be a key source of Russia's oil exports to the Asia-Pacific region.

The deal was signed by executives from both companies in the presence of the two prime ministers.

At a news conference, Medvedev said that Russia and China reaffirmed their commitment to jointly developing Russia's Far East region.

Russia is also seeking cooperation from Japan in the energy sector and in the development of its Far East.

Analysts say Russia aims to obtain as much economic cooperation as possible from the 2 countries while its economy is in a dire situation due to sanctions by Western nations over Ukrainian issues.

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Prime Minister urges mining companies to agree on coal price www.montsame.mn

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat gave a concrete task for a certain period of time to the companies, operating Tavantolgoi mine, reports the Premier’s spokesperson G.Otgonbayar. The head of government insisted the companies to reach an agreement for the common goal of protecting the “Mongolian Coal” brand name, otherwise the Government will intervene.

The Erdenes Tavantolgoi, the Energy Resource and the Tavantolgoi are operating coal mines. The PM noted, regardless who is operating the mine, the Tavantolgoi coal is a property of the Mongolian people. However, the coal industry has been going unprofitable over the past several years due to the series of attempts by the three companies to drag each other’s prices down, he said.

He gave a serious warning to the companies that the Government might consider a price arrangement on the stable commercialization of the Tavantolgoi coal.

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Underground mine to double OT’s annual copper concentrate production www.montsame.mn

 

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat was on a working tour at Oyu Tolgoi mine last weekend. He urged the leaders of the company to hire more Mongolians, and focus on improving their professional skills.

The role of the Oyu Tolgoi project in Mongolia’s growth will not be measured solely by the tax contribution, he noted. The project should result in intensified economic growth and broadened business opportunities through providing jobs for Mongolians and the national contractors. Thus, the project is expected to triple in efficiency and to benefit the GDP growth, foreign exchange reserve and macroeconomic growth. OT employs some 1,600 Mongolians.

Executive Director of Oyu Tolgoi LLC B.Munkhbaatar said: “More than 90 percent of the employees of the underground mine development project are Mongolians. As of the third quarter of 2016, the project is working with 852 contractors and suppliers, 60 percent of whom are national companies. The exploitation of the underground mine will begin in 2020. It will add another hundred tons of copper in concentrate to the original annual capacity of 100 tons from the open pit mine”.

The Prime Minister once again reminded that any decisions and actions regarding the project should be reported transparently, with accent on the assets it is creating in the Mongolian territory.

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RBS to set up compensation fund for small businesses www.theguardian.com

Royal Bank of Scotland is to set up a compensation fund for small business customers who claim they were badly treated by the bailed-out bank, in an attempt to draw a line under the long-running scandal.
 
The bank, 73% owned by the taxpayer, has repeatedly defended itself against persistent claims from small businesses that they were deliberately pushed to the brink of collapse to enable it to make a profit.
 
Its chief executive Ross McEwan, who has previously admitted that RBS let some small businesses down, is now preparing to announce a scheme to pay redress to customers in its global restructuring group – known as GRG and since disbanded.
 
The bank would not comment on Monday amid expectations that announcement would be made before the stock market opened on Tuesday. There were reports that the sum being offered in compensation would amount to around £300m.
 
McEwan, a New Zealander who has been running RBS for three years, is again expected to insist the bank has not seen evidence to support claims that it forced viable business to fail. The bank has in the past said: “In the aftermath of the financial crisis we did not always meet our own high standards and we let some of our SME customers down.”
 
But the creation of a scheme to compensate some customers is likely to be seized upon by small business customers as an admission it made some mistakes – although RGL Management, formed to gather claims against the bank, has been saying since April it intends to lodge legal claims worth more than £1bn against the bailed-out bank on behalf of small business customers.
 
As recently as last month, when RBS reported its results for the first nine months of the year, campaign groups set up by small businesses were angered at its refusal to set aside any money to pay compensation for them.
 
The announcement coincides with an appearance by Andrew Bailey, the new chief executive of the Financial Conduct Authority, at the Treasury select committee of MPs which has taken evidence from current and former RBS executives about the allegations.
 
A report commissioned by the FCA into the conduct of the GRG division has been much delayed, and is now expected to be published by the end of the year. Bailey is likely to face questions about this during Tuesday’s hearing, which will be chaired by Conservative MP Andrew Tyrie.
 
The allegations surfaced in 2013 when Lawrence Tomlinson, a businessman who was an advisor to the then business secretary Sir Vince Cable, compiled a dossier of allegations that RBS was deliberately wrecking small businesses to make profits for the bailed-out bank. At the time Tomlinson said he been approached by businesses which had ended up in GRG and had their properties sold to the bank’s specialist property arm, West Register.
 
It prompted RBS to commission a report from law firm Clifford Chance which “found no evidence that the bank ‘low-balled’ bids to customers in the hope or expectation of acquiring properties at a low price”.
 
But the law firm did say that “both in relation to the handover process and the restructuring process more generally, some [RBS] customers complained that they experienced insensitive, rude or aggressive behaviour.”
 
Clifford Chance explicitly criticised the bank for a lack of transparency on fees.
 
But the claims of mistreatment by small businesses have refused to die down and delays to the official FCA report have fuelled anger from business people who claim they have lost their livelihoods.
 
The report was first expected in December 2015, delayed to April 2016 and then in October the FCA said it had received the final report from the so-called skilled person, the firms Promontory Financial Group and Mazars.
 
“There are a number of steps for the FCA to complete before we are in a position to share our final findings, which will include an assessment of all relevant material, of which the skilled person’s report is one. This has been a complex and lengthy review – it is therefore important that we do not rush the final stages of this process,” the FCA said in October.
 
RBS is battling to put a long list of so-called conduct issues behind it. It also faces a bill from the Department of Justice in the US for the way it sold mortgage bonds a decade ago. Some analysts reckon this could amount to £9bn.
 
Chancellor Philip Hammond has also abandoned any attempts, for now, to sell off any more of taxpayers’ remaining 73% stake in the bank after an initial 5% shareholding was sold in August 2015.
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