1 VALE EVACUATES 200 PEOPLE FROM TOWN NEAR ITS MAR AZUL MINE WWW.MINING.COM PUBLISHED:2019/02/17      2 TOOTH PLAQUE SHOWS DRINKING MILK GOES BACK 3,000 YEARS IN MONGOLIA WWW.SCIENCENEWS.ORG  PUBLISHED:2019/02/17      3 INCREASING NUMBER OF CHINA-EUROPE FREIGHT TRAINS SUPPORTS MONGOLIA'S ECONOMY: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/17      4 TAX REVENUE INCREASES BY 33.7 PERCENT WWW.MONTSAME.MN PUBLISHED:2019/02/17      5 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      6 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      7 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      8 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      9 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      10 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolia to reconstruct Government Palace www.news.mn

Mongolia is to reconstruct some old parts of building of the Government Palace due to the risk of earthquakes. As reported by working group of inspectors, a total of MNT 42.4 billion in investment is needed for rebuilding of some parts of the structure. Rebuilding process will begin from 2018.

The ‘Saaral Ordon’ or ‘Grey Palace’, as it is known locally, was built in 1947-1951 and is home to the State Great Khural (parliament) and the Presidential Administration . A minor earthquake hit the Mongolian capital in 2015, which triggered discussion on what damage a larger quake could cause.

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Annual interest of pension credits to be lowered step by step www.montsame.mn

Ulaanbaatar /MONTSAME/ On Wednesday, Minister of Labor and Social Welfare N.Nomtoibayar called a press conference to announce that the decision to lower the annual interest of pension credits from 18 to 15 percent is coming into force from January 18.

On the national level, there are a total of 378 thousand pensioners, 60 percent of whom are in debt of credit with 18 percent annual interest. To relieve the financial burden on the shoulders of those pensioners, the Ministry has talked down the annual interest rate of pension credits and established agreements with State Bank and Khan Bank, through which 91 percent of all pensioners are provided services.

With the decision, the pensioners will enjoy 15 percent annual interest credits with 1-6 months of duration from the moment of enforcement of the agreements with the banks. The outstanding credits will continue to be paid in formerly agreed terms, in other words, with 18 percent annual interest.

Pensioners gained access to free choice of banks, through which they receive benefits, pursuant to the decision made at the last month’s meeting of the National Council of Social Insurance. Before this, all pensioners received pensions through Khan and State banks. The decision has also been made in the best interest of the pensioners, so that the commercial banks would be willing to lower their credit and savings' interests to attract more customers, said the Minister.

When asked if the pension credit interest rate will decrease again, Minister N.Nomtoibayar answered that "The Prime Minister has given obligations to gradually decrease the interest rate. The Ministry of Labor and Social Welfare and the General Authority of Health and Social Insurances have been working together on this issue.

Funding is being allocated from the Social Insurance Fund to the banks, with consideration of the banks’ credit flow. As of today, MNT 45 billion has been distributed to the State Bank and the Khan Bank.

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Operation of the biggest solar power plant of Mongolia commences www.gogo.mn

Mongolian company Solar Power International LLC in cooperation with Japan`s Sharp corporation and Shigemitsu shoji Co., Ltd have completed the construction of the biggest solar power plant of Mongolia, located in Khongor soum, Darkhan-Uul aimag. Total investment of the project was US$ 17.4 million. 
According to the preliminary study, the 10MW solar power plant has a capacity to generate 15.2 million kWh electricity per year through its 32,274 solar panels, which is able to provide renewable energy to 20 thousand homes. Moreover, the power plant will reduce greenhouse gas emissions by 14,764 tons.
An official opening of Darkhan 10MW solar power plant will be held on Jan 19th. However, the power plant has started to supply electricity to the main power grid since Jan 1st. 
Japan`s Sharp corporation installed 32,274 pieces of high-performance ​solar panels and supplied low and high-voltage electrical appliances from German company CMA and Swedish company ABB, using the latest technology, know-how and experience. Electrical cables​ of the plant to withstand temperatures up to -40 C degrees. 
 "We are happy to commence the operation of Mongolian first mega power plant. 
Our country has huge solar energy reserves. Based on that reserve, many domestic and foreign professional organizations have received permission to establish solar power plant from Energy Regulatory Commission. 
Future of many projects that will be implemented in energy sector may depends on the operation of this solar power plant", said Energy Regulatory Commission Head A.Tleikhan. 
The Darkhan 10MW solar power plant project has successfully implemented by the experts and engineers of both Japan and Mongolia.

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Saudi Arabia's giant oil IPO on track for 2018 www.cnn.com

The world's biggest oil company, Saudi Aramco, is still planning to go public next year.
"We're still looking at 2018 and no change in our plan to deliver in that time," Aramco CEO Amin Nasser told CNNMoney's John Defterios at the World Economic Forum in Davos.
Saudi Arabia revealed plans to sell part of its oil giant last year when deputy crown prince Mohammed bin Salman unveiled a new economic strategy.
The kingdom was forced to rethink after a slump in oil prices blew a huge hole in its finances.
If it happens, the sale of Saudi Aramco is expected to be the biggest IPO in history.
Saudi officials have said they expect an IPO to value Aramco at around $2 trillion. If the market agrees, selling just 5% would raise $100 billion -- four times as much as Alibaba's (BABA, Tech30) IPO in 2014, the largest to date.
Related: 7 crazy numbers about the world's biggest oil company
Aramco says it has 261 billion barrels of oil in reserves, giving the company plenty of resources to exploit in the years ahead. That's more than all of North America's oil reserves put together.
"We are very comfortable with the size of our reserves and the methodology we use to calculate our reserves," Nasser said. "We are not doubling our exploration program in preparation of the IPO."
Aramco pumps about 10.3 million barrels per day. That is more than twice its closest competitor Rosneft, Russia's state-owned producer.
But Saudi Aramco production is set to fall this year after the kingdom and other major oil producers agreed in December to cut output to ease a global supply glut. Lower oil output is likely to depress growth in Saudi Arabia's economy to just 0.4% in 2017, the International Monetary Fund has said.

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Alibaba's Ma says no chance of U.S. trade war with China www.reuters.com

 
China and the United States are not about to be drawn into a trade war, Alibaba Executive Chairman Jack Ma said on Wednesday at the World Economic Forum (WEF) in Davos.
"China and (the) U.S. will never have a trade war. Give Trump some time. He's open minded," Ma told a panel at the meeting of business and political leaders in the Swiss Alps.
Ma met U.S. President-elect Donald Trump last week and laid out the Chinese e-commerce giant's new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years.
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Fed's Yellen says 'makes sense' to gradually raise interest rates www.reuters.com

 
With the U.S. economy close to full employment and inflation headed toward the Federal Reserve's 2 percent goal, it "makes sense" for the U.S. central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday.
"Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road - either too much inflation, financial instability, or both," Yellen told the Commonwealth Club of California in San Francisco.
"In that scenario, we could be forced to raise interest rates rapidly, which in turn could push the economy into a new recession."
The Fed raised short-term rates last month for only the second time since the 2007-2009 financial crisis, when it slashed rates to near zero and began buying massive amounts of Treasuries and mortgage-backed securities to push down long-term borrowing costs.
The rate increase in December reflected confidence the U.S. economy will continue to recover, Yellen said.
The Fed chief said that she and other Fed policymakers expected the central bank to lift its key benchmark short-term rate "a few times a year" through 2019, putting it near the long-term sustainable rate of 3 percent.
That pace could change depending on how the outlook for the economy develops, Yellen cautioned.
"The economy is vast and vastly complex, and its path can take surprising twists and turns," she said.
Benchmark U.S. Treasury yields rose and the dollar strengthened after the remarks. Yellen said asset valuations including stock prices in part reflect expectations that the Fed will normalize rates faster than other central banks.
Republican businessman-turned-politician Donald Trump, who will be sworn in as U.S. president on Friday, has promised tax cuts, regulatory rollbacks and infrastructure spending that he says will boost economic growth.
Other Fed policymakers have suggested fiscal stimulus, with the unemployment rate now at a healthy 4.7 percent, could lead to a faster pace of rate hikes than currently anticipated.
Without commenting directly on Trump, Yellen said she will "closely follow" the many new economic policies that are under discussion.
"We will factor (any changes in economic policy) into the outlook and take account of their impact on what we need to do to achieve our dual mandate objectives," she said.
The U.S. economy is "close" on both the Fed's employment mandate and its inflation goal, Yellen said. But, she added, "our foot remains on the pedal in part because we want to make sure the economic expansion remains strong enough to withstand an unexpected shock, given that we don't have much room to cut interest rates."
Dramatic rate hikes will probably not be necessary because slow U.S. productivity growth is holding back economic growth, Yellen said.
"Nevertheless, as the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support," she said.
 
 
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Middle classes in crisis, IMF's Christine Lagarde tells Davos 2017 www.theguardian.com

 
The head of the International Monetary Fund, Christine Lagarde, has called for urgent action to tackle a “middle-class crisis” hitting working people as she warned that inequality, distrust and a lack of hope were fuelling growing populism.
 
Speaking at the World Economic Forum in Davos, Lagarde said she had first highlighted the dangers of rising inequality four years ago but had been ignored. “I hope people will listen now,” she said.
 
Lagarde said the gulf between rich and poor was evident from an Oxfam report showing that eight billionaires own the same amount of wealth as the poorest half of the world’s population – 3.6 billion people.
 
“With lower growth, more inequality and much more transparency, you have the good ingredients for a crisis of the middle classes [a US term to describe working people] in the advanced economies,” she said.
 
Lagarde added that the answer was not for countries to turn their back on globalisation but a mix of policies designed to stimulate activity and ensure the fruits of growth were more evenly spread.
 
“Policymakers need to get the signal now, and really think about how to address the public discontent. It [the policy response] needs to be granular, it needs to be regional, it needs to be focused on what will people get out of it. It probably includes more redistribution than we have in place at the moment.”
 
Lagarde’s view that the middle class was in crisis was shared by the outgoing US vice-president.
 
Joe Biden said globalisation and new technology were in effect “hollowing out the middle class, the traditional engine of economic growth and social stability in western nations”.
 
He added: “We cannot undo the changes that technology has wrought in our world, nor should we try. But we can and we must take action to mitigate the economic trends that are stoking unrest in so many advanced economies and undermining people’s basic sense of dignity.”
 
Addressing his audience directly, Biden said the top 1% was not “pulling its weight” and urged that income tax be made more progressive.
 
Larry Summers, the Harvard professor and former US Treasury secretary under Bill Clinton, questioned whether concern over income inequality really explained the crisis in the middle classes. “The US has just elected the world’s biggest example of conspicuous consumption. That is a bizarre manifestation of a concern over inequality.”
 
This year’s Davos has been dominated so far by concerns that the results of referendums in the UK and Italy together with the election of Donald Trump as US president represent a retreat from globalisation into nationalism and protectionism.
 
Summers said many voters thought “too much is being done for the poor, rather than that too little is being done for the poor”, and suggested that the surge of populism was due to issues such as “national unity and strength”, not just envy over wealth.
 
Middle-class voters, he added, felt governments weren’t working for them. “They feel the governments are fighting for people in developing countries, for people who have recently come into their countries, for minority groups who used to suffer discrimination, but not the people “in the centre of the country”.
 
He added: “They feel they are not being heard, and they’ve expressed that in the Brexit vote, the Italian referendum and in the US election.”
 
Summers was dismissive of the policies proposed by Trump, saying that the lesson of history was that populism ended up harming the people it was supposed to help. He said tax cuts would benefit the already super-rich and the small number of jobs relocated to the US by presidential strong-arming of corporations would be dwarfed by the jobs losses caused by the rise in the value of the dollar.
 
“The people who will be the victims of populist policies are the lower-income and middle-class people in whose name the policy is offered,” Summers said.
 
The Italian finance minister, Pier Carlo Padoan, said there was no “silver bullet” that would solve the crisis but it was important to take populists seriously.
 
“Policymakers must deliver a vision of a better future – something that is lacking in Europe right now,” he said.
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World's biggest hedge fund fears populism www.rt.com

 
Ray Dalio, the founder and co-chief investment officer of Bridgewater Associates, often referred to as the world's largest hedge fund, says rising populism in developed countries has a greater effect on markets than central banks.
 
"Populism scares me. I want to be loud and clear — populism scares me. It is the extremes,” said Dalio at Bloomberg’s panel at the World Economic Forum in Davos. Bridgewater Associates oversees $150 billion in assets, making it the largest known hedge fund.
 
"Populism is not just the belief that there is a wealth gap... But it's also a sense that they don't represent me. It's a matter of nationalism; it's a matter of getting greater control. It's a matter of increased polarity - the left becomes more left, the right becomes more right - and that particular dynamic, I would say that this is the first year where populism is the most important issue globally," he said.
 
"I would say before it used to be central banks, central banks don't matter as much, now the number one issue economically - and as a market participant - is how populism manifests itself over the next year or two," Dalio added.
 
Dalio mentioned Huey Long, the Louisiana populist who was assassinated after announcing a run for president in 1935. Long favored wealth redistribution. He also acknowledged “the world’s wealth gap is the highest since the 1930s.”
 
"In the 1930s every government that existed practically was populist. So populism by definition is nationalist and protectionist. And it's also a matter of values. There is a sense of threat; my country is losing its values to internationalism,” he said.
 
“We may be at a point where globalization is ending, and provincialization and nationalization are taking hold,” Dalio added.
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Rio Tinto, Chinalco put an end to copper joint venture www.mining.com

Mining giants Rio Tinto (LON:RIO) and Aluminum Corp. of China (Chinalco) have decided to call it quits on a six-year-old exploration joint venture originally set to find copper deposits in China.

Rio had dropped a hint about the breakup on Tuesday by saying it had discontinued exploration work in China, India and Mexico, with no further details.
A Chinalco spokesperson confirmed to Bloomberg that the partnership, named Chinalco Rio Tinto Exploration Co, was being disbanded, but did not provide further details.

Rio had dropped a hint about the breakup on Tuesday by saying it had discontinued exploration work in China, India and Mexico, as part of a quarterly update on its operations. The miner, however, did not give any further information on such decisions at the time.

Chinalco Rio Tinto Exploration Co., majority owned by the Chinese miner (with a 51% stake), had plans to expand the scope of its exploration targets to coal and potash. Since launched in 2011, it had mostly focused on the northern Xinjiang, Inner Mongolia and Heilongjiang provinces.

In October, Rio Tinto decided to sell its stake in the giant Simandou iron ore project in Guinea to Chinalco. The deal gave the Chinese group access to the world’s largest untapped resource of the steelmaking ingredient.

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S.Korean court dismisses warrant for Samsung chief www.nhk.or.jp

A court in Seoul has dismissed a request for an arrest warrant for the de facto head of the country's biggest family conglomerate, Samsung.

A special prosecutor's team looking into a political scandal involving President Park Geun-hye requested the arrest warrant on Monday for Samsung Electronics' vice chairman Lee Jae-yong. It is accusing Lee of bribery, embezzlement, and other charges.

The Seoul Central District Court summoned Lee for questioning on Wednesday, which lasted 4 hours.

South Korean media report that the court denied the request early Thursday.

The court reportedly judged there was not enough reason to issue the arrest warrant for Lee at this point.

Lee returned home from a detention house where he was awaiting the court decision.

The prosecutors say Lee paid about 36 million dollars to 2 foundations closely linked to the president's confidante Choi Soon-sil, in return for favors from the presidential office involving the merger of 2 Samsung affiliates.

The merger is believed to have been necessary for Lee to become head of the group's management.

Local media report that denial of the arrest warrant could deal a heavy blow to the prosecutors, who had planned to arrest Lee, while overriding concern about the negative impact on the country's economy.

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