1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

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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Volkswagen aims to sell 400,000 new energy vehicles a year in China by 2020 www.reuters.com

Volkswagen (VOWG_p.DE) aims to boost new energy vehicle sales in China to 400,000 units a year by 2020, the automaker's China chief Jochem Heizmann said, as Beijing pushes automakers to sell low-emissions cars via incentives and friendly regulations.

It aims to eventually sell 1.5 million new energy vehicles (NEVs) annually by 2025, Heizmann told reporters ahead of the Guangzhou auto show, which opens on Friday.

"We have to do more in the NEV area. The government is pushing, the general environment in China is pushing that," Heizmann said.

Overall sales of NEVs in China more than quadrupled last year with rapid growth continuing in 2016.

Volkswagen will deliver its first locally produced NEVs, as battery electric and plug-in hybrid cars are referred to in China, under its Audi brand this year.

Audi AG (NSUG.DE) manufactures the vehicles in a joint venture with China FAW Group [SASACJ.UL].

Volkswagen also has a JV with SAIC Motor (600104.SS), and the two companies have plans to sell plug-in hybrid cars in China in the future.

Global auto brands are only allowed to manufacture cars domestically in China through ventures with local partners, with automakers typically limited to two JV partners.

Volkswagen said in September that it had signed a preliminary deal to explore making electric vehicles in a new joint venture with China's Anhui Jianghuai Automobile (JAC Motor) (600418.SS).

The deal is not final and is subject to approvals.

He said he was hopeful the government would allow what would be Volkswagen's third JV in China, with the government pushing for less-polluting vehicles.

"Normally the legal framework is you are only allowed to have two joint ventures. There is a special chance to have this additional joint venture just on pure battery cars," Heizmann said.

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PM Erdenebat’s government addresses many of the problems listed in US Embassy’s 2016 Investment Climate Statement NAMBC Newsletter

Prime Minister Erdenebat’s government is addressing many issues raised in “2016 Investment Climate Statement” issued by the US Embassy; link to full text - Prime Minister Erdenebat’s government appears to be addressing many of the problems listed in the US Embassy’s 2016 “Investment Climate Statement,” which was released this past summer after the June elections. As US Ambassador Jennifer Z. Galt stated in remarks on September 22, “The new government has acted quickly both to publicly define problems and to address them.” Ambassador Galt noted that “Government leaders have met with investors and vowed to correct missteps that contributed to Mongolia’s economic decline.”

This annual review of the investment climate is issued by every American embassy around the world for each host country, as required by Congress. The 2016 version on Mongolia, like its predecessors, is a succinct and accurate discussion of challenges to FDI, and is well worth reading.

For the full text of the 2016 Investment Climate Statement, paste this address into your browser:

http://www.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2016&dlid=254299#wrapper

 

 
 
 
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Hamburg Summit to focus on Belt and Road Initiative www.chinadaily.com

SHANGHAI - China's Belt and Road Initiative will be a key focus of the Hamburg Summit in Germany on Nov 23 and 24, said Lars Anke, chief representative of Hamburg Liaison Office China.

Initiated by the Hamburg Chamber of Commerce, the Hamburg Summit is a major Sino-European economic conference that aims to boost exchanges and tap business opportunities for entrepreneurs from both countries, according to organizers.

German and Chinese companies are increasing bilateral trade and investment in light of the initiative and also seeking cooperation opportunities in ports, transportation and industrial automation, Anke told reporters Tuesday in Shanghai.

So far, over 550 Chinese companies have set up offices in Hamburg and more than 700 Hamburg businesses are engaged in trade with China. In 2015, Hamburg port handled 2.5 million container units (TEU) from and to China, a third of all handled in the German port.

Chinese companies have also increased investment in Germany, according to Peter Rothen, consul general of Germany in Shanghai.

Chinese companies have showed strong interest in Hamburg's digital market.

In June, Spearhead, a Beijing-based company, acquired mobile advertising platform Smaato from Hamburg for $148 million. In April, Shanghai-based Youzu Interactive acquired Hamburg-based game developer Bigpoint with the aim of jointly building a global marketplace for online and mobile games.

Dutch chipmaker NXP is currently selling its high-tech semiconductor plant in Hamburg to a consortium consisting of Jianguang Asset Management and Wise Road Capital.

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Abe heading to New York for talks with Trump www3.nhk.or.jp

Japanese Prime Minister Shinzo Abe says he wants to build a relationship of trust with US President-elect Donald Trump, to bolster the Japan-US alliance.

Abe spoke to reporters before leaving Tokyo's Haneda Airport for New York on Thursday for his first meeting with Trump.

Abe said it is an honor to be meeting the next US president ahead of other world leaders. He said that he hopes to talk with Trump about their dreams for the future.

He reiterated that the Japan-US alliance is the cornerstone of Japan's foreign and security policy, but said it requires mutual trust in order to function properly.

He said he hopes to build such a relationship with Trump and join hands in working for world prosperity and peace.

After meeting Trump, Abe will head to the Peruvian capital of Lima to attend a summit of the Asia-Pacific Economic Cooperation forum. US President Barack Obama, Chinese President Xi Jinping, and Russian President Vladimir Putin will also be attending the summit.

Abe plans to hold talks with Putin while in Lima.

After the APEC summit, he will visit Buenos Aires in Argentina for talks with President Mauricio Macri.

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Senior management changes www.riotinto.com

Rio Tinto today terminated the contracts of Energy & Minerals chief executive Alan Davies and Legal & Regulatory Affairs Group executive Debra Valentine.
The Rio Tinto board reviewed the findings to date of an internal investigation into 2011 contractual arrangements with a consultant who provided advisory services on the Simandou project in Guinea.
The board’s decision does not pre-judge the course of any external inquiries into this matter. However, the board concluded that the executives failed to maintain the standards expected of them under our global code of conduct, The way we work. In the circumstances, the board terminated the contracts of both executives.
In accordance with contract termination, neither executive will be eligible for any short-term incentive plan awards for 2016. Rio Tinto will also cancel all unvested incentive plan awards from previous years.
As previously announced, Rio Tinto contacted the regulatory authorities in the United Kingdom, Australia and the United States about the matter and intends to fully cooperate with any subsequent inquiries. Further comment at this time is therefore not appropriate.
Alan Davies will be replaced by Bold Baatar, who will join the Executive Committee as Energy & Minerals chief executive.
Bold held a number of senior investment banking roles with JP Morgan before taking on chief executive positions with a gold mining company and a diversified investment management business in Mongolia. He joined Rio Tinto in 2013 as Copper International Operations president and is the managing director of Marine and vice president Iron Ore Sales and Marketing.
Rio Tinto chief executive J-S Jacques said “Appointing Bold to run our Energy & Minerals business will add a fresh perspective to the product group. Bold brings broad international and executive experience in a wide range of commercial disciplines. He has a proven track record and will be a great addition to our ExCo, particularly with his strong strategic approach and acute understanding of Asia.”
Bold’s biography is available at www.riotinto.com/ExecutiveCommittee.
Chief financial officer Chris Lynch has temporarily assumed accountability for the corporate Legal & Regulatory Affairs function. The recruitment process for a new chief legal counsel has commenced.

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French confectioners battle Chinese firm over Calissons d'Aix www.bbc.com

 
Angry French confectioners are preparing for battle over a sweet from Provence, after a Chinese company trademarked its name.
Calissons d'Aix are eye-shaped marzipan treats flavoured with melon, and firmly associated with France.
But Shanghai-based firm Ye Chunlin snapped up the rights under the noses of the Gallic manufacturers.
Now the French Union des Fabricants des Calissons (Union of Calisson makers) in Aix is fighting to block the decision.
Calissons have had protected status in France since 1991, so any brand making them there has to follow set methods.
But that only applies in France, meaning overseas sweet makers can pursue their own path.
French confectioners wanted global rights over the Calisson, and have spent well over a decade debating the "official" ingredients.
To stop foreign firms using the Calissons d'Aix name, they applied for an EU designation - the Protected Geographical Indication (PGI).
But Ye Chunlin filed its claim with the Chinese intellectual property agency, Sipo, before it came through.
The French sweet makers now hope to block the move via a counter-claim with Sipo.
Historians quibble about the exact origin of the Calisson, but it is believed to have started out as a medieval almond cake.
French novelist and filmmaker Marcel Pagnol reportedly said of the recipe: "You need one-third almonds, one-third fruit confits, one-third sugar, and a quarter savoir faire."
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China's $88 bil. gain if no TPP www3.nhk.or.jp

A US Congressional panel believes that the Chinese economy would get a boost if the Trans-Pacific Partnership fails to go ahead and its own Asian free-trade deal does.

The US-China Economic and Security Review Commission released its annual report on Wednesday.

It says if the TPP dies and the Regional Comprehensive Economic Partnership, or RCEP, goes into force, China would get an economic effect worth 88 billion dollars.

Sixteen economies including China, Japan and Southeast Asian countries are negotiating RCEP.

The report also speculates on the reverse situation the TPP going ahead without RCEP. China would suffer a loss of 22 billion dollars in that case.

President-elect Donald Trump says the US will withdraw from the TPP. In addition, the Republican Senate leader has dismissed the possibility of TPP bills being submitted before President Barack Obama's tenure ends in January.

 
 
 
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Eight eurozone countries under EU budget hammer www.rt.com

 
The European Commission has warned eight members of the bloc, including Italy, that their budgets may fail to comply with EU budget rules.
 
The planned fiscal adjustments of Italy, Spain, Portugal, Belgium, Finland, Slovenia, Cyprus and Lithuania are at risk of falling short of what is required, the Commission said on Wednesday.
 
According to euro regulations, all the member-states have to keep their budget deficits at or below three percent of GDP.
 
READ MORE: Portugal to bail out its biggest bank to the tune of €5bn
 
Ireland, France, Austria, Latvia and Malta are “broadly compliant” with the rules, while Germany, Estonia, Netherlands, Slovakia and Luxembourg are fully compliant, according to the body.
 
Being under a separately governed bailout program, Greece isn’t affected by the Commission’s review.
 
The EC expressed concerns that slow growth and increased uncertainty evoked by such factors as Britain's exit from the bloc and the results of the US presidential elections are having a significant impact on the eurozone.
 
“Those that can afford it need to invest more, while those which have less fiscal space should pursue reforms and growth-friendly fiscal consolidation,” said the European Commission President Jean-Claude Juncker.
 
Aiming to support recovery, the Commission will reportedly allow member-states an extra 0.5 percentage point breathing space on their budget deficits next year. The Treaty on European Union obliges eurozone countries to keep to a three percent limit on budget deficits and 60 percent on public debt.
 
Earlier this month, Spain and Portugal managed to avoid fines for failing to reach budget deficit cutting goals after the Council of the European Union set new fiscal policy “paths” for each country.
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Saudi Arabia warns Trump against stopping imports of its oil www.rt.com

 

Riyadh has warned the incoming US president Donald Trump of consequences if he chooses to stick to his election promise to block Saudi oil imports.
During the election campaign, Trump promised to make the US energy sector independent from “our foes and the oil cartels” and to create “complete American energy independence."

The Saudis said Trump should be careful before making such a drastic decision.

“At his heart President-elect Trump will see the benefits and I think the oil industry will also be advising him accordingly that blocking trade in any product is not healthy,” Saudi Energy Minister and Aramco chairman Khalid Al-Falih told the Financial Times.

The de facto OPEC leader is the largest Middle East oil supplier to the US. However, most of America's oil is produced domestically or imported from Canada. The Saudis have an 11 percent share in US crude oil imports, while Canada has 40 percent. OPEC’s total share of US oil imports is 31 percent.

In 2015, the US imported about 9.4 million barrels of oil per day from about 88 countries, says the government-run Energy Information Administration. The country consumed 7.08 billion barrels of petroleum products, or about 19.4 million barrels per day.

“The US is sort of the flag-bearer for capitalism and free markets,” according to Al-Falih. “The US continues to be a very important part of a global industry that is interconnected, that is dealing with a fungible commodity which is crude oil. So having equalization through free trade is very healthy for oil,” he said.

According to Falih, the Saudis are waiting for Trump’s presidency, as his presidential campaign had amounted to “50,000 feet announcements” that may change.

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Japan sees opportunity in the Earth's percolating heat www.asia.nikkei.com

TOKYO -- Fifty years ago, Japan's first geothermal power plant went online. Now with the world thirstier than ever for renewable energy, the country's decades of experience in the field is presenting a big export opportunity.
 
This is one reason why Japanese companies find themselves in the middle of a rain forest in the Indonesian province of North Sumatra, about an eight-hour drive from provincial capital of Medan.
 
They are developing a plant that, once completed, will be the world's largest single geothermal power station. All together, the three facilities at the Sarulla plant will be able to generate 320,000kW of electricity. The No. 1 unit is already steaming ahead of its official launch by the end of the year.
 
"This might become a geothermal hot spot," one industry official said.
 
The huge project will cost more than $1.6 billion. Trading house Itochu and Kyushu Electric Power each have a 25% stake in the special purpose company responsible for the plant's construction, maintenance and operation. Inpex, an oil and gas developer, has 18%, and the rest is owned by Medco Power Indonesia, a major resource company, and other parties.
 
The Kyushu Electric group is an internationally recognized geothermal development consultant.
 
The turbines at the heart of the power units are made by Toshiba, the Japanese electronics maker. Alongside Mitsubishi Hitachi Power Systems, Toshiba is the world's top supplier of geothermal turbines, controlling 22% of the market.
 
Since subterraneous steam contains hydrogen sulfate and many other chemicals, "the turbines need to be even more durable and anti-corrosive than ordinary thermal power turbines," explained Kenichiro Furuya, group manager of Toshiba's Thermal & Hydro Power Systems & Services division.
 
It took a few years
 
Japanese companies first began gathering technological geothermal expertise at the Matsukawa power plant in Hachimantai, Iwate Prefecture.
 
Japan's first commercial geothermal plant is in a sulfurous hot spring area deep in the mountains. About 800 meters to 1,600 meters below the plant's impressive 46-meter cooling tower sits a steam pool where groundwater is heated by magma. Steam from the pool drives the turbines, which generate electricity.
 
The station was originally built by Japan Metals & Chemicals. The company began studying the area in 1956 with the help of the Agency of Industrial Science and Technology, now the National Institute of Advanced Industrial Science and Technology. The 2 billion-yen ($18.5 million at today's rate) project suffered a series of problems, a company official said. For instance, workers had to repeat a cycle of drilling a few hundred meters down, then stopping to check where the steam was.
 
Toshiba supplied the turbines, which began turning in October 1966 -- 10 years after the project began. The station's initial output capacity was 9,500kW, about 40% of today's 23,500kW.
 
Another of the problems was rock dust that accompanied the steam and sometimes broke the turbines. That's right: Clean energy isn't always clean.
 
It took a few years to stabilize operations.
 
Advatage, geothermal
 
The struggles in Hachimantai have helped the development of other geothermal power plants across
 
Japan. In the 1980s and 1990s, development spread in northeastern Japan and on the southern island of Kyushu -- two areas with vast geothermal resources.
 
Japan now has 14 geothermal power stations.
 
However, geothermal has never become a mainstream energy source. Compared to conventional fossil-fuel power stations, geothermal plants produce less power and take longer to build.
 
In 1966, when the Matsukawa plant finally went into service, Japan's first commercial nuclear power plant -- the Tokai power station, in Ibaraki Prefecture -- also began operating. Japan's geothermal energy development lost momentum in the mid-1990s as utilities opted for reactors and state subsidies dissipated.
 
With Japan nodding to nuclear, the geothermal industry shifted overseas.
 
The tide changed after the March 2011 earthquake that devastated northeastern Japan and the subsequent tsunami that crippled the Fukushima Daiichi nuclear power plant. Following the triple meltdown, Japan shut off all of its nuclear power stations.
 
The introduction of a feed in tariff system for renewable energy the following year also worked to geothermal's advantage.
 
Outsmarting overseas rivals
 
The cliche about Japan being resource-poor isn't exactly true; it has the world's third largest
geothermal "reservoir." To make the most of the pool's potential, the government in 2012 loosened regulations to make it easier to build geothermal power plants.
 
Though eclipsed by the solar industry after the feed in tariff system kicked in, geothermal is gradually gaining ground. A few dozen development projects are now underway.
 
The Agency for Natural Resources and Energy estimates that in 2030 domestic geothermal power output capacity will reach 1.4 million kilowatts, almost triple the amount today. Although that will still amount to a mere 1% of the overall power produced in the country -- up from the current 0.3% -- it will be a meaningful step forward.
 
Hopes are growing for Japanese companies to tap not only Southeast Asia but also Latin America. Japanese players are also helping Africa exploit its geothermal resources.
 
Thanks to growing environmental concerns around the world, global geothermal output is projected to swell from 12 million kW in 2015 to 21 million kW in 2020.
 
Japan wants multiple slices of this pie. And Katsumi Hironaka, deputy general manager of Mitsubishi Hitachi Power Systems' International New Energy Business Management Department, says they are there for the taking.
 
"We will," he said, "outsmart overseas rivals in maintenance, too."
 
 
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