1 FRONTIER'S "INVEST MONGOLIA TOKYO 2018" WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/09/19      2 U.S.-CHINA TRADE TUSSLE IS CREATING WINNERS IN SOUTHEAST ASIA WWW.BLOOMBERG.COM PUBLISHED:2018/09/19      3 YUSAKU MAEZAWA: THE JAPANESE BILLIONAIRE WHO WANTS TO FLY TO THE MOON WWW.BBC.COM PUBLISHED:2018/09/19      4 MONGOLIAN FOREIGN MINISTER RECEIVES CARDANO BLOCKCHAIN FOUNDER WWW.NEWS.MN PUBLISHED:2018/09/19      5 ERDENE ANNOUNCES RESOURCE ESTIMATE FOR THE HIGH-GRADE KHUNDII GOLD PROJECT WWW.GLOBENEWSWIRE.COM PUBLISHED:2018/09/19      6 RUSSIAN GIANT COPPER PROJECT IN TALKS TO RAISE $1.25B WWW.REUTERS.COM PUBLISHED:2018/09/19      7 MONGOLIA GRADUALLY WITNESSING PROGRESS IN TOURISM WWW.TRAVELANDTOURWORLD.COM PUBLISHED:2018/09/19      8 CHINA, MONGOLIA, RUSSIA PUSH FOR ‘ECONOMIC CORRIDOR’ WWW.RUSSIABUSINESSTODAY.COM PUBLISHED:2018/09/19      9 EXPERTS FROM CHINA, MONGOLIA, RUSSIA TALK ON CONSTRUCTION OF ECONOMIC CORRIDOR WWW.XINHUANET.COM PUBLISHED:2018/09/19      10 PM U.KHURELSUKH PAYING AN OFFICIAL VISIT TO THE UNITED STATES WWW.MONTSAME.MN PUBLISHED:2018/09/18      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     ӨНӨӨДӨР ТӨВ ТАЛБАЙД 4000 АЖЛЫН БАЙРАНД БҮРТГЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/09/19     ЗАЛУУЧУУДЫН ГАРААНЫ БИЗНЕСИЙН ШАЛГАРСАН ТӨСӨЛД 10,0 САЯ ТӨГРӨГИЙН ДЭМЖЛЭГ ҮЗҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/19     WORLD ECONOMICS: МОНГОЛЫН АЖИЛ ЭРХЛЭЛТИЙН ТҮВШИН СҮҮЛИЙН 5 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЛЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ERD: "ХӨНДИЙ" АЛТНЫ ТӨСЛИЙН ТОГТООГДСОН НӨӨЦ 751 МЯНГАН УНЦ АЛТ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ХЯТАДЫН $200 ТЭРБУМЫН ИМПОРТОД ТАРИФ ТОГТООВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/19     ШИВЭЭХҮРЭН БООМТООР ХОНОГТ 60-80 МЯНГАН ТОНН НҮҮРС ЭКСПОРТОЛЖ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/19     БНХАУ-ЫН 200 ТЭРБУМ АМ.ДОЛЛАРЫН ИМПОРТОД 10 ХУВИЙН ТАРИФ НОГДУУЛАХ ШИЙДВЭР ИРЭХ 7 ХОНОГООС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/18     ӨВӨЛ ЦАХИЛГААН СААТВАЛ ХОТ ДӨРВӨН ЦАГИЙН ДОТОР Л ХӨЛДӨНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/18    

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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Chinese investors pay A$88.88m for Sydney property www.bbc.com

Business sense suggests you try to buy property at the lowest possible price, but that was not the case for one property in Sydney, Australia. It was just bought by Chinese buyers for A$88,888,888.88. The number eight is considered lucky in Chinese as it sounds like the word for "prosperity". That luck might come in handy - the deal comes just as Sydney was awarded the fourth spot on UBS's global housing bubble index. Sydney follows Vancouver, London and Stockholm in the ranking which seeks to identify the world's most risky real estate markets. The lucky price of A$88,88m (US$68.2m; £52.5m) bought 333 Kent Street in Sydney's central business district. Fortunately it's not a triple four address, as four is pronounced similarly to the word "death" and so considered unlucky. The offer was made by Chinese firm Bridge Capital and Australian iProsperity Group, who plan to turn the property into a residential building and hotel with a view of the Darling Harbour. "This is not the first time that Chinese buyers have chosen to offer a price that includes numbers that are considered lucky," Vince Kernahan of Colliers International, the real estate company handling the sale, told the BBC. In this particular case, "the buyer's offer was very close to several other offers. They just chose these numbers for luck and as it turned out their luck was with them". Foreign investors drive up prices According to Swiss bank UBS, the housing market in Sydney "has been overheating since the city became a target for Chinese investors several years ago". The bank's annual housing bubble index looks at real estate markets around the world to spot the ones where the price rise is "out of touch with fundamentals" and "out of proportion to differences in local economic growth and inflation rates". The report said housing prices peaked in the second half of 2015 and since then been slightly corrected. But the growing demand from foreign investors has led to the residential market "tripling in value over the last three years." "Increasing supply and further tax measures to reduce foreign housing investments may end the price boom rather abruptly." According to the UBS index, Sydney is followed by Munich, Hong Kong and San Francisco.
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Canadian mining company and global private equity firm partner to develop the Silvertip Mine www.mining.com

Vancouver-based JDS Silver Inc. has just received USD$65 million from resources-focused private equity firm Denham Capital. The money will be used to complete the construction and bring into production the Silvertip Mine, located within the Silvertip Creek valley in the Tootsee River Watershed in northern British Columbia. Silvertip is a high-grade silver-lead-zinc mine with 30% zinc equivalent grade. JDS Silver began construction in December 2015 and expects the asset to begin production in late September 2016. The company also plans to produce silver and lead in concentrate from the mines. The property has been extensively explored by different companies since 1957. Such exploration programs resulted in the construction of a 26-kilometre access road, 2.7-kilometre of underground workings, 86,000 metres of drilling, two bulk sample programs, 20 years of environmental baseline data and significant site infrastructure. Regarding the new partnership aimed at making the mine fully operational, JDS Silver CEO Jeff Stibbard wrote in a press release: "The combination of our development and operational capabilities along with the firm’s equity capital and strategic expertise has allowed us to expedite the construction and development of the Silvertip Mine into production.” In the same statement, Denham Capital Director Caroline Donally explained that the partnership is a result of JDS Silver’s proven track record, comprehensive engineering and evaluation knowledge.
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Kim reappointed as World Bank chief www3.nhk.or.jp

World Bank officials say they have re-appointed Jim Yong Kim as their president for a second 5-year term. His current term will expire in June next year. Kim became World Bank president in 2012. He has been grappling with a range of challenges, from poverty in developing countries to global warming. Kim had the support of Japan, the United States, and China for his re-appointment. The focus is on how he will achieve the goal of eradicating poverty while working with the China-led Asian Infrastructure Investment Bank and other lenders. Kim says the World Bank Group is the greatest instrument for tackling global poverty, with unmatched knowledge and financial tools. He says he looks forward to working with member countries to build a more inclusive world, free of poverty.
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Wells Fargo executives forfeit millions, CEO to forgo salary amid investigation www.theguardian.com

Wells Fargo executives will forfeit millions of dollars in the wake of revelations that the bank’s sales quotas led to the creation of more than 2m unauthorized accounts. The bank’s chief executive John Stumpf will forgo his salary for the coming months as independent directors launch a new investigation into Wells Fargo’s retail banking and sales practices. Last year, Stumpf made about $19.3m. Stumpf will also forfeit unvested equity awards worth about $41m. Carrie Tolstedt, who oversaw the retail banking at Wells Fargo while the unauthorized accounts were opened, was slated to receive as much as $124.6m after retiring this summer, according to Fortune. The bank said on Tuesday that she would not receive an undisclosed severance and would forfeit about $19m in unvested awards. Less than three weeks ago, Wells Fargo announced that it had agreed to pay $185m in penalties after an audit found that its employees opened as many as 1.5m deposit accounts and 565,000 credit card accounts without customers’ consent. The accounts were opened by the bank’s staff in hopes of meeting their monthly sales quota and earning their incentive bonuses. Wells Fargo workers have tried to draw attention to the “unreasonable” quotas before – some even staged a protest in front of the bank’s headquarters last year. When Stumpf testified in front of the US Senate last week, he drew ire from US lawmakers. Many of them called for the bank to recoup pay from Stumpf and Tolstedt and hold them accountable. While the bank insists that the creation of unauthorized accounts was not part of an orchestrated effort, many lawmakers expressed doubt that thousands of employees acted on their own. Stumpf was scheduled to testify in front of the House financial services committee on Thursday. Many expected the hearing to be much of the same, including calls for clawing back the executives’ pay. Wells Fargo pre-empted that by announcing the clawbacks on Tuesday. The board also reserved the right for further clawbacks pending the results of its investigation. “Based on the results of the investigation, the independent members of the board will take such other actions as they collectively deem appropriate, which may include further compensation actions before any additional equity awards vest or bonus decisions are made early next year, clawbacks of compensation already paid out, and other employment-related actions,” Stephen Sanger, lead independent director, said in the statement. The bank also announced that it is ending its practice of sales quotas three months earlier than previously stated. “While we continue to determine the details for 2017 goals and incentive plans for the retail bank, we are taking steps to accelerate the removal of product sales goals effective 1 October 2016, and put greater emphasis on delivering the best customer experience,” the bank said in a statement provided to CNBC. “We are also making adjustments to ensure that as we make changes, we maintain fair and consistent compensation for retail bank team members.” This month, the bank announced that it planned to end its sales goals by January 2017. When Stumpf testified in front of the Senate last week, Senator Elizabeth Warren of Massachusetts told him that he demonstrated “gutless leadership” blaming the unauthorized accounts on the 5,300 former employees. “This is about accountability,” she said. “You should resign, you should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission. This just isn’t right.” Warren said that Wall Street executive were not held accountable in 2008 “when they crushed the worldwide economy” and are not being held accountable now, either. “The only way that Wall Street will change is if executives face jail time when they preside over massive frauds,” Warren told Stumpf. “Until then it will be business as usual, and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can.”
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Mongolia and China to collaborate on establishing scientific park www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Education, Culture, Sciences and Sports of Mongolia J.Batsuuri paid an official visit to China upon the invitation of Chinese Minister of Science and Technology Wang Zhigang, on September 23 and 24. The sides have reached an agreement in principle on establishing the first scientific park in Mongolia.

Both sides applauded the deepening understanding between the two countries in science , technology and innovation, in scope of the One Belt - One Road Initiative.

The Mongolian and Chinese officials have agreed to establish joint technological incubator and technological transmission center, to implement major projects in scientific field and exchange and train young specialists.

On the sidelines of this visit, the Minister held a meeting with the Mayor of Shanghai Yang Xiong and discussed possibilities of cooperation with Shanghai in the cultural sphere. Minister J.Batsuuri also took part in the Pujiang Innovation Forum 2016, and briefed the participants on the current state, future objectives and policy towards the fields of science, technology and innovations.

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Hanjin ex-chair grilled over bankruptcy www3.nhk.or.jp

A former chair of South Korea's largest container carrier, Hanjin Shipping, has admitted her responsibility for the company's bankruptcy and apologized.

A parliamentary committee summoned Choi Eun-young as a witness on Tuesday to ask about the firm's business and her role in its failure. Choi headed the company for more than 5 years through 2014.

Choi said she feels responsibility as the chief executive, even though the firm was struggling with the worldwide slump in the shipping industry. She tearfully apologized, getting down on her hands and knees.

She also revealed that she contributed personal wealth of about 9-million dollars in the hope of rebuilding the company.

Port operators in many countries have been refusing port calls by Hanjin's container vessels since it filed for bankruptcy in August. They are afraid they will not receive port and cargo handling fees.

The South Korean government says it hopes to resolve the turmoil by the end of October. But the firm is facing the possibility of huge damage claims over the delayed shipping of cargo. Analysts say the payment of compensation would make Hanjin's rehabilitation more difficult.

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Top 10 most valuable Chinese brands in 2016 www.chinadaily.com.cn

The combined brand value of the 200 Chinese companies, listed in the Hurun brand report released on Sept 20, reached 4.6 trillion yuan ($689.8 billion), up seven percent year on year, and a record high.

Of the 200 companies listed, 139 have seen their brand values grow, and 97 are private businesses. The value of state-owned brands has decreased by about 3 percent on average, while those of private businesses are up by about 20 percent on average.

Last year's champion Tencent fell to fifth position at 210 billion yuan, as its instant messaging service WeChat was counted independently this year. Let us take a look at the top 10 brands in the country.

No 10 Tmall
Brand value: 120 billion yuan, up 26 percent compared with last year

No 9 Agricultural Bank of China
Brand value: 122 billion yuan, up two percent

No 8 Bank of China
Brand value: 129 billion yuan, down 17 percent

No 7 WeChat
Brand value: 132 billion, new on the list

No 6 China Construction Bank
Brand value:155 billion yuan, down 16 percent

No 5 Tencent
Brand value: 210 billion yuan, down 24%

No 4 Industrial and Commercial Bank of China
Brand value: 214 billion yuan, down 6%

No 3 Baidu
Brand value: 218 billion yuan, down 13%

No 2 China Mobile
Brand value: 227 billion yuan, down 16%

No 1 Taobao
Brand value: 230 billion yuan, down 14%

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RBS to pay $1.1bn to settle certain US mis-selling claims www.bbc.com

Royal Bank of Scotland is to pay $1.1bn (£846m) to settle two claims it mis-sold toxic mortgage securities in the run-up to the financial crisis. State-backed RBS sold the securities to two credit unions, which failed after the US housing bubble burst in 2008. The settlement is with the National Credit Union Administration Board (NCUA), which regulates credit unions. RBS, which under the deal does not admit fault, said payment was covered "substantially by existing provisions". Among outstanding civil and criminal actions against RBS are claims from the US Department of Justice (DoJ) and the Federal Housing Finance Agency. RBS chief executive Ross McEwan said at a conference in London on Tuesday that the bank was working to resolve outstanding claims, but that this could create "additional conduct provisions and noise" over the next few months. The bank's existing provisions totalled $3.8bn at the end of June. RBS shares have been hit recently after the DoJ slapped a $14bn penalty on Deutsche Bank for mis-selling mortgage-backed securities, sparking fears that the demand would cripple the German firm. The NCUA has so far collected $4.3bn in settlements of various civil lawsuits over mis-sold mortgage securities. The proceeds are used to pay claims against five failed credit unions. NCUA chairman Rick Metsger said the regulator was pleased with the RBS settlement and plans to continue "to pursue recoveries against financial firms that we maintain contributed to the corporate crisis".
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Thursday October 20th: Doing Business with Mongolia Seminar www.mongolianbusinessdatabase.com

This seminar will be hosted by the London Office of Brown Rudnick, 8 Clifford Street, London,W1S 2LQ. The programme is as follows:

6pm. Coffee/Tea and Registration.

6.30pm. Introduction by Brown Rudnick. Featured speakers are:

Dr Rebecca Empson and Dr. Bumochir Dulam (to be confirmed), University College London, who are leading an EU funded study of the Mongolian economy.

Dr. Troy Sternberg, University of Oxford, who has studied the impact of mining in the Gobi

Ser Od Ichinkhorloo, founder and CEO of the NGO Mongolian Business Database (MBD) and B2B Mongolia (“Bridge of your Business”), who will be leading a business delegation from Mongolia

Chris Guinness, Double Check Translation

Alan Sanders, author of Mongolia – Culture Smart! A guide to Mongolian Culture and Customs, who will speak about the Mongolian elections.

Oliver Reed, Endeavour Fund Mongolia, who is leading a group of ex-servicemen on an expedition to Mongolia in 2017

8pm. Drinks Reception.

If you wish to reserve a place at the seminar, please contact john.grogan@mongolianbritishcc.org.uk

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Moscow to scrap Microsoft Outlook on Putin's call to use domestic software www.rt.com

Authorities in the Russian capital plan to substitute US computer software with locally produced alternatives. As a first step, about 6,000 Moscow officials will start using a corporate e-mail system called MyOffice Mail instead of Microsoft Outlook. An idea to get rid of foreign software from computers used by Russian authorities was backed by President Vladimir Putin due to his security concerns after the relationship between Moscow and the West deteriorated over Ukrainian crisis. In March, the Russian President said that starting from the second half of 2016; all state-backed companies should switch to Russian software. If public authorities want to buy foreign software, they must first consult with a special registry and make sure that there are no similar Russian products. If there are Russian alternatives, authorities will have to explain why Russian software doesn’t suit their needs. Next year, Moscow wants to expand the software substitution developed by Russian company New Cloud Technologies to as many as 600,000 machines, said Artem Yermolaev, head of information technology at the Russian telecoms operator Rostelecom. Microsoft Windows and Office may be abolished later on, Yermolaev added. According to the Minister of Communications and Mass Media Nikolay Nikiforov, Russia spends about 20 billion rubles (over $300 million) every year on foreign software, while local companies are ready to provide the government with similar IT solutions.
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