1 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      2 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      3 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      4 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      5 BIOGRAPHY OF TAVAN TOLGOI RESIDUAL COAL DEPOSITS WWW.ZGM.MN PUBLISHED:2018/07/16      6 NAGOYA BASHO LOSES LAST OF THREE YOKOZUNAS WWW.MONTSAME.MN PUBLISHED:2018/07/16      7 CHINA'S GDP HITS 6.7% IN Q2 OF 2018 WWW.CHINADAILY.COM.CN PUBLISHED:2018/07/16      8 US-CHINA TRADE WAR DIMS BRIGHT FUTURE FOR SEMICONDUCTORS WWW.ASIA.NIKKEI.COM PUBLISHED:2018/07/16      9 RIGHTS GROUPS URGE BETTER TREATMENT FOR MONGOLIA CHILD JOCKEYS WWW.REUTERS.COM PUBLISHED:2018/07/16      10 TPP CHIEF NEGOTIATORS TO MEET IN JAPAN WWW.NHK.OR.JP PUBLISHED:2018/07/16      МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16     1,5-2 САЯ ТӨГРӨГИЙН ЦАЛИНТАЙ ЖОЛООЧИЙН АЖЛЫН БАЙРНЫ БҮРТГЭЛ ЭХЭЛЛЭЭ WWW.ZINDAA.MN НИЙТЭЛСЭН:2018/07/16     ОЛОН МЯНГАН НИСЭХ ОНГОЦ ШИНЭЭР ҮЙЛДВЭРЛЭХ ШААРДЛАГАТАЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     КРИПТОВАЛЮТЫН ТАЛААРХ ХОРООНЫ БАЙР СУУРЬ ХЭВЭЭРЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/16     ОРОСЫН ЭДИЙН ЗАСГИЙН ӨСӨЛТӨД ДАШТ-2018 НӨЛӨӨЛӨХ НЬ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     ЗҮҮН ӨМНӨД АЗИ ХАНШАА ХАМГААЛЖ ЭХЛЭВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/16     АЯЛАЛ ЖУУЛЧЛАЛЫН САЛБАРААС 400 ГАРУЙ САЯ ДОЛЛАР ОЛЖЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/16     МОНГОЛЫН ЭДИЙН ЗАСГИЙН БҮТЭЦ ЭМЗЭГ ХЭВЭЭР БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/10     МОНГОЛ, ВЬЕТНАМЫН ГАДААД ХАРИЛЦААНЫ ЯАМ ХООРОНДЫН ЗӨВЛӨЛДӨХ УУЛЗАЛТ БОЛОВ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/10    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Fed's Harker now sees just up to 2 rate hikes this year www.reuters.com

The Federal Reserve could hike interest rates up to two times before year end, a top U.S. central banker said on Wednesday, slightly downgrading his expectations for monetary tightening even though he said the economy is on "fairly firm footing."
 
Philadelphia Fed President Patrick Harker, when he last spoke publicly in late May, predicted two to three rate increases this year. Since then U.S. jobs growth plunged one month and then shot back up the next, while Britons voted to leave the European Union.
 
Harker, who has been at the Fed for a year, downplayed any effects of the so-called Brexit referendum. He said first-quarter U.S. economic weakness was largely due to seasonal adjustments, and predicted both that inflation would hit a 2 percent target in 2017 and that the Fed would raise rates toward 3 percent by the end of 2018."Considering the economic projections, I anticipate that it may be appropriate for up to two additional rate hikes this year," said Harker, who does not vote on policy this year.
 
"Brexit is low on my list of risks, and I do not anticipate more than a transitory couple of 10ths of a percentage point slowdown in growth," he added in prepared remarks.
 
The Fed raised interest rates from near zero in December, its first policy tightening in nearly a decade. But it has kept its key rate steady at 0.25-0.5 percent since then as global markets and economic data have proven volatile.(Reporting by Jonathan Spicer; Editing by Leslie Adler)
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Queensland mining industry backs action to fix coal worker health screening www.mining.com

The release of the final report into the re-emergence of coal worker pneumoconiosis confirms that a health screening system thought to protect underground coal workers has failed.
 
The Queensland Government’s Mines Minister Dr Anthony Lynham today released the government’s response and plan following the review of the Coal Mine Workers' Health Scheme, headed by Monash University's Professor Malcolm Sim.
 
Queensland Resources Council Chief Executive Michael Roche said the final report was very sobering reading.
 
‘Industry, unions, government and of course coal workers were shocked last year with the discovery of multiple cases of pneumoconiosis after almost three decades,’ Mr Roche said.
 
‘Industry is appalled at the apparent failure across the spectrum of screening, from lung function tests, chest x-rays through to questions over the qualifications and expertise of those carrying out the testing and screening.’
 
So far, 11 Queensland miners have been diagnosed with pneumoconiosis, which is 11 too many, and the Monash University Review report suggests there may potentially be more cases.‘This is why we have to act quickly upon the recommendations in this report, and is the reason why eight underground coal mining companies have written a joint letter of support to Dr Lynham, backing a new protocol for health screening of coal workers,’ Mr Roche said.
 
‘QRC members are sprinting out of the blocks to help to do their part to action the recommendations that are within their powers.
 
‘Sadly, those companies thought they were doing the right thing for their workers’ health by having them regularly screened – tragically it was that very process that has been found to have repeatedly failed.
 
‘Prevention, through stricter mechanisms to protect workers from dust, and early detection via an overhaul of existing health screening practices and expertise are the beginning.
 
‘Industry is committed to working together to ensure dust levels remain under the appropriate limit.’
 
The Minister is to be congratulated for initiating a well-considered, comprehensive review using a broad range of experts and overseen by a tri-partite reference group from the spectrum of stakeholders and experts, Mr Roche said.
 
‘This report is a huge wake-up call and will result in essential changes to health screening, dust control and dust monitoring to ensure every one of the thousands of underground coal workers are protected into the future,’ Mr Roche said.
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Citigroup targets high-growth firms to boost Asia corporate banking business www.reuters.com

Citigroup Inc looks to sharpen its focus on winning a bigger share of business from "emerging market champions" in Asia, including rapidly growing Internet firms, as part of its plans to boost corporate banking revenue.

The U.S. bank, which counts Asia as its fastest growing region, employs more than 600 people in its corporate banking business in the region and would make select hirings to bolster its presence, Gerald Keefe, newly appointed head of Asia Pacific corporate banking, said.

"These companies have achieved scale quickly and now increasingly are growing in developed markets," Keefe said, referring to what the bank calls emerging market champions in countries such as China and India.

Citigroup announced the appointment of Keefe as Asia Pacific corporate banking head in April, a new role that brings together bankers working for clients from financial institutions, public sector entities, corporates and local units of global firms.

"One of the priorities in the new role is to deliver stable top-line growth for corporate banking in Asia in an efficient and responsible manner," Keefe, who was previously the bank's corporate banking head in Japan, told Reuters.

Citigroup's enhanced focus on the corporate banking business in Asia comes against the backdrop of a drop in revenues from trading and deal advisory and underwriting in the first quarter that weighed on its earnings.

Citigroup Chief Executive Officer Mike Corbat indicated last month that the bank's second-quarter net income will be roughly 25 percent lower than the same period a year earlier. The bank is due to report on Friday.

Under the corporate banking business in Asia, its offerings include cash management, foreign exchange, trade finance, loans, and capital markets and structured products solutions. The unit will work closely with investment banking and markets teams.

In a sign of its increasing focus on high-growth firms in the region, Citigroup was one of the lead arrangers in three separate loan deals of Chinese Internet giants Alibaba Group, Baidu and Tencent Holdings, which raised a combined $10.4 billion earlier this year, according to Thomson Reuters LPC data.

"We have leading corporate champions in China as our clients ... they are now in many ways global businesses," Keefe said. "We are uniquely positioned to help them expand globally with our network in over 100 countries."

In Asia, the bank is also looking to grow its supply-chain financing business, in which target clients range from car component makers to telecoms equipment producers, as these firms look to expand their geographical footprints, Keefe said.

(Reporting by Sumeet Chatterjee; Editing by Susan Fenton)

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Russia plans $4.6bn investment in Egypt’s industrial zone www.rt.com

A number of leading Russian companies plan to invest $4.6 billion to create an industrial zone next to the Suez Canal by 2035, Lenta.ru cites the Russian Trade Ministry.

Most of the money will come from private investors. Russian companies Kamaz, GAZ, UAZ, Transmashholding, Gazprom Neft, Tatneft, Inter RAO and others will be part of the new industrial hub. According to the ministry, the new zone is expected to provide 77,000 jobs, while the resident companies can expect revenues to reach $11.6 billion.

Cairo said in February that Russia has selected East Port Said to establish an industrial park in Egypt. Construction of the two million square meter park will start in 2018.

Russian companies will design and construct the industrial facilities, jointly produce and supply various types of equipment, and provide the necessary technical assistance.

The new industrial zone will have a friendlier tax regime for resident Russian firms. The tax rate for companies in the project and personal income tax will be 10 percent. Sales tax will be abolished.

According to the CEO of Technopolis Moscow Igor Ishchenko, the new industrial park should become a platform for the expansion of Russian companies into Africa and the Middle East. "…The project involves creation of a comfortable and safe environment for working and living conditions,” he said.

In 2014 Egypt announced the modernization of the Suez Canal, which is one of the world's major transportation routes. Originally, it was planned to complete the work in three years, but later it was reduced to 12 months. The new Suez Canal will include a huge range of services, as well as several industrial parks, including Russian, Chinese and Italian.

The decision to build the Russian industrial zone in Egypt was agreed by Russian President Vladimir Putin and Egyptian President Abdel Fattah Sisi in 2014.

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Japanese Emperor Akihito 'plans to abdicate' www.bbc.com

Japan's Emperor Akihito has announced his intention to abdicate in the coming years, public broadcaster NHK reports.
The 82-year-old, who has had health problems in recent years, reportedly does not wish to remain emperor if he has to reduce his official duties.
He has been head of state for 27 years and his abdication would be an unprecedented move in modern Japan.
His eldest son, Crown Prince Naruhito, 56, is next in line to succeed him to the Chrysanthemum Throne.
He plays a largely ceremonial role but is respected deeply by many Japanese and has been admired for distancing the monarchy from its association with the aggressive nationalism of World War Two.

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Chinese premier arrives in Mongolia for official visit, Asia-Europe summit www.xinhuanet.com

ULAN BATOR, July 13 (Xinhua) -- Chinese Premier Li Keqiang arrived here Wednesday for an official visit to Mongolia and the 11th Asia-Europe Meeting (ASEM) summit.

This is Li's first trip to the landlocked Asian country since he took office as Chinese premier in 2013, and the first official visit by a Chinese premier to the country in six years.

During the visit, Li will hold talks with Mongolia's new prime minister, Jargaltulga Erdenebat, and meet with Mongolian President Tsakhiagiin Elbegdorj and Chairman Miyegombo Enkhbold of the State Great Hural, Mongolia's parliament.

A series of cooperation deals covering trade, infrastructure, finance and energy, as well as climate change and media exchanges, will be signed during the two-day visit, the first half of Li's stay in Ulan Bator.

On Friday and Saturday, the Chinese premier will attend the 11th summit of ASEM, an intergovernmental forum aimed at fostering political dialogue and boosting cooperation in various areas across Asia and Europe.

He is also expected to hold bilateral meetings with leaders of some ASEM members.

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Controversy swirls around sale of Russian share of Erdenet mine to newly registered Mongolian company NAMBC Newsletter

Announced one day before the June 29 elections, the proposed sale of the 49% Russian-owned shares of Erdenet Copper and Mongolrostsvetment to a newly formed Mongolian company has provoked controversy and will be debated by parliament when it reconvenes after the ASEM meeting. In a post-election analysis on July 6 at our brother organization, the Business Council of Mongolia (BCM), columnist and civic activist D. Jargalsaikhan (“Jargal de Facto”) asserted that last-minute popular anger with the transaction may have cost the ruling Democratic Party (DP) more than 20 seats. A similar point was made by “Cover Mongolia” editor and publisher Mogi Badral Bontoi, writing in the Nikkei Asian Review , where the called the Erdenet sale announcement the “ tipping point” for the DP before the elections.

Russian state-owned Rostec company agreed to sell its shares in both companies for US$500 million, as reported by Bloomberg News. The buyer is the newly-formed Mongolian Copper Corporation, headed by 28-year-old Tsooj Purevtuvshin, who briefly worked previously as a legal adviser to the Trade and Development Bank (TDB), which provided partial financing for the sale. Tsooj Purevtuvshin has closed or terminated his various social media accounts. One commentator, writing in The Diplomat, claimed that the address of record for Mongolia Copper Corporation was the same as for Bloomberg TV News Mongolia , which is a partnership between Bloomberg Media Group and TDB that started broadcasting in 2012. The Mongolian State Property Committee (SPC) owns the 51% Mongolian share of Erdenet; news media have reported that the SPC had the right of first refusal if Rostec ever decided to se

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Erdenes Mongol LLC solicits nominations for three independent directors NAMBC Newsletter

Erdenes Mongol LLC (EMGL), the SOE which holds the state shares in various mining ventures including Oyu Tolgoi LLC, has started recruitment for three independent members to be appointed to the EMGL board of directors. EMGL CEO B. Byambasaikhan announced they are looking for qualified international candidates, have place an ad in The Economist, and are considering engaging a reputable international executive search firm. In addition, EMGL plans to recruit an Advisory Board to assist with strategic planning and fund-raising. These steps are part of a 2 to 3 year corporate transformation program for EMGL being financed by a US$35 million loan from the Asian Development Bank.

For details on applying for the independent director positions, visit
http://jobs.economist.com/job/12867/independent-director/

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Japan to partner in Russian industrial trade fair www3.nhk.or.jp

Government officials in Russia have announced Japan will be the partner country in a major industrial trade fair next year. The country wants to boost cooperation with Japanese manufacturers.
 
INNOPROM is Russia's biggest industrial trade fair. Minister of Industry and Trade Denis Manturov and Japan's Ambassador to Russia Toyohisa Kozuki spoke to reporters at the site in Ekaterinburg.
 
Manturov said cooperation between the 2 countries could expand dialogue in industrial circles as well as create a base for further trade and economic ties.
 
China was Russia's partner in last year's fair, while India is supporting the event this year.
 
The Japanese government will call on many of the country's manufacturers to participate next year.
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Japanese shares see third day of gains www.bbc.com

Japanese shares see a third day of gains, leading a positive trend across the Asia Pacific region.
Investors remain optimistic that Prime Minister Shinzo Abe's party's election win over the weekend will mean there will be more stimulus policies.
Mr Abe had described the vote as an endorsement of his reform policies and promised new government spending to help the economy.
Tokyo's Nikkei 225 index rose by 1.8% to 16,381.75 in morning trade.
In China, Hong Kong's Hang Seng was up by 0.6% to 21,359.54 while the mainland Shanghai Composite edged 0.4% higher to 3,062.84.
Australia's benchmark ASX/200 index in Syndey rose 0.5% to 5,382.60 points.
With the iron ore price seeing a strong rise overnight, commodity companies were among the best performers of the morning.
Atlas Iron was up by 9% after an 18% surge on the open. Fortescue gained more than 4% while BHP Billiton was up just over 2%.
In South Korea, the Kospi was up by 0.9% to 2,008.74 points.
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