1 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      2 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      3 AIRBNB IS USING WHAT3WORDS TO LIST STAYS WITH MONGOLIAN NOMADS WWW.TECHCRUNCH.COM PUBLISHED:2018/11/20      4 LOCAL PRECIOUS METAL ASSAY LABORATORY PURIFIES 99 KG OF GOLD WWW.MONTSAME.MN PUBLISHED:2018/11/20      5 LEGISLATOR OF MONGOLIA'S RULING PARTY SUBMITS PROPOSAL ON DISMISSING GOVERNMENT WWW.XINHUANET.COM PUBLISHED:2018/11/20      6 SHOCK DECISION: CHINA CLOSES BORDER TO COAL IMPORTS FROM MONGOLIA WWW.NEWS.MN PUBLISHED:2018/11/20      7 STRATEGY INTRODUCED TO FOSTER PRIVATE SECTOR IN WESTERN MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      8 MONGOLIA TO STRENGTHEN ECONOMIC TIES WITH RUSSIA WWW.XINHUANET.COM PUBLISHED:2018/11/19      9 VOLKSWAGEN TO SPEND $50 BILLION ON ELECTRIC CAR 'OFFENSIVE' WWW.CNN.COM PUBLISHED:2018/11/19      10 HABITABILITY OF MONGOLIA UNDER THREAT FROM CLIMATE CHANGE WWW.ADELAIDENOW.COM.AU PUBLISHED:2018/11/19      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     ХАЙНАНЬД ЗУГААЛАХ ГЭСЭН МОНГОЛЧУУД УЛААН-ҮҮДЭЭС НИСЭХ ТАСАЛБАРЫГ ХУУ ХАМЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/20     ГАШУУНСУХАЙТ БООМТ: ЖОЛООЧ НАРЫН МЭДЭЭЛЛИЙГ УРЬДЧИЛАН ЯВУУЛАХ БАЙДЛААР АСУУДЛЫГ ШИЙДВЭРЛЭХЭЭР БНХАУ-ТАЙ ТОХИРОЛЦЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/20     ЗАМЫН НӨХӨӨС, 100 ГАРУЙ ТӨРЛИЙН РЕЗИНЭН БҮТЭЭГДЭХҮҮН ДОТООДОД ҮЙЛДВЭРЛЭЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20     АЛТНЫ ОЛБОРЛОЛТ ЭДИЙН ЗАСГИЙГ ДЭМЖИЖ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/20     МОНГОЛЫН АНХНЫ ХУВИЙН ХӨРӨНГИЙН БИРЖИЙН ХОЁР ДАХЬ БҮТЭЭГДЭХҮҮН: “ПАРК ТАУН” БОНД WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/20     МОНГОЛ, ОХУ-ЫН ТЭЭВРИЙН САЛБАРЫН ХАМТЫН АЖИЛЛАГААГ ӨРГӨЖҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/20     БНХАУ-ЫН ОЛОН УЛСЫН ИМПОРТЫН ҮЗЭСГЭЛЭН БНХАУ-ОХУ-ЫН БИЗНЕСИЙН ХАРИЛЦААГ ӨРГӨЖҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/19     АМЧАМ МОНГОЛ 2018 ОНЫ ЖИЛИЙН ТАЙЛАНГИЙН ХУРЛАА АМЖИЛТТАЙ ЗОХИОН БАЙГУУЛЛАА WWW.IKON.MN НИЙТЭЛСЭН:2018/11/19    

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

64x64

Mining and quarrying gross output increases by 23.9 percent www.montsame.mn

Ulaanbaatar /MONTSAME/ In the first 7 months of 2018, the gross industrial output reached MNT 8.7 trillion, showing an increase of MNT 1.7 trillion (24.6%) from the same period of the previous year. This increase was mainly due to an increase of mining and quarrying gross output by MNT 1.2 trillion (23.9%) of which mining of coal by MNT 753.8 billion (53.8%) and mining of metal ores by MNT 334.5 (11.0%) billion.

In July of 2018, the gross industrial output reached MNT 1.3 trillion, decreased by MNT 184.6 billion (12.8%) compared to the previous month.

The seasonally adjusted industrial production index in July 2018 was 174.7 (2010=100), increased by 7.7% from the same period of the previous year, by 14.7% from the end of the previous year and by 2.9% from the previous month.

In the first 7 months of 2018, in mining sector, productions of copper concentrate, zinc concentrate, gold, fluorspar and gravel are increased by 1.3-59.5 %. In manufacturing sector, and production of production of vacuum windows and doors, beer, alcoholic beverage, fodder, buuz and dumpling, sausage products, combed cashmere, cashmere products and wooden products are increased by 5.2-6.5%.

On the other hand, in mining sector, productions of coal, molybdenum concentrate, crude oil and iron are decreased by 3.8-15.6%. In manufacturing sector, productions of cathode copper, wooden window and door, and horse meat are decreased by 3.7-95.7%. In the first 7 months of 2018, the sales of industrial production reached MNT 10.0 trillion and MNT 7.1 trillion (70.7%) of sales were exported.
Source: the National Statistics Office

...


64x64

Tax revenue reaches MNT4.5 trillion, with 33 percent increase www.montsame.mn

Ulaanbaatar/MONTSAME/ In the first 7 months of 2018, total equilibrated revenue and grants of the General Government Budget reached MNT 5.0 trillion, and total expenditure and net lending amounted to MNT 4.8 trillion. In the first 7 months of 2017, the equilibrated balance was in deficit of MNT 589.4 billion, however, it is in surplus of MNT 291.3 billion in the first 7 months of 2018.

Tax revenue reached MNT 4.5 trillion, increased by MNT 1.1 trillion or 33.0 percent compared to the same period of the previous year. This growth was mainly influenced by increases of MNT 291.6 billion or 34.1 percent in value added tax, MNT 277.7 billion or 31.5 percent in income tax, MNT 168.4 billion or 68.5 percent in excise taxes, MNT 145.0 billion or 20.5 percent in social security income, MNT 108.5 billion or 33.0 percent in other taxes and MNT 102.8 billion or 39.0 percent in revenue of foreign activities.

The General Government revenue accounted for 79.6 percent of tax revenue, 10.3 percent of non-tax revenue, 7.3 percent of the future heritage fund and 2.8 percent of stabilization fund.

In the first 7 months of 2018, total expenditure and net lending of the General Government Budget amounted to MNT 4.8 trillion, increased by MNT 271.9 billion or 6.1 percent compared to the same period of the previous year. This growth was caused by increases of MNT 199.5 billion or 5.2 percent in current expenditure, MNT 76.0 billion or 69.5 percent in net lending, even though there was a decrease of MNT 3.6 billion or 0.6 percent in capital expenditure compared to the same period of the previous year.

The General Government expenditure and net lending accounted for 84.3 percent of current expenditure, 11.8 percent of capital expenditure and 3.9 percent of net lending.


Source: National Statistics Office of Mongolia

...


64x64

Deputy of “Absent” ministry appointed www.zgm.mn

Board of Mongolian People’s Party (MPP) convened yesterday to discuss the replacement for the Deputy Minister of Road and Transport Development and appointed Khaltar Luvsan, Vice President of Ulaanbaatar Railway Joint Venture Company. Aside from Mr. Khaltar, Amarsanaa Baatar, who ran in the Parliamentary election, and Galsandondog Damdin, former Governor of Khovd aimag, were named as potential candidates. Last week, the Cabinet dismissed the Minister of Road and Transport Development, his deputy and state secretary. Although the minister’s dismissal has to go through the Parliament, the Cabinet has the right to appoint and dismiss the deputy and state secretary. In addition, the Cabinet has appointed Mergen Rentsen, Head of Policy Implementation and Coordination Department of the Ministry of Road and Transport Development (MRTD), as the State Secretary of the Ministry. Resignation of Bat-Erdene Jadamba, former Minister of MRTD, is yet to be confirmed as the law requires the Parliament’s approval. Deputy Prime Minister Enkhtuvshin Ulziisaikhan who is also appointed as the Acting Minister of MRTD explains that the decision was a measure to prevent further delay of the ministry. He added that he will pay extra attention to staff selection process. The ministry was also ordered to prepare reports on investment plan performance, 2019 budget plan, construction of Khushig Valley airport, Transportation and Logistics Center in Umnugobi aimag, road construction in Ulaanbaatar-Darkhan-Altanbulag route, rehabilitation of bridges, and winter preparation

...


64x64

Average household real monetary income increases by MNT56.4 thousand www.montsame.mn

Ulaanbaatar/MONTSAME/ The second quarter result of 2018 Household Socio-Economic Survey shows that monthly average household monetary income was MNT 1.1 million, increased by MNT 127.2 thousand (13.7 percent) compared to the same period of the previous year.

It was mainly driven by increases of MNT 46.4 thousand (9.1 percent) in income from wages and salaries and MNT 28.5 thousand (41.7 percent) in income from non-agricultural production and services.
In the second quarter of 2018, monthly average household real monetary income (effects of price change have removed) was MNT 982.9 thousand, increased by MNT 56.4 thousand (6.1 percent) compared to the same period of the previous year.

In the second quarter of 2018, monthly average household monetary expenditure amounted to MNT 1.1 million, increased by MNT 96.7 thousand (9.7 percent) compared to the same period of the previous year.
This increase was mainly driven by an increase of MNT 73.1 thousand (9.7 percent) in non-food expenses and services and other expenditure.

In the second quarter of 2018, monthly average household real monetary expenditure (effects of price change have removed) was MNT 1025.0 thousand, increased by MNT 22.9 thousand (2.3 percent) compared to the same period of the previous year.

Source: National Statistics Office of Mongolia

...


64x64

Copper price falls as China investment grows at slowest pace on record www.mining.com

Copper continued to decline on Tuesday to touch its lowest in 13 months after disappointing economic numbers from top consumer China and the possibility of an averted strike at the world's biggest mine conspired to push the price of the orange metal lower.

Copper fell 2% to $2.6770 a pound or $5,902 a tonne on the Comex market in New York bringing its losses over just two months of trading to nearly 20% or $1,450 a tonne.

China consumes nearly half the world's copper and data released today showed fixed investment in manufacturing, real estate and infrastructure for the first seven months came in well below expectations at 5.5% year on year.

In a research note, Capital Economics says on a monthly basis this means that growth recorded its slowest pace on record declining from 5.7% in June to 3% last month.

The independent researcher says there are further downside risks to the Chinese economy in the coming months because credit growth is still slowing:

The recent strength of exports is also unlikely to be sustained in the face of expanding tariffs and cooling global growth.

Admittedly, infrastructure spending may soon bottom out given the recent shift toward a looser fiscal stance and monetary easing should eventually drive a turnaround in credit growth.

However, these are unlikely to put a floor beneath economic growth until the middle of next year.

Safer supply
Workers at the Escondida mine in Chile, the only copper operation with output of over one million tonnes per year, called off a strike set to kick off on Tuesday, extending negotiations with part-owner operator BHP.

The extension follows five days of closely-watched talks over pay at the mine that have been mediated by the government of Chilean President Sebastian Pinera.

“We’ve managed to clear up the points that had stalled the negotiation. But there are still some important points to be resolved,” the union said in a short statement, without giving further detail.

Anglo-Australian mining giant BHP also said in a statement that it had agreed to extend talks with the union through Tuesday.

In its last known offer more than two weeks ago, BHP offered a signing bonus of about $18,000, plus separate bonuses intended to buy out clauses in a previous contract that allowed for housing benefits and a loan program.

The total package was valued at $27,700, including a salary increase of 1.5 percent.

But the union had asked for a signing bonus almost double that offered by the company, and had requested a salary increase of 5 percent, leaving a wide gap between the two sides.

The union said it would have to take any potential deal on Tuesday back to its members for approval.

A 44-day strike in February-March last year crippled production at Escondida, which BHP expects will produce more than 1.2m tonnes in 2018 (up from 925kt last year).

...


64x64

China’s Tesla-killer ready to go public in New York www.rt.com

Chinese electric carmaker Nio, which is often seen as an alternative to Elon Musk’s Tesla, is preparing to list shares on the New York Stock Exchange.
The company said in a filing on Monday that it’s looking to raise as much as $1.8 billion in the initial public offering (IPO). Nio is backed by Chinese conglomerate Tencent and another giant tech company, Baidu. The Shanghai-based firm listed Morgan Stanley, Goldman Sachs, JPMorgan, Bofa Merill Lynch, Deutsche Bank, Citi, Credit Suisse and UBS as underwriters.

Nio started selling its first vehicle, the ES8 SUV, in December – three years after the company was founded. The vehicle comes with a price tag of $65,000, or about half the current price of the most basic version of Tesla’s Model X SUV in China.

The Chinese company is seeking to launch the more affordable ES6 sport-utility vehicle next year and bring out a sedan called the ET7 in 2020. “We are generally targeting to launch a new model every year in the near future as we ramp up our business,” the company said in Monday’s filing.

Like Tesla, Nio is burning through money. The company had a net loss of $502.6 million on less than $7 million in revenue in the first half of 2018, according to the filing.

Nio’s move to sell shares in the US comes at a time when Tesla CEO Elon Musk has a plan to set up a gigantic factory in Shanghai, China to corner a market where the government is promoting new-energy vehicles with incentives for buyers.

According to Bloomberg estimates, by 2040, more than half of all new car sales and a third of the world’s automobile fleet, which is 559 million vehicles, will be electric.

...


64x64

300 thousand tons of processed fuel to be produced this year www.montsame.mn

Ulaanbaatar/MONTSAME/ With a purpose to reduce air pollution, the Government made a decision to ban raw coal consumption in the capital city from next May and introduce processed fuel into household use.

Within the frames, a comprehensive measures are intended, such as establishment of coal processing plant, introduction of electric heaters and liquefied gas into use and housing program for ger area residents. These measures are believed to contribute to the reduction of air pollution by 50 percent.

To see the implementation process of the Government resolution, Head of the Cabinet Secretariat of Government G.Zandanshatar and authorities of 'Erdenes Mongol' LLC worked at 'Tavantolgoi Tulsh' Company on August 13.

The company is capable of producing 100 thousand tons of processed fuel per year. Price for five tons of processed fuel is about MNT150 thousand or cheaper than that of raw coal. Experiment showed that five kilograms of processed coal retain its heat for eight hours, said J.Batbileg, general engineer of Tavantolgoi Tulsh Company.

Calculating that a household of ger area in the city burns five tons of coal annually, then annual coal consumption of 214 thousand households of ger area will be over a million tons. As the coal of Tavantolgoi deposit has high calories, the needs are likely to be entirely satisfied if plants produce over 600 thousand tons of processed fuel.

There are 52 thousand ger households living in central area of the capital city, 97 thousand households in western area and over 53 thousand in eastern area. It plans to produce 300 thousand tons of processed fuel in total.

The same day, G.Zandanshatar also visited a South Korean company which produces processed fuel.

M.Unurzul

...


64x64

Jonathan Addleton: Yoho’s initiative benefits Mongolia, US www.theledger.com

OPINION: Prior my service as an American diplomat in Mongolia, my knowledge of that country focused largely on Genghis Khan, Marco Polo and the Gobi Desert. As I later discovered, it sometimes also appears in international headlines as a land-locked country situated between Russia and China that emerged out of the Soviet shadow in the early 1990s to unexpectedly establish both a functioning democracy and vibrant free market economy.

In most respects, Florida and Mongolia could hardly be more different: Nearly 10 times the size of Florida in land area but with a population of only 3 million people, Mongolia is the least densely populated country on earth. It also has no beaches, few tourists and temperatures that in winter routinely drop to 40 degrees below zero.

Yet Ted Yoho, Gainesville’s representative in Congress, is on the verge of making an out-size contribution to Mongolia as a strategic ally and friend that regards the United States as its “third neighbor,” helping to balance the tremendous pressure it receives from neighboring Russia and China.

In the early 1990s, creative bipartisan policymaking in Washington supported Mongolia’s reengagement with the world as well as its emergence as a successful member of the world-wide community of democracies. For its part, Mongolia has supported the United States in a number of ways including with its deployment of soldiers as part of the international effort in Afghanistan.

Academic and other partnerships have also been established. For example, the National Institutes of Health and the University of Florida have partnered with Mongolia to train teams to mitigate zoonotic disease problem among animals in Mongolia, a welcome initiative given Mongolia’s nomadic tradition and the fact that sheep, goats, horses, camels and yak out-number its people by nearly 20-1. For Mongolia, healthy livestock truly means a healthy economy.

Against this backdrop, it is especially appropriate that Congressman Yoho — a large animal veterinarian who also happens to chair the House Subcommittee on Asia and the Pacific — has become the catalyst for gathering support for Mongolia as part of a special congressional session entitled “China’s Strategy to Accrue Global Power.” In his words, “The United States must stand up to China’s revisionism in mercantilist economics.”

As part of the Washington discussion on tariffs and trade, Yoho crafted innovative legislation that combines his interest and commitment to both foreign affairs and animals.

For Mongolia, tariff issues loom large, especially because of the dominant role that cashmere, a unique animal fiber combed from the soft underbelly of goats, plays as a source of income and employment in the country’s vast countryside. Indeed, Mongolia is the second largest producer of cashmere in the world, trailing only China.

U.S. imports from Mongolia are tiny. However, an increase in trade — including trade in cashmere and related products — would have a big impact on Mongolia in terms of the size and health of its economy, expanding economic opportunity to its herders while also strengthening its political and economic independence.

As U.S. ambassador to Mongolia between 2009 and 2012, I saw first hand the important role that economics can play as part of our broader strategic relationship. Mongolia buys aircraft from Boeing, locomotive engines from General Electric and heavy equipment from Caterpillar. But it also needs to sell its own products to other countries including the United States.

Yoho’s initiative will do just that, strengthening a U.S. ally in ways that do not jeopardize U.S. jobs, compete directly with U.S. products or require foreign aid. At the same time, it will significantly strengthen relations with a previously isolated country that has rejected dictatorship, asserted independence and actively cultivates global partnerships.

As the United States looks for ways to shape fair trading relationships in Northeast Asia while also advancing its own geo-strategic interests, Yoho’s legislation does both, offering targeted trade preference for Mongolian textiles (including cashmere) while deepening the political and economic partnership between the two countries.

If this legislation is approved, it will also constitute a remarkable achievement by “Congress’ only Republican veterinarian,” adding economic value to the tens of millions of livestock populating Mongolia’s deserts, steppes and grasslands in ways that help Mongolian herders, benefit American consumers and advance diplomatic engagement between Mongolia and the United States.

Jonathan Addleton served as U.S. ambassador to Mongolia during 2009-2012. A retired Foreign Service Officer, he teaches at Mercer University in Macon, Ga.; serves as executive director of the American Center for Mongolian Studies; and authored “Mongolia and the United States: A Diplomatic History” (Hong Kong University Press, 2013).

...


64x64

Mongolia ready to work with S. Korea to strengthen bilateral cooperation www.xinhuanet.com

ULAN BATOR, Aug. 14 (Xinhua) -- Mongolia is willing to work with South Korea to bring bilateral relations and cooperation to a new level in all sectors, Mongolian Prime Minister Ukhnaa Khurelsukh said Tuesday.

The Mongolian prime minister made the remarks when meeting with South Korean Ambassador to Mongolia Jong Jae Nam.

"We are ready to take necessary measures to bring bilateral relations and cooperation between Mongolia and South Korea to a new level for the benefit of both peoples," Khurelsukh said.

The two countries should make progress on mutual visa-free travel for ordinary citizens, the prime minister said.

Khurelsukh paid his first overseas trip to South Korea in January since he took office last October.

During his visit, the South Korean government expressed its willingness to support Mongolia on combating air pollution in its capital city, with a soft loan worth 500 million U.S. dollars within the framework of the Extended Fund Facility arrangement with the International Monetary Fund.

The two countries established diplomatic relations in 1990.

...


64x64

Bitcoin Sinks Below $6,000 as Almost Everything Crypto Tumbles www.bloomberg.com

 Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up.

The largest digital currency fell as much as 6.2 percent to $5,887 as of 10:44 a.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank 12 percent, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over the past 24 hours. The total market capitalization of cryptocurrencies dropped to $190 billion, from a peak of around $835 billion in January.

While Bitcoin and its peers rallied in July on hopes that a Bitcoin-backed exchange-traded fund would attract new investors to the world of virtual currencies, U.S. regulators have yet to sign off on multiple proposals for such a product. The letdown has coincided with growing concern that entrepreneurs who raised crypto-denominated funds via initial coin offerings are now cashing out of coins such as Ether.

Bitcoin has now dropped about 23 percent in August, extending its retreat this year to 58 percent.

...