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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After meeting her father, Dr M agrees that Altantuya case should be re-opened www.thestar.com.my

PUTRAJAYA: The Altantuya Shaariibuu murder case should be reopened, says Prime Minister Tun Dr Mahathir Mohamad.

In a meeting with the victim’s father Dr Shaariibuu Setev and family lawyer Ramkarpal Singh on Wednesday (June 20), Dr Mahathir agreed that the 12-year-old case should be looked into again.

“He (Dr Mahathir) agreed that it is a case that warrants further investigation,” said Ramkarpal.

“The prime minister however is also adamant that the process must follow the rule of law.

“We also agree with him and have started the due process, which began with meeting the Attorney-General yesterday (June 19). We are confident that the rule of law will take its course.

“It was a very satisfactory meeting. The Prime Minister also spoke in detail with Dr Shaariibuu,” Ramkarpal told reporters outside the Prime Minister’s office here after the 30-minute meeting.

Also present were a Mongolian translator and a representative from the Mongolian consulate.

Dr Shaariibuu had lodged a report earlier on Wednesday (June 20) at the Dang Wangi police headquarters in Kuala Lumpur seeking a fresh investigation.

He also said Mongolian President Khaltmaagiin Battulga had spoken to him over the phone to thank Dr Mahathir.

After Pakatan Harapan won its historic victory in GE14 and took over Putrajaya, Khaltmaagiin had also written to Dr Mahathir.

“As the President of Mongolia, I pay special attention to the grave crime committed in Malaysia on Oct 18, 2006 – the murder of Ms Shariibuu Altantuya, a Mongolian national and a mother of two children,” Khaltmaagiin said in his letter.

He urged the then newly sworn-in premier to help bring justice to Altantuya’s family “to invigorate the atmosphere in the bilateral relations between our two countries”.

Two former policemen, Sirul Azhar Umar and accomplice Azilah Hadri, were convicted of murdering Altantuya in 2009 and sentenced to death by the High Court, although the Court of Appeal overturned this in 2013.

On the prosecution’s appeal, the Federal Court upheld their death sentences, but Sirul had fled to Australia by then.

Former political analyst Abdul Razak Baginda, who was charged together with them, was freed on Oct 31, 2008, after the court found no concrete evidence against him.

Meanwhile, Ramkarpal said the identity of the individual who ordered the murder of Altantuya could already be determined from the previous police investigation.

“I believe the previous investigation has already identified the person, or if there is more than one, who ordered the murder.

“Whoever ordered this should be brought to face justice. The crime is heavier than the one committed by those who followed orders and did the killing,” he declared.
Read more at https://www.thestar.com.my/…/after-meeting-her-father-dr-…/…

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Plastic bag to be banned from March 2019 www.montsame.mn

Ulaanbaatar /MONSAME/ The Cabinet made a decision to ban use and sale of disposable plastic bags starting from March 1, 2019.

The Government ban prohibits not only use and sale but also import and production of plastic bags thinner than 0.035 mm. Thus, it starts realization of a policy to restrict all sources that influence adversely to the nature and environment, noted Minister of Environment and Tourism N.Tserenbat and reported that the Mongolian Customs General Administration and the General Agency for Specialized Investigation will supervise implementation of the decision.

Furthermore, the Ministry initiated a campaign ‘Let’s Celebrate Naadam Festival Clean’.

B.Batchimeg

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Russia & India ditching US dollar in defense deals www.rt.com

Moscow and Delhi are seeking to bypass US sanctions by using the rupee and the ruble in facilitating military deals, according to Indian daily, the Economic Times.
The paper reports that US sanctions are hampering $2 billion in defense deals between Russia and India, as payments are getting stuck. The countries are seeking to avoid this by switching to settlements in domestic currencies and ditching the greenback.

India is one of the largest buyers of military equipment from Russia. Since the 1960s, the countries have signed military contracts worth $65 billion.

Now, trade deals between the countries are estimated at $12 billion. India is ready to purchase Russia's S400 air-defense system in a $5-billion deal. However, the sale is being heavily opposed by the United States, which is also trying to stop a similar deal between Russia and Turkey.

Defense deals between Russia and India are currently denominated in US dollars. The countries have discussed various ways of bypassing US sanctions, including payment in third currencies like the Singapore dollar. Talks are being conducted between Vijaya Bank and Indian Bank on the Indian side and Russia’s top creditor Sberbank.

An option that is now ruled out is paying in US dollars to non-sanctioned Russian entities. “This option was decided against as it would have opened up a lot of legal and audit issues, especially as defense deals are looked at very closely. No one wanted to take a chance,” a top official involved in the talks told the Indian daily.

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Mongolia willing to strengthen cooperation with Finland www.xinhuanet.com.cn

ULAN BATOR, June 20 (Xinhua) -- Mongolia is willing to expand bilateral cooperation with Finland in areas of mutual interest, such as agriculture and forestry, the Mongolian Ministry of Foreign Affairs said Wednesday.

Mongolian Foreign Minister Damdin Tsogtbaatar made the remarks when meeting with Finnish Ambassador to Mongolia Jarno Syrjala.

Tsogtbaatar also expressed his willingness to enhance economic and trade cooperation with Finland, and hold joint business meetings.

During the meeting, the two sides exchanged views on international and regional issues of mutual concern.

"I will put all efforts in expanding bilateral trade and economic cooperation during my tenure," said Syrjala.

This year marks the 55th anniversary of the establishment of diplomatic ties between the two countries.

The two countries are preparing for the regular meeting of the Mongolia-Finland Intergovernmental Commission on Economic Cooperation in September in Finland's capital of Helsinki.

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Draft amendment to Law on Currency Settlements submitted www.montsame.mn

Ulaanbaatar /MONTSAME/ Chief of Staff of the President’s Office Z.Enkhbold submitted a draft amendment to the Law of Mongolia on Currency Settlements, initiated by President of Mongolia Khaltmaagiin Battulga, to Speaker of the State Great Khural M.Enkhbold on June 19.

In accordance with the currently effective Law on Currency Settlements and the Law on Central Bank (Bank of Mongolia), the Bank of Mongolia regulates currency circulation, and holds and manages the foreign exchange reserves. However, according to the bill initiator, the rationale for drafting the amendment was the fact that the Bank of Mongolia has no authority to negotiate with a legal entity earning a large amount of foreign currency, except for buying currencies.

Furthermore, the amendment to the Law on Currency Settlements was drafted with the purpose of creating legal arrangements for the Bank of Mongolia to ensure the stability of national currency, hold and manage the foreign exchange reserves, and carry out the cash transactions and settlements of a legal entity with currency earnings from the exploitation of a mineral deposit of strategic importance, in frames of its duty to increase the foreign exchange reserves of Mongolia.

In compliance with the draft amendment, the Bank of Mongolia will be allowed to register the transaction account of a legal entity, which established an investment contract with the Government, exploits a mineral deposit of strategic importance, and with foreign exchange earnings in the amount set by the Bank of Mongolia.

Citizens were allowed to submit suggestions for the draft amendment to the Law on Currency Settlements between May 11th and June 18th, 2018, through the official website of the President’s Office.

Source: president.mn

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Top bitcoin exchange says over $30 million in cryptocurrencies stolen www.cnn.com

One of South Korea's biggest bitcoin exchanges on Wednesday said that more than $30 million worth of cryptocurrencies have been stolen from it.
Bithumb, an exchange based in Seoul, said in a notice on its website that all customer deposits and withdrawals have been suspended while it reviews the situation.

The notice didn't say how the theft of 35 billion won ($32 million) worth of cryptocurrencies occurred or which ones were taken.

The exchange said it will compensate the loss from its own funds and that all customers' assets have been "securely saved" in the company's "cold wallet."

Bithumb said it will announce further information in due course.

It's the latest in a series of thefts reported by cryptocurrency exchanges in recent months.

Just last week, another cryptocurrency exchange in South Korea, Coinrail, said hackers stole about 30% of its virtual currencies.

South Korea emerged last year as one of the world's major markets for trading in bitcoin and other virtual currencies.

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Xanadu Mines attracts $10 million for copper-gold project in Mongolia www.proactiveinvestors.com.au

Xanadu Mines Ltd (ASX:XAM) has successfully completed a share placement to domestic and international institutional and sophisticated investors to raise $10 million at 17 cents per share.

The company received strong support from existing shareholders and demand from new investors, driven by the recent exploration success at its flagship Kharmagtai copper-gold project in Mongolia.

Xanadu chief executive officer Dr Andrew Stewart said: “The placement enables us to further strengthen our share register and balance sheet, allowing Xanadu to complete the resource drilling program at Kharmagtai unencumbered, and provide an updated mineral resource estimate before the end of 2018.

“Xanadu will also progress testing of high-priority targets to make new discoveries and grow existing deposits.

“Xanadu believes being fully funded to complete this exciting phase places the company in a very advantageous position to maximize the benefits from the high demand and high prices for copper and gold.”

The company’s recent high-grade subsections from drilling at the Zaraa copper-gold porphyry discovery at Kharmagtai includes 30.4 metres at 0.95% copper and 0.80 g/t gold.

These new results follow a discovery hole which intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.

The Zaraa discovery comes at a time when global consumers are searching for projects to fulfil future demand for copper, which is set to increase with the proliferation of electric vehicles.

Xanadu will now complete resource drilling at the Kharmagtai Open Pit and proceed with a scoping study, continuing exploration at the Kharmagtai and Red Mountain projects in Mongolia.

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Construction of Mongolia’s first oil refinery to begin later this month www.news.mn

Construction of Mongolia’s first oil refinery in southeastern Dornogovi Province will begin later this month after the ground-breaking ceremony. The event will take place on 22 June in Altanshiree Soum (district) and will be attended by Mongolian Prime Minister U.Khurelsukh and Indian Minister for Home Affairs Rajnath Singh along with other officials.

The project, which is of great importance to the Mongolian economy, is being financed by a loan from India, which was announced during a visit to the country in 2015 by Indian Prime Minister Narendra Modi.

The refinery will have a processing capacity of 1.5 million tons of oil per year and will annually produce 560,000 tons of gasoline and 670,000 tons of diesel fuel, as well as 107,000 tons of liquefied gas. The refinery, to be ready for operation by 2022, is expected to boost Mongolia's gross domestic product by 10 percent.

Because Mongolia currently has no refining capacity, it has to export its crude oil to China while importing practically all of its petroleum products from Russia.

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US-China trade spat wipes $57B from top mining stocks in fortnight www.mining.com

Mining and metals stocks came in for more punishment on Tuesday as the trade spat between the US and China escalated amid a war of words between Washington and Beijing.

On Tuesday, Donald Trump threatened to impose a 10% tariff on $200 billion of Chinese goods in retaliation for what the US president called the country's "predatory" trade practices. Beijing also ratcheted up the rhetoric accusing the US of "extreme pressure and blackmailing".

Copper – used as barometer for economic prospects thanks to its widespread use in industry, transportation, power networks and construction – fell to $3.036 a pound or $6,700 a tonne, down over 8% or $600 since touching four-year highs just a fortnight ago.

Nickel, which has been immune to weakness in the sector also succumbed on Tuesday and is now trading 6% below multi-year highs hit earlier in June at $14,820 a tonne. Among industrial metals only nickel remains in positive territory for the year. Zinc down 8% year to date is the worst performer as the price declines to just above $3,000 a tonne.

Aluminum prices have given up all the gains from a sharp rise following the US imposition of sanctions on Russia and tariffs on imports from China, Europe, Canada and others.

China consumers more industrial metals and minerals than the rest of the world combined and the country imports more than two-thirds of the world's seaborne iron ore.

The import price of the steelmaking raw material declined 3% on Tuesday to $66.45 a tonne according to Metal Bulletin data. Iron ore has lost 9% of its value so far in 2018. The benchmark Australian export price of premium steelmaking coal at just below $200 a tonne is up year to date, but down sharply from levels above $250 hit in May.

Weakness on metal markets spilled over to the sector's big names with another day of across the board losses on Tuesday. The top diversified and industrial mining companies have seen a combined $57 billion wiped from their market value over the past two weeks (see chart). On a percentage basis China Molybdenum, Anglo American and Vale have fared worst.

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KPMG's audit work unacceptable, says watchdog www.bbc.com

The auditing work of one of the world's "Big Four" accounting firms has been sharply criticised by the industry's watchdog.

KPMG audits had shown an "unacceptable deterioration" and will be subject to closer supervision, the Financial Reporting Council said.

The FRC added all the Big Four - which also include PwC, EY and Deloitte - needed to reverse a decline.

KPMG said it was "disappointed" and was taking steps to improve audit quality.

Every year the watchdog reviews the audits of Britain's biggest companies to ensure they meet certain standards. The FRC noted problems at all the firms, but KPMG was singled out for the poor quality of its work.

"There has been an unacceptable deterioration in quality at one firm, KPMG," the FRC said in a statement. "50% of KPMG's FTSE 350 audits required more than just limited improvements, compared to 35% in the previous year."

Stephen Haddrill, head of the FRC, said: "At a time when public trust in business and in audit is in the spotlight, the Big Four must improve the quality of their audits and do so quickly.

"They must address urgently several factors that are vital to audit, including the level of challenge and scepticism by auditors, in particular in their bank audits. We also expect improvements in group audits and in the audit of pension balances."

He said firms "must strenuously renew" their efforts to improve audit quality to meet the legitimate expectation of investors and other stakeholders.

'Taking action'
The increased scrutiny of KPMG will involve the FRC inspecting 25% more audits done by the firm in the 2018-19 financial year, the first time the FRC has taken such action.

Michelle Hinchcliffe, head of audit at KPMG, said: "We are disappointed that our overall audit quality score for our 2016/17 audits has decreased by 4% and that the steps taken in previous years have not resulted in the necessary improvements to audit quality. We are taking action to resolve this."

KPMG came in for criticism over its audit of collapsed construction firm Carillion earlier this year, and the FRC has opened an investigation into the group under the Audit Enforcement Procedure.

The auditor was also recently fined £3.2m by the watchdog over its audit of insurance firm Quindell. Last year, the FRC opened an investigation into KPMG's audit of the accounts of aero-engine maker Rolls-Royce.

Auditors review the accounts of firms to see if the figures are a true and fair reflection of companies' financial health.

But the accounting industry has faced a lot of criticism in the last few years over whether their verdicts on companies' accounts can be trusted.

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