Basic dealer- banks are responsible for conducting foreign exchange deal actively at the platform and have advantage to use the name of basic dealer and participate in foreign exchange auction with more bids.

The BoM launched interbank exchange platform last April and it activated interbank dollar exchange trade by 2.2 times, compared to the same period of last year.

The U.K.’s Financial Conduct Authority also said Tuesday it had reached a settlement with Rio Tinto under which the company would pay a fine of £27 million ($35.6 million) to settle claims that it breached accounting rules in connection with the Mozambique assets.

In a lawsuit filed in U.S. federal court in Manhattan, the SEC said Rio Tinto, former Chief Executive Officer Thomas Albanese, and former Chief Financial Officer Guy Elliott failed to follow accounting standards and company policies to accurately value and record the assets.

The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan
The lawsuit centers on Rio Tinto’s 2011 acquisition of Mozambique coal explorer Riversdale Mining for $3.7 billion. The SEC said that soon after the deal was completed, Rio Tinto learned that the acquisition would yield less coal, and of a lower quantity, than expected.

The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan. Making public a second failure “would call into question Albanese’s and Elliott’s ability to pursue the core of Rio Tinto’s business model,” the SEC said in its complaint.

By making misleading public statements, Rio Tinto and the executives were able to raise $5.5 billion from U.S. investors, the SEC said. They continued to solicit the investments even after executives of the Mozambique subsidiary told Albanese and Elliott that the unit was likely worth negative $680 million, according to the SEC.

The SEC said the fraud continued until January 2013, when another executive discovered accounting irregularities. Albanese subsequently resigned, and the Mozambique subsidiary was sold for just $50 million, the SEC said.

Rio Tinto said it would defend itself vigorously against the allegations. Lawyers for Albanese and Elliott could not immediately be reached for comment.

The minister said once the digital currency or CryptoRuble is issued other cryptocurrency mining will be banned and it will be entirely regulated by the government.

“I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbors in the Eurasian Economic Community will do it in a couple of months,” said Nikiforov.

All the financial operations involving the CryptoRuble will be taxed according to the minister. The tax will also be applied to any appreciation in value.

“When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total,” he said.

The national digital currency will be moved to international markets, according to the Russia's Deputy Minister of Economic Development Oleg Fomichev, stressing that there is no point in the currency circulating only inside the country.

“This mustn’t be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy,” he said.

About 400 people on Monday participated in the event sponsored by Japan's New Energy and Industrial Technology Development Organization.

University of California Professor Henrik Christensen was optimistic about the future possibilities for the robotics industry. He said research should lead to new practical applications, such as nursing care for the elderly and rescue work during natural disasters.

The event showcased some of the latest robots. One machine will pick things up in response to orders sent from a tablet.

A Japanese participant said he hopes to work with Silicon Valley to foster further growth in Japan's robotics industry.

The above issue was touched upon during a meeting between N.Bayartsaikhan, Governor of the Bank of Mongolia and Christine Lagarde, IMG Managing Director, on the sidelines of Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) held in Washington, DC, the USA on October 9-15.

During his meeting with the IMF Managing Director, the Mongol Bank Governor reiterated Mongolia’s commitment to implementation of the Extended Fund Facility program and handed over a formal letter from Prime Minister U.Khurelsukh.

Managing Director Christine Lagarde appreciated a progress of the Mongolian economic growth and successful implementation of actions within programs thanks to consistent efforts of the Government of Mongolia. She informed that an IMF team will visit Mongolia end of this month to review the program's realization.

Mongolian delegation led by the Governor and B.Nyamaa, State Secretary of the Ministry of Finance participated in the Annual Meetings and met several officials including the IMG Managing Director, Victoria Kwakwa, WB Vice President for the East Asia and Pacific, representatives of the State Department and the Millennium Challenge Corporation of the US and others.

The sides exchanged views on Mongolia’s current economic and social situation, the progress of IMF’s Extended Fund Facility program, future policy measures and cooperation.

During the Annual Meetings, the Mongolian delegates also met with authorities of the Moody’s Corporation and Fitch Ratings Inc.

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

The MOU was signed with China Gezhouba Group International Company Limited (CGGC) and commits CGGC to completing the second stage of the bankable feasibility study.

David Paull, managing director, commented: “Aspire is very pleased to be able to add a very large and experienced sponsor for the Erdenet to Ovoot Railway Project.

“Being able to attract a large and significant engineering and construction company such as Gezhouba provides clear affirmation of the importance and role of the Ovoot to Erdenet Railway in fulfilling Mongolia’s potential to become a transit corridor for China-Europe Trade.”

MOU details

This MOU follows on from a June 2017 non-binding agreement between the parties to cooperate on developing the Erdenet to Ovoot Railway.

Under the current MOU, CGGC has agreed to complete the second and final stage of the Rail bankable feasibility study by 31 March 2018.

The MOU also sets out a pathway for the development of the Erdenet to Ovoot Railway Project as well as the potential extension of that project from Ovoot through to the Mongolian-Russian border.

Door is open for equity investment

The MOU also provides the framework by which CGGC can provide additional equity investment in Northern Railways, Aspire’s subsidiary.

The investment would be to fund the company through to meeting the outstanding conditions precedent for the Erdenet to Ovoot Rail Concession and for EPC funding.

Such an additional equity investment is proposed to be made on or before 15 February 2018.

Rail unlocks coking coal project

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project.

Erdenet to Ovoot is 547 kilometres of rail that forms part of the Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

The more advanced this railway becomes the more value is realisable from Aspire’s 100% owned Ovoot Coking Coal Project.

While this longer-term project continues to progress, Aspire remains leveraged to nearer term coal production through its Nuurstei Coking Coal Project.