France is leading a push to clamp down on the taxation of such companies, but has found support from other countries also frustrated at the low tax they receive under current international rules.

Currently such companies are often taxed on profits booked by subsidiaries in low-tax countries like Ireland even though the revenue originated from other EU countries.

“We should no longer accept that these companies do business in Europe while paying minimal amounts of tax to our treasuries,” the four ministers wrote in a letter seen by Reuters.

The letter, signed by French Finance Minister Bruno Le Maire, Wolfgang Schaeuble of Germany, Pier-Carlo Padoan of Italy and Luis de Guindos, was addressed to the EU’s Estonian presidency with the bloc’s executive Commission in copy.

They urged the Commission to come up with a solution creating an “equalization tax” on turnover that would bring taxation to the level of corporate tax in the country where the revenue was earned.

“The amounts raised would aim to reflect some of what these companies should be paying in terms of corporate tax,” the ministers said in the letter, first reported on by the Financial Times.

Le Maire, Schaeuble, Padoan and de Guindos of Spain said they wanted to present the issue to other EU counterparts at a Sept. 15-16 meeting in Tallinn.

The EU’s current Estonian presidency has scheduled a discussion at the meeting about the concept of “permanent establishment”, with the aim of making it possible to tax firms where they create value, not only where they have their tax residence.

France has stepped up pressure for EU tax rules after facing legal setbacks trying to obtain payments for taxes on activities in the country.

A French court ruled in July French court ruled that Google, now part of Alphabet Inc, was not liable to pay 1.1 billion euros ($1.3 billion) in back taxes because it had no “permanent establishment” in France and ran its operations there from Ireland.

The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma.

Hurricane Irma knocked out power to more than 3 million homes and businesses in Florida on Sunday, but it has weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph).

U.S. crude for October delivery CLc1 was up 29 cents, or 0.6 percent, at $47.77, having tumbled 3.3 percent on Friday.

London Brent crude for November delivery LCOc1 was up 23 cents, or 0.4 percent, at $54.01 a barrel by 0023 GMT, having settled down 1.3 percent.

OPEC and other producers, including Russia, have agreed to reduce crude output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices.

The Saudi energy ministry said Energy Minister Khalid al-Falih agreed with his Kazakh counterpart that the option to extend the rebalancing effort would be considered in due course.

Elsewhere, Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years, Ali Kardor, managing director of the National Iranian Oil Company (NIOC), said Sunday according to the oil ministry news site SHANA.

Iran has been producing around 3.8 million bpd in recent months.

Saudi Arabia on Saturday also suspended any dialogue with Qatar, accusing it of “distorting facts”, just after a report of a phone call between the leaders of both countries suggested a breakthrough in the Gulf dispute.

1 - week CBBs
1-week CBB plays an important role in managing the reserves of banks and is the core monetary policy instrument of the Bank of Mongolia. The interest rate on CBB will be the policy rate of the BOM and will serve as a guide interest rate on the interbank market. It was first introduced in July 2007, with fixed rate and unlimited bidding, and traded on a regular basis every Wednesday at the interbank market. This had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. Since the introduction of this instrument, there has been a substantial change in the way banks manage their reserves. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB auction has been held in the form of competitive interest rate since May 2010. In doing so, the upper and lower limits of the bank bids are to set +/- 2 per cent of the policy rate.

Publication of essential macroeconomic data through the new NSDP will provide national policy makers and domestic and international stakeholders, including investors and rating agencies, with easy access to information that the IMF’s Executive Board has identified as critical for monitoring economic conditions and policies. Making this information easily accessible in both human and machine-readable formats, and in accordance with an Advance Release Calendar, allows all users to have simultaneous access to timely data, bringing greater data transparency.

Gold futures in New York for delivery in December, the most active contract, ended at $1,354.00 an ounce, up more than 1% compared to Wednesday's closing price and not far off its highs for the day. Gold is now up 17.6% or over $200 so far in 2017.

Gold's rally from it's summer lows was given fresh impetus from a sharp fall in the US dollar on Thursday. A decision to hold rates in Europe, disappointing US job numbers combined with mounting costs for damages from hurricane Harvey and the possible devastating effect of approaching storm saw the greenback trade at its lowest level against the country's major trading partners since January 2015.

The standoff with North Korea also attracted safe haven buying of gold with no sign that the world's major powers are any closer to finding a way to deal with the nuclear-armed rogue state:

“Investors don’t want to go into the weekend when North Korea is scheduled to show its military prowess during the Founders day celebration without their hedges in place,” Quincy Krosby, chief market strategist at Prudential Financial told MarketWatch.

Gold's leg up saw major gold mining stocks enjoying another positive day of trading.

World number two producer Newmont with output of 5m ounces expected this year, was one of the best performers of the day with the Denver-based company rising 3.2% in New York. With a $21.1 billion market cap Newmont is now worth more than top producer Barrick Gold. The Toronto-based company has shrunk its portfolio of mines and this year is predicting between 5.3–5.6m ounces of gold production, down from a peak of 7.7m ounces six years ago.

Goldcorp added 2.5% for a market cap of $12 billion, but the Vancouver-based miner's advance so far this year has been modest as just over 4%. The third largest gold miner in terms of output, AngloGold Ashanti trading in New York leaped 4.9% pushing the company back into positive territory for the year.

Fellow South Africa-based producer Sibanye fresh off a $2 billion acquisition of a North American platinum producer and a name change was the odd one out with a decline on the day, but Harmony Gold and Gold Fields advanced with the latter now sporting year-to-date gains of 55%. Africa-focused Randgold Resources added 3.8% lifting the company's market value on the Nasdaq to above $10 billion and year to date gains to above 40%.

Toronto's Kinross Gold climbed 4.5% pushing its market value above $6 billion. The Canadian miner with four mines in the US, a couple in Russia and operations in Brazil and West Africa is now up more than 47% in 2017. Other Canadian gold companies also performed well with Agnico Eagle up 1.6%, Yamana Gold adding 1.8% and Eldorado Gold gaining 1.6%

No prime minister of Mongolia, a thinly populated and mineral-rich country sandwiched between Russia and China, has completed a four-year term since 2004.

Of 73 members of parliament attending the vote, 42 were in favor of Erdenebat’s removal.

The outgoing prime minister noted that the country had seen 13 governments in the last 25 years.

“The resignation of a government in a democratic parliament is a normal occurrence, but it can be harmful if a good thing goes beyond its norms,” Erdenebat said in a statement on parliament’s website.

A former Soviet satellite, Mongolia transitioned to a parliamentary democracy in 1990.

“I believe that dismissing government is a mistake that hinders the development of the country, rather than a positive mechanism of accountability,” Erdenebat said.

The MPP gained power in mid-2016 in elections in which it won 65 of parliament’s 76 seats.

It is expected to hold a party congress to choose new leadership, said Dale Choi, an analyst and head of Altan Bumba Financial Group in Ulaanbaatar.

“I don’t think it means instability” for the government, he said.

“I think it means internal party politics. It’s clearing the party’s decks after a monumental, unexpected presidential loss.”

Last month, some 30 members of the parliament, or State Ikh Khural, signed a petition calling for Erdenebat’s resignation in the aftermath of the presidential vote, which was won by populist former martial arts star and businessman Khaltmaa Battulga of the opposition Democratic Party.

The defeat was seen as a rejection of the MPP government’s austerity policies and a reaction to allegations of corruption.

In Mongolia’s parliamentary democracy, the prime minister is the leader of the government, and the president has limited powers including the ability to veto legislation and to propose laws to parliament.

Higher coal prices this year have helped the resource-dependent economy gain momentum. But earlier this year, a slump in foreign investment and declining commodity prices forced Mongolia to agree to a $5.5 billion economic bailout led by the International Monetary Fund, to relieve fiscal strains and try to restore investor confidence.

The purpose of signing the document is to provide assistance to the Mongolian party in commissioning jet fuel supply facilities of the new airport and to ensure uninterrupted supply of Rosneft jet fuel to the Mongolian market which is strategically important for the Company.

"Development of business in Mongolia is a part of our strategy, our Subsidiary Rosneft-Mongolia operates in the country dealing with wholesale fuel distribution offering the best financial conditions and committed to its contractual obligations. Over years of our work in the Republic we earned the reputation of a reliable and diligent supplier among our Mongolian colleagues. With our Mongolian colleagues we set up the joint venture Mergevan which supplies jet fuel for Chinggis Khaan International Airport in Ulaanbaatar. We have vast experience of work on this niche market and evident logistical advantages" - Igor Sechin said.