During his visit, Mr Khurelsukh said: ‘It is not acceptable that in the 21st century households in our capital city live without electricity. Our government is planning to provide electricity to 5000 new households in Ulaanbaatar’.

The group, which includes Volkswagen AG (VOWG_p.DE) and Audi AG (NSUG.DE), intends to launch 15 of the so-called new energy vehicles (NEV) models over the next two to three years, and an additional 25 after 2025, China chief Jochem Heizmann told Reuters on Thursday.

China’s NEV production and sales quotas, which must be met by 2019, have prompted a flurry of electric car deals and new launches as automakers in China race to ensure they do not fall short. Automakers that do fall short will be required to buy credits.

Volkswagen currently has around 10 NEVs already on the market in China, although all are imported models with limited sales volumes, according to a company spokeswoman.

Heizmann, speaking ahead of the Guangzhou auto show, added that the group is aiming to sell 400,000 new energy vehicles per year in China by 2020 and 1.5 million per year by 2025. NEVs refer to all-electric battery cars and heavily electrified plug-in hybrids.

Heizmann said some of those models will have a 400-600km driving range on a single full charge. By comparison, Tesla’s (TSLA.O) model S has a range of 490km and as much as 632km depending on battery capacity, according to the company.

The Volkswagen Group is also confident that its group companies and their local China joint venture partners will be able to generate enough NEV sales volume to account for NEV quotas by 2019, Heizmann said, adding that there will be no need to buy credits.

“We need high volumes of new energy vehicles... we are working on full speed on that.”

Last week, General Motors Co’s China chief Matt Tsien told reporters GM’s China joint ventures will be able to generate enough NEV sales volume to account for NEV quotas by 2019 and without the need to buy credits.

Tsien said both GM (GM.N) and its China joint-venture partners “are working to at least meet, if not exceed, those credit mandate requirements.”

The Guangzhou auto show starts on Friday.

Prime Minister U.Khurelsukh had assigned Minister of Construction and Urban Development Kh.Badelkhan to form a working group to study the feasibility of the project and draft a proposal. The Cabinet made the above decision after discussing the proposal delivered by the working group, and Minister Kh.Badelkhan briefed the press.

The new wastewater treatment plant construction will be funded by a soft loan from the People’s Republic of China.

The Cabinet instructed corresponding authorities including Mayor of Ulaanbaatar to take some measures regarding the Central Wastewater Treatment Plant such as removing the sewage sludge and odor, eradicating its negative impacts on environment, and conducting a specialized assessment on the state of the facility.

The Cabinet sees that building of a new wastewater treatment plant will create a conducive living environment for Ulaanbaatar residents and reduce environmental pollution.

At present, 225 factories and entities transfer chemically contaminated water 2.8-4.1 times higher than the accepted level to the Central Wastewater Treatment Plant, leading to serious pollution of River Tuul.

The Foreign Minister appreciated how bilateral relations are broadening in political, defense, cultural and educational spheres, emphasizing the importance of fully utilizing bilateral cooperation potentials in trade and economy. The Minister put forward a proposal on holding meetings and implementing joint projects targeted to developing bilateral cooperation in SMEs development, Montsame state news agency reported.

Ambassador Yazal informed that a brochure featuring business and investment opportunities in Mongolia has been drafted in collaboration with the Mongolian National Chamber of Commerce and Industry. The brochure will be distributed to Turkish commerce chambers. “The brochure will introduce unexplored business potentials in Mongolia to Turkish investors, helping attract more investment,” said the Ambassador.

Minister D.Tsogtbaatar commended the efforts of Turkey in strengthening bilateral people-to-people relations through education, noting the importance of the Mongolian alumni of Turkish universities in bringing the two countries closer.

Ambassador Yazal praised Mongolian students in Turkey, highlighting their dedication, excellence and superior knowledge. The Ambassador also notified that he had conveyed to corresponding organizations a proposal to eliminate the limit on number of scholarships provided by the Turkish Government.

Top Taiwanese cardiologists came to Ulaanbaatar to participate in the conference. During the event, the specialists exchanged experience and agreed on future cooperation steps.

The Cabinet assigned corresponding Ministers to intensify the activities of Tsagaan Khad customs inspection area, and draft a proposal on management of coal export transport. Minister of Road and Transport Development J.Bat-Erdene was ordered to conduct an examination on entities engaging in coal transport.

Ministers D.Sumiyabazar and J.Bat-Erdene worked in Umnugobi aimag last weekend, and visited Gashuunsukhait border crossing to look over the situation of coal trucks. About 1,200-1,500 coal trucks passed the Gashuunsukhait border crossing daily until July 10, when the number was reduced to 500-600. As such, there is about 100-km-long logjam of coal trucks at the border crossing, regarding which the Ministers met with the drivers and local residents.

The Ministers also found that about 70 percent of 97 companies engaging in coal transport at the Gashuunsukhait border crossing have not established a labor contract with the drivers, excluding them from health, social and other insurances.

The road capacity at Gashuunsukhait border crossing is 65 tons per truck. Suggestions were made during the Ministers’ visit that the standard of 65 tons should be complied with as far as Tsagaan Khad border point, from where the the capacity should be increased to 100-110 tons until reaching Gants Mod border crossing. By doing so, volume of coal export can be increased by 40-50 percent even if only 500 trucks pass the border, said Minister D.Sumiyabazar.

As such, the Minister informed the press that the Cabinet will be taking steps to improve coal transport management including using a short-distance route through Tsagaan Khad border point starting from November 15. The Tsagaan Khad route will be used until March 1, 2018. In the mean time, the Government will hold negotiations with the Chinese side in the near future, he said.

ITools IPO was oversubscribed by 3 times and reached orders for MNT 3.9 billion, becoming the highest ordered stock on the MSE. Due to the oversubscription of the IPO, shares were alloted on a pro-rata basis.

ITools secondary market trading will begin on November 16, 2017.

Standard Investment was underwriter for the firm.

On the secondary market for government bonds, 12 bonds with a value of MNT1.1 million were traded.

The MSE ALL Index increased by 0.3 percent to stand at 1,169.18 points. The MSE market cap stands at MNT 2,301,264,129,003.

Berkshire cut its IBM stake 32 percent in the third quarter to about 37 million shares worth $5.37 billion from 54.1 million shares worth $8.32 billion, according to a Tuesday regulatory filing detailing its U.S.-listed stock holdings.

The IBM share stake has fallen by 54 percent since the end of 2016, when Berkshire owned roughly 81 million shares for which it paid about $13.8 billion.

During the quarter, Berkshire also boosted its stake in Apple Inc (AAPL.O) 3 percent to 134.1 million shares worth $20.7 billion, and became Bank of America Corp’s (BAC.N) largest shareholder by exercising warrants for 700 million shares.

IBM, whose full name is International Business Machines Corp, accounted for most of the stock sales that Buffett and his deputies Todd Combs and Ted Weschler made in the quarter.

In May, Buffett revealed he had begun selling IBM, telling CNBC he did not value Big Blue as highly as he did six years earlier when he started buying.

“IBM is a big strong company, but they’ve got big strong competitors, too,” he said.

The IBM investment had been viewed as a surprise, given the 87-year-old Buffett’s resistance to investing in technology companies and businesses he found harder to understand.

Berkshire has said it paid an average of about $170 per share for IBM. The shares closed up 49 cents at $148.89 on Tuesday, but fell in after-hours trading.

For the third quarter, Berkshire also reported lower stakes in Wells Fargo & Co (WFC.N) and cable TV company Charter Communications Inc (CHTR.O), and higher stakes in seed company Monsanto Co (MON.N) and credit card issuer Synchrony Financial (SYF.N).

It also no longer reported a stake in Wabco Holdings Inc (WBC.N), which sells brake and suspension systems for commercial vehicles.

Berkshire is one of Wells Fargo’s largest shareholders, with a nearly 10 percent stake. In April, it withdrew a Federal Reserve application for permission to exceed that level, citing restrictions on its ability to do business with the bank.