Both countries have maintained a cautious stance on the bank, saying they have concerns about the transparency of its operations.

AIIB President Jin Liqun held a news conference following the organization's second annual meeting in Jeju Island, South Korea, on Saturday.

He said that the AIIB has approved 2.49 billion dollars in finance for 16 projects in 9 countries in Asia and the Middle East since its founding in 2015.

In response to South Korean President Moon Jae-in's call for investment in North Korean infrastructure, including a railroad linking the countries, Jin said the bank's committee should decide when investing in a non-member state.

The AIIB says it has added 3 new members, bringing the total to 80.

“If a company can serve two billion consumers, that is one-third of the total population of the world. If a company can create 100 million jobs, that is probably bigger than most governments can do. If a company can support 10 million profitable businesses on its platform, this is called an economy,” Ma told company investors at Alibaba’s headquarters in Hangzhou, as quoted by South China Morning Post.

Alibaba wants to earn $1 trillion in gross merchandise volume by 2020 to become the world’s 16th or 17th largest economy, bigger than Turkey or Saudi Arabia.

In 2036, Alibaba would become the № 5 economy in the world, just behind the United States, China, EU and Japan, according to Ma. The company will have created 100 million jobs by that time, he added.

Alibaba had roughly 450 million active annual buyers on its China marketplaces in the financial year that ended March 31.

The company unites a family of internet-based businesses, which enables its users to buy or sell anywhere in the world. It has developed businesses in consumer e-commerce, online payment, business-to-business marketplaces, and cloud computing, and has started developing mobile apps, mobile operating systems, and internet TV.

Eleven fire brigades (more than 200 firefighters) of the capital of Mongolia have been fighting the fire throughout the night.

No potential causes of the fire at the plant have been announced yet. According to preliminary data, the fire broke out due to repair activities carried out on the roof.

The company posted its biggest net loss ever in fiscal 2016 due to mounting costs stemming from the recall.

It's said to be filing for bankruptcy to get financial backing worth an estimated 1.8 billion dollars from US auto parts maker Key Safety Systems.

In January, Takata agreed to pay one billion dollars in penalties to settle charges with the US Justice Department over faulty airbags.

Takata airbags were responsible for at least 11 deaths, as well as injuries to 2 people in Japan.

Company officials decided to sell off subsidiaries and seek a sponsor to help rebuild the firm.

The Mongolian Chamber of Commerce and Industry announced the year of 2017 as ‘Year of Facilitating Trade’ and the Mongolian side has a position to ease procedures and acts related to cross-border trade, costs, required documents, inspections and controls after negotiating with the neighbor countries.

The meeting is being attended by chairman of the Mongolian Chamber of Commerce and Industry Mr B.Lkhagvajav, Chairman of Chamber of Commerce and Industry of Russian Federation Mr S.N.Katyrin and Vice Chairman of the China Council of the Promotion of International Trade Mr Wang Jinzhen.

Mongolia hiked rates by 4.5 percentage points to 15 percent last August in a bid to stabilise its currency, which was in free-fall. It subsequently cut rates by 1 percentage point in December.

The country agreed pm a financial package worth $5.5 billion with the International Monetary Fund last month to help stabilise the Mongolian economy and cut its budget deficit. (Reporting by Terrence Edwards; Editing by Richard Borsuk)

Split into two divisions, Arrium runs the steelworks at Whyalla, South Australia, and is also a supplier (to Whyalla) and an exporter of hematite iron ore. It is Australia's only manufacturer of long steel products, with capacity of about 2.5 million tonnes a year. Arrium also has steel operations on the east coast.

But the company was forced into "voluntary administration" in April 2016 with debts of over AUD$4 billion. Voluntary administration is an insolvency procedure whereby the directors of a financially troubled company appoint an external administrator called a "voluntary administrator".

The shutdown affected about 2,500 steelworkers who lost their jobs.

Today, however, it was announced that a consortium headed by Newlake Alliance Management and JB Asset Management and supported by POSCO, has bid on the business that was put up for sale by administrator KordaMentha and its advisers Morgan Stanley. A bid figure was not disclosed. The sale would have to be approved by the creditors committee and the Foreign Investment Review Board.

The consortium outbid rival consortium Liberty Group and Simec.

The Australian opined that it was the greater firepower brought to the table through POSCO, which is the world's fourth largest steelmaker, that sealed the bid.

"The opportunity for the Korean steelmaker is thought to be one where a distribution network is created to distribute its own steel products throughout Australia from out of Korea and make it more competitive with Australian steel making champion BlueScope," Australian Business Review wrote.

POSCO also reportedly is able to produce iron or steel from thermal coal, "which could lower Arrium’s steelmaking costs, and make an acquisition of the loss-making Whyalla a viable proposition," according to an analysis of the deal. A byproduct of the FINEX steelmaking process is natural gas, which could generate up to 250 megawatts, ABC News said.

Following a formal process led by Senior Independent Director, Shriti Vadera, the new chairman will assume his post on September 1, 2017.

Former CEO of global packaging company Amcor, MacKenzie joined the BHP board as a non-executive director in September 2016 and is a member of its Sustainability Committee.

The Canadian executive, who lives in Australia, has over 23 years of international business experience and, according to Vadera, “has a proven track record of delivering value for shareholders.”

His appointment comes after Australian Nasser, who was a board member for over 10 years and was appointed chairman in 2010, announced his retirement in October last year. Nasser wanted to retire earlier, but he chose to stay on while BHP dealt with the aftermath of the Samarco mine disaster in Brazil, which claimed 19 lives and caused widespread environmental damage.

In a press release, the outgoing executive dubbed MacKenzie’s election “an excellent choice” and thanked BHP’s CEO, Andrew Mackenzie, for his “vision and hard work to help deliver significant change over the past four years.”

Additionally, following the election, MGG announced the resignation of Byambaa Losolsuren from the Board of Directors. “I want to thank Byambaa for her 6 years of insight and dedication as a board member,” Said Harris Kupperman, Chairman and CEO of MGG. “I wish her the best in all of her future endeavors.”