Mongolian government starts granting scholarships to Cubans www.montsame.mn

Ulaanbaatar /MONTSAME/ The Mongolian Minister for Education, Culture, Science and Sports G.Chuluunbaatar and Ambassador Extraordinary and Plenipotentiary of the Republic of Cuba to Mongolia Raul Delgado Consepcion signed the Agreement on Mutual Acknowledgement of Tertiary Education Certification and Degrees between the Government of Mongolia and the Government of the Republic of Cuba.

Fed: US banks have money for crisis www.bbc.com

The 34 largest banks in the US have money on hand to withstand a severe recession, the US central bank said on Thursday.

The finding comes from an annual "stress test" conducted by the Federal Reserve.
The tests were put in place after the financial crisis to strengthen financial capacity in the event of a downturn.
Banks have been pushing to relax those rules.
Some said Thursday's results could make it easier to convince policymakers to do so.
"We see today's ... stress test results as a positive for Trump administration efforts to deregulate the banks," Jaret Seiberg, a policy analyst with Cowen & Co, told Reuters.
The Federal Reserve tested to see how banks with $50bn (£39.4bn) or more would respond in the event of a global recession, if unemployment increased to 10% and property values declined.
That would trigger combined losses of nearly $500bn over more than two years - including $383bn from loans - but the firms have enough of a cushion to handle such a blow, the Federal Reserve said.
Since 2009, the 34 firms have added more than $750bn in common equity capital, the Federal Reserve said.
Jerome H Powell, a governor of the Federal Reserve who has urged some regulatory reform, said the tests show that "even during a severe recession, our large banks would remain well capitalised".
"This would allow them to lend throughout the economic cycle and support households and businesses when times are tough," he said.
The firms reviewed included Bank of America, JP Morgan Chase and Wells Fargo.
A second, more closely watched component is due next week.

Unemployed rate decreased to 9.1 percent www.montsame.mn

Ulaanbaatar /MONTSAME/ The unemployment rate of Mongolia reached an all time high of 11.6 percent in the first quarter of 2016 with 143 thousand unemployed people.

Mongolia-Russia strategic relationship expands actively www.news.xinhuanet.com

ULAN BATOR, June 22 (Xinhua) -- The relationship between the law enforcement agencies of Mongolia and the Russian Federation have actively expanded in recent years, said Spokesman of the Parliament of Mongolia Miyegombyn Enkhbold on Wednesday.

Enkhbold emphasized the importance of deepening trade and economic relations between Mongolia and Russia at a meeting with Mukharbek Didigov, deputy chairman of the Federation Council Committee on Defense and Security.
After the formation of a new parliament and a new government following the previous parliamentary elections in Mongolia, bilateral relations between the two countries began to develop more intensively, said Enkhbold.
A number of mutual visits between the sectoral ministries of Mongolia and Russia have been carried out while several documents on expansion of bilateral cooperation were signed.
"All this confirms a new page opened in the strategic partnership between Mongolia and Russia," said Enkhbold.
The main task of law enforcement bodies is to create a favorable legal environment to attract investment, expand business ties and enhance regional and cross-border cooperation between Russia and Mongolia, said Didigov on a working visit at the invitation of the Parliamentary Standing Committee on Foreign Policy and Security.

Rajnath Singh's Mongolia visit postponed www.outlookindia.com

New Delhi, Jun 22 The forthcoming visit of Home Minister Rajnath Singh to mongolia has been postponed as he has suffered a hair-line fracture in the left ankle.

China may finance Russia’s natural gas pipeline to Europe www.rt.com

Gazprom’s Nord Stream 2 pipeline may get Chinese financing if European companies are forced out of the project by the latest round of US sanctions, business daily Vedomosti reports.

Construction of UB - Mandalgobi electric line and sub-station starts www.montsame.mn

Ulaanbaatar /MONTSAME/ Construction of electric line between Ulaanbaatar and Mandalgobi and its sub-station, which targets to export electricity to China, started as the project launching ceremony took place this week. The project will be financed within general loan agreement of USD1 billion between Government of Mongolia and Export-Import Bank of the People’s Republic of China, established on November 10, 2015. TBEA Group of China will construct the line and sub-station as it won the bid. 

Project commences for increasing Mongolia's place in regional power distribution www.montsame.mn

Ulaanbaatar /MONTSAME/ A Technical Assistance Project on Strategy of Northeastern Asian General Power Grid Network has commenced implementation at the initiative of the Mongolian Ministry of Energy and the Asian Development Bank. The project research will focus on the details of how to connect Mongolian energy resources with the power grids of other countries in the region. Electricite De France, a leading electric utility company of Europe, is executing the research.

British luxury smartphone maker to use Chinese chips www.chinadaily.com.cn

Vertu, one of the world's leading manufacturers of luxury mobile phones, has announced that it has signed an agreement with TCL Communication.

This is the first agreement signed by Vertu since the company was purchased by entrepreneur Hakan Uzan in mid-March of 2017. This agreement, worth $40 million, will enable Vertu to "use advanced and innovative technology from TCL Communication for 30,000 handcrafted Vertu phones".

Speaking from the new corporate offices of Vertu AK France in Paris, Hakan commented, "We are delighted to have signed this agreement with TCL Communication. It is the first of many, considerable investments we are making into the business. TCL Communication is a valued partner of Vertu and we hope that this will be the start of a prosperous new chapter in our relationship."

Today's announcement is seen as a first step in helping Vertu enable its full potential as a powerful global brand. Under new patronage and the leadership of Hakan, Vertu is going through a substantial restructuring and modernisation of all its business units, whilst preserving the heritage and craftsmanship it is renowned for around the world.

"Customers will have access to limited, special edition Constellation X products as soon as mid-July, with full ramp up by early September. The new generation of Vertu Concierge Services will start being introduced in mid-July in limited markets, with a new wide ranging portfolio of Vertu Life Style Products becoming available in Vertu Boutiques in early September," Hakan added.

"As a leading smartphone innovator, TCL Communication is very pleased to extend our successful relationship with Vertu," said Alain Lejeune, Senior Vice President of TCL Communication. "Combining our advanced smart phone technology with Vertu's superb craftsmanship and commitment to superior design and performance, it will help create an outstanding experience for its discerning customers."

Vertu AK France, the parent company, is aiming to launch new services and products in September, alongside announcing several exclusive luxury partnerships with leading global brands. The new products will be sold in the key luxury markets of France, UK, China, Asia, Russia, Western Europe and the Middle East.

While the company has moved its corporate offices to Paris, all Vertu products are designed and manufactured in the UK, with around 90 percent destined for export markets. The company has operated from its Hampshire base since 2000, shipping its first phone in 2002. To date, Vertu has sold more than 500,000 devices worldwide. The new Vertu phones have an entry selling price of 7,500 pounds and the company has more than 225,000 registered users.

One Vertu phone, the Signature Cobra, is on sale for $350,000. The highlight of the Vertu Signature Cobra feature phone is that it has been designed by a France-based jewellery brand, Boucheron. Other highlights of the new Vertu phone include the 439 rubies inlaid in the device, fitted in a cobra design. As the name suggests, the phone features a cobra design around the front and the eyes are 2 emerald stones.

US calls for Japan beef concessions www3.nhk.or.jp

US Trade Representative Robert Lighthizer has urged Japan to make concessions on beef imports as part of efforts to reduce the US trade deficit.