Mongolia may see 7-8 pct economic growth after recovery - IMF www.reuters.com

ULAANBAATAR, March 14 (Reuters) - Mongolia can likely look forward to 7-8 percent economic growth once it rebounds from its economic troubles, the International Monetary Fund's (IMF) country head to Mongolia said.

"I see 7-8 percent (economic growth), which I think is achievable and sustainable," IMF Resident Representative for Mongolia Neil Saker said at a panel discussion on Monday.

That would still be far slower than the boom days when the resource-rich country grew 17.3 percent in 2011.

The IMF and other partners bailed Mongolia out with a $5.5 billion economic stabilisation package in February, after the landlocked nation was hit hard by an economic crisis in 2016 due to government overspending and declining revenues from commodity exports.

This rescue package boosted investor confidence and helped in a successful debt swap of the $580 million bond due 2017 issued by the state-owned Development Bank of Mongolia (DBM).

Holders of $476 million DBM bonds received new sovereign bonds in exchange and new investors bought $124 million bonds, taking the aggregate of the new sovereign bonds due in 2024 , to $600 million. The remaining $104 million bonds issued by DBM will be redeemed on March 21.

"The Development Bank bond is now being settled," Saker said, referring to the bond due on March 21.

"Mongolia did a good job talking to investors and the bond was five times oversubscribed."

(Reporting by Terrence Edwards; Additional reporting by Umesh Desai; Editing by Sue-Lin Wong and Jacqueline Wong)

China cuts retail oil prices www.chinadaily.com

BEIJING - China will lower the retail prices of both gas and diesel by 85 yuan ($12.3) per ton from Wednesday due to falling international prices, according to the country's top economic planner.

Mongolian PM to visit Russia www.news.mn

J.Erdenebat, Prime Minister of Mongolia will pay a visit the Russian Federation in the first half of 2017, Mongolian Ambassador to Moscow B.Delgermaa told TASS on Monday.

Mongolia Economic Forum 2017 www.gogo.mn

Mongolia Economic Forum (MEF) 2017 is scheduled to be held on March 30-31st at the State Palace, under the motto "Think sustainable, Act responsible".
The forum aims to bring together policy makers, the private sector, and civil society representatives to discuss economic issues. Over 1,500 participants attend the forum each year.
Forum guests include the President of Mongolia, Prime Minister of Mongolia, Speaker of Parliament, Members of Parliament, Cabinet Ministers, representatives of foreign company, local businessmen, public stakeholders, local and international media, and representatives of international organizations. 
Registration is now open at www.meforum.mn/register

Ulaanbaatar to expand its tax base www.montsame.mn

Ulaanbaatar /MONTSAME/ “We will work towards expansion of tax base and increase of revenue”, remarked Ulaanbaatar Mayor S.Batbold during the signing of a memorandum of understanding with Mongolian Taxation Authority on March 14.

Mongolia secures safety for US plane landing www.montsame.mn

Ulaanbaatar /MONTSAME/ Ulaanbaatar-bound US military airplane C-17 made an emergency landing at Chinggis Khaan International Airport, just reaching its destination.

IMF calls for action against protectionism www.nhk.or.jp

The International Monetary Fund has called on the Group of 20 economies to avoid protectionism, in an apparent warning to US President Donald Trump.

Toyota to study production in Saudi Arabia www.nhk.or.jp

Executives at Japanese automaker Toyota Motor are considering whether to make cars in Saudi Arabia. They say they've signed a memorandum of understanding with Saudi officials to study the possibility of setting up a factory in the Middle Eastern nation.

Mid-flight slumber cut short by exploding headphones www.bbc.com

Australian authorities have warned about the dangers of using battery-powered devices on flights after a woman's headphones caught fire.
The woman was dozing on a flight from Beijing to Melbourne when she was woken by the sound of an explosion.
She tore the headphones off to find them sparking, catching fire and beginning to melt.
The explosion and fire left her with a blackened face and blisters on her hands.
The passenger, who has not been named, told the Australian Transport Safety Bureau (ATSB) she was listening to music when the explosion occurred.

Chinese data, strikes bring copper price back to boil www.mining.com

In New York on Tuesday copper for delivery in May enjoyed a third day of gains adding 1% to $2.6505 per pound or $5,843 a tonne on the back of upbeat economic data from China and continued labour disruptions at the world's biggest mines.

The Statistics Bureau of China said on Tuesday industrial production led by the steel industry jumped 6.3% in January and February of 2017 (released together to smooth out distortions in the data caused by the Chinese new year).

Fixed asset investment shot up by 8.9% compared to 8.1% for 2016 as a whole thanks to strong private sector investment. China consumes some 46% of the world's copper and the price of the metal is influenced by broader economic trends thanks to its widespread use in a variety of industries.

Reuters also reported on Tuesday that talks to resolve the strike at Escondida, the world's largest copper operation by a wide margin, is going nowhere. The main union representing 2,500 workers at the Chilean mine released a statement that it will "maintain the strike for an indefinite amount of time" after a third attempt to restart negotiations with management failed.

The previous labour strike in 2006 ended after 25 days while the current wage deal was signed four years ago when copper was trading around $3.40 a pound

The strike at the BHP Billiton operated mine is already in its 34th day. The previous labour strike in 2006 ended after 25 days while the current wage deal was signed four years ago when copper was trading around $3.40 a pound.

In its annual financial results BHP said it expected full-year production at Escondida of 1.07 million tonnes, which gives the mine a nearly 5% shares of global primary copper production.

BHP, which operates and majority owns the mine with fellow Melbourne diversified giant Rio Tinto, declared force majeure at the mine on February 10 sending the copper price to its highest since May 2015, but an unexpected surge in copper inventories at facilities controlled by the LME and on the Shanghai Exchange stopped the rally in its tracks.

Peru strike adds to Freeport woes
In Peru top listed copper producer Freeport McMoRan's Cerro Verde mine which recently underwent a massive expansion has also been hit by labour action. Workers walked off the job on Friday for an indefinite strike saying production at the mine is running at 50%. Cerro Verde, controlled by Freeport with a 53.6% stake, Sumitomo Metal (21%) and Buenaventura (19.6%), produced just under 500,000 tonnes of the red metal last year, making it the South American nation's top producer.

At the same time Freeport's Grasberg mine in Indonesia faces a concentrate export ban as it negotiates a new operating licence and ownership agreements with the Asian nation. Last month Phoenix-Arizona-based Freeport said it does not foresee a return to business as usual at its 90%-owned operating subsidiary in the country.

Freeport Indonesia is in the process of suspending its investments at the remote mine in Papua province and reducing production by roughly 60% from normal levels. In January Freeport said for each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 32,000 tonnes of copper and 100,000 ounces of gold.