1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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'Made in Russia' could be coming to a store near you www.rt.com

The currency crisis and a drop in real wages make Russia attractive for foreign manufacturers searching for cheaper labor costs. Besides providing jobs, this could make the country a regional production hub in the near future.
 
The Russian currency lost about 40 percent against the US dollar in the past two years following the collapse in global crude prices, leaving the ruble about 30 percent below its peak in June 2013.
 
Last year, Russian salaries in dollar terms slid below wages in Brazil, China and members of the former Eastern bloc such as the Czech Republic, according to the Moscow-based Higher School of Economics.
 
That makes Russia a broadly competitive platform for new plants and factories. For example, South Korea's Samsung has begun exporting Russian-made washing machines to 20 European countries. The Wrigley subsidiary of US confectioner Mars has started producing Juicy Fruit chewing gum at a facility in St. Petersburg.
 
In the last ten months, industrial output has risen 0.3 percent, which appears to show a turnaround in the country's declining factory production, according to new data. The Economy Ministry expects an annual increase of 0.4 percent after a contraction of 3.4 percent last year.
 
“This is a strong statement that we can do something really competitive from Russia. Russian suppliers are competitive today mainly because of the currency situation. I don’t think this is temporary,” said Magnus Benon, head of purchasing operations in Russia for IKEA, the world’s largest furniture retailer, as quoted by Bloomberg.
 
The current conditions can allow Russia to crack the problems bolstered by years of ruble appreciation and wage increases that outstripped gains in productivity. The country may vie to become a regional production hub in the short-term.
 
“The goal of our manufacturers in Russia is to create alliances with foreign companies, to become part of regional and global chains of added value and thus to increase not only the country’s competitive potential, but also its export potential,” said Yaroslav Lissovolik, chief economist at the Eurasian Development Bank. He even suggests Russia may become the region’s factory.
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Thursday Morning Briefing: Mr. Trump, there's a Shinzo Abe here to see you. www.reuters.com

President-elect Donald Trump is expected to meet with Japanese Prime Minister Shinzo Abe today, Trump's first meeting with a foreign leader since being elected. But as of last night, Japanese officials didn't know where or when the meeting would take place. Nor did they know who would be attending. The expected topics up for discussion, however, are well known: The nature of the alliance between the United States and Japan. During the campaign, Trump raised questions:

"If somebody attacks Japan, we have to immediately go and start World War III, okay? If we get attacked, Japan doesn't have to help us. Somehow, that doesn't sound so fair." – Donald Trump, Dec. 30, 2015, Hilton Head, South Carolina.

"You're going to have to ask yourself, at what point and at what cost do we continue to protect Japan, Germany and many other countries. They're not paying for the protection anywhere near what it's costing us." – Donald Trump, Face The Nation, CBS News, April 3, 2016

Katsuyuki Kawai, an adviser to Abe sent to set up the Trump meeting, said he had spoken to several Trump advisers since arriving in Washington on Monday.

"I have been meeting with so many top aides to the president-elect and also I have been meeting with the very distinguished senators and congressmen and they unanimously told me that we don’t have to take each word that Mr. Trump said publicly literally."

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Alibaba, Tencent back Chinese cyber law facing overseas critics www.reuters.com

China's Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings Ltd (0700.HK) rallied behind Beijing's recently-imposed cyber security law on Thursday, following criticism of it from overseas technology rivals.

The country's two tech giants also urged closer cooperation between the public and private sectors at China's third World Internet Conference, which has focused on heightened threats to cyber security over the past year, including disruptions to financial systems and online terrorist radicalization.

China says the new law, which formalizes broad restrictions on technology companies working in China, was designed to remove cyber security threats in "critical" industries not to target foreign businesses and will help counter terrorism.

However, overseas business groups and technology organizations say it unfairly targets them with overzealous surveillance measures and local data storage requirements.

Analysts say Alibaba and Tencent operate websites and apps that have a largely local user base, and so face fewer changes in the way they store data as a result of the law.

"This marks a step forward for China. We are asking [Tencent] professionals to learn from these regulations," Yang Peng, director of Tencent's Executive Committee for Information Security, said at the conference, which is organized by China's internet regulator and has also focused on building more robust global governance and the responsibility of the media.

Critics of the cyber security law say while China's influence in global technology has grown, its ruling Communist Party led by Xi has presided over broader and more vigorous efforts to control, and often censor, information online.

Alibaba's Vice President Yu Weimin said the group has 3,000 people dedicated to security, and the e-commerce giant is "working with law enforcement" to crack down on some content.

"With all this technology together we can win the war on terrorism," Yu said.

Tencent's Yang said the company is working within state regulations to clean up content, and has removed 80,000 video clips from their site this year.

Cyber security took on a greater focus among regulators worldwide in February when it emerged that hackers stole $81 million from the Central Bank of Bangladesh [BDCB.UL] via SWIFT, the global financial messaging system. The funds were transferred to accounts in the Philippines and Sri Lanka.

Both Tencent and Alibaba operate online payment platforms that offer services ranging from bill payments to money transfers. Alibaba's Alipay dominates the online payments industry in China, while Tencent's WeChat payment system is increasingly popular.

"Big internet companies are the ones with the means to fight cyber terrorism, which is why we need more cooperation between the private and public sector," Alibaba's Yu said.

(Editing by Ryan Woo and Alexander Smith)

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Vietnam walks away from American-backed trade deal TPP www.rt.com

Vietnam has decided not to join the Trans-Pacific Partnership (TPP), with the trade deal's future uncertain under incoming US President Donald Trump.

"The United States has announced it is suspending the submission of TPP to the parliament so there are not sufficient conditions for Vietnam to submit its proposal for ratification," Prime Minister Nguyen Xuan Phuc told the National Assembly, according to Reuters.

The TPP deal is a project of incumbent US President Barack Obama aimed at increasing American exports. The future of the trade deal is highly uncertain in the Republican-dominated Congress and with President-elect Trump calling the project a "disaster".

"TPP is now in the history dustbin for sure," Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, told Politico last week.

Asian countries have reacted differently to the increasing likelihood of the trade treaty failure. Malaysia is focusing on a China-led trade agreement, while Japan has been seeking to revive the TPP.

"We already have signed 12 free trade agreements, so joining the TPP is good, but without joining TPP we will still continue to further the economic integration under programs we have joined," said the Vietnamese Prime Minister.

Among Vietnam’s free trade agreements is a deal with the Russia-led Eurasian Economic Union that came into power in October. Almost 60 percent of the tariffs between Vietnam and the bloc uniting Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan have been eliminated with another 30 percent expected to be eliminated in the next five to ten years.

"We are ready to cooperate with the United States for co-development on the principle of respecting independence, territorial sovereignty, causing no harms to each other. In that spirit, I believe the Vietnam-US ties will be better in the coming time," said Phuc.

Last week, Vietnam's trade minister said traditional exports like textiles, seafood and footwear would remain competitive even without the US deal.

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Russia starts blocking LinkedIn website after court ruling www.reuters.com

Russia's communications regulator on Thursday ordered Internet service providers to block public access to the website of social networking company LinkedIn to comply with a court ruling that found the firm guilty of violating data laws.

Roskomnadzor, the watchdog, said it was acting to protect Russian Internet users' data. Russian law requires websites which store the personal data of Russian citizens to do so on Russian servers, something it said LinkedIn did not do.

LinkedIn, headquartered in the United States, has more than 6 million registered users in Russia. It is the first major social network to be blocked by Russian authorities, setting a precedent for the way foreign Internet firms operate.

LinkedIn's site would become unavailable in Russia within a day, the Interfax news agency cited Roskomnadzor spokesman Vadim Ampelonsky as saying. One Internet service provider, Rostelcom, was quick to say it had already blocked access to the site.

LinkedIn could not be immediately reached for comment.

It said in a statement earlier this month that the decision risked denying access to its site for millions of Russian members, including companies, who use it to grow their businesses.

The law requiring websites which store the personal data of Russian citizens to do so on Russian servers was introduced in 2014, but never previously enforced.

Critics see the move against LinkedIn as part of an attack on social networks in a country which has increasingly tightened control over the Internet in recent years.

(Reporting by Jack Stubbs; Writing by Maria Tsvetkova; Editing by Andrew Osborn)

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Volkswagen aims to sell 400,000 new energy vehicles a year in China by 2020 www.reuters.com

Volkswagen (VOWG_p.DE) aims to boost new energy vehicle sales in China to 400,000 units a year by 2020, the automaker's China chief Jochem Heizmann said, as Beijing pushes automakers to sell low-emissions cars via incentives and friendly regulations.

It aims to eventually sell 1.5 million new energy vehicles (NEVs) annually by 2025, Heizmann told reporters ahead of the Guangzhou auto show, which opens on Friday.

"We have to do more in the NEV area. The government is pushing, the general environment in China is pushing that," Heizmann said.

Overall sales of NEVs in China more than quadrupled last year with rapid growth continuing in 2016.

Volkswagen will deliver its first locally produced NEVs, as battery electric and plug-in hybrid cars are referred to in China, under its Audi brand this year.

Audi AG (NSUG.DE) manufactures the vehicles in a joint venture with China FAW Group [SASACJ.UL].

Volkswagen also has a JV with SAIC Motor (600104.SS), and the two companies have plans to sell plug-in hybrid cars in China in the future.

Global auto brands are only allowed to manufacture cars domestically in China through ventures with local partners, with automakers typically limited to two JV partners.

Volkswagen said in September that it had signed a preliminary deal to explore making electric vehicles in a new joint venture with China's Anhui Jianghuai Automobile (JAC Motor) (600418.SS).

The deal is not final and is subject to approvals.

He said he was hopeful the government would allow what would be Volkswagen's third JV in China, with the government pushing for less-polluting vehicles.

"Normally the legal framework is you are only allowed to have two joint ventures. There is a special chance to have this additional joint venture just on pure battery cars," Heizmann said.

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PM Erdenebat’s government addresses many of the problems listed in US Embassy’s 2016 Investment Climate Statement NAMBC Newsletter

Prime Minister Erdenebat’s government is addressing many issues raised in “2016 Investment Climate Statement” issued by the US Embassy; link to full text - Prime Minister Erdenebat’s government appears to be addressing many of the problems listed in the US Embassy’s 2016 “Investment Climate Statement,” which was released this past summer after the June elections. As US Ambassador Jennifer Z. Galt stated in remarks on September 22, “The new government has acted quickly both to publicly define problems and to address them.” Ambassador Galt noted that “Government leaders have met with investors and vowed to correct missteps that contributed to Mongolia’s economic decline.”

This annual review of the investment climate is issued by every American embassy around the world for each host country, as required by Congress. The 2016 version on Mongolia, like its predecessors, is a succinct and accurate discussion of challenges to FDI, and is well worth reading.

For the full text of the 2016 Investment Climate Statement, paste this address into your browser:

http://www.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2016&dlid=254299#wrapper

 

 
 
 
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Hamburg Summit to focus on Belt and Road Initiative www.chinadaily.com

SHANGHAI - China's Belt and Road Initiative will be a key focus of the Hamburg Summit in Germany on Nov 23 and 24, said Lars Anke, chief representative of Hamburg Liaison Office China.

Initiated by the Hamburg Chamber of Commerce, the Hamburg Summit is a major Sino-European economic conference that aims to boost exchanges and tap business opportunities for entrepreneurs from both countries, according to organizers.

German and Chinese companies are increasing bilateral trade and investment in light of the initiative and also seeking cooperation opportunities in ports, transportation and industrial automation, Anke told reporters Tuesday in Shanghai.

So far, over 550 Chinese companies have set up offices in Hamburg and more than 700 Hamburg businesses are engaged in trade with China. In 2015, Hamburg port handled 2.5 million container units (TEU) from and to China, a third of all handled in the German port.

Chinese companies have also increased investment in Germany, according to Peter Rothen, consul general of Germany in Shanghai.

Chinese companies have showed strong interest in Hamburg's digital market.

In June, Spearhead, a Beijing-based company, acquired mobile advertising platform Smaato from Hamburg for $148 million. In April, Shanghai-based Youzu Interactive acquired Hamburg-based game developer Bigpoint with the aim of jointly building a global marketplace for online and mobile games.

Dutch chipmaker NXP is currently selling its high-tech semiconductor plant in Hamburg to a consortium consisting of Jianguang Asset Management and Wise Road Capital.

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Abe heading to New York for talks with Trump www3.nhk.or.jp

Japanese Prime Minister Shinzo Abe says he wants to build a relationship of trust with US President-elect Donald Trump, to bolster the Japan-US alliance.

Abe spoke to reporters before leaving Tokyo's Haneda Airport for New York on Thursday for his first meeting with Trump.

Abe said it is an honor to be meeting the next US president ahead of other world leaders. He said that he hopes to talk with Trump about their dreams for the future.

He reiterated that the Japan-US alliance is the cornerstone of Japan's foreign and security policy, but said it requires mutual trust in order to function properly.

He said he hopes to build such a relationship with Trump and join hands in working for world prosperity and peace.

After meeting Trump, Abe will head to the Peruvian capital of Lima to attend a summit of the Asia-Pacific Economic Cooperation forum. US President Barack Obama, Chinese President Xi Jinping, and Russian President Vladimir Putin will also be attending the summit.

Abe plans to hold talks with Putin while in Lima.

After the APEC summit, he will visit Buenos Aires in Argentina for talks with President Mauricio Macri.

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Senior management changes www.riotinto.com

Rio Tinto today terminated the contracts of Energy & Minerals chief executive Alan Davies and Legal & Regulatory Affairs Group executive Debra Valentine.
The Rio Tinto board reviewed the findings to date of an internal investigation into 2011 contractual arrangements with a consultant who provided advisory services on the Simandou project in Guinea.
The board’s decision does not pre-judge the course of any external inquiries into this matter. However, the board concluded that the executives failed to maintain the standards expected of them under our global code of conduct, The way we work. In the circumstances, the board terminated the contracts of both executives.
In accordance with contract termination, neither executive will be eligible for any short-term incentive plan awards for 2016. Rio Tinto will also cancel all unvested incentive plan awards from previous years.
As previously announced, Rio Tinto contacted the regulatory authorities in the United Kingdom, Australia and the United States about the matter and intends to fully cooperate with any subsequent inquiries. Further comment at this time is therefore not appropriate.
Alan Davies will be replaced by Bold Baatar, who will join the Executive Committee as Energy & Minerals chief executive.
Bold held a number of senior investment banking roles with JP Morgan before taking on chief executive positions with a gold mining company and a diversified investment management business in Mongolia. He joined Rio Tinto in 2013 as Copper International Operations president and is the managing director of Marine and vice president Iron Ore Sales and Marketing.
Rio Tinto chief executive J-S Jacques said “Appointing Bold to run our Energy & Minerals business will add a fresh perspective to the product group. Bold brings broad international and executive experience in a wide range of commercial disciplines. He has a proven track record and will be a great addition to our ExCo, particularly with his strong strategic approach and acute understanding of Asia.”
Bold’s biography is available at www.riotinto.com/ExecutiveCommittee.
Chief financial officer Chris Lynch has temporarily assumed accountability for the corporate Legal & Regulatory Affairs function. The recruitment process for a new chief legal counsel has commenced.

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