1 PLOT THICKENS AS XANADU AXES MONGOLIAN COPPER-GOLD SELL DOWN VOTE WWW.THEWEST.COM.AU PUBLISHED:2025/04/18      2 STATE TO PAY SALARIES FOR ‘DREAM TEAM’ BEHIND KHARKHORUM CITY WWW.UBPOST.MN PUBLISHED:2025/04/18      3 THE KINGDOM OF SAUDI ARABIA STUDIES MONGOLIA'S EXPORT POTENTIAL OF LIVE ANIMALS AND EGGS WWW.MONTSAME.MN PUBLISHED:2025/04/18      4 AZORRA DELIVERS MONGOLIA’S FIRST EMBRAER E195-E2 TO HUNNU AIR WWW.SKIESMAG.COM  PUBLISHED:2025/04/18      5 K-CULTURE MEETS THE SILK ROAD AS KOREAN BRANDS AND LIFESTYLES TAKE ROOT IN MONGOLIA WWW.KOREAJOONGANGDAILY.JOINS.COM PUBLISHED:2025/04/18      6 MSM GROUP BECAME AUTHORIZED DEALER OF SNAP-ON IN MONGOLIA WWW.MSMGROUP.MN PUBLISHED:2025/04/18      7 MONGOLIAN LGBTQ YOUTH FIGHT FOR RECOGNITION THROUGH MUSIC, COMEDY WWW.CBS19NEWS.COM PUBLISHED:2025/04/18      8 THE CABINET OF MONGOLIA ADOPTS RESOLUTION ON MEASURES TO INCREASE COAL EXPORTS WWW.MONTSAME.MN PUBLISHED:2025/04/17      9 TRUMP’S SECOND COMING: MONGOLIA WATCHES THE CHAOS WITH CAUTION WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/17      10 MONGOLIA CONSIDERS ACQUIRING 34% STAKE IN EIGHT POTENTIAL STRATEGIC DEPOSITS WWW.NEWS.MN PUBLISHED:2025/04/17      УЛСААС 34.4 ТЭРБУМЫН ТАТААС АВСАН КЛИНИКИЙН ГАЗРЫГ ДУУДЛАГААР ХУДАЛДАНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/18     НҮҮРСНИЙ ЭКСПОРТ ХЭВИЙН БОЛСОН Ч БИРЖИЙН ХУУЛЬД ДАХИН ӨӨРЧЛӨЛТ ОРУУЛАХ НӨХЦӨЛ БҮРДЭХГҮЙ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/18     МОНГОЛД АЖИЛ ЭРХЭЛДЭГ ГАДААДЫН ИРГЭДИЙН ТОО 23 ХУВИАР ӨСӨЖ, 9.9 МЯНГАД ХҮРЛЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/18     “ОЮУ ТОЛГОЙ”-Н ЗЭСИЙН 24, АЛТНЫ 42, МОЛИБДЕНИЙН 94 ХУВИЙГ ЭЗЭЛДЭГ 2 ТАЛБАЙ “АНТРЕ РЕСУРС”-ИЙН ЭЗЭМШЛИЙНХ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/18     ЗАСГИЙН ГАЗАР 10 ТЭРБУМ ТӨГРӨГИЙН ДОТООД БОНД АРИЛЖААЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/18     ХӨЛБӨМБӨГИЙН ХОЛБООНЫ ЕРӨНХИЙЛӨГЧИД НЭР ДЭВШИГЧИД ТОДОРЛОО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/18     “MONGOLIAN MINING” ҮЗЭСГЭЛЭНД 250 ГАРУЙ БАЙГУУЛЛАГА ОРОЛЦОЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/18     УУЛ УУРХАЙН БОРЛУУЛАЛТ 1.5 ИХ НАЯДААР БУУРЛАА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/17     НИЙГМИЙН ДААТГАЛЫН САНГИЙН ОРЛОГО ӨМНӨХ ОНЫ МӨН ҮЕЭС 315.5 ТЭРБУМ ТӨГРӨГӨӨР ӨСЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/17     Б.ЖАВХЛАН: ӨНГӨРСӨН ДОЛОО ХОНОГТ ЭКСПОРТЫН ОРЛОГО 40 ГАРУЙ САЯ АМ.ДОЛЛАРООР НЭМЭГДСЭН WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/17    

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Events

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

NEWS

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U.S. shale oil's Achilles heel shows signs of mending www.reuters.com

Since the beginning of the U.S. fracking revolution, oil producers have struggled with a vexing problem: after an initial burst, crude output from new shale wells falls much faster than from conventional wells.

However, those well decline rates have been slowing across the United States over the past few years, according to data analysis provided exclusively to Reuters.

The trend, if sustained, would help ameliorate the industry’s most glaring weakness and cement its importance for worldwide production in years to come. It also helps explain shale drillers' resilience throughout the oil market's two-year slump.

While shale oil production revolutionized the oil industry over the past decade, bringing abundance of global oil supplies, high costs and rapid production declines have been its Achilles heel. That is beginning to change thanks to technological innovation and producers' focusing less on maximizing output and more on improving efficiency and productivity.

According to data compiled and analyzed by oilfield analytics firm NavPort for Reuters, output from the average new well in the Permian Basin of West Texas, the top U.S. oilfield, declined 18 percent from peak production through the fourth month of its life in 2015. That is much slower than the 31 percent drop seen for the same time frame in 2012 and the 28 percent decline in 2013, when the oil price crash started.

The change was even more dramatic in North Dakota's Bakken shale, where four-month decline rates for new wells fell to 16 percent in 2015 from almost 31 percent in 2012. (Graphic:tmsnrt.rs/292ScGY)

A slower decline means producers need to drill fewer new wells to sustain output, said Mukul Sharma, professor of petroleum engineering at the University of Texas at Austin.

"You can have cash flow without having to expend a lot of capital."

The recent decline rates mark a dramatic improvement from first-year 90 percent declines in the early years of the shale boom that made some investors question the sector's long-run viability.

NEW PHILOSOPHY

There are no 2016 figures yet, but oil executives expect the trend to continue this year and beyond.

Scott Sheffield, chief executive of Pioneer Natural Resources Co (PXD.N), a top Permian producer, credited improved fracking techniques for helping stabilize production, which shareholders rewarded by lifting Pioneer's shares up about 9 percent over the past year.

"We're exposing more of the reservoir and breaking it up so we don't get as sharp a decline," Sheffield told a recent energy conference.

Slower declines also reflect producers' more conservative approach to operating wells. In the early years of the hydraulic fracturing boom, high crude prices encouraged operators to boost initial production as much as possible.

To do this, they would let wells flow fast by keeping pressure low on the ground's surface. About seven years ago, however, some shale operators in Louisiana found this ultimately hurt production later on by causing rock fractures to shut.

Now, many operators maintain surface pressures higher, which limits initial flow rates and slows a well's decline rate.

"Conventional wisdom has shifted," said John Lee, a professor of petroleum engineering at Texas A&M University.

Sharma of the University of Texas said that while shale well decline rates remained far above a 10 percent first-year decline a conventional well might experience, they marked a radical improvement compared with early years of hydraulic fracturing.

Harold Hamm's Continental Resources Inc (CLR.N), for example, has told investors its new wells in Oklahoma's SCOOP region are now producing 40 percent more oil six months into their lives than as recently as last year.

Today's production techniques use larger volumes of sand and pressurized fluids to frack more spots along longer well bores, to extract more oil from the wells. (Graphic: tmsnrt.rs/296vBtQ)

Pioneer fracks its wells every 15 feet today compared to every 60 feet in 2013. It costs extra $500,000 per well to do so, but its wells produce two-thirds more oil than just three years ago, boosting profitability, Pioneer said.

To be sure, not all producers are seeing slower decline rates and the newer, more stable shale wells make up only a fraction of all producing U.S. oil wells, so their impact on overall domestic output is for now limited.

The Eagle Ford shale in southern Texas has seen decline rates slightly increase, for example, according to NavPort data.

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Abe talks with Cameron, Merkel on market stability www3.nhk.or.jp

Japanese Prime Minister Shinzo Abe held separate phone talks with British Prime Minister David Cameron and German Chancellor Angela Merkel on Thursday.
 
They agreed that the Group of 7 nations will work together for global economic growth and to stabilize financial and currency markets after the UK vote to leave the European Union.
 
Abe told them that he hopes Britain and the EU will cooperate to eliminate market concerns and quickly send a clear message to increase predictability.
 
In the talks, Abe cited the consensus reached by G7 nations in May at the Ise-Shima summit in Japan. The leaders agreed to take all necessary measures at appropriate times to avoid a new crisis.
 
He reaffirmed with each of them that the G7 will make every concerted effort.
 
Abe also conveyed to Merkel and Cameron his determination to conclude an economic partnership agreement between Japan and the EU by the end of the year.
 
Abe asked for Cameron's cooperation to allow Japanese businesses to operate in Britain as before. Cameron pledged to take every possible measure to protect Japanese firms.
 
After the talks, Abe told reporters that he hopes the British and German leaders will exercise a strong leadership.
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US opens investigation into Tesla after fatal crash www.bbc.com

Tesla is being investigated following a crash in which a man died in Florida after colliding with a lorry.
Under scrutiny is the electric car company's Autopilot feature, a function which automatically changes lanes and reacts to traffic.
In a statement, Tesla said it appeared the Model S car was unable to recognise "the white side of the tractor trailer against a brightly lit sky" that had driven across the car's path.
The company said the crash in May this year was a "tragic loss".
The collision led to the death of Tesla driver Joshua Brown, 45. The driver of the truck, which was pulling a trailer, was unhurt.
Autonomous reputation
On Thursday, Tesla stressed that cars being controlled by Autopilot had travelled 130 million safe miles to date.
The company said in a statement: "The high ride height of the trailer combined with its positioning across the road and the extremely rare circumstances of the impact caused the Model S to pass under the trailer, with the bottom of the trailer impacting the windshield of the Model S."
"Had the Model S impacted the front or rear of the trailer, even at high speed, its advanced crash safety system would likely have prevented serious injury as it has in numerous other similar incidents."
The US National Highway Traffic Safety Administration (NHTSA) will look at whether the Autopilot function performed as expected, or was at fault.
Such investigations can sometimes lead to a recall. Should that be the case, it is likely Tesla would put out an "over-the-air" update to its cars, rather than having to physically take the vehicles back.
But the incident could be a serious blow to the reputation of autonomous technology at a time when regulators across the world are considering how to safely introduce it on public roads.
Beta test
The Autopilot function was introduced by Tesla in October last year. In a conference call, the firm's enigmatic chief executive Elon Musk urged caution in using the technology.
"The driver cannot abdicate responsibility," he said.
In Thursday's statement, Tesla said: "It is important to note that Tesla disables Autopilot by default and requires explicit acknowledgement that the system is new technology and still in a public beta phase before it can be enabled.
"The system also makes frequent checks to ensure that the driver's hands remain on the wheel and provides visual and audible alerts if hands-on is not detected.
"It then gradually slows down the car until hands-on is detected again."
In its statement, the NHTSA stressed: "The opening of the Preliminary Evaluation should not be construed as a finding that the Office of Defects Investigation believes there is either a presence or absence of a defect in the subject vehicles."
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Global automakers express concerns over Brexit www3.nhk.or.jp

Global automakers and parts makers have expressed their concerns over Britain leaving the EU in a meeting held by the country's auto industry association.
 
About 300 people representing automakers and parts markers gathered in London on Wednesday.
 
Political and economic experts at the meeting warned if tariff-free trade is not maintained between Britain and the EU after Britain leaves, it would have a major impact on the auto industry.
 
Major automakers have their factories in Britain which act as bases for exporting products to other European countries.
 
Business people who attended the meeting also voiced concerns. One participant said the Brexit would make their business in Europe very difficult, while others said they are worried because their sales mainly come from exports.
 
Toyota Motor Europe President and CEO Johan van Zyl met reporters before the meeting and said there is no change in the firm's business in Britain for now. He said he will patiently wait for the outcome of the decision.
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Mongolia's opposition MPP sweeps back to power on country's economic woes www.reuters.com

The main opposition Mongolian People's Party (MPP) swept back to power in landslide parliamentary elections, results from Mongolia's election committee showed on Thursday, after campaigning dominated by concern over slowing economic growth.

The transformation of the former Soviet bloc state since a peaceful revolution in 1990 has been a big draw for foreign investors eyeing its rich mineral resources, unleashing a boom from 2010 to 2012.

But an abrupt economic slowdown since 2012 has stirred controversy over the role of global mining firms such as Rio Tinto, which last month finally approved a $5.3-billion extension plan for the Oyu Tolgoi copper mine.

The MPP's victory will likely be a greeted as a tailwind for the economy and international miners, as the party's success in attracting investors when it last held power, from 2008-2012, led to the country being nicknamed "Mine-golia".

The MPP, which has governed for most years since the revolution, won an 85 percent majority with 65 seats in the 76-member parliament, taking back power from the Democratic Party, an unnamed official from Mongolia's general election committee told a press briefing.

The ruling Democratic Party won nine seats in Wednesday's vote, down from 37. Prime Minister Chimed Saikhanbileg, and the parliament's chairman, Zandaakhuu Enkhbold, were among those kicked out of their seats.

"The Mongolian People's Party's landslide win shows the public assigning clear blame for the country's economic woes to the outgoing Democratic Party government," John Marrett, an analyst at The Economist Intelligence Unit, said in an emailed statement.

A late change of election rules hindered independents and small parties during the short 18-day campaign period.

One seat went to the Mongolian People's Revolutionary Party (MPRP), and one to an independent, popular folk singer Samand Javkhlan, who has taken up environmental causes.

RISING DEBT, MINING REVENUE SHORTFALLS

A vast country with just three million people, best known as the birthplace of Mongol emperor Genghis Khan, Mongolia had struggled in recent years to adapt to a downturn in fortunes.

Demand for coal and copper from giant neighbor China, and weak commodities prices have hit Mongolia hard.

The IMF forecasts economic growth of 0.4 percent this year, compared with 17.5 percent in 2011, the year before the Democratic Party took power.

Since 2012, Mongolia has borrowed billions of dollars in sovereign debt. In March, rating agency Moody's gave it a negative outlook, citing the rising debt burden, a projected widening of budgetary imbalances and mining revenue shortfalls.

The MPP has criticized the Democrats' economic management and the borrowing spree, promising to reassess spending and tighten fiscal management.

Mongolian bonds jumped on the election results. The $500 million sovereign bonds due 2021 surged 3 points to 105.25/106 cents on the dollar, and the $500 million bonds from Trade Development Bank due 2020 rose 2.25 points to 97.75/98.75.

More than half of Mongolia's people are under 30 and grew up in the post-Soviet period of rapid change in the land-locked democracy squeezed between autocratic China and Russia.

Begi, 22, gathered with other young voters outside the MPP's headquarters at around 2 a.m. to revel in their party's victory.

"I've been waiting for this for a long time. I couldn't believe the Democratic Party because they really ruined our country," he said.

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Global stock markets rally as Brexit fears abate www.bbc.com

The FTSE 100 has surged through the level it closed at last Thursday, recovering all of the ground it had lost in the wake of the Brexit vote.
The pound also strengthened against the dollar and euro, while Wall Street's rally continued for a second day.
Some investors say last week's sell-off was overdone, while others are betting on central banks to rescue the global economy if needed with more stimulus.
"It never was the end of the world," said strategist Jeff Weniger.
The senior portfolio strategist at BMO Private Bank in Chicago. said: "To have these kinds of reactions was ridiculous."
The FTSE 100 share index closed up 3.6% at 6,360.1 after a flurry of last-minute trading.
At the close of trade on Thursday last week, before the referendum vote, the FTSE 100 ended the day at 6,338.10.
"The plethora of bargains on offer, plus a welcome period of calm in the UK/EU relationship has provided the opportunity for markets to recover in impressive fashion," said Chris Beauchamp, senior market analyst at spread betting firm IG. he added.
'Wishful thinking'
However Joe Rundle, head of trading at ETX Capital, warned reality was likely to bite soon.
"What we're seeing in the FTSE is hope in Britain being able to ride it out by remaining part of the single market. This looks like wishful thinking."
The FTSE 250 - which contains more UK-focused companies - closed 3.2% higher on Wednesday, but still remains more than 7% below its pre-Brexit level.
Germany's Dax index ended the day 1.8% higher while France's Cac 40 closed up 2.6%.
The pound rose 1.2% against the dollar to about $1.35, although it also remains well below levels reached before the referendum.
The pound had risen as high as $1.50 on Thursday as traders anticipated a 'Remain' vote, but by Monday it had plunged to a 31-year low against the dollar.
Sterling rose 0.8% against the euro on Wednesday to €1.2159. Before last week's referendum it had been trading around €1.30.
On Wall Street, the Dow Jones index rose 1.64% and the broader S&P 500 was up 1.7% in the strongest two-day rally since February. The indexes have recovered more than half the losses suffered last week after the UK's referendum vote.
Shares in Asia had also posted gains.
Still stormy
Michael Hewson, chief market analyst at CMC Markets, said investors had been reassured by hopes that Britain's EU exit wouldn't happen immediately, meaning the status quo was unlikely to change in the short term.
"Whilst that doesn't remove the uncertainty with respect to the eventual outcome, it also means that markets are going to have plenty of time to settle into their new-found reality and equilibrium," he said.
But Adam Jepsen, founder of Financial Spreads, urged caution: "Any investors who think the markets have calmed down should think again. It is far more likely that we are in the eye of the storm."
Shares in the UK's financial sector - which had been particularly hard-hit in the wake of the referendum - continued to recover, with Prudential up 5.5% and Barclays 4.9% higher.
The increases came despite credit rating agency Moody's cutting its outlook on the UK banking sector to "negative" from "stable" late on Tuesday. Moody's also downgraded its outlook on the ratings of a number of UK banks and insurers.
After losing some ground on Tuesday, the price of gold rose 0.4% to $1,317.75 an ounce.
Gold is viewed as a safe asset in times of uncertainty and the price of the precious metal hit a two-year high on Friday in the wake of the referendum result.
Government bonds are also considered safer investments. Continuing high demand since the referendum meant the return on 10-year UK government bonds remained close to Monday's record low, when the yield dropped below 1% for the first time.
High demand tends to push up bond prices, and when the price of bonds rises their yield falls.
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Kinross eyes expansions at its new gold mines in Nevada www.mining.com

Canada’s Kinross (TSX:G) (NYSE:KGC), the world’s fifth largest gold producer, believes it can increase reserves at its Bald Mountain and Round Mountain mines, which it acquired from Barrick Gold (TSX, NYSE:ABX) late last year.
 
The company, which is looking to strengthen its portfolio in North America, has increased its exploration budget for the year by 50% to $9 million as "promising results” at Bald Mountain have “reaffirmed Kinross' confidence in the site's significant upside potential," it said in a market update ahead of an analyst tour this week.Kinross, which operates two mines in Russia and also owns the problem-plagued Tasiast operation in Mauritania, also see great potential in its other Nevada-based mien — Round Mountain. Here the firm continues with an improvement initiative launched in 2014 aimed at enhancing heap leach performance. This process solution management heap leach program is expected to produce approximately 200,000 to 230,000 gold-equivalent ounces over the life of the mine at a low cost of $200 to $400 per gold-equivalent ounce, which includes production cost of sales and capital expenditures, Kinross said.
 
The company recently completed a scoping study for a potential expansion at Round Mountain known as “Phase W,” which added approximately 2.4 million gold ounces to the estimated inferred mineral resource.
 
The Toronto-based miner was already the operator of the Round Mountain mine when it bought the other half from Barrick. As part of that deal, which also saw Kinross acquiring neighbouring Bald Mountain, the two companies formed a joint venture to explore a large land package on the property.
 
The company noted that the permitting process to allow expansion of exploration and mining activities is entering its final days of completion with no substantive issues remaining. The permit covers the expanded mine plan, numerous under-explored pits (including the Vantage Complex and Yankee, another promising target in the South area), and provides significant flexibility for future growth, such as allowing for extensive heap leach capacity.
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Russia prolongs Western food embargo until end of 2017 www.reuters.com

Russian President Vladimir Putin has signed a decree that prolongs economic sanctions on some Western products from August of this year until the end of 2017.
A ban on importing certain agricultural produce, foods and raw materials from countries that have sanctioned Russia was first introduced in the summer of 2014. Moscow extended its counter measures in response to anti-Russia sanctions in June last year.
 
The latest decree, aimed at "protecting Russia's national interests," followed suggestions put forward by Prime Minister Dmitry Medvedev in late May. Medvedev tasked the government with preparing a package of measures that would potentially be in force until late 2017. The draft package was then introduced to the president.
 
Putin's decree says that the government may offer proposals to change the ban's terms "when necessary."Despite a number of Western officials opposing an economic stand-off with Russia and saying that it is their economies that suffer, the EU is likely to prolong its sanctions against Moscow through January 2017, Reuters reported last week, citing diplomatic sources. The decision has yet to be formally approved by the bloc's ministers in Brussels.With trade between Russia and the EU having dropped by over $180 billion between 2013 and last year, Russia has repeatedly criticized the West’s restrictive policy as counterproductive. Speaking at the St. Petersburg International Economic Forum (SPIEF) this month, President Putin announced that Moscow might lift its sanctions first when "sure that these unilateral measures will be followed by a reciprocal step." Italian Prime Minister Matteo Renzi, who suggested the move for Moscow, in turn has said he will urge his European colleagues in the bloc to thoroughly discuss their next move with regard to anti-Russia sanctions.
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North America leaders meet with trade threats, Brexit on their minds www.reuters.com

The leaders of the United States, Canada and Mexico gather on Wednesday to stress the importance of trade at a time of mounting international doubts about the benefits of globalization.
 
The three nations belong to the North American Free Trade Agreement (NAFTA), which U.S. Republican presidential candidate Donald Trump on Tuesday vowed to renegotiate or even scrap if he wins power.
 
Trump says free trade has been disastrous for American workers, costing countless thousands of jobs and depressing wages. Similar complaints were heard in Britain ahead of a shock referendum vote last week to leave the European Union and its own free trade area.
 
"We've seen around the world many examples of protectionism, of concern, of stepping away from trade agreements," Canadian Prime Minister Justin Trudeau told reporters on Tuesday, stressing the need for more rather than less cooperation.
 
"Better partnerships are a path to prosperity and that's a compelling example that we want to showcase at a time where unfortunately people are prone to turning inwards, which will be at the cost of economic growth and their own success."
 
Trudeau, U.S. President Barack Obama and Mexican President Enrique Pena Nieto will meet in Ottawa and are scheduled to hold a news conference at 3 p.m. (1900 GMT). The leaders, known informally as the Three Amigos, usually meet about once a year.
 
"We anticipate that leaders will spend a significant time talking about trade, for example, how to facilitate trade by automating our borders," U.S. National Security Council official Mark Feierstein told reporters on Tuesday.
 
The trio will also discuss Britain's so-called Brexit vote, which wiped more than $2 trillion off global equity markets and dealt a huge blow to the EU.
 
"The president will obviously want an opportunity to discuss ... how we may be able to coordinate our efforts to insulate ourselves to the extent possible," said Feierstein.
 
Earl Wayne, Obama's former ambassador to Mexico, said that amid increasing criticism of NAFTA, leaders had to find a better way to explain that up to 14 million U.S. jobs depend on trade with Canada and Mexico.
 
"That's a hard story to tell," he told reporters. "There is a lot of skepticism, and it's easier to sell the negative arguments."
 
The three men will also pledge to produce 50 percent of their nations' electricity from clean energy by 2025.
 
Obama is due to address the Canadian Parliament at 5.25 p.m. (2125 GMT).
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Japan stocks continue to stabilise despite Brexit turmoil www.bbc.com

Japanese shares on Tuesday continued to roll back losses from last Friday's sharp post-Brexit tumble.
After falling initially in morning trade, the Nikkei 225 index continued to build on Monday's gains and closed 0.1% higher at 15,323.14.
But with the yen remaining strong, Japanese exporters continued to suffer.
As investors remain on edge over the possible fallout from Brexit, they are flocking to the yen as a haven, driving the currency higher.
A rise in the yen makes Japanese goods more expensive abroad, potentially damaging the prospects of the country's crucial export sector.On Monday, the government in Tokyo had tried to reassure businesses by promising it would take action if needed to rein in the yen.
Carmakers Toyota, Nissan and Honda - all of which have production sites in the UK - all saw their shares fall on Tuesday.
Shares in other exporters, such as Hitachi, Panasonic and Yamaha, also dropped.
Over in Hong Kong the Hang Seng index closed down 0.27% at 20,172.46, while China's benchmark Shanghai Composite closed up 0.58% to 2,912.56.
Australia's ASX/200 in Sydney fell 0.7% to close at 5,103.30.
South Korea's benchmark Kospi index was lower in morning trade but ended the day 0.5% higher at 1,936.22.
Shares in Europe, the UK and the US saw heavy losses on Monday with the uncertainty over the UK's economic future intensifying.
The UK has now lost its top AAA rating from all the three major ratings agencies.
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