As the coronavirus pandemic sparks calls for more state intervention, emerging economies face tough choices to determine whether an increased role for government will have positive or negative long-term consequences.

The latest Transition Report from the European Bank for Reconstruction and Development (EBRD) says 45 per cent of people in the EBRD’s post-communist economies now favour higher levels of state ownership.

Citizens also increasingly expect the state to be able to reduce the health and economic risks they face.

Past epidemics have been shown to leave a large dent in people’s trust in the economic and political institutions that underpin democracy and the market economy.

The new report shows that individuals reaching adulthood during major recessions tend to have more positive views of public ownership and income redistribution.

In her foreword to the publication, entitled The State Strikes Back, the EBRD’s Chief Economist Beata Javorcik says the ability of emerging economies to deliver successful policies against a backdrop of increasing state influence depends crucially on the quality of institutions and public governance.

“The economies of the EBRD regions stand at a crossroads, with decisions on policies and institutions that are taken now potentially determining their paths for decades to come. The current period of crisis and upheaval triggered by the global pandemic represents a valuable opportunity to lay the foundations for a wealthier, fairer and greener future,” says Javorcik.

Weak institutions would allow the “grabbing” hand of the state to siphon off resources meant for people in need, give jobs to friends and family and let state banks be used for political gain.

Firms that could not operate profitably in a low-carbon economy may be kept alive as “zombie companies”, and firms that are nationalised during the pandemic may never be privatised.

On the other hand, good governance would allow the “caring” hand of the state to guide economies through the transition to a green economy, transparently providing essential support and adopting forward-looking policies.

Javorcik notes that privatisation, deregulation and measures to reduce state interference in the economy were the dominant trend following the collapse of communism in the late 1980s.

The EBRD was created at this time precisely to promote a smooth transition to private-sector-driven market economies.

Since then, however, the 2008-09 global financial crisis and subsequent recession have demonstrated that market forces alone will not always provide socially optimal outcomes and government intervention is needed to combat climate change and to deal with the increasing challenge of economic inequality.

The EBRD combines its investments across 38 emerging economies with support for policy reform that fosters good governance, economic inclusion and sustainable development.

The new report notes that state-owned enterprises continue to play an important role in the EBRD regions, providing almost half of all public-sector employment. It says they can be a stabilising force for economies, providing employment during downturns and in disadvantaged regions.

However, governments are not particularly effective in the management of state enterprises, which are likely to be less innovative than their private-sector counterparts.

State-owned banks have grown in importance across the EBRD regions since the mid-2000s and become major competitors to the private sector, because many have less stringent lending standards, lower net interest rate margins and a higher tolerance of non-performing loans.

A willingness of state banks to assume risks can help soften the impact of economic shocks. On the downside, however, firms that borrow from the state financial sector tend to be less innovative and show weaker productivity growth.

This is partly a reflection of the fact that state-owned banks may be more susceptible to political interference in their lending decisions and so channel finance away from more productive firms.

The report also says that EBRD economies are falling behind in the enforcement of policies that help reduce carbon emissions, in the wake of the 2015 Paris Agreement.

In the short term, the EBRD regions have to build transition to a green economy into post-Covid-19 recovery plans. In the medium term, the state must address the market and policy failures that are impeding the transition to a green economy, with an emphasis on effective carbon-pricing strategies.

In the longer term, the state will have to facilitate the “creative destruction” that the low-carbon transition will inevitably unleash. This will involve supporting workers and communities that will suffer from the economic transformation.

General Secretary of Mongolian People’s Party Amarbayasgalan.D gave an interview to a local daily newspaper on the occasion of party’s 100 years Anniversary, which will take place next year.

During his interview Amarbayasgalan.D mentioned Khurelsukh.U, Zandanshatar.G, Nyamdorj.Ts, Batbold.S and Enkhtuvshin.U as five possible candidates who could run for the President from the Mongolian People’s Party (MPP) in the 2021 Mongolian Presidential Election.

Amarbayasgalan.D also said, “Party members are talking about several more possible candidates. Members of our party have suggested to me, as a General Secretary of the MPP, the potential candidates could be nominated as a runner for the 2021 Presidential elections. Like any other political party MPP have many potential candidates who are capable of running for the Presidency. Many party members and politicians alike have expressed their requests to nominate the Party Chairman Khurelsukh.U as a runner. There are many requests that Mr Zandanshatar.G, a Speaker of the Mongolian State Great Khural should be nominated as well. Therefore, the Speaker of the Parliament is also a possible choice. Furthermore, former Chairmen of MPP and politicians who have served as Prime ministers are being mentioned. Batbold.S, MP who formerly served as Chairman of MPP and the Prime Minister has been nominated by members. Former Minister of Justice and Speaker of Parliament, Nyamdorj.Ts has also been mentioned. Former Chairman of MMP Enkhtuvshin.U has been mentioned as well. Besides, MPP has potential female candidates who could run for the Presidential elections.”

The high-profile trial of a former Mongolian Prime Minister has been attracting much attention. Earlier today (11 November), the High Court of Mongolia decided to reduce the sentences of former PM M.Enkhsaikhan by six months.

On May, he was sentenced to four-and-a-half years in prison and banned from public office for four years.

M.Enkhsaikhan is accused of political sabotage and the abuse of power over an ‘unsigned’ agreement regarding the Tavan Tolgoi coal mine project.

The former politician returned from Stockholm in 2019, where he had been serving as Mongolian Ambassador to Sweden since 2017.

M.Enkhsaikhan served as the prime minister of Mongolia from 1996 to 1998; as such, he was the first in 80 years not belonging to the Mongolian People’s Revolutionary Party.

HANGZHOU, China (Reuters) - Alibaba sales for its post-COVID-19 Singles’ Day shopping extravaganza hit $74 billion, a haul that was overshadowed by a 10% drop in its shares on Wednesday after China published draft anti-trust rules aimed at internet platforms.

The world’s biggest sales event - eclipsing Black Friday and Cyber Monday in the United States - spanned 11 days this year, and brought sellers on AliBaba’s platforms 21 times as many orders by value as Amazon.com Inc’s two-day global Prime Day last month.

Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery.

Alibaba rivals JD.com Inc and Pinduoduo Inc as well as firms such as Douyin - the Chinese version of Beijing ByteDance Technology Co Ltd’s TikTok - also held Singles’ Day events.

“Because of COVID-19, many Chinese cannot go overseas,” Vice President Liu Bo told reporters. “This actually stimulates online consumption.”

Alibaba gave shoppers more time to shop this year, setting primary discount days for Nov. 1 through Nov. 3 as well as the usual Nov. 11, and is calculating gross merchandise volume (GMV) over all 11 days.

GMV hit 498.2 billion yuan ($74.1 billion) Alibaba said, as lockdown-weary consumers splashed out on as many as 16 million discounted goods at the event.

JD.com, which started promotions on Nov. 1, said it generated 271.5 billion yuan in trade over the same period.

The performance provided little relief for Alibaba investors as they focused on the proposed anti-monopoly rules that could increase scrutiny on e-commerce marketplaces and payment services.

Alibaba Group Holding Ltd’s Hong Kong-listed shares closed 9.8% down, in line with other Chinese tech giants. The group lost about 10% of its market value last week when regulators scuppered the listing of fintech affiliate Ant Group.

Its New York-listed shares fell 1.3% before recovering slightly to trade 0.9% up by 1756 GMT.

The event, launched in 2009, is usually a glitzy, single-day affair with live performances. Last year, it clocked record GMV of $38.4 billion. This year, U.S. singer Katy Perry appeared at Alibaba’s gala, albeit via livestream.

As well as offering straightforward price cuts, the event allowed shoppers across Alibaba’s platforms to play mobile games for deals, combine purchases across shops and place orders in the sale’s early hours to get the best offers.

Over 340 firms, including Apple Inc, L’Oreal SA and Huawei Technologies Co Ltd [HWT.UL], exceeded 100 million yuan in sales, with 13 brands recording GMV above 1 billion yuan, Alibaba said.

Analysts also expect this year to be a boon for luxury brands, as consumers accustomed to going overseas for high-end goods have been thwarted by coronavirus border closures.

But many shoppers had modest budgets.

A poll of Singles’ Day spending by Sina Entertainment found just 4% of 191,000 respondents planned to splurge over 10,000 yuan, versus 43% who aimed to spend less than 1,000 yuan.

“The consumer and spending data we’ll see coming out of 11.11 will be a terrific way to identify high-potential new products, trending brands and top categories,” said Deborah Weinswig, CEO and Founder of Coresight Research, a global research firm specialising in retail and technology.

To encourage spending, livestreamers thronged pop-up film studios at a building near Alibaba’s Hangzhou headquarters, touting the merits of goods on sale.

Luo Lima estimated she had been on camera promoting maternity products for 24 hours over the course of this year’s sales period, versus six hours on Singles’ Day two years ago.

“We stream continuously for six hours, with no break,” she said. “We start by eating a full meal, and getting in a good state of mind. We also prepare throat lozenges and vitamin drinks.”

Reporting by Josh Horwitz in Hangzhou; Additional reporting by Sophie Yu in Beijing, Ritsuko Ando in Tokyo and Melissa Fares in New York; Writing by Brendah Goh and Emelia Sithole-Matarise; Editing by Edwina Gibbs, Christopher Cushing and Barbara Lewis

A lockdown has been enforced in Mongolia’s capital after its first locally transmitted coronavirus case was confirmed on Wednesday, local media reported.

Strict restrictions, including suspension of academic activities and movement curbs, will be imposed in Ulaanbaatar for the next three days, state agency Montsame News reported.

The decision was taken after a woman was infected by her husband, a truck driver who was in home isolation after testing positive for COVID-19.

The government has started tracing all the couple’s known contacts, the report said.

All educational institutes, including kindergartens, schools, universities, and training centers, in the capital have been closed, along with public facilities such as theaters, museums, and cinemas.

Vehicular and rail traffic to and from Ulaanbaatar has also been restricted for the next three days.

Authorities also decided to curb cross-border movement, especially with Russia, which is among the world’s hardest-hit countries.

The Altanbulag border checkpoint with Russia will be closed for two months, starting Nov. 16 to Jan. 18, 2021.

Tes, Artssuuri, Ulikhan, Ereentsav, and Borshoo border points are to be closed for an indefinite period from Nov. 16, according to the report.

As of Nov. 11, at least 40 truck drivers who came back from Russia through Altanbulag have tested positive for COVID-19, it added.

Mongolia has registered 382 coronavirus cases so far, with a majority of them being people who traveled overseas.

There has been no virus-related fatality in the country to date.

ULAANBAATAR (Reuters) - Mongolia recorded its first domestic coronavirus transmission on Wednesday following hundreds of imported cases, the country’s health minister said during a briefing.

Minister Munkhsaikhan Togtmol said a woman in Ulaanbaatar had been infected by her husband, a truck driver delivering goods from Russia who tested positive after 21 days in quarantine.

Another 24 people in close contact with the couple have been put in isolation.

Authorities have ordered a three-day lockdown in Ulaanbaatar, with schools also closed. The health ministry urged audience members at a concert attended by the couple to get tested.

Mongolia has earned praise for its handling of the COVID-19 pandemic.

It shut its southern border with China in late January and quickly closed schools and other public places, with officials warning that it did not have the infrastructure to cope with mass infections.

The country has so far reported a total of 376 confirmed cases of COVID-19 and no deaths.

Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, praised Mongolia on Twitter last week for “showing us that by following proven public health advice we can stop this virus from spreading.”

Ulaanbaatar /MONSTAME/ 50 percent of the state-owned shares of Tavantolgoi Tsakhilgaan Stants (Tavantolgoi Thermal Power Plant) LLC will be held by the Ministry of Energy, 30 percent by Erdenes Tavantolgoi JSC, and 20 percent by the Government Agency for Policy Coordination on State Property.

At its regular meeting on November 11, the Cabinet ordered relevant ministers to commence the construction of the thermal power plant within the second quarter of next year.

According to the amendment to the agreement between the Government of Mongolia and Oyu Tolgoi LLC, construction of the power plant will begin by July 1, 2021, and conclude by December 31, 2024 to supply energy to Oyu Tolgoi project.

Ulaanbaatar /MONTSAME/. A truck driver that had been put under home isolation after their 21-day institutional isolation and his spouse have tested positive for the novel coronavirus. Thus, the State Emergency Commission held an urgent meeting and issued the decision to put the capital city under quarantine for 3 days from today, November 11.

During this timeframe, studies are planned to be carried out to discover those that had direct contact with the two individuals. All levels of educational institutions including kindergartens, schools, universities, and training centers will be temporarily closed, and movement on autoroads and railways going in and out of Ulaanbaatar city will be restricted for the 3 days. Public facilities including theaters, museums, cinemas will be closed. Special regulations will also be implemented for public transport in the city.

Ulaanbaatar/MONTSAME/. According to the General Customs Administration, in the first ten months of this year, Mongolia exported its washed cashmere to China wholly, and 80.5 percent of the combed cashmere to Italy.

The country exported 100 percent of crude oil, iron ore, copper and zinc concentrate, and 95.2 percent of coal to China. Moreover, 4.1 percent of unprocessed or semi-processed gold to the UK, 4.8 percent to Singapore and 91.1 percent to Switzerland. The above goods account for 92.6 percent of total export.

New York (CNN Business)The 737 Max is on the cusp of being approved to carry passengers once again. But Boeing's financial troubles are now much worse than the safety issues that grounded the plane 20 months ago.

The process to recertify the Max, which has taken more than a year longer than Boeing (BA) originally hoped, should be "finished in the coming days," according to a statement Monday by FAA Administrator Steve Dickson.

The grounding began in March 2019 after two crashes killed 346 people. Now Boeing is grappling with the aviation industry's massive downturn caused by the Covid-19 pandemic.

Boeing announced Tuesday that it had no new orders for any of its commercial planes in October, and that customers canceled 12 existing orders for the Max.

The company also removed 25 Max orders from its backlog due to uncertainty that any carrier would buy them.

So far this year, Boeing has seen 460 canceled orders, and it now classifies another 846 orders as too uncertain to be counted in its order book. Almost all of those lost or uncertain orders were for the Max.

The long delay in getting the Max back into the air has allowed customers to cancel their orders without the typical penalty, said Richard Aboulafia, aerospace analyst for the Teal Group. It also puts airlines in a strong position to renegotiate pricing on their current orders, he said, or any future purchases.

Steve Dickson, administrator of the Federal Aviation Administration on a test flight of the 737 Max in September. The plane is expected to be approved to carry passengers within a few days, according to Dickson.

Steve Dickson, administrator of the Federal Aviation Administration on a test flight of the 737 Max in September. The plane is expected to be approved to carry passengers within a few days, according to Dickson.

Hardly any Boeing deliveries were made to its passenger airline customers in October. Boeing gets most of the money from a customer for completing a sale.

Of the 13 commercial planes it delivered in October, only five were passenger jets, with the rest being freighter or military versions of its passenger aircraft. Over the last six months it has delivered only 29 passenger jets, down from 126 in the same period a year ago.

Airlines are trying to conserve and raise their own cash during the current crisis, rather than take delivery of new aircraft that they don't need given their sharply reduced schedules. For example, American Airlines (AAL) announced Tuesday that it would be selling 38.5 million shares to raise cash, following the lead of several other airlines that already have done so.

Boeing has built 450 of the 737 Max jets since the grounding, in anticipation of filling longstanding orders, but cash-strapped airlines have canceled many of those orders.

So an undisclosed number of Max jets will have to be "remarketed" to other carriers, Boeing CFO Greg Smith said on the most recent investor call. Smith did not say how many completed planes have no buyer but he said the need to find new customers and to possibly reconfigure some of the jets will delay some deliveries into 2023.

Bloomberg reported Monday that Southwest (LUV), which owns 34 Max jets, more than any other airline, is in negotiations with Boeing to buy some of those unallocated and completed jets. Neither Boeing nor Southwest commented on the report.

Reports that a Covid-19 vaccine may soon be available has lifted hopes for a rebound in travel. Boeing shares closed up 13.7% on Monday on the vaccine report and were about 5% higher in late day trading Tuesday despite the weak orders and deliveries numbers.

JPMorgan Chase analyst Seth Seifman raised his price target for Boeing shares to $190 from $155 early Tuesday. But he maintained his neutral rating and the new target price was only slightly above Tuesday's market price.

-- CNN's Pete Muntean contributed to this report