India pledges additional USD 236 million for oil refinery www.zgm.mn

President of Mongolia Battulga Khaltmaa met with Indian President Ram Nath Kovind and the sides released a joint statement on Strengthening Mongolia-India Strategic Partnership during a five-day visit in the country. It is the first visit by the head of state of Mongolia to India in the last decade.

APU JSC’s share price decreases www.zgm.mn

The share price of APU JSC, one of the companies that have the highest market value, has fallen 22 percent since 2019. Due to the drop, the company’s stock became losers among the MSE tier-I listedcompanies of Top-20 Index. The company had a market value of MNT 687.2 billion at the beginning of the year, and by September 19, the value lowered by MNT 151.9 billion to MNT 535.3 billion. Compared to the financial performance of the first half of 2018, the company’s sales revenues have increased, but net income decreased by MNT 4.5 billion. The decline in market capitalization was major factor for the decrease. Even though the share prices have fallen, lower stock options among investors is increasing the number of shareholders. Specifically, the number of small shareholders in APU has increased by 7.4 percent to 6,000.

President bans parliament decree on constitution www.zgm.mn

The President of Mongolia has banned the Parliament decree on adopting the referendum and accepting the Constitution of Mongolia. The official note was sent to Parliament Speaker Zandanshatar Gombojav. President said that the amendment to the Constitution did not meet the requirements of the Constitution of Mongolia’s amendments and the Act was violated.

Tesla takes on Porsche with superfast Plaid Mode www.cnn.com

(CNN)When Porsche said it set a speed record with its new Taycan electric car, Elon Musk, CEO of Tesla, wasn't about to just sit there and take it. He quickly tweeted that Tesla has something in the works that would enable its cars to outdo even Porsche. It's called Plaid Mode.

Many Tesla (TSLA) cars already offer Ludicrous Mode, which is quicker than the previously available Insane Mode. Using Ludicrous Mode, a Tesla Model S can scurry from a dead stop to 60 miles an hour in less than 2.5 seconds.
Plaid Mode will be faster than Ludicrous Mode and is expected to be available in about a year. It will use three electric motors rather than the two currently in vehicles equipped with Ludicrous, and will be available on Tesla's Model S, X and, later, in the Roadster, Musk has Tweeted.

Yes. To be clear, Plaid powertrain is about a year away from production & applies to S,X & Roadster, but not 3 or Y. Will cost more than our current offerings, but less than competitors.

The names Ludicrous Mode and Plaid Mode are taken from the movie Spaceballs, a 1987 parody of Star Wars directed by Mel Brooks. In Star Wars, when spaceships entered "hyperspace" and were traveling faster than the speed of light, the movie screen filled with streaks of smeared starlight. In Spaceballs, a spaceship could go so fast that the streaks of lights became plaid.
Porsche set off Musk's recent spate of Plaid-related tweets by claiming the fastest lap ever by a four-door electric car on Germany's Nürburgring Nordschleife. It's a famously challenging 13-mile racetrack on which automakers often test their cars and compare lap times for bragging rights. The Taycan covered it in seven minutes and 42 seconds.
Tesla claimed to set a lap record at Laguna Seca race track in a Tesla Model S while driving in Plaid Mode.
Tesla claimed to set a lap record at Laguna Seca race track in a Tesla Model S while driving in Plaid Mode.
Porsche's point in recording a fast lap time was to show that its car had performance capabilities beyond just zero to 60 acceleration. Quick acceleration over short distances is relatively easy to achieve in an electric car, but there's much more to being a performance car. That includes being able to corner fast with ease and to withstand aggressive driving for many miles. This last factor is important because electric car batteries and motors can overheat and give out under prolonged aggressive driving.
Porsche's first electric car has almost no switches, knobs or gauges. Here's what it does have
"For us, actually having a decent time on the Nürburgring is important because that's a way to measure where we are for us, internally, but also for the world outside us," Klaus Zellmer, CEO of Porsche North America, said in a recent interview.
On September 5, the same day Porsche revealed the Taycan and boasted of its lap time, Musk tweeted that Tesla would bring a Model S to the Nürburgring. A few days later, Tesla tweeted that a Model S equipped with new Plaid Mode had set an unofficial record on California's Laguna Seca track.

Another milestone seemed to have occurred in Germany, too. On Tuesday, Road & Track, citing an unnamed eyewitness with a timer, reported that a highly modified Tesla Model S had lapped the Nordschleife, or North loop, in just seven minutes and 23 seconds, nearly 20 seconds faster than the Taycan. Other publications, including the German magazine, Auto Motor Und Sport, also wrote about the lap.
950 miles in two days. Taking an electric road trip in a Tesla
The lap times aren't entirely comparable, though, because Porsche's record lap was in a final production version of the Taycan Turbo, while the Tesla was apparently a test car, not a street-legal production car. Much of its interior had been removed, making the car lighter, for instance, according to media reports.
Porsche declined to comment on the reports about Tesla's lap. Tesla also declined to comment.
The same day the reports came out, Musk tweeted that the upcoming Tesla Roadster will beat the overall record for any car, electric or gas, on the Nürburgring Nordshschleife. So now, it seems, Tesla is going after everyone.

President Battulga's visit in India www.republicworld.com

President Battulga is on a five-day visit and was invited by India's President Ram Nath Kovind. He arrived in New Delhi on Thursday for a State visit, which is the first of its kind in a decade. He came to India with high-level officials and a business delegation. President Battulga will attend an India-Mongolia Business Forum in New Delhi. The representatives from both sides will hold in-depth discussions on a range of bilateral, regional and global issues and will also review ongoing cooperation in fields of infrastructure, energy, disaster management, defence, security, culture, and capacity building. PM Modi and President Battulga met recently on September 5 in Russia.

Atar-III announced: harvesting the Mongolian steppe www.news.mn

In 1959, Mongolia commenced on the first of three “Campaigns to Reclaim Abandoned Arable Land”, known as the ‘Atar’ Campaigns. Today, Mongolia has announced ‘Atar-III’ campaign and has been marking 60th anniversary of the beginning of the harvesting at steppe.

Mongolia’s economy to grow 6.5% www.tribune.net.ph

The economic outlook for Mongolia remains strong despite some headwinds with growth expected to remain above 6.5 percent in 2019 and 5 to 6 percent over the medium term, the International Monetary Fund (IMF) reported on Tuesday.

“Mongolia’s economy has recovered vigorously from the recent downturn. Economy growth accelerated to 8.6 percent in the first quarter of 2019, over fiscal balance turned into surplus in 2018, and gross international reserves have increased by $2½ billion since 2016,” said the IMF executive board citing the results of consultation with Mongolia.

“The recovery stems from a stronger policy framework, significant official financing and a rebound in external demand. Notwithstanding the progress, Mongolia remains vulnerable to external shocks given its high debt levels and the economy’s dependence on mineral exports,” the board said.

According to IMF, Mongolia’s structural reforms progressed in several key areas: the budget process is more resilient to political pressure and quasi-fiscal activities were curtailed.

“To achieve sustainable and inclusive growth, it is necessary to advance the current reform efforts by strengthening the rule-based fiscal policy framework, ensuring financial sector soundness and improving governance,” it said.

Meanwhile, the primary headwinds are weaker export growth and slower credit growth. Partially offsetting these headwinds, fiscal policy is expected to loosen in 2019 and 2020 relative to the 6 percent primary surplus seen in 2018.

“The moderation in growth will contribute to a reduction in the double-digit current account deficit and allow inflation to converge toward the target of 8 percent,” said the IMF.

Projected strong foreign direct investment (FDI) and improving current accounts will support further reserve accumulation, but the trend will likely be reversed from 2021 onward due to looser domestic policies, the end of large-scale concessional financing from donors, and continued reluctance to allow exchange rate flexibility.

Risks are tilted towards the downside in the near-term. Shocks to mineral demand can lead to sharp fall in exports, weakening growth outlook and fiscal accounts.

A slowdown in growth could trigger financial instability given still inadequate capital buffers at some banks and over-indebted households. Current fiscal and external buffers are still inadequate in the event downside risks materialize.

On the upside, successful completion of the OT investment and key infrastructure projects could boost investor confidence, improve productivity, and attract FDI on new mining projects.

Executive Board Assessment

IMF Executive Directors welcomed Mongolia’s economic recovery underpinned by the Fund-supported program. Growth has been robust, the fiscal balance has improved, and gross reserves have increased.

However, Directors noted that the economy remains vulnerable to external shocks with still high debt and exposures to shifts in commodity demand. They emphasized the need for continued strong commitment to sound macroeconomic policies to increase buffers, reduce vulnerabilities, and achieve high, inclusive, and green growth.

Directors encouraged the authorities to take measures to complete financial sector reforms to enable the completion of the sixth review of the Extended Fund Facility-supported program.

They also underscored that fiscal policy should remain tight to bring public debt down to a safe level. For the near term, they welcomed authorities’ plan to save any revenue over-performance in 2019 and underscored the need to pass a prudent budget for 2020.

Directors encouraged the authorities to streamline the fiscal framework with a more independent Fiscal Council. They emphasized that priority also needs to be given to better address core social challenges, including by ensuring sufficient health spending for the most vulnerable.

To further reduce risks around public debt, the Directors encouraged the authorities to proactively address large near-term rollover needs on external debt.

They underscored that monetary policy should focus on anchoring inflation and addressing external imbalances and advised Mongolian authorities to remain vigilant and further tighten the policy stance if necessary.

The Directors mostly considered that a more flexible exchange rate would be helpful in addressing external imbalances and building reserves. They encouraged the Bank of Mongolia to continue to build reserves and do so through direct purchases and limit sales of foreign exchange to address disorderly market conditions.

The Directors highlighted that financial sector reforms, including enhancing risk-based supervision, and increasing bank capital are key to ensuring macroeconomic stability.

Recognizing the challenges identified by the recent forensic audit of capital raising transactions, the Directors called for measures to address the shortfall identified by the Asset Quality Review. They called for a prompt response by the Bank of Mongolia in line with commitments made under the program.

The Directors also called for further efforts to facilitate the resolution of non-performing loans and improve the anti-money laundering and Countering of Financing of Terrorism framework.

Directors emphasized that structural reforms should focus on strengthening governance and diversifying the economy. They encouraged the authorities to improve infrastructure, enhance the legal framework and the investment climate, reduce environmental degradation, and make the agriculture sector more resilient to climate change.

UN: Mongolia pays USD 645 million annually for air pollution related expenses www.zgm.mn

Mongolia’s economic costs associated with air pollution are estimated at USD 645 million or MNT 1.6 trillion annually, according to a new report released by the United Nations Development Program (UNDP). The country’s air pollution problem, caused by an alignment of various conditions and circumstances, has risen to internationally high levels in its city center.

ERD commences second phase of Khundii Gold Project www.zgm.mn

Erdene Resource Development Corp. announced its commencement of the second phase of the 2019 drill program at its 100 percent owned Khundii Gold Project.

Ard Credit spends MNT 4.75 billion on lending www.zgm.mn

Ard Credit NBFI JSC reported monthly spending of MNT 5.2 billion raised from the public investment in March. According to the report, 90 percent or MNT 4.75 billion of total investment income were spent on lending, while the remaining 10 percent was spent on additional fees, marketing, and printing expenses.