Mongolian Prime Minister instructs to revoke South Gobi Coal Trans www.kant.kg

The media of Mongolia has repeatedly raised the issue of the illegal activity of the South Gobi Coal Trans LLC company in the territory of a specially protected natural zone in the Tost and Toson Bumba mountain ranges, Mongolnow reports.

Bitcoin beware? After banning all cryptocurrencies China ‘close’ to releasing its own digital coin www.rt.com

The People’s Bank of China (PBOC) is “close” to issuing its own digital currency, a senior official has said. The news follows a crackdown by authorities on cryptocurrency trading with some 100 exchanges closed since 2017.
China’s own cryptocurrency is “close to being out,” deputy director of the PBOC’s payments department Mu Changchun said at the China Finance 40 Forum, as cited by Bloomberg. He revealed that the bank’s researchers have been at work on the Chinese state digital currency for over a year now, but did not specify its scheduled release date.

Former UN Secretary General Ban Ki-moon to visit Mongolia www.news.mn

At the invitation of the Ministry of Foreign Affairs of Mongolia, the Boao Forum for Asia (BFA) will host the BFA Ulaanbaatar Conference for the first time from August 19 to 21.

The Ulaanbaatar Conference will be held around the theme of “Concerted Action for Common Development in the New Era”; this is the overarching theme of the BFA’s overseas conferences. Ban Ki-moon, Chairman of the Boao Forum for Asia and former Secretary-General of the United Nations, will deliver the keynote speech at the event.

After the BFA called for maintaining multilateralism and free trade at its Annual Conference, it will venture into, at the request of the Mongolian government, the hinterland of Asia to build a new open and inclusive platform for win-win cooperation, helping Mongolia develop its economy by leveraging its resources. Together with Mongolia, the BFA is committed to promoting free trade and multilateral cooperation for common development and prosperity. This memorable year will also see the opening of the BFA Ulaanbaatar Conference in honour of China-Mongolia friendship. Capturing this significant historic opportunity of the 70th anniversary of China-Mongolia diplomatic ties, the conference will carry out the important consensus reached by the two leaders to build a platform for optimizing the bilateral trade structure, tapping the potential of investment and cooperation, and promoting pragmatic cooperation between the two countries. In the new era, the BFA desires to help align Mongolia’s “Development Road” with the “Belt and Road” to promote more tangible results from the tripartite economic corridor, hence contributing to regional connectivity and cooperation.

The interactive parallel sessions will discuss topics such as “New direction: Aligning with the ‘Belt and Road’ & ‘Development Road’”, “Connectivity: Expanding horizons into regional cooperation”, and the “Common goal: Green development”. The vision of this conference is to build consensus and provide intellectual support for Mongolia to better align its development strategy with regional initiatives, and ensure the stable and sustainable cooperation along the “Belt and Road” routes to benefit local and regional people.

Former UN Secretary General Ban Ki-moon, D.Tsogtbaatar, Minister for Foreign Affairs of Mongolia, Li Baodong, Secretary-General of the BFA, Xing Haiming, Chinese Ambassador to Mongolia, Armida Salsiah Alisjahbana, Executive Secretary of the UN ESCAP, B.Bayanjargal, Chairman, of The Business Council of Mongolia, and Meng Xiaosu, Vice-President, China International Council for the Promotion of Multinational Corporations, will attend and address the conference. Sessions such as “Business Opportunities: Investment Climate in Mongolia”, “Business Leaders Dialogue Face-to-Face”, and “Mongolian Enterprises Visits” will bring together leading enterprises from China and Mongolia and tap cooperation potentials.

Mining license of "South Gobi Coal Trans” company revoked www.montsame.mn

Ulaanbaatar /MONTSAME/. On August 12, the Ministry of Environment and Tourism and Mineral Resources and Petroleum Authority, the Implementing Agency of the Mongolian Government made a decision to withdraw the special license for mining granted to the “South Gobi Coal Trans” company on a specially protected zone of Tost, Toson Bumba Nature Reserve in Gurvantes soum of Umnugobi aimag, Minister of Environment and Tourism N.Tserenbat informed.

14 credit and saving cooperatives liquidated www.montsame.mn

Ulaanbaatar /MONTSAME/. On August 13, Financial Regulatory Commission of Mongolia released a financial market report for the second quarter of 2019.

Insurance: The total amount of the capital of the insurance industry in the second quarter of this year reached 354.7 billion MNT, showing an increase by 25.7 percent compared to the same period of last year. Head of the Research and Risk Evaluation Division Ch.Khuderchuluun highlighted the growth of capital circulated in the insurance market as well as an emergence of companies offering double insurance. Last year, double insurance accounted for 16.6 percent of the insurance market and the number reached 20.7 this year. As of today, there are currently two companies engaged in double insurance, 15 companies with regular insurance service, one company of long-term care insurance companies, 49 insurance mediation companies and 27 insurance claims adjuster companies are working. Regular insurance companies composed 76.7 percent of the total insurance market capital and 2.6 percent was of long-term insurance companies. Throughout the given period, the revenue from insurance premiums reached MNT104 billion, increasing by 23.7 percent and 99 percent of which are collected by regular insurance companies.

84.7 percent of total credit balances carried by individuals

Non-banking financial institutions: As of the second quarter of this year, there are 538 non-banking financial institutions operating on the financial market. Most of them or 492 are engaged in credit activities and 8.6 percent are in a foreign currency transaction. In a given period, the total capital of the non-banking financial institutions amounted to MNT1.5 billion, after an increase by 34 percent or MNT389.4 billion from the same period of 2018. 84.3 percent of the total growth of capital was influenced by credits and 47.4 percent are due to growth of stock capitals.

Also, credit balance of those non-banking financial institutions grew by 42.7 or MNT328.4 billion from the second quarter of 2018, totaling MNT1.1 billion. Around 84.7 percent of the total credit balance are carried by individuals and remaining 15.3 percent are of legal entities. The number of borrowers from the non-banking financial companies increased by 2.4 times compared to that of last year and reached 360.3 thousand and the number of their total clients reached 2.3 million thanks to technology-based financial products services offered by the companies. An average interest rate is 3.3 percent.

26 credit and saving cooperatives did not accept saving deposits

Credit and saving cooperatives: During the accounting period, total capital employed by credit and saving cooperatives equaled MNT210.6 billion, showing an increase of 19.6 percent compared to last year. 90.5 percent or a total of 249 credit and saving cooperatives gathered saving deposits of MNT148.4 billion in total and the remaining 9.5 percent or 26 credit and saving cooperatives have not yet accepted any saving deposits. Time deposits take up 97.6 percent and sight deposits make up 2.4 percent of the total deposits in the 249 credit and saving cooperatives. The number of 249 credit and saving cooperatives has decreased by 14. Concerning this, Head of Supervision and Regulation Division B.Dolgorsuren said, some credit and saving cooperatives do not comply with regulations and requirements set by the Financial Regulatory Commission and also, some credit and saving cooperatives are liquidated at their own wills.

Train tickets from Mongolia to Europe now available www.montsame.mn

Ulaanbaatar /MONTSAME/. Citizens traveling to the Russian Federation and other European countries can now purchase their train tickets from the Ticket Office of the Ulaanbaatar Railways JVC.

Ex-Kyrgyz President Almazbek Atambayev charged with murder www.bbc.com

Kyrgyzstan's former President Almazbek Atambayev has been charged with murder and plotting a government coup.

Trump targets legal migrants who get food aid www.bbc.com

US President Donald Trump's administration is to make it more difficult for poorer legal migrants to extend their visas or gain permanent resident status (a green card).

The rule targets migrants who rely on public benefits, such as food aid or public housing, for more than a year.

Their applications will be rejected if the government decides they are likely to rely on public assistance in future.

The rule change would reinforce "ideals of self-sufficiency," officials said.

The new regulation, known as a "public charge rule", was published in the Federal Register on Monday and will take effect on 15 October.

Who will be affected?
Immigrants who are already permanent residents in the US are unlikely to be affected by the rule change.

It also does not apply to refugees and asylum applicants.

Those who do not meet income standards or who are deemed likely to rely on benefits such as Medicaid (government-run healthcare) or housing vouchers in future may be blocked from entering the country.

Those already in the US could also have their applications rejected.

An estimated 22 million legal residents in the US are without citizenship, and many of these are likely to be affected.

Civil rights groups have said the move unfairly targets low-income immigrants. The National Immigration Law Center (NILC) has said it will sue the Trump administration to stop the regulation from taking effect.

But the White House said the current system favours immigrants with family ties rather than those who "are self-sufficient and do not strain our public resources".

A change that fits Trump's larger goal
Although much of Donald Trump's rhetoric during the 2016 presidential campaign was directed at what he saw as the dangers of undocumented immigration, it has been clear for some time that this is just part of a larger goal to reduce US immigration levels in total - both illegal and legal.

Since his inauguration, Mr Trump has cut the number of refugees admitted to the US each year. The White House blocked a Senate compromise immigration proposal in January 2018 in part because it did not include changes to the legal immigration system.

During those negotiations, Mr Trump reportedly made comments about preferring immigrants from places like Norway, rather than "shithole" countries.

Now the administration is making it more difficult for less affluent individuals to obtain legal US residency - or perhaps even enter the country at all.

This sets up an election clash next year between a president sharpening and broadening his immigration rhetoric and Democrats, many of whom have said they believe all immigrants, legal or otherwise, should be eligible for public aid.

Why is the rule change happening?
President Trump has made immigration a central theme of his administration. This latest move is part of his government's efforts to curb legal immigration.

"To protect benefits for American citizens, immigrants must be financially self-sufficient," a White House statement read after the rule change was announced.

It said two-thirds of immigrants entering the US "do so based on family ties rather than on skill or merit".

More than three-quarters (78%) of households headed by a non-citizen with no more than a secondary school education used at least one welfare programme, it added.

Ken Cuccinelli, the acting director of the US Citizenship and Immigration Service, announced the regulation at a press conference on Monday.

He said finances, education, age, and the level of an applicant's English-language skills will all be considered in green card applications. "No one factor alone" will decide a case, he added.

The Trump administration has also cracked down on illegal immigration. Last week, about 680 people were arrested in Mississippi on suspicion of being undocumented migrants.

Pictures emerged of children crying after being separated from their parents. Officials said they took steps to ensure any children were properly cared for.

The number of would-be migrants apprehended at the US southern border with Mexico has been rising over the last two years.

However, the number of undocumented immigrants in the US is falling, according to recent analysis from the Pew Research Center.

In May, President Trump put forward proposals for a new skills-based immigration system, designed to favour younger, better educated, English-speaking workers.

Southeast Asia poised for export boost from new US tariffs www.asia.nikkei.com

SINGAPORE -- Southeast Asia will likely enjoy a boost in exports from the new U.S. tariffs on China announced recently, with more companies diverting production and shipments through the region in order to avoid higher rates.

But the trade war could prove a double-edged sword. Shipments to China, Southeast Asia's biggest trading partner, are seen suffering, and it is unclear how the region will fare once the dust has settled.

On Aug. 1, U.S. President Donald Trump announced a 10% tariff on $300 billion of Chinese products starting Sept. 1, which is expected to affect a wide range of consumer goods such as clothing and shoes. Southeast Asian businesses see big opportunities in the likely drop in Chinese shipments.

"Indonesia is expected to enjoy an increase in textile and garment exports to the U.S. in the wake of the new U.S. tariffs," said Ade Sudrajat, chairman of the Indonesian Textile Association.

Indonesian industry representatives visited Washington in July, before Trump's announcement, and agreed to ship more textiles to the U.S. in exchange for increased imports of American cotton, Ade said.

"Thai food exports to the U.S. are expected to rise substantially" if the new tariffs take effect, said Pimchanok Vonkorporn, head of the Thai Commerce Ministry's trade policy and strategy office.

Evaluating U.S. tariffs' impact on Asian economies, Morgan Stanley said in a research note on Aug. 5 that Vietnam and Indonesia notched notable gains in non-tech-segment exports to the U.S. amid the levies on Chinese goods.

Exports from Southeast Asian countries -- Malaysia, Thailand, Indonesia and the Philippines -- are also comparatively sheltered from the new U.S. tariffs, compared with economies with "higher trade linkages with China" -- such as Hong Kong, South Korea and Taiwan, which have seen their share of global exports dented by Sino-American trade tensions, the report said.

Consumer goods such as clothing and food tend to have narrow profit margins, which means a 10% tariff is a heavy blow for Chinese products. And because they do not require specialized know-how, they can easily be replaced by alternatives.

Many Southeast Asian countries have enjoyed a boost in exports to the U.S. since last summer, when Washington imposed three rounds of tariffs on China. Vietnam's exports jumped 27.4% from a year earlier in January-June. Thailand and Singapore logged 17.4% and 4.8% increases, respectively.

Production itself is shifting to the region as well. "We're getting phone calls here several times a week now with big multinationals, who are in fact now finally looking to supply chains," said Asian Trade Center Executive Director Deborah Elms.

Even those that were sitting on their hands are starting to act. The new tariffs will only accelerate the trend, Elms said.

But the deepening trade war could further cool Southeast Asian shipments to China. A decline in Chinese exports to the U.S. means China will need less raw materials and parts from Southeast Asia.

Thailand, Indonesia, Singapore and Malaysia all saw exports to China decline on the year in January-June. The trend threatens to squeeze the region's growth as a whole.

There is also the risk that Chinese companies start diverting products originally intended for the U.S. to Southeast Asia, upsetting the supply-demand balance there.

"There will be a negative impact from Chinese products flooding Indonesia. So the question is, what will our trade balance look like?" Ade said.

Nikkei staff writer Alex Fang in New York contributed to this report.

EV sector will need 250% more copper by 2030 just for charging stations www.mining.com

While it is a known fact that electric vehicles (EVs) use about four times more copper than gasoline-powered vehicles, short-term demand for the metal won’t come from the car industry, but from the charging stations and related infrastructure needed to support EV growth, a new study shows.

According to Scottish consultancy Wood Mackenzie, there will be more than 20 million EV charging points by 2030, consuming over 250% more copper than in 2019. But the forecast would only become a reality if more private and public investment is allocated.

The EV charging infrastructure ecosystem is very complex, and most projects require strong partnerships between both public and private stakeholders to deploy the necessary infrastructure, the research notes.

Not only electric utilities, but equipment makers, software and network providers, as well as governments and non-governmental organizations will need to join efforts, the report reads.

In North America alone, the EV infrastructure market will total $2.7 billion by 2021 and $18.6 billion by 2030, according to the report.

“By 2040, we predict that passenger EVs will consume more than 3.7 million tonnes of copper every year. In comparison, passenger internal combustion engine (ICE) vehicles will need just over 1Mt,” says Henry Salisbury, WoodMac research analyst. “If we look at cumulative demand, between now and 2040 passenger EVs will consume 35.4Mt of copper – around 5 Mt more than is required to meet current passenger ICE demand.”

Currently, less than 1% of the world’s vehicles are electric, but by 2030 EVs are expected to make up approximately 11% percent of new car sales.

Consumption from the car industry will also weigh on demand, but later. An average gasoline-powered car uses about 20 kg of copper, mainly as wiring. A hybrid needs about 40 kg and a fully electric car has roughly 80 kg of copper (176 pounds).

The amount goes up as the size of the vehicle increases. For example, a fully electric bus uses between 11 and 16 times more copper than an ICE passenger vehicle — depending on the size of the battery and the actual bus.

This means, in the next decade, global copper demand will increase between 3 and 5 million tonnes, experts seem to agree. Once electric vehicles become popular, they estimate demand to reach 11,000,000 tonnes of new copper for EV’s alone, with potential upside in other green technologies.

Practical and psychological barriers
While EVs are getting cheaper and able to go farther on a single charge, consumers face the challenge of being able to charge their vehicles on long trips.

Gas stations are everywhere, the process of refuelling is fast and there is rarely any need to plan these kinds of stops ahead of time.

EV charging stations are far from being that common. Despite advances in charger and battery technologies, it still takes much longer — about 30 minutes with today’s fast chargers — to recharge a car battery than to fill up the tank.

“As it stands, range anxiety – worrying that a battery will run out of power mid-journey – is a key psychological barrier standing in the way of more widespread EV adoption,” WoodMac’s Salisbury says.

“One way to address this is to roll out more charging infrastructure. As this happens, more connections to the electrical grid will be required and more copper will be needed as the network expands,” he notes.

Salisbury also believes copper will benefit from the fact that there are not viable alternatives to it. The metal’s physical properties make it the best to conduct electricity and it can comfortably accommodate the higher temperatures common to EVs.

“Aluminum is the closest alternative,” Salisbury says. “However, despite it being lighter and almost three times cheaper, copper comes up trumps on size and efficiency. An aluminum cable needs to have a cross-sectional area that is double the size of any copper equivalent to conduct the same amount of electricity.”

Copper is also a key element in green technologies and renewables, which despite being adopted at a fast pace, still represent only a minor percentage of the world’s total energy production.