Turquoise Hill to announce fourth quarter and full year 2018 financial results on March 14, 2019 www.turquoisehill.com

Eleven issues to be resolved during emergency regime www.montsame.mn

In regard with the emergency regime set at Erdenet Mining Corporation, head of the Cabinet Secretariat of Government L.Oyun-Erdene was interviewed on March 6.

- Nine officials have been just released from their duties and their rooms have been sealed. Does it mean that powers of these officials are being transferred into the Government?

-An emergency regime has been set to stop disturbance to conduct normal operations of Erdenet Mining Corporation (EMC) and make changes in its structure and composition as the Board of Director of EMC is incapable to function. It makes troubles to resolve debt issues regarding Standard Bank. Moreover, the EMC is unable to conduct its business plan normally, expend money and resolve staff issues. Since it is a vital issue concerning the national security of Mongolia and budget, the Government issued a resolution to set emergency regime.

Government is responsible to implement parliamentary resolutions. In other words, the Parliament issued a resolution No:23 that instructs the government to resolve disputes by means of negotiations. To resolve the disputes, it necessitated to conduct an intelligence operation within relevant laws because there are many issues arisen regarding how much money the Trade and Development Bank spent, how much of it was taken from the State, by what financial sources the 49 percent shares of EMC was purchased, and why then-Government was preferential without having the stake purchase matter discussed at the Parliament. Now, it is under scrutiny to make them clear. There is also an issue of financial scheme. Earlier, a working group of the Parliament worked on this matter. According to unclassified documents that the working group has had or documents that the Government and BoD of Erdenet obtain, it evidenced that the funding was made from five sources. However, there are many unclear things. There are some issues need to be investigated and issues in connection with money laundering. For instance, there are cases that some companies were given preference when making the agreement of supply and selecting bid, and that have not executed their duties given by the agreement. Therefore, some rooms of EMC have been sealed to inspect such issues.

-How will the emergency regime influence on EMC’s operations?

-It will not affect normal operation of EMC. The Government used to implement emergency regime before. For EMC, it will be for six months. If the issues are not resolved within this period, the Parliament has the right to extend the period.

- Will somebody be appointed instead of the officials released from their posts?

-First of all, its structure has become quite compact. There will not be anyone on these positions for six months. No one will be appointed. Moreover, the EMC’s Board of Director will not call its meetings. During this period, we will urgently resolve 11 issues. There are many other issues such as debt to Standard Bank and signature forgery.

BY ORKHON

Mongolia to chair WTO TRIPS Council www.news.mn

Czech Republic to help Mongolia’s renewable energy sector www.news.mn

Minister of Energy of Mongolia Ts.Davaasuren has made a working visit to the Czech Republic at the invitation of Czech Minister of Industry and Trade Marta Novakova.

KFC poisoning: US experts finally sent to Mongolia www.news.mn

Almost a month has passed since numerous people were struck down with serious food poisoning at a branch of KFC in Ulaanbaatar. A total of 247 people became ill on 10 February after consuming chicken products from the same KFC outlet in Zaisan – a well-off suburb tin the south of Ulaanbaatar. 42 people of those victims have undergone treatment in the National Centre for Communicable Diseases (NCCD). After the incident, two delegates from the U.S. fast food company have been sent to Ulaanbaatar. Facility personnel and standard analysis expert from Yum! Brands Inc which owns the Kentucky Fried Chicken brand arrived in Ulaanbaatar last week in order to study the review made by General Agency for Specialized Investigation. According to E.Zolbayar, marketing manager of KFC Mongolia, the specialists will come again to Ulaanbaatar next week for supporting the branch’s operation.

President sends official letter regarding the agenda of the Extraordinary Session of the Parliament www.montsame.mn

The President of Mongolia calls for the establishment of the Regional Energy Organization in North East Asia www.bcmongolia.org

Gulnara Karimova: Uzbekistan ex-leader's daughter jailed www.bbc.com

DP announces strict opposition against MPP over recent scandals www.zgm.mn

Italy joining China’s new Silk Road raises eyebrows in Washington www.rt.com

Italy is planning to formally back China’s multi-trillion-dollar Belt and Road Initiative (BRI). It would become the first G7 nation to join the ambitious project which promises to significantly boost global trade.
Rome is preparing to sign a memorandum of understanding to officially support the project, championed by Chinese President Xi Jinping, by the end of March, according to Michele Geraci, undersecretary in Italy’s Ministry of Economic Development as quoted by FT.

“The negotiation is not over yet, but it is possible that it will be concluded in time for Xi’s visit,” Geraci told the media.

“We want to make sure that ‘Made in Italy’ products can have more success in terms of export volume to China, which is the fastest-growing market in the world.”

The Chinese leader is expected to pay an official visit to Italy on March 22. After that Xi Jinping will reportedly head to France and ultimately the US for further negotiations to resolve the current trade stand-off between Beijing and Washington.

Italy’s move has not been received well in Washington. The project, known as the new Silk Road, will not help Italy economically and may significantly damage the country’s international image, according to the White House.

“We are skeptical that the Italian government’s endorsement will bring any sustained economic benefits to the Italian people, and it may end up harming Italy’s global reputation in the long run,” National Security Council spokesman Garrett Marquis told the media.

The Belt and Road Initiative is expected to provide effective connectivity and boost China’s cooperation with more than 80 countries in Southeast and Central Asia, the Middle East, Europe and Africa via various infrastructure projects on the lines of the old Silk Road. The project promises to significantly boost global trade, cutting trading costs by half for the countries involved.