Bitcoin, the world’s top virtual currency, was trading above $10,600 at 10:00 GMT, retreating from a peak of $11,090 reached earlier in the day. The surge followed a sharp plunge in the entire market on Monday after US-based exchange Coinbase informed nearly 13,000 of its users that it had to hand over their data to the US Internal Revenue Service.

Chinese financial authorities are set to bar local investors from trading virtual assets on exchanges abroad, according to unnamed sources familiar with the issue as quoted by Bloomberg. The regulators are reportedly planning to look over the bank and online-payment accounts of Chinese firms and individuals suspected of facilitating offshore cryptocurrency exchanges.

The step is reportedly aimed at blocking the remaining ways for Chinese citizens to buy virtual currencies. The country, once the world’s most active for cryptocurrency trading, prohibited trading of bitcoin and other digital currencies on domestic exchanges last year. Since then, the regulators have progressed to blocking access to platforms that provide exchange-like services.

Last year, South Korea announced tougher steps towards cryptocurrency trading in the country. The measures, designed to curb speculation and illicit activities, included taxing cryptocurrency exchanges and banning them from issuing new trading accounts.

Exports of washed coking coal decreased 22.94% from a month earlier to 227,400 tonnes in January, and that of raw coking coal up 83.78% month on month to 1.46 million tonnes.

The country exported 935,100 tonnes of thermal coal in the month, flat month on month.

In the month, Mongolia produced 3.84 million tonnes of coal, down 29.23% year on year but up 8.3% from the preceding month.

In 2017, the country's coal output increased by 32.72% from 2016 to 47.10 million tonnes.

In January, Mongolia sold a total of 4.31 million tonnes of coal, rising 25.26% from the month-ago level, with domestic sales rising 46.9% from December to 680,100 tonnes.

In an earlier protest lodged with the Japanese Foreign Ministry, the embassy said the cartoon "lacks respect for the Mongolian people."

"We deeply apologize for causing offense to all those who revere Genghis Khan," Shogakukan said in a statement on its website.

With the agreement, the interested parties agreed that it was necessary to create favourable conditions for trade of goods and services based on parity and creation of long-term mechanisms of mutually beneficial cooperation on freight transportation of foreign trade.

The agreement will create favorable conditions for transit freights, such as flexible tariff policy, between the two countries. On this note, the parties are obliged to strengthen competitiveness by providing long-term flexible tariff compared to other trade routes; creating conditions for easing border checkpoint procedures on transit freights; stimulating growth of freight volumes; providing balance of volume growth of freights and infrastructure development of railway transportation; and creating conditions for Mongolian exporters to be involved in maritime transport without obstacles.

In its third clause, the agreement states that the parties will enjoy tariffs established under international contracts, to which both countries are a signatory.

The agreement clause 5 states that for the development of transit potentials, the parties shall provide realization of measures on modernization of infrastructure of Ulaanbaatar Railway JSC through competent and authorized bodies of the parties.

The draft states that the agreement term will be effective for 25 years.

The draft of the Agreement was prepared by the Mongolian side and was presented to the Russian side in the end of last year. Previously, Battulga Khaltmaa, the President of Mongolia, expressed his intention to export Tavan Tolgoi coal to third markets during the third annual Eastern Economic Forum which was held in Vladivostok, Russia, in September 2017.

Oyunbayar. N

Energy Minister Ts.Davaasuren announced that construction work of the Tavan Tolgoi power plant is ready to start in July this year. The Tavan Tolgoi power plant will be commissioned in 2021, producing 2.3 billion kWh of electricity per year, annually selling energy worth of MNT 450 billion and paying taxes of MNT 45 billion to the state budget. The preliminary estimate presented by the Tavan Tolgoi power plant project director, D.Batbileg shows that the new plant will employ more than 400 people.

In addition, it is planned to complete the expansion of the capacity of Darkhan and Erdenet TPP this year and to build electrical substations in Baganuur-Undurkhaan-Choibalsan and Ulaanbaatar-Mandalgovi routes.

B.Misheel

According to the agreement, Apple will register a company in Ulaanqab and conduct construction and operations projects there. The venture, which will utilize clean and renewable energy, is scheduled for completion and launch by 2020.

Apple plans to bring more services to its Chinese users, reduce the cost of data storage and transmission, and enhance the performance of iCloud services.

The Head of Buryatia, Alexey Tsydenov, told Tass this week that the Mongolian carrier had said it would be prepared to sign an agreement for up to six aircraft of the type.

Rostec plans to manufacture the aircraft at its U-UAZ plant in Ulan-Ude. The first TVS-2DTS is due to roll off the production line in 2019.

For its part, Hunnu Air would presumably use the aircraft for flights to more remote regions in Mongolia. Its fleet currently includes two ATR72-500s and three Fokker 50s used to serve 12 destinations across Mongolia, China, and Russia.

The decision, made on February 28, won’t be effective in thermal power plants and power stations operating in Bayanzurkh, Chingeltei, Sukhbaatar, Bayangol, Khan-Uul and Songinokhairkhan districts.

The Cabinet ordered the Mayor of Ulaanbaatar and the corresponding Ministers to study the demand, supply and ways to ensure the price stability of refined coal, and reach a decision by July 1 this year.

The Cabinet sees that it is possible to replace the raw coal consumed by the capital city residents with 600 thousand tons of compressed fuel. In other words, a household that burns 4-5 tons of coal in heating season will consume 3 tons of compressed fuel, which is an economically beneficial alternative. For instance, coal from Nalaikh is purchased at MNT 170 thousand per ton. Five tons of coal will cost MNT 850 thousand whereas three tons of refined coal will cost MNT 660 thousand, thus saving MNT 190 thousand.

The replacement of raw coal by refined coal is expected to significantly reduce carbon dioxide emissions, thus resulting in the decrease of air pollution.

About 202 thousand households in the ger areas of Ulaanbaatar burn 1.1 million tons of raw coal in winter, producing around 80 percent of smog in the capital city.
Kh.Aminaa

Force majeure was declared Jan. 17 after protests by Chinese coal haulers disrupted deliveries by blockading roads near the Chinese-Mongolian border, leaving Oyu Tolgoi convoys unable to deliver copper concentrates. Force majeure is a legal status companies invoke when they cannot make deliveries of a commodity because of forces outside of their control.

Vancouver-based Turquoise Hill, majority owned by Anglo-Australian miner Rio Tinto , said the blockade was lifted Jan. 18 and the border re-opened Jan. 19, but ongoing congestion had hampered a return to normal border traffic.

A period of consistent convoy crossings and stable concentrate supply chain are required before force majeure can be lifted, said Turquoise Hill, which owns 66 percent of Oyu Tolgoi with the Mongolian government holding the remainder.

The Chinese truckers were protesting increased enforcement of rules requiring them to pay Mongolian taxes and social insurance to receive permits to deliver coal, a source in the capital Ulaanbaatar said in January. The source said Mongolian authorities had also stopped Chinese truckers from picking up coal from the mine.

Last week, the mine said it would weigh alternatives to guarantee electricity supply, after casting doubt on state plans to build a power plant in the region. Oyu Tolgoi is under pressure to procure power from domestic rather than Chinese sources within the next four years, as stipulated in a 2009 investment agreement.

Reporting by Susan Taylor Editing by Toni Reinhold.