Tavan Tolgoi JSC releases 2017 financial report www.gogo.mn

According to the report, the sales revenue totalled MNT 428 billion in 2017, 2.4 times higher compared to the same period of 2016. The company paid a total of MNT 48 billion to income tax, earning a total of MNT 141 billion net profit.

Russia gets $41.5 billion boost from OPEC deal www.rt.com

Since the start of the OPEC-Russia production cut deal, Russia’s oil companies and government have received the equivalent of around $41.5 billion more in proceeds, thanks to the higher oil prices.
Due to the higher oil prices as a result of the pact, Russia’s federal budget has received so far $29.41 billion (1.7 trillion rubles) more, Russian Energy Minister Alexander Novak tweeted on Tuesday. The oil companies - a combined $12.11 billion (700 billion rubles) more since the beginning of 2017.

Mongolian banking sector evaluated as stable www.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolia’s overall banking sector was evaluated as stable according to asset quality review under the IMF’s ‘Extended Fund Facility program, reported the Central Bank of Mongolia.

Exports of gemstones and coin reaches USD 27 million www.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolia’s total foreign trade turnover reached USD 785 million in the previous month, up by 11 percent or USD 79 million compared to the same period of previous year. The exports surpassed imports again, making the gap between exports and imports USD 62 million.

China about to throw down the gauntlet to the petrodollar www.rt.com

The world’s top oil importer, China, is expected to launch its long-awaited and delayed yuan-denominated oil futures contract at the end of March, according to Reuters’ sources.
The petroyuan is seen as Beijing’s challenge to the US dollar, the dominant global currency in oil contract settlements.
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The contract could reportedly be launched on March 26 on the Shanghai International Energy Exchange (INE). The exchange has recently received the approval from China’s State Council.

‘Mongolian Pajero Club’ - Saving lives of trapped driver www.news.mn

Drivers from the ‘Mongolian Pajero club’ have pulled 300 cars out of the snow since January 2016 in cooperation with the Mongolian National Emergency Management Agency (NEMA).

Mongolia grants 1221 North Korean work permits www.news.mn

Over 1200 North Koreans were granted permits to work in Mongolia in 2017, the government’s mission to the UN reported in a sanctions implementation report made public this week. The report, dated 26 December, comes in response to the passage of UNSC Resolution 2375, unanimously adopted on 11 September last year.

The resolution dictates that Member States are prohibited from granting work permits to North Korean nationals, but this provision does not apply to such authorisations for which written contracts were finalised prior to 11 September.

“Mongolia has been in strict compliance with paragraph 17 of resolution 2375 (2017), regarding work authorisations for DPRK nationals,” the report reads.

It goes on to identify the quotas of North Korean work authorisations allowed to be issued in Mongolia over the past two years, which stood at 3858 in 2015, 2483 in 2016 and a total of 2338 in 2017.

“Although the total number of work authorisations for DPRK workers, set by the relevant Government resolution, stands at 2,338 for 2017, as at 1 November 2017 the relevant authorities had granted work permits to 1,221 DPRK nationals only,” the report said, adding that no new authorisations will be added.

The data issued by the government confirms earlier reports regarding the number of DPRK workers authorized to work in the country last year. The implementation report also said that the government of Mongolia had expelled 200 North Korean workers in 2016.

While Resolution 2375 imposed restrictions on work authorizations, Resolution 2397, adopted on 22 December, 2017, decided that Member States must repatriate all DPRK nationals earning income in their jurisdiction no later than 24 months from the date of adoption.

The resolution argues that “the revenue generated from DPRK workers overseas, among others, contribute to the DPRK’s nuclear weapons and ballistic missile programs.”

Member States must also provide a mid-term report after 15 months listing all North Korean nationals that were repatriated in the first year from the adoption date. This includes, if applicable, “an explanation of why less than half of such DPRK nationals were repatriated by the end of that 12 month period”.

Despite these provisions that may allow for work authorisations to continue until 2019, Mongolia also indicated in its implementation report that all such work agreements will expire much sooner.

“The work authorisations for which written contracts had been finalized prior to the adoption of resolution 2375 (2017) will continue until 1 June 2018,” it reads.

“On 3 June 2018, the agreement on the exchange of labour between the Government of Mongolia and the Government of DPRK will expire.” The Government, it says, is also working with the North Korean embassy in Ulaanbaatar to “organise the orderly withdrawal of the DPRK workers”.

Aside from adhering to sanctions on DPRK labor overseas, Mongolia also revealed that it has identified 20 joint ventures with North Korea. Resolution 2375 prohibits the operation of all joint ventures with DPRK entities or individuals.

“The relevant authorities were instructed to close all joint ventures and cooperative entities operating in Mongolia by 8 February 2018 in accordance with paragraph 18 of resolution 2375 (2017),” the report says. Despite noting its sanctions compliance, Mongolia does not appear to be distancing itself from its historically good relations with the DPRK.

Last week saw the Mongolian Minister of Foreign Affairs Damdin Tsogtbaatar wrap up a three-day visit to North Korea. According to DPRK state media, Tsogtbaatar agreed to maintain ongoing diplomatic relations with North Korea.

“At the talks, both sides exchanged views on the issue of continuing to develop the long-standing friendly and cooperative relations between the two countries in several fields,” a Korean Central News Agency (KCNA) report said of Tsogtbaatar’s meeting with DPRK foreign minister Ri Yong Ho on 6 February.

Israel PM Netanyahu faces corruption charges www.bbc.com

Israeli police say that Prime Minister Benjamin Netanyahu should be charged over alleged bribery cases.

A police statement said there was enough evidence to indict Mr Netanyahu for bribery, fraud and breach of trust in two separate cases.

Speaking on Israeli television, Mr Netanyahu said the allegations were baseless and that he would continue as prime minister.

The allegations, he said, "will end with nothing".

What are the allegations?
One case centres on an allegation that Mr Netanyahu asked the publisher of an Israeli newspaper, Yediot Aharonot, for positive coverage in exchange for help in reining in a rival publication.

Police said the editor of Yediot Aharonot, Arnon Mozes, should also face charges.

The Jerusalem Post says the gifts included champagne and cigars, and were given in exchange for help getting Mr Milchan a US visa.

Mr Milchan, the producer of films including Fight Club, Gone Girl and The Revenant, should face bribery charges, police said.

The police statement said that Mr Netanyahu, after receiving gifts, pushed for the Milchan Law, which would have ensured that Israelis who return to live in Israel from abroad were exempt from paying taxes for 10 years.

The proposal was eventually blocked by the finance ministry.

Police say Mr Netanyahu is also suspected of fraud and breach of trust in a case involving Australian billionaire James Packer.

Israel's Channel 10 reported in December that Mr Packer told investigators he gave the prime minister and his wife Sara gifts.

Israeli media say Mr Netanyahu has been questioned by investigators at least seven times.

What happens now?
A final decision on whether Mr Netanyahu should face charges will come down to the attorney general's office. A decision could take months to reach.

Justice Minister Ayelet Shaked said any prime minister who has been charged should not be obliged to resign.

Speaking on Israeli television, Mr Netanyahu said he would continue in his role.

The next legislative elections are scheduled for November 2019. Mr Netanyahu heads a fragile coalition, but on television, he appeared confident the allegations would not spur new elections.

How has Mr Netanyahu responded?
"Over the years, I have been the subject of at least 15 enquiries and investigations," he said in his TV address.

"Some have ended with thunderous police recommendations like those of tonight. All of those attempts resulted in nothing, and this time again they will come to nothing."

The 68-year-old is in his second stint as prime minister, and has served in the role for a total of 12 years.

He has faced a number of allegations in his time in office.

After his first term as prime minister two decades ago, police recommended that he and Sara face criminal charges for keeping official gifts that should have been handed over to the state. The charges were later dropped.

In July 2015, the couple were accused of charging the government for the services of a contractor who did private work for them. The charges were later dropped.

'Colossal' American oil boom could spoil OPEC's plans www.cnn.com

The oil cartel and key ally Russia have spent more than a year trying to drain the world of excess supply. But the International Energy Agency warned Tuesday that a "colossal" oil boom in the United States could ruin their efforts.

Ministry of Mining and Heavy Industry speaks to the press www.gogo.mn

The Ministry of Mining and Heavy Industry (MMHI) held a Transparent Mining press conference on February 12.