UK court obliges Ukraine to pay par value on its Eurobond debt to Russia www.rt.com

The High Court of London has bound Ukraine to pay £2.8 million ($3.6 million) to Russia as compensation for legal costs related to Kiev’s Eurobond debt, the Russian Finance Ministry announced on Wednesday.

Prime Minister meets IMF delegates www.montsame.mn

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat met with International Monetary Fund representatives on Wednesday.

12 Regions of China: Inner Mongolia www.thediplomat.com

Separated from the independent nation of Mongolia by the vast Gobi, the deserts and grasslands of Inner Mongolia stretch from the Tibetan plateau’s northeast ramparts along the great bend of the Yellow River and toward China’s far northeast, where they are divided from Manchuria by the Greater Khingan mountains. For two millennia this region was contested between Chinese states and the steppe nomads; imperial China’s northern defense lines – equivalent to the Roman limes on the Rhine and Danube – roughly followed this frontier.

In the 1500s one of Genghis Khan’s lesser heirs built his power base in this area anchored by the city of Hohhot, which remains Inner Mongolia’s capital today. Altan Khan’s depredations spurred construction of the fortifications around Beijing that are now shown to tourists as the “Great Wall.” But he was also pivotal in spreading Buddhism among the Mongols through an alliance with the head of Tibet’s Gelugpa sect, upon whom he conferred the title of “Dalai Lama.”

Exploiting their patronage of Tibetan Buddhism, the Qing emperors of China secured the loyalty of the eastern Mongols. Today the descendants of these tribes are spread around Inner Mongolia’s 1.2 million square kilometers, and the region’s administrative districts still partly reflect organization under the Qing. For centuries the region has seen growing Han in-migration and administrative assertion, changing the ecology of the grasslands and putting pressure on the Mongol way of life, as vividly captured in the bestselling novel Wolf Totem.

With China’s 1911 revolution, Outer Mongolia declared independence, and was recognized as a sovereign state by the People’s Republic of China in 1949. During the 1930s the Japanese established a puppet state in Inner Mongolia, but their expansion in this area led to defeat at Soviet hands, with arguably momentous consequences for the course of World War II. In the 1960s-80s, Inner Mongolia was a closed and militarized region on the frontline of potential Soviet invasion. Today it has been overrun instead by Chinese tourists seeking a dude ranch-style Mongolian experience, although the Jiuquan space launch center in the region’s far west remains a restricted area.

Today, Inner Mongolia’s economy is based on primary industry, including a dominant share of global rare earths production. In the 21st century’s first decade, the province led the nation with annual growth rates breaking 15 percent, achieved through a mining boom and an infrastructure binge aimed at urbanizing the region, with the inevitable wastage epitomized in China’s most famous ghost city.

Rampant development, environmental destruction, and pressure on herders to resettle in urban centers has in recent years triggered sporadic unrest among ethnic Mongols. At the same time, burgeoning links with the independent nation of Mongolia, being developed as part of the state-led Belt and Road Initiative, are opening a new phase in the ancient relationship between the Mongol peoples and China.

(John Lee is a former visiting fellow of the Mercator Institute for China Studies.)

Individual Agreement Based on Export Credit Line for Mongolia Supporting Exports of Construction Machinery by Japanese Companies to Mongolia www.jbic.co.jp

The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed a loan agreement on July 25 in the amount of up to approximately JPY400 million (JBIC portion) based on a credit line*1 extended to the Government of Mongolia in June 2013. The loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (lead arranger), bringing the overall cofinancing amount to approximately JPY800 million. The part of the cofinanced portion is insured by Nippon Export and Investment Insurance (NEXI).

The loan is intended to provide, through the Ministry of Finance of Mongolia and Trade and Development Bank of Mongolia LLC, the necessary funds for Khishig Arvin Industrial LLC, a Mongolian company, to purchase construction machinery made by Komatsu Ltd. and related services from SUMITOMO CORPORATION.

The enactment of the "Agreement between Japan and Mongolia for an Economic Partnership (EPA)" by the governments of Japan and Mongolia in June last year is expected to further enhance reciprocal economic cooperation and vitalize the two countries' economies in a wide range of fields, along with the liberalization and facilitation of trade and investment between the two countries. In addition, in March 2013, the "ERCH Initiative"*2 was proposed by Prime Minister Abe in expectation of promoting the economic relationship between the two countries. Following this initiative, in July 2014, "ERCH Initiative Plus"*3, and, in March 2017, the "Japan-Mongolia Mid-term Action Plan for a Strategic Partnership"*4 were agreed on by the two countries' leaders, supplementing the original and resolving to promote financing utilizing this credit line effectively. This loan is in line with such measures of the two countries, and through the promotion of Japanese exports, it contributes to maintaining and strengthening the Mongolian economy, as well as the international competitiveness of Japanese industries.

As Japan's policy-based financial institution, JBIC will continue to support the export of machinery and equipment and the overseas business deployment of Japanese companies, in foreign countries including Mongolia, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.

Deal Concluded for Export of Komatsu Mining Machinery to Mongolia www.sumitomocorp.co.jp

Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President & CEO: Kuniharu Nakamura), in cooperation with Komatsu Ltd. (Head Office: Minato-ku, Tokyo; President & CEO: Tetsuji Ohashi; hereinafter, “Komatsu”), has concluded a 1.2 billion yen export deal for a Komatsu hydraulic excavator and 12 dump trucks to be delivered to Khishig Arvin Industrial LLC, a major mining contractor in Mongolia, via Sumitomo Corporation’s Mongolian subsidiary Transwest Mongolia LLC (Head Office: Ulaanbaatar; Executive Director: David Turnbull; hereinafter, “TM”).

Facebook flush with advertising money www.bbc.com

Facebook revenues and profits soared in the most recent quarter, as advertising dollars poured into the social media company and users continued to flock to the site.
More than two billion people - more than a quarter of the world's population - log into the site every month, a powerful draw for advertisers.
The firm said revenues hit $9.3bn (£7.09bn) over the April to June period, jumping 45% year-on-year.
Profits climbed 71% to $3.9bn.
"We had a good second quarter and first half of the year," said chief executive Mark Zuckerberg, who founded Facebook in 2004.
Facebook has been adding more advertising as well as more consumers, as it explores how to monetise its other social networking platforms, Instagram and WhatsApp.
The company said that Instagram was making an increasing contribution to growth, but that the news feed at the heart of Facebook remained the biggest driver.
It was still early days for advertising on Facebook's messenger service, said Mr Zuckerberg, but he told an investor call he was "confident we're going to get this right in the long term".

Foxconn expected to announce multi-billion dollar investment www.bbc.com

Foxconn, the Taiwanese firm that works closely with technology firm, Apple, plans to build a multi-billion dollar plant in Wisconsin, US media are reporting.
US President Donald Trump, who put boosting US manufacturing at the heart of his election campaign, is expected to make the announcement on Wednesday.
Foxconn has previously said it was exploring several states for possible facilities.
The firm has not confirmed the reports.
Foxconn chief executive Terry Gou, who has met with President Trump, has indicated his firm could invest as much as $10bn (£7.6bn), with states including Wisconsin and Michigan under consideration. He said the firm would make the decision this month.
To win the facility - expected to employ thousands of workers - states have been preparing competing incentive packages that would defray the cost for Foxconn.
Wisconsin Governor, Scott Walker, said he would be at the White House for the announcement.
'Big' plans
Foxconn works closely with I-phone and I-pad maker, Apple Inc.
The tech company is based in California, but does the bulk of its manufacturing through contractors in Asia,
President Trump, who has adopted the slogan "America First" when discussing economic policy and trade, pressed Apple during his campaign to increase its US investments. The firm has also faced criticism for conditions at factories belonging to its contractors in China.
On Tuesday President Trump told the Wall Street Journal that Apple was planning three "big" factories in the US.
The company has not commented on the statement. In May, Apple chief executive Tim Cook said the company was creating a $1bn fund to invest in advanced manufacturing in the US.
Wisconsin is a politically important state for President Trump. It has historically leaned Democratic, but President Trump won it by less than 25,000 votes in the 2016 election.

Thyssenkrupp to deliver conveyor system to Mongolian underground mine www.drybulkmagazine.com

One of the richest underground copper deposits in the world will soon be accessed with the help of high-capacity gearless driven conveyors from thyssenkrupp.

Mongolbank's gold purchase reaches all-time high www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia made the regular press statement on Tuesday. Spokesperson D.Orgil highlighted in the beginning that the 7th Roundtable Meeting of Central Banks of Mongolia and China is arranged to take place on July 27 and 28 in Ulaanbaatar.

Mongolia GDP per capita Forecast 2016-2020 www.tradingeconomics.com

GDP per capita in Mongolia is expected to be 3898.90 USD by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Mongolia GDP per capita is projected to trend around 3891.16 USD in 2020, according to our econometric models.

Please review more on http://mongolianbusinessdatabase.com/base/sourcesdetials?id=18