MBD Business offers #14

MBD facilitates strategic business communications between Mongolian and foreign businesses, conducts targeted market research, and provides consulting for business looking to grow in Mongolia as well as those expanding internationally from within Mongolia. In addition, MDB organizes business programs and official delegations to build connections between the Mongolian and International markets.

Vietnam treasures traditional friendship with Mongolia www.english.vietnamnet.vn

EBRD brings in new Mongolia country head www.gtreview.com

City authorities formulate road master plan www.montsame.mn

Ulaanbaatar /MONTSAME/ Speaking to residents of several Khoroos of Songino-Khairkhan district during a recent meeting, Deputy Mayor of Ulaanbaatar P.Bayarkhuu stated, “The capital city authorities have planned robust infrastructure development in the frameworks of which several measures are to be taken in the near future”.

Presidential candidate nomination dates fixed www.montsame.mn

Ulaanbaatar /MONTSAME/ The nomination of presidential candidates for the upcoming Presidential Election will take place on May 2-6, in compliance with the Law of Mongolia on Election which regulates that nomination of presidential candidates will begin 55 days prior to election day and end 5 days prior to the election day.

Central bank delegates to attend IMF and World Bank spring meeting www.montsame.mn

Trump takes first step toward H-1B reform www.cnn.com

President Trump has set the wheels in motion for H-1B visa reform.
On Tuesday, Trump signed an executive order that directed federal agencies to implement a "Buy American, Hire American" strategy. The order included a section geared at immigration reform.
The order tasked four department heads (including the Secretary of Labor, who has yet to be confirmed) to suggest reforms to ensure H-1B visas are given to the "most-skilled or highest paid" petitioners. Additionally, it asked them to propose new rules and guidance for preventing fraud and abuse of work visas.
Trump made it clear that he doesn't agree with fact that H-1Bs are currently doled out under a lottery system.
"Right now, H-1B visas are awarded in a totally random lottery -- and that's wrong," he said on Tuesday in Wisconsin, where he signed the order.
There's an annual quota of 85,000 new H-1B visas (with 20,000 reserved for master's degree holders). Applications opened on April 3 and closed five days later. It was the fifth consecutive year that the cap was met within five days. This year, 199,000 applications were received.
It's unclear what exactly the four agencies department heads (State, Justice, Labor and Homeland Security) will be able to accomplish administratively and what will be need to done through congressional legislation.

"Although released with ceremonial flair, the order will have no immediate impact on H-1Bs," Betsy Lawrence, the director of government relations for the American Immigration Lawyers Association, told CNNTech. "Many of the changes to the H-1B program contemplated by the administration would require legislative action or rulemaking and would take time to go through the necessary processes."
There have been several bills introduced in recent months to reform the H-1B visa system, including a bipartisan bill from Senators Chuck Grassley and Dick Durbin who have been pushing to revamp the program for years. Their bill proposed eliminating the lottery in favor of a "preference system" so that foreign students educated in the U.S. would get priority. It would give a "leg up" to advanced degree holders, those being paid a high wage and those with valuable skills.
This proposal aligns with Trump's H-1B rhetoric.
"I'm grateful that President Trump has taken my suggestions to heart by taking steps today to protect American workers and preserve limited H-1B visas for truly qualified, high-skilled foreign workers," said Grassley in a statement.
H-1B visas are used to fill the U.S. skills gap, but critics, including the Trump administration have voiced concern about abuse of the program. In some cases, outsourcing firms flood the system with applicants, obtaining visas for foreign workers and then contracting them out to tech companies. American jobs are sometimes replaced in the process.
Attorney Sara Blackwell, who advocates for American workers replaced by foreigner visa holders, said she's "hopeful."
"I'm glad President Trump is acknowledging the serious problem."
Unlike the draft executive order leaked in January, the order signed Tuesday did not set out deadlines, although it did ask for proposals "as soon as practicable."
"I'm not worried immediately about my clients -- but I am worried about what's to come," Tahmina Watson, of Watson Immigration Law, said.

Russia lifts Far East visa requirements for 18 countries to boost tourism & development www.rt.com

AmCham: China's growth will give globe a big boost www.chinadaily.com

The robust growth of the Chinese economy in the first quarter is a positive sign for the global economy, the head of a US business lobbying group said on Tuesday, calling for further progress in bilateral trade and investment relations.

IMF says pace of global economic growth is picking up www.bbc.com

The world economy seems to be gaining momentum, according the chief economist of the International Monetary Fund.
Writing in the IMF's new World Economic Outlook, Maurice Obstfeldt said "we could be at a turning point".
The report forecasts global growth this year of 3.5%, up from 3.1% predicted in 2016.
The UK's economy is forecast to expand by 2% this year, stronger growth than any of the major developed economies apart from the US.
The prediction for Britain this year is now only marginally below what the IMF predicted a year ago, its last full forecast before the Brexit referendum.
The figure then was 2.2%. The revised forecast reinforces the picture of the British economy's performance being little affected by the aftermath of the referendum, contrary to the expectations of the IMF and many independent economists. The IMF does, however, expect the longer term impact on Britain to be adverse.
The IMF also warns of headwinds that could weaken its global projections. The organisation highlights the possibility of protectionism and what the report calls "trade warfare".
However, the dominant tone of the report is rather sunnier than it has been for some time. For much of the period since the financial crisis of 2008 the IMF has worried that the recovery was failing to generate momentum.
Dispelling fears
This time the IMF sees buoyant financial markets and "a long awaited cyclical recovery in manufacturing and trade".
The rebound in the prices of commodities has also helped dispel fears of deflation, or falling prices, which has been seen as a danger, especially in the developed world. Deflation can, in some circumstances, aggravate economic weakness.
The forecast for this year would be a marked improvement on last year's 3.1%.
It's striking that in the forecast for the larger economies, there are none predicted to suffer a decline in economic activity this year or next.
Even Brazil and Russia, two countries that have suffered from the fallout of international and domestic political difficulties, are forecast to see growth this year, although it's not particularly strong.
China first quarter growth hits 6.9%
Eurozone growth 'nears six-year high'
Inevitably, the IMF identifies possible risks that could weaken its main forecasts. In particular, the report refers to increasing "pressures for inward looking policies in the advanced economies".
The report notes the loss of what it calls middle-skilled jobs in advanced economies as a result of technological change since the early 1990s. There is controversy about to what extent increased global trade might have contributed to those losses.
Combined with the slow recovery from recent economic crises, this has affected people on lower incomes and led to growing disillusionment with globalisation the, IMF says.
The report warns that this could trigger more protectionist policy actions on trade and immigration.
UK growth strengthens
Mr Obstfeldt writes: "Capitulating to those pressures would result in a self-inflicted wound, leading to higher prices for consumers and businesses, lower productivity, and therefore, lower overall real income for households."
The report also says that the increased fragmentation of production processes across countries aggravates the potential economic damage.
The forecast for Britain has been revised up markedly for this year - to growth of 2%, from 1.6% predicted in 2016. That is a stronger than any of the leading developed economies apart from the US, whose growth is forecast to be 2.3%.
The revision for the UK reflects what the report calls the "stronger-than-expected performance of the UK economy since the June Brexit vote".
But the IMF still expects negative effects from leaving the EU including "reduced consumer purchasing power following the pound's depreciation and its gradual pass-through to prices and the impact of uncertainty on private investment".
It also says that longer term prospects have been diminished because of the expected increase in barriers to trade and migration and the potential impact on the UK's financial services.
One decidedly weak area is Africa, for which the IMF describes the outlook as subdued. For sub-Saharan Africa, economic growth is likely to only moderately exceed population growth. That means correspondingly only moderate progress in raising average living standards in the region.
Although commodity prices such as oil have rebounded from recent troughs, they are still relatively low. The Fund says that is holding back growth in oil-producing nations in Africa such as Nigeria and Angola.