1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Coca Cola buys African bottling from AB InBev for $3.15 billion www.reuters.com

 
Anheuser-Busch InBev (ABI.BR) has agreed to sell its majority stake in Africa's largest Coke bottler to the Coca Cola Company (KO.N) for $3.15 billion, the final planned divestment following its purchase of rival brewer SABMiller.
 
The world's largest beer maker and Coca Cola said in a joint statement on Wednesday that they had agreed the transfer of AB InBev's 54.5 percent stake in Coca-Cola Beverages (CCBA).
 
CCBA has operations in South Africa, Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte and Comoros.
 
The companies have also reached an agreement in principle for Coca Cola to acquire AB InBev's interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed amount.
 
The transactions, subject to relevant regulatory and minority approvals, are expected to close by the end of 2017.
 
Coca Cola said it planned to hold all operations temporarily until they can be refranchised to other partners. Its existing bottling partners include Coca-Cola European Partners and Coca-Cola Hellenic (CCH.L).
 
AB InBev has now raised some $27 billion from divestments of SABMiller's European, U.S. and Chinese interests, recouping more than a quarter of the 79 billion pounds ($97.7 billion) it paid for the world's second largest brewer.
 
Coca-Cola Co said in October it would exercise its right to buy AB InBev's stake in Africa's CCBA after the brewer's takeover of SABMiller. AB InBev is a major bottler of Coke rival Pepsi in Latin America.
 
Coke, which formed CCBA along with SABMiller and the South African owners of bottler Coca-Cola Sabco in 2014, had retained the right to buy SABMiller's stake in the event of a change of control at the brewer.
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MPs poised to investigate VAT fraud on Amazon and eBay www.theguardian.com

 
An influential committee of MPs is poised to launch an investigation into Britain’s £1bn online shopping VAT fraud crisis after sellers on Amazon and eBay evaded hundreds of millions of pounds in tax in the run-up to Christmas.
 
Conservative MP Richard Bacon, who sits on the public accounts committee, said: “I think this is absolutely an issue we need to look at.
 
“We’ve already been discussing VAT fraud in online retailing informally and I expect that it is something the committee will want to turn to.”
 
The National Audit Office could also be asked to examine the subject, and how well it has been addressed by HM Revenue & Customs.
 
In recent years, overseas sellers, particularly from China, have come to dominate many popular goods categories on eBay and Amazon, illegally selling goods without VAT.
 
As a result, many small British businesses have been left unable to compete.
 
Parliament’s public accounts committee has previously played a central role in shining a spotlight on other tax scandals involving the likes of Starbucks, Google and Amazon.
 
Its work has helped trigger international tax reforms as well as generating important evidence for European commission inquiries into alleged sweetheart tax deals for multinational corporations.
 
Now the MPs are expected to turn their attention to the issue of overseas traders committing VAT fraud on an industrial scale through well-known online shopping sites – a scandal first highlighted by a Guardian investigation last year.
 
HMRC has since admitted VAT evasion in online shopping had become a “very big issue”, estimating it cost up to £1.5bn a year in lost tax. But officials have been frustrated by what is seen as the uncooperative approach taken by some big websites, including Amazon.
 
In January, Lin Homer, then head of HMRC, told a parliamentary committee: “We do feel, just as with beer and alcohol, that those people who manage the supply chain should ensure enough diligence is built into it. Marketplace providers [such as Amazon and eBay] have responsibilities.”
 
Two months later, the Treasury announced new powers for HMRC to make large marketplace websites liable – in some circumstances – for VAT revenues lost to fraudulent overseas sellers.
 
News of a likely parliamentary inquiry came as the Treasury minister Jane Ellison claimed HRMC’s new measures, which came into force in September, were already proving successful.
 
Latest figures show 7,185 overseas sellers have come forward to register for VAT since January, compared with just 695 in 2015 – a rush, she said, in anticipation of tough action from HMRC.
 
But Ellison’s claim that HMRC was now tackling online VAT fraud “in time for Christmas” was greeted with scepticism by Bacon and tax fairness campaigners.
 
“I think it’s a bit early to declare HMRC’s actions an unbridled success,” said Bacon, who added the public accounts committee would want to scrutinise such claims closely.
 
Last month, a second Guardian investigation showed widespread evidence of ongoing VAT fraud by sellers on Amazon and eBay – despite the HMRC’s new powers.
 
HMRC insists action is being taken. “We are already using new powers granted from September to directly tackle these overseas businesses,” it said.
 
Meanwhile, Amazon and eBay have repeatedly said they cooperate with HMRC where required, but that they are not responsible for policing the VAT compliance of independent sellers.
 
A spokesman for Ellison would not comment on whether HMRC had recovered back taxes and penalties from the influx of overseas traders now belatedly registering for VAT.
 
A spokesperson for campaign group VATfraud.org said: “It’s all well and good HMRC handed out 7,185 VAT numbers to internet retailers in the last year; it just proves this fraud is enormous.
 
“What HMRC failed to say is how much undeclared VAT they have recovered from these retailers. We want to know if HMRC is simply giving out VAT numbers without any due diligence or investigation into these retailers’ online trading history.”
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National Council on EITI reviews annual report for 2015-2016 www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The 15th meeting of the National council on Extractive Industries Transparency Initiative chaired by Prime Minister of Mongolia J.Erdenebat was held in Ulaanbaatar on December 20 to review the 2015-2016 annual reports and to consider a number of important issues.
 
The meeting discussed a new working plan for 2017, rules of on-line delivery of documents, policy of information access, a road map of making public owners of mining companies who are benefitting from the mineral resources.
 
Currently, EITI Standard is implemented in 51 countries around the world. Each of these countries has to publish an annual EITI Report to disclose information on: contracts and licenses, production, revenue collection, revenue allocation, and social and economic spending and goes through an EITI Validation process at least every three years. Validation serves to assess performance and promote dialogue and learning at the country level. It also safeguards the integrity of the EITI by holding all EITI implementing countries to the same global standard.
 
Mongolia joined the EITI in 2006. The last annual report was the 10 report for Mongolian EITI.
 
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of extractive resources. It seeks to address the key governance issues in the oil, gas and mining sectors.
 
The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public. This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations, what are the fiscal and legal arrangements, how much is produced, how much is paid, where are those revenues allocated, and what is the contribution to the economy, including employment.
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Gold price drops again as ETF investors, hedge funds flee www.mining.com

 
Gold was coming under renewed pressure in late trading on Tuesday as negative sentiment swamps retail and institutional investors in the yellow metal.
 
Gold for delivery in February, the most active contract on the Comex market in New York, hit a low of $1,127.30 an ounce, levels not seen since the beginning of February this year. Gold has now trimmed its year to date gains to just under 7%.
 
In July hedge funds or so-called managed money investors in gold futures and options built up long positions – bets on a rising price – to 28.7 million ounces, the highest on record.
 
Investors in physically-backed exchange traded funds also poured money into gold right from the get-go this year and when large scale speculators began to cut back on bullish bets in earnest in September, ETF investors kept on buying.
 
But that all changed following the election of Donald Trump. Net longs held by hedge funds are now down 78% or more than 22 million ounces while gross shorts have risen three-fold since September. And this time ETF investors followed suit, pulling some 216 tonnes from vaults since November 8.
 
The sharp rise in real yields on US government bonds and the relentless dollar rally since November 8 has been a key driver behind the changed sentiment towards gold says Ole Hansen, head of commodity strategy at Saxo Bank, in a new research note and trading strategy:
 
Investors have continued to liquidate longs and at this stage the price needs to rally back above $1,150/oz in order to escape the current steep downtrend.
 
The market remains oversold on the 9-, 14- and 30-day horizons, but so far there has been no let up in the long liquidation with $1,100/oz. being the next big level should $1,124/oz give way.
Higher interest rates boosts the value of the dollar and makes gold less attractive as an investment because the metal is not yield-producing and investors have to rely on price appreciation for returns.
 
The dollar measured against a basket of the currencies of major US trading partners has surged since the US elections hitting fresh 14-year highs above 100 on Tuesday.
 
The greenback's all-time peak of 164.7 was reached in February 1985. That coincided with a bottom in the price of gold of $284.25 an ounce.
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Speaker M.Enkhbold meets Prince Abdul-Rahman www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ A visit of the Chairman of the State Great Khural of Mongolia, Mr M.Enkhbold to the gulf countries continued with a working visit to the Kingdom of Saudi Arabia. This is the first ever high level visit from Mongolia to Saudi Arabia.
 
He met with His Highness, the Prince Abdul-Rahman bin Abdulaziz Al Saud in Riyadh to discussed about the current state and future perspectives of bilateral cooperation.
 
Speaker M.Enkhbold said “Mongolia maintains active partnerships with the Middle Eastern countries. We should exploit all opportunities to draw investment and promote cooperation in the mining, construction and urban development sectors with Saudi Arabia, one of the most developed economies in its region. Collaboration in justice system is equally significant”, and informed that Mongolia is interested in receiving loan and financial assistances in these times of economic constraints in Mongolia.
 
His Highness said in response that Saudi Arabia aspires to build stronger ties with Mongolia. “Once the Kingdom’s foreign policy had been focusing on the relations with Europe. However, nowadays its foreign policy is aiming at developing mutually beneficial and equal relations with all countries of the worlds. Cooperation in trade and investment with Mongolia will be in our ambition. We are also aware of the economic situation of Mongolia. Therefore, the Speaker’s request will be considered carefully. It is our pleasure to help our friend Mongolia”, he said.
 
The Prince expressed interest in intensifying trade of meat and crops, and proposed to work together not only in the mining, the country has abundance of expertise in, but also in the agricultural sector. He pledged to send a research team to Mongolia to study the feasibilities of further bilateral trade and economic cooperation.
 
Prince Abdul-Rahman also noted the sides have to increase frequency of high-level visits.
 
Mongolia and the Kingdom of Saudi Arabia established diplomatic ties in 2007. The Prince and the Minister of Oil of Saudi Arabia have visited Mongolia for private purposes. In April of 2014, former Minister of Foreign Affairs of Mongolia L.Bold paid a visit to Saudi Arabia.
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BOJ keeps policy, upgrades economic view www3.nhk.or.jp

 
The Bank of Japan has kept its current policy of monetary easing unchanged, while revising its view of the country's economic prospects upward.
 
BOJ policymakers wrapped up their 2-day meeting on Tuesday.
 
They said they decided to maintain their massive easing program to achieve a 2-percent inflation target.
 
The central bank upgraded its assessment of Japan's economy for the first time in a year and 7 months. It said a moderate recovery trend will continue.
 
The policymakers will stick to a framework introduced in September to achieve the inflation goal. That approach is aimed at managing short- and long-term interest rates.
 
The interest rate on a portion of deposits that commercial banks hold at the central bank will remain at minus 0.1 percent.
 
They also maintained their target for the bank's annual purchase of Japanese government bonds at about 80 trillion yen, or roughly 680 billion dollars. That's so the yield on the benchmark 10-year government bonds will be at around zero percent.
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Chinese builder in $3.4b agreement for UK homes www.chinadaily.com.cn

 
China National Building Materials Group Corp struck a 2.75-billion-pound ($3.41 billion) joint venture deal on Monday to open six highly cost-efficient pre-fabricated house-building factories in the United Kingdom, capable of producing 25,000 homes a year.
 
The new homes built by the joint venture will reduce construction costs to a target of 400 pounds per square meter, significantly less than the 1,000 pounds per sq m average in the UK market. It came at an opportune time when the UK government is making policy plans to increase affordable homes.
 
CNBM partners with the UK's housing association Your Housing Group and renewable energy specialist Welink to construct the factories for modular units. CNBM will provide 2.5 billion pounds in funding, and 250 million pounds from YHG.
 
Shou Peng, chairman of CNBM, said: "The key to unlocking the opportunities to address the housing needs of the UK is through the development and delivery of an industrialization strategy at significant scale."
 
The CNBM deal was welcomed by the UK's International Trade Minister Greg Hands, who hailed it as an endorsement to the UK's attractiveness to foreign investors.
 
He said: "This deal has the potential to benefit local communities across the country, creating jobs, boosting local economies and creating homes."
 
Stephen Haigh, chief executive of YHG and UK chief executive of the new joint venture, said the new project will help the UK government achieve its housing aspirations.
 
The deal comes at a time when modular construction is the new buzzword in the construction industry. This technique produces standard room units inside factories which can readily be assembled on construction sites, to save construction time and costs.
 
China has led the field in modular construction techniques by leveraging on its domestic housing market scale, and some Chinese firms have already expanded into the UK's modular construction market, one example being the Shenzhen-based CIMC Modular Building Systems, having done more than 10 UK projects for clients including InterContinental Hotels Group and Hilton.
 
The CNBM consortium partners are looking for factory sites across England. The first factory, in Liverpool, is expected to receive planning permission in January. A research and technology center is being built in Gloucester by YHG to pioneer new development.
 
The project will deliver 2,000 homes next year, ramping up production after that to 25,000 homes annually by 2022. The entire project is expected to create 1,000 new jobs.
 
The modular units to be made are based on designs by the Spanish firm Barcelona Housing Systems, notable for their energy efficiency and affordability.
 
The UK government said it plans to create a 2.3-billion-pound Housing Infrastructure Fund, to deliver infrastructure for up to 100,000 new homes in high-demand areas.
 
Haigh added his team will work with local authorities, offering the consortium's development model as solution to their house building and development needs.
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Nike's basketball business leads profit rebound www.bbc.com

Nike, the world's leading sportswear manufacturer, has posted better-than-expected profits following a rebound in its basketball business.
Profits rose 7.3% to $842m (£681m) in the three months to November, while revenue jumped 6.4% to $8.18bn.
Nike's basketball category and the Jordan brand accounted for about 15% of Nike's wholesale revenue in 2016.
"Basketball is back," Nike president Trevor Edwards told analysts on a conference call.
He added the basketball division was expected to return to growth by the end of the current financial year that concludes in May 2017.
Nike, the world's largest sports footwear-maker, has released new lines such as the Jordan 31 and Kobe A.D that have proved popular with consumers.
It has been facing stiffer competition from rival Under Armour, which has a top-selling line by NBA star Stephen Curry.

Nike's sales in North America, its biggest market, rose 3% in the second quarter and were up 12% in Greater China.
The US firm stopped issuing future orders for deliveries - previously a key measure for analysts - starting in the latest quarter.
Nike shares rose 1.8% to $51.79 in New York on Tuesday but have fallen 17% this year, making the company one of the Dow's worst performers.

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Linde, Praxair agree $65 billion merger outline, ambitious cost savings www.reuters.com

 
German industrial gases group Linde (LING.DE) and U.S. suitor Praxair (PX.N) have agreed an outline for a $65 billion-plus merger, with the combined company to be run out of the United States by Praxair's chief executive.
 
The agreement, unveiled on Tuesday, comes after Praxair provided new assurances to Linde over jobs and corporate governance in Germany, sources have said.
 
As part of the agreement on key aspects of the planned all-share merger, existing Linde and Praxair shareholders would each own about 50 percent of the combined company.
 
The merged group will target $1 billion in cost savings, the two companies said in a joint statement, although some analysts said that figure looked overly optimistic.
 
"The transaction would unite Linde's long-held leadership in technology with Praxair's efficient operating model," the companies said.
 
Alongside rivals Air Liquide (AIRP.PA) and Air Products and Chemicals Inc (APD.N), Linde and Praxair are struggling with slower growth in demand from clients in the manufacturing, metals and energy industries.
 
That has already led to consolidation in the industrial gases sector with Air Liquide buying Airgas Inc for $13.4 billion.
 
Linde shareholders will receive 1.54 shares in the merged company for each of their shares, the two groups said. Praxair shareholders will get one share in the new holding company for each Praxair share.
 
The main terms of the proposal had been flagged by Reuters earlier this month.
 
The new entity, representing a combined $30 billion in 2015 revenues before antitrust sell-offs, will have a dual listing in New York and Frankfurt.
 
Praxair's previous approach for Linde failed in September partly because of disagreements over where to locate key activities and who would run the business.
 
The two sides have now agreed that Praxair chairman and CEO Steve Angel will become CEO, based at Praxair's current headquarters in Danbury, Connecticut. Linde's supervisory board Chairman Wolfgang Reitzle, will take the role of chairman of the new group.
 
The company will be domiciled outside of Germany in a member state of the European Economic Area - which comprises the European Union as well as Iceland, Liechtenstein and Norway.
 
"Corporate functions would be appropriately split between Danbury, Connecticut and Munich, Germany to help achieve efficiencies for the combined company," Munich-based Linde and Praxair said in their statement.
 
Germany's powerful IG Metall union has said it would support the merger after workers were given assurances such as maintaining Linde's two biggest sites in Germany.
 
CULTURAL COMPLEXITY
 
Bernstein analyst Jeremy Redenius said the cost savings target of $1 billion would be difficult to achieve.
 
"We think the $1 billion synergies number is overly optimistic considering the cultural complexity of the combination and anti-trust related gases business divestitures that could total $5 billion of annual sales," he said.
 
That echoed concerns previously voiced by analysts such as Equinet's Knud Hinkel, who said a sizeable amount of disposals for antitrust reasons would likely strengthen rivals.
 
Investment bankers have flagged possible divestments to ease antitrust concerns in the United States and Brazil for Linde and in Germany for Praxair, making it difficult to achieve the cost cutting targets with a smaller revenue base.
 
Linde and Praxair declined to comment on possible divestments.
 
Praxair's finance chief Matthew White has previously made clear that cutbacks were the main driver behind its acquisition strategy, telling analysts last month: "We buy on synergies, we're not going to buy on assumptions of growth."
 
Once remaining secondary aspects of the deal are hammered out, the deal's fate will lie with regulators and Praxair and Linde shareholders.
 
Perella Weinberg and Morgan Stanley (MS.N) advised Linde, while Credit Suisse (CSGN.S) advised Praxair. Goldman Sachs (GS.N) and Bank of America (BAC.N) provided a fairness opinion to Linde's supervisory board.
 
 
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Mongolbank improves terms of purchasing gold www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Central Bank of Mongolia has resolved to fix the price for gold to be purchased on the domestic market at the latest fixed prices of London Gold Fix.
 
Before that, Mongol bank had bought gold on the domestic market at latest announced prices at the London bullion market, but after deducting a certain sum from each ounce.
 
As a result of the decison made in consideration of the current trends on global financial markets and domestic market, the Central Bank is forming more favorable environment for gold miners, sellers and individuals to sell their gold.
 
The London Gold Fix involves gold dealers from London's five biggest bullion banks establishing a common transaction price for a large pool of purchase and sale orders.
 
The participating bullion banks will be acting both on their own behalf and for those customers of theirs who have issued limit orders for them to trade at the London Gold Fix price. No-one knows what the Gold Fix will be before it is declared.
 
The Gold Fix establishes the price at which the gross amount of gold on buy orders matches the gross amount of gold on sell orders - across all the participating banks.
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