China's Shanxi gives coal firms $142 million for capacity cuts www.asia.nikkei.com

SHANGHAI (Reuters) -- The northern Chinese province of Shanxi, the country's biggest coal producing region, has awarded 947.78 million yuan ($142 million) to six major coal enterprises this year for shutting down surplus capacity, one of the firms said late on Monday.

Bankrupt Hanjin seeks court protection for its ships www.bbc.com

China's service sector expands faster: index www.chinadaily.com

Bankrupt Hanjin seeks court protection for its ships www.bbc.com

Troubled shipping giant Hanjin plans to seek court protection to prevent its ships from being seized by creditors.
South Korea's financial regulator said the company wanted to file for bankruptcy protection in more than 40 countries to protect its fleet.
Under bankruptcy protection a firm can reorganise its debts and block assets from being seized.
According to Hanjin, 68 out of its fleet of 141 ships have been stranded since the firm's collapse last week.
Several ships have already been seized in ports.
Hanjin cargo fleet stranded at sea
Hanjin last week filed for receivership in South Korea after attempts to raise fresh funding for the indebted firm failed.
On Friday, the firm had filed for bankruptcy protection in the US, a spokeswoman said on Monday, which would help protect its ships from being seized in US ports where many of the ships from Asia are heading.

Japan's central bank chief expresses confidence in Chinese economy www.xinhuanet.com

Coal India pushes into solar www.mining.com

Coal India is diversifying its core business through a plan to install 600 megawatts of solar power in four states.

China, U.S. commit to refrain from competitive currency devaluations www.reuters.com

(Reuters) - China and the United States on Sunday committed anew to refrain from competitive currency devaluations, and China said it would continue an orderly transition to a market-oriented exchange rate for the yuan CNY=CFXS.

A joint "fact sheet", issued a day after U.S. President Barack Obama and his Chinese counterpart Xi Jinping held talks, also said the two countries had committed "not to unnecessarily limit or prevent commercial sales opportunities for foreign suppliers of ICT (information and communications technology) products or services".

While China and the United States cooperate closely on a range of global issues, including North Korea's disputed nuclear program and climate change, the two countries have deep disagreements in other areas, like cyberhacking and human rights.

Both countries said they would "refrain from competitive devaluations and not target exchange rates for competitive purposes", the fact sheet said.

Meanwhile, China would "continue an orderly transition to a market-determined exchange rate, enhancing two-way flexibility. China stresses that there is no basis for a sustained depreciation of the RMB (yuan). Both sides recognize the importance of clear policy communication."

China shocked global markets by devaluing the yuan in August 2015 and allowing it to slip sharply again early this year. Though it has stepped in to temper losses in recent weeks, the currency is still hovering near six-year lows against the dollar.

Xi and Obama met in Hangzhou in eastern China where leaders from the world's 20 leading economies, the G20, were gathering for a summit on Sunday and Monday.

Foreign business groups say China's pending cyber rules, including a cyber security law that could be passed this year, include provisions for invasive government security reviews and onerous requirements to keep data in China.

They say the regulations would create barriers to market entry for foreign companies and impair the country's security by isolating it technologically.

Global business groups spanning finance, information technology, insurance and manufacturing have urged China to revise its draft rules, and have pressed the U.S. government to raise the issue with Beijing.

The fact sheet said the two sides had committed to policies that "should treat technology in a non-discriminatory manner (and not) unnecessarily limit or prevent commercial sales opportunities for foreign suppliers of ICT products or services".

Other points from the fact sheet:

- Both sides commit to use all policy tools – monetary, fiscal and structural – to foster confidence and strengthen growth; fiscal policy should be used flexibly to strengthen growth, job creation and household demand.

- Building on current progress, China is to deepen supply-side structural reforms with a comprehensive strategy, including state-owned enterprise reform, giving full play to the role of the market and legal mechanisms, to reduce corporate debt, including SOE debt.

- The two sides recognize that structural problems, including excess capacity in some industries, have caused a negative impact on trade and workers; both countries recognize that excess capacity in steel and other industries is a global issue which requires collective responses.

- Both sides recognize that the effective and balanced protection of intellectual property rights will be beneficial to promote innovation. 

- They welcome the completion of peer review reports on the fossil fuel subsidies of the United States and China.

“Invest Mongolia” international conference starts www.mongola.gogo.mn

Invest Mongolia International Conference starts at Shangri-La Hotel, Ulaanbaatar, with a key theme “Infrastructure development of Mongolia”.
Right now panel on the current economy and the Action Plan by the Government for the next four years commences. The panelists will discuss topics below. 
The current economic and budget situation in Mongolia
Priorities and Actions of the new Government in the next 4 years
The maturities of the huge sovereign debt in 2017 and its outlook of repayments
What else need to be done by the Government to satisfy foreign sovereign debt investors?
Pros and cons of relying on IMF
How to get financing internationally on growth area with priorities like Green Development, Renewable energy etc.
Panelists: N.Enkhbayar, Economic Advisor to the Prime Minister, Ch.Khaschuluun, CEO of Mongolia Oil Shale Association, Terrence Ortslan, Manging director, TSO & Associates, Bill Bikales. CEO, Bikales Advisors, A.Undraa, Parliament member.
The panel is being moderated by Graeme Knowd, Managing Director, Moody`s Investors Service.
In addition, panel on Mongolian banking industry and Bank strategies and Chamber`s panel are scheduled for today.

Foreign businesses blamed DP and MPP www.gogo.mn

The first panel on the current economy and the Action Plan by the Government for the next four years has finished. 
Panelists: N.Enkhbayar, Economic Advisor to the Prime Minister, Ch.Khaschuluun, CEO of Mongolia Oil Shale Association, Terrence Ortslan, Manging director, TSO & Associates, Bill Bikales. CEO, Bikales Advisors, A.Undraa, Parliament member.
The panel was moderated by Graeme Knowd, Managing Director, Moody`s Investors Service.
Foreign panelists attending the Invest Mongolia international conference blamed DP and MPP for economic crisis faced by the country. 
They considered that economy worsened due to the wrong competition between the ruling parties. Instead competing each other to win the election, DP and MPP should have helped each other to tackle the economic downturn. Now the Government should seek long-term measurement to overcome crisis. 
In other words, it is better to choose a way to stabilize the economy for long-period. 
MP A.Undraa noted that Oyu Tolgoi LLC gives us opportunity to learn automation and robotation. I see optimistic future with economy but we need to be aware. 
Panelists expressed their hope for economic policies of Government action plan, which will be submitted to the autumn session of State Great Khural. They hope that the Government will submit brief and complex policy, covers all sectors. 
Compared to the previous years, both foreign and domestic representatives are attending the conference. Next panel on Mongolian banking industry and Bank strategies is scheduled at 2:20PM.

Mongolia considers joining Eurasian Economic Union www.vom.mn

Mongolia considers joining Eurasian Economic Union. It was stated at the meeting between Chairman of the EEC Board Tigran Sargsyan and Mongolian Ambassador to Russia Banzragch Delgermaa. Mr Sargsyan expressed the confidence that EAEU and Mongolia will continue to successfully develop all-round cooperation in accordance with the memorandum of cooperation signed last year. The Mongolian Ambassador noted that a study group was established with the aim of developing the economic dialogue between EAEU and the government of Mongolia. Ambassador Delgermaa suggested considering the reduction of import duties on a number of Mongolian goods, and applying the experience of creating the FTA between Vietnam and EAEU to Mongolia. The sides agreed to hold a meeting of the study group in October. It will be co-located, on the proposal of the Mongolian Ambassador, with a joint business forum with the participation of businesses of Mongolia and the EAEU countries.