The Asian Development Bank (ADB) has approved a $73 million loan to improve social welfare support for the poor and vulnerable, especially women and children, to mitigate the socioeconomic impacts of the coronavirus disease (COVID-19) pandemic in Mongolia.

The project will specifically expand the child money program, which provides universal cash grants to all children aged 0–17. ADB will finance a share of the extended shock-responsive increase in the monthly child grant benefits through June 2021. This follows on from the earlier top-ups supported under an emergency assistance loan from April to September 2020.

“Mongolia took early and decisive action to prevent the outbreak of COVID-19 in 2020,” said ADB Principal Social Sector Specialist Karin Schelzig. “However, while the direct health impact was initially limited, economic data and several rapid assessments confirm that the socioeconomic consequences of the virus containment efforts were substantial, and things took a turn for the worse with the first community transmission recorded in November 2020, requiring renewed lockdowns.”

As early as May 2020, nearly three-quarters of all Mongolian households and 85% of poor households reported experiencing some sort of economic shock. Nearly two-thirds (64%) of all households reported an increase in food prices, while nearly three-quarters (73%) of self-employed workers experienced income loss. About 70% of farmers and herder households reported a decline in income compared with the previous year.

The project will also help strengthen social welfare programs and systems in Mongolia to be better able to respond to future shocks and crises. ADB will finance activities to update the poverty targeting system and the Integrated Household Database with more accurate data to be better able to reach people in need.

ADB will also support the digitization of social welfare programs into the "e-welfare" system to streamline benefit and service delivery, and will implement and evaluate a pilot test of the graduation approach to introduce an innovative type of social protection program that builds on cash transfers with a holistic set of livelihood, financial inclusion, and coaching interventions.

The project forms part of ADB's holistic and comprehensive package of support to mitigate the impact of COVID-19 in Mongolia. The total project cost is $259.64 million, which includes government financing of $186.64. It is expected to be completed in 2023.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Source: Asian Development Bank Mongolia Resident Mission

Global demand for liquefied natural gas will grow to 700 million tons annually by 2040 from 360 million tons last year, Shell said in its LNG Outlook 2021. As much as 75% of this demand growth will come from Asia.

Asian economies have been a key market for liquefied natural gas for years now. The fuel has been gaining growing prominence as a cleaner and cost-effective alternative to coal. This prominence will only continue growing with net-zero commitments, Shell said. And this growth could turn Asia into an LNG buyers’ cartel.

Bloomberg’s Anna Shiryaevskaya wrote in a recent article on LNG that Asian demand for LNG was upending traditional pricing models for the commodity. In the latest proof that fundamentals always beat everything else, Asia dictated LNG prices this winter, sending them sky-high during the coldest of the season and then pushing them back down to more normal levels once the weather started warming—all this despite the traditional price-setting model that is Europe-centric and that basically consists in tying LNG prices to the benchmark price of crude oil.

Europe is still a big consumer of liquefied natural gas, and it will continue to be a big consumer in the observable future. But in light of Shell’s forecast about 75% of future LNG demand coming from Asia, Europe starts to look like a minor buyer on what is certainly a booming market.

“Over the next couple of years European gas prices will become less and less Europe-centric, and more and more globally influenced,” an analyst with Swiss trading firm Axpo Solutions told Bloomberg’s Shiryaevskaya.

Most of this influence will come from Asia, as evidenced recently during the winter price spike. And it may well come with long-term supply contracts, which will have their own—longer—influence over LNG prices. The spot market was the go-to place to buy LNG in Asia until prices soared by more than 1,000 percent earlier this year. Now, long-term supply contracts look more reasonable to buyers.

Iran to join LNG race in Asia with huge North Pars development

Sellers share the sentiment. Last month, the energy minister of Qatar, the world’s top LNG producer and exporter, advised big sellers to secure long-term contracts to avoid a repeat of the January price spike, which, he said, would be inevitable if the spot market continued to dominate the LNG trade space, not least because supply was about to tighten once again.

So, on the one hand, demand is growing, and most of this growth is coming from one single region, dominated by three big consumers: China, India, and South Korea. The first two are particularly important: last year, China and India together accounted for the bulk of global growth in LNG imports, according to Shell, while the other two big LNG importers in Asia—Japan and South Korea—saw declines.

On the other hand, long-term supply contracts are starting to look more attractive than the volatile spot market once again, so big buyers could lock low prices while they last. This means that the spot market could become even more volatile if Qatar’s top energy man, Saad al-Kaabi is right and supply is indeed set to tighten. These trends are painting a picture of what could be called an emerging buyers’ cartel.

It is an involuntary cartel, for sure, at least for the time being. In LNG, Asian states are looking out for themselves, not for their neighbor, not least because of neighborly tensions such as the ones between China and India. But even an involuntary cartel could—and would—affect global LNG flows and prices, reducing supply to other LNG markets and pushing prices higher.

If big energy traders in China secure most of the LNG the country needs from Qatar, Australia, or the United States under long-term contracts, this will leave less LNG to go around outside China. This usually means higher prices, both on the spot market and the long-term supply contract market for latecomers. This is how Asia, although politically divided, could dictate global LNG prices in the coming decades.

“The susceptibility of UK and European gas markets to global LNG prices may be set to increase,” Cornwall Insight, an energy consultancy, told Bloomberg’s Shiryaevskaya. “With no concrete plans for new long-term storage facilities in the UK and declining UK Continental Shelf, it could point to a greater LNG dependency in the coming years.”

Indeed, Europe is set to become more dependent on LNG imports and more vulnerable to price movements on this market as it stops being the price-setter. It would be interesting to speculate whether the Asian powerhouses would be able to wield their dominance on the LNG market as a weapon. They are certainly in a position to influence global LNG flows, affecting supply, if not global demand, and, as a consequence, prices. And from what we recently saw in India, which started reducing its purchases of Middle Eastern oil because of price concerns, the world’s biggest buyers of LNG could certainly help or hinder supply growth in one or another part of the world, just like OPEC does with oil.

Mongolian President Khaltmaa Battulga on Monday conferred the Order of Genghis Khan, the country's highest state award, to Jugderdemid Gurragchaa, the first Mongolian in space, on the occasion of the 40th anniversary of the first space flight by a Mongolian.

Gurragchaa and Soviet cosmonaut Vladimir Dzhanibekov were launched into space from the Baikonur Cosmodrome in Kazakhstan on March 22, 1981. They spent almost eight days in space, carrying out scientific experiments on the Soviet space station Salyut 6.

Gurragchaa also served as the country's defense minister from 2000 to 2004.

The Order of Genghis Khan is presented to Mongolian citizens who have made great contributions to strengthening national unity, deeply studying the history and culture of Mongolia, and familiarizing other countries with Mongolian culture.

Under the original schedule, Asian qualifying should be into the third round with 12 teams competing for four automatic spots in Qatar. But after numerous postponements because of the COVID-19 pandemic, there are still 40 teams contesting the second round.

Seoul: A contentious meeting between Japan and South Korea may feature European-based stars but a match of more significance in Asia involves Tajikistan hosting Mongolia on Thursday, marking the resumption of continental qualification for the 2022 World Cup after a gap of 16 months.

Under the original schedule, Asian qualifying should be into the third round with 12 teams competing for four automatic spots in Qatar.

But after numerous postponements because of the COVID-19 pandemic, there are still 40 teams contesting the second round.

Tajikistan, who haven’t played since November 2019, are expected to have the support of 10,000 fans in Dushanbe, where they can move into second place in Group F behind Japan with a win.

“We can see that work done to improve standards in Tajikistan ... and there are better players coming through,” Tajikistan coach Usmon Toshev said. “These games have been postponed many times but now we are looking only at the three points.”

Mongolia, 190th in the FIFA rankings and currently placed last in Group F, face a tough trip to Japan five days after taking on Tajikistan. That's when Japan will be resuming their campaign to appear at a seventh successive World Cup.

Japan will prepare with a high-profile friendly against arch-rivals South Korea in Yokohama. With the Japanese city only just coming out of a state of emergency amid the pandemic, the decision to go ahead with the game has attracted widespread criticism in both countries and abroad.

“To be honest, when you see how difficult traveling is at the moment, what loops they have to jump through when coming back to be available for us again, this is for me a little bit nonsense,” Hasenhuttl said. “We're not allowed to leave the country for any reason, and then they are flying all over the world in such a pandemic."

Japan coach Hajime Moriyasu defended the staging of the game and his selections.

“We understand that there is debate,” Moriyasu said. “But we hope people will understand the significance of the national team representing Japan in these times. I’m very happy to be able to play these games and want to thank everyone for making this possible.”

South Korea’s coach Paulo Bento also called for understanding.

“All members of our society are working in their respective fields, as far as circumstances allow them to do so,” Bento said. “And although we’re being affected by health and safety protocol, we’ll have to do the best we can within those confines.”

Bento had originally selected Son Heung-min but the Tottenham Hotspur star withdrew after sustaining a hamstring injury against Arsenal last week. Lee Kang-in of Valencia and Freiburg’s Jung Woo-young will travel from Spain and Germany for the match in Japan.

Japan have called up eight European-based players including Minamino and Maya Yoshida, of Italy’s Sampdoria.

As well as Japan’s qualifier with Mongolia on 30 March, Saudi Arabia continue their World Cup campaign at home to Palestine. The other Asian teams will resume World Cup qualification in June.

Only the eight group winners and the four best-performing second-placed teams will progress to the third round.

March 23 (Xinhua) -- Mongolia on Tuesday reported 206 new COVID-19 cases in the past 24 hours, bringing the national tally to 5,392, said the country's National Center for Communicable Diseases (NCCD).

Meanwhile, 152 more patients have recovered from the disease, raising the total to 3,722. The country has registered nine COVID-19-related deaths so far.

On Monday, the Asian country recorded its highest daily case increase of 210.

"The COVID-19 situation is getting worse in our country," said Jantsansengee Baigalmaa, head of the surveillance department of the NCCD, urging the public to reduce social contact and strictly follow other health instructions to prevent the spread of the disease.

Japanese plant engineer JGC Holdings will oversee the design and construction of Mongolia’s first solar power plant with storage capabilities as the country steps up its adoption of renewable energy.

Mongolia’s energy ministry awarded the order for the 5 megawatt solar farm with 3.6 megawatt-hours of storage capacity to JGC, Japan’s NGK Insulators and local general contractor MCS International. The value of the contract, which also includes an energy management system, has not been disclosed.

Construction of the solar plant will begin next month in the city of Uliastai — 1,100 km west of the capital, Ulaanbaatar — with operations slated to begin in the spring of next year. The generated power is expected to meet nearly all electricity needs of Uliastai’s population of about 20,000.

NGK will produce storage batteries capable of withstanding the harsh conditions in Mongolia, where winter temperatures fall to minus 40 C. MCS International will handle construction and operation of the facility once completed.

The Mongolian project qualifies for a carbon credit framework under which assistance to reduce greenhouse gas emissions in developing countries is counted toward Japan’s tally. It is expected to translate to a 6,423 ton reduction in Japan’s annual carbon dioxide emissions.

Mongolian coal supply to China has come under greater scrutiny by Chinese market participants amid the latest coronavirus containment measures implemented on 16 March at the Ganqimaodu border.

The new border checks include a COVID-19 test for the drivers each time they enter China and a reduction in the number of vehicles allowed to 50 per day from 200 earlier.

The latest containment measures would translate to lesser coal volumes being transported into Mongolia daily, with traders already raising prices by Yuan 20-30/mt for unwashed coals.

Industry sources reported less than 50 vehicles crossing into China on 18 March and they expect the number to fall drastically in the coming days.

Despite the slight increase in prices, market sources said that sentiments have not turned bullish yet, as demand for domestic coking coal and coke have taken a backseat in March.

Mongolia coal supply to China shared a big chunk of China’s overall coking coal imports in 2020 amid the country’s import restrictions on Australian cargoes. This implies the supply and prices of Mongolian coals are also being closely monitored, alongside domestic coking coal prices. Source (S&P Global)

Moody’s Investors Service has changed the outlook on the Mongolian government’s issuer ratings from negative to stable, and affirmed the long-term B3 issuer, local media reported on Wednesday.

The decision to change the rating outlook to stable reflects Moody’s view that liquidity risks and external pressures have stabilized for the foreseeable future, albeit at somewhat higher levels than seen prior to the COVID-19 pandemic, Moody’s said in a statement.

External vulnerabilities have declined, on the back of a faster than expected recovery in mining exports, that Moody’s expects to continue.

The affirmation of the B3 rating reflects Mongolia’s existing credit challenges, including long-standing external and liquidity risks, as well as fiscal weaknesses that have increased due to the pandemic, the credit rating agency said.

In 2021, stronger growth in both Mongolia’s exports and imports will result in wider current account deficits relative to 2020, although Moody’s estimated that deficits in the next four years will narrow to nearly half of the pre-pandemic averages.

A steady recovery in China, Mongolia’s largest export market, will continue to support overall demand for commodities, according to the agency.

The Mongolian Government has issued its first transfer pricing tax assessment, hitting a mining company with a tax bill of approximately USD 228 million and a denial of USD 1.5 billion in carried forward losses, the OECD said on 18 March. The tax assessment was issued in late 2020 and currently remains in dispute.

The move represents “a significant milestone and step forward” for the Mongolian tax administration in strengthening its efforts to combat tax base erosion and profit shifting (BEPS) in the mining sector, said the OECD. The 37-member nation group has been working with Mongolia since 2019 to shore up its tax collections from the extractives sector, which contributed more than 80 percent of Mongolia’s exports and 24 percent of fiscal revenues in 2019.

“Mongolia is successfully implementing the BEPS measures by introducing a number of international taxation provisions,” the OECD said.

Launched in 2015, the Tax Inspectors Without Borders programme is designed to support developing countries in building tax audit capacity. The programme sends tax experts from around the world to work side by side with local officials on pre-audit risk assessment and case selection, investigatory techniques, transfer pricing audits, and sector-specific issues. (mnetax)

New York (CNN Business)Former President Donald Trump is coming back to social media -- but this time with his own network, a Trump spokesperson told Fox News on Sunday.

Jason Miller, a long-time adviser and spokesperson for Trump's 2020 campaign told Howard Kurtz on Fox's "MediaBuzz" that Trump will be "returning to social media in probably about two or three months." He added Trump's return will be with "his own platform" that will attract "tens of millions" of new users and "completely redefine the game."

.@JasonMillerinDC said President Trump will be "returning to social media in two or three months" with "his own platform" that will "completely redefine the game" and attract "tens of millions" of new users. #MediaBuzz

— #MediaBuzz (@MediaBuzzFNC) March 21, 2021

"This is something that I think will be the hottest ticket in social media," Miller told Kurtz. "It's going to completely redefine the game, and everybody is going to be waiting and watching to see what President Trump does, but it will be his own platform."

Miller said during his appearance on Fox News that the former president has been approached by numerous companies and is in talks with teams about the new platform.

"This new platform is going to be big," Miller said on Sunday. "Everyone wants him and he's going to bring millions and millions -- tens of millions -- to this platform."

The announcement comes after Trump was permanently suspended from Twitter and other social platforms, such as Facebook, following his incitement of the US Capitol riots on January 6 -- where hundreds of Trump supporters stormed the US Capitol building, leaving five people dead.

Following Trump's ban on Twitter, Jared Kushner, the former president's son-in-law and senior adviser, intervened when other aides attempted to get Trump on fringe social media platforms such as Parler and Gab.

-- CNN's Kaitlan Collins and Kevin Liptak contributed to this report.