The Mongolian Government has extended the state of public emergency readiness for 14 days until 1 December. These measures came into effect at 06.00 a.m.

During the emergency period, a curfew will be in force inthe Mongolian capital city of Ulaanbaatar. Therefore, all commercial banks have closedand moved online and to mobile channels.

Plans are in hand in Mongolia for a series of road development works in the next four years. The programme calls for the construction of 2,022km of surfaced roads. In addition, new concrete bridges will be built under the plans.

At present, a plan is being carried out for 2,000km of roads being built during 2020.

Financing for this new programme will be delivered through a combination of state funding, loans from international sources and by PPPs.

New highway stretches will connect Darkhan with Altanbulag and Nalaikh with Bayan, featuring two lanes in either directions. The 58km road linking capital Ulaanbatar with Uvurkhangai will be improved, as will the 127km route connecting Bayankhongor with Gobi-Altai. Constructill be carried out on the 67km route connecting Tosontsengel and Uliastai.

Five more locally transmitted cases of COVID-19 were recorded in Selenge province in northern Mongolia on Tuesday, according to the country's National Center for Communicable Diseases (NCCD).

The number of confirmed COVID-19 cases in the country reached 440, including 27 locally transmitted cases as of Tuesday evening.

Domestic transmissions of the virus have been reported in the capital city Ulan Bator, Selenge province and its neighboring Darkhan-Uul province.

After confirming its first locally transmitted case last Wednesday, the country has imposed a nationwide lockdown to contain the pandemic for two weeks until Dec. 1.

The first case of local transmission in Mongolia was a woman whose 29-year-old husband, a transport driver, returned home from Russia via Altanbulag border point and tested positive for the virus four days after he was released from 21-day mandatory isolation on Nov. 6.

Among the confirmed cases, 329 patients have recovered so far, according to the NCCD.

Authorities of the country have urged the public to stay at home and maintain good hygiene habits. Enditem

Coal market participants in China are closely monitoring what impact a new outbreak of COVID-19 in Mongolia might have on the country’s coal exports – a crucial concern given that China is the destination of almost all Mongolian coal for export.

Last Thursday, the Ulan Bator government imposed a national lockdown after a locally transmitted COVID-19 case was identified, and as of Monday morning, three new cases had been recorded after 1,818 tests were carried out nationwide, according to the head of Mongolia’s National Center for Communicable Diseases. Mongolia’s efforts since earlier this year had spared the landlocked country the worst of the global pandemic, Mysteel Global notes.

Due to the new wave however, the Mongolian government has temporarily closed some of the country’s checkpoints with Russia, though the major Mongolia-China checkpoints remain opened, Mysteel Global understands from government posts.

“Due to the possible impact to the economy during the pandemic, specialized (virus) inspection agencies at the border are working as quickly and continuously as possible” to detect anyone who might be infected, noted a report by Mongolia’s government-backed Montsame agency on November 14. During last Friday, Mongolia exported 1,425 trucks or 138,602 tonnes of coal to China, according to the news agency’s data.

“Major China-Mongolia border checkpoints for coal trade are still in operation, despite Mongolia’s lockdown, as measures to contain virus have been adopted since Mongolia resumed coal deliveries in late March,” said a Shanghai-based analyst. “However, compared with the peak period over September-October, the delivery volume of Mongolian coal slid recently,” he observed.

Mongolia is one of the key overseas sources of metallurgical coal for Chinese end-users. The country’s coal became more popular among markets in China after the latter tightened restrictions on seaborne coking coal imports including those from Australia, Mysteel Global notes.

Some traders have continued to lift Mongolian coal prices recently after noting firm coking coal demand from Chinese end-users. By November 16, Mysteel’s price assessment for 11% ash, 25% volatile matter and 0.7% sulphur Mongolian coal had increased Yuan 30/tonne ($4.6/t) on week to Yuan 1,080/t including the 13% VAT, hitting a seven-month high.

Written by Sean Xie, xiepy@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com

Gross industrial output reached MNT 13.1 trillion in the first ten months of 2020, decreased by MNT 1.9 trillion (12.5%) from the same period of the previous year, Montsame reports.

This decrease was mainly due to MNT 1.8 trillion (16.3%) decrease in mining and quarrying gross output. However, the electricity, thermal energy, and water supply production output increased by MNT 67.8 billion (7.7%) compared to the same period of the previous year.

By preliminary results, the mining and quarrying gross output reached MNT 9.1 trillion in the first ten months of 2020, decreased by MNT 1.8 trillion (16.3%) from the same period of the previous year. This decrease was mainly due to the reductions in coal mining and lignite by MNT 2.0 trillion (44.5%), and extraction of crude petroleum by MNT 533.8 billion (62.8%) compared to the same period of the previous year.

On November 16, 2020, Marubeni Corporation (hereinafter, “Marubeni”) reached an agreement with AND Global Pte. Ltd. (hereinafter, “AND Global”), a FinTech solutions developer and provider in Singapore, by which Marubeni will make an equity investment in AND Global by capital increase through third-party allotment.

AND Global is a start-up company that operates its FinTech R&D center in Ulaanbaatar, Mongolia. The company also runs a small ticket lending business with the brand, “LendMN” and an e-wallet service with the brand, “LendMN Wallet”. Additionally, its operating subsidiary, LendMN NBFI JSC was listed on Mongolian Stock Exchange in 2018.

Since Marubeni and AND Global entered into a strategic partnership in April 2020, the two companies have been cooperating to develop new business opportunities and promote AND Global’s FinTech solution service globally. Through this process, Marubeni has grown to believe even more strongly in AND Global’s vision and digital development capability in providing its FinTech service due to its strong management and talented people. As such, Marubeni decided the agreement to strengthen its relationship with AND Global even further by investing in the company and support its further growth in the future. After consummation of the equity subscription, Marubeni, as the largest shareholder of AND Global, will continuously provide necessary support for the company’s global expansion, including deployment of its own employees to AND Global’s group companies and extensive support for business development.

With the coronavirus crisis, and as Digital Transformation becomes a global phenomenon, especially in the consumer business area, significant growth in digital financial services for general consumers is expected. Marubeni strongly believes that AND Global’s FinTech solutions, including its proprietary AI-based credit scoring system and collaboration with external application service providers, has a great potential to serve the increasing global demand and will work together with AND Global to expand its business outside of Mongolia.

Marubeni also believes that AND Global’s experience in operating digital finance service and establishing digital ecosystems with its self-developed technology will be a great help for consumer businesses of the Marubeni Group and partner companies, helping them to improve their current operation and create new businesses in the midst of the aforementioned global trend.

Ulaanbaatar/MONTSAME/. According to the preliminary results, the gross industrial output reached MNT 13.1 trillion in the first ten months of 2020, decreased by MNT 1.9 trillion (12.5%) from the same period of the previous year. This decrease was mainly due to MNT 1.8 trillion (16.3%) decrease in mining and quarrying gross output. However, the electricity, thermal energy, and water supply production output increased by MNT 67.8 billion (7.7%) compared to the same period of the previous year.

By preliminary results, the mining and quarrying gross output reached MNT 9.1 trillion in the first ten months of 2020, decreased by MNT 1.8 trillion (16.3%) from the same period of the previous year. This decrease was mainly due to the reductions in coal mining and lignite by MNT 2.0 trillion (44.5%), and extraction of crude petroleum by MNT 533.8 billion (62.8%) compared to the same period of the previous year.

In October 2020, the gross industrial output reached MNT 1.9 trillion, increased by MNT 235.9 billion (14.3%) from the previous month. This increase was mainly due to MNT 180.8 billion (14.8%) increase in mining and quarrying output.

By the preliminary results of the mining and quarrying sector, in the first ten months of 2020, extraction of iron ore and gold increased by 4.7-31.3% compared to the same period of the previous year. In the manufacturing sector, the production of bottled water, soft drink, juice, alcoholic beverage, alcohol, wheat flour, cement, milk, and coal briquette grew by 2.4-90.7% compared to the same period of the previous year. Also, the face mask production rose by 11.8 times more compared to the same period of the previous year.

However, in the mining and quarrying sector, extractions of brown coal, fluor spar, copper concentrate, hard coal, and crude oil decreased by 4.5-47.4%. In the manufacturing industry, productions of lime, meat, combed cashmere, copper cathode, cashmere products, concentrated coal metal steed and cigarettes decreased by 3.7-50.4% compared to the same period of the previous year.

By the preliminary results of the first ten months of 2020, the sales of industrial output reached MNT 15.3 trillion, decreased by MNT 1.9 trillion (11.2%) compared to the same period of the previous year. This decrease was mainly resulted from MNT 1.7 trillion (14.4%) decrease in sales of mining and quarrying output and MNT 316.4 billion (7.2%) decrease in sales of manufacturing output.

The sales of mining and quarrying output decreased by MNT 1.7 trillion (14.4%) compared to the same period of the previous year. This decrease was mainly resulted MNT 1.8 trillion (41.8%) decrease in sales of coal mining output and MNT 508.9 billion (63.0%) decrease in sales of crude petroleum output, respectively.

In the total sales of industrial output, MNT 8.7 trillion (56.8%) was export, of which MNT 7.3 trillion (83.8%) was export of mining and quarrying output. Of the total MNT 7.3 trillion export of mining and quarrying output, 62.0% was metal ores, 32.0% was coal and lignite, 4.1% was crude petroleum, and 1.9% was other mining quarrying output.

Source: National Statistics Office

Ulaanbaatar/MONTSAME/. According to the preliminary results in the first ten months of 2020, the total revenue of the general government budget was MNT 8.3 trillion. The equilibrated revenue of the general government budget was MNT 7.6 trillion and 91.5% of the total revenue of the general government budget. On the other hand, the total expenditure and net lending was MNT 10.8 trillion in the first ten months of 2020, resulting in a deficit of MNT 3.3 trillion in the equilibrated balance.

In October 2020, the total equilibrated revenue and grants of the general government budget was MNT 0.9 trillion, decreased by MNT 147.1 billion or 14.7%, the total expenditure and net lending was MNT 1.4 trillion, increased by MNT 289.8 billion or 26.7% compared to the previous month.

In October 2020, the equilibrated balance of the general government budget was in deficit of 519.7 billion, increased by MNT 437.0 billion, or 6.3 times compared to the previous month.

The General government budget revenue was comprised of 83.1% of tax revenue, 8.4% of non-tax revenue, 8.0% of the future heritage fund, and 0.5% of the stabilization fund.

the first ten months of 2020, tax revenue reached MNT 6.9 trillion, decreased by MNT 1.1 trillion, or 14.3% compared to the same period of the previous year. This decrease was mainly due to MNT 410.4 billion or 19.0% decrease in income tax revenue, MNT 318.4 billion or 20.2% decrease in social security revenue, MNT 168.5 billion or 8.4% decrease in value-added tax revenue, MNT 133.2 billion or 17.5% decrease in other taxes revenue, MNT 84.3 billion or 11.5% decrease in excise tax revenue and MNT 32.2 billion or 4.9% decrease in foreign activity revenue.

In the first 10 months of 2020, general government budget expenditure and net lending was MNT 10.8 trillion, increased by MNT 2.5 trillion or 30.3% compared to the same period of the previous year. This increase was primarily affected by MNT 2.1 trillion or 32.0% increase in current expenditure and MNT 587.7 billion or 37.6% increase in capital expenditure, though net lending decreased by MNT 166.3 billion or 84.8%, compared to the same period of previous year.

In the current expenditure, 44.8% was current transfers, 42.4% was expenditure on goods and services, 9.3% was interest payment and 3.5% was subsidies.

Source: National Statistics Office

Hong Kong (CNN Business)China has just joined forces with more than a dozen countries across the Asia Pacific region to sign a huge free trade deal nearly a decade in the making.

The Regional Comprehensive Economic Partnership spans 15 countries and 2.2 billion people, or nearly 30% of the world's population, according to a joint statement released by the nations on Sunday, when the deal was signed. Their combined GDP totals roughly $26 trillion and they account for nearly 28% of global trade based on 2019 data.

The deal includes several of the region's heaviest economic hitters aside from China, including Japan and South Korea. New Zealand and Australia are also partners, as are Indonesia, Thailand and Vietnam in Southeast Asia.

The trade agreement was first proposed in 2012 as a way to create one of the world's largest free-trade zones.

It's tough to gauge the immediate economic significance of the deal. The members of the Association of Southeast Asian Nations — a group of 10 countries that signed the agreement — said that it would eliminate tariffs and quotas on 65% of the goods that are traded in the region.

The partner countries also noted the importance of the agreement as the world tries to recover from the coronavirus pandemic, saying in a joint statement that the deal "will play an important role in building the region's resilience through inclusive and sustainable post-pandemic economic recovery process."

"Its symbolic value has always exceeded its actual value," said William Reinsch, a trade expert at the Center for Strategic and International Studies who served for 15 years as president of the National Foreign Trade Council. He pointed out that India opted out of the deal late last year, lessening the importance of the agreement in terms of actual trade.

Reinsch said, though, that the agreement could have consequences in the long term, and added that China's involvement "is a sign of its willingness to play a constructive role, despite its aggressive actions in the South China Sea, Hong Kong, and elsewhere."

China and Australia, for example, have been caught up in trade disputes lately, but that hasn't stopped them pressing ahead with the RCEP.

"Both countries see huge benefits from their deeper economic integration with other Asian countries," said Murray Hiebert, senior associate of the Southeast Asia Program at CSIS. "The RCEP could potentially provide Beijing and Canberra another platform where they could discuss and hammer out their differences."

Others noted that the deal was further evidence of Asia's growing power. Economists at HSBC said Sunday that the agreement "signals that Asia keeps pushing ahead with trade liberalization even as other regions have become more skeptical."

"It may reinforce a trend that's been already underway for decades: that the global center of economic gravity keeps pushing relentlessly to the East," they wrote in a research note.

It's not clear whether the deal will have an impact on the most important global trading relationship of all: That between the United States and China, who have been fighting over trade and related issues for the last few years.

"Whether it means a shift in the regional dynamic in favor of China depends on the US response," Reinsch said of the new trade deal. He pointed to the importance of the election of Joe Biden, who will succeed President Donald Trump in January.

"If the US continues to ignore or bully the countries there, the influence pendulum will swing toward China," he added. "If Biden has a credible plan to restore the US presence and influence in the region, then the pendulum could swing back our way."

— Jake Kwon and Akanksha Sharma contributed to this report.

(CNN)A Maryland businessman paid Harvard University's former fencing coach at least $1.5 million in bribes, including payments for a car and a house in the suburbs, to get his sons admitted to the Ivy League school, federal prosecutors said in a criminal complaint released Monday.

Jie "Jack" Zhao, 61, and Peter Brand, 67, were arrested Monday and charged with conspiracy to commit federal programs bribery for the alleged agreement, the US Attorney's Office in the District of Massachusetts said.

Zhao, of Potomac, Maryland, is the CEO of telecom company iTalk Global Communications. He was scheduled to appear Monday in federal court in Greenbelt, Maryland.

Brand was Harvard's men's and women's fencing coach from 1999 until last year, when he was fired by the university following an investigation spurred by reporting from The Boston Globe on his suspiciously expensive house sale. He will appear in federal court in Boston on Monday afternoon.

The arrests are just the latest salvo in the sprawling college admissions scam, first revealed in March 2019, in which rich parents of college applicants used their wealth to cheat on standardized tests, bribe sports coaches and lie about the payments.

"This case is part of our long-standing effort to expose and deter corruption in college admissions," said US Attorney Andrew E. Lelling. "Millions of teenagers strive for college admission every year. We will do our part to make that playing field as level as we possibly can."

An attorney for Zhao denied the charges in an email on Monday.

"Jack Zhao's children were academic stars in high school and internationally competitive fencers who obtained admission to Harvard on their own merit," attorney Bill Weinreb said in a statement. "Both of them fenced for Harvard at the Division One level throughout their college careers. Mr. Zhao adamantly denies these charges and will vigorously contest them in court."

An attorney for Brand did not immediately respond to a request for comment. When Brand was fired in 2019, a lawyer said his client had done nothing wrong.

The conspiracy charge comes with a possible sentence of up to five years in prison. Other parents who were charged with similar counts and pleaded guilty, such as actress Lori Loughlin, have generally been sentenced to several months in prison.

How the scheme allegedly worked

College coaches do not explicitly decide who gets accepted into the university, but their recommendations to the admissions office about certain recruited athletes carry powerful influence.

The complaint alleges Zhao made a series of payments totaling $1.5 million to Brand in exchange for the coach recruiting Zhao's two sons to the fencing team, thereby facilitating their acceptance to the prestigious university.

"Jack doesn't need to take me anywhere and his boys don't have to be great fencers," Brand allegedly told a co-conspirator in May 2012, according to the complaint. "All I need is a good incentive to recruit them[.] You can tell him that[.]"

In February 2013, Zhao made a purported donation of $1 million to a fencing charity operated by a co-conspirator, prosecutors say. Zhao's older son was admitted to Harvard as a fencing recruit in December 2013 and matriculated to the university in the fall of 2014, and shortly afterward, the conspirator's fencing charity paid $100,000 to Brand's charitable foundation, prosecutors say.

The older son graduated in 2018, according to The Boston Globe.

As Brand recruited Zhao's younger son, the businessman made a series of payments to Brand or for his personal benefit, prosecutors say. Zhao allegedly paid for Brand's car, made college tuition payments for Brand's son, paid the mortgage on Brand's house in Needham, Massachusetts, and then bought the house for well above market value, prosecutors say.

The payments allowed Brand to buy a more expensive residence in nearby Cambridge that Zhao then paid to renovate, the complaint states. Zhao's younger son began attending Harvard in 2017, and the complaint alleges Brand did not tell the university about the payments when recruiting the sons.

The Needham house payment drew particular attention from Harvard and federal investigators. Brand sold the home to Zhao for $989,500, according to the deed, almost twice what a tax document said it was worth. Zhao then sold the Needham property about 17 months later at a loss of over $300,000.

Following the sale of his Needham home, Brand purchased a condominium in Cambridge. Documents obtained by CNN show the Cambridge property was originally listed for $989,000 -- just $500 less than what Zhao paid the Needham home. Brand bought the Cambridge condo for about $300,000 over the asking price.

CNN's Augusta Anthony contributed to this report.