Mongolia reported that two more people had recovered from COVID-19 in its latest count, taking the total number of recoveries in the country to 300, the country's National Center for Communicable Diseases said in a statement on Monday.

The center said that 11 COVID-19 patients are now being treated in Mongolia, four of them in severe condition.

All the 311 confirmed cases in Mongolia were imported, and no local transmissions or deaths have been reported in the country so far. Enditem

In late August, the Wealth Creators Support Association (WCSA) of Mongolia and Mongolian Artisan Cheesemakers Union (MACU) LLC signed a memorandum of cooperation to jointly build 100 cheese plants across the country with the aim of creating new jobs, increasing the value of milk supplied from herders, and bringing the dairy product to international markets, Montsame reported.

WCSA President Ch.Dalaibayar said the 100 cheese factory project also aims to satisfy domestic cheese demand and export the surplus.

MACU Executive Director Michael Morrow said the project is expected to contribute to Mongolia’s development and is especially benefitial for herders. Domestic milk processing and cheese production will not only play an important role in increasing income of herder households, but also encourage sustainable growth, he said.

The Mongolian government on Monday decided to extend the country's heightened state of readiness until the end of October amid the COVID-19 pandemic.

"Today, the government decided to extend the country's heightened state of readiness until the end of next month. The extension is part of efforts to prevent the spread of the coronavirus," Tseden-Ish Ganzorig, head of the government's press office, told a news conference.

During the period of the heightened state of readiness, Mongolia will not open its borders and not allow in commercial international flights, said Ganzorig.

However, as no local transmissions of the virus have been reported in Mongolia, the government decided to resume normal business activities and mass gatherings such as sports events and cultural activities starting from Wednesday, he said.

The Asian country has confirmed 311 COVID-19 cases so far, with no local transmissions or deaths.

It entered its heightened state of readiness on Feb. 12, with measures including the suspension of international passenger flights.

Ulaanbaatar/MONTSAME/. According to the preliminary results in the first eight months of 2020, the total revenue of the general government budget was MNT 6.1 trillion. The equilibrated revenue of the general government budget was MNT 5.7 trillion and 93.7% of the total revenue of the general government budget. On the other hand, the total expenditure and net lending was MNT 8.3 trillion in the first eight months of 2020, resulting in a deficit of MNT 2.7 trillion in the equilibrated balance.

In August 2020, the total equilibrated revenue and grants of the general government budget were MNT 799.1 billion, decreased by MNT 0.8 billion or 0.8%, the total expenditure, and net lending was MNT 990.1 billion, decreased by MNT 77.5 billion or 7.3% compared to the previous month.

In August 2020, the equilibrated balance of the general government budget was in deficit of 190.9 billion, decreased by MNT 76.7 billion or 28.7% compared to the previous month.

The General government budget revenue was comprised of 84.8% of tax revenue, 8.9% of non-tax revenue, 6.0% of the future heritage fund, and 0.3% of the stabilization fund.

In the first eight months of 2020, tax revenue reached MNT 5.2 trillion, decreased by MNT 1.1 trillion or 17.4% compared to the same period of the previous year. This decrease was mainly due to MNT 375.5 billion or 22.7% decrease in income tax revenue, MNT 245.2 billion or 19.5% decrease in social security revenue, MNT 173.0 billion or 28.9% decrease in other taxes revenue MNT 165.8 billion or 10.9% decrease in value-added tax revenue, MNT 80.6 billion or 13.8% decrease in excise tax revenue and MNT 38.9 billion or 7.6% decrease in foreign activity revenue.

In the first eight months of 2020, 24.7% of the total tax revenue was accumulated from income tax, 19.7% from social security contributions, 26.3% from value-added tax, 9.8% from excise taxes, 9.2% from foreign activities and 10.3% from other taxes.

In the first eight months of 2020, value-added tax revenue from by increased 1.9 percentage points, foreign activity revenues increased by 1.0 percentage points and excise taxes revenue increased by 0.4 percentage points, while other taxes revenue decreased by 1.1 percentage points, income taxes revenue decreased by 1.7 percentage points and social security revenue decreased by 0.5 percentage points compared to the same period of the previous year.

In the first eight months of 2020, general government budget expenditure and net lending was MNT 8.4 trillion, increased by MNT 2.0 trillion or 32.1% compared to the same period of the previous year. This increase was primarily affected MNT 1.5 trillion or 30.1% increase in current expenditure and MNT 629.6 billion or 55.9% increase in capital expenditure, though net lending decreased by MNT 124.8 billion or 92.9%, compared to the same period of the previous year.

In the current expenditure, 42.5% was expenditure on goods and services, 46.4% was current transfers, 7.3% was interest payment and 3.8% was subsidies. In the first eight months of 2020, the capital expenditure amounted to MNT 1.8 trillion, increased by MNT 629.6 billion or 55.9% compared to the same period of the previous year.

The increase in the capital expenditure was mainly resulted from MNT 274.0 billion or 33.2% increase in construction expenditure, MNT 165.2 billion or 93.4% increase in other capital expenditure, MNT 183.3 billion or 4.5 times increase in equipment expenses and MNT 3.6 billion or 5.9% increase in capital repairs expenditure compared to the same period of the previous year.

Source: National Statistics Office

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According to information presented by the country's National Statistics Office (NSO) on Thursday, September 10, Mongolia's total overseas trade dropped 16.3 percent year on year in the first eight months of this year.

Mongolia's overseas trade reached USD7.9 billion in the January-August period, the NSO stated.

The decline in foreign trade is directly linked to preventive procedures to control the spread of coronavirus, according to specialists of the numerical agency.

MENAFN1309202000450000ID1100788660

A record number of Mongolian coal freight trucks has entered to China at once in August. In total, 2,233 heavy-duty trucks laden with coal entered China from Mongolia via four border points, namely Gashuunsukhait, Shiveekhuren, Bulgan and Khangi, hitting an all-time high.

This happened as a temporary regulation called theGreen Gateway came into effect on Aug. 1, which aims to boost trade and economic cooperation between China and Mongolia amid the COVID-19 pandemic.

Prior to the introduction of the regulation, an average of 500 to 1,000 coal trucks per day entered China from Mongolia, according to the Mongolian Ministry of Mining and Heavy Industry.

Mongolia exported a total of 11.2 million tons of coal in the first seven months of this year, a decrease of 46.4 percent compared to the same period last year, official data showed. The sharp decrease in coal exports was largely due to restrictive measures to contain the spread of COVID-19.

Mongolia is a landlocked country with rich natural resources, among which coal is the main export commodity

China attracted 84.1 billion yuan ($12.3 billion) in foreign direct investment (FDI) last month – 18.7 percent more than a year earlier – as the world’s second-largest economy continues to rebound after the Covid-19 outbreak.

August marked the fifth consecutive month of FDI growth, according to data from China’s Commerce Ministry. In the first eight months of this year, investment inflows jumped 2.6 percent to 619.8 billion yuan.

China remains a hot investment destination as it is one of only a few nations that managed to avoid falling into recession after the coronavirus outbreak rattled the global economy. After a record slump in the first quarter, China’s gross domestic product (GDP) beat forecasts in June, rising 3.2 percent.

Beijing has been stepping up its efforts to attract global investors. On Friday, senior Chinese officials said that the country is betting on the fast-growing service sector to support investors. They also revealed that the Chinese capital is looking to become a “national comprehensive demonstration zone” as it implements a range of measures, including facilitating cross-border flows of capital, support for overseas securities and futures firms, and encouraging foreign companies to participate in stock and bond trading.

“Foreign investors have expressed a strong wish to get into the telecommunications sector,” China’s Vice-Commerce Minister Wang Shouwen said on Friday, as quoted by CGTN. “Now the plan will allow foreign companies to invest in virtual private networks (VPNs), with a proportion of foreign shares not exceeding 50 percent. Overseas telecommunications providers can set up joint ventures to provide such services for foreign enterprises in Beijing.”

Investment inflows into China continue to grow despite rows with the US on multiple fronts. In addition to pressuring Chinese businesses on its own territory, the Trump administration has been attempting to persuade American companies to ditch China. While businesses are concerned about bitter trade tensions between the world’s two leading economies, US enterprises are reluctant to pack up their things, a recent survey by the American Chamber of Commerce (AmCham) in Shanghai showed. According to the poll, over 78 percent of companies do not want to change their investment allocations. As for moving out production, the survey found that just four percent of firms would relocate some capacities to the US, while 70 percent have no such plans.

Japan's governing party is set to vote Monday on a new leader to succeed Shinzo Abe, with the winner almost certain to be the next prime minister.

Last month Mr Abe announced his resignation due to health reasons.

The winner is widely expected to be 71-year-old Yoshihide Suga who serves as chief cabinet secretary in the current administration.

He is considered a close ally of Mr Abe and likely to continue his predecessor's policies.

Once the conservative Liberal Democratic Party (LDP) has chosen its new leader, there will be another vote on Wednesday in parliament, where he is almost certain to be made prime minister because of the LDP's majority.

Taking over mid-term, that new prime minister is expected to finish the rest of the current period, until elections in September 2021.

Who is Yoshihide Suga?

Born the son of strawberry farmers, Mr Suga is a veteran politician.

Given his central role of chief cabinet secretary in the administration, he is expected to provide continuity heading an interim government until the 2021 election.

"Shinzo Abe and the other party bosses picked and joined the bandwagon for Mr Suga precisely because he was the best 'continuity' candidate, someone who they think could continue Abe government without Abe," Koichi Nakano, dean and political science professor at Tokyo's Sophia University, told the BBC.

While not considered the most energetic or passionate politician, Mr Suga has a reputation of being very efficient and practical.

One of his most prominent appearances recently was during the transition from past emperor Akihito to the current one Naruhito in 2019. It fell to Mr Suga to unveil the name of the new Reiwa era to the Japanese and global public.

Yet while he is the favourite to clinch the LDP leadership after Abe's resignation, it is is much less clear whether he will lead the party in next year's general election.

Observers suggest that by then, the party dynamic could shift to put a more vibrant man at the helm who can reach a wider general electorate.

Who else is running?

There are two other contenders who have thrown their hats in the ring.

Kishida Fumio served as foreign minister under Shinzo Abe, but for the past three years was heading the party's policy research council. Compared to Mr Suga, the 63-year old brings more international diplomatic experience to the table but lacks the endorsement by the outgoing prime minister.

The third contender is Shigeru Ishiba, a former LDP secretary-general and one time defence minister in an earlier Abe cabinet.

From all three contenders, Mr Ishiba who is also 63, is the one who has tried to distance himself most from the outgoing prime minister and is hoping to represent a fresh start after Mr Abe.

Even though neither him nor Mr Fumio are considered to have a realistic chance against Mr Suga, their bids might put them in a good position for the 2021 general election once the current term is up.

What is Japan's political outlook?

The leadership transition comes at a difficult time for the country. Japan is still struggling with the coronavirus pandemic which has caused its biggest economic slump on record.

Mr Abe's long-standing project of kickstarting the economy, dubbed Abenomics was, even before the pandemic hit, still a work in progress and the country has seen several years of stagnation, recession or only very slow growth.

There's also unfinished business in the government's plans to reform the post-war pacifist constitution. Mr Abe wanted to change a section in the constitution to formally recognise Japan's military, which is currently called the Self Defence Force and is essentially barred from participating in any international military mandates.

For all those projects, a new administration under Mr Suga could provide stability and stay the course.

But during his time as chief cabinet secretary, he was "remarkably lacking in vision," prof Nakano cautions.

"The only slogan he came up with is "Self help, mutual help, and public help" - emphasising neoliberal self-help and self-responsibility at the time of [a] pandemic that is exposing a whole lot of people to economic vulnerability."

New general elections for the Diet, the lower house, are scheduled for September 2021 and by then, there will likely be another leadership contest within the LDP.

That contest will be more about who can win over the general electorate - rather than merely promise continuity, observers say.

Why did Shinzo Abe resign?

Mr Abe said he did not want his illness to get in the way of decision making, and apologised to the Japanese people for failing to complete his term in office.

Last year, he became Japan's longest serving prime minister. His current period in office began in 2012.

He abruptly resigned from a previous term as prime minister in 2007 also because of his chronic condition.

SYDNEY (Reuters) - Asian shares firmed on Monday on renewed hopes for a coronavirus vaccine after AstraZeneca resumed its phase-3 trial though sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.7%, poised for its second straight session of gains.

Australian shares .AXJO climbed 0.6% while Japan's Nikkei .N225 added 0.7%. Chinese shares started firm with the blue-chip index .CSI300 rising 0.6%.

U.S. stock futures, the S&P 500 e-minis ESc1, jumped more than 1% after a mixed session on Wall Street last week.

Friday marked six months since the World Health Organization (WHO) declared the coronavirus a pandemic on March 11.

Since then, major global economies have slipped into recession and millions have lost their jobs, prompting central banks around the world to launch unprecedented stimulus.

The policy bazooka has buoyed financial markets, with the S&P500 .SPX up 22%, 10-year Treasury yields diving 20.4 basis points and the greenback =USD sliding 3.3%. The best performing major currency has by far been the Australian dollar AUD=D3, up 11.9%, thanks to sound risk appetite.

“A wild ride indeed and one that is likely to continue as phase 3 vaccine results starts to roll through over the coming weeks,” NAB analyst Tapas Strickland said in a note on Monday.

AstraZeneca AZN.L said on the weekend it has resumed British clinical trials of its COVID-19 vaccine, one of the most advanced in development, after getting the green light from safety watchdogs.

The late-stage trials of the experimental vaccine, developed with researchers from the University of Oxford, were suspended last week after an illness in a study subject in Britain, casting doubts on an early rollout.

A vaccine has long been awaited to help pull the world out of a coronavirus-induced lockdown.

“The reopening of the global economy is enticing us to recommend a trade going long a basket of 14 laggard ‘back to work’ stocks versus a basket of 14 high-flying ‘COVID-19 winners’,” BCA Research wrote in a note.

“While we maintain a cyclical and secular bullish outlook on the broad market, a short-term correction due to technical and (geo) political reasons is likely on the cards,” it said

“A playable short-term pullback is in order.”

Later this week, the U.S. Federal Reserve will hold its two-day policy meeting where it is expected to hold rates while elaborating on the already-announced shift to inflation targeting.

Also, “the Fed is set to be less pre-emptive in tightening policy than in the past,” NAB’s Strickland noted.

The Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.

Asia’s focus will be on the election of Japan’s new Prime Minister with a party room vote expected to begin at 0500 GMT.

Major currencies were treading water on Monday.

The dollar was mostly steady against the yen at 106.11 JPY=, a long distance from its low this year of 101.2.

The euro EUR= was flat at $1.1849. The Aussie AUD=D3 was barely changed at $0.7285 while Sterling was a tad higher at $1.2823.

In commodities, U.S. crude CLc1 jumped 0.7% to $37.58 a barrel. Brent crude LCOc1 climbed 0.5% to $40 per barrel.

Gold was firm, with spot prices XAU= at $1,949.7 per ounce.

Reporting by Swati Pandey; Editing by Sam Holmes