- The document provides a summary of business and economic news from Mongolia in its July 8, 2016 issue. It includes highlights on a potential share purchase of Erdenet Mining Corp. by Mongolia, a new business center for women opening in Ulaanbaatar, and partnerships between Mongolian and Taiwanese hospitals. It also summarizes discussions at the recent Business Council of Mongolia monthly meeting on the election results and impact on the economic environment.
Strategic Outlook
Mongolia is on the verge of defaulting on its foreign debt obligations. This dire economic
circumstance will likely continue unless the government acts in a highly effective and quick
manner to increase foreign direct investment and improve budget discipline. Foreign investment
into long-awaited large-scale mining, energy and infrastructure projects can have a significant
positive impact on the economy, helping overcome the debt crisis and leading to higher economic
growth. The Mongolian public is increasingly becoming intolerant of a failure of political
leadership. Pressures will likely mount on the government to deal with the crisis in 2017.
Oligarchic groups (consisting of businessmen, politicians and state officials) have a significant
influence on the country’s politics and wealth distribution and their conflicts may jeopardize the
country’s continued political stability and development. The following policy measures would
likely prove helpful to successfully advance the socioeconomic transformation:
1. The Mongolian parliament needs to act decisively to improve the accountability of public
office holders and curb political elite-driven corruption in order to restore public trust in
the government and political institutions. Supporting the independence of the judiciary
should be key to achieving this objective.
2. While re-attracting foreign investment is a key priority for the government, it is crucial to
develop and implement a comprehensive, long-term policy to support the development of
the public sector and improve the stability and competitiveness of domestic companies
operating in non-mining sectors such as agriculture, organic food, textile, tourism and IT.
The research report which has chosen by me here is demonstrating about setting up of business plan in an underdeveloped country. The business and country that is selected to be established is a multi cuisine restaurant in Mongolia. Mongolia is sheltered in between China and Russia. It covers 1,565,000 sq km. area under which 60 percent of total population is resides in the Ulaanbaatar. In addition to this, 95,000 and 74,000 inhabitants live in two main urban centers, such as Erdenet and Darkhan. Moreover, now day’s tourists from diverse places are more attracted towards visiting Mongolia, due to presence of Forests Mountains, dissimilar landscapes ranging from the huge steppes and the country’s most popular Gobi desert. These all striking factors of the place have forced me to make research on the driving dynamics, which is creating desires in the other nation’s people to visit Mongolia.
The current report deals with the mining and oil mining industry of Mongolia. The report has tried to focus on licensing as the strategy for market entry in oil mining in Mongolia. As it was found during the research, Mongolia is rich in mineral resources and its oil industry is huge with fortunes to be made in oil mining. Licensing plays a very important role in the mining industry as it defines the limits of operations of the particular company. Mongolia has been dominated by agriculture and small enterprises but in the recent decades mining has contributed a lot towards the economic development of Mongolia. It is the 11th largest in terms of coal reserves in the world. It is also the second largest in terms of copper reserves in the world.
Strategic Outlook
Mongolia is on the verge of defaulting on its foreign debt obligations. This dire economic
circumstance will likely continue unless the government acts in a highly effective and quick
manner to increase foreign direct investment and improve budget discipline. Foreign investment
into long-awaited large-scale mining, energy and infrastructure projects can have a significant
positive impact on the economy, helping overcome the debt crisis and leading to higher economic
growth. The Mongolian public is increasingly becoming intolerant of a failure of political
leadership. Pressures will likely mount on the government to deal with the crisis in 2017.
Oligarchic groups (consisting of businessmen, politicians and state officials) have a significant
influence on the country’s politics and wealth distribution and their conflicts may jeopardize the
country’s continued political stability and development. The following policy measures would
likely prove helpful to successfully advance the socioeconomic transformation:
1. The Mongolian parliament needs to act decisively to improve the accountability of public
office holders and curb political elite-driven corruption in order to restore public trust in
the government and political institutions. Supporting the independence of the judiciary
should be key to achieving this objective.
2. While re-attracting foreign investment is a key priority for the government, it is crucial to
develop and implement a comprehensive, long-term policy to support the development of
the public sector and improve the stability and competitiveness of domestic companies
operating in non-mining sectors such as agriculture, organic food, textile, tourism and IT.
The research report which has chosen by me here is demonstrating about setting up of business plan in an underdeveloped country. The business and country that is selected to be established is a multi cuisine restaurant in Mongolia. Mongolia is sheltered in between China and Russia. It covers 1,565,000 sq km. area under which 60 percent of total population is resides in the Ulaanbaatar. In addition to this, 95,000 and 74,000 inhabitants live in two main urban centers, such as Erdenet and Darkhan. Moreover, now day’s tourists from diverse places are more attracted towards visiting Mongolia, due to presence of Forests Mountains, dissimilar landscapes ranging from the huge steppes and the country’s most popular Gobi desert. These all striking factors of the place have forced me to make research on the driving dynamics, which is creating desires in the other nation’s people to visit Mongolia.
The current report deals with the mining and oil mining industry of Mongolia. The report has tried to focus on licensing as the strategy for market entry in oil mining in Mongolia. As it was found during the research, Mongolia is rich in mineral resources and its oil industry is huge with fortunes to be made in oil mining. Licensing plays a very important role in the mining industry as it defines the limits of operations of the particular company. Mongolia has been dominated by agriculture and small enterprises but in the recent decades mining has contributed a lot towards the economic development of Mongolia. It is the 11th largest in terms of coal reserves in the world. It is also the second largest in terms of copper reserves in the world.
BIPV offers both the PV industry and the building products industry a way out of their current economic plights. For PV firms, BIPV provides a product strategy geared to adding value to products. For the building products industry, BIPV represents a new line of products that will enable construction firms to add saleable features to buildings of all kinds.
While all this is true of all BIPV products, there is a natural migration path from today’s rooftop PV panels to BIPV roofing. With this in mind, NanoMarkets is publishing this report, which identifies and quantifies the market opportunities for BIPV roofing.
The report discusses a roadmap for BIPV roofing in which business revenues are generated initially by simple overlay products and then by conventional rigid and flexible BIPV roofing products and finally from fully integrated products. The report also shows how the performance of BIPV roofing is expected to evolve with a special focus on lifetime requirements and the materials that will be used both for substrates and absorber layers.
This report also includes extensive forecasts of the BIPV roofing market in terms of wattage, area covered and revenues generated. Breakouts are provided by type of building, type of BIPV roofing and key materials used. In addition, we project the nations and regions that will generate the most revenues for BIPV roofing and the breakouts of the BIPV roofing market by retrofit and new construction. As usual with NanoMarkets reports, this report also includes a detailed assessment of the strategies of the leading firms currently supplying BIPV roofing products.
Versão integral da edição n.º 44 (ANO 2 – SÉRIE II) do quinzenário “Correio da Beira Serra”, que se publica em Oliveira do Hospital (distrito de Coimbra, Portugal). Director: Henrique Barreto. 04.12.2007.
Para consultar o jornal na web, visite http://www.correiodabeiraserra.com/
Para além de poderem ser úteis para o público em geral, estes documentos destinam-se a apoio dos alunos que frequentam as unidades curriculares de “Arte e Técnicas de Titular”, “Laboratório de Imprensa I” e “Laboratório de Imprensa II”, leccionadas por Dinis Manuel Alves no Instituto Superior Miguel Torga (www.ismt.pt).
Para saber mais sobre a arte e as técnicas de titular na imprensa, assim como sobre a “Intertextualidade”, visite http://www.mediatico.com.pt/manchete/index.htm (necessita de ter instalado o Java Runtime Environment), e www.youtube.com/discover747
Visite outros sítios de Dinis Manuel Alves em www.mediatico.com.pt , www.slideshare.net/dmpa,
www.youtube.com/mediapolisxxi, www.youtube.com/fotographarte, www.youtube.com/tiremmedestefilme, www.youtube.com/discover747 ,
http://www.youtube.com/camarafixa, , http://videos.sapo.pt/lapisazul/playview/2 e em www.mogulus.com/otalcanal
Ainda: http://www.mediatico.com.pt/diasdecoimbra/ , http://www.mediatico.com.pt/redor/ ,
http://www.mediatico.com.pt/fe/ , http://www.mediatico.com.pt/fitas/ , http://www.mediatico.com.pt/redor2/, http://www.mediatico.com.pt/foto/yr2.htm ,
http://www.mediatico.com.pt/manchete/index.htm ,
http://www.mediatico.com.pt/foto/index.htm , http://www.mediatico.com.pt/luanda/ ,
http://www.biblioteca2.fcpages.com/nimas/intro.html
We have released our consolidated results from 2013, informing all our stakeholders about our financial results in terms of turnover and growth, our performance during the year in terms of research and innovation, quality assurance and corporate social responsibility, and our strategy goals in terms of what we have accomplished and what our vision is for 2014.
BIPV offers both the PV industry and the building products industry a way out of their current economic plights. For PV firms, BIPV provides a product strategy geared to adding value to products. For the building products industry, BIPV represents a new line of products that will enable construction firms to add saleable features to buildings of all kinds.
While all this is true of all BIPV products, there is a natural migration path from today’s rooftop PV panels to BIPV roofing. With this in mind, NanoMarkets is publishing this report, which identifies and quantifies the market opportunities for BIPV roofing.
The report discusses a roadmap for BIPV roofing in which business revenues are generated initially by simple overlay products and then by conventional rigid and flexible BIPV roofing products and finally from fully integrated products. The report also shows how the performance of BIPV roofing is expected to evolve with a special focus on lifetime requirements and the materials that will be used both for substrates and absorber layers.
This report also includes extensive forecasts of the BIPV roofing market in terms of wattage, area covered and revenues generated. Breakouts are provided by type of building, type of BIPV roofing and key materials used. In addition, we project the nations and regions that will generate the most revenues for BIPV roofing and the breakouts of the BIPV roofing market by retrofit and new construction. As usual with NanoMarkets reports, this report also includes a detailed assessment of the strategies of the leading firms currently supplying BIPV roofing products.
Versão integral da edição n.º 44 (ANO 2 – SÉRIE II) do quinzenário “Correio da Beira Serra”, que se publica em Oliveira do Hospital (distrito de Coimbra, Portugal). Director: Henrique Barreto. 04.12.2007.
Para consultar o jornal na web, visite http://www.correiodabeiraserra.com/
Para além de poderem ser úteis para o público em geral, estes documentos destinam-se a apoio dos alunos que frequentam as unidades curriculares de “Arte e Técnicas de Titular”, “Laboratório de Imprensa I” e “Laboratório de Imprensa II”, leccionadas por Dinis Manuel Alves no Instituto Superior Miguel Torga (www.ismt.pt).
Para saber mais sobre a arte e as técnicas de titular na imprensa, assim como sobre a “Intertextualidade”, visite http://www.mediatico.com.pt/manchete/index.htm (necessita de ter instalado o Java Runtime Environment), e www.youtube.com/discover747
Visite outros sítios de Dinis Manuel Alves em www.mediatico.com.pt , www.slideshare.net/dmpa,
www.youtube.com/mediapolisxxi, www.youtube.com/fotographarte, www.youtube.com/tiremmedestefilme, www.youtube.com/discover747 ,
http://www.youtube.com/camarafixa, , http://videos.sapo.pt/lapisazul/playview/2 e em www.mogulus.com/otalcanal
Ainda: http://www.mediatico.com.pt/diasdecoimbra/ , http://www.mediatico.com.pt/redor/ ,
http://www.mediatico.com.pt/fe/ , http://www.mediatico.com.pt/fitas/ , http://www.mediatico.com.pt/redor2/, http://www.mediatico.com.pt/foto/yr2.htm ,
http://www.mediatico.com.pt/manchete/index.htm ,
http://www.mediatico.com.pt/foto/index.htm , http://www.mediatico.com.pt/luanda/ ,
http://www.biblioteca2.fcpages.com/nimas/intro.html
We have released our consolidated results from 2013, informing all our stakeholders about our financial results in terms of turnover and growth, our performance during the year in terms of research and innovation, quality assurance and corporate social responsibility, and our strategy goals in terms of what we have accomplished and what our vision is for 2014.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
chapter 10 - excise tax of transfer and business taxation
Nw 435
1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 435 – July 8, 2016
BCM NewsWire provides short summaries of news collected from around the world. Each
article is kept to a maximum of 150 words for brevity, but click on the link next to
“Source” to read the full article.
NEWS HIGHLIGHTS:
Business:
• Outgoing PM confirms rumored Erdenet sharepurchase
• Ulaanbaatar Businesswomen Center opens
• National Taiwan University Hospital partners with Mongolian hospitals
• ADB lends MNT419 million for blood transfusion research center
• Korean university offers Mongolian language and culture courses
• MAK president succeeded by HIS daughter
• Rio Tinto clashes with Bernstein over OT
• Rio Tinto's young guns herald new era of growth for miners
• Centerra CEO confident new acquisition will shrink valuation gap with peers
• Turquoise Hill Stock Gains on Push for Gobi Riches—VIDEO
Economy:
• Mongol Bank: FX Auctions, 1-Week Bills
• Mongolian credits rally amid risk-on sentiment
• Trade balance doubles
• Credit card consumption grows in 2016
• Over 30 projects lined up for trilateral economic corridor
• S. Korea to lend $300 mn for public transportation
• Azerbaijan, Mongolia to establish direct air services
• Mongolia to increase sea buckthorn export
• Mongolia's new government means glory days again for miners
• Long walk to the ballot box for Mongolian nomads
• US-funded training supports efforts to combat domestic violence
Politics:
• Elbegdorj warns presumed next premier against political appointments to Cabinet
• Newly formed parliament holds first plenary session
• Deja Vu: Another party leader named Enkhbold selected as Parliament speaker
• Vice Speakers of parliament appointed
• 2 added to Female MP count
• Enkhbold resigns as Democrats' party leader
• New MPs to release their income and asset statements
• Mongolia bans protest on Chinggis Square for 17 days
• Mongolia, Russia and China to discuss ‘economic corridor’ in UB
• Japan seeks summit with South Korea during international gathering in Mongolia
• Vietnam, South Korea, Mongolia back U.N. watchdog for LGBT rights
• Thousands of newly registered voters creates worries of voter tampering
2. • DP and MPRP makes allegation on election violation against MPP
• Former transport minister Gansukh wanted by Interpol
• Police arrest smuggler
• Su. Batbold made UB Mayor
• Mongolia to send 49 athletes to Rio summer games
• Mongolia's new government could face a short honeymoon—editorial
• Mongolia's 'unbreakable flower' wrestles for Rio gold—VIDEO
BCM Updates:
• Announcements
• Advocacy Notes
• Working Groups News
• Job vacancies at member organizations
• Member-to-Member Special Offers & Benefits
• Websites Update - Presentations, Mongolia Reports, Interviews
Economic Indicators:
• Inflation
• Central Bank Policy Rate
• Currency Rates
*Click on titles above to link to articles.
SPONSORS
Khan Bank Wagner Asia Automotive
Mongolian Business Database International SOS
BCM MONTHLY MEETING RECAP
The BCM Monthly Meeting (MM) was held on 6 July 2016 with a Panel on “Election Results:
Impact on economic & business environment” with attendance of over 90 members and
invited guests.
BCM Executive Director Mergen opened the meeting with BCM report and updates. BCM’s
membership currently stands at 232 with 6 new members for the last one month. Mergen
admitted that BCM staff is doing great job and improving its operation step by step.
Notably, he congratulated P. Khulangoo, BCM’s Former Working Group Coordinator, for her
3. successful work in leading working group activities and wished her luck in pursuing Masters
of Public Administration at the University of Singapore. With this change, he introduced
new roles within BCM staff, and illustrated figures of how BCM’s activities, including MMs
have improved over the last few months. Lastly, update on past and upcoming events was
shown. Highlight of the upcoming events is Global Green Growth Week 2016 to be
organized in 5-9 Sep 2016 in Jeju island, South Korea. BCM will be taking a delegation for
this event. For more information and to register, please click here or contact
Bayarmaa@bcmongolia.org.
Please click here to view the full report.
The following 3 out of 6 new members were introduced:
1. Orchuulga 24 - Your Translation Agency – founded in 2014, provides the first online
translation service; has over 50 specialized translators; assures quality control with
proofreading and double checking.
2. OSHMI – founded in 2010; provides consultancy service on implementation of ISO
standards, conducts Occupational Health and Safety training, outsourcing and project
management.
3. VETP – non-profit, membership based NGO founded in 2013; supports the knowledge
management and harmonization of development measures in the Mongolian technical
vocational education and training (TVET) sector.
BCM Vice Chairman Pete Morrow next moderated the Panel on Election Results with the
following panelists:
1. Cameron McRae, CEO, Tarva Investment & Advisory LLC
2. Jargalsaikhan De Facto, Political & Economic Observer/Columnist
3. Ch. Khashchuluun, Executive Director, National Council for Private Sector Support
4. D. Zorig, Board Member, Mongolia Development Strategy Institute
5. L. Sumati, Director, Sant Maral Foundation
Panelists expressed their views and perspectives on the past election results as follows:
Sumati:
- Election results show how Democratic Party (DP) did best to loose with unpopular
movements over the last few years.
- With Mongolian People’s Party (MPP) taking the majority seat (65), there will be weak
opposition for the next 4 years, and therefore, MPP will be careful in its policy given the
President’s election scheduled in 2017 as it will be elected by MPP.
Khashchuluun:
- Election outcome affected by last minute change in Election Law
- Election battle in Bayankhongor province was key in deciding policy for the next 4
years
4. - Anti-crisis plan is drafted, we need to see the party platform once its submitted to
Parliament
Jargalsaikan:
- There were 2 tsunamis: (i) when the sales of share of Erdenes Tavan Tolgoi (ETT) was
announced, people swang and DP lost 20-30 seats as people did not like that this deal was
made secretly and was quite for some time.
- 70% of Mongolia’s GDP is in USD debt, borrowed by the Government to be paid by some
path, but nobody has clear cut on this.
- Financing of political parties is still secret
- For UB city Bat-Uul’s office did good work and we should thank him, but of course a lot
needs to be done further; thus, MPP needs to do better.
- Public domain for land should be in place, otherwise there won’t be difference
D. Zorigt:
- Election result was clear on why DP lost; Mongolians got tired of populists and now we
are moving to technocratic governance
- In 2012 indicators to keep the GoM accountable were clear and based on OT and TT
continuation, railway connection, CHP5 progress, construction of power plant in Gobi. Now
indicators have changed and are difficult to say. Large projects are not the indicators now.
Incremental measures needs to be made.
Cameron:
- Will the new government fix past mistakes? DP’s resource nationalism fell down finally
- This Government needs to have good Prime Minister and professional team at the top.
- Mongolia’s reputation has improved with the Saikhanbileg government and investor
confidence started to revive with willingness to come back to Mongolia. Now improvement
in investment environment is required. If bureaucracy persists, it will kill projects.
Therefore, the new government should try to be supportive of new projects and investors.
- As DP dis-functioned, it is time for them to reflect.
Questions from the audience:
Mogi, Cover Mongolia: Is Mongolia moving towards 2 party system? Third parties were sadly
defeated in the election and result shows that running for election independently is tough.
Is it possible to amend the Election Law and Law on Constitution to allow third parties?
Jargalsaikhan agreed that Mongolia is moving towards 2 party system where both of the
parties needs to be matured. Once political parties mature, people will select third
parties.
Khashchuluun: MPP had organizational structure while DP had loose structure with smaller
fractions internally. MPP was more organized; if DP will not get organized, it will be
challenging for them to be the 2nd party in the next 12-16 years.
The evening's networking reception was held in the Topaz room with complimentary drinks
and sausage rolls from Churchill’s.
For a full meeting notes, please click here.
5. BUSINESS
OUTGOING PM CONFIRMS RUMORED ERDENET SHAREPURCHASE
Outgoing Prime Minister Chimed Saikhanbileg has confirmed reports that Mongolia was in
negotiations to buy 49 percent of the shareholdings Russia holds in Erdenet Mining Corp.
and Mongolrostsvetmet. Bloomberg has reported that Mongolia could buy up the equity in
its joint ventures from Rostec for as much as USD500 million.
The deal was a long-time coming, said outgoing Parliament Speaker Zandaakhuu Enkhbold
when asked about it as he was casting his vote last week for the parliamentary elections.
He added that the deal would, however, require parliamentary approval. “We should
purchase our major industries when possible for the sake of our economic independence,”
he said.
Source: Montsame
UB BUSINESSWOMEN CENTER OPENS
Ulaanbaatar’s first Women’s Business Center (WBC) opened on 5 July at Capital City
Administration Building no. 4. Women in Ulaanbaatar continue to face a range of cultural,
financial, and legal barriers in starting and growing businesses. The Asia Foundation aims
to use the WBC to foster women’s entrepreneurship, improve gender equality in the
business sector, while also boosting economic growth and supporting the city’s small and
medium-sized enterprise (SME) sector. The center will be open Mondays to Saturdays from
09.00-21.00 during summer and .9.00-19.00 during winter.
Source: Asia Foundation
NATIONAL TAIWAN UNIVERSITY HOSPITAL PARTNERS WITH MONGOLIAN HOSPITALS
National Taiwan University Hospital (NTUH) Superintendent Ho Hong-nerng was visiting
Mongolia this week to promote medical exchanges between Taiwan and Mongolia, an NTHU
spokesman said Wednesday. Ho and Ts. Tumur-Ochir, head of the Third Central State
Hospital in the Mongolian capital of Ulaanbaatar, co-hosted a ceremony to mark the
initiation of an annual Taiwan-Mongolia medical exchange program at the Ulaanbaatar
hospital. The following day, Ho signed a memorandum of understanding on cooperation
with the Mongolian hospital.
While in Mongolia, Ho will visited other hospitals with cooperative ties with NTUH,
including Mongolia's State Second Central Hospital, and will meet with important medical
professionals there to expand Taiwan-Mongolia medical exchanges and cooperation.
Source: Focus Taiwan
ADB LENDS MNT419 MILLION FOR BLOOD TRANSFUSION RESEARCH CENTER
The Asian Development Bank will lend MNT419 million for a new National Blood
Transfusion Research Center in Mongolia. An existing facility will receive a complete
technical overhaul for the project to introduce new blood tests there. The project is
expected to increase the capacity at the center to test patients by 3 to 5 times and will
operate according to international standards.
The ADB's loan supplements MNT2.94 billion in investment from the government.
Source: Undesnii Shuudan
KOREAN UNIVERSITY OFFERS MONGOLIAN LANGUAGE AND CULTURE COURSES
Dankook University's Cheonan campus is focusing on foreign languages and regional studies,
including Mongolian. The campus has the College of Foreign Languages, which runs 10
departments in Chinese, Japanese, German, French, Spanish, Russian, English, Portuguese,
Mongolian studies and Middle Eastern studies. The university set up the Department of
Mongolian Studies in Korea in 1993. It has a strong exchange program under which students
can choose to study for a year at a university in Mongolia, and exchanges faculty with four
Mongolian universities, including the National University of Mongolia and the Mongolian
University of Science & Technology.
Source: Korea Times
6. MAK PRESIDENT SUCCEEDED BY HIS DAUGHTER
Mongolyn Alt Corp. (MAK) has appointed as its next president Nyamtaishir Tselmuun, the
daughter of the outgoing president of the company. Daughter of Byambaa Nyamtaishir,
Tselmuun has served of the board of ARD Financial group since 2014 as a non-executive
director. She entered MAK as the head of the trading department in 2007 and in 2010 was
promoted as vice president. She started her career with Trade and Development Bank of
Mongolia LLC (TDB) as an accout manager for retail and small-medum enterprise
department in 2005.
Source: Udriin Sonin, ARD Holdings
RIO TINTO CLASHES WITH BERNSTEIN OVER OT
Rio Tinto Group and Bernstein Research have clashed over a report that examined the
investment case for the miner’s flagship copper mine in Mongolia. Bernstein recently
commissioned Neal Brewster, a former general manager of valuation at Rio, to write a
report on the USD5.3 billion expansion of the Oyu Tolgoi mine. It was due to hold a
conference call with clients last week to discuss his report, which was based on publicly
available information. But the dial-in never happened. Bernstein decided to cancel the call
after Brewster pulled out following threats of legal action by his former employer.
In his report, Brewster said the investment case for an underground mine at Oyu Tolgoi
was “neither very compelling nor obviously flawed,” although it was not clear how well
this was “understood” by Rio’s board.
Source: Financial Times
RIO TINTO'S YOUNG GUNS HERALD NEW ERA OF GROWTH FOR MINERS
After a rapid rise at Rio Tinto, Jean-Sebastien Jacques, 44, is the youngest boss at a major
mining company: the first in a generation that will need to shift from an era of cuts to one
of cautious growth. After iron ore prices crashed, empire-building mining executives who
had struck overpriced deals were dumped and replaced with cautious conservatives who
sold off billions of dollars in assets and squeezed costs.
Growth under Jacques will not necessarily come in big bites, but rather at a staged, or
"modular," pace, say analysts and industry executives, pointing to his approach in
Mongolia, where Rio operates the giant Oyu Tolgoi copper mine. More than USD30 billion of
mining assets are up for sale, but few mining assets have flown off the shelf in recent
years. Jacques has a reputation as a tenacious negotiator, most recently handling delicate
talks around a USD6 billion expansion at the Oyu Tolgoi mine.
Source: Reuters
CENTERRA CEO CONFIDENT NEW ACQUISITION WILL SHRINK VALUATION GAP WITH
PEERS
For Chief Executive Offier Scott Perry, Centerra Gold Inc.’s USD1.1-billion takeover of
Thompson Creek Metals Co. Inc. is largely about valuation. As long as Centerra relies on
the Kumtor mine in Kyrgyzstan for all its free cash flow while its Gatsuurt mine in Mongolia
is delayed and production ramps down at Boroo, it is certain to trade at a big discount to
peers. Political risk has been a problem for the Toronto-based miner since Kumtor opened
in 1997, and it escalated into a full-blown crisis as it launched an arbitration case and had
its office raided by Kyrgyz authorities. Buying Thompson Creek, which owns the large
Mount Milligan mine in British Columbia, makes the company look much less frightening to
investors.
“I think (the acquisition) should really underpin a strong re-rating going forward,” Perry
said. “Half our net asset value now is domiciled in Canada. I really think it has favourably
changed the complexion of the company.”
Source: Financial Post
TURQUOISE HILL STOCK GAINS ON PUSH FOR GOBI RICHES—VIDEO
7. Jeff Tygesen, Chief executive of Turquoise Hill Resources joins Bloomberg TV Canada’s
Danielle Bochove to discuss investor interest in the Oyu Tolgoi mine.
Source: Bloomberg TV Canada
ECONOMY
MONGOL BANK: FX AUCTIONS, 1-WEEK BILLS
The Bank of Mongolia on 7 July sold USD28 million and CN28 million at currency auctions
for closing rates of MNT2014.31 and MNT303.01, respectively. That day, it accepted
commercial banks’ tugrik swap agreement offers for an equivalent of USD24 million and
U.S. dollar swaps worth USD1.5 million. On 6 July, it issued MNT53 billion in one-week bills
at a weighted interest of 10.5 percent.
Source: Bank of Mongolia
MONGOLIAN CREDITS RALLY AMID RISK-ON SENTIMENT
Asian financial markets continued to rally today as a risk-on sentiment earlier in the day
brought out more than yesterday's bargain-hunters. "The rally is probably a little overdone,
but the technical picture is very robust," said one high-yield trader. "There's plenty of cash
being deployed."
The Mongolian complex of bonds jumped 2.5 points, riding on the country's election results
and the positive mood in the market. The main opposition Mongolian People's Party scored
a landslide win, capturing 85 percent of the seats in the parliament. The sovereign 10.875
percent due 2021 bonds was seen at a cash price of 105.75/106.45, while the Trade &
Development Bank of Mongolia's 9.375 percent due 2020s were quoted at 98.00/99.00.
Source: Reuters
TRADE BALANCE DOUBLES
Mongolia doubled it's trade balance on 15 June compared with the same date a year ago,
following a new stream of investment from projects such as the expansion to the Oyu
Tolgoi copper mine. The trade balance doubled to USD610 million, reports the General
Department of Taxation and Customs, while Mongolia’s foreign trade turnover was USD 3.2
billion. Mongolia's USD1.9 billion worth of exports is about equal to that of last year, while
imports fell by USD300 million to USD1.3 billion.
Source: Montsame
CREDIT CARD CONSUMPTION GROWS IN 2016
The number of consumers using credit and bank debit cards increased by 5.8 percent in
the first quarter of 2016, according to Bloomberg. A total 4.2 million credit and debit
cards have been registered in Mongolia, 1.9 million of which are active. The report
underlined that tugrug-deonominated card usage increased by 9.6 percent in the first
quarter compared with the same period in 2015, and 73.4 percent of the tugrug cards are
being used in Ulaanbaatar, Darkhan-Uul, and Orkhon Aimag.
Usage of cards backed by UnionPay grew among international credit cards being used by
local cardholders, according to the report. In the first quarter of this year, 11,240 new
UnionPay cards were ordered. The number of American Express cardholders went up by 4.1
percent in the first quarter of 2016, while a total of 1.4 million people held Visa cards.
Source: UB Post
OVER 30 PROJECTS LINED UP FOR TRILATERAL ECONOMIC CORRIDOR
Three years of negotiation between the presidents of Mongolia, China and Russia is
showing first result as the three countries adopt an international cooperation program for
the development of economic corridor. The countries plan to expand trade between them
by building roads and railway to make up the so-called economic corridor. China has
agreed to finance most of the funds needed for Mongolia's 32 projects for the integration
of trade with its neighbors, which also includes agreements for the use of land and sea
ports, and standardized customs. It has also agreed to build a planning and investment hub
8. in Ulaanbaatar before 2017.
Thirteen of the projects are for building infrastructure, which officials have said Mongolia
will seek financial help from countries other than China.
Click on the source for a complete list of the projects China, Mongolia and Russia have
agreed to go forward with.
Source: UB Post
S. KOREA TO LEND $300 MN FOR PUBLIC TRANSPORTATION
Finance Minister B. Bolor has gotten the go-ahead to sign an USD300 million investment
agreement for improving public transportation. The Cabinet Secretariat on 4 July approved
the loan, which will go towards the purchase of new wheels for buses and maintenance.
South Korea has agreed to lend the USD300 million at 0.2 percent interest and a 0.1
percent service charge.
Source: Udriin sonin
AZERBAIJAN, MONGOLIA TO ESTABLISH DIRECT AIR SERVICES
Azerbaijan and Mongolia are considering regular flights between them, said Azerbaijan’s
State Civil Aviation Administration in a message posted on its website. The negotiations
between the Azerbaijani and Belarusian delegations were held in Mongolia’s capital,
Ulaanbaatar, in accordance with the previously reached agreement. “Both delegations
have agreed the draft of 'Air Services Agreement between the Government of the Republic
of Azerbaijan and the Government of Mongolia,'” said the message.
The two delegations also discussed the issues of bilateral cooperation in the field of air
transportation and the prospects of scheduled flights between Azerbaijan and Mongolia,
according to the message.
Source: Trend.az, Montsame
MONGOLIA TO INCREASE SEA BUCKTHORN EXPORT
Mongolia is placing bets on a small, orange berry known for its bitter flavor and vitamin-c
punch to expand its agriculture economy. The Ministry of Food and Agriculture is working
to increase its export of sea buckthorn to foreign markets. This year, Mongolia planted sea
buckthorn at 5,860 hectares of land, and expects to harvest around 2,044 tons of the
orange berry.
Mongolia began exporting sea buckthorn to Japan in 2010, and last year the 14 percent
export tax has been cut with the economic partnership agreement Mongolia has with
Japan. Mongolian producers sold USD1.08 million worth of sea buckthorn oil, fruit juice
and dried leaves to Russia, Japan and Singapore last year. Industry experts have
recommended improvements to the labels and packaging are needed to increase sales.
Source: UB Post
MONGOLIA'S NEW GOVERNMENT MEANS GLORY DAYS AGAIN FOR MINERS
Mongolia's mining sector is set for a comeback from a few troubled years, after the
country's investor-friendly opposition party regained control of Parliament. The Mongolian
People's Party (MPP) won an impressive 85 percent majority in parliamentary elections last
Wednesday, sweeping back to power following a four-year hiatus and ending the ruling
Democratic Party's (DP) reign. Next year will see the landlocked nation hold presidential
elections. “The landslide electoral victory of the MPP in the general parliamentary
elections is a boon for investors and miners alike," Travis Hamilton, founder of Khan
Investment Management, said.
Mongolia has long relied on the exploitation of its vast mineral resources. While the
Democrats made significant legislative progress in liberalizing resource investment, policy
flip-flops and a prevailing sense of nationalism dampened interest from foreign investors.
"MPP's victory will reduce political friction within the parliament given that MPP appears to
be an older party with stronger structure and discipline, as compared to [the Demoratic
Party], which is operated by several factions," Citi economist Adrienne Lui commented in a
9. note this week.
Source: CNBC
LONG WALK TO THE BALLOT BOX FOR MONGOLIAN NOMADS
It took Mongolian nomad Pagvajaviin Shatarbaatar seven days to get to his polling station
to vote in Wednesday’s general election—accompanied by more than 2,000 sheep, goats
and horses. His family spends the year traveling around the Gobi Desert in search of
pasture for their animals, maintaining a way of life largely unchanged for centuries. As the
vote approached they were hundreds of kilometers from their polling station in
Mandalgobi, the capital of Dundgobi Aimag.
The family say they are voting for a better future for Mongolia but the ballot is also about
different visions of the country: one driven by businessmen in Ulaanbaatar’s handful of
skyscrapers, the other by men living off the land. The government has debated whether to
privatize the country’s endless grasslands, now publicly owned and available for anyone to
use, as they have been for centuries. “If someone owns this or that land we won’t be able
to move around the countryside anymore," Shatarbaatar said. “There will be no herders.”
Source: AFP
US-FUNDED TRAINING SUPPORTS EFFORTS TO COMBAT DOMESTIC VIOLENCE
More than 30 representatives of Mongolian government agencies and Law Enforcement
University have strengthened their ability to respond effectively to domestic violence, the
US Embassy’s website in Ulaanbaatar reported Tuesday. Participants of U.S.-funded
“training of trainers” course in Ulaanbaatar for responding to domestic violence will build
on their training by jointly developing a handbook and subsequently training more than 200
Mongolian judges, prosecutors, police officers, marshals, and bailiffs to enhance their
coordination and strengthen their capacity to address domestic violence, in line with
Mongolian legislation and international and Mongolian best practices.
Source: Montsame
POLITICS
ELBEGDORJ WARNS PRESUMED NEXT PREMIER AGAINST POLITICAL APPOINTMENTS TO
CABINET
The president held a meeting with the presumed next prime minister of Mongolia, J.
Erdenebat. President Tsakhia Elbegdorj recommended that Erdenebat begin to meet the
community of global leaders at the Asia-Europe Meeting to be held in Ulaanbaatar next
week, if his confirmation comes in time. He went on to warn against the handing out of
ministerial posts to well-connected and rich candidates over skilled or experienced
individuals.
“After the election, I heard some rumors going around in ministries about lobbying for
positions,” said Elbegdorj. “I hope you will stop this unethical act and follow strong moral
and professional ethics in your work.”
Source: Mongolia.GoGo.mn
NEWLY FORMED PARLIAMENT HOLDS FIRST PLENARY SESSION
The 76 elected parliamentarians from last week have been sword into office and held their
first meeting of Parliament on 5 July. Voters cast out 37 MPs from office in last week's
election. President Tsakhia Elbegdorj in an opening statement when chairing the session
called for a peaceful transition and asked for professionalism within the legislature.
Chairing the plenary session was Ch. Ulaan.
Source: Mongolia.GoGo.mn, News.mn
DEJA VU: ANOTHER PARTY LEADER NAMED ENKHBOLD SELECTED AS PARLIAMENT
SPEAKER
The Mongolian People's Party has followed the example of the Democrats by installing it's
party leader as the head of parliament rather than the executive for government. MPP
10. leader. Enkhbold has been confirmed as Parliament speaker following the nomination by
S. Byambatsogt. The Mongolian People's Party now have full control of the legislature
following a landslide victory taking 85 percent of all seats.
Source: News.mn
VICE SPEAKERS OF PARLIAMENT APPOINTED
Two vice speakers have been appointed, with representation from both the majority
Mongolian People's Party and the opposition Democratic Party. The MPP's Ts. Nyamdorj and
the Democrat's Ya. Sanjmyatav have eached been installed as vice speakers.
Source: Montsame
2 ADDED TO FEMALE MP COUNT
Mongolia's Parliament has expanded the size of its women lawmakers following the results
of the parliamentary election on 29 June. The Parliament will have 13 sworn in women
candidates compared with 11 from 2012 to 2016. Twelve of those women belong to the
oposition-turned-ruling Mongolian People's Party.
Results from the show that B. Undamraa picked up the most votes out of the female
candidates with 9,673 ballots, followed by Ts. Garamjav's 9,241 and G. Monkhtsetseg's
8,900. Popular female incumbents M. Batchimeg and G. Uyanga fell short of winning back
their seats, as well as popular first-time runner P. Anujin. And D. Oyunkhurul. Female
incumbent D. Sarangerel, however, manage to win another term in the legislature.
Source: Mongolia.GoGo.mn
ENKHBOLD RESIGNS AS DEMOCRATS' PARTY LEADER
The Democratic Party on 5 July confirmed D. Erdenebat as its next party leader to replace
Zandaakhuu Enkhbold. The resignation by Enkhbold came after a landslide victory by the
Mongolian People's party in legislative elections on 29 June, which included the loss of the
race for his own seat.
S. Erdene will serve as the party's chairman while B. Purevdorj and J. Batzandan act as a
deputies. The Democrats are set to serve as the opposition party for the next four years,
with just nine seats in the legislature. The next convention of the DP's National
Consultative Committee will be held on 18 July.
Source: News.mn, Montsame
NEW MPS TO RELEASE THEIR INCOME STATEMENTS
The incoming members of Parliament must disclose their income and assets owned before
6 August. Mongolian law requires for new MPs to submit statements within 30 days of being
sworn into office.
Source: News.mn
MONGOLIA BANS PROTEST ON CHINGGIS SQUARE FOR 17 DAYS
Outgoing Ulaanbaatar Mayor has ordered a 17-day ban on all public demonstrations on
Chinggis Square from the day of last week's election. The former mayor said he ordered
the demonstration to keep the peace at the site where eight years ago political outrage
erupted in violence. All public events previously scheduled by the government will be held
without interference, he said. That includes events planned for the Asia-Europe Meeting
next week.
Source: News.mn
MONGOLIA, RUSSIA AND CHINA TO DISCUSS ‘ECONOMIC CORRIDOR’ IN UB
The heads of state from Russia and China are expected to arrive in Ulaanbaatar next week
for the Asia-Europe Meeting (ASEM), with leaders expected to continue talks on the so-
called “economic corridor” meant to expand trade between Mongolia and its neighbors.
Mongolia has agreed to dozens of infrastructure projects and regulatory initiatives to move
forward with the international cooperative effort, which will include the construction of
11. roads and railway.
The country's leaders last met in Tashkent, Uzbekistan in June during the Shanghai
Cooperation Organization, where each country agreed a set of initiatives for the over-
arching economic corridor project. "Transit transport is becoming an important issue for
the 'economic corridor' project between the three countries,” said outgoing Foreign Affairs
Minister L. Purevsuren. “President Putin said Russia will increase the railway's throughput
capacity to 100 million tonnes of freight a year, compared with today's up to six million
tons.”
Source: Mongolia.GoGo.mn
JAPAN SEEKS SUMMIT WITH SOUTH KOREA DURING INTERNATIONAL GATHERING IN
MONGOLIA
Japan is asking South Korea to hold a summit on the sidelines of the Asia-Europe Meeting,
which starts July 15 in Mongolia, a source familiar with Japan-South Korea relations said
Tuesday. South Korea has yet to make a clear reply to the proposal. In such a meeting, the
two leaders would be expected to discuss North Korea’s nuclear and missile development
programs and vow to seek firm solidarity with the United States in coping with Pyongyang.
In a major turnaround in bilateral ties, South Korea and Japan reached a landmark
agreement last December on the “comfort women” forced to work in wartime brothels for
the Japanese military. Tokyo pledged to provide JPY1 billion (about USD9.8 million) for a
new South Korean foundation aimed at helping the aging women. The deal has been
criticized by some of the victims who have called on the Japanese government to admit
legal responsibility for compensation.
Source: Japan Times
VIETNAM, SOUTH KOREA, MONGOLIA BACK U.N. WATCHDOG FOR LGBT RIGHTS
The United Nations Human Rights Council (UNHRC) voted on 30 June to appoint an
independent monitor for mandate to safeguard gay and transgendered people in Mongolia,
South Korea and Vietnam. The three Asian countries are the only ones to back a U.N.
mandate, while the other 23 members were from Europe and Latin America. Six countries
abstained from the vote, including the Philippines, India and South Africa, while 18
opposition votes came from mostly from Muslim and African countries, as well as China and
Russia. The Geneva-based UNHRC debated the issue for nearly four hours before agreeing
to appoint an “independent expert” to identify what causes violence and discrimination
towards the LGBT community, and work with governments to find ways of protecting
them.
According to the Washington Post, the resolution included a last-minute amendment as a
nod to countries where homosexuality is not widely accepted, which said “the significance
of national and regional particularities and various historical, cultural and religious
backgrounds must be borne in mind”. However, it added: “It is the duty of the States,
regardless of their political, economic and cultural systems, to promote and protect all
human rights and fundamental freedoms.”
Source: Asian Correspondent
THOUSANDS OF NEWLY REGISTERED VOTERS CREATES WORRIES OF VOTER TAMPERING
News that 10 percent of the country's voters moved and registered for provinces such as
Uvs Aimag in the weeks before the election has raised red flags about election fraud. The
state registration body's general department head, S. Mendsaikhan, said that 18,309
citizens were registered as voters from between 4 and 21 June. The highest migration was
in Uvs, with 3,300 new registered voters, followed by Khuvsgul's 2,985 and Bayankhongor's
2,261.
Source: Unuudur
DP AND MPRP MAKES ALLEGATION ON ELECTION VIOLATION AGAINST MPP
Members of the Democratic Party and Mongolian People's Revolutionary Party has raised
12. issue with some of the seats won by representatives of the Mongolian People's Party in the
29 June election after a landside victory for the once-opposition party. The Democrats
have identified five alleged violations made during the contest last week, with the latest
being an alleged double count of votes for the MPP in on constituency, said former
Democratic Party leader Zandaakhuu Enkhbold. He was joined by the head of the MPRP,
Nambar Enkhbayar.
Enkhbayar said some observers complained to organizers after discovering the violation.
"This election violated the election law from the beginning, and that's why the rejected to
register me as candidate." said Enkhbayar.
Source: Mongolia.GoGo.mn
FORMER TRANSPORT MINISTER GANSUKH WANTED BY INTERPOL
A former transportation and construction minister is wanted by Interpol after leaving the
country criminal charges made against him while no longer being protected by political
immunities. A. Gansukh is being investigated for tens of millions of dollars that went
missing from an account meant to finance construction of a railway project, along with
former industry and agriculture minister Khaltmaa Battulga.
Source: Udriin Sonin
POLICE ARREST SMUGGLER
Police have arrested individuals charged with smuggling 27 kilograms of mercury into the
country from China. The suspects were arrested at the Gashuun Sukhait border crossing
while attempting to bring the substance into the country by car, police said.
Source: Unuudur
SU. BATBOLD MADE UB MAYOR
The Ulaanbaatar City Council has appointed Su. Batbold (not to be confused with the
former prime minister from 2008 to 2012) as the next mayor and governor. Batbold
received the seal for the job on 7 July from defeated mayor Erdene Bat-Uul. The outgoing
mayor requested that his elected successor continue the popular programs that have rolled
out during his term aimed at providing greater access to public services and improving
safety. “City residents applauded our jobs for delivering public services from one spot,
which makes it simpler. I wish the newly-elected leaders of the city carry on this initiative
in the city.”
Batbold is the city's 32nd mayor.
Source: News.mn, Montsame
MONGOLIA TO SEND 49 ATHLETES TO RIO SUMMER GAMES
Mongolia will send 49 athletes in the forthcoming 31st Summer Olympic Games &
Paralympic Games in Rio De Janiero, Brazil. Judo has more Mongolian competitors than
any other sport, with 13, followed by nine for freestyle wrestling. Six competitors will
head to Rio for boxing, four for track and field, three for shotting, and two for swimming.
Only one competitor will represent Mongolia in the fields of weight lifting, recurve archery
and taekwondo.
Nine Mongolians will compete in the paralympics, and three will serve as referees.
Source: Mongolia.GoGo.mn
MONGOLIA'S NEW GOVERNMENT COULD FACE A SHORT HONEYMOON—EDITORIAL
Mongolia voted out the ruling Democratic Party on 29 June, and returned the left-wing
opposition Mongolian People's Party to power after a four-year absence, handing it a clear
victory in parliamentary and local elections. With economic growth close to zero, the
economy and unemployment were the key issues in the election. The next step will be for
the MPP to elect a new prime minister, who will face the daunting task of turning around
the USD12 billion economy to benefit Mongolia's three million people.
The new government must deal with growing government debt, a depreciating currency
13. and a record budget deficit, while finding ways to repay more than USD1 billion in
sovereign bond payments over the next 18 months. Other challenges include reviving
foreign direct investment, along with improving the country's sovereign credit rating. The
MPP has a lot on its plate and is hoping that its image of "stability" will convince investors
to return.
Bontoi Munhkdul is the head of the market intelligence group Cover Mongolia.
Source: Nikkei Asian Review
MONGOLIA'S 'UNBREAKABLE FLOWER' WRESTLES FOR RIO GOLD—VIDEO
Soronzonbold Battsetseg became a national hero in her native Mongolia after winning
wrestling bronze at the London Olympics and is determined to turn the medal into gold in
Rio next month. Born in a country with a long tradition of wrestling, the 26-year-old
Battsetseg, whose name means "unbreakable flower", is currently training twice a day with
about a dozen young men and women in a camp some 45 minutes drive from Ulaanbaatar.
Mongolia these days has fans of K-pop and Hollywood superhero movies but wrestling is
still revered. And the fact that being a female wrestler does not carry the same stigma in
Mongolia as it might in other parts of the world, helped. "Well you know people used to
imagine (female) wrestlers as being big and chubby," said Battsetseg. "Now things are very
open, people are watching TV and they watch us, people say that we are nice girls, they
don't say that we are like men."
Source: Reuters
BCM UPDATES:
UPCOMING EVENTS
JOIN BCM’S TRADE DELEGATION TO MINEXPO INTERNATIONAL 2016
The Business Council of Mongolia (BCM) is now registering members to join a Mongolian
business delegation for MINExpo International 2016 at the Las Vegas Convention Center on
26 to 28 September. The expo is the world's largest show of its kind and most
comprehensive exposition dedicated to mining equipment, products and services. More
than 1,800 exhibitors in twelve exhibit halls will display the latest technology, equipment,
components, parts and services for exploration, extraction, safety, environmental
remediation and more!
Attendees will learn about improving productivity, controlling costs, keeping operations
competitive, improving safety and managing risk with all the new equipment, services,
products and technology. There will also be plenty of opportunities to network and meet
industry leaders & experts for finding potential partners and suppliers.
BCM has partnered with the U.S. Embassy’s Commercial Section in Ulaanbaatar for the
event. The registration deadline is 29 July. Contact BCM at 70114442 or email
tugi@bcmongolia.org for registration or more information.
JOIN BCM’S DELEGATION TO GLOBAL GREEN GROWTH WEEK 2016
BCM in collaboration with the Global Green Growth Institute (GGGI), is now registering a
Mongolian business delegation to participate in Global Green Growth Week 2016
(GGGW2016), which will be organized at the Jeju International Convention Center,
Republic of Korea on 5-9 September 2016. GGGW2016 will engage high-level officials from
government, multi-lateral development banks and international development agencies,
private-sector leaders, and representatives from academia and non-governmental
organizations. Participants will assess green growth policy, research, partnerships,
financing, and technology through GGGW2016 policy dialogues, expert panels and
presentations, discussions, capacity building workshops, country-focused briefings, and
technology exhibits.
14. Why you should attend:
· See and experience the latest trends in Green Growth Technology from around the
world, especially in the Energy, Urban Infrastructure, Water and Land Use sectors.
· Engage with experts on the show floor and in education sessions to help you solve
the challenges you face daily and the ones you see on the horizon.
· Network and meet government and industry leaders & experts.
· Find potential partners & suppliers.
For more information about the event, please click here or contact BCM at 70114442,
99109887, bayarmaa@bcmongolia.org.
Registration deadline is August 13, 2016.
BCM ADVOCACY NOTES
"BCM Workshop & Advocacy Efforts on the New Corporate Income Tax (CIT) Draft Law"
As a follow-up action on BCM's position paper on the draft Corporate Income Tax law, on
24 May meeting was held with MP Amarjargal Rinchinnyam, who led the Working Group
established at the Parliament to oversee the drafting of the draft legislation. With other
private sector representatives present at the meeting, BCM has shared the concerns
identified in the position paper. Read more…
BCM WORKING GROUP NEWS
BCM’s Energy and Environment Working Group Meeting, 16 June 2016
BCM’s Energy and Environment Working Group meeting was held on 16 June 2016 with 3
speakers in roundtable experience sharing format.
Oyunbat Tumurkhuyag, Founder of Best Energy Savings LLC introduced vacuum heater,
vacuum steam boiler, smart socket and smart ger which were produced by Mongolian
engineers. MP Oyun discussed about the need to leapfrog from brown to green economy,
and suggested BCM to send an official letter to the Ministry of Environment, Green
Development and Tourism to get a full list of laws, policies and regulations that support
green development and provide incentive to private sector to go green. BCM will send this
official letter and share the received list to all members and post on BCM website. The
final speaker Solongo Khurelbaatar, (Former) Assistant Advisor for Asia-Oceania, Ramsar
Convention Secretariat shared her work experiences at RAMSAR convention. To see the full
meeting summary and upload presentations, please click here.
- Risk and Legislative Working Groups' Joint Meeting on the "DRAFT AMENDMENT OF THE
LAW ON DISASTER PROTECTION" 16 June 2016
- Business Ethics Working Group Meeting on “CSR, GIFTS AND HOSPITALITY POLICY”, 7 June
2016
- Education Working Group Meeting on “BCM SSUMMIT PROCEEDINGS”, 5 May 2016
- Capital Markets Working Group Meeting on “OYU TOLGOI UNDERGROUND PROJECT
FINANCING”, 5 April 2016
- Tax Working Group Meeting on “VAT LAW”, 2 March 2016
JOB VACANCIES AT MEMBER ORGANIZATIONS
- World Vision is hiring Associate Director- Supply Chain Information and Associate
Director- Finance & Administration. Deadline for application: July 08, 2016. For more
information: please refer to website here
- Mercy Corps is hiring Director of Programs. Deadline for Application: August 10, 2016. For
more information: Please refer to website here
Please click here to view full list of Job Vacancies at member organizations.
15. MEMBER-TO-MEMBER SPECIAL OFFERS & BENEFITS:
- Orchuulga 24 is providing 15% discount on written translation services to BCM Members
- MNC HD TV offers BCM members 20% discount from the fee to be showcased in their “The
Story of Business/Бизнесийн түүх” TV program.
- American University of Mongolia is offering BCM members a 20% discount on all of ELI
Summer Courses.
- Matoza LLC is offering 15% special discount to BCM members on Intensive Business English
Language Course in Poland with a Sightseeing Trip.
Please click here to view full list of Member-to-Member special offers & Benefits.
WEBSITE UPDATES: PRESENTATIONS, MONGOLIA REPORTS
PRESENTATIONS:
BCM Monthly Meeting, 30 May:
- B. Byambasaikhan, Chairman, BCM - “BCM Summit Proceedings”
- Ch. Mergen, Executive Director, BCM - "BCM Report"
- Anthony Woolley, Senior Associate, Hogan Lovells - “CIT Draft Law Update”
- D. Bat-Oktyabri, Director APAC, Techstars - “Start-up community in Mongolia”
- Michael Morrow, Executive Director, MACU & Ya. Enkhee, Owner & Partner at Gandan
Live House, Mexikhan & Guantanamera Restaurant - “It’s all about wine & cheese” event
- New Members Introduction
Please click here to view full list of Presentations.
MONGOLIA REPORTS:
- ADB, “Asian Development Outlook 2016: Asia’s Potential Growth” (forecasts of the next 2
years for the 45 economies in Asia and the Pacific including Mongolia)
- Invest Mongolia, “Your Guide to Invest in Mongolia” 2016
- BTI, “Mongolia Country Report” 2016
- World Bank, “Doing Business: Economic Profile of Mongolia 2016"
Please click here to view full list of Reports.
ECONOMIC INDICATORS
INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
Year 2014 *11.0% [source: NSOM]
May 31, 2016 *1.8% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 1.8% y-o-y; 3.2% Core - Ulaanbaatar City, May 31, 2016
16. CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
January 25, 2013 12.50% [source: Mongol Bank]
April 8, 2013 11.50% [source: Mongol Bank]
June 25, 2013 10.50% [source: Mongol Bank]
July 30, 2014 12.00% {source: Mongol Bank}
January 14, 2015 13.00% {source: Mongol Bank}
January 14, 2016 12.00% [source: Mongol Bank]
May 6, 2016 10.50% {source: Mongol Bank}
CURRENCY RATES – JUNE 30, 2016
Currency
Rate
US dollar USD 2,012.24
Euro EUR 2,228.96
Japanese yen JPY 19.98
British pound GBP 2,608.37
Hong Kong dollar HKD 259.35
Chinese Yuan CNY 301.02
Russian Ruble RUB 31.33
SouthKorean won KRW 1.74