|"Open to Export" ICC WTO International business award||ICC WTO||London|
The national average salary as of the first 11 months of 2017 is 955,900 MNT per employee, marking a 71,600 MNT or 8.1 percent increase compared to the same period the previous year.
The NSO added that the average salary for Q3 decreased by 10,700 MNT or 1.1 percent compared to Q2.
Average wages and salaries are calculated based on the report of the Health and Social Insurance General Office and 606,300 people working in 38,000 establishments have paid social insurance fees in the third quarter of 2017. Non-standard employment, which does not pay social insurance and taxes, are not included in the national average salary.
Out of the total employees, 36 percent earned between 500,000 MNT to 900,000 MNT a month, 17.8 percent earned 300,000 to 500,000MNT, 16.6 percent earned 900,000 to 1.3 million MNT. and 11.7 percent earned more than 1.5 million MNT.
Monthly average wages and salaries of employees working in the mining and quarrying sector were the highest at 2.2 million MNT, while the arts, entertainment and recreation sector were lowest at 605,600 MNT.
More than 24,100 unemployed individuals are seeking jobs as of November 2017, a 27.9 decrease compared to 2016, the National Statistics Office said in its report on the social and economic situation of Mongolia. The report also indicated that 68,300 individuals were excluded from the unemployment registry due to inactive job seeking.
At the end of November 2017, the Labor and Social Welfare Services Agencies have registered 34,100 job seekers, of which 24,100 or 70.7p percent were unemployed, and remaining the 10,000 thousand or 29.3 percent were people employed but looking for a new job.
Compared to the same period of the previous year, registered unemployment decreased by 9,300 or by 27.9 percent. Among the total registered unemployed, 13,200 or 54.8 percent were women.
Ulaanbaatar residents accounted for 7,000 or 28.9 percent of the registered unemployed individuals, while the Central region accounted for 5,000 or 20.5 percent, 4,900 or 20.4 percent for the Khangai region, 4,500 or 18.5 percent in the Western region, and 2,800 or 11.7 percent in the Eastern region.
From January to November 2017, the Labor and Social Welfare Services Agencies recorded 81,600 individuals as newly unemployed and 23,600 people as newly hired. Due to inactive job seeking, 68,300 people were excluded from the unemployment registry.
At the end of November 2017, by level of educational attainment, 44.4 percent of the registered unemployed have a high school diploma, 34 percent hold a bachelor’s degree, 6.4 percent attained vocational training, 5.5 percent graduated secondary schools, 5.2 percent completed specialized secondary schools, 2.1 percent graduated primary schools, 1.3 percent have no education, while the remaining 1.1 percent have a master’s degree or higher.
More than half or 61.3 percent of unemployed individuals are young people aged 15 to 34. This rate was by 0.3 to 15.2 percentage points higher than the national average in Umnugovi, Uvs, Orkhon, Khovd, Selenge, Dundgovi, Tuv, Arkhangai, Dornod, Govisumber, Dornogovi, Bulgan and Uvurkhangai provinces, and Ulaanbaatar....
The mystery man known as Satoshi Nakamoto, who’s believed to be the inventor of bitcoin, could become the richest person on the planet, ahead of Forbes’ list billionaires Bill Gates and Jeff Bezos.
With the cryptocurrency’s booming price, the fortune of Nakamoto who is reportedly sitting on $17 billion could turn him into the world's first trillionaire.
The price of the world’s most valuable digital currency bitcoin is up 1,800 percent this year. Last week, it rocketed above $19,000 for the first time. With a market value of more than $288 billion, the cryptocurrency was trading at $17,254 on Wednesday.
Nakamoto is believed to hold nearly one million bitcoins, and he's never spent a single coin, according to media reports.
The identity of Satoshi Nakamoto, a pseudonym for the author of the research paper that conceived bitcoin about nine years ago, remains a mystery. To date, nobody knows who Nakamoto is. The name appears on the original document which proposed a peer-to-peer electronic cash system.
There have been at least four people that have been named or have named themselves as Satoshi Nakamoto. Three years ago, Newsweek said a 64-year-old Japanese-American living in California named Dorian Satoshi Nakamoto could be behind bitcoin. He had denied the report.
In 2016, an Australian entrepreneur Craig Wright claimed he was the founder, but that was also called into doubt.
Last month, billionaire Elon Musk denied rumors he was the mysterious inventor of bitcoin. A former intern at Musk’s space company SpaceX has suggested that “Satoshi is probably Elon” because of his deep understanding of economics and cryptography, grip on advanced coding languages, and the fact he is a “polymath.”
Ulaanbaatar/MONTSAME/ On December 12, D. Sumiyabazar, Mining and Heavy Industry Minister D.Sumiyabazar met with Catherine Arnold, Ambassador of the United Kingdom of Great Britain and Northern Ireland to Mongolia.
Beginning the meeting, Catherine Arnold said it looks forward to cooperate with the Ministry and requested to let her know about what cooperation possibilities they have.
In turn, D.Sumiyabazar expressed his gratitude to her request and stressed out of an importance of foreign investment in mining sector. He briefed about large projects being implemented in the sector. He also added that it encounters water issue to put strategically important deposits in southern Mongolia into economic circulation and to develop processing industries and infrastructure further.
For this reason, the Minister put forward a request to UK to render support and cooperate in implementing projects to transfer water through pipelines from eastern and western part to Gobi, instead of using underground water of Gobi region.
The Ambassador expressed her support for it and said that UK will support building ‘Geo-database of Mongolia’ and organizing ‘Mongolia Investors’ Forum’ in London.
Demand for clean fuel set to increase and may outstrip domestic output
China is expected to complete the China-Russia East-Route Natural Gas Pipeline by the end of 2020, which will send up to 38 billion cubic meters of gas annually from Russia to China, according to China National Petroleum Corp.
The first phase of the pipeline linking Heihe in Heilongjiang province and Changling in Jilin province will be completed by October 2019, with the rest of the domestic pipelines linking Changling to Shanghai completed by the end of 2020, CNPC, the country's largest oil and gas producer by annual output, said on Wednesday.
Li Li, energy research director at ICIS China, a consulting company providing energy market analysis, said the step will further guarantee China's energy diversification.
"Completion of the natural gas pipeline will massively help ease China's shortage of natural gas while further diversifying China's energy supply," said Li.
China's natural gas demand will continue to increase toward 2040, outstripping domestic output by around 43 percent, according to a recent report released by the International Energy Agency.
China's annual gas production will more than double to 340 billion cu m by 2040, while consumption is expected to grow even faster, reaching 600 billion cu m, it said.
The natural gas pipeline is the China leg of the Russia-China natural gas pipeline, dubbed "Power of Siberia" that will provide China with natural gas under a 30-year term, with a planned annual capacity of 38 billion cu m.
The 3,371-kilometer China-Russia natural gas pipeline starts in Heihe and ends in Shanghai, passing through Heilongjiang, Jilin, the Inner Mongolia autonomous region, Liaoning, Hebei, Tianjin, Shandong, Jiangsu and Shanghai.
Work on the Russian section of the east-route pipeline began in eastern Siberia in 2014 and in China in 2015.
Han Xiaoping, chief information officer of China Energy Net Consulting, said the two countries, the world's second-largest energy consumer and the world's top energy producer, have always complemented each other as producers and exporters.
The pipeline, one of the latest examples of energy cooperation between China and Russia, benefits both countries, he said.
The "Power of Siberia" pipeline is one of the biggest Russia-China projects. The two countries signed a $400 billion 30-year agreement in 2014 to deliver 38 billion cu m of Russian gas to China annually.
Ulaanbaatar /MONTSAME/ Starting from December 13, Erdenes Tavan Tolgoi JSC, Tavan Tolgoi JSC and Energy Resources LLC have suspended their coal loading at Tavan Tolgoi mine.
The Minister of Mining and Heavy Industry took the measure in an effort to reduce the 120 km logjam of coal trucks at the Gashuunsukhait border crossing.
“It has been four months since the situation arose at the Gashuunsukhait border crossing. The decision aims to protect the rights of 4,000 truck drivers who are waiting to pass the border,” said D.Ariunbold, CEO of Erdenes Tavan Tolgoi JSC on December 14, speaking to a MONTSAME correspondent.
Is has been estimated that the 4,000 trucks will pass the border within 7-8 days, after which the coal loading will resume at the Tavan Tolgoi mine. After the logjam is relieved, the companies will begin to load coal on a quota in correlation with the number of trucks passing the border on daily basis so as to avoid similar complication. The quota is 45 percent for Erdenes Tavan Tolgoi JSC, 40 percent for Energy Resources LLC and 15 percent for Tavan Tolgoi JSC.
By far, Erdenes Tavan Tolgoi JSC has exported 8.5 million tons of coal although it planned to export 11 million tons of coal in 2017.
In a joint press release issued by the foreign ministers of China and Mongolia on December 4, the Chinese government expressed its willingness to give positive consideration to Mongolia's desire to expand its exports of mineral and energy products as well as increasing its beef and mutton exports.
While we are quite familiar with Mongolia's mineral and energy products, not so much attention has been paid to the country's meat exports. In fact, Mongolia in recent years has started to export meat products in order to build up foreign exchange earnings. According to Mongolian media reports, the country has already exported large amounts of meat products to countries including China, Russia, Kazakhstan, Japan, Iran, Vietnam and Qatar, with the annual export volume expanding five times compared to the level in 2013. From the perspective of Mongolia's foreign trade in 2017, the Mongolian government obviously intends to promote its economic growth by means of expanding exports of meat products. Such a development trend deserves our attention.
During the 16th session of the Vietnam-Mongolia Inter-Governmental Committee for Economic, Scientific and Technical Cooperation, held in August in Ulan Bator, capital of Mongolia, both countries reached an agreement on meat exports. Mongolia will export 200 tons of goat meat to Vietnam between 2017 and 2018. The two governments believe that the signing of export agreements on livestock products will be a great boost to the goal of achieving bilateral trade of $70 million by 2020.
Also in August, when a Saudi Arabian government delegation visited Mongolia, both parties conducted extensive discussions on the establishment of a joint-venture meat processing plant and a relevant working team.
In November, during a political consultation meeting between Mongolia and Paraguay, Mongolia showed great interest in Paraguay's experience in beef exports and expressed a desire to strengthen bilateral exchanges and cooperation in relevant fields.
In my opinion, there are several reasons behind Mongolia's growing focus on meat product exports and cooperation in its foreign trade. First, Mongolia's meat production is significant. At present, the country's livestock industry can not only fully meet the domestic demand for meat products, but also has the potential for exports. Statistics show that Mongolia's total livestock herd reached 55.97 million at the end of 2015, and the figure reached 61 million at the end of 2016. The country's current consumption of meat is roughly 11 million livestock per year, with 6 to 9 million livestock available for meat exports.
Second, the government has the need for diversified economic development. For a long time, Mongolia's mineral exports accounted for about 80 percent of its total export value. In comparison, its exports of animal and livestock products was so low that the value was nearly negligible. Mongolia's foreign trade has been heavily dependent on its mining industry, leading to imbalanced development of its industrial structure. Its economic development also appears unstable, and is vulnerable to fluctuations in global market demand for minerals and prices. Thus, in order to promote more diversified economic development, the Mongolian government has started to tap into the potential of meat exports.
Mongolia will continue to vigorously promote its meat exports in the future, but it should be noted that the country's actual meat export volume has always failed to meet the target, with its 2015 exports only reaching 3.8 percent of the planned export volume.
Due to some bottleneck factors, Mongolia still faces many uncertainties in exporting meat products. First, the quality and safety of its meat products is not guaranteed, which directly affects its export prospects given the relatively low level of prevention and control of livestock diseases in the country. Second, its raw meat processing capacity is limited. Official data shows that there are more than 40 meat processing factories in Mongolia, but only 10 have strong productivity and most of them do not operate year-round. Finally, the structure of its livestock also constrains exports. At present, horse meat is what the international market demands the most from Mongolia, and Russia and China also mainly import beef and horse meat from Mongolia. But sheep and goats account for nearly 90 percent of the country's livestock herd, with horses and cattle accounting for only 10 percent.
Mongolia's intention to enhance exports of its meat products and its lack of relevant capacity provides a large amount of potential for cooperation with China. The two countries can expand their trade in meat products by establishing joint-venture meat processing plants or increasing or expanding cold-chain logistics zones for meat trade and processing in their border areas. Also, both parties can strengthen cooperation on prevention and control of livestock diseases and the development of relevant vaccines. In addition, China should attach great importance to technical aid for Mongolia in the prevention and control of foot-and-mouth disease and other livestock diseases, which would provide a great boost to bilateral ties....
ULAANBAATAR — Mongolia needs to take action at "all levels of government" to get itself removed from a European Union blacklist of tax havens, its foreign minister said, following talks with European counterparts.
The landlocked nation between China and Russia is one of 17 jurisdictions outside the European Union that risk losing access to EU funds, or facing other forms of censure, after the bloc this month deemed them to not be cooperative on tax matters.
"We have to implement a series of coordinated measures at all levels of government," Foreign Minister Damdin Tsogtbaatar said in comments posted on Facebook on Tuesday, without mentioning specifics.
The foreign ministry verified the remarks to Reuters on Wednesday, but declined to provide details.
Tsogtbaatar said he discussed the issue last week with officials of each EU member nation at a ministerial meeting in Vienna of the Organisation for Security and Co-operation in Europe.
It is important that Mongolia comply with international standards for tax, said Dendevsambuu Onchinsuren, the country managing partner for tax accountancy Deloitte Onch in Ulaanbaatar, the capital.
"Mongolia needs to cooperate with the EU," Onchinsuren said. "Also it needs to improve its transparency."
In 2011, Mongolia took the rare step of cancelling a tax treaty with the Netherlands, saying it would cost the country income from the Oyu Tolgoi mine jointly owned by mining giant Rio Tinto and the Mongolian government.
The EBRD is lending US$ 8 million to Monos Holding LLC – a holding company of Monos Group, a leading pharmaceutical conglomerate in Mongolia – to help the firm invest in new equipment to expand manufacturing capacity, develop training, and reorganise long-term capital financing to support its wholesale business.
The five-year loan will enable Monos Group to become more competitive, by supporting the certification of manufacturing capacity and improving employee skills through training. By the end of 2019 the firm aims to secure Good Manufacturing Practice (GMP) certification and to have at least 30 new employees who are trained regularly according to GMP standards.
The optimisation of the company’s balance sheet will support Monos Group – which is owned by Mr Luvsan Khurelbaatar, a prominent Mongolian businessman, and his wife and two children – in becoming more resilient.
Anand Khurelbaatar, CEO of Monos Holding, said: “Monos has been working successfully with the EBRD, which has provided substantial support to the development of Mongolia, since the first investment agreements were signed in 2010. We are happy that the first stage of the GMP production facility project, the largest project in the Mongolian pharmaceutical sector and implemented jointly by Monos and the EBRD, has been completed and that we are now proceeding with the signing of the second-phase investment. We would like to express our gratitude to the EBRD, not only for the financial support it has provided to us, but also for being a business advisor, partner and mentor. We hope that our cooperation with the EBRD will continue to expand.”
Irina Kravchenko, EBRD Associate Director, Head of Mongolia, said: “Monos is the Bank’s longstanding client and we are very pleased with the progress the company has made in expanding its activities and introducing best manufacturing practices in Mongolia’s pharmaceutical sector. We are happy to continue supporting the firm’s growth and believe that our support will help to further strengthen its competitiveness as well as contribute to the diversification of the local economy.”
The Bank is a leading institutional investor in Mongolia. To date the EBRD has invested more than €1.42 billion in over 92 projects in the country. Its investments aim to make the local economy more competitive, integrated and resilient. According to the EBRD’s latest regional economic forecast, published in November, the Mongolian economy will grow by 2.6 per cent this year and 3.0 per cent in 2018.
Ulaanbaatar /MONTSAME/ Long-term credit rating on Mongolian Mining Corporation (ММС) or Energy Resources LLC raised to ‘B-’ from ‘D’ and revised to ‘Stable’ by S&P Global Ratings. In other words the company’s operation and financial condition has been evaluated positively.
In review which made by S&P says "We completed our review on MMC’s operation and capital structure. It is appreciated that coking coal price is expected to be stable for next 12 months and the company can meet cash flow from internal resource entirely at current condition and retain liquidity.
Currently credit rating on Mongolia is ‘В-/ В’. Corporate credit rating does not excess credit rating on the country and it associates certainly with each other. For that reason credit rating on MMC assigned to ‘B’, mentioned in the review as well.
Energy Resource LLC has successfully accomplished structural reform on credit in 2016.
On December 13, 2017, 854,159 shares of 22 firms listed as Tier I, II, and III were traded. 6 firms’ shares increased in price, 12 decreased and 4 remained unchanged. Khunnu Management /HBZ/ was the top performer, increasing 14.99 percent, whereas E-Trans Logistics JSC /ETR/ was the worst performer, decreasing 14.90 percent.
The MSE ALL Index decreased by 1.78 percent to stand at 1,200.94 points. The MSE market cap stands at MNT2,557,178,728,873