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The Mongolian Immigration Agency announced that it has deported 261 foreign citizens and fined over 600 who have been staying past their visa expiration dates in Mongolia.
The agency identified 950 citizens of 30 countries who have been overstaying in the country after conducting an inspection under the government’s order. Reportedly, the majority of the overstaying foreigners were citizens of China.
Statistics indicate that there were 23,737 foreigners from 122 countries with long-term residence permits in Mongolia as of January 2017. The report shows that Chinese citizens make up 30 percent of the total figure.
The most common violation among foreigners who entered Mongolia is overstaying past the length of their visa, accounting for 47.2 percent of all violations committed by foreigners, reports the Mongolian Immigration Agency. The next common violation has been identified as illegal employment or operating beyond their visa permit, taking up 27.7 percent.
Studies show that 54 percent of foreigners deported in the first half of 2017 are Chinese, 15.5 percent are North Korean, six percent are Vietnamese, 4.7 percent are Russian, and citizens of other countries take up the rest.
According to statistics, 313 foreigners of 25 countries were deported from Mongolia in the first half of 2016, and 188 foreigners of 18 countries were deported in the first half of 2015.
Ulaanbaatar /MONTSAME/ BoM issues 1 week bills worth MNT 1168.1 billion at a weighted interest rate of 12.0 percent per annum.
1 - week CBBs, a main monetary policy instrument of BoM, plays an important role on managing the reserves of the banks. This CBB rate represents BoM’s policy rate guides interbank money market. In July 2007, the CBB with stable rate and unlimited bidding was introduced with auctions to be held on every Wednesday. This really had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. There has been a substantial change in the way banks manage their reserves since then. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB has been held in a type of competing by rate since May 2005. The auction average rate is the targeted rate variables in +/-2 percent from the policy rate and it frames to make the interbank rate as the operational target in midterm.
Ulaanbaatar /MONTSAME/ The second Mongolia-Russia-China Tourism Ministers’ meeting was held on June 21 in Ulan-Ude, capital city of the Republic of Buryatia, Russia attracting an audience of nearly 200 tourism delegations and journalists of the three countries.
Following the plan outline for building trilateral economic corridor, the tourism authorities have jointly set up the “Tea Road” international tourism alliance. Within the framework of “Tea Road” project, Chinese side set goals to send one million tourists to the tourist zone in Lake Baikal in 2018.
At the meeting, Ulaanbaatar Railway Company (UBTZ) informed that situating cross-border bullet train in the Ulaanbaatar-Erkhuu route for transporting one million Chinese tourists would be beneficial for reducing the amount of stops at Sukhbaatar and Naushki border stations. Accordingly, the bullet train will be able to transport 6-8 carts daily.
The officials noted that the implementation of “Tea Road” project will reduce transport loss of Ulaanbaatar Railway Company and increase tourism revenues starting from 2018.
Mongolia has expressed a desire to join a project for construction of the Asian Super Grid, a project to establish an electrical power transmission network connecting China, South Korea, Russia, and Japan.
These plans have been unveiled by the press office of Russian Networks (Rosseti) following a meeting between the head of the company, Oleg Budargin, and the general manager of the project office of the executive director of the Japanese Softbank, Shigeki Miwa.
“Oleg Budargin noted that in recent months, he met several times with representatives of the government of Mongolia, which had expressed a wish to join the project”, a report says.
The document states that Budargin and Miwa confirmed their interest in the continuation of consultations for the purpose of implementing a project for construction of the electricity grid.
Earlier, a Memorandum of understanding on construction of the Asian Super Grid was signed by Russia, Japan, China and Korea, according to the www.russianconstruction.com.
The Northern China import price of 62% Fe content ore jumped 6.5% on Tuesday to trade at $59.10 per dry metric tonne according to data supplied by The Steel Index. The most actively traded iron ore futures contract on the Dalian Commodity Exchange advanced 6% to 456.5 yuan ($67) per tonne. The price of the steelmaking raw material is now up more than 10% from year lows hit two weeks ago.
Iron ore price bulls took heart from higher steel prices, but part of the move could also be explained by futures speculators "window dressing" ahead of the end of the quarter reports Reuters:
"High margins after the government's effort to eliminate low-grade steel are enticing mills to produce more steel, which increases the need for iron ore," said Zou Mingdong, Shanghai-based steel manager at Zhongcai Merchants Investment Group.
"However, the rising price doesn't change the fundamental situation of oversupply and weak demand."
Shares of the world's top iron ore miners reacted positively led by Kumba Iron Ore units trading in New York which surged 6.7% on Tuesday. The South African company, controlled by diversified giant Anglo American, produces more than 40m tonnes per year. The stock is worth $3.6 billion in New York and is trading in positive territory for 2017.
Australia's Fortescue Metals Group, a pure play iron ore producer, added 3.8% on the Australian stock exchange and some 10% on US over the counter markets. FMG stock is still down by 18% in 2017 and the Perth-based firm is now worth US$11.5 billion on the ASX.
World number one Vale gained 3% in Brazil trading, lifting the Rio de Janeiro-based company's market capitalization to $43.8 billion after 12.6% gains this year. Diversified giants Rio Tinto and BHP Billiton also advanced, up 3.3% and 2.4% respectively, although the Melbourne-based companies both show declines year to date.
Today's move in the price goes counter to what most analysts believe is in store for the market which has been in oversupply for more than two years.
Morgan Stanley this week sharply cut its forecast for the iron ore price in the third quarter with the investment bank now seeing an average of $50 over the period, climbing to $55 in the final three months. For the year as a whole Morgan Stanley sees the commodity averaging $63 compared to a year-to-date average of $74. Iron ore is expected to continue to soften averaging $58 next year and $54 in 2019.
The latest forecast from the Morgan Stanley is more optimistic than predictions in a research note Citigroup released last week. The bank lowered its price outlook by a fifth saying iron ore will average $48 a tonne in Q4 2017, down from $60 in its previous prediction:
Both analysis blame growing global supply – most notably from Vale's S11D mine and Roy Hill in Australia hitting full production – for the weak outlook. According to Citigroup, 2017 will see a surplus of 118m tonnes following a more than 60m tonnes glut last year. Morgan Stanley predicts nearly 40m tonnes of oversupply this year, growing steadily to top 120m tonnes in 2019 and 185m excess tonnes in 2021....
ULAANBAATAR, Mongolia — Mongolia will hold its first runoff election for president next month after none of the candidates attained the necessary majority in Monday’s voting.
Democratic Party candidate and former wrestler Khaltmaa Battulga was the top finisher, with 38 percent of the vote, and will face the Mongolian People’s Party’s Miyegombo Enkhbold in the July 9 election.
Mongolian People’s Revolutionary Party candidate Sainkhuu Ganbaatar was eliminated by the narrowest of margins — 30.19 percent to Enkhbold’s 30.3 percent — prompting some complaints about possible vote tampering.
Total turnout stood at 68.27 percent, the national election commission said Tuesday.
While the nation of 3 million had been an oasis of democratic stability, its politics have grown increasingly fractious amid an economic crisis and graft accusations.
A huge drop in foreign investment and decline in commodities prices have particularly strained the economy, a situation not helped by a long dispute with mining giant Rio Tinto over its operations in the country.
The winner next month will become Mongolia’s fifth president since 1990 following the end of communism.
The outcome in the second round is uncertain because although the MPP and MPRP have a historical affiliation, voters appear to hold them responsible for the economic pain they are feeling, Citi Research said in an analysis.
That could mean that at least some MPRP voters break for Battulga, the report said. “Overall, we expect policy continuity,” it said.
Along with a pending trade deal with China, one key issue will be a $500 million bond repayment due in January 2018, part of a $5.5 billion International Monetary Fund-led bailout to stem its financial crisis.
Enkhbold’s party pledges to continue the IMF’s program, including higher taxes and spending cuts, while Ganbaatar has criticized the IMF.
Battulga campaigned on a “Mongolia First” policy, borrowing the language of President Donald Trump. He promised to be “a patriotic president” seeking “equal cooperation” with neighbors like China, which he has criticized in the past.
Battulga is a former government minister and president of the Mongolian Judo Association. He also owns Genco, one of Mongolia’s largest companies, whose businesses include hotels, media, banking, alcohol, horse meat and a Genghis Khan-themed complex.
3 Sectors To Buy In Mongolia If IMF Funding Succeeds In Boosting Diversification Beyond Mining www.fronteranews.com
IMF funding to focus on 3 areas in Mongolia
The IMF has approved a three-year, $434 million loan for Mongolia as part of a broader $5.5 billion financing package. The bailout program focuses on:
Fiscal consolidation, which may require Mongolia to tighten monetary and fiscal policy
Recapitalization of financial institutions (read, Mongolia’s Banks Threaten Economic Crash)
Boosting the economy’s competitiveness and fostering diversification to create jobs and achieve more inclusive growth.
Currently, over 86% of Mongolian exports fall under minerals and metals (XME). While commodities do remain a backbone of the economy, the IMF sees Mongolia as also well positioned to develop its meat and dairy exports, as well as its already well-known cashmere sector.
Opportunity to diversify beyond mining
While Rio Tinto (RIO), Turquoise Hill (TRQ), Erdene Resource Development (ERDCF), and Xanadu Mines (XANAF) continue to generate revenues from their mining sector investments, consumer based companies may soon have a chance to account for a larger share of this Asian (AAXJ) (VPL) nation’s exports. With close to 60 million livestock and the IMF’s financial support, meat exporters such as Makhimpex JSC (MSE: MMX), Makh Market LLC, Mongol Eco Makh LLC, Green Grace Land LLC, Darkhan Meat Food LLC (HSH), and Khaan Khuns LLC, Aussie Meat Company, Erdmeat LLC, and Precom LLC may see brighter days ahead. China, Russia, and Vietnam currently count among the three biggest markets (in order) for Mongolian meat exports.
Within the dairy space, Suu JSC (MSE: SUU) also holds potential. The dairy processor, Mongolia’s first, is also a recipient of international funding from the IFC which is a part of the World Bank Group.
Mongolia is the second largest producer of cashmere after China (FXI), providing nearly 28% of the total global supply. From Mongolia’s cashmere sector, Gobi JSC (MSE: GOV) owns over 21%of the world’s cashmere processing capacity. 25.1% of the company trades on the Mongolian Stock Exchange. Tuul Cashmere (MSE: TUL), Buyan (BYN), Sun Shiro, are other notable cashmere producing corporations in Mongolia.
Ulaanbaatar /MONTSAME/ Mongolia’s presidential election competitive and well-organized, but ongoing court cases caused uncertainty over candidacies, international observers say.
The June 26 June presidential election was competitive and well-organized, featuring a short yet fierce campaign; the election administration largely enjoyed public confidence and the freedoms of complaints, as well as pending court cases, led to uncertainty regarding candidacies. The media coverage was extensive, but largely devoid of analytical reporting, the international observers concluded in a statement.
Representatives of the International Election Observation Mission of Organization for Security and Cooperation in Europe (OSCE) / Office for Democratic Institutions and Human Rights (ODIHR), OSCE Parliamentary Assembly and European Parliament released the joint statement today at a press conference.
“These were well-run elections, and are overall promising for the future of Mongolia’s democracy”, said Guglielmo Picchi, Special Coordinator and leader of the short-term OSCE observer mission. He expressed hope that the mission’s overall positive experience is confirmed by the second round which is fixed on July 9.
The General Election Commission enjoyed stakeholders’ trust, met key deadlines and operated in a transparent manner, the statement says. It also suggests that current candidacy requirements are overly restrictive and limit voters’ choice.
The election campaign was dynamic, however, the political discourse wasn’t exempt from xenophobic rhetoric, the observers stated, citing several leaked recordings alleging candidates’ involvement in corruption and other illegal activities which shaped the campaign narrative.
“We regret that campaign finance regulations on transparency and accountability didn’t address, in a timely manner, concerns of corruption in political life”, said Laima Andrikiene, Chair of the European Parliament delegation, noting how candidates’ mutual accusations discouraged voters, especially the youth, from voting. The European Parliament observation mission was divided into three teams, deployed in Ulaanbaatar, Zuunmod and Darkhan, and visited both urban and rural areas.
The international observers visited limited number of polling stations on election day to find that voting and counting were orderly, but transparency was somewhat limited by the GEC releasing only aggregated results. They observed that female workers outnumbered men.
“I think that the Mongolian people had, in the first round of the presidential election, the possibility to express their choice in a genuinely democratic election, although there were a number of shortcomings”, remarked Ambassador Geert-Hinrich Ahrens, Head of the OSCE/ODIHR limited election observation mission. The mission will stay in Mongolia until after the second round.
The OSCE/ODIHR mission comprises 12 core team experts from 12 participating stated based in Ulaanbaatar and 20 long-term observers deployed throughout the country....
General Election Committee (GEC) issued three resolutions related to the presidential election.
First, GEC states that 1.357.788 people voted for the president out of 1.988.868 registered voters. Thus, the election was considered valid due to voter turnout was 68.27.
Secondly, the GEC reports the result;
Kh.Battulga, a nominee of Democratic Party won 517,478 votes /38.11 percent/,
M.Enkhbold, a nominee of Mongolian People`s Party won 411,748 votes /30.32 percent/,
S.Ganbaatar, a nominee of Mongolian People`s Revolutionary Party won 409,899 /30.19 percent/ of votes.
According to the Law on Election, a candidate must receive at least 50 percent plus one vote of the total valid votes to win the election. If none of the candidates win absolute majority votes in the first round, the two most voted candidates to run for a second round while a candidate who received the least votes will be disqualified from the competition. Thus, S.Ganbaatar, a nominee of Mongolian People`s Revolutionary Party quit the presidential race.
Third, the re-polling is scheduled on Jul 9th nationwide and Mongolian citizens living abroad will vote on Jul 4th. The most voted candidates, Kh.Battulga, opposite Democratic Party nominee, and M.Enkhbold, the ruling Mongolian People`s Party nominee will run for the second round of voting. All voters is set to attend the second round of voting.
Moreover, the re-polling was estimated to cost 7.2 billion.
The voter turnout must be more than 50 percent at the re-polling and the re-polling will be considered as valid if one of the candidate win 50 percent plus one vote. If the participation rate will not reach 50 percent re-election must be carried.
If re-election will be held, all political parties seated in the Parliament are eligible to nominate another candidate or upgrade their action plans.
ULAANBAATAR -- Mongolia is headed for its first runoff presidential election in history after all three candidates failed to secure an outright majority in the Monday voting.
Battulga Khaltmaa of the leading opposition Democratic Party came in first, with just about 500,000 of the over 1.3 million votes cast, according to provisional results released by the General Election Committee. The top two candidates from the Monday election will now face off in a second round expected to be held within two weeks. The results of the Monday election are expected to become clear Tuesday.
Battulga's nationalistic pledge that "Mongolia will win" resonates with the country's youth, propelling him to first place. He called on younger voters to turn out for the runoff at a news conference Monday night.
The head of the Mongolian Judo Association and a prominent businessman, Battulga has also served as the East Asian nation's minister of food, agriculture and light industry. He won votes by promising to use the country's rich mineral reserves to benefit Mongolians, though some worry how this could impact foreign-funded development projects.
Although Enkhbold Miyegombo of the ruling Mongolian People's Party was long considered the front-runner, he is neck and neck for second place with Mongolian People's Revolutionary Party candidate Ganbaatar Sainkhuu.
Enkhbold stressed to reporters Monday that the election is about economic and social issues and finding a solution to Mongolia's budget deficit. But his campaign lost steam amid allegations of an illicit land sale during his time as mayor of Ulaanbaatar, as well as a backlash against Saturday's televised debate that many thought was skewed in favor of the candidate.
Meanwhile, Ganbaatar on Monday doubled down on the need to use Mongolian resources for the Mongolian people. He has extended his appeal beyond his older base by tapping into long-held grievances about foreign companies mining the country's rich natural resources.
The president will serve for four years, and will have control of the military as well as veto power over the parliament. The candidates have focused mainly on negative campaigning rather than political debates, leading many Mongolians to lament the lack of options this year.