1 US TRADE WAR COULD COST GLOBAL ECONOMY $430 BILLION, IMF WARNS WWW.RT.COM PUBLISHED:2018/07/18      2 US PLANS G7 TALKS ON CHINA WWW.NHK.OR.JP PUBLISHED:2018/07/18      3 GOOGLE HIT WITH RECORD EU FINE OVER SHOPPING SERVICE WWW.BBC.COM PUBLISHED:2018/07/18      4 TURQUOISE HILL ANNOUNCES SECOND QUARTER 2018 PRODUCTION AND COMPLETION OF SHAFT 5 WWW.GOGO.MN PUBLISHED:2018/07/18      5 DEVELOPMENT OF BILL ON CIVIL SERVANT CODE OF CONDUCT FINALIZED WWW.GOGO.MN PUBLISHED:2018/07/18      6 CRUDE OIL EXPORTS GENERATED 94.3 BILLION WWW.GOGO.MN PUBLISHED:2018/07/18      7 MONGOLIAN PRESIDENT SUMMONS IRREGULAR PARLIAMENTARY SESSION WWW.NEWS.MN PUBLISHED:2018/07/18      8 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      9 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      10 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      ГЕРМАНЫ “ЧИНГИС ХААН” ХАМТЛАГ ИРЭХ ОНД МОНГОЛД ТОГЛОЛТОО ХИЙНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     АНУ, ОХУ ХҮЙТЭРСЭН ХАРИЛЦААНДАА ЦЭГ ТАВИЛАА WWW.UBINFO.MN НИЙТЭЛСЭН:2018/07/18     ХУДАЛДААНЫ ДАЙН ХЯТАДЫН КОМПАНИУДАД НӨЛӨӨЛЖ ЭХЭЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/18     МОНГОЛД 92 ОРНЫ 9.6 МЯНГАН ГАДААДЫН ИРГЭН АЖИЛЛАЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/18     ГАДААД ХУДАЛДААНЫ НИЙТ БАРАА ЭРГЭЛТ 6,3 ТЭРБУМ АМ.ДОЛЛАРТ ХҮРЧЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/18     ЕВРОПЫН ХОЛБОО ЯПОН УЛСТАЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ГЭРЭЭ БАЙГУУЛАВ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/18     АЖ ҮЙЛДВЭРЖИЛТИЙН ЭРЧ СУЛАРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/18     МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 3.8 ИХ НАЯД ТӨГРӨГӨӨР НЭМЭГДЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Darkhan thermal power plant will be expanded by 200 million kWh www.mongolia.gogo.mn

 
Economic Standing Committee of State Great Khural will discuss below issues today;
2016-2017 Agreement between the Mongolian Government and the Government of the Federal Republic of Germany on Financial Cooperation,
Extra Credit and draft project agreement between Mongolian Government and the Reconstruction Credit Institute in Frankfurt
The Government of Mongolia submitted these draft agreements to State Great Khural on 29th of May. Budget Standing Committee supported the agreements at its yesterday`s meeting.
Mongolia will receive a total of EUR 5 million loans with 2 percent interest rate and 30 years period. Due to the fact that Mongolia will pay interest-only in the first ten years, the payment must be completed in 2056. The loans will be spent on the expansion of the capacity of Darkhan thermal power plant by 200 million kWh. Even the expansion of the power plant has started in 2012, it has drawn out until today. According to the first feasibility study, it is estimated that EUR 16-17 million will be needed for the project implementation. However, authorities of Ministry of Energy noted that the amount is insufficient.
The plant expansion will be performed by a Russian company while a German company will serve as a consultant. Operational cost will be EUR 1 million 350 thousand and the project will cover its cost for 12 years.
The Ministry of Energy considered that expansion of Darkhan power plant will reduce our energy dependence and ensure the demand of industries to be established in further as Darkhan is expected to be an industrial region.
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Nightlight street to be inaugurated in Ulaanbaatar www.montsame.mn

 
June 8 will see the opening of a Nightlight Street in Ulaanbaatar, a metropolis with over 1 million people.
Seoul Street, which is in a prime location of Ulaanbaatar, has been refurbished to become a Nightlight Street. In accordance with a plan framed by the urban planning department of the capital city administration, refurbishment works including pavement of 440 meters long area, creation of a public arena with LED screen and seats, green space restoration and installation of various lightings were made.
The Nightlight Street will fulfill night-time entertainment needs of tourists.
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Mongolia and Poland to soon sign international road transport deal www.akipress.com

AKIPRESS.COM - Mongolia and Poland will soon sign a cooperation deal on international road transport.

The signing of the agreement was discussed by Mongolian Minister of Road and Transport Development D.Ganbat and Deputy Minister of Infrastructure and Construction of Poland Jerzy Schmidt as the two met on the sidelines of the International Transport Forum’s 2017 Summit in Germany.

The parties discussed bilateral cooperation in the transport field and pending questions to be resolved jointly. They also agreed to maintain transport links under temporary regulations until signing of the agreement.

Poland and Mongolia also agreed to cooperate more closely in transit transport.

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SME boosting subprograms discussed www.montsame.mn

Ulaanbaatar /MONTSAME/ A discussion on subprojects “Made in Ulaanbaatar” and “Partnership of local industries’ was held at Tuushin hotel. These subprojects put goals to create jobs and improve competitiveness of trade, industries and services through implementing flexible investment and market policy targeted to small and medium enterprises and cooperatives, which run their activities in Ulaanbaatar, supporting producers in cluster, increasing sales of products with label and mark “Made in Ulaanbaatar” by promoting them.

Chairman of the capital Governor’s Office M.Otgonbayar said - 'One family One job program was approved by the Citizens Representative's Meeting of the capital with aims to achieve 60 per cent employment, making that every family have stable income by being employed. Now we are planning the two subprograms. It is time to boost scientific and technological achievements and introduce them in practice, grow the economy with product innovations and develop national production”.

There are 72182 companies and entities in the business registration data nationwide and 64 per cent or 46153 of them are operating in Ulaanbaatar, among which 8219 companies or 17.8 per cent belong to industrial sector. In 2009-2016, over 20 thousand citizens and legal bodies enjoyed VAT and customs tax exemption or reduction worth of MNT78.8 billion and MNT37.5 billion each for importing industrial equipment and spare parts.

SME Development Fund of the Capital issued 5-year loans of MNT5.6 billion with 5 per cent interest in 2014-2015. 55 projects, including 34 SMEs, 14 dairy production and 7 breeding farm projects received the loan and as a result of the projects, 331 jobs have been kept, annual milk yield raised by 1 million liter and SME production increased by 44 per cent.

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Cuba and Mongolia to develop cooperation on the mining industry www.misiones.minrex.gob.cu

 
Ulaanbaatar. June 6, 2017. His Excellency, Mr Zagdjav Deleg, Deputy Minister of the Ministry of Mines and Heavy Industry of Mongolia, received today the Ambassador of Cuba Raúl Delgado Concepción at the headquarters of this Ministry. Mr. Zagdajav, who is also President of the Mongol Organization for Peace and Friendship (OMPA), held a fruitful working meeting with the Cuban Ambassador in which they discussed issues of mutual interest regarding possibilities for cooperation and exchange of work in the area of ​​mining and geological research.
The Cuban ambassador presented the portfolio of business opportunities in Cuba for the geology and mining sector, which was of great interest since the industry represents in Mongolia, along with agriculture, the sectors of greater economic contribution for this country.
The Deputy Minister explained that despite the economic difficulties that Mongolia is currently facing, this sector is one of the most important and with the most possibilities of cooperation given the experience accumulated by these authorities in the extraction and processing of minerals, in which a large number of foreign companies with advanced technology take part.
The Deputy Minister pointed out that the Cuban experience and the correct investment policy in this sector have enabled Cuba to continue advancing on the path towards economic independence and development of the industry. He also note the interest of developing joint projects between the two countries in this area, taking the positive experiences of each and exchanging knowledge among specialists. (EmbaCuba Mongolia)
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Seabed gas mining gas restarts www3.nhk.or.jp

Japanese researchers have restarted extracting "methane hydrate" from the seabed and will continue until late this month. The test mining was put on hold in mid-May.

Japan has large amounts of natural gas locked in ice deep under its seabed. Government officials have been trying to tap it as a domestic energy source.

Researchers at the Agency for Natural Resources and Energy succeeded in extracting natural gas from methane hydrate earlier last month. It was taken from deposits below the seabed off the pacific coast of central Japan.

But the officials temporarily halted the test mining on May 15th after huge amounts of sand clogged the pipes bringing up the gas.

They took steps to keep sand from entering the pipes, and resumed the work. If the trial extraction is successful it could lead to the development of mining technology.

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Election campaigns launched yesterday www.theubpost.mn

Candidates for the June’s presidential election officially launched their campaigns on Tuesday. The Democratic Party’s presidential candidate, Kh.Battulga, launched his campaign in Chinggis, the capital of Khentii Province. He highlighted that Khentii Province was the first destination for his campaign because the province is Chinggis Khaan’s birthplace.

In making the election campaign’s opening remarks, Kh.Battulga emphasized that if he becomes the next president, he will work to make Mongolia a developed country by destroying the corrupt political system that has put pressure on its citizen’s shoulders by increasing taxes and making money by selling government positions.

Kh.Battulga visited the province’s central hospital to hear about the challenges facing doctors, hospital staff, and patients. Representatives from the hospital emphasized that despite moving into a new building, the hospital needs to buy much needed equipment. Kh.Battulga underlined that he has included comprehensive proposals to deal with a lot of challenges facing the healthcare sector in his action plan.

When he met with the province’s police officers, they told him that they face heavy workloads every day, but their salaries are very low and they are required to take out salary loans. They told the DP candidate that the state needs to take care of social affairs for police officers.

The Mongolian People’s Party (MPP) candidate, M.Enkhbold, announced his action plan for his presidency at the headquarters of the MPP, and then headed to Dornod Province to introduce his action plan to local residents. M.Enkhbold claimed that the two major points of his plan are to overcome the nation’s economic difficulties and to eliminate the unfriendly differences between Mongolians that have occurred in recent years.

S.Ganbaatar, the MPRP’s nominee, started his election campaign at Sukhbaatar Square, and told people gathered there that he has a plan to create a transparent government and society by destroying bureaucratic government systems.

 
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IFC-Supported New Collateral Registry in Mongolia Delivers Strong Early Results for MSMEs www.ifcextapps.ifc.org

Ulaanbaatar, Mongolia, June 5, 2017—Mongolia’s web-based Pledge Notice Registry—supported by IFC, a member of the World Bank Group—was launched in March of 2017 and has already accounted for over 10,000 moveable-collateral registrations by micro, small, and medium-sized (MSMEs) borrowers. The registry is backed by the Ministry of Justice and Home Affairs under the Mongolian Secured Transactions Reform Project. The registry, which officially commenced operations along with the enabling Law on Tangible and Intangible Movable Property Pledge, provides filing and enquiry services for all types of movable-asset security interests and similar transactions, such as finance lease, credit sale, sale and buy-back. 

This new web-based registration system represents a significant milestone under the Secured Transactions Reform Project. It enables creditors to search for existing interests on movable assets that they intend to use as collateral for a particular loan and to file security interest on their approved collaterals and establish priorities. It is an important foundation for the development of a movable-asset finance market in Mongolia. Typically, in developed markets, about 60 to 70 percent of business lending involves movable assets in various forms. 

Over the past several years, the IFC team worked with the Ministry of Justice, the Bank of Mongolia, the Mongolia Bankers’ Association, and other stakeholders to prepare the law and get it approved, develop the registry, and promote movable-asset finance to lenders. Of the more than 10,000 registrations to date, 38 percent is equipment, 25 percent livestock, 5.4 percent account receivables, and 1.7 percent vehicles. Women account for 23 percent of registrations. 

“The Pledge-Notice Registry has strengthened the confidence of lenders. This supports the further improving of access to capital for MSMEs, including agricultural businesses, in Mongolia,” said Unenbat Jigjid, CEO of the Mongolian Bankers’ Association. “The use of movable assets as the basis for lending is a new deepening of our financial markets, which will benefit the economy and help generate more employment and income for the population.” 

“We are very encouraged to see the strong and early results from the new registry,” said Tuyen D. Nguyen, IFC Resident Representative in Mongolia. “Mobilizing moveable collateral to boost access to finance, especially for MSMEs, can play a significant role in Mongolia’s sustainable economic recovery.” 

Previously, IFC has helped develop modern secured financing systems in about 40 emerging markets including China, Cambodia, Vietnam, Sri Lanka, and Ghana. In China alone, around $3 trillion debt financing backed by movable assets is disbursed every per year, benefitting a large number of MSMEs and others.

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Mongolia ready to take painful structural reforms to recover economy: FM www.news.xinhuanet.com

ULAN BATOR, June 6 (Xinhua) -- Mongolian Foreign Minister Tsend Munkh-Orgil said on Monday that Mongolia would be able to implement the structural reforms it has agreed to undergo with the International Monetary Fund (IMF), according to Nikkei Asian Review website.

"I am confident that the resources and money that will be lent to the Mongolian government will be used effectively to overcome the temporary economic problems," Munkh-Orgil said on the sidelines of the International Conference on The Future of Asia in Tokyo.

The resource-rich country has benefited from a commodities boom over the last 15 years or so. But a subsequent commodity price slump, investment outflows and slowing demand in key export markets have hit Mongolia's economy hard.

Last month, the IMF approved a three-year, 434-million-U.S. dollar loan for Mongolia as part of a wider 5.5 billion-dollar aid package which is also supported by Japan, South Korea, China, the Asian Development Bank and the World Bank.

The agreement was reached after the IMF admitted that Mongolia had met some of its demands, including raising taxes and cutting spending.

Some observers, however, questioned the ability of the Mongolian government to carry through the painful structural reforms needed to put the economy back on track.

But Munkh-Orgil said the reforms were inevitable. "With or without the IMF, we know that we must undertake these reforms. We have expanded fiscally -- a lot. We have stretched ourselves on [the] budget. We have reached unsustainable levels of government debt," he said.

The government is trying to respond through fiscal consolidation, and by bringing the budget under control, the minister said.

Mongolia aims to reduce the budget deficit, currently equivalent to 17 percent of the gross domestic product (GDP), to 10.2 percent by the end of this year. It aims to have a budget deficit equal to around 2 percent of the GDP by 2022.

"For the next several decades, the mining sector will continue to be the central linchpin of the Mongolian economy," Munkh-Orgil said, "But at the same time, mining is a very capricious animal. (The) fortunes and misfortunes of the mining sector can go up and down unexpectedly."

Mongolia is ready to diversify its economy, which currently relies on minerals for 90 percent of its export revenue, he said.

"We need to bring in more products, (put) more industries in play," the foreign minister said, "We need to engage the public and businesses in other areas that employ more people and bring more export revenues, like agriculture and tourism."

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Russian Social Network Now Allows Political Advertising - but There's a Catch www.themoscowtimes.com

Russian social network VKontakte has opened its advertising space for political candidates in the lead up to Russia's presidential election, but only for registered candidates reported Global Voices. 

According to the changed rules, the ban on political advertising has been amended to allow "campaign materials." Before being put on VKontakte, the materials must be presented to the country's Central Election Commission.

A list of mandatory documents includes "The Russian Federation Central Election Commission's decision on registering a candidate" according to the website's terms of service.

This has raised fears among some political analysts that the new rules will sideline opposition candidates such as Alexey Navalny, who are not registered with the Central Election Commission. 

Navalny, who is running for the presidency in 2018, would not be allowed to run campaign advertisements under the new rules.

Other smaller opposition parties who are not registered with the Commission could also be barred from running campaign advertisements on VK under the new rules.

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