1 TOP 10 RICHEST PEOPLE IN MONGOLIA 2018 MONGOLIAN BILLIONAIRES WWW.ELITESHARED.COM PUBLISHED:2018/07/22      2 IRKUTSK REGION'S EXPORT OF CHICKEN EGGS TO MONGOLIA ALMOST DOUBLED WWW.RUSEXPORTER.COM PUBLISHED:2018/07/21      3 86 PERCENT OF ACTIVE ENTITIES IN MONGOLIA HAVE UP TO 9 EMPLOYEES WWW.GOGO.MN PUBLISHED:2018/07/20      4 MONGOLIA TAKES STEPS TO BOOST CASHMERE PRODUCTION WWW.NEWS.MN PUBLISHED:2018/07/20      5 HIV INFECTIONS RISES TO 262 IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2018/07/20      6 FRONTCLEAR FACILITATES A LANDMARK TRANSACTION WITH STATE BANK MONGOLIA, EBRD AND ING BANK WWW.KTVN.COM PUBLISHED:2018/07/20      7 MONGOLIA COULD BE RIO'S COPPER GROWTH KEY WWW.MINING-JOURNAL.COM PUBLISHED:2018/07/20      8 FOREIGN OFFICE MINISTER MARK FIELD VISITS MONGOLIA WWW.GOV.UK PUBLISHED:2018/07/20      9 ZOO-BRED PRZEWALSKI’S HORSES ARE FREED INTO THE PLAINS OF MONGOLIA WHERE THEIR ANCESTORS ROAMED FOR CENTURIES HAVING BATTLED BACK FROM JUST ONE SURVIVING WILD ANIMAL WWW.DAILYMAIL.CO.UK PUBLISHED:2018/07/20      10 MONGOLIAN AND CHINESE JOINT VENTURE ESTABLISHED WWW.MONTSAME.MN PUBLISHED:2018/07/20      ТАВАНТОЛГОЙ-ЗҮҮНБАЯН ЧИГЛЭЛИЙН ТӨМӨР ЗАМЫГ БАРИХ АЖИЛ ЭХЛЭЭД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/22     ШИНЭ УРГАЦ ГАРЧ ЭХЭЛСЭН Ч НОГООНЫ ҮНЭ ӨНДӨР ХЭВЭЭР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/20     АВТОЗАМД ҮҮССЭН ХОХИРЛЫН ХЭМЖЭЭ 1,3 ТЭРБУМ ТӨГРӨГТ ХҮРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/20     BURBERRY БРЭНД 32.6 САЯ АМ.ДОЛЛАРЫН ҮНЭ БҮХИЙ БАРАА БҮТЭЭГДЭХҮҮНЭЭ ШАТААЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/20     ИРГЭДЭЭС ЦУГЛАСАН ХАНДИВААР ГАЛ УНТРААХ ТОНОГ ТӨХӨӨРӨМЖ АВЧЭЭ WWW.DNN.MN  НИЙТЭЛСЭН:2018/07/20     ГААЛИЙН БАЙГУУЛЛАГЫН ТӨСӨВТ ТӨВЛӨРҮҮЛСЭН ОРЛОГО 1.2 ИХ НАЯД ТӨГРӨГТ ХҮРЧЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ИХ БРИТАНИЙН АЗИ НОМХОН ДАЛАЙН БҮС НУТГИЙГ ХАРИУЦСАН САЙД МАРК ФИЙЛД МХБ-Д ЗОЧИЛЛОО WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ЭКО АЛТНЫ УРАМШУУЛЛЫГ МОНГОЛБАНК ОЛГОХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/20     ЯМАШИТА МАМОРҮ: МОНГОЛД ДУНДАЖ ЦАЛИНГ ТЭТГЭВРИЙН ХЭМЖЭЭТЭЙ УЯЛДУУЛЖ ТООЦОХ МЭРГЭЖЛИЙН БАГ ХЭРЭГТЭЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/20     ХЯТАД УЛС БИЗНЕСИЙН ОРЧНОО САЙЖРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/19    

Events

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

NEWS

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State-run company to carry out "Oil refinery construction project" www.montsame.mn

Ulaanbaatar /MONTSAME/ During its regular meeting on June 7, Wednesday, the Cabinet resolved that state-run ‘Mongolian Oil Refinery’ will execute ‘Oil refinery construction project’, with the required fund being allocated from the budget of the Minister of Mining and Heavy Industries.

Government Agency for Policy Coordination on State Property was tasked to take measures directed at ensuring the financial independence of ‘Mongolian Oil Refinery Plant’.

‘Mongolian Oil Refinery Plant’ is responsible for handling financing and purchasing activities in the frameworks of the project and budget expenditure, monitoring the formulation of the technical and economic assessment of the project, selecting a contractor for the construction, and making preparations for the construction of the refinery and pipes.

Mongolian Government established a credit agreement of USD 1 billion with Export-Import Bank of India, and decided to implement the ‘Oil refinery construction project’.

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Better but not good enough: New approaches are needed to make globalisation work for all, OECD says in latest Economic Outlook www.oecd.org

07/06/2017 - The global economy is expected to pick up moderately but greater efforts are needed to ensure that the benefits from growth and globalisation are more widely shared, according to the OECD’s latest Economic Outlook.
 
“After five years of weak growth, there are signs of improvement,” OECD Secretary-General Angel Gurría said launching the Outlook during the Organisation’s annual Ministerial Council Meeting and Forum in Paris. “The modest cyclical expansion underway will not, however, be sufficient to sustain strong gains in standards of living across OECD countries. Deeper, sustained and collective commitment to coherent policy packages that support inclusiveness and productivity growth are urgently needed. We need a more inclusive, rules-based globalisation that works for all, centred on people’s well-being” Mr Gurría said. [Read full transcript]
 
Stronger business and consumer confidence, rising industrial production and recovering employment and trade flows will all contribute to an improvement in global GDP growth from 3.0% in 2016 to 3.6% in 2018, according to the Outlook.
 
Among the major advanced economies, the recovery will continue in the United States, which is projected to grow by 2.1% in 2017 and 2.4% in 2018. The euro area will see steady growth at 1.8% in 2017 and 2018. In Japan, growth is projected at 1.4% in 2017 and 1% in 2018. The 35-country OECD area is projected to grow by 2.1% in both 2017 and 2018, according to the Outlook.
 
In China, growth is expected to slow to 6.6% in 2017 and 6.4% in 2018, while India’s growth rates are expected to strengthen to 7.3% this year and 7.7% in 2018. Growth in Brazil is expected to turn positive for 2017 before reaching 1.6% in 2018.
 
While the Outlook welcomes the pick-up in the global economy, it points out that the forecasts still leave growth rates below both past norms, as well as the pace needed to escape fully from the low-growth trap. It also draws attention to the fact that while some factors could push global growth higher than projected, there are also significant downside risks.
 
On the positive side, the Outlook points to the ageing capital stock of firms that may spur stronger-than-expected replacement investment in higher quality capital with more advanced technology. This would improve cyclical conditions and support a revival of investment-intensive global value chains, with knock-on benefits to domestic demand. Higher quality capital would also improve productivity and boost potential output.
 
Among downside risks, the Outlook points to financial risks and vulnerabilities in advanced and emerging economies, high policy uncertainty in many countries and continued weak wage growth.
 
“Policymakers cannot be complacent” said OECD Chief Economist Catherine L Mann. ”Better choices on fiscal, structural and international policies will improve the well-being of a country’s own citizens, but also spill over to improve the outcome for others, raising the probability that the current cyclical upturn will endure and become the foundation for sustained and broad-based improvements in living standards around the world.”
 
A special chapter in the Outlook shows that deeper trade integration through global value chains has increased productivity and raised well-being. But it has also led to job losses, particularly for some manufacturing workers, accentuating pressures from technological and demand changes. With manufacturing activities regionally concentrated, this has resulted in some regions falling behind.
 
The Outlook suggests that an integrated approach is needed to make globalisation work for all. This must include domestic policies to encourage opportunity, innovation and the creation of new firms, so as to yield economic growth that is both stronger than in the recent past and also more inclusive. At the same time, more effective targeted policies are needed to support people and regions that risk getting left behind. Last but not least, countries must work together to fill gaps in the governance of the international economy. This will ensure a more level playing field, as well as more robust and implementable international standards across a range of areas including labour markets, the environment, corporate responsibility, governance and taxation.
 
For more information on the Global Economic Outlook, see: www.oecd.org/economy/economicoutlook.htm
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Anglo American appoints takeovers expert as new chairman www.mining.com

Anglo American (LON:AAL), the world's fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group.

Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November.

Stuart Chambers is known for his active participation in the sale of several UK companies, including the one where he was chairman until 2016.
The incoming executive is known for his active participation in the sale of several UK companies, including the one where he was chairman until 2016, as he oversaw the sale of Arm to Japan’s Softbank.

Chambers has also held a non-executive director position on the boards of Smiths Group and Tesco, after a career at Nippon Sheet Glass, Mars Corporation and Shell.

Anglo, which was founded in South Africa in 1917, came out in good shape from the recent and sharp rout in metal prices that hurt the mining industry in the past two years.

In February, the company not only posted its first annual net profit in five years, but chief executive Mark Cutifani has also announced there was no need to offload any more assets, even the iron ore, coal and nickel operations he had previously declared non-core.

While Chambers won’t have to deal with financial problems, he’ll need to foster good working ties with Anglo’s shareholders, including one of its newest investors, Indian billionaire Anil Agarwal.

Vedanta’s founder Agarwal announced in March it would invest $2.4 billion in Anglo, which gave his family trust — Volcan Investments — a 12% stake in the firm and made the buyer Anglo’s second-biggest investor.

So far Agarwal has said he thinks of the acquisition as an investment by Volcan, not by Vedanta, adding he is not seeking to take control of Anglo. But industry sources expect him to add to the pressure on Anglo American to deliver returns, following a fresh trend in the mining sector that is seeing activist shareholders demand drastic reforms.

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Rio Tinto diamond encrusted coins worth $1.8 million for sale in Australia www.mining.com

A $1.8 million coin trilogy boasting coloured diamonds found at Rio Tinto’s Argyle mine has been unveiled at the Perth Mint with international buyers already showing interest in the unique collection.

The Australian Trilogy is comprised of three one-kilogram coins struck from gold, platinum and rose gold, with each featuring a different native animal.

Each of them has either a pink, purple-pink or violet diamond, which were unearthed at Rio Tinto’s (ASX:RIO) Argyle mine in the east Kimberley region of Western Australia.

One of the coins, made 99.99% of gold, portrays two kookaburras on a wooden fence looking at a 0.47-carat round brilliant cut fancy deep purple-pink diamond.

The kangaroo coin, crafted from 99.95% pure platinum, depicts the marsupial in an outback plain with a 0.46-carat emerald-cut fancy dark grey-violet diamond.

And the 91.7% rose gold koala coin depicts the animal beneath a eucalyptus tree beside a 0.58-carat emerald-cut fancy intense pink diamond.

The Perth Mint will only ever release one of The Australian Trilogy 2017 Collection, Rio Tinto said in a statement.

The company’s Argyle mine generates more than 90% of the world's pink diamonds, yet less than 0.1% of all the rocks found there are pink.

The 2016 Kimberley Treasure coin, valued at $1 million, sold to an international buyer within 48 hours.

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BoM issues 1-week bills www.mongolbank.mn

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.
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MNT 50.5 billion issued for mortgage in May www.montsame.mn

Ulaanbaatar /MONTSAME/ The Government and Bank of Mongolia provided financial source of MNT50.5 billion to commercial banks for mortgage loans in May. 722 citizens were granted mortgage from this source. The Bank of Mongolia funded loans of MNT15.9 billion with its primary payments of its mortgage guaranteed bonds while 457 citizens mortgage loans of MNT34.6 billion was financed from the State budget.

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JCI Asia-Pacific conference opening in Ulaanbaatar www.montsame.mn

Ulaanbaatar /MONTSAME/ 3,500 young leaders and business people from 51 countries are arriving in Ulaanbaatar to participate in the Junior Chamber International (JCI) Asia-Pacific Conference 2017, which will take place between June 8 and 11. The Ministry of Foreign Affairs hosted a press conference today in collaboration with JCI.

“The Ministry has been assisting in organizations concerning the visa issuance and diplomatic reception. It can be said that the preparation is complete. This conference is of great significance for Mongolia as it is creating great networking opportunities”, said Deputy Foreign Minister B.Battsetseg.

“It is a golden opportunity for Mongolia to present itself through an international network of young people, which is represented in 120 countries”, highlighted P.Batkhishig, President of JCI Mongolia.
“This is the largest event, in terms of the scope of participation, among the regional events of JCI. The sole purpose of the conference is to facilitate the JCI members, who are of age 18-40, with possibilities to share experiences gained and lessons learned”, JCI President Dawn Hetzel noted.

The JCI ASPAC will incorporate actions targeted to personal development of youth, training sessions for business plan, identifying business opportunities and sharing practices of information and technology cooperation. Each training will award certificates to the trainees. Also, forums will be held under nine key topics concerning regional development.
The General JCI Assembly will be attended by more than 1,800 delegates to outline action plans until 2020.

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Mongolian coal railway co-operation agreement www.railwaygazettee.com

MONGOLIA: China Gezhouba Group Co Ltd has entered into a non-binding agreement to co-operate with Aspire Mining subsidiary Northern Railways to plan and source financing for the proposed 549 km Erdenet – Ovoot line.

The proposed multi-user railway would enable Aspire to exploit the second largest coking coal reserves in Mongolia. In August 2015 Northern Railways was granted a 30-year concession to build and operate the line, and it is now negotiating funding for the completion of a bankable feasibility study as well as progressing negotiations for the EPC contract and construction financing.

Northern Railways is being supported in this work by China Railway Construction Corp subsidiaries China Railway 20 Bureau and China Railway First Survey & Design Institute.

Under the latest agreement, Northern Railways is to provide the CGGC subsidiary of state-owned China Energy Engineering Corp with access to its technical database, and the companies will work together to source debt and equity funding.

CGGC is ‘one of the pre-eminent international Chinese contractors with a deep experience base in arranging funding for large projects that they participate in, as well as providing direct investment’, said Aspire Managing Director David Paull on June 6. ‘The combination of CR20BGC and CGGC further demonstrates the strategic regional importance of the Northern Rail Corridor.’

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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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