|"Open to Export" ICC WTO International business award||ICC WTO||London|
The first steps towards erecting turbines at the 50MW Tsetsii wind farm in Mongolia have been taken as the unfavorable weather conditions have cleared said Vestas, a Danish wind energy company.
Wind turbine is installed in Gobi Desert. The first steps towards erecting turbines at the 50MW Tsetsii wind farm in Mongolia have been taken as the unfavorable weather conditions have cleared said Vestas, a Danish wind energy company. The first tower section successfully installed at the project is located in the Gobi desert in Mongolia's south. In February, the Danish manufacturer said that high winds and extreme cold had halted general construction at the site. However, it continued transporting turbine components to the site while the poor weather conditions prevailed. Overall progress on the project remains ahead of schedule, Vestas said in its latest update.
Russia is ready to host the annual St. Petersburg International Economic Forum (SPIEF 2017) on Thursday. Among the issues to be discussed are problems in the global economy and Russia’s economic growth after the recession.
Russian President Vladimir Putin will meet the Indian Prime Minister Narendra Modi, Austrian Chancellor Christian Kern, and other world political and business leaders.
The SPIEF 2017 agenda includes the BRICS Business Forum and B20 (the G20 dialogue with the global economy) Forum on international trade and investment, a Russian–Indian Forum of Corporate Executives, the traditional Energy Summit of Corporate Executives, and business dialogues, including Russia–USA, Russia–France, Russia–Latin America, Russia–Switzerland, Russia–Japan, Russia–Africa, and others.
The heads of several European oil companies, including Total, Royal Dutch Shell, and BP will be attending.
Organizers say there is a significant interest in the event. Confirmations are up 15 percent from last year, St. Petersburg Governor Georgy Poltavchenko told RIA Novosti last week.
This year, a larger number of US businesses are also attending the Forum. Barack Obama’s administration discouraged US companies from participating last year, but under Donald Trump, the situation looks different.
"A large number of US business leaders are planning to attend the St. Petersburg Economic Forum this year… Now it is getting clear that there will be more US business leaders at the SPIEF, and the delegation will be more substantial, we are expecting those organizations which could not previously attend the forum for a number of reasons," Russia's trade representative in the United States Aleksandr Stadnik told Sputnik.
Though fewer CEOs are expected this year, organizers say that in business terms, it is even better.
“It may be better to have a key decision maker for emerging markets attend than a CEO. Everyone loves to see well-known, Davos-level participants attend the forum, but if you want to get practical stuff done, give me someone who focuses on business in Russia,” Dan Russell, head of the Washington-based US-Russia Business Council told Bloomberg.
The opening ceremony will see a speech from United Nations Secretary-General Antonio Guterres.
Ulaanbaatar /MONTSAME/ The initiative to observe the first day of June as an International Day of protecting children's rights first came up as one of the results of the 1925 Assembly of the League of Nations, held in Geneva. Mongolia joined the UN Convention on the Rights of the Child in 1990 as its fifth member. The International Children's Day is observed every year since June 1 of 1996 in Mongolia.
Children under age of 18 constituted 34.6 percent (one million 79 thousand 730 children) of the total population of Mongolia by the end of 2016, making it a very "young" nation. A total of 79,382 babies were born last year, according to the National Statistics Office.
Under six-year-old children make up for 28 percent of all children, and 77.6 percent of them go to kindergarten.
Mongolian parliament amended the law regarding prizes for mothers who gave birth to and raised many children in 2011. Since then, the number of mothers with the "Glory of Mother" Order grew 1.6 times within just one year. The order is awarded to mothers, who gave birth to four or more children.
As of 2016, there were over 210 thousand awardees of Glory of Mother Order. The number is forecast to grow in the coming years.
Likewise, the population is estimated to get younger year by year.
Parliament has recently passed a bill to amend the Mongolia Criminal Code. The Amendments will create new liabilities for adviser’s of corporate CEOs, whose actions result in offenses such as money laundering, terrorism, bribery, environmental abuse, actions that threaten the nation’s economic security, or the abuse of state property.
Under previous law, only the CEO his or herself could be held liable in such cases. The amendments will hold those around the CEO, who advised or pressured a certain course of action to also take responsibility.
These changes will apply not only to private corporations, but also to state owned enterprises. It is interesting to note that while the Criminal Code previously contained over 80 items imposing certain legal liabilities on legal entities such as companies, the amended Code now has less than 30.
This is in general expected to make it easier to establish and operate a new company in Mongolia. The intention of the law appears to be to make it easier for companies to do business by providing more free dome of operation, while at the same time increasing liability for offenses at the top levels.
ADB begins new Mongolia partnership with USD 250 million to avert crisis in social services and banking sector www.adb.org
ULAANBAATAR, MONGOLIA (31 May 2017) — The Asian Development Bank (ADB) Board of Directors has endorsed a new Country Partnership Strategy (CPS) for Mongolia, which envisages total assistance of $1.2 billion over the 2017-2020 period, and also approved two policy-based loans (PBLs) totaling $250 million to start implementation of the new CPS. The loans will help maintain funding for social welfare programs for the poor and vulnerable people and stabilize and restructure the banking industry during the implementation of an extended fund facility of the International Monetary Fund (IMF) approved on 24 May.
The overarching goal of ADB’s assistance during the 2017-2020 period is to help Mongolia sustain inclusive growth during its current economic difficulties. To achieve this, it will focus on three main areas — economic and social stability, developing infrastructure for economic diversification, and strengthening environmental sustainability. Cutting across these pillars are efforts to improve public sector management and gender inequality in Mongolia. Annual lending from ADB will amount to about $300 million a year, with PBLs accounting for about half of this amount.
“The CPS builds on ADB’s role as Mongolia’s lead development partner and improved operational performance in recent years. The CPS is closely aligned with the government’s high-priority areas, and will focus on complex projects requiring significant technical expertise,” said Yolanda Fernandez Lommen, ADB Country Director in Mongolia. “ADB has also closely coordinated with the IMF and World Bank in formulating this CPS.”
Mongolia’s economic performance has slowed down from 17.3% gross domestic product growth in 2011 to 1% in 2016 in the face of falling foreign direct investment and commodity prices, among other challenges. As the economic growth has declined, the fiscal deficit has swollen to 15.4% of gross domestic product, resulting in cuts to some social welfare programs. This risks reversing gains in poverty reduction in recent years and throwing the 35% of the population that is near-poor back into poverty.
To mitigate the adverse impacts of the economic slowdown and fiscal consolidation, a PBL of $150 million will ensure fiscal expenditure is maintained on social welfare programs. Besides strengthening fiscal management, the PBL will help Mongolia consolidate the country’s 71 existing social welfare programs and achieve better targeting to ensure that the poor and vulnerable people are supported.
In restoring growth, the government faces another challenge in reviving the banking industry, which is seeing a rise in nonperforming loans that threatens the solvency of banks. The second PBL of $100 million will support the government’s efforts to restructure and recapitalize the banking industry, reduce nonperforming loans, and enhance regulation and supervision. Under this, government will implement a road map for banking industry rehabilitation and ensure effective management and sale of distressed assets.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing....
Ulaanbaatar /MONTSAME/ The construction of the largest flyover in Ulaanbaatar city launched today May 31, where a foundation stone laying ceremony of the construction was held. The project has 6 component parts. The main flyover between the Olympics Street and Ikh Mongol Uls Street, passing over Narnii zam (Sun road) and 406th railway crossing will be 470-meter long and 16.5-meter wide, with 4 lanes. Three sub-bridges will be constructed connecting the main flyover with Narnii Zam. The biggest sub-bridge and auto road to the south will be 637-meter long 7.5-meter wide with 2 lanes, while the other two will have a length of 170-meter and 270-meter and width of 7.5-meter and 8.5-meter with one lane each.
“- The new flyover will ensure traffic safety, avoiding meeting of railway crossing with auto road and will lower road load by improving passing capacity of roads. The flyover is planned to be constructed in 2017-2019” said Governor of the Capital S.Batbold.
The project’s total cost of USD42.38 million will be funded with a soft loan from the People’s Republic of China. Ambassador Xing Haiming said “During PM J.Erdenebat’s recent visit to China, the two countries have agreed to cooperate in ‘Belt and Road' program and this project is a part of the agreement. The flyover will be an actual work visible to people. The construction project relates to ‘Road and Belt' and ‘Road to Development’ project suggested by Mongolia. Therefore, a preferential loan is being granted by the Chinese Government and I pledge that we will complete the project with high quality within the duration indicated in the contract, involving leading construction company of our country” said the Ambassador.
Ulaanbaatar /MONTSAME/ Deputy Prime Minister U.Khurelsukh received visiting Russian delegates led by Minister of Internal Affairs Vladimir Kolokotsev on May 31.
The Deputy Prime Minister signified the cooperation in the legal sector at the beginning of the meeting and expressed his gratitude towards the establishment of working groups to settle current issues on border relations, as well as to educate and professionalize Mongolian students.
Russian Minister Vladimir Kolokotsov is paying a visit to Mongolia at the invitation of Minister of Justice and Home Affairs S.Byambatsogt. Within the framework of his visit, a cooperation agreement between the Mongolian Ministry of Justice and Home Affairs and Russian Ministry of Internal Affairs was renewed and signed today.
After his meeting with the Deputy PM, Mr. Vladimir Kolokotsev met with Parliament Speaker M.Enkhbold.
On behalf of Mongolia, Speaker M.Enkhbold made requests to sign cooperation documents against terrorism, facilitate residency permit required for Mongolians traveling to Russia and stop conflicts between the public and law enforcers without giving much trouble.
Mr. Vladimir Kolokotsev said "We've made a protocol of cooperation in December 2016 and I'm grateful that we now signed the cooperation agreement today. The agreement includes many important issues such as the fight against drug abuse".
As for your request, It is noteworthy that the citizens are enjoying mutual visa-free travel between both countries. We will further support legitimate travel. However, we are strongly against illegal residency or immigration. The Russian Federation has the highest number of immigrants after the United States. As there is currently a fear of terrorism and organized crime throughout the world, special immunity would be difficult. But some resolutions may be possible. Aside from that, we share the same view and these will be presented to the higher officials" responded Mr. Vladimir Kolokotsev, Minister of Internal Affairs of Russia.
A broad agreement has finally been reached on splitting the costs for the 2020 Tokyo Olympics and Paralympics.
The metropolitan, national and prefectural governments, as well as the organizing committee, agreed Wednesday on the basic terms of a cost-sharing scheme.
Overall costs for the 2020 Games will be 1.385 trillion yen or about 12.5 billion dollars, excluding reserve funds.
The Tokyo metropolitan government and organizing committee will shoulder 5.4 billion dollars each. The national government will cover 1.3 billion dollars.
Prefectures outside of Tokyo have agreed to conduct transport, security and other operations. These will cost 318 million dollars. Details about the operations and cost will be discussed further.
A cost-sharing plan was originally scheduled to be completed by autumn last year. This was delayed when Tokyo Governor Yuriko Koike proposed reviewing some of the sports venues.
A huge IT failure that stranded 75,000 British Airways passengers followed damage to servers that were overwhelmed when the power returned after an outage, the airline said on Wednesday.
BA, part of airline group IAG, is seeking to limit the damage to its reputation and has apologised to customers after hundreds of flights were canceled over a long holiday weekend.
The airline provided a few more details of the incident in its latest statement on Wednesday. While there was a power failure at a data center near London's Heathrow airport, the damage was caused by an overwhelming surge once the electricity was restored, it said.
"There was a total loss of power at the data center. The power then returned in an uncontrolled way causing physical damage to the IT servers," BA said in a statement.
"It was not an IT issue, it was a power issue."
Investigations were continuing into the cause of the power surge, it added.
BA had already spoken of an "exceptional power surge" in a statement on Monday, which had been so strong that it rendered the back-up system ineffective.
BA Chief Executive Alex Cruz has also rejected criticism from trade union GMB that the outage could have been avoided had it not decided to outsource IT staff to India.
IAG Chief Executive Willie Walsh, who had been silent in the media in the immediate aftermath, admitted the fiasco had damaged BA's brand but denied that its IT centres were too old.
"We invest billions in new equipment. If investment is required, we make the investment," Walsh was quoted as saying by the Times newspaper.
Experts have questioned how a power surge in one location could knock out both a main IT system and a back-up system.
Rival airline Ryanair has said it has IT systems in three different locations to minimise the risks of a similar outage.
"It is unfortunate that an established airline such as British Airways has proven to be so vulnerable," said Nadejda Popova, a travel project manager at Euromonitor.
"It's shown that they have poor risk management - this was an illustration of what not to do."
(Reporting by Alistair Smout in London and Victoria Bryan in Berlin; Editing by Keith Weir)
Individual Agreement Based on Export Credit Line for Mongolia : Supporting Exports of ATMs by Japanese Companies to Mongolia www.4-traders.com
The enactment of the 'Agreement between Japan and Mongolia for an Economic Partnership (EPA)' by the governments of Japan and Mongolia in June last year is expected to further enhance reciprocal economic cooperation and vitalize the two countries' economies in a wide range of fields, along with the liberalization and facilitation of trade and investment between the two countries. In addition, in March 2013, the 'ERCH Initiative' was proposed by Prime Minister Abe in expectation of promoting the economic relationship between the two countries. Following this initiative, in July 2014, 'ERCH Initiative Plus', and, in March 2017, the 'Japan-Mongolia Mid-term Action Plan for a Strategic Partnership' were agreed on by the two countries' leaders, supplementing the original and resolving to promote financing utilizing this credit line effectively. This loan is in line with such measures of the two countries, and through the promotion of Japanese exports, it contributes to maintaining and strengthening the Mongolian economy, as well as the international competitiveness of Japanese industries....