|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
Mongolia aims to push up its economic growth rate to 8 percent and keep inflation below 8 percent in 2019.
'To achieve the goals, we have to attract more investment. We are working to optimise the business environment and make tax reforms in a bid to restore foreign investor confidence,' D.Damba-Ochir, head of the Parliamentary Economic Standing Committee said.
Mongolia's GDP grew 5.1 percent year on year in 2017, compared to 1.0 percent the previous year.
The International Monetary Fund (IMF) has predicted Mongolia's GDP growth will be 5 percent this year and climb to 6.3 percent next year.
Brazilian Eike Batista, the former oil and mining billionaire who lost his fortune and spent time in jail last year for alleged corruption, will have to hang about behind bars for the next 30 years.
After a corruption trial, the outspoken entrepreneur whose meteoric rise and fall made him the poster boy of a decade-long boom in Brazil that ended four years ago, was found guilty of bribing former Rio de Janeiro governor Sergio Cabral, Folha de Sao Paulo reports (in Portuguese).
He was found guilty of giving about $21 million to former Rio de Janeiro governor Sergio Cabra in exchange for contracts.
The verdict was based on mounting evidence that Batista had paid about $21 million to foreign bank accounts held by Cabral in exchange for contracts with Rio State.
The 61-year old businessman’s fortune topped out at a whopping $32.8 billion in April 2012, when his oil and gas firm OGX's first wells went into production and his coal, iron ore, shipping and many other ventures were humming along.
The self-made magnate started out with small-scale gold mining in the Amazon which morphed into TVX Gold, a company listed in Canada in the 1980s, but which Batista left under a cloud before it was sold to Kinross Gold in 2001.
Batista's graduated to the big leagues during the last decade's commodities boom with gold, iron ore, oil & gas, shipping, coal, construction and sports promotion companies.
He really scored big in 2008, when it sold Minas Rio iron ore mine to Anglo American (LON:AAL), pocketing $5.5 billion and offloading an iron ore asset that required many billions more to put into production.
But poor planning and corruption caused his empire to crumble and Batista is now, if anything, a symbol of the current Brazil, a country in deep trouble whose economy grew just 1% in 2017, its first year of expansion since 2014.
ULAN BATOR, July 3 (Xinhua) -- The annual festival "Mongolians in Deel" will be held on July 10 in Mongolia's capital Ulan Bator, with the aim of encouraging the younger generation to wear traditional clothing.
The 12 edition of the festival is co-organized by the Mongolian Tourism Association, Ulan Bator city governor's office and the city's Tourism Department.
The event includes a fashion parade, the best deel contest and a folk music concert.
Deel is an item of traditional Mongolian clothing commonly worn for centuries.
There are some differences between the costumes of various ethnic groups in the country, but all the deels have the same shape, featuring long sleeves, a wide flap that gets folded at the chest, buttons on the right shoulder, a high collar, and a fabric belt around the waist.
The Mongolian traditional costume consists of a deel, a hat, boots and accessories.
Editor: Shi Yinglun
ULAANBAATAR (Mongolia): Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail (pic) touched down at the Chinggis Khaan International Airport via a commercial flight at 7.30pm Tuesday (July 3) to attend a conference here.
She will be presenting a ministerial statement as well as delivering a keynote address and a speech at the Asian Ministerial Conference on Disaster Risk Reduction on Wednesday.
The ministerial statement will be on Malaysia's initiatives, implementation and achievements as well as the challenges faced in regards to disaster risk reduction.
The conference, taking place from July 3 to 6, is aimed at providing a platform for Asian and Asia-Pacific nations to congregate and discuss the various issues revolving around the mitigation and management of natural disasters.
According to Malaysian Ambassador to China concurrently accredited to Mongolia Datuk Zainuddin Yahya, Dr Wan Azizah will also have one bilateral meeting and four courtesy calls on the sidelines.
"Basically there will be three events she will be participating, which is the ministerial conference followed by the Asian leaders meeting and then the technical session,'' said Zainuddin, adding the keynote address will be delivered at the technical session.
On the conference, Zainuddin it is held once every two years to provide Asian and Asia-Pacific nations to share information to discuss various aspects of disaster risk reduction related to their respective countries.
This is Dr Wan Azizah's first working visit overseas since taking office as Deputy Prime Minister.
Jointly organised by the United Nations Office for Disaster Risk Reduction (UNISDR) and the Mongolian government, is the first gathering of the ministerial leaders after the launch of the Sendai Framework Monitor (SFM) in 2015 signed in Sendai, Japan.
The SFM was a prelude to the Sendai Framework for Disaster Risk Reduction (SFDRR) 2015-2030, which is an agreement amongst Asian and Asia-Pacific nations to share information on efforts taken in the implementation of risk reduction in their respective countries.
Some of the core principles of the Sendai Framework are aimed at reducing mortality, economic loss, and damage to property and infrastructure during natural disasters by the year 2030 through close corporation amongst all stake holders as well as the formulation of a comprehensive preventive mechanism.
Dr Wan Azizah is scheduled to leave for home early Thursday (July 5) morning.
The Trump administration has said it does not want one of the world's biggest phone carriers, China Mobile, to provide telecom services within the US, citing national security concerns.
State-owned China Mobile applied to the US Federal Communications Commission (FCC) for a licence to do so in 2011.
But the US Department of Commerce has recommended the licence request be denied.
The advice comes amid rising trade tensions between the US and China.
"After significant engagement with China Mobile, concerns about increased risks to US law enforcement and national security interests were unable to be resolved," said the assistant secretary for communications and information at the Commerce Department, David J Redl.
"Therefore, the executive branch of the US government, through the National Telecommunications and Information Administration [NTIA]... recommends that the FCC deny China Mobile's Section 214 license request."
Neither China Mobile nor the FCC were immediately available for comment on what their next steps would be.
The move by the NTIA - an arm of the Commerce Department that advises US President Donald Trump on telco and information issues - comes at a time of heightened tensions between the US and China over trade and telecom issues.
In April, the Commerce Department found that the Chinese state-owned technology giant ZTE had violated trade bans with North Korea and Iran.
A ban was placed on the firm that prevented it from buying parts from US suppliers - a move that forced Shenzhen-based ZTE to suspend major operations, and threatened to destroy its business.
However, following some pressure from Beijing, the US struck a deal with ZTE that would involve the firm paying a $1bn penalty, hiring a compliance team chosen by the US, and replacing much of its management board, among other measures.
US reaches deal with China's ZTE
China's ZTE 'poses risk to UK security'
In return, the US said it would remove the ban - a negotiation that has been linked to wider trade tensions between the US and China.
ZTE has fulfilled many of these requirements, however, a group of bipartisan senators, including US Senator for Florida Marco Rubio, is currently attempting to maintain the ban on the firm via an amendment to a defense bill.
Reacting to research by The Wall Street Journal that has shown ZTE's management overhaul may not be as dramatic as first thought, Mr Rubio last week questioned why the Trump administration was continuing negotiations with the Chinese firm.
Meanwhile, on Friday, as part of the ongoing trade spat between the US and China, the two giants are expected to introduce further tariffs on each other's goods.
The Trump administration is expected to bring into effect the first tranche of 25% tariffs on $34bn of Chinese goods.
And in retaliation, China is expected to enact its first round of tariffs on $34bn worth of US products.
In 2018, Cabinet is scheduled to complete payments of a total of 2.6 trillion MNT in principal bonds and 1.2 trillion MNT in bond interest payments. On June 29, the Minister of Finance announced that the Government reimbursed roughly 750 billion MNT for Dim Sum Bonds as well as domestically-issued principal bonds and interest repayments in June, on schedule.
While the government debt totaled 22.7 trillion MNT at the end of 2017, the figure has decreased to 21.1 trillion MNT as of the first half of 2018.
The Bank of Mongolia has released its June inflation outlook report. According to the report, the outlook for inflation remains stable.
The Bank of Mongolia is aiming to maintain the rising inflation at the target of eight percent. As of May, inflation in Ulaanbaatar amounted to 6.6 percent while the nationwide inflation rate remained at 6.1 percent. Demand-pull inflation has been gradually increasing in conjunction with a continuing economic recovery. Analysts view that the inflation rate will stabilize at the target level in coming years.
According to the report, government expenditure is projected to grow by five percent and Oyu Tolgoi investment is cited as a factor contributing to an improved economic outlook for 2019.
A team of scholars led by William Taylor of the Max Planck Institute for the Science of Human History analyzed horse remains from an ancient Mongolian pastoral culture known as the Deer Stone-Khirigsuur Culture (ca. 1300-700 BC). Deer stones, with their beautiful deer carvings, and their accompanying stone mounds (khirigsuurs) are famous for the impressive horse burials that are found alongside them by the dozens, hundreds, or even thousands. Through careful study of skeletal remains from these burials, published in Proceedings of the National Academy of Sciences, Taylor and colleagues found that Deer Stone-Khirigsuur people began using veterinary dental procedures to remove baby teeth that would have caused young horses pain or difficulty with feeding—the world's oldest known evidence for veterinary dental care.
Previous research has shown that these early herders were the first in eastern Eurasia to rely heavily on horses as livestock for food products, and may have been among the first to use horses for mounted riding. Drawing on insights from his Mongolian colleagues, Jamsranjav Bayarsaikhan and Tumurbaatar Tuvshinjargal of the National Museum of Mongolia, Taylor argues that the development of horseback riding and a horse-based pastoral economy was a key driver for the invention of equine veterinary care.
"We may think of veterinary care as kind of a Western science," he says, "but herders in Mongolia today practice relatively sophisticated procedures using very simple equipment. This results of our study show that a careful understanding of horse anatomy and a tradition of care was first developed, not in the sedentary civilizations of China or the Mediterranean, but centuries earlier, among the nomadic people whose livelihood depended on the well-being of their horses."
Oldest evidence of horse veterinary care discovered in Mongolia
A horse skull placed next to a deer stone in central Mongolia. Horse skulls are revered by modern herders, as are deer stones -- this one has been decorated with a ceremonial blue prayer scarf. Credit: William Taylor
Additionally, Taylor and his team discovered that changes in horse dentistry accompanied major developments in horse control technology, including the incorporation of bronze and metal mouthpieces into bridles used for riding. This equipment, which spread into eastern Eurasia during the early first millennium BC, gave riders more nuanced control over horses, and allowed them to be used for new purposes—especially warfare. However, using metal to control horses also introduced new oral problems, including painful interactions with a vestigial tooth that develops in some animals, known as a "wolf tooth." Taylor and his team discovered that, as herders began to use metal bits, they also developed a method for extracting this problematic tooth—similar to the way most veterinary dentists would remove it today.
In doing so, these early riders could control their horses in high-stress situations using a metal bit, without accompanying behavioral or health complications, which may have had major implications for the ancient world. Nicole Boivin, Director of the Department of Archaeology at the Max Planck Institute for the Science of Human History, explains, "In many ways, the movements of horses and horse-mounted peoples during the first millennium BCE reshaped the cultural and biological landscapes of Eurasia. Dr. Taylor's study shows that veterinary dentistry—developed by Inner Asian herders—may have been a key factor that helped to stimulate the spread of people, ideas, and organisms between East and West."...
Chief executive officer Batkhuu Dorj says MMS is set to open its new Khan Bogd workshop less than 20km from the Oyu Tolgoi mine-gate in August this year. The 720-square-metre facility will complement its main workshop at Ulaanbaatar. Already the firm and its 40 or so employees are working on electrical, pumping, fabrication, engineering and drafting projects for a range of clients.
MMS, owned 50-50 by Australia's Murray Engineering and South Gobi Development Corporation, has been in operation since May.
Murray, part of the internationally renowned Byrnecut Group, and South Gobi Development Corp did a thorough assessment of Mongolia's mining and infrastructure market before committing to the new venture.
"Mongolia has rich natural resources that are again arousing a high level of interest among investors," Batkhuu says.
"Murray Mining Services has a great opportunity and is positioned to grow with the expected expansion of mining projects and the development of basic infrastructure.
"There are two current mega projects in the South Gobi region in the Oyu Tolgoi copper-gold and Tavan Tolgoi coal mines. They will play a significant role in Mongolia's future development.
"There will be large supporting infrastructure projects around these mega projects, including power plants, railways, processing plants, water supply and local community development projects."
Mongolia is also seeing renewed international investment in its copper, gold, molybdenum, zinc, tungsten, iron ore, uranium, fluorspar and other minerals.
MMS chief operating officer Gonzalo Sanchez, an experienced boiler maker and fabrication business manager who spent four years with Mongolia Komatsu dealer Transwest and was then involved in the formation of South Gobi Development Corp, says strong growth in the country's mining sector over the past 10-15 years has been punctuated only by the global slowdown in the industry between 2014 and 2016.
"The policies and investment laws are more favourable for investment now and with the government taking this very seriously they are only getting better investors and bigger investments made," Sanchez says.
"New investment in infrastructure such as the power plants and road projects in the eastern region will increase the attraction of mining in the area.
"We also see that, with the standard of fabrication and assembly work that can be achieved here, and by applying Murray standards in the operation, we will have an opportunity to produce export-quality products in Mongolia for supply in the region."
Indeed, MMS aims to emulate the success of the giant Oyu Tolgoi operation near Khan Bogd by training and developing a large, skilled labour force equipped to do machine maintenance, remanufacturing, and final assemblies for local mines and possibly operations further afield.
"Today 96% of Oyu Tolgoi employees are Mongolians and we very proud to see them running the world-class mine," Batkhuu says.
Murray Engineering managing director Craig Lindsay-Rae says the new Mongolia enterprise made a lot of sense as Murray's first offshore venture. The world-class engineering, maintenance and fabrication business has operations around Australia.
"Mongolia is a democracy which is politically close to Australia and, like Australia, the country is resource rich. The Mongolian people have a great work ethic," Lindsay-Rae says.
"Now is a good time for this venture because we have prominent partners who are committed to the South Gobi Region where the Oyu Tolgoi mine is situated.
"We were particularly impressed with the commercial and technical knowhow of the key managers of our partner company in Mongolia, and we have an excellent cultural fit. We look for synergy in culture in any investment we make, and that includes being customer-focused and being able to ensure we have homogenous quality and service standards across the globe, and all this we see being achieved in Mongolia."
Batkhuu, who has more than 20 years of direct experience in Mongolia's mineral exploration and mining sector, as well as a background in accounting and corporate finance, is highly enthused about prospects for regional development and expansion of MMS.
A former president of Mongolia's JCI organisation, part of the worldwide JCI young leaders and entrepreneurs network, Batkhuu says the opportunity to develop the skills and qualifications of local people in the South Gobi region in association with an international group widely recognised for its successes in this area, is particularly appealing.
MMS currently has three hectares of land around the 720sq.m workshop, giving it plenty of room to grow. "This is our first workshop and in the future we will have more for different purposes as MMS has several operating units," Batkhuu says.
Sanchez started working as a boilermaker trade assistant in Brisbane, Australia, when he was 17.
He went on to work for various leading small engineering and fabrication firms, such as Kador Engineering, Austin Engineering and Jaws Buckets. These companies have grown internationally on their domestic connections with mining and resources and Sanchez sees a similar opportunity emerging in Mongolia.
"The new workshop will have an initial focus on pump remanufacturing and service, and we can expand that in future to include fabrication and electrical maintenance," he says.
"All this can be done by locals with training from Murray to ensure world-class standards of work and service.
"This is a venture combining Australian and Mongolian enterprise and energy that I think has a great future."...
ULAN BATOR, July 2 (Xinhua) -- Mongolia aims to push up its economic growth rate to 8 percent and keep inflation below 8 percent in 2019, the Economic Standing Committee of parliament said Monday.
"To achieve the goals, we have to attract more investment. We are working to optimize the business environment and make tax (reforms) in a bid to restore foreign investor confidence," Dorjdamba Damba-Ochir, head of the committee, said.
Mongolia's GDP grew 5.1 percent year on year in 2017, compared to 1.0 percent the previous year.
The International Monetary Fund has predicted Mongolia's GDP growth will be 5 percent this year and climb to 6.3 percent next year.
Editor: Li Xia