1 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      2 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      3 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      4 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      5 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      6 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      7 SOLAR EMPOWERMENT OF NOMADS IN RURAL MONGOLIA WWW.GREENOPTIMISTIC.COM PUBLISHED:2019/02/15      8 MONGOLIA, CUBA TO BOOST BILATERAL RELATIONS WWW.PLENGLISH.COM PUBLISHED:2019/02/15      9 GOOGLE OUTLINES $13BN US INVESTMENT WWW.BBC.COM PUBLISHED:2019/02/14      10 NATIONAL DEVELOPMENT AGENCY TO COOPERATE WITH JAPAN’S MIZUHO BANK WWW.MONTSAME.MN PUBLISHED:2019/02/14      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

64x64

Mongolia sends off athletes to Special Olympics www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ March 9, Thursday saw a send-off ceremony for Mongolian athletes to partake in the 2017 Special Olympics World Winter Games which will take place in Austria on March 14-25.
 
Team Mongolia first participated at the 2013 Special Olympics World Winter Games held in Pyeongchang, South Korea. And Mongolia sent 14 athletes to the 2015 Special Olympics World Summer Games who claimed 4 gold, 4 silver and 4 bronze medals in 3 categories.
 
This time, 14 Mongolian athletes are to compete under the supervision of 3 coaches in bandy, cross-country ski and snowshoeing.
 
Present at the send-off ceremony were S.Oyun, Head of Mongolian Special Olympics Committee, O.Gerel, senior specialist at Department of Sports Policy at the Ministry of Education, Culture, Science and Sports, Ts. Sharavjamts, Authority of Physical Culture and Sports and coach Ch.Nasantogtokh, Hero of Labor.
 
During the ceremony, bandy player D.Tuguldur was handed over the national flag by Ch.Nasantogtokh.
...


64x64

Mongolia signs visa exemption agreement with Argentina www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During the 1st political consultative meeting between the Ministry of Foreign Affairs of Mongolia and the Ministry of Foreign Affairs and Worship of Argentina hosted in Ulaanbaatar on March 9, Thursday, sides agreed on the terms of and signed an agreement on mutual visa exemption for holders of all passports.
 
The meeting was chaired by D.Davaasuren, Secretary of State of the Mongolian Foreign Ministry and Gustavo Zlauvinen, Argentina’s Under-Secretary for Foreign Affairs, and addressed means of developing bilateral political, trade, economic and humanitarian ties, short-term goals for cooperation and possible sectors.
 
Particularly, sides agreed that there are opportunities and resources for agricultural cooperation between Mongolia and Argentina. The Argentine side expressed its willingness to share its experience of eradicating highly contagious animal diseases, and cooperate in this area. Furthermore, the side expressed readiness to arrange a visit by Mongolian Minister for Food, Agriculture and Light Industry to the country, and deploy Argentine agricultural specialists to Mongolia.
 
The Argentine side will be focusing on the matter of Mongolians studying agriculture and diplomacy in Argentina.
...


64x64

Mining-oriented Mongolia-Canada cooperation expanding to other sectors www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Agreement on Promotion and Protection of Investments between the Governments of Mongolia and Canada has taken effect. This was announced by the officials of both governments during the Prospectors and Developers Association of Canada (PDAC) Conference in Toronto.
 
Minister of Mining and Heavy Industry of Mongolia Ts.Dashdorj and Canadian Minister for International Trade F.P.Champagne touched upon this matter.
 
Under the agreement, Canadian investors were negotiated to invest in other sectors than mining, such as agriculture, infrastructure and renewable energy.
 
The government of Canada has made an investment of USD 6.4 billion to Mongolia in the past two years, according to a statistical report by Canadian agency.
 
 
...


64x64

Merrill Lynch may keep commission-based retirement accounts: source www.reuters.com

 
Merrill Lynch, a unit of Bank of America Corp, may not entirely do away with its commission-based retirement accounts, after Trump ordered the Labor Department last month to delay the proposed retirement-savings rule.
 
In a conference call with the advisors on Thursday, the bank said it plans to shift most of its retirement savers to accounts that charge a fee based on percentage of assets from those that charge a commission, according to a source familiar with the matter.
 
However, Andy Sieg, head of Merrill Lynch Wealth Management, noted in a memo seen by Reuters that the account conversions may not apply to all of its customers.
 
"We've recognized that there may be limited situations in which a fee-based arrangement would not be in a client's best interests. We are reviewing those limited circumstances to consider potential alternatives to IAP for some clients in a manner consistent with a higher standard of care," Sieg said in the memo.
 
Last month U.S. President Donald Trump ordered the Labor Department to review the implementation date of the new fiduciary rule, proposed by Obama, which was set to take effect in April.
 
The proposed rule was staunchly opposed by the financial services industry. Wall Street had argued that the rule would harm consumers as it would raise compliance costs and therefore fees, and force them to get rid of Main Street clients and small businesses that offer 401(k) plans.
 
Merrill Lynch was not immediately available for comment.
 
The Wall Street Journal had earlier reported that Merrill Lynch was planning to still offer commission-based retirement accounts.
...


64x64

Gold price dips below $1,200 www.mining.com

In another day of above average trading volumes, gold dropped through the psychologically important $1,200 an ounce level on Thursday as the metal comes under pressure from a strong US dollar and a looming interest rate hike in the US.

Gold for delivery in April, the most active contract on the Comex market in New York with nearly 23m ounces traded, slumped to a low of $1,199.o0, a more than five week low. Year-to-date the metal's gains have been trimmed to just over 4%.

While tighter monetary policy is not bullish, inflation and a range of uncertainties, including European elections and protectionism should support the yellow metal
Because gold is not yield-producing and investors have to rely on price appreciation for returns, the metal has a strong inverse correlation to US government bond yields.

The metal also usually moves in the opposite direction of the US dollar thanks in part to the growing effect of physically-backed gold ETFs traded in the US.

The current weakness may be temporary according to a Bank of America Merrill Lynch research note released Thursday quoted by CNBC:
However, if hourly earnings are much higher than expected and the rest of the report is also strong investors may start to worry that the Fed is behind the curve

"While tighter monetary policy is not bullish, inflation and a range of uncertainties, including European elections and protectionism should support the yellow metal. As such, we see prices at $1,400 (per troy ounce) by year-end".
Bloomberg points out that it's the worst run for gold since October and quotes Brad Yates, head of trading for Elemetal, one of the biggest US gold refiners as saying there could be more pain ahead:

“If the data continues to be as good as it was, or improves, we could see the Fed move toward further hawkishness."
ABN Amro in a research note says strong US payroll numbers on Friday could turn out to be bullish for gold:

If hourly earnings come in around expectations and the rest of the US employment report is strong, the US dollar will probably profit. However, if hourly earnings are much higher than expected and the rest of the report is also strong investors may start to worry that the Fed is behind the curve. It is likely that this will weigh on the dollar and support gold prices.

...


64x64

AirBnB raises $1bn of investment funding www.bbc.com

Home rental company AirBnB has raised $1bn (£821m) of investment funding in a deal that values the firm at $31bn.
The San Francisco-based firm disclosed the investment in a filing to the US Securities and Exchange Commission.
AirBnB did not comment on how it would use the funding, but is expected to expand its operations globally.
It has grown rapidly since its launch in 2008, and currently operates in 65,000 cities worldwide.
The firm, which does not publish its sales figures, makes its money by enabling homeowners to rent out their homes.
It takes a 3% cut of each booking and a 6% to 12% service charge from guests.
'No IPO plans'
It made its first profit in the second half of 2016, and will continue to be profitable this year on an underlying basis, according to media stories.
They also reported that the firm had no plans to list its shares on the stock market in the near future.

Brian Chesky co-founded AirBnB in 2008 to help pay the rent on his San Francisco flat
The company has been diversifying and recently began offering users new services, such as tailor-made city tours and exclusive experiences with local experts.
However, it has also faced criticism over claims it is driving up rents and contributing to housing shortages in some cities.
In December, under pressure from MPs, the firm said it would block hosts in London from renting out homes for more than 90 days a year without official consent.
What is AirBnB?
The accommodation site lets people rent out their properties, often at prices undercutting hotels and traditional Bed and Breakfasts.
It was started by university friends Brian Chesky and Joe Gebbia in 2008 to help pay the rent on their San Francisco flat.
As the site expanded into more and more cities, helped by the use of professional photographers, it attracted backers including Amazon founder Jeff Bezos and actor Ashton Kutcher.
In total it has raised more than $3bn from investors and it is now the second most valuable start-up in the US after Uber, which is valued at about $70bn.

...


64x64

Mongolia`s population reaches 3.1 million www.gogo.mn

National Statistics Office reported that population of Mongolia reaches 3 million 119 thousand as of Mar, 2017. 
Population by gender:
1 million 585 thousand are males,
1 million 533 thousand are females. 
In addition to the above, Mongolia had a population of 2.9 million at the end of 2014 while it was increased to 3.57 million at the end of 2015. 
Interestingly, on January 24th, 2015, Mongolia welcomed its 3 millionth citizen.

...


64x64

Police and health services are the most corrupt in Mongolia www.gogo.mn

Transparency International, the global coalition against corruption released the latest Asia Pacific edition of the Global Corruption Barometer, covered 22,000 people across 16 countries and territories on Mar 7, 2017. 
In Mongolia, police and health services have the highest levels of corruption, out of 6 public services that were asked about. Across the region, 30 percent of respondent who had come into contact with a police officer in the last 12 months had paid a bribe. 
"1500 people were attended the survey from Mongolia, of which 33 percent of them were representatives of 21 aimags and 67 percent of them were residents of Ulaanbaatar, the capital city of Mongolia", said E.Munkhjargal, CEO of Transparency International Mongolia. 
Over 61 percent of people in Mongolia rated their government badly at addressing corruption.
When looking at the overall regional results, 38 per cent of the poorest people have paid a bribe, which was the highest of any income group. This may be because they have fewer alternative options available to them, or because they have less power or influence to avoid paying bribes
The best ways people thought they could tackle corruption in their own countries are reporting corruption (22 per cent) and refusing to pay bribes (21 per cent) were most effective. 
Based on the findings in this report, Transparency International makes the following recommendations to the Governments:
Make good on promises 
Heads of states must speak out and act immediately and publicly, to assert their specific and time-bound commitment under the Sustainable Development Goals (SDGs) to substantially reduce bribery and corruption by 2030.
Governments must deliver on their anti-corruption commitments made globally and regionally by implementing legislation and practice at the national level. For example, the social accountability (article 13) and anti-corruption agencies (articles 6 and 36) aspects of the United Nations Convention against Corruption (UNCAC).
Stopping bribery in public services
Governments should address systemic problems that allow corruption in public sector delivery: Prevent corruption by promoting transparency through effective implementation of access to information legislation and open government practices, enhancing a healthy and free environment for civil society to operate, and enacting codes of conduct for public servants.
Punish the corrupt by immediately adopting a zero-tolerance policy for corruption in public services, pursuing prosecutions and applying appropriate sanctions.
The police must lead by example and urgently address corruption within their ranks and act to gain public confidence because of their key role in fighting corruption.
Governments must integrate anti-corruption targets into all SDGs including hunger, poverty, education, health, gender equality and climate action, and develop mechanisms to reduce corruption risks in these areas.
Encouraging more people to report corruption 
Legislatures must adopt and enforce comprehensive legislation to protect whistleblowers based on prevailing international standards, including those developed by Transparency International. Meanwhile, governments and the private sector must support whistleblowers and reporters of corruption and ensure appropriate follow-up to their disclosures.
Anti-corruption agencies should engage with the large numbers of citizens willing to refuse paying bribes and those willing to report bribes. At the same time, anti-corruption agencies should implement outreach programmes to encourage people to report corruption and ensure user-friendly reporting mechanisms to empower citizens to effectively take action against corruption.

...


64x64

Snap perks up after initial rush of short sellers www.reuters.com

 
Shares of Snap Inc (SNAP.N) bounced back on Wednesday following a steep selloff while an initial rush to short sell the stock appeared to be slowing.
 
The owner of the Snapchat messaging app had fallen sharply in the previous two sessions as investors focused on its lofty valuation following a $3.4 billion public listing last week that was the hottest technology offering in three years.
 
Shares of Snap, which has warned it may never be profitable, closed up 6.4 percent at $22.81.
 
Traders betting against Snap on Wednesday added less than $50 million in new short sales of its stock, a slower pace than the day before, when initial short bets jumped to $300 million, according to S3 Partners, a financial analytics firm.
 
Short sellers borrow and then sell stocks they think will fall in value, hoping to profit by buying the stock back more cheaply later on and then returning it to its owner.
 
Reflecting a higher supply of Snap's shares and potentially less demand, the annual interest rates brokers charged to lend the shares declined to around 15 percent from as much as 40 percent on Tuesday, said S3 Partners Managing Director of Research Ihor Dusaniwsky.
 
By comparison short sellers paid 19 percent to borrow Twitter's (TWTR.N) stock after its 2013 listing, according to IHS Markit.
 
Traders looking for a piece of the action in Snap will get another way to bet when its options start trading on Friday.
 
Snap has been a roller-coaster ride for investors, surging 59 percent in its first two days of trading, and falling 15 percent since then.
 
Billionaire investor David Tepper, whose views on stocks are closely watched by other money managers, told CNBC on Wednesday he bought shares of Snap in the IPO, sold some, and would buy again if the price dropped.
 
FTSE Russell will consult with big investors on whether to include companies like Snap in its widely followed stock indexes even if their shares lack voting rights, an FTSE Russell executive said.
 
Snap would benefit if it were added to major stock indexes because index portfolios managers would have to buy its shares, and other investors whose performance is tracked against such benchmarks would likely follow suit.
...


64x64

Private sector leaders call for long-term and stable law and policy www.montsame.mn

Ulaanbaatar /MONTSAME/ The American Chamber of Commerce (AmCham) in Mongolia hosted its March monthly Meeting with some of the most prominent business leaders in Mongolia on March 7 to discuss “Perspectives of Business Leaders on the Economic Situation of Mongolia and Forecasts for 2017”.

The panelists included President of MSC Group J.Od, Chairperson of Petrovis LLC and President of Ulaanbaatar Chamber of Commerce J. Oyungerel, Executive Director of Wagner Asia Group Steve Potter, and Resident Representative for Mongolia at International Finance Cooperation (IFC) Tuyen Nguyen.

The meeting brought together over 100 participants, including AmCham members and representatives from Mongolia’s leading businesses. Attendees heard from the panelists on Mongolia’s outlook in a broad range of business categories, including mining, agriculture, new projects, and finance. The panelists also spoke about the need for economic diversification and stability in policy and law as well as the IMF’s extended fund facility program and its implications for the private sector.

J.Od, President of MCS Group, opened the discussion and said, “2017 presents a real opportunity for Mongolia to develop a real economy and to create jobs based on economic diversification, good policy decisions, regional integration and an open investment environment.”

J.Oyungerel, Chairperson of Petrovis Group, noted, “Mongolia needs to promote and increase its export products, such as agriculture industry products, to further develop our economy while having a stable policy and legal environment designed to support the private sector as the key engine of economic growth. Also, Mongolia needs investors who can supply the best expertise and advanced technology for local businesses to grow.”

Mr. Steve Potter, Executive Director of Wagner Asia Group, gave a comparative analysis of Mongolia with other jurisdictions and said, “The chances of success will greatly increase if we develop long-term and sustainable policies that encourage both domestic and international investment and private sector growth.”

Tuyen Nguyen, Resident Representative for Mongolia at the IFC, commented in detail on the IMF’s extended fund facility program and its impacts on the private sector and said, “Fiscal discipline of the government with the IMF deal will certainly help in unleashing the potential growth of the private sector and in rebuilding investor confidence.”

“AmCham Mongolia has been and will keep working with both the public and private sectors to promote strong private sector growth, an enabling business environment, increased investment, and a stable policy and legal environment in Mongolia.” Jay Liotta, Chairman of AmCham Mongolia, said during his closing remarks.

...