1 FOREIGN RELATIONS OF MONGOLIA’S ROAD TRANSPORT SECTOR BROADENING WWW.MONTSAME.MN PUBLISHED:2019/02/21      2 MONGOLIA EXPRESSES READINESS TO CONTRIBUTE TO STRENGTHENING ASIA-EUROPE COOPERATION WWW.MONTSAME.MN PUBLISHED:2019/02/21      3 OYU TOLGOI FUNDED 35.1 KM ROAD OPENS IN KHANBOGD WWW.GOGO.MN PUBLISHED:2019/02/21      4 POLYMER BITUMEN TO BE DOMESTICALLY PRODUCED WWW.MONTSAME.MN PUBLISHED:2019/02/21      5 KHURELBAATAR CHIMED: 319 ENTITIES DREW LOANS FROM TWO FUNDS WWW.ZGM.MN PUBLISHED:2019/02/21      6 CONSTRUCTION OF TAVANTOLGOI-GASHUUNSUKHAIT ROAD TO BE INTENSIFIED WWW.MONTSAME.MN PUBLISHED:2019/02/20      7 OVER 30 MEASURES PLANNED FOR REDUCTION OF ENVIRONMENTAL POLLUTION WWW.MONTSAME.MN PUBLISHED:2019/02/20      8 MONGOLIA SAYS IT EARNS OVER 169 MLN USD FROM COAL EXPORTS TO CHINA IN JAN WWW.HELLENICSHIPPINGNEWS.COM  PUBLISHED:2019/02/20      9 RUSSIA’S GAZPROM TO START CHINA GAS PIPELINE BY DECEMBER 1 WWW.RT.COM PUBLISHED:2019/02/20      10 MONGOLIA'S FOREIGN TRADE UP 41.6 PCT IN JAN. WWW.XINHUANET.COM PUBLISHED:2019/02/20      УГСАРМАЛ ОРОН СУУЦНЫ ДУЛААЛГАД ЗОРИУЛЖ 12.7 ТЭРБУМ ТӨГРӨГИЙГ УЛСЫН ТӨСВӨӨС ГАРГАХААР БОЛЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2019/02/21     2018ОНД ЦАГААН БУДАА , ЭЛСЭН ЧИХЭР , ТАХИАНЫ МАХНЫ ИМПОРТ 24-32 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/21     ДЦС IV: 2018 ОНД НИЙТ АШИГ 4.7 ДАХИН ӨСӨЖ , 4.48 ТЭРБУМ ТӨГРӨГ БОЛСОН WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/21     ТУСГАЙ САНГУУДААС ГАРГАСАН ЗЭЭЛИЙН 100 ОРЧИМ ТЭРБУМ ТӨГРӨГ ХУГАЦАА ХЭТЭРСЭН ӨР БОЛЖЭЭ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/21     МОНГОЛ УЛСЫН БОРЛУУЛАЛТЫН МЕНЕЖЕРҮҮДИЙН ИНДЕКС СҮҮЛИЙН 12 САРД АНХ УДАА УНАЛТЫН БҮСЭД ШИЛЖИВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/21     2018 ОНД ХАМГИЙН ЧИНЭЭЛЭГ БҮЛГИЙН ХЭРЭГЛЭЭ ЯДУУ БҮЛГИЙНХНЭЭС 5.1 ДАХИН ИХ БАЙВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/21     ХОВД ГОЛД ОСОЛДСОН 6 НАСТАЙ ХҮҮХДИЙН ЭРЛИЙГ ЗОГСООЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/21     ДБНХ-НООС П.ОРХОНЫ БАРИЛДАХ ЭРХИЙГ 4 ЖИЛЭЭР ХАСАВ WWW.MONTSAME.MN  НИЙТЭЛСЭН:2019/02/21     УУХҮЯ: II САРЫН БАЙДЛААР НИЙТ НУТАГ ДЭВСГЭРИЙН 5.6 ХУВЬД АШИГТ МАЛТМАЛЫН ЛИЦЕНЗ ОЛГОСОН WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/20     300 ОРТОЙ ТӨРӨХ ЭМНЭЛГИЙН БАРИЛГЫН АЖИЛ 80%-Д ХҮРЧ ГУРАВДУГААР САРЫН 1-НЭЭС ДУЛААНД ХОЛБОГДОХООР БОЛЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2019/02/20    

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

Super Mario Run launches on the iPhone and iPad www.bbc.com

 
Games company Nintendo has rolled out Super Mario Run to iPhones and iPads.
The app marks the first time the firm has created a smartphone game based on its most famous character.
It follows the successful release of Pokemon Go earlier in the year. Nintendo owns a minority stake in the Pokemon Company, but the title was developed by a third party.
Experts predict the new game will also prove popular, but suggest an anti-piracy feature is misguided.
"Mario is one of the best loved and established icons of gaming and I think this is going to be tremendously successful," said Piers Harding-Rolls from the IHS Technology consultancy.
"To open up the full game you have to make an in-app purchase - it's quite big but it is a one-off and I don't think people will think Nintendo is trying to rinse their audience."
But he added that he thought it was a "misstep" to require users to be online in order to play - something the game's producer Shigeru Miyamoto has said was done to limit piracy.
"Some demographics will be wanting to use this as they commute and we know that the coverage in some markets is relatively patchy," said Mr Harding-Rolls.
"Not having offline capability to play will also be an issue for kids travelling in cars."
Build to unlock
Super Mario Run takes the Super Mario Bros format - where the character sprints from left to right, collecting coins, jumping over obstacles and squishing enemies - and tweaks the gameplay to make it easy to play one-handed on a touchscreen.
The free version acts as a brief demo, but paying a £7.99 fee offers full access to three modes:
World Tour - a story mode spanning six worlds, which Mario must travel across to save Princess Peach
Toad Rally - a multiplayer mode, in which players compete to show off challenging moves and collect coins to get the highest score
Kingdom Builder - a creation mode, where players use the coins they have earned elsewhere to add buildings and decorations, some of which unlock bonus characters and other extra content
For now the title is restricted to Apple's iOS platform, but Nintendo has said it will come to Android "at some point in the future".
Nintendo had initially shunned smartphones, preferring to focus on its own hardware.
However, weak sales of its Wii U console and a decline in demand for its 3DS handheld caused the firm to sustain large financial losses, putting it under pressure to change tack.
It launched its first smartphone game, Miitomo, in March to mixed reviews but strong demand.
Then in July, the release of Pokemon Go became a global phenomenon, lifting Nintendo's share price despite the fact it only received a relatively small cut of all sales.
But last month, the firm revealed that two subsequent Pokemon games released for the 3DS - Sun and Moon - had become the fastest-selling titles in its history in Europe and the Americas.
Nintendo's domestic rival Sony is also making a fresh efforts to create iOS and Android games based on its PlayStation brands.
On Monday, it revealed a new Parappa the Rapper title and an Everybody's Golf game were being developed by its ForwardWorks studio.
...


64x64

Moscow & Tokyo seal deal to form joint investment fund www.rt.com

 
Russia and Japan have agreed to create a joint fund to encourage investment in an exclusive economic zone, according to Russian Deputy Prime Minister Yury Trutnev.
 
The deal was signed between the Japan Bank for International Cooperation and Russia's Far East Investment and Export Agency and the Far East Development Fund on Thursday during the first day of Russian President Vladimir Putin's trip to Japan.
 
The fund aims to boost cooperation between the countries and encourage Japanese investment in the Russian Far East region and the country in general.
 
“We signed a memorandum on creating a joint investment platform. Such funds help to set a better stage for investment,” Trutnev said, stressing that Russia is seeking new ways of attracting business.
 
The 100 billion yen ($901 million) fund will invest in medical and urban development projects as well as upgrades to manufacturing facilities, according to reports in the Japanese media.
 
The countries will provide roughly equal amounts to the fund so projects can start as early as next year.
 
President Putin is on a visit to Japan to meet Prime Minister Shinzo Abe. Putin’s visit to Japan has been on hold since 2014 and is seen as a breakthrough in Russian-Japanese relations.
 
Tokyo and Moscow are expected to sign nearly 50 business contracts on the sidelines of the Russian-Japanese business forum the leaders will attend on Friday.
...


64x64

These are America's biggest trading partners www.cnn.com

President-elect Donald Trump has threatened to upend America's trading relationships, especially with China, Mexico and Canada.
The stakes are huge: A CNNMoney analysis of official trade data shows the three countries do $1.9 trillion in combined trade with the U.S. each year, which is a major chunk of America's $5 trillion in global annual trade.
To put that in perspective, if you stacked 1.9 trillion $1 bills on top of each other, the pile would reach about half way to the moon.
Trump has promised to renegotiate or withdraw from NAFTA -- a free trade deal between the U.S., Canada and Mexico -- and he's threatened to slap tariffs of 45% on Chinese goods. He also said this month he'd introduce high taxes on U.S. companies that move jobs to Mexico.
us canada mexico imports
It's too early to say whether Trump will follow through on his promises. But there's little doubt that doing so would have a massive effect on trade around the world.
As Trump plans his move into the White House, here are the trade statistics you should know, compiled from 2015 data from the Census Bureau and Bureau of Economic Analysis:
China is America's largest trading partner, with annual trade in goods and services worth about $663 billion. Chinese exports to the U.S. totaled nearly $500 billion in 2015 -- more than any other destination.
The value of U.S. trade with Canada is $662 billion, just a smidge less than China. Canada is the largest market for U.S. exports, taking in 15% of America's goods and services, worth $337 billion annually.
Mexico ranks as America's third biggest trading partner, worth $586 billion.
Japan, Germany, the United Kingdom and South Korea round out the next spots. Their combined trade with the U.S. is worth $884 billion per year, significantly more than China.
us china trade
Many nations count on Americans to buy their products. For example, over 60% of all Canadian trade is done with the U.S., according to data from the World Trade Organization. And it takes in over 80% of all Mexican goods.
The U.S. is also the top destination for British and German exports.
CNNMoney's new trade infographic breaks down all the key trading relationships you need to know about:

...


64x64

China's outbound direct investment up 55.3% in Jan-Nov www.chinadaily.com

China's outbound direct investment from the non-financial sector registered around 1.07 trillion yuan ($161.7 billion) in the first 11 months of 2016, up 55.3 percent on a year-on-year basis, data released by the Ministry of Commerce show.

The country's outbound direct investment into Africa reached $2.5 billion in the first 11 months of 2016, increasing 31 percent from the same period last year:

Foreign direct investment that went to China rose 3.9 percent year-on-year to 731.8 billion yuan in the first 11 months this year.

...


64x64

JPMorgan hacker fugitive arrested at JFK www.cnn.com

An American hacker fugitive accused of hacking into JPMorgan Chase in the "largest theft of customer data" from an American bank was arrested on Wednesday, according to the U.S. Department of Justice.
At this time last year, Joshua Samuel Aaron was believed to be hiding in Moscow -- the last remaining member of a three-person team of criminal hackers who had evaded arrest.
On Wednesday, federal agents arrested him at John F. Kennedy Airport in New York City.
A spokesman with the DOJ said Aaron was arrested after his flight landed at the airport. Officials would not say whether Aaron was caught abroad and then brought here by law enforcement.
The FBI referred questions about how Aaron was caught to the Russian government.
Aaron's attorney, Ben Brafman, told CNNMoney, "He returned voluntarily to responsibly address the charges."

FBI and Secret Service agents believe that Aaron, 32, was on a team of hackers behind a vast $100 million fraud operation in 2014.
The other two were Israeli citizens: Gery Shalon, thought to be the mastermind, and his associate, Ziv Orenstein. They were arrested by Israeli police in 2015, and American prosecutors at the time were trying to extradite them to the United States.
The trio committed "the largest theft of customer data from a U.S. financial institution in history," according to the prosecutors.
The cyberattack on JPMorgan allowed hackers to grab contact information for 76 million households and 7 million small businesses. That included names, addresses, phone numbers and email addresses, as well as what the bank called "internal JPMorgan Chase information relating to such users."
According to the office of Manhattan U.S. Attorney Preet Bharara, the bank hacks were done to abet their "securities market manipulation schemes."
The statement cited Aaron's role in "orchestrating a massive computer hack into U.S. financial institutions, brokerage firms, and financial news publishers and for his role in a multimillion-dollar stock manipulation scheme."
Once the campaign succeeded in raising a stock's price and trading volume, Aaron and other members of the conspiracy would sell their shares resulting in huge profits, the FBI said.
Several media outlets mistakenly reported rumors that the bank came under attack by Russia. However, federal prosecutors last year made clear the attack was perpetrated by three criminal hackers -- not elite Russian government spies.

...


64x64

South Korea political scandal puts corporate decisions on ice www.reuters.com

Korea Inc is moving in slow-motion, mired by the country's political crisis, with a vacuum in planning and decision making as corporate giants such as Samsung and Lotte delay traditional year-end management reshuffles, company insiders say.

Last week, the heads of nine of the biggest conglomerates, or chaebol, were subjected to an unprecedented 13-hour grilling by a parliamentary panel investigating the scandal that led to Friday's vote to impeach President Park Geun-hye.

While no executives have been charged with wrongdoing, many have been questioned by investigators and the offices of the Samsung, Lotte and SK groups were raided.

"With no hint on when top management changes will be announced, what we are seeing right now is a chain reaction that slows down lots of things," said an executive at a key Samsung Group unit that makes electronics components, who declined to be identified given the sensitivity of the matter.

Between them, the nine groups have revenue of 910.5 trillion won ($780 billion), equivalent to more than half of South Korea's GDP.

Executive promotions, an annual ritual at the big family-controlled conglomerates that dominate South Korea's economy, typically set the stage for new initiatives in the coming year, with decision-making tailing off in the weeks beforehand.

With that period of uncertainty stretching on longer than usual, an employee at a Samsung affiliate said staff had been occupying themselves reading news reports and surfing the corporate intranet.

"There is a definite slowdown in day-to-day work as well, because companies are holding off on concrete expansionary plans or changes," said the person, who declined to be named.

The scandal has also sown uncertainty about government policies and the economy, coming at an inopportune time for companies such as Samsung Electronics Co Ltd and Hyundai Motor Co, which are looking to reverse sliding market share in core businesses.

Hyundai, which is bracing for its fourth consecutive year of annual profit decline, said it was also undecided on whether it would announce personnel changes in late December as usual.

"The mood is not great and our chairman had a very tough time at the parliamentary hearing," said a Hyundai Motor Group executive who declined to be named. "It would be fortunate if I don't get sacked in these difficult times."

WHO'S IN, WHO'S OUT?

Park has been accused of colluding with long-time friend Choi Soon-sil and an aide to pressure big businesses to contribute tens of millions of dollars to two foundations set up to back presidential initiatives.

Samsung Electronics, part of the conglomerate that donated 20.4 billion won ($17.5 million) to the two foundations - the most of any group - has seen delays in setting next year's sales targets, a company source said, declining to elaborate.

The company has also yet to announce its yearly management reshuffle. Samsung traditionally announces executive changes in early December, with some investors expecting a major shake-up after it was forced to discontinue its fire-prone Galaxy Note 7 smartphone.

It declined to give a timeframe, or to comment on when it would announce annual personnel moves.

"There's a lot of anxiety," said an employee at Samsung Electronics' chip division, who said employees were huddling over lunch to discuss rumors of changes that would normally have been completed by now.

"I am curious to know whether my current boss will stay, or I will be moving to another team or not."

A Lotte Group spokesman said its annual reshuffle, which usually takes place in late December, was likely to be delayed to next year because of "various situations".

"Our group companies are having more difficulty in setting up business plans than usual," the spokesman said.

"HOLD TIGHT, LOOK BUSY"

Friday's impeachment vote means the country's Constitutional Court has up to 180 days to uphold or overturn it, setting the stage for Park to be the country's first democratically elected leader to be ejected from office.

Ratings agency Moody's said on Monday that the impeachment increased the likelihood that no new policy changes would be implemented until a permanent replacement was in office, which would weigh on the economy as hiring and investment decisions are put off.

"The biggest fallout we can expect from this issue, economy-wise, is companies hesitating to invest," a Bank of Korea official told Reuters, declining to be named.

Samsung, which usually announces its annual investment plan around late January, told Reuters in a statement that it was "currently in the process of making comprehensive plans for next year."

In 2016, it earmarked a record 27 trillion won ($23 billion) of capital spending.

South Korea' finance ministry said last week it was concerned that "domestic issues" may put more pressure on an economy that is grappling with record household debt and weak exports, as well as global uncertainties.

The Federation of Korean Industries, which represents big conglomerates, typically announces annual investment plans by the 30 biggest business groups in March, but an official there said it was not clear whether it would be able to keep to that schedule.

"The current crisis is similar to or worse than that of the 2008 subprime mortgage crisis," he said, also declining to be identified. "We are at a standstill."

That has left employees "holding tight and trying to keep busy" said an official at another Samsung Electronics affiliate.

"Many executives eligible for promotion or other reshuffle prefer to stay low profile ... you don't want to get unnecessary attention," he said.

...


64x64

Oyu Tolgoi resumes copper shipments to China www.mining.com

Canada’s Turquoise Hill Resources (TSX, NYSE:TRQ), which is 51% owned by Rio Tinto and holds two-thirds of the massive Oyu Tolgoi copper-gold mine in Mongolia, said Wednesday it had resumed concentrate shipments from the operation to China.

The Vancouver-based miner said that after two weeks of talks with Mongolian and Chinese authorities, Oyu Tolgoi has been allowed to restart shipping ore across the border, but it will follow a new joint coal and concentrate crossing route at the border between the two nations.

Production at the mine, expected to reach 560,000 tonnes of copper per year once at full tilt, was unaffected during suspension, Turquoise Hill said.

Rio Tinto approved in May a $5.3 billion expansion of Oyu Tolgoi, one of the world's largest copper mines and a key component of the company’s master plan to become less dependent on iron ore for profits and become one of the world’s biggest copper producers.

The planned expansion, with its nearly 200 km (125 miles) of underground tunnels that will track three times as deep as the Empire State Building is tall, will more than double the copper output from Oyu Tolgoi, which is mostly sent south to China, the world’s main metals consumer.

It is also expected to help Rio and Turquoise Hill get to the most valuable part of the deposit, which also contains gold and silver, and where there has been a open pit mine running since 2013.

First production from the extended underground area is expected by 2020, when a shortage of copper is tipped to emerge. Full ramp up is slated for 2027.

...


64x64

Japan, Hitachi to stump up $8.5 billion for Horizon nuclear project in Wales: source www.reuters.com

 
The Japanese government and a Hitachi Ltd (6501.T) unit will compile a package worth around 1 trillion yen ($8.5 billion) for a UK nuclear power plant project, a government official involved in the project said on Thursday.
 
The Japan Bank for International Cooperation and the Development Bank of Japan will provide financing for the project, the official told Reuters.
 
The funding plans are a boost for the project, one of several new nuclear plants planned in the UK, which is aiming to replacing its ageing fleet of atomic reactors.
 
Hitachi's Horizon unit plans to construct at least 5.4 gigawatts of new nuclear capacity across two sites in Britain.
 
The funds will be provided for the first plant planned at Wylfa Newydd in Wales.
 
The Nikkei newspaper said Hitachi would invest about 10 percent of the expected 19 billion pounds ($24 billion) cost of the project. A Hitachi official declined to comment, saying the amount has not been announced.
 
 
...


64x64

1 bil. Yahoo user accounts hacked www.nhk.or.jp

Yahoo has announced that hackers stole data from more than one billion user accounts.

This follows the IT giant's disclosure in September that hackers had penetrated more than 500 million accounts. The combined number makes the thefts one of the biggest data leaks from a company ever.

Yahoo officials said on Wednesday that the latest attack took place in August 2013. Hackers stole names, birthdates, email addresses and telephone numbers of users.

They say passwords and credit card numbers weren't affected because they are stored on a different system.

Yahoo didn't specify the countries targeted, but said the company will contact affected users promptly to advise them to change their passwords.

Analysts expect that the incident may affect Yahoo's business restructuring. In July, it agreed to sell its Internet and other main operations to US telecom company Verizon for about 4.8 billion dollars.

But after the announcement of the first incident, Verizon hinted it would review the buyout price.

 
 
 
...


64x64

Economic gods may be smiling again at Mongolia www.asia.nikkei.com

TOKYO -- The international financial community's confidence in the Mongolian government's capability in delivering reforms and debt services seems to be ameliorating after a long slump. That was an impression left by an investment-promotion conference held in Tokyo last week, attended by representatives of foreign lenders and investors as well as officials at the country's central bank and legislature.

The timing of the conference, hosted by Frontier Securities, a Japanese-run Ulaanbaatar-based investment bank, seemed to be as bad as it could be.

The country's sovereign debt rating had been downgraded from "B3" to "Caa1" by Moody's in mid-November, with less than four months before the mid-March maturity of a $580 million bond issued by state-run Development Bank of Mongolia. There is no hope that the bank itself will manage to secure funds to repay the bond, given its poor management. The former chief executive of the bank was arrested in October for arbitrary use of funds raised from the bond issuance.

The country's fiscal deficit has exploded to reach 20% of gross domestic product this year. The 2016 GDP is projected to show no growth at around $12 billion, if not a contraction. Mongolia's total external debt is estimated at as much as $23.5 billion, of which the government debt accounts for about $8.4 billion. Analysts say the government needs to repay $1.7 billion-$1.8 billion over the next two years.

In such a situation, to meet the March deadline for the Development Bank's $580 million bond, many believe that the government will need to agree the IMF's loan terms by early February at the latest.

Graeme Knowd, a managing director at Moody's Japan, was straightforward on that issue at the conference. "There seems to be a large gap in the growth forecasts between the Mongolian government's and the IMF's, and we think it will take some time for them to agree on a consensus somewhere in the middle."

On the other hand, Knowd also made a remark that seemed to contradict his own institution's decision to downgrade the country's debt, which led to worries about a default. "What we are seeing is not an insolvency issue but a liquidity issue. We are quite confident that repayment will be made. We are just not certain that it will be made on time in March," he said.

Following Knowd's comment, Neil Saker, IMF's resident representative in Ulaanbaatar, even sounded optimistic. "Regarding the liquidity issue, I am hopeful. We don't really see any big difference [between IMF and the Mongolian government] on the policy framework," Saker said, which many saw as implication that the IMF's talks with the Mongolian government are advancing smoothly. He revealed that the IMF is encouraging other international institutions and countries to join in the rescue initiative as well.

High coupons

Some conference participants said they expected holders of the Development Bank's $580 million would be willing to roll over the debt because the coupon rate will be in double digits. Such a rate would be attractive enough considering that fundamentals internally and externally, including resource commodity prices, mining project progress and macro-economic policies, are starting to ameliorate. "Not many countries have very high interest rates and a bright future at the same time like Mongolia," one of those participants said.

On the sidelines of the conference, an official of the country's central bank, the Bank of Mongolia, was reassuring to both the IMF and Moody's representatives, repeating the line that "the government will repay on schedule for sure."

The central banker also told the Nikkei Asian Review that the bank is determined to maintain the current level of tight monetary policy to maintain the value of the Mongolian currency, the tugrik, for at least a couple of years despite political pressures against it. Saker had told the conference a sustained tight monetary policy is a prerequisite for a new IMF loan.

In recent years, a sharp decline in resource commodity prices led to a sharp drop in government revenues from the mining sector and to a deterioration of the balance of payments. In the June 29 general election, the then-ruling Democratic Party was removed from power and an overwhelming majority voted in the Mongolian People's Party. The new parliament named Erdenebat Jargaltulga, former finance minister, as the new prime minister.

The new government started drafting a policy package involving a fiscal restructure and structural reforms immediately after the inauguration in early July and started talks with the IMF. It proceeded in late September to officially request for an IMF bailout.

Almost all the speakers pointed to a rapid rebound in the prices of coals and copper, both crucial exports for Mongolia. "The economic gods are starting to smile for Mongolia," Nicholas Edwards, a veteran American investor, said. He pointed out that, thanks to the recent price increase, Mongolian coal mines are starting to make money He also noted that copper has been the best performing metal for the past six weeks in the international market.

Of course, every participant agreed that continuous fiscal reforms and economic restructuring are absolute "musts" for the Mongolian government in order to attract a substantial amount of foreign direct investments again.

IMF's Saker warned that the government and politicians should refrain from expanding government expenditure even if the commodity market recovers substantially. "Rather than increasing expenditure when commodity prices go up, which was the story over the last 10 years, [Mongolians] should save those windfalls into sovereign wealth funds and other effective instruments," he said.

...