|"Open to Export" ICC WTO International business award||ICC WTO||London|
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
The Ministry of Food, Agriculture and Light Industry has provided details of crop cultivation this year: across Mongolia, 494.3 thousand hectares - or just under five square kilometers - are currently under cultivation, including 342 thousand hectares for wheat, 12.7 thousand hectares for potatoes, 8.1 thousand hectares for vegetables, 69.7 thousand hectares for oil plants, 36.6 thousand hectares for fodder plants, 947 hectares for medicinal plants and 386 hectares for various fruits. Cultivation began nationwide only on 3 May because of weather conditions.
Agriculture accounts for 73 percent of the land use in Mongolia and makes up 13.3 percent of the country’s GDP. The bulk of this is connected with livestock rearing and related milk, dairy and meat.
Boeing says the jet could get you anywhere in the world in just one to three hours. With top speeds exceeding 3,800 miles per hour, the trek from New York to London, for example, could take 120 minutes. Currently the trip takes around seven hours.
Boeing (BA), the world's largest aircraft manufacturer, says the concept is still in the early stages of development. Key technical challenges will need to be solved before the company will even produce a prototype, Boeing spokesperson Brianna Jackson said Wednesday.
It's possible the concept could become a reality in 20 to 30 years, Jackson said in an email.
"Developments takes years to complete, and even more so with a technology that requires additional testing and refinement as we work to understand how it might fit into the market place," she said.
Boeing is serious about hypersonic and has been testing ultra-fast technology for decades, Jackson said.
And this concept is just one of several in the works. Earlier this year, Boeing unveiled a design for an autonomous hypersonic drone that could be used by the military for surveillance.
Its passenger plane concept may be used by the US military before it ever hits the commercial marketplace. Jackson, the spokesperson, did not give examples of its potential defense purpose, but instead pointed to the drone concept.
"[W]e'd see something like this first before a passenger hypersonic concept," Jackson said.
If Boeing's latest concept is realized it will easily rank among the fastest piloted vehicles ever flown.
It would be more than twice as quick as the legendary Concorde, which could make transatlantic flights in under four hours and retired over a decade ago. It would even be faster than the Lockheed SR-71, which carried two Air Force officers up to speeds of 2,193 miles per hour in 1976.
Boeing isn't the only player in the game. Other companies — such as Lockheed Martin and Aerion Corporation — are also working to develop hypersonic aircrafts.
And Elon Musk's rocket startup, SpaceX, has plans to use the spaceship portion of its interplanetary transport system to shuttle people around the globe at unheard of speeds. Musk said at a space conference last year it could take passengers from New York to Shanghai in just half an hour.
A US-based executive-search firm’s ranking of what it says are the world’s most highly valued companies for 2018 features more businesses from Asia and China than the US.
Heidrick & Struggles on Thursday released its "Superaccelerators", a group of 19 companies among 500 companies with the highest market capitalizations in the world that have achieved high levels of sustained organic growth and profitability according to the Chicago-based firm’s standards.
The firm said while the US dominated the list for the past two years, the 2018 list has shifted toward more representation from Asia Pacific with 11 companies from the region, including seven from China and one from Hong Kong. China had six companies on the 2017 list and three in 2016.
Chinese companies on the 2018 list include Tencent Holdings Ltd, Ping An Insurance (Group) Co Ltd, Kweichow Moutai Co Ltd, Country Garden Holdings, China Evergrande Group, and NetEase Inc. AIA Group Limited, based in Hong Kong and China, was also on the list.
Only six of the companies on this year’s list are based in the US, down from 16 in 2017 and in 2016. Two companies are in Europe, up from none last year and one in 2016.
The top-ranked company is US-based Alphabet Inc, parent of Google. Other American companies on the 2018 ranking include Visa Inc and Charles Schwab.
Ulaanbaatar /MONTSAME/ Three Mongolian tech startups were included in Asia Pacific TOP 100 programme by e27, biggest network that empowers startups and entrepreneurs in Asia.
Top 100 companies were introduced to 400 investors and 5000 participants during the Echelon Asia Summit 2018 held in Singapore on June 28, 29 and and 10 best companies were selected among them. Three Mongolian startups including ‘Erxes’ marketing platform, ‘LendMN’ fintech financial services company and ‘iHotel.mn’ search engine are in the TOP 100 for the first time.
APAC Regional Director of Techstars D.Bat-Oktyabr emphasized that the platforms developed by these companies stood out with speed, productivity, usage and product growth compared to their internationally recognized counterparts.
The selected companies will familiarize with Singapore’s startup business environment, exchange experiences and receive wide range of recommendations from Asian billionaire mentors on how to compete on the international market.
New Delhi, Jul 1 (PTI) An Indian delegation led by Union minister Kiren Rijiju will participate in the Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR 2018) to be held in Mongolia from July 3.
The four-day meet in Ulaanbaatar is expected to host over 3,000 delegates and participants from Asian and Pacific countries, governmental and inter-governmental organisations, the United Nations and other stakeholders, an official statement said today.
Rijiju, the Union Minister of State for Home, will present the country statement on July 4 and chair a technical session on disaster risk reduction, it said. P K Mishra, Additional Principal Secretary to the Prime Minister, will co-chair a session on ‘strengthening disaster resilient infrastructure and urban resilience on July 5.
Kamal Kishore, member, National Disaster Management Authority, will be a speaker at the same event and R K Jain, member, NDMA, will present a case study on heat wave during a technical session.
India will also organise a side event during the AMCDRR on cultural heritage and disaster risk management, the statement said. Participants from private sector/the Federation of Indian Chambers of Commerce and Industry (FICCI) will attend an event being jointly organised by the Mongolian Chambers of Commerce and the FICCI.
Some Indian companies are also expected to present their firms’ activities on disaster risk management, it said.