As mentioned in the presentation by Chairman of Board U.Byambasuren, the company has 15 billion admitted shares, of which 12 billion were issued. The Government owns 65 percent of the issue shares, and 14.6 percent or 2.511 million shares are owned by citizens, 0.06 percent, owned by entities. In the fiscal year of 2017, ETT made net profit of MNT 461.1 billion and accumulated profit of MNT 36.0 billion.

The company held a shareholders’ meeting on April 27th of 2018 and decided against distributing dividends. However, it has been estimated that MNT 3,000 would be distributed to each citizen that holds the company’s share. As per the calculation, several alternatives have been formulated.

After the presentation, President Battulga said: “The locally owned company known as ‘small Tavan Tolgoi’ has distributed profit of MNT 90.0 billion. Meanwhile, regardless of its performance that resulted in MNT 461.1 billion after taxes, Erdenes Tavan Tolgoi is being negligent when it comes to distribution of profit. I understand that you have considered an option of giving away dividends, but the amount totals to MNT 3,000 per shareholder. This would not appropriate. Therefore I am putting forward an alternative."

“Today, ordinary citizens possess 14.6 percent of all shares. The percentage must be increased to 100 percent. A draft law is going to be submitted to the parliament on this issue. If adopted, the law will enable distribution of profits of not MNT 3,000, but MNT 300,000 and more. If the Parliament resolves to distribute shares to 100 percent of citizens, the mission of zeroing people’s debts, which mission was tasked to me upon my nomination to the Presidential election, would become possible through several years of profit distribution. It would also be a harmonious implementation of 6.1. of the Constitution, which provides that natural resources are the property of the people,” highlighted the President.

Present at the meeting was also the Chief of the Presidential Office, Mr. Z.Enkhbold. He remarked that Erdenes Tavan Tolgoi is a possession of the citizens according to the law, and therefore, the company needs to distribute dividends.

Source: President.mn

Sant Maral Foundation releases politbarometer of March

33.6 percent of surveyed in Ulaanbaatar and 25.8-56-9 percent in Sukhbaatar, Selenge and Bayankhongor aimags voted for Mr. Battulga. In Khuvsgul and Dundgobi, the President was ranked second and third with 30.4 and 25.4 percent votes respectively.

Chairman of the Mongolian People’s Revolutionary Party (MPRP) Enkhbayar Nambar, MPRP’s nominee for President in 2017 Ganbaatar Sainkhuu and Chairman of Mongolian People’s Party and Prime Minister Khurelsukh Ukhnaa followed the current president.

Oyunbayar.N

Mr. Lushnikov is also a full right representative of the Far Eastern Federal District for the Russian President and was among the delegation headed by Yu. P. Trutnev, Minister of the Far Eastern Development, who paid a visit to Mongolia at the end of last week.

In addition, he also expressed that Russia is ready to render all support to Mongolia’s actions in the territory of the Russian Federation, especially in the Far East region of the country. According to Mr. Lushnikov, the agreement includes tax reductions and supports from local administrations.

Moreover, he noted that trade turnover between Mongolia and Russia is now only USD 1.7 billion and is in need for active measures to increase. Trade with the Far Eastern Federal District totals USD 42 million and is highly dissatisfying. Therefore, he called for the transportation ministers of both countries to cooperate actively with initiatives in order to increase trade by 12 times to USD 500 million in the first few years.

In a statement issued by the Ulaanbaatar Railway, it is expected that the agreement will be signed during a nearest government official’s visit of the two countries. The next high-level meeting is expected to be Mongolian Prime Minister’s visit to Russia for the Saint Petersburg’s Economic Forum, which will take place near the end of May.

Bayar.N

India’s plans to deepen ties with Mongolia, sandwiched between Russia and China, comes at a time when Beijing is expanding its influence in Delhi’s periphery in South Asia, with analysts terming Indian push as an instance of ‘politico-diplomatic astuteness’.

Swaraj’s visit was the first visit by Indian foreign minister to Mongolia in 42 years. Prime Minister Modi had visited Mongolia in 2015 and a plan for a comprehensive partnership was in the works since then, the officials indicated.

“The visit of PM Modi in May 215 to Mongolia saw the two countries raising the partnership to a strategic level. Now that the two countries would be further deepening the ties across sectors,” said a government official who asked not to be named.

According to the agreed minutes of India-Mongolia joint committee, which Swaraj co-chaired on April 25, the two countries have agreed to promote the links between ministries and agencies from both sides, including closer ties between their national security councils.

“The two sides take part in joint exercises and they wish to step up the security cooperation. The forthcoming visit of home minister Rajnath Singh comes in this context,” said another official on condition of anonymity.

New Delhi will be hosting senior government officials from Mongolia at premier Indian institutes to train them in public policy and governance, said the minutes of the committee. For example, the Foreign Service Institute, which trains Indian diplomats, will host training programmes for Mongolian diplomats as well.

The two sides also decided to step up the cooperation in the mineral exploration sector and to speed up the plans to set up an oil refinery in Mongolia with an Indian line of credit of $ 1 billion. The two sides also agreed to explore the possibility of direct air connectivity and cooperation in the fields of telecommunication, education and health.

Commodore (retd) C Uday Bhaskar, director of the Society for Policy Studies, said that strengthening ties with Mongolia was ‘long overdue’. “It makes for strategic prudence for Delhi to invest in and be engaged with Mongolia. India’s Buddhist profile is very revered in that country.”

When asked if the China factor was behind India’s engagement, Bhaskar said, “Even if this is not stated explicitly, political geography is not an existential reality. Politico-diplomatic astuteness lies in maximising small opportunities and margins when they present themselves. Delhi has been diffident for decades.”

As of March, the central bank's average gold purchase rate (gold price) was 101.822.3 tugrik (42.56 U.S. dollars) per gram, which corresponds to a low rate on the London Metal Exchange, according to Bank of Mongolia experts.

It is expected that the gold purchase will increase with the start of the peak of gold mining period in August, September and October.

The gold producers in cooperation with the government of Mongolia have carried out a number of measures directed at enriching the treasury fund and improving the legal environment on foreign exchange over the past five years. As a result, gold miners provided 20.01 tons of gold to the central bank in 2017, contributing 800 million dollars to the state treasury.

Annual gold production had not surpassed 20 tons since 2005 when it reached its record high of 25 tons.

Mongolia has national football teams in nine age categories and taking part in international matches. However weather and environmental conditions cause difficulties for trainings. To tackle this issue, a project on establishment of a training centre for the national teams has been initiated by the Mongolian Football Federation (MFF) and is being implemented in Tuv province, said Sh.Jargalsaikhan, Head of Technical Department of the MFF.

The three year project is being financed from the International Football Federation and the ‘Greenfield’ company of Holland will work as general contractor and ‘Derennaran’ as sub-contractor.

An additional football field with retractable roof is planned to be built. Therefore the new training centre will help Mongolia's national teams save their time and expenses training abroad and will create favorable condition to develop football sport locally, said G.Lkhagvasuren, Provincial Director of Physical Culture and Sports Office.

The US said the firm's in-flight entertainment division hired consultants for "improper" purposes and concealed payments to sales agents in China and elsewhere in Asia.

The US said the acts violated the Foreign Corrupt Practices Act.

Panasonic did not respond to a request for comment.

The payments were made by US-based subsidiary, Panasonic Avionics Corp, between 2007 and 2016, the US said.

In one case, the firm hired a foreign official as a consultant at the same time that the official was negotiating a contract between Panasonic and a government-owned airline in the Middle East.

The official was paid $875,000 over a six-year period, despite doing "little work", according to US documents.

In other cases, Panasonic determined that sales agents in China and elsewhere did not pass anti-bribery certification, but executives "secretly" rehired them as subcontractors, the US said.

Through that process, the employees shielded more than $7m in payments to at least 13 people, the US said.

The US Securities Exchange Commission (SEC) said Panasonic also overstated profits in one quarter in 2012 by backdating an agreement with an airline.

The firm has since "separated" several executives involved in or aware of the "misconduct", according to the US Justice Department. It has also improved its internal controls.

The fine includes $143m to resolve the charges from the SEC, a financial regulator, as well as $137.4m for the charges brought by the US Justice Department.

Ireland ranks high with its education quality and curriculum among the European countries and students from Mongolia study in Ireland with their own expenses. Minister of Education, Culture, Science and Sports Ts.Tsogzolmaa proposed Irish side to cooperate in student exchange at government level and the sides agreed to sign a memorandum of cooperation on student exchange within this year. They also talked about possibilities on co-organizing cultural events with Irish cultural agency, exchanging professors in science sector especially in IT field and enriching contents of curriculum.

Ireland has developed equestrian sports highly and this has become the major part of the country's tourism industry. The sides exchanged views on sharing experiences and improving a legal environment for equestrian sports as suggested by the Speaker of the Mongolian Parliament M.Enkhbold.

G.Tuguldur