During the forum presentations on current state of bilateral economic relations, trade and investment and further opportunities of cooperation and increasing trade and investement were made by National Development Agency of Mongolia, MNCCI and Slovak Investment and Trade Development Agency (SARIO). 

In scope of the business forum tete-a-tete meetings were held between businessmen of the two countries and over 40 representatives participated from Mongolian entities including ‘Centerra Gold Mongolia’, ‘Unitel’, ‘Beren’ ‘Hasu Megawatt’, ‘Mongol Em Impex’, ‘Bank of Mongolia’ and ‘Khaan bank’. 

From Slovakian side 27 entities attended from engineering industry, food, agriculture, information technology, telegraph, bank and financial sectors such as “Novas Machinery”, “DB Biotech”, “Solar Slovakia”, “Scout Aviation”, “International Investment Bank”. They expressed interest to cooperate with Mongolian companies.

“We forecast global gold production to increase from 105moz in 2018 to 125moz by 2026, averaging 2.3% annual growth. While a steady pace of growth, this represents a slight deceleration in growth rate compared with the previous eight-year average of 3.1%,” the firm says.

For short-term prices, BMI predicts that they will continue to head higher, averaging $1,300/oz in 2018.

As with many metals, Chinese deals lead gold’s performance when it comes to production and price. According to the business intelligence company, major firms hailing from the Asian giant will ramp up investment in foreign gold mines, as the country’s gold demand growth far outpaces that of production which, BMI says, will stagnate over the coming years at around 16.5moz.

“In 2016, the Asia Pacific region accounted for 44.7% of global gold mining merger and acquisition activity,” BMI estimates, while highlighting that some of the major transactions were carried out by Chinese conglomerate Fosun International, who invested $890 million for an initial 10% stake in Russian gold producer Polyus Gold, as well as Shandong Gold, who purchased a 50% stake in the Veladero mine in Argentina from Barrick Gold for $960 million while committing to advance exploration activities in the area.

Back in 2016, state-owned China National Gold Group paid $300 million for the purchase of the Jinfeng gold mine from Eldorado Gold, while Indonesian firm PT Amman Mineral International paid $1.3 billion purchase of Newmont Mining's Indonesian assets, including the country's second largest copper-gold mine, Batu Hijau.

Australia is another big player in this game. Gold production Down Under is expected to grow, as higher gold prices increase miners’ profit margins and a weaker Australian dollar fosters mine expansions and increased exploration activities by both top and junior miners.

The research firm hints to the performance of Newmont Mining Corp (NYSE:NEM), as the key driver of Australia’s positive outlook. The world’s 2nd largest gold miner expects 2017 production at Australian operations to be 1.5-1.7moz, with total spending between $205-240 million.

“We forecast Australia’s gold output to increase from 10.5moz in 2018 to 13.2moz by 2026, averaging 3.1% annual growth and remaining the second largest global gold producer by a significant margin,” BMI states.

The firm sees modest production growth for Russia’s gold industry, while the U.S. gold sector will see steady production growth supported by rising prices and the fact that federal deregulation under the Trump administration will prompt project development and relax environmental requirements.

Until the passing capacity at the Gashuunsukhait (Mongolia) - Gants Mod (China) border crossing increases, coal will be temporarily transported from Tavan Tolgoi mine to Tsagaan Khad customs inspection area in Khanbogd soum, Umnugobi and from the Tsagaan Khad area to Gashuunsukhait border crossing.

Governor of Umnugobi aimag was assigned to take actions to reduce the environmental impact of the coal transportation between Tsagaan Khad and Gashuunsukhait using local dirt road and coal loading and unloading at the customs inspection area.

Fund for intensification of the operations of the Tsagaan Khad customs inspection area and purchase of modern technology and inspection equipment at the Gashuunsukhait border crossing will be allocated from the Government reserve fund and generated from additional sources.

The Cabinet instructed corresponding agencies and provincial Governors to inspect and monitor the activities of businesses and entities engaging in coal transport and at the customs inspection area, and their compliance with environmental laws and regulations.

The number of coal trucks passing the border on daily basis was 1,200-1,500 until July, 2017, since when it was reduced to 500-600. Caused by this, the 239 km road connecting Tavan Tolgoi mine with Gashuunsukhait border crossing has been overloaded, creating a 140-km-long queue of coal trucks.

The Cabinet’s decision comes after a working visit to Gashuunsukhait border crossing by Minister of Mining and Heavy Industry and Minister of Road and Transport Development, who then drafted a proposal of the temporary solution.

The growing volume of new passports and the increasing diversity of travel document security features have made the identification of forgeries during passport checks at border controls more difficult. Consequently, ensuring that border officers are up to date on the latest trends in document fraud is essential to counter the illegal movement of terrorists, criminals and traffickers of all kind.

Participants in the course shared and discussed their experiences on the latest forgery methods and ways to detect forged and false documents. They are now expected to act as national trainers and further disseminate among their peers the skills and knowledge they received during the course.

This course was the second in a series of courses on forged documents that will take place every autumn in Mongolia between 2016 and 2020. It had a strong interactive component, as it included practical work on original, forged and false documents, as well as the use of forensic equipment to identify document forgery.

In order to improve the technical capacity of the Mongolian law enforcement personnel, 15 high-quality hand-held magnifiers and 5 USB microscopes that were used during the course were handed over after the training.

The OSCE has organized similar courses on multiple occasions in more than 25 countries throughout the OSCE region since 2007, in co-operation with document experts from the Austrian Ministry of Interior. The Austrian training material is accepted by the European Agency for the Management of Operational Co-operation at the External Borders (FRONTEX) as a best practice.

With the implementation effective this month, Air Market will have access to 750,000 global hotel properties, 400 international airlines, and hundreds of other services including car rental, rail and cruise providers through the Sabre travel marketplace. The partnership will help Air Market better cater to their customers’ travel needs, making it easier and more convenient for them to travel around the world regardless of their travel objectives, preferences and budgets.

“This new partnership makes Sabre the leading GDS in Mongolia and continues to cement our position as the leading travel technology partner in Asia Pacific. We are very proud of our partnership with ASM and look forward to growing even further in the region,” said Todd Arthur, vice president of Sabre Travel Network, Asia Pacific.

“As Mongolia’s economy continues to open and grow, we expect to see more outbound travel in the coming years. Likewise, travellers around the world are seeking more unique travel destinations, and Mongolia has been earmarked as a ‘must-visit’ holiday spot. Our technology will enable Air Market to support the growth and diverse options that travellers expect,” Arthur added.

Commenting on the agreement, Margad Byambajav, founder and CEO of ASM said, “We are excited to partner with Sabre and are confident that this partnership will allow for greater ease of travel into and out of Mongolia. We believe that there is further room for growth and look forward to broadening the tourism industry in Mongolia.”

“When given the proper platform and support, people with disabilities can help Mongolia improve productivity and boost economic growth,” said Raushanbek Mamatkulov, Senior Health Specialist at ADB’s East Asia Department. “The project will significantly change the way ADB approaches its assistance to and engagement with people with disabilities, by implementing initiatives focused on what they can do and contribute, instead of what they cannot do.”

People with disabilities in Mongolia, comprising about 4% of the country’s population as of 2010, and their households are often more likely to be in poverty and living in isolation than the rest of the country. They also typically lack access to education, healthcare, social protection, and employment, while remaining marginalized—hindering their potential as productive members of Mongolian society.

The project, focused on Ulaanbaatar and six provinces, aims to achieve equal participation for people with disabilities in economic and social activities by making it easier for them to access basic services and job opportunities. Specifically, the project will focus on early identification of children with disabilities through early medical and social intervention. It will also improve the service delivery for people with disabilities by engaging social workers, conducting family sessions, and establishing a dedicated hotline on information, counselling, and referrals, according to ADB.

The project will fund the construction and rehabilitation of people with disabilities-friendly infrastructures and public spaces. It will also enhance people with disabilities’ job opportunities through policy support and industry partnerships, while enhancing public knowledge and awareness of issues surrounding people with disabilities and programs through policy review and campaigns.

In addition, ADB will administer a grant equivalent of up to $2 million for the project provided by the Japan Fund for Poverty Reduction (JFPR). Established by the Government of Japan in 2000, JFPR provides grants for projects supporting poverty reduction and related social development activities that can add value to ADB-financed projects.

The country's online news sites reported that the Yokozuna opted for retirement to take responsibility for his assault of lower-ranked wrester Takanoiwa, who is also from Mongolia.

Citizens in the capital Ulaanbaatar reacted to the news with surprise and disappointment.

A woman in her 60s said that no one expected the sudden retirement of one of the country's leading sumo wrestlers, and that it was disappointing.

A woman in her 50s said the wrestlers should have gotten along with each other as fellow Mongolians. She added that the retirement would harm not only Harumafuji's honor, but that of the country as well.

A man in his 20s said that Mongolian wrestlers should pay more attention to how they treat each other. He added that the incident would be a lesson for upcoming wrestlers on how to cultivate a sense of responsibility.

This situation, coupled with previously pro-cyclical policies and a fragile external position, are key credit challenges. Over the longer term, reducing the susceptibility of the economy and public finances to sharp cyclical swings will rest partly on the success of economic diversification initiatives, an aspect of Mongolia's IMF programme.

Moody's conclusions are contained in its annual report on Mongolia's credit profile, which looks at economic strength, low (+); institutional strength, very low (+); fiscal strength, very low (-); and susceptibility to event risk, high (+), the four main analytic factors in Moody's Sovereign Bond Ratings methodology.

The economy has benefited from an upturn in commodity prices in 2017, as well as higher investment growth at some of the country's large mining sector projects, and Moody's expects real GDP growth to accelerate to 4.2% in 2017 and 4.3% in 2018, a significant improvement on 1.0% in 2016.

Given the improved macroeconomic backdrop and commodity prices, the near-term fiscal and growth targets originally set under the country's IMF's programme have been surpassed. Meanwhile, the recent refinancing of external debt obligations has relieved pressure on government liquidity and the country's external position.

However, while gross borrowing requirements and external vulnerabilities are lower than Moody's had envisaged at the start of the year, they remain elevated.

Moreover, significant progress towards achieving structural benchmarks under the IMF programme, aimed at reducing Mongolia's tendency to fall into boom-bust cycles, will only become clear over time.

Upward pressure on the rating could emerge if the government implements fiscal consolidation measures that put government debt on a steady downward trend. These developments would be accompanied by a material rebound in international reserves and increased certainty over the government's lasting ability to meet public sector debt repayments.

Conversely, the rating could come under additional downward pressure if the government's ability to service its debt declined or it faced challenges in rolling over maturing debt. Continued pressure on foreign exchange reserves could also lead to a negative rating action. These risks would be likely to arise if the government failed to secure sufficient or sustained support from multilateral and bilateral donors.

On the secondary market for government bonds, 15 bonds with a value of MNT1.4 million were traded.

On the secondary market for corporate bonds, 445 bonds with a value of MNT44.5 million were traded.

The MSE ALL Index decreased by 0.42 percent to stand at 1,261.81 points. The MSE market cap stands at MNT 2,406,461,442,523.