Oil markets firm on expected extension of output cuts www.reuters.com

SINGAPORE (Reuters) - Oil markets were firm on Monday, with Brent crude opening above $60 per barrel on expectations an OPEC-led production cut due to expire next March would be extended.

China imported record iron ore in September as steel output curbs start to bite www.mining.com

The amount of iron ore shipped to China surpassed 100 million tonnes for the first time in September.

State budget amendment approved www.montsame.mn

Ulaanbaatar /MONTSAME/ At a plenary meeting of the Parliamentary Session on October 26, parliamentarians approved an amendment to the Law on State Budget 2017.

Mongolia and Cuba to Increase Cooperation in Research Areas www.plenglish.com

Ulan Bator, Oct 26 (Prensa Latina) Mongolia and Cuba are seeking today to increase cooperation in research areas and the pharmaceutical industry, coupled with the application of Cuban medical treatments to patients in this Asian country.

Capital Bank & Soyombo Insurance Announce a Milost Financing market.businessinsider.com

ULAANBAATAR, Mongolia, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Capital Bank of Mongolia Ltd and Soyombo Insurance Ltd, their sister company, are pleased to announce that they have executed a $255 million financing term sheet with Milost Global Inc (the "Investor"). The financing is expected to be comprised of $55 million in equity capital and $200 million in debt. Milost Global Inc (the “investor”). Through this transaction, Capital Bank, Soyombo Insurance, Capital Brokerage and Capital Asset Management have agreed that they will be controlled by Milost Bank Corporation, whereas Milost Bank Corporation will acquire a controlling interest in all four companies. Milost Bank Corporation, through its African subsidiary Milost Bank Africa Limited is also conducting a due diligence of a Nigeria bank that has over 250 branch operations, with a purpose of acquiring full control.

The Chairman of Capital Bank of Mongolia and Soyombo Insurance Ltd, A. Ariunbold, stated, “We are delighted that Milost Global Inc has agreed to finance Capital Bank and Soyombo Insurance Ltd, strengthening and growing our position as a nationwide bank and insurance company in Mongolia. We see this as an exciting opportunity for both companies, our shareholders, and our respective teams of bankers.” 

The deputy CEO of Capital bank Mr. B.Ganbat, stated, "This transaction increases the funding diversification and strengthens the liquidity profile of Capital Bank. We are excited about the opportunities that will be created from this financing and look forward to the combined success going forward.”

The Senior Partner & President of Milost Global Asia, Dr. Chin Yew Seah, stated, “It is my great pleasure to have a chance to be able to invest and work with the management team of the Bank. The Capital Bank is part of the Bishrelt Group which itself is a major conglomerate in Mongolia but with the strengthening of banking regulations in Mongolia, there is a need to expand the capital base to enable the Bank grow. The Chairman and I share the same vision, which is to enable the bank to seek its own direction to capitalise on the opportunities that exist in Mongolia today. This comes at a time when Mongolia itself is recovering from a recession and has achieved positive GDP growth in 2016 and more robust growth in 2017. Capital Bank has been the first commercial bank in Mongolia and one of the few banks that have adapted the early use of technology in its banking system and is poised to take advantage of its unique position by partnering with Milost in order to achieve rapid growth.”

Mandla J. Gwadiso, Chairman of Milost Bank Corporation, also stated, “For Milost Bank Corporation, this is a first step towards building a good base in Mongolia. Milost Bank Corporation continues to look for well-managed banks and leading financial services companies of the calibre of Capital Bank and Somboyo Insurance. We look forward to a fruitful and yet bilateral relationship with A. Ariunbold and his teams.”

Bernard B. Yaw, Senior Partner and COO of Milost Global Inc, also had this to say, “In response to the deficiencies in financial regulation with the after-effect of the financial crisis of 2007–08, Basel III was introduced globally to attempt to strengthen bank capital requirements by increasing bank liquidity and decreasing bank leverage. A lot of banks especially in the emerging countries are struggling to meet the Basel III requirements. Those that can find ways to recapitalize and strengthen their Tier I capital requirement will be winners and will leapfrog over those who are lagging. This gap is definitely opening investment opportunities to Milost Bank Corporation to acquire and partner with these well run but undercapitalized banks in many emerging countries.”

Mongolian government moves forward with telco share purchase from KT www.telegeography.com

The Mongolian Cabinet yesterday (25 October) furthered its plans to purchase an additional 40% stake in Telecom Mongolia (Mongolia Telecom Company) from KT Corp of South Korea, the Montsame news agency reports. The sale plan, agreed on a preliminary basis in July, involves the Korean firm offloading its entire 40% interest for USD2.55 million to the government, which already owns 54.67% of the telco. KT acquired its Telecom Mongolia stake in 1995 for USD4.5 million.

The Cabinet assigned the Finance Minister and heads of corresponding agencies to include USD2.55 million for purchasing 10,348,111 shares from KT Corp in the 2018 budget, whilst negotiations on payment terms will be held in accordance with the two parties’ memorandum of mutual understanding. The Cabinet also authorised that, post-purchase, ‘necessary measures’ will be taken to increase efficiency, enhance management, introduce advanced technologies and co-ordinate policy at Telecom Mongolia.

Beyond Genghis Khan: how looting threatens to erase Mongolia's history www.theguardian.com

It’s a sunny, late summer day in northern Mongolia’s Darkhad Basin – a large glacial lake basin nestled against the country’s Russian border. To the south stretch the grasslands of the Eastern Eurasian Steppe; to the north, the Siberian boreal forest. We stand – almost precisely – at the place they meet, at the forest’s edge overlooking a large, grassy valley the administrative district of Ulaan Uul. We’ve come to this site, known locally as Khorigiin Am, in response to reports from local herders of bones and artifacts lying on the ground surface. What we find is shocking –scraps of silk, hastily scattered pieces of wooden artifacts – and bone, human bone, everywhere.

My companion, Dr J Bayarsaikhan, finishes a tally of the looted burial craters that dot the hillside. “More than forty,” he tells me, surveying the scene in front of us with dismay. We work through the evening to salvage what we can from the dozens of looted burial mounds, which from the fragmented artifacts we find, appear to date to the time of the Great Mongol Empire – around 800 years ago.

Mongolia’s cold, dry climate can sometimes result in incredible archaeological discoveries, preserving organic materials like ancient clothing and weaponry that might otherwise have disintegrated. However, looting makes short work of these rare finds. “[Organic artifacts] are more unstable than some other kinds of artifacts, like stone or metal” says Sandra Vanderwarf, a cultural heritage preservation fellow at the American Center for Mongolian Studies (ACMS), who works at the National Museum of Mongolia.

When materials such as skin, sinew, or seeds are recovered from archaeological sites, researchers get a rare glimpse of information like how the object was made, what kinds of animals and plants were used to produce it, or where these animals and plants came from. Over time, these little bits of rare archaeological data come together to help us understand processes like migration, globalisation, and human responses to climate change – forces that are rapidly shaping our modern world.

Looters sell or destroy these rare objects, exposing whatever may be left to the elements, where they quickly disintegrate through exposure to weather, sun, animals, and people. It’s difficult to say how long the scraps of decorated silk or finely incised bone and bark we recover may have already sat at the surface, decomposing – but the looting appears to have been recent. Nonetheless, much has already been lost.

Sadly, the story of our day at Khorigiin Am is far from unique. As Mongolia struggles its way through a shocking and prolonged economic downturn, opportunistic looters are destroying the nation’s culture heritage, in search of gold or other attractive artifacts. Although looting has always taken place to some degree, artifacts can now be sold in the capital of Ulaanbaatar, or increasingly – with the advent of social media – to buyers on Facebook. From there, many of these artifacts will be sent to dealers and collectors overseas, without the general public or even most Mongolian scholars learning of their existence.

As one of the world’s largest countries by geographic area, but smallest by population density, the logistical challenges of protecting archaeological sites or enforcing punishment against looters in Mongolia are overwhelming. “Because to date there have been no monitoring efforts, we can’t say just how bad it has become” says Dr Julia Clark, an archaeologist and the Cultural Heritage Director at ACMS. Clark has also noticed that archaeological research projects can actually encourage and guide the efforts of looters, who might otherwise have left sites undisturbed. “Unfortunately,” she says, “people sometimes think that we’re stealing gold and treasure, and want to get some for themselves.” With few resources to allocate towards anti-looting efforts, anonymity is the only line of defence for many of the nation’s archaeological sites.

This looting has serious consequences for Mongolia, and for the rest of the world. Many of us outside of Mongolia know little about the country or its history, beyond what we glean from dramatised or fictional depictions in popular culture, like Netflix’s popular (if critically maligned) Marco Polo series. As a result, the nation’s contributions to global cultural heritage have gone largely underappreciated. This problem is compounded by the scarcity of historical documents produced by ancient nomadic peoples – meaning that history was often written by outsiders, who tended to emphasise military brutality rather than highlight cultural achievements. With its rich material record of the past, archaeology provides a complementary, alternative lens into the people, animals, and history behind the great Khans and the peoples that came before them.

“To most [foreign] people,” says Dr Bryan Miller, a postdoctoral research fellow at Oxford University specialising in Mongolian and Chinese history, “Mongolia is Genghis Khan. But he’s seen as this kind of spark. He didn’t just come out of nowhere.” To understand the full story behind the Mongol Empire and appreciate its legacy for the modern world, Miller says, we need to protect and study the region’s history (and prehistory). 

The situation, though bleak, is far from hopeless. In a televised speech on the floor of the Ikh Khural (National Assembly), representative G Munkhtsetseg acknowledged the struggle faced by those working to protect cultural heritage in Mongolia, and expressed a desire to support and listen to their voices going forward. For Mongolia’s beleaguered cultural heritage professionals, the words were a welcome change. In recent years, Mongolia has also managed to pass legislation mandating archaeological survey for mining projects, and for the first time, instituting harsh penalties (including prison time) for those convicted of looting or trafficking in antiquities – resulting in some important victories by local law enforcement.

Through the education and public outreach efforts of archaeologists at the National Museum and the country’s other major archaeological research institutions (including the National University and the Cultural Resource Management Division at the Institute of Archaeology/Mongolian Academy of Sciences), a new generation of students and herders are learning the importance of archaeology and its relevance to their history and heritage. In many areas, local people have become dedicated stewards of the monuments and sites in the area they live. Clark, Bayarsaikhan, and their colleagues are working to develop programs which help quantify and monitor looting, as well as educate others about the goals of archaeology and the damage caused by looting.

Cultural heritage protection is not just Mongolia’s problem. As the United States’ recent withdrawal from the international UNESCO agreement demonstrates, it is instead an urgent, global issue – one that is unlikely to recede in coming years. For archaeology to stay relevant, researchers and authorities alike must demonstrate its value in the public eye – even in times of economic crisis and limited political support. Doing that means teaching the public, particularly younger generations, that studying and protecting the past is the only way to understand our future. “It’s a fight that we are never going to stop fighting,” says Miller. “But at least we have to try.”

Bodies of all 17 mountaineers found at Mongolia’s Mount Otgontenger www.borneobulletin.com.bn

ULAN BATOR (Xinhua) – The bodies of all 17 mountaineers, who went missing after success-fully climbing to the summit of Mount Otgontenger in Mongolia despite a ban, have been found, the National Emergency Management Agency (NEMA) of Mongolia said yesterday.

Foreign Minister affirms to support SMEs www.montsame.mn

Ulaanbaatar /MONTSAME/ On October 26, Foreign Minister D.Tsogtbaatar met representatives of business entities and professional associations to discuss and exchange views on a current state of the country's foreign trade.

October 26, 2017 trading report www.mse.mn

On October 26, 2017, 111,841 shares of 23 firms listed as Tier I, II, and III were traded. 7 firms’ shares increased in price, 14 decreased and 2 remained unchanged. Mongol Post JSC /MNP/ was the top performer, increasing 3.33 percent, whereas E-Trans Logistic JSC /ETR/ was the worst performer, decreasing 9.44 percent.