1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Foreign Minister pays visit to Vietnam www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On April 2-4, Minister of Foreign Affairs of Mongolia Ts.Munkh-Orgil paid an official visit to the Socialist Republic of Vietnam at the invitation of Deputy Prime Minister of Vietnam and Minister of Foreign Affairs Phạm Bình Minh.
 
Foreign Minister Ts.Munkh-Orgil met with Nguyễn Xuân Phúc, Prime Minister of Vietnam and Deputy Prime Minister and Minister of Foreign Affairs Phạm Bình Minh and held official talks. The Foreign minister noted that Mongolia gives great importance to stimulating traditional friendly relations of Mongolia and Vietnam and exchanged views on measures to carry out this year, such as official visit of Vietnamese Vice President to Mongolia and a meeting of intergovernmental commission.
 
Also, the two sides discussed the participation of the Mongolian Prime Minister in the APEC Summit to be held in November in Danang, Vietnam. Afterwards, they agreed to support cooperation among law enforcement bodies, including Ministries of Defense, and National Security Councils through deepening ties between the foreign ministries and strengthening legal frameworks.
 
In addition, Foreign Minister Ts.Munkh-Orgil met with the Vietnamese Minister of Industry and Trade Minister of Agriculture and Rural Development and Head of Vietnamese group of Mongolia-Vietnam Intergovernmental commission to exchange opinions on issues regarding trade, investment and economic relations of Vietnam and Mongolia.
 
At the meetings, the Mongolian sides its willingness to learn from Vietnamese experience on the negotiations on establishing free trade agreements as well as its role in the regional integration and the Mongolian and Vietnamese sides agreed to cooperate in this regard.
 
In the scope of preparation of meat and meat products' exports from Mongolia to Vietnam, Mongolian Foreign Minister Ts.Munkh-Orgil and Vietnamese Minister of Agriculture and Rural Development Nguyen Suan Gyöng signed Memorandum of Understanding on cooperation in veterinary inspection and quarantines between the General Authority of Specialized Inspection of Mongolia and Ministry of Agriculture and Rural Development of the Socialist Republic of Vietnam.
 
Furthermore, the dignitaries talked about ways to increase trade turnover between the two countries, export agricultural products, such as hides, wool and cashmere products to Vietnam and import fruits, coffees and sea products from Vietnam to Mongolia, reports the Ministry of Foreign Affairs of Mongolia.
 
The two sides also discussed to broaden cooperation in all spheres, including tourism, mining, mineral, culture, education, sports and science through promoting partnership of the private sectors of Mongolia and Vietnam. The Vietnamese side confirmed its willingness to cooperate with Mongolia in areas of banking and finance, roads and transportation, energy supply and oil exploration and extraction. In conclusion, the latter expressed its willingness to assist Mongolia to join the Asia-Pacific Integration, by noting that Mongolia and Vietnam have great possibilities to work together in the both regional and international fora.
 
 
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Bezos is selling $1 billion of Amazon stock a year to fund rocket venture www.reuters.com

 
Amazon.com Chief Executive Jeff Bezos said on Wednesday he is selling about $1 billion worth of Amazon stock per year to fund his Blue Origin rocket company, and expects to spend about $2.5 billion developing a rocket capable of lifting satellites and eventually people into orbit.
 
Blue Origin is aiming to launch paying passengers on 11-minute suborbital space rides next year, Bezos told reporters at the U.S. Space Symposium here.
 
 
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Monsanto sees almost 30% profit jump www.rt.com

 
US seed and agrochemicals company Monsanto has reported better-than-expected second quarter earnings, helped by strong demand for its soybean and corn seeds.
 
Net income for the quarter ending February 28 jumped 28.7 percent to $1.4 billion.
 
The company posted earnings of $3.19 per share, topping analysts' average estimate of $2.79 per share. Sales rose to $5.07 billion from $4.53 billion a year earlier.
 
"The company's performance was driven in part by strong gross profit growth from its corn and soybean businesses, the absence of the Argentine peso devaluation and benefit from the sale of its Latitude wheat fungicide business," Monsanto said.
 
The company’s CEO Hugh Grant said “We are delighted to have delivered such an excellent first half and strong second quarter, in the face of what is still a tough macro economy for agriculture.”
 
Sales of corn seed and traits rose eight percent, while sales of soybean seeds and traits jumped 10.2 percent.
 
The total corn, soybean and cotton acreage in the US is projected to be 2.2 percent higher in 2017, which is positive for Monsanto; analyst at Susquehanna Financial Group, Don Carson told Bloomberg.
 
Monsanto is the subject of a $66 billion takeover bid by German pharmaceuticals giant Bayer, expects full-year profits to be also higher.
 
Last year, Bayer agreed to buy the American company for $128 a share. If approved by regulators, the acquisition will make Bayer the world’s biggest seed and pesticide producer. Monsanto said it expects completion of the merger with Bayer by the end of the year.
 
As one of the world’s leading manufacturers of genetically modified seeds, Monsanto is regularly accused of facilitating the production of GM foods.
 
The company’s technologies allow the production of large quantities of food for a relatively low cost. Monsanto says the technique allows farmers in poorer countries nations to have better harvests. However, many pro-organic consumers argue these crops carry significant health and environmental risks.
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Major Japanese retailers to embrace bitcoin payments www.rt.com

 
A few days after Japan recognized bitcoin as a legal method of payment, two of the country’s biggest retailers have sealed cooperation agreements with bitcoin exchanges to begin accepting the digital currency.
 
The two leading retail groups, Bic Camera and Recruit Lifestyle, have announced trials of a bitcoin payment option, according to Japanese daily Nikkei.
 
Bic Camera, a consumer chain selling electronics, has partnered with the Tokyo-based bitcoin exchange bitFlyer. The retailer will test the digital currency in two outlets.
 
Consumers will be able to pay up to 100,000 yen ($900) using bitcoin, getting reward points at the same rate as for cash payments.
 
Recruit Lifestyle, the retail branch of human resources conglomerate Recruit Holdings, is cooperating with another Tokyo bitcoin exchange operator Coincheck to include bitcoin payment option into its AirRegi application.
 
The step will enable over 260,000 outlets across the country to start accepting bitcoin. Coincheck will process payments made by consumers using the app, converting bitcoins into yen and transferring the funds to the store.
 
Japan is poised to become one of the leading cryptocurrency markets. Nearly 4,500 Japanese stores are currently accepting bitcoin while over 700,000 outlets actively use other modes of digital payments.
 
The legislation giving digital currencies legal status as a payment method came into force last week, offering bitcoin an opportunity to be accepted in over a quarter of a million stores and retail locations. Starting in July, purchases using a virtual currency will be exempt from the consumption tax.
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Steve Potter: We remain committed to Mongolia and mining industry www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ “I would probably describe the current situation as cautious optimism”, remarked Steve Potter, Executive Director of Wagner Asia Equipment LLC, the official distributor of Caterpillar Inc in Mongolia during the opening ceremony of Mongolia Mining 2017 international mining expo on April 5.
 
He was talking about Mongolia' mining sector on which the company’s business is mostly dependent on. Wagner Asia Equipment LLC has been in Mongolia for the last 21 years. “It’s been a bumpy road”, he said. “But we remain committed to this country and the industry, and we think that exhibitions and conferences like Mongolia Mining help Mongolia promote its mining industry to the wider world”, he added.
 
Wagner Asia Equipment LLC, the Dealer of Caterpillar Inc in Mongolia is the largest heavy equipment supplier in the country, providing products and supporting services to the mining, construction and infrastructure and energy sectors.
 
“We’ve been a supporter of the Mongolia Mining exposition pretty much since the start”, the Executive Director said. Mr. Potter has personally been part of the expo for the last 6 years.
 
“Mongolia Mining has already established its status as a major international mining event in the last few years”, he conveyed.
 
He then proceeded to assess Mongolia’s mining sector saying, “Although Mongolian mining industry has gone through some challenges in recent years, the fact remains that Mongolia is already a major mining country, and has the potential to become a lot bigger as it has lots of commodities that others need. It’s located closely to China which is a major market and in the Asian region which is probably the fastest growing region in the world. So in the longer term, Mongolia is going to benefit from its rich commodities and geographic location”.
 
 
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Bank of Mongolia implementing project to build gold refinery www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Bank of Mongolia purchased 18.3 tons of gold in 2016 and is aiming to buy 20 to 25 tons annually between 2017 and 2020. Following this objective, the working group was assigned to research opportunities to build domestic gold refinery.
 
In compliance with the first stage of the National Sustainable Development Agenda 2030 and government's Gold-2 project, a joint working group was established to be composed of the central bank, Ministry of Mining and Heavy Industry, “Erdenes Mongol” LLC and Precious Metals Assay Inspection Department to conduct studies on opportunities to build domestic gold refinery and is now preparing plans for 2017.
 
Mongolia used to refine its gold in foreign countries, such as Russia, United Kingdom and Japan in the past and is currently refining gold in Switzerland. Refining Mongolian gold abroad takes a considerable amount of money for transportation, insurance and security. Also, the average content of gold extracted from Mongolia is around 85 percent, which has to be refined up to 99.99 percent in order to be traded on global markets.
 
Therefore, by establishing gold refinery plant, the aforementioned issues will be tackled and have a positive effect on the economy.
 
 
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Tavantolgoi-Gashuunsukhait road to be repaired www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Last year, the road connecting Tavantolgoi deposit with Gashuunsukhait Mongolia-China border checkpoint carried 16.3 million tons of coal and yielded revenue of MNT 31.33 billion. Unfrotunately, the same year has seen more than 200 accidents and traffic violations that took 3 lives.
 
At the regular cabinet meeting, held on April 5, Tuesday, Minister of Road and Transport Development D.Ganbat introduced some intended measures toward coal transports on the above mentioned route.
 
The main cause of accidents enroute is the road damages, triggered by the exceeded load and flow of traffic. The road has been taking 150-250 vehicles a day. Now with the increased coal price on the global market and the increased demand, about a thousand vehicles are transporting coal on this road.
 
Although maintenance works are being conducted as per the schedule, the road is still in dire need to go through overhaul repair, said the Minister.
 
The latter was then tasked to organized partial repairs for the Tavantolgoi-Gashuunsukhiat road without blocking the traffic.
 
Prime Minister J.Erdenebat instructed to include multiple road companies in the road repair works in order to complete the maintenance by October, as well as to ban the use of dirt road during the repair.
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Skin processing workshops to open in Bayankhongor www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Yesterday, April 5, opening ceremony of skin processing workshops, which is being established in Bayankhongor aimag with grant aid of the People's Republic of China, was held at Tuushin Hotel in Ulaanbaatar.
 
MP G.Zandanshatar said “- The Government has put an industrial policy 21:100. Moreover, people take initiatives to establish small and medium enterprises of processing in countryside. When I put a proposal regarding the initiative to the Embassy of China in Mongolia, they said to support with equipment and it is being realized now. The workshops and plant give possibility to process animal skins and produce value-added products”.
 
Sheep and goad skin processing workshops are to be built in six soums, namely Jinst, Bayangobi, Shinejinst, Bayanlig, Ulziit and Bogd of Bayankhongor aimag. A middle scale processing plant with capacity of less than 200 pieces of skins and hides daily will also be built in the aimag center.
 
Chinese Ambassador Xing Haiming said “- President of China Xi Jinping gives high importance to the relationship of the two countries. According to the guidelines of Xi Jinping and the Government, we are intensifying cooperation with Mongolia in all spheres. This includes active economic and business cooperation. Relationship with local community is also an integral part of the cooperation. Therefore we have made an investment to processing plant of friendship of Mongolia and China in Bayankhongor aimag. Further, we are ready to develop the cooperation actively”.
 
“- Some of the workshops presented to soums started their operations today. We express our gratitute to the Chinese Embassy for the investment of CNY200 thousand” said Governor of Bayankhongor aimag G.Batjargal. Today, sheep skin costs MNT 2000, and goat skin with its cashmere costs MNT20000 in the aimag. The workshops will process devalued skins at lower price and supply the processed skins to the market as well as planning to make some ready-to-use products. Over 50 new jobs are being created in Bayankhongor aimag as a result of the new workshops.
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Apple aims for more control, less cost as it accelerates in chip design www.reuters.com

 
Apple Inc's decision to stop licensing graphics chips from Imagination Technologies Group Plc is the clearest example yet of the iPhone maker's determination to take greater control of the core technologies in its products - both to guard its hefty margins and to position it for future innovations, especially in so-called augmented reality.
 
The strategy, analysts say, has already reduced Apple's dependence on critical outside suppliers like ARM Holdings Plc, now owned by SoftBank Group Corp. Apple once relied heavily on ARM to design the main processor for the iPhone, but it now licenses only the basic ARM architecture and designs most of the chip itself.
 
More recently, when Apple bought the headphone company Beats Electronics, part of a $3 billion deal in 2014, it ripped out the existing, off-the-shelf communications chips and replaced them with its own custom-designed W1 Bluetooth chip.
 
"Apple clearly got rid of all the conventional suppliers and replaced about five chips with one," said Jim Morrison, vice president of TechInsights, a firm that examines the chips inside electronics devices.
 
"Today we do much more in-house development of fundamental technologies than we used to," Apple Chief Financial Officer Luca Maestri said at a February conference. "Think of the work we do on processors or sensors. We can push the envelope on innovation. We have better control over timing, over cost and over quality."
 
Most vendors of consumer electronics products rely on outside suppliers for chip design and development, primarily because it is extremely expensive. That has created huge opportunities for companies like ARM, Qualcomm Inc and Nvidia Corp, which have developed core technologies for processing, communications and graphics that are used by scores of vendors.
 
Now, though, Apple is so big that it can economically create its own designs, or license small pieces of others' work and build on it. As with ARM and Qualcomm, the actual manufacturing of the chips is still contracted out to a semiconductor foundry, such as those run by Samsung Electronics and Taiwan Semiconductor Manufacturing Co Ltd.
 
MOVE FAST, SAVE MONEY
 
Bringing more of the design work in-house cuts complexity, people familiar with the processes say. Instead of managing one or more design teams and then a fabricator, Apple has only to manage the fabricator.
 
It may also help the company move faster - and save money - as it focuses on new technologies such as virtual and augmented reality. Apple CEO Tim Cook has indicated that Apple plans to integrate augmented reality into its products, which makes 3-D sensors and graphics chips like Imagination's especially important.
 
Even before formally cutting off Imagination, Apple had given hints that it was preparing to design its own graphics processors. Specifically, it introduced a piece of its own code called Metal for app developers. App developers use Metal to make their apps talk to the graphics chip on the iPhone.
 
By putting a piece of Apple-designed code between app developers and the phone's chip, Apple has made it possible to swap out the chip without interrupting how the developers work. That could also make it easier to bridge the gap for developers between the graphics chips on Apple's phones and its desktop computers, which currently require some separate coding.
 
“By promoting Metal instead of relying on other existing standards, Apple is not only able to control what graphics chip functionality is exposed at its own pace, but also blur the line for developers between coding for desktop and mobile GPUs," said Pius Uzamere, the founder of a virtual reality startup called Ether.
 
Taking control of the iPhone's chips can also help Apple keep costs down, which is especially important as it gears up for a feature-laden new iPhone this fall. Timothy Arcuri of Cowen & Co said in a research note that he thinks the curved screens expected on the new phone could add as much as $50 in cost, for example.
 
Shebly Seyrafi, an analyst at FBN Securities, estimates that the average price of an iPhone increased only 1 percent to $695 last quarter, while costs increased 8 percent to $420, resulting in an iPhone gross margin of 39.6 percent. That is down from the 44 percent average gross margin for iPhones in 2015, according to Seyrafi's estimates.
 
Apple spends only $75 million a year on licensing fees for Imagination's chips. But licensing fees to chip designers, taken together, are a significant cost for the iPhone. Apple recently sued Qualcomm for $1 billion over licensing terms for its communications chips - which Apple would have trouble designing in-house because of patent issues.
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Chinese firm BYD opens electric bus factory in Hungary www.chinadaily.com.cn

 
KOMAROM, Hungary - Chinese vehicle manufacturer BYD opened its first European electric bus factory in the northern Hungarian city of Komarom on Tuesday.
 
BYD is expected to invest a total of 20 million euros ($21.3 million) in the project to 2018.
 
Currently, there are 32 employees, but the company plans to employ around 300 people to assemble up to 400 electric buses a year on two shifts, which will be exported to customers across continental Europe.
 
After producing electric buses and coaches, the company will begin making electric forklift trucks and light commercial vehicles.
 
"They(BYD)have chosen Komarom and Hungary amongst many competitors from not only Europe, but also many parts of the world," Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said here at the opening ceremony.
 
Szijjarto underlined that the Hungarian government made every measure possible to turn the country into a target for not only production companies, but also those that want to make Hungary the location of their research and development center.
 
Hungary has the lowest corporate tax in the European Union, Szijjarto said.
 
Chinese Ambassador to Hungary Duan Jielong hoped that the BYD investment project could achieve mutual benefits and common development, and promote bilateral cooperation.
 
China's investment in Hungary has reached $4.1 billion in chemistry, financing, communications, logistics and automotive industry, Duan added.
 
Isbrand Ho, managing director at BYD Europe, said that his firm had chosen Hungary and Komarom because of its central location and its long tradition of engineering excellence.
 
"We are very conscious of the country's strong heritage of bus making in this immediate region," he said.
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