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

NEWS

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Mongolia-Canada roundtable meeting result introduced www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During the Cabinet meeting took place on April 4, Ts.Dashdorj, Minister of Mining and Heavy Industry introduced a result of the seventh roundtable meeting between Mongolia and Canada, which was held in Ottawa, Canada last month.
 
At the roundtable meeting, the sides reviewed the current situation of bilateral cooperation in the fields of politics, economy, investment, defense, education, culture and science and defined further tendency of ties. The Cabinet obliged the Minister of Mining and Heavy Industry to approve a working plan to be carried out in accordance with the roundtable meeting and to put the implementation under control.
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Toshiba forced to buy 40% of UK's NuGen www.bbc.com

 
Toshiba has been forced to buy the 40% of the UK nuclear energy company NuGen that it does not already own.
NuGen has the contract to build a new nuclear power plant in Cumbria.
The French utility company Engie said it was exercising its "contractual rights" to sell its shares because NuGen was "facing some significant challenges".
Last week, Toshiba's Westinghouse in the US, which was to build the plant's reactors, sought bankruptcy protection.
The troubled Japanese giant said that only Westinghouse's US operations would be affected by the bankruptcy.
However, at the time media reports suggested bankruptcy could delay the project at Moorside in West Cumbria or even put its future in limbo.
'Action'
It is estimated that the Moorside plant would eventually provide as much as 7% of the UK's energy needs.
In Tuesday's statement Toshiba said the bankruptcy filing was "an action that meets the definition of an 'event of default' under the terms of the agreement" with Engie.
"Engie has accordingly exercised its rights to require Toshiba to buy its holding."
Toshiba is paying about 15.3bn yen ($138.5m; £111.2m) for the stake.
The added that it would "continue to look for investors interested in investing in NuGen, and seek to sell off its holding in the company".
Dispute
The problems at Westinghouse have dragged on Toshiba.
In December it emerged that it faced a heavy one-off loss linked to a deal done by Westinghouse, which had bought a nuclear construction and services business from Chicago Bridge & Iron (CB&I) in 2015.
But assets that it took on are likely to be worth less than initially thought, and there is also a dispute about payments that are due.
In February it emerged that the loss would be about $6.3bn (£5.05bn).
Toshiba's chairman resigned, the firm delayed releasing its full financial figures - initially for a month - and then even longer.
To plug the gap, Toshiba is set to sell a majority stake in its NAND flash-memory business to get it through its continuing financial turbulence.
All this came on top of Toshiba's struggles to turn the corner after a profit-inflating scandal.
In a statement, the Department for Business Energy and Industrial Strategy said: "The NuGen consortium has always planned to bring in other partners to deliver the project and we engage regularly with a range of developers and investors.
"The Secretary of State is currently in South Korea for talks on future collaboration between our two countries, including on potential civil nuclear projects."
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Banks won’t quit France if it’s out of euro – Le Pen www.rt.com

 
French presidential candidate Marine Le Pen who’s known for her anti-euro stance said on Tuesday investors won’t pull their money from France if it gives up the EU single currency.
 
"There's so much liquidity in the world that they are not going to pull their chips out of France, above all when France will once again be back on the road to economic growth," she told French Sud Radio and TV channel Public Senat.
 
According to Le Pen, investors "are worried because they know they will no longer be able to make the profits they made previously."
 
“The world has changed, and that's what's worrying them. The world is moving away from free trade and laissez-faire policy," she added.
 
The 48-year-old candidate said she will negotiate to restore French national sovereignty and will call a referendum where French voters would decide on the EU and euro membership.
 
Le Pen who has promised to take France out of what she called "the prison" of European Union politics earlier warned of a so-called ‘Frexit’ if the EU doesn’t transfer powers back to Paris.
 
During Sunday's political rally in Bordeaux she said the euro currency was like a knife in the ribs of the French people. The politician has pledged to restore the national franc currency if elected.
 
"We are at the mercy of a currency adapted to Germany and not to our economy. The euro is mostly a knife stuck in our ribs to make us go where others want us to go," Le Pen said.
 
The leader of the National Front has promised to curb migration, expel all illegal migrants and restrict certain rights now available to all residents (including free education) to French citizens.
 
Opinion polls suggest Le Pen will make it through the April 23 first round vote but will lose the May 7 run-off.
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Boeing signs first major deal with Iran under Trump administration www.rt.com

 
Boeing has signed a $3.4 billion deal with Iran's Aseman Airlines to supply 30 737 MAX aircraft to the carrier. It’s the first Boeing deal with Tehran since President Donald Trump took office pledging to take a harder stance with the country.
 
Aseman is owned by Iran's civil service pension fund and operates as a private company. It is the third-largest carrier in Iran.
 
The 30 jets are to be delivered as part of a larger deal, which implies a possible delivery of another 30 planes to Aseman. Boeing described the deal as a "memorandum of agreement."
 
At current prices, the 30 jets are worth $3.4 billion. However, carriers usually enjoy about 50 percent discount for such deals. The deliveries will start in 2022.
 
President Trump has said he opposes the cancellation of Iranian nuclear sanctions. However, he has not talked about the aircraft sales reached after the nuclear deal, which are saving thousands of American jobs.
 
"According to the US Department of Commerce, an aerospace sale of this magnitude creates or sustains approximately 18,000 jobs in the United States," Boeing said in a statement on Tuesday.
 
The new agreement comes on top of the $16.6 billion deal Boeing signed with Iran under Barack Obama’s administration. Boeing has agreed to sell 80 aircraft to flag carrier IranAir under the contract.
 
In January, Iran signed a deal with Airbus to buy 118 jets from Airbus for an estimated €22.8 billion ($25 billion). Iranian officials later said the contract would be cut to 112 planes.
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DP working group established to assess budget amendment bill www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Today, DP group in parliament announced that it has established a working group to assess and make conclusion regarding a bill on amendments to 2017 state budget. The bill is scheduled to be discussed at the parliamentary spring session, to be opened tomorrow and DP group has an opposing position to increase budget expenditure and some tax rates.
 
“- The International Monetary Fund has made conclusion that current difficulties were caused by price drop of mining products, which is main column of the economy and foreign investment fall. Current economic condition should be reviewed again and income from mining should be calculated realistically. Price of mining products is increasing and the situation turns positively in favor of Mongolian economy.
 
Today, one ton of coal costs USD150 and copper USD6000 at the world market, while coal price was USD30 and copper USD3000, when DP was in power. Money is flowing into Mongolia. In this time, Mongolians should accurately consider what for to spend money. We must not transfer our financial rights to foreigners” said head of the DP group D.Erdenebat, who also chairs the working group.
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Transit Mongolia 2017 to be held in Beijing www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Ministry of Road and Transport Development in cooperation with Ulaanbaatar Railway Joint Venture Company is going to organize a forum named ‘Transit Mongolia -2017’ on April 7 in Beijing, China, assembling government, transport and customs organizations and companies that are part of Mongolia-China-Russia rail transport to discuss the existing problems insightfully,
 
With the rail corridor through Mongolia being one of the international transportation corridors connecting Asia with Europe, the forum is considered highly significant due to its importance to development of transit transport between China and Russia and China and Europe.
 
In 2016, Ulaanbaatar Railway Joint Venture Company transported 2.3 million tons of transit freight which constitutes 11 percent of total freight transport and 24.5 percent of transport revenue.
 
The Transit Mongolia forum is being organized so as to increase the number of trains passing through Mongolian rail lines and amount of freight transported between Russia and China. The forum will see promotion of Mongolian rail corridor to transport companies from Russia and China and introduction of measures and policies being observed under the scope of ‘Mongolia-Russia-China Economic Corridor Program’.
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Amazon brings its business marketplace to Britain www.reuters.com

 
Amazon.com Inc on Tuesday launched its business marketplace in Britain, selling products like office supplies, power tools, cleaning materials and lab equipment targeting an online sector worth $120.44 billion a year.
 
Amazon started its business marketplace in the United States in April 2015, achieving $1 billion of sales in its first year, before launching in Germany four months ago.
 
It said Amazon Business would serve enterprises ranging in size from sole traders to multinationals, as well as universities, hospitals and charities.
 
The business-to-business online market in Britain was worth 96.5 billion pounds in 2015, according to Office for National statistics data.
 
 
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Hyundai Motor, Kia Motors cut China output amid diplomatic tensions: sources www.reuters.com

 
South Korea's Hyundai Motor Co and Kia Motors Corp have slashed vehicle production in China, sources said, as diplomatic tensions and competition from Chinese brands play havoc on sales and threaten earnings.
 
China, the world's biggest auto market, accounted for over a quarter of the pair's 2016 overseas sales but their March sales there were smashed by anti-Korean sentiment and competition from the likes of Geely Automobile Holdings Ltd.
 
Hyundai and Kia saw their combined China sales slump by 52 percent in March from a year earlier, Yonhap news agency reported on Tuesday, endangering not only the automakers' earnings but those of South Korean suppliers.
 
Political tensions have soared since late February when South Korea's Lotte Group agreed to provide land for a U.S. missile defense system outside Seoul. The move angered Beijing, although Seoul says the system is a response to North Korea's nuclear threat and is not aimed at China.
 
South Korean firms including Lotte Group have been targeted in a Chinese backlash involving boycott calls in state media, protests and suspensions of operations.
 
But analysts and sources said the row was just another headache for the South Korean carmakers, whose long-term challenge has been how to compete in China and the United States where their mainstay sedans have lost market share to sport utility vehicles.
 
"China is not the goose that lays the golden egg for Hyundai anymore,” said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade.
 
Hyundai's problems were a result of its "failed global strategy", he added.
 
SHIFT CUTS
 
Kia Motors has cut production shifts at its China factories, two of the sources familiar with the matter told Reuters. Hyundai also had eliminated a second shift from its three factories in Beijing starting mid-March, one of the people said.
 
The sources declined to be identified because the matter was not public. The automakers declined to comment on Tuesday.
 
Hyundai had already suspended output at its factory in Hebei from March 24 to April 4. It was unclear how the shift cuts would affect employment.
 
Hyundai Motor has four passenger car factories in China, with one more plant scheduled to commence production later this year. Kia, Hyundai's smaller affiliate, has three.
 
Poor consumer sentiment towards South Korean products in China had likely dragged down overseas sales in March, the companies said on Monday without putting a number on the falls. One source said Kia Motors' China sales likely more than halved in March from the year prior.
 
In the United States, Hyundai Motor posted a sales fall of 8 percent and Kia Motors slumped 15 percent in March from a year earlier. The U.S. market declined 2 percent in March.
 
Hyundai Motor shares fell 2.6 percent and Kia Motors declined 0.8 percent in the wider market, which was down 0.1 percent as of 0310 GMT.
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Chung Sye-kyun: “South Korea is willing to assist Mongolia” www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ South Korea is aware of the current economic constraints of Mongolia, as a partner bound by friendship, said Mr. Chung Sye-kyun, Speaker of the National Assembly of the Republic of Korea during a meeting with his Mongolian counterpart M.Enkhbold in Dhaka, Bangladesh.
 
Mr. Chung continued expressing satisfaction with the ever-growing ties between Mongolia and South Korea. “We are willing to assist Mongolia for overcoming the economic difficulties”, he said.
 
In response, Speaker of the State Great Khural of Mongolia M.Enkhbold said the last election has defined that governance will remain stable in the coming years, thus, Mongolia will overcome the economic difficulties in short time. “We are grateful to know that South Korea is willing to help Mongolia within the framework of the IMF program”, said Mr Enkhbold.
 
The dignitaries underlined the importance of expanding the economic and business cooperation and upgrading cooperation in other sectors through setting up more favorable legal grounds.
 
While mentioning that many Mongolian nationals live and work in South Korea, Mr. M.Enkhbold asked his counterpart to pay attention to protecting their interests and supporting them.
 
Mr. Chung invited Mr. Enkhbold to attend the meeting of the Eurasian parliamentary union expected in June in the Republic of Korea.
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Erdenet Mining Corp Board appoints new members www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ April 3, Monday saw the issue of Erdenet Mining Corporation being addressed by two sides with differing statements.
 
Last February, Parliament issued a resolution regarding full ownership of the copper plant by transferring the 49 percent ownership of Mongolian Copper Corporation to the Government, and during its regular meeting on March 29, the Cabinet resolved to form the Board of the plant with only government officials.
 
During the corporation's stockholders meeting last week, three Board Members representing Mongolian Copper Corp were discharged from the Board.
 
Replacing the three members, Z.Mendsaikhan, Secretary of State at the Ministry of Energy, A.Dagvadorj, Deputy Director of State Property Committee and D.Davaadorj, Deputy Head of Department of Policy Management at the Ministry of Mining and Heavy Industry were newly appointed to the Erdenet Board.
On this matter, Ts.Purevtuvshin, CEO of Mongolian Copper Corp and M.Munkhbaatar and D.Ganbold, former Board Members of the Erdenet Mining Corporation expressed their stance on the matter saying, “We’ve been informally told that Erdenet Mining Corporation is in full ownership of the Government”. “Erdenet Mining Corporation has been registered as a government entity. But according to relevant laws, an object mustn’t be registered while there is an objection”, said D.Ganbold.
 
The Mongolian Copper Corporation representatives
 
The Mongolian Copper Corp representatives also mentioned about a reported appointment of 8 deputy directors at the Erdenet copper plant which was denied by representatives of the Board of Erdenet Mining Corporation later.
 
However, the Board of Erdenet Mining Corporation responded quickly by expressing their official stance with a statement, "Erdenet plant is a government-owned company. Erdenet Mining Corporation became 100 percent government-owned with the acquisition of a registration certificate".
 
Some members of the Board of Erdenet Mining Corporation and Chairman of the Board U.Byambasuren were present at the press briefing to make the statement.
 
“The Government is taking all possible measures to maintain the plant’s benefits, and improve its financing”, said Chairman U.Byambasuren who also officially informed that structural change will be made within the corporation.
"Appointment of 8 deputy directors is not on agenda", he said. "However, we will make necessary changes within the structure of the company. But those who are just doing their job don't have to worry", he assured.
 
The Board members also stated that the stockholders meeting proceeded legally.
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