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

Events

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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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Pricey diving tours to Titanic shipwreck to begin in 2018 www.rt.com

 
British luxury travel company Blue Marble Private has started seling expensive tickets to the wreck site of the legendary Titanic.
The first 'Dive the Titanic' trip is scheduled for May 2018 at the cost of about $105,000 per person. Adjusted for inflation, the figure is equal to the price of an original Titanic first class ticket.
 
The eight-day tour will start with a helicopter ride from the city of St. John’s in Newfoundland, Canada to a yacht anchored near the Titanic’s resting place.
 
Travelers will spend the first half of the journey learning how to operate sonars and use underwater navigation systems. Explorers, scientists and expedition crew will tell the divers about the workings of the ship.
 
Then, the voyagers will get a chance to reach depths of 4,000 meters in a specially designed titanium and carbon-fiber submersible, guided by a crew of experts.
 
“You will glide over the ship’s deck and famous grand staircase capturing a view that very few have seen, or ever will,” the company’s website says.
 
The dive will last three hours assisting the expedition team in the submersible and aboard the expedition yacht.
 
“During the dive, your crew may conduct 3D and 2D sonar scans or search for one of the ship's giant boilers, enormous propellers, and other landmarks of this famous vessel,” said Blue Marble Private founder Elizabeth Ellis as quoted by CNN.
 
Further missions are planned for 2019, according to Ellis.
 
Blue Marble Private specializes in organizing extraordinary travel experiences around the world, providing its wealthy clients with luxury tailor-made trips to far-away corners of the globe.
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Mongolia discusses wastewater as resource www.en.montsame.mn

Ulaanbaatar /MONTSAME/ World Water Day which is internationally marked on March 22, today sheds a light on wastewater this year, and Mongolia enriched the theme with ‘resource’, thus making a slogan ‘Wastewater – Resource’.
 
Promoting the slogan, a number of events is taking place Wednesday, March 22, and one of them is ‘Wastewater – Resource’ forum co-organized by the Ministry of Environment and Tourism, Mongolian National Chamber of Commerce and Industry, World Wildlife Fund, Promotion of mining infrastructure investment project, Mongolian Environmental Civil Council, Water Supply and Sewerage Authority of Mongolia and Mongolian University of Life Sciences. In conjunction with the forum, the National Chamber of Commerce and Industry is also hosting an expo of water saving technologies at its building.
 
The Ministry of Environment and Tourism also collaborates with Mongolian Student Association to organize the 12th ‘Water – Key to Development’ academic conference among students on World Water Day. Open to any student from private and public universities and colleges, the academic conference invites 25 topics for presentation including surface water resources, climate change and hydrology, pasture watering, urban water supply system and its optimization, water sufficiency and quality, water and health and water and tourism.
 
Furthermore, a promotional event named ‘Introducing Eurasian Beaver’ was organized by Fresh Water Resources and Nature Conservation Center of the Ministry of Environment and Tourism in cooperation with Mayor’s Office and Beaver domestication unit to mark World Water Day today.
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Apple drives further into Facebook, Snap territory with video app www.reuters.com

 
With the release of a new video app called Clips, Apple Inc is inching one step closer to fully engaging in the messaging world, where its huge base of iPhone users could help it compete with Snap Inc's Snapchat and Facebook Inc's Messenger.
 
Clips, which will hit Apple's App Store in April, lets customers take videos and add animated captions and titles, complete with colorful emoji symbols. The app also makes it possible to stitch together multiple video clips and add speech bubbles and filters.
 
The functions closely resemble those that drive Snap's wildly popular Stories feature. With Stories, Snap users string together photos and videos, embellish them and then post them to their feeds.
 
Apple's new Clips lets users post their video to Instagram, Facebook, YouTube, Vimeo and more. But if users post them to Apple's own Messages app, Apple will recommend whom to share it with based on which friends are in the videos and whom the user frequently contacts - the kind of predictive social features Facebook excels at.
 
Apple has a huge number of users for Messages, the flagship app for short notes that is built into the iPhone's iOS 10 software. Apple does not say how many people use the app, but it does say that there more than 1 billion iOS devices on the market and that 79 percent of them run iOS 10.
 
Apple also says that Messages is the most commonly used app on iOS devices, giving the company potentially up to 800 million users for its latest messaging platform. Snap, by contrast, has 161 million daily active users. While Apple's Clips competitor will technically be a separate app from Messages, it will be tied closely to it for the ability share Clips videos with other Apple users.
 
Facebook has more than 1 billion users for both Messenger, which was split off from the main Facebook service in 2014, and for WhatsApp, which it acquired for $19 billion the same year.
 
Apple has been steadily matching the features of Facebook's Messenger. But Apple is also walking a fine line with other messaging players, cooperating with them often as it competes with them. For example, it has opened up the iPhone's dialer app, long closed off to developers, so that iPhone users could place and receive Skype and WhatsApp calls through the device's native interface.
 
Alphabet Inc's Google and Microsoft Corp have been scrambling to get into the game, too. Google has more than a half dozen messaging apps, including Allo, its latest. Microsoft has tried to integrate chat into its Skype app, and Microsoft-owned LinkedIn is a popular tool for business notes.
 
But tech giants obsess over messaging because it is where users are headed, according to analyst firm Gartner. Between 2015 and 2016, the percentage of U.S. and UK smartphone owners who used social media apps dropped from 85 percent to 83 percent while messaging apps jumped from 68 percent to 71 percent, a trend Gartner expects will continue.
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Copper price falls on Grasberg production resumption www.mining.com

 
In New York on Tuesday copper for delivery in May suffered a second day of markdowns trading at $2.6075 per pound or $5,750 a tonne as output disruptions at the world's biggest mines appear to be closer to being resolved. Copper is down more than 3% this week.
 
Reuters reports Tuesday that top listed copper producer Freeport McMoRan's giant Grasberg mine in Indonesia had resumed staged copper concentrate production following a strike at a domestic refinery in which the US company owns a minority stake after a 38-day hiatus.
 
Grasberg remains under a concentrate export ban as Freeport negotiates a new operating licence and ownership agreements with the Asian nation. Last month Phoenix-Arizona-based Freeport said it does not foresee a return to business as usual at its 90%-owned operating subsidiary in the country.
 
Freeport Indonesia has suspended capital investments at the remote mine in Papua province and reduced production to roughly 40% of normal levels. In January Freeport said for each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 32,000 tonnes of copper and 100,000 ounces of gold.
 
In Peru, a 1,300-worker strong strike at Freeports' Cerro Verde mine which recently underwent a massive expansion is set to end on Thursday on government orders, but the union vowed to down tools again on Friday. Workers walked off the job 11 days ago and according to the union production at the mine is running at 50% after Freeport brought contract workers onto the site.
 
Cerro Verde, controlled by Freeport with a 53.6% stake, Sumitomo Metal (21%) and Buenaventura (19.6%), produced just under 500,000 tonnes of the red metal last year, making it the South American nation's top producer.
 
Copper also came under pressure from reports that talks to resolve the strike at Escondida, the world's largest copper operation by a wide margin, are back on. The main union representing 2,500 workers at the Chilean mine told reporters after meeting with part owner and operator BHP Billiton on Monday "that it was open to further conversations that could lead to reopening negotiations."
 
The strike is already in its 40th day. The previous labour strike in 2006 ended after 25 days while the current wage deal was signed four years ago when copper was trading around $3.40 a pound.
 
In its annual financial results BHP said it expected full-year production at Escondida of 1.07 million tonnes, which gives the mine a nearly 5% shares of global primary copper production.
 
BHP, which operates and majority owns the mine with fellow Melbourne diversified giant Rio Tinto, declared force majeure at the mine on February 10 sending the copper price to its highest since May 2015.
 
In a research note quoted on Monday at Barron's, Bank of America Merrill Lynch said it's keeping a $3.00 per pound mid-year price target for copper due to stronger demand and the "meaningful" impact of supply disruptions.
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Deputy Minister remarks on scientific aspects of agriculture sector www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ “There are over 200 technologies and products that can immediately find their application in production”, remarked J.Saule, Deputy Minister for Food, Agriculture and Light Industry during a meeting of the Ministry’s sub-council on science and technology.
 
The meeting was held last Friday to discuss economic and technological aspects of animal husbandry, veterinary, farming, plant protection, food, light industry and agriculture sectors.
 
“About 30 percent of seed sorts, 100 percent of potato sorts, 60 percent of vegetable sorts and 70 percent of fruit sorts studied and certified by scientists are being planted in Mongolia”, she said. Moreover in animal husbandry sector, 1 horse breed and 3 varieties, 3 camel breeds, 3 cattle breeds, 22 sheep breeds and 4 goat breeds and 5 varieties have been newly certified.
 
The Deputy Minister continued on her report, “4 discoveries of Mongolian veterinary researchers have been internationally acknowledged, and 64 animal vaccinations and 72 drugs and supplements have been invented”.
 
In 2008-2016, 72 science, technology projects and 5 innovation projects were implemented in the science & technology areas of food, agriculture and light industry sectors, using MNT 5.5 billion fund from the Science and Technology Fund.
 
“As such, we can tackle our challenges relying on the intellectual capacities of our scientists”, the Deputy Minister noted.
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New government bond replaces Eurobond www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Due to the Development Bank of Mongolia’s USD 580 million Euro bond maturing on March 21, the Ministry of Finance announced that Development Bank-owned Eurobond is to be replaced by a new bond issued by the Government of Mongolia in February, 2017. Credit Suisse and J.P.Morgan will be acting as the bond’s underwriters.
 
In March of 2012, the Government of Mongolia launched USD 580 million worth of bond, “Eurobond” to be matured on March 21, 2017 with an annual interest rate of 5.75 percent. In order to build railroads and fifth power station, 36 percent of Eurobond was traded to European investors, 32 percent to American investors and 32 percent to Asian investors.
 
At the beginning of 2017, question rose among the investors whether the government can repay the debt. Owing to the staff-level agreement with the International Monetary Fund on three-year Extended Fund Facility program, the Government of Mongolia earned the investor’s trust in the newly offered bond. In addition, 82.07 percent of the investors have agreed to the exchange offer.
 
And thus, the Government of Mongolia launched the new bond costing USD 600 million with 7.625 percent interest rate in the first week of March. Reports indicate that the new bond will make interest payments every six months, which is approximately USD 26 million. Although Khuraldai bond is simply replacing “Euro bond” with slightly higher interest rate, the new rate is reasonable compared to the previous government issued bond with an interest rate of 10.825 percent. A total of 76 percent of the bond was bought by American investors while 18 percent by European investors and 6 percent by Asian investors. However, only USD 476 million (82 percent of Eurobond) will be used for Eurobond replacement and the rest USD 124 million was offered to the investors as a new bond.
 
But this could also increase foreign investments, expand the drawing power and attract investors in both public and private sectors. Furthermore, Chinggis bond’s maturity date in 2018 could also be settled with relatively low cost. And by stabilizing the economy, private entities may attract more investments and increase workplaces to further develop the economy. But it will require smart policy from the authorities as the IMF made budget adjustment demand which includes seven types of tax increase.
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EBRD to support “Green cities” program www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The European Bank for Reconstruction and Development (EBRD) and the Capital City Governor’s Office have signed a memorandum of understanding on implementation of “Green cities” program.
 
The MOU was signed by Natalia Khanjenkova, the Managing Director for Central Asia and Russia at the European Bank for Reconstruction and Development (EBRD) and J.Batbayasgalan, Deputy Mayor of Ulaanbaatar for Green Development and Air Pollution .
 
J.Batbayasgalan remarked” In line with rapid expansion of Ulaanbaatar city, air, water and soil pollutions are getting urgent problems. ''Green Cities'' program will be carried out to deal with a number of challenges including waste water treatment, green infrastructure development and solid garbage removal /recycling/. Furthermore, Ulaanbaatar is facing the drinking water reserve scarcity and in this regard, we are looking forward to implement a number of projects on development of green cities with EBRD in the future. World countries having joined the UN Convention are making efforts to tackle with climate change especially in reducing greenhouse emission by raising significant funds. This memorandum will be an important push to launch a fundraising event for carrying out projects and programs forward at green development.
 
In turn, Natalia Khanjenkova, the Managing Director for Central Asia and Russia at the European Bank for Reconstruction and Development (EBRD) said” Preparation works for recycling and waste water treatment projects are basically completed. We will financially support above mentioned projects. For instance, the Global Climate foundation is affordable to finance the projects. We expect positive outcome from the implementation of the projects for development of Ulaanbaatar”.
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Mitsubishi mulls selling stake in Australian coal mine www.asia.nikkei.com

 
TOKYO -- Mitsubishi Corp. looks to unload its stake in an Australian steam-coal mine as the Japanese trading house reshuffles its resources business, which took a big hit from market stagnation last fiscal year.
 
The Clermont mine in Queensland, which began production in 2010, churns out around 12 million tons of coal yearly, and Mitsubishi's share entitles it to around 3.8 million tons. The stake in this project accounts for around 30% of the trading house's global interest in steam coal, which is used in power generation.
 
Steps are being taken to solicit buyers via an advisory company. The sale could bring tens of billions of yen (10 billion yen equals $89 million).
 
Separately, Mitsubishi may sell its stake in Hunter Valley Operations, a steam-coal mine in Australia's New South Wales. Mitsubishi holds around 4.2 million tons of the site's overall annual output of about 13 million tons.
 
Many general trading houses reliant on resources businesses logged massive impairment losses last fiscal year due to low resource prices. Mitsubishi, which sustained its first-ever net loss, is working to ease dependence on resources.
 
The company will not increase its balance of investments in and lending to the resources segment, working instead to strengthen some operations and downsize others. Steam coal, likely to become less competitive amid stronger environmental regulations, is among the assets to be unloaded.
 
Mitsubishi will focus more on coking coal, used in steelmaking, as well as on copper and liquefied natural gas.
 
The Japanese company has a 50-50 Australian venture with resource major BHP Billiton, and the business operates a coking-coal mine Down Under. Mitsubishi will continue seeking new investment opportunities in promising projects for steelmaking coal, taking advantage of the resource major's broad network.
 
Mitsubishi also is rebalancing its shale gas business to raise competitiveness. The trading house holds a roughly 40% stake in the Canadian Montney gas field via a joint venture with Japan Oil, Gas and Metals National Corp., and wants to buy additional interest from Jogmec. Meanwhile, Mitsubishi in November decided to unload its stake in another Canadian shale gas field, Cordova.
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Wall Street suffers worst day this year www.bbc.com

 
Wall Street suffered its worst day this year as investors fretted about whether President Donald Trump will be able to deliver promised tax cuts.
Banks, which have helped to propel share markets to record highs recently, were among the worst casualties.
Bank of America fell 5.77% and Goldman Sachs lost 3.72%.
At the close, the Dow Jones was 1.14% off at 20,668.01 points and the S&P 500 lost 1.24% to 2,344.02. The Nasdaq fell 1.83% to 5,793.8.
For the S&P 500 it was the steepest one-day sell-off since before Mr Trump's election victory. The Russell 200 index of smaller companies also fell, closing down 2.7% and erasing its gains for the year.
Meanwhile, the CBOE Volatility index, Wall Street's so-called "fear gauge", jumped 10%.
Analysts attributed the share selling to reduced confidence that Mr Trump's pro-growth policies, including financial deregulation and tax cuts, would occur any time soon.
Investors saw the Trump administration's struggles to push through his healthcare legislation overhaul as a sign he may face setbacks delivering the proposed corporate tax cuts.
"The market is starting to get a little fed up with the lack of progress in healthcare because everything else is being put on the back burner," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York.
Another sector that was hit was transportation. United Continental lost 3.3% and railroad operator CSX fell 2.7%. Hertz Global sank 8.7%.
Companies that make steel, chemicals, and other basic materials also slid. AK Steel plunged 10.4% and US Steel lost 9%.
The Dow had just two gainers, Coca-Cola and Chevron, up 0.76% and 0.35%.
Taking profits
US crude oil prices hit a one-week low of $47.23 a barrel as concerns about new supplies overshadowed the latest talk by Opec that it was looking to extend output cuts beyond June.
US shares had started the day higher, but soon followed a sell-off in Europe that saw the main markets in London, Paris and Frankfurt all close down.
Wall Street has fallen for four days in a row, although the previous losses were small.
Tuesday's losses were a reversal of the patterns that have endured since Mr Trump was elected in November, but share markets still remain sharply higher since then.
Kate Warne, an investment strategist for Edward Jones, said investors are taking some profits after the market's long post-election winning streak.
But she added that Wall Street is especially eager for the administration's tax reform proposals.
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European Investment Bank to fund more eco-projects in China www.chinadaily.com.cn

 
The European Investment Bank is aiming to provide 500 million euros ($540 million) of financing in environmental and climate-related projects in China this year, while exploring co-investment opportunities with Chinese banks in overseas green projects, a senior official of the bank said on Tuesday.
 
The EIB－the European Union's bank, owned by its member states－is expanding investments in China in the areas of urban transport, forestry and energy efficiency, according to Jonathan Taylor, vice-president of the EIB.
 
European Investment Bank to fund more eco-projects in China
Jonathan Taylor, vice-president of the European Investment Bank. [Photo provided to China Daily]
 
"We have a strong pipeline of climate-related projects across China that are currently under examination and expect them to be financed in the coming months," Taylor said at a news conference in Beijing.
 
The European bank is also discussing with the China-led Asian Infrastructure Investment Bank a number of co-financing initiatives in other countries, including a green transport project in an Asian country, Taylor said, without providing further details.
 
Taylor is leading an EIB delegation for a five-day visit to China, where it will hold discussions with the Ministry of Finance, the People's Bank of China as well as the National Development and Reform Commission on existing and new initiatives to jointly support climate investment.
 
The European Investment Fund, a subsidiary of the EIB, is also cooperating with China's Silk Road Fund to provide financing to European innovative firms, according to Taylor.
 
The EIB provided 298 million euros to finance climate-related projects in eight Chinese provinces last year, including energy efficiency schemes in Shandong province and a large-scale biomass project in Henan province.
 
Jiang Shixue, a researcher at the Institute of European Studies at the Chinese Academy of Social Sciences, said that the EIB's initiatives in China were an example of strengthened financial cooperation between China and Europe to address climate issues and to support green and sustainable growth.
 
"The ongoing financial cooperation could also serve as a link between the Belt and Road Initiative and European Commission President Jean-Claude Juncker's investment plan," Jiang said.
 
The EIB has provided 84 billion euros to finance new investments internationally, including 19.6 billion euros for climate-related investment.
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