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

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Russia to pay off balance of Soviet-era debt within 45 days www.rt.com

 
The Soviet Union’s foreign debt will be paid in full within weeks, once Moscow settles with Bosnia and Herzegovina, according to the Russian Ministry of Finance.
 
According to calculations, Russia owes the Balkan country, once part of the former Yugoslavia $125.2 million, said Deputy Finance Minister Sergey Storchak. This is the last Soviet debt, and it will be paid back in 45 days, he added.
 
The debt to the former Yugoslavian republics of Croatia, Serbia, Montenegro, Slovenia, and Macedonia, had been paid off by Russia from 2011 to 2016.
 
In February, the Finance Ministry said the debt would be cleared quickly once an executive order was signed. On Tuesday, the final step in the process was announced officially.
 
When the Soviet Union collapsed in 1991, the newly formed Russian Federation inherited a growing external debt of over $66 billion with barely a few billion dollars in gold and foreign exchange reserves.
 
By assuming the Soviet-era debt, Russia gained international recognition as the USSR’s successor.
 
The USSR's foreign debt was accumulated in various ways, such as obligations to Western countries accrued in the debt market after 1983. The money owed to former Yugoslavia was as a result of trade.
 
“On the one hand, the USSR supplied Yugoslavia with defense and energy products. On the other, Yugoslavia sold consumer goods to the USSR. The debt was formed due to the difference in the value of imports and exports,” managing partner of law firm HEADS Consulting Aleksandr Bazykin told Izvestia daily.
 
In recent years, Moscow canceled billions of dollars in debt owed to the Soviet Union by countries in Africa, Asia, and Central America. In 2013, Russia wrote off almost the entire $32 billion debt owed by Cuba.
 
According to the Finance Ministry, other countries still owe the Soviet Union about $34 billion, but it will be very hard for Russia to reclaim the money.
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Goldman Sachs confirms plans to move London jobs to Europe www.rt.com

 
Hundreds of people working for Goldman Sachs in London will be moved to Europe as the company executes its Brexit contingency plans, Goldman’s Europe CEO Richard Gnodde told CNBC.
 
When asked whether the bank’s European expansion would reflect the moving of jobs out of London or the hiring of new personnel on the continent, Gnodde said it will be a “combination of things.”
 
"For this first period, this is really the period where we put in place these contingency plans, this in the hundreds of people," said Gnodde, when asked to put numbers to anticipated headcount increases on the continent.
 
“We'll hire people inside of Europe itself, and there will be some movement," he said, explaining that the upcoming period will see investment in infrastructure, people, systems and technology.
 
Talking about Britain's exit from the European Union, Gnodde said the apparent lack of a transition process or period for financial services firms means contingency plans are being relied upon.
 
British Prime Minister Theresa May will trigger Article 50 on March 29, formally starting the UK- EU divorce process.
 
"Whatever the outcome, London will remain for us a very significant regional hub and a significant global hub," the banker said.
 
According to him, operations in several European cities will be expanded as part of the contingency plans.
 
"We start with a significant European footprint, we are licensed with banks in Germany and France," said Gnodde, adding that over the next 18 months the bank would upgrade its European facilities and take extra space and headcount on the continent.
 
In November, media reported the US investment giant was considering moving some of its London assets and operations to Frankfurt over fears that it may lose access to the EU after the UK leaves the bloc.
 
Goldman relies on the EU’s ‘passporting’ system which gives the bank the right to operate freely across the European single market. However, with a so-called ‘hard Brexit,’ banks in London would lose the automatic right to do business in the EU.
 
UK-based banks are currently finalizing Brexit contingency plans to decide how much of their business they need to shift overseas to maintain relationships with the remaining 27 EU member states.
 
JP Morgan, HSBC, and Lloyds have already warned they could move thousands of their UK workforce.
 
A report from PricewaterhouseCoopers estimated there could be 100,000 fewer banking jobs in the UK by 2020.
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AIIB head sees globalization as benefit to all www.chinadaily.com.cn

 
The head of the Asian Infrastructure Investment Bank voiced support on Monday for globalization, saying that countries can benefit from the process with effective domestic reforms and correct policy choices.
 
AIIB President Jin Liqun warned that globalization has suffered a setback because of the lack of shared benefits and the polarization of the world's haves and have-nots.
 
"There is an urgent need to improve global economic governance. This is going to bring about shared benefits and ensure that no country is left behind," Jin said in a speech at the China Development Forum in Beijing. The three-day event ended on Monday.
 
The AIIB chief said that globalization has enabled many countries to adopt "pro-market measures" and achieve "huge gains" in economic efficiency and prosperity.
 
"I think we are all winners of globalization. ... I absolutely deny that there are losers," he said, adding that countries that are not doing well in the process need to "fix" their policies to benefit from globalization.
 
Jin's comments were seen as the latest evidence of China's effort to defend globalization and call for greater policy coordination among governments to foster growth and support free and fair trade.
 
At their G20 meeting in Germany over the weekend, financial ministers and central bank governors did not mention anti-protectionism or their traditionally strong support for free trade in their statement, which disappointed some observers.
 
"It is a clear example that the world is losing the support for globalization," said Stephen Roach, a senior fellow at Yale University's Jackson Institute for Global Affairs.
 
Roach lauded China's call for greater coordination among countries, saying that globalization is not about one country leading or dominating but rather about commitment from a large number of countries.
 
He said governments should build much more broad-based, responsive and long-term safety nets to fund programs that deal with the costs of globalization.
 
"I don't think there are any winners (in the trend of anti-globalization). The only winners are the politicians who get power from the backlash," he added.
 
Lou Jiwei, chairman of the National Council for Social Security Fund and former finance minister, also expressed disappointment with the G20's failure to mention anti-protectionism in the meeting statement.
 
"Anti-globalization measures cannot stop the trend of globalization. It will only reduce the benefit of the people and undermine the fiscal basis to improve income distribution," Lou told the participants at the China Development Forum.
 
Paul Romer, chief economist and senior vice-president of the World Bank, said there is no reason to be pessimistic about China's economic prospects amid rising trade protectionism and economic nationalism, since the country survived the shock of the global financial crisis in 2008.
 
Romer added that China and the United States should try to manage their bilateral economic relations well and keep the consensus in favor of free trade, which he said is in the interest of both sides.
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Adobe, Microsoft team up to share sales and marketing data www.reuters.com

 
Microsoft Corp and Adobe Systems Inc are joining to make their respective sales and marketing software products more potent competitors to Salesforce.com Inc and Oracle Corp offerings, the two firms said Monday.
 
On the eve of San Jose, California-based Adobe’s annual user conference, the company said that it will work with Microsoft to create a shared data format between Adobe’s marketing software suite, which the company is re-naming its Experience Cloud, and Microsoft’s sales software, called Dynamics, allowing the software systems to work together seamlessly.
 
“It’s going to enable to customers to go beyond the current (software) silos they have to navigate today,” said Scott Guthrie, executive vice president of the cloud and enterprise division at Microsoft.
 
For Adobe, best known among consumers for its Photoshop digital imaging and Acrobat PDF software, the partnership builds on a deal it struck with Microsoft last fall to use its Azure cloud computing services.
 
Adobe has been pushing into business-to-business marketing software since it purchased Omniture Inc, a firm that helps website owners track their traffic, for $1.8 billion in 2009. Software that companies use to run digital marketing and advertising campaigns represented about $1.2 billion of Adobe’s $4.6 billion in revenue last year.
 
For its part, Microsoft has been trying to expand Dynamics, its software system for sales people. Teaming with Adobe helps it compete more strongly against Salesforce and Oracle, which both offer a combination of sales and marketing software.
 
Melissa Webster, an analyst with IDC, said that sharing data between systems to ensure customers get a smooth experience will be “an important battleground” in business-to-business software.
 
If customers have spent a lot of money with a business, they expect the business to remember who they are and don’t like it when they have to constantly re-enter their name and information, she said.
 
“Every time a company says with its body language ‘Who are you, again?’ it eats into their brand equity a little bit,” she said.
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Coal giant's share price surges 16% www.chinadaily.com.cn

 
Shenhua workers install equipment at a coal-to-liquids project in the Ningxia Hui autonomous region. [Photo/China Daily]
 
Largest mainland producer rides a rebound in prices, upbeat demand
 
Share prices of China Shenhua Energy Co Ltd－the country's biggest coal producer－surged 16.28 percent to close at HK$19.14 ($2.46) in Hong Kong on Monday, outperforming the city's benchmark Hang Seng Index which gained 0.79 percent to 24,502 points, after a major leap in earnings for last year was reported.
 
The share price takeoff came in the wake of the group reporting on Friday a more than 40 percent increase in its net profit in 2016. China Shenhua also reported that its profit surged at least 50 percent in the first two months of 2017 over the same period of 2016, while estimating the coal price to remain at a reasonable range between 500 to 570 yuan ($72.4 to $82.5) per metric ton in the current year.
 
The company said that a rebound in the coal price and upbeat demand saw net profit jump 41.1 percent to 24.91 billion yuan in 2016 compared with 2015, while revenue rose 3.4 percent to 183.13 billion yuan. Earnings per share came in at 1.252 yuan.
 
After weighing the company's abundant cash flow as well as its investment expenditure levels, a special dividend of 2.51 yuan was recommended by the company and a final dividend of 0.46 yuan per share was declared. That took total dividends to 2.97 yuan per share or 59.07 billion yuan for the year.
 
"Our decision to issue the special dividend is to answer our shareholders' calls for higher dividends and to increase our rewards to shareholders. It's not affected by external factors, such as government or outsiders' proposals," said Shenhua President Ling Wen.
 
Coal prices in China surged last year, snapping four years of declines, as a result of the government's effort to curb industrial overcapacity. At the end of 2016, the price index of Bohai Bay thermal coal was 593 yuan per ton, up by 222 yuan per ton compared with the beginning of the year.
 
Against a backdrop of adjustments to demand and the government's actions, Shenhua sees the market gradually being rationalized in 2017.
 
The company－which also owns power plants and railroads－set its 2017 coal production and sales volume targets at 298 million tons and 407 million tons, up 2.8 percent and 3.1 percent respectively from the previous year.
 
Its power output target was set at 214.7 billion kilowatt-hours, down 2.7 percent. Capital expenditure in 2017 was expected to come in at 35 billion yuan.
 
"We will accelerate the implementation of our clean energy development strategy in 2017, by further renovating 12 coal-fired generators with the total capacity of approximately 7,820 mW, to build a green model for the coal-fired power industry, " Ling said.
 
Credit Suisse raised its profit forecast for Shenhua for 2017 by 19 percent after the announcement of the better-than-expected results.
 
Its target share price was raised from HK$14 to HK$15.3 to reflect the higher Qinhuangdao coal price forecast this year.
 
However, Credit Suisse warned that the spot coal price has peaked, posting downside risk in the second half of the year. As a result it kept the stock on an Underperform rating.
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Concession agreement on sewage facility to be introduced www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During the Cabinet’s regular meeting on March 20, Monday, Head of Cabinet Secretariat J.Munkhbat reported on the conclusion of a working group which was designated to implement Ulaanbaatar Sewage Facility Construction project and discuss the conditions of concession contract with proposed entities.
 
The working group suggests the partnership of Bogda JSC and Jinhua LLC which has made a proposal inclusive of technical and economic assessment and technological solution recommended by the Ministry of Construction and Urban Development and a corresponding Parliamentary Standing Committee.
 
The partnership offers to fund 30 percent of the project with its own investment, and the remaining 70 percent with a 10-year loan which has 4-year grace period and 5 percent annual interest.
 
National Development Agency was tasked to reach consensus on a build-operate-transfer type of concession contract to realize the Ulaanbaatar Sewage Facility Construction project, and report to the Cabinet.
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New contractor to be chosen for Bayankhongor-Altai road project www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During the Cabinet’s regular meeting on March 20, Monday, Head of Cabinet Secretariat J.Munkhbat reported on the progress of 126.7 km Bayankhongor-Altai road project which is listed among state-owned concession items approved by the 2013 Cabinet resolution No 317.
 
The concession agreement to build the road, worth USD 76.9 million, was signed with Energy Construction Company LLC on June 5, 2015. Sides agreed that repayment must be made from 2017 to 2019, and the road must be operational before September 1, 2017. But another company, Erdene Zam LLC established a duplicate concession contract because of which a legal case has been created.
 
Therefore, the Cabinet resolved to nullify the contract of Erdene Zam LLC, and ordered Minister for Road and Transport Development D.Ganbat to settle the case in compliance with the concerning laws and regulations.
 
Moreover, the Cabinet also decided to nullify the original concession contract with Energy Construction Company LLC, and assigned National Development Agency to select a new entity to establish a direct contract on construction of the 126.7 km road project and introduce its report.
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National program approved to curb air pollution www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Cabinet approved a National Program on Reducing Air Pollution at its regular meeting held on March 20. The program is to be implemented in two stages, in 2017-2018 for short term and 2018-2021 for long term. With realization of 59 measures reflected, usage of raw coal for fuel in Ger area households, entities and other organizations is expected to be banned.
 
As results, air polluting factors are estimated to decrease by 80 percent and toxic particles and sulphuric dioxide – to decrease by more than 50 percent.
 
Information Centers for Environmentally Friendly Technology will open in Bayanzurkh, Songinokhairkhan and Chingeltei districts of Ulaanbaatar city. Moreover, a bill on Establishing an Anti-Air-Pollution Fund and draft amendments to related laws targeted to protecting the environment, reducing environmental pollution, determining stakeholders’ responsibilities of rehabilitation and improving public participation and monitoring will be submitted to the parliament, pursuant to a direction by the Prime Minister.
 
The target groups will receive processed fuel, electric heater and nighttime power-meter at discounted prices. Producers and manufacturers of technologies and new ideas, as well as value-added and import-substituting products that are good for the environment will enjoy tax alleviations.
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Gashuunsukhait Railway company dissolved www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During its regular meeting on March 20, Monday, the Cabinet instructed the Board of Erdenes Tavan Tolgoi JSC to dissolve Gashuunsukhait Railway LLC which was established to invest in, construct and operate the narrow gauge railway between Mongolian Gashuunsukhait and Chinese Gantsmod ports.
 
In relation with the decision, corresponding Ministers and authorities were ordered to oversee the company’s expenditures through external audit and take measures concerning payment for the expense of the company using the foreign investment made into TavanTolgoi–Gashuunsukhait railway project.
 
Cabinet Resolution No. 268 issued in 2016 reflected that Nariinsukhait-Shiveekhuren railway construction will begin within the first half of 2017. Therefore, the Cabinet agreed that construction of 267 km railway connecting Tavan Tolgoi with Gashuunsukhait will be executed under the same authority with the construction of 45.3 km railway connecting Nariinsukhait with Shiveekhuren.
 
Although Gashuunsukhait Railway company had finalized the technical and economic assessment, layout and geological and geodetic surveying for the narrow gauge project, Tavan Tolgoi-Gashuunsukhait railway was decided to be built with standard 1435 mm gauge in accordance with the 2014 Parliament Resolution on ‘Ensuring implementation of Government policy on rail transport’.
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Bill Gates tops Forbes' rich list but Trump's wealth slips www.bbc.com

 
Microsoft founder Bill Gates again tops Forbes' list of the world's richest people, in a year when the number of billionaires rose 13% to 2,043.
According to the magazine's annual rich list, Mr Gates' fortune rose to $86bn, from $75bn, followed by investor Warren Buffett, up $14.8bn to $75.6bn.
It was bad news for US President Donald Trump, who slipped 220 spots to 544 and must now rub along on just $3.5bn.
Forbes said the $1bn fall in his wealth was due to the slow US property market.
There were 183 tech billionaires on the Forbes list, with a combined $1tn in wealth. The list is dominated by US billionaires.
Others in the top 10 included Amazon founder Jeff Bezos, who moved up to number three with the biggest gain of any person on the planet, a $27.6bn rise in his fortune of $72.8bn.
Facebook founder Mark Zuckerberg was number five and Oracle co-founder Larry Ellison was number seven.
The global population of billionaires, now put at a record 2,043, marks the biggest annual increase in the 31 years since the magazine began compiling the list.
The number of US billionaires on the list was 565, which Forbes attributed to the recent stock market surge since Mr Trump's November 2016 election.
China was second with 319 billionaires, and Germany was third with 114.
Forbes' top ten:
Bill Gates (Microsoft co-founder): $86bn
Warren Buffett (US investor): $75.6bn
Jeff Bezos (Amazon founder): $72.8bn
Amancio Ortega (Inditex founder): $71.3bn
Mark Zuckerberg (Facebook founder): $56bn
Carlos Slim (Mexican magnate): $54.5bn
Larry Ellison (Oracle co-founder): $52.2bn
Charles Koch (US businessman): $48.3bn
David Koch (US businessman): $48.3bn
Michael Bloomberg (Bloomberg founder): $47.5bn
The number of women on the list rose to 227 from 202, giving them a collective net worth of $852.8bn. For the second year running France's Liliane Bettencourt, the L'Oreal cosmetics heiress, was the world's wealthiest woman with a $39.5bn net worth.
Most of the richest women inherited their fortune, Forbes said. But the list also contained 15 new "self-made" women, mostly from Asian countries, including Vietnam's Nguyen Thi Phuong Thao of budget airline VietJet air.
Trump's tumble
Forbes attributed the US president's slide down the list to the sluggish Manhattan property market, which is responsible for a disproportionate amount of his wealth.
President Trump on the phone in the Oval Office of the White House - 28 January 2017Image copyrightAP
"Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it," Forbes said. "Lately, the neighbourhood has been struggling - relatively speaking."
The magazine also said that his wealth was hit by $66m in political spending on his successful presidential campaign, as well as $25m to settle litigation he allegedly ripped off students at Trump University.
Mr Trump would also have missed the big Wall Street rally following his election, assuming he sold off all of his shares during last year's campaign, the magazine said.
But not all of the trends were negative for Mr Trump.
The magazine estimated the worth of the Mar-a-Lago resort in Florida rose $25m due to post-election exposure.
Forbes list facts:
Bill Gates has topped the Forbes list for 18 of the past 23 years
There were 195 newcomers on the list, dominated by billionaires from mainland China
The youngest billionaire for the second year running is Alexandra Andresen, 20, after her father transferred some $1.2bn
The youngest self-made billionaire is John Collison, 26, worth $1.1bn after founding the Stripe online payment site
The sole US self-made woman newcomer on the list is Thai Lee, who moved to the US as a child and runs tech reseller SHI
Of women billionaires, iron ore magnate Gina Rinehart had the best year, with her net worth jumping $6.2bn to $15bn
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