Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Mongolia sends off athletes to Special Olympics www.en.montsame.mn
Mongolia signs visa exemption agreement with Argentina www.en.montsame.mn
Mining-oriented Mongolia-Canada cooperation expanding to other sectors www.en.montsame.mn
Merrill Lynch may keep commission-based retirement accounts: source www.reuters.com
Gold price dips below $1,200 www.mining.com
In another day of above average trading volumes, gold dropped through the psychologically important $1,200 an ounce level on Thursday as the metal comes under pressure from a strong US dollar and a looming interest rate hike in the US.
Gold for delivery in April, the most active contract on the Comex market in New York with nearly 23m ounces traded, slumped to a low of $1,199.o0, a more than five week low. Year-to-date the metal's gains have been trimmed to just over 4%.
While tighter monetary policy is not bullish, inflation and a range of uncertainties, including European elections and protectionism should support the yellow metal
Because gold is not yield-producing and investors have to rely on price appreciation for returns, the metal has a strong inverse correlation to US government bond yields.
The metal also usually moves in the opposite direction of the US dollar thanks in part to the growing effect of physically-backed gold ETFs traded in the US.
The current weakness may be temporary according to a Bank of America Merrill Lynch research note released Thursday quoted by CNBC:
However, if hourly earnings are much higher than expected and the rest of the report is also strong investors may start to worry that the Fed is behind the curve
"While tighter monetary policy is not bullish, inflation and a range of uncertainties, including European elections and protectionism should support the yellow metal. As such, we see prices at $1,400 (per troy ounce) by year-end".
Bloomberg points out that it's the worst run for gold since October and quotes Brad Yates, head of trading for Elemetal, one of the biggest US gold refiners as saying there could be more pain ahead:
“If the data continues to be as good as it was, or improves, we could see the Fed move toward further hawkishness."
ABN Amro in a research note says strong US payroll numbers on Friday could turn out to be bullish for gold:
If hourly earnings come in around expectations and the rest of the US employment report is strong, the US dollar will probably profit. However, if hourly earnings are much higher than expected and the rest of the report is also strong investors may start to worry that the Fed is behind the curve. It is likely that this will weigh on the dollar and support gold prices.
AirBnB raises $1bn of investment funding www.bbc.com
Home rental company AirBnB has raised $1bn (£821m) of investment funding in a deal that values the firm at $31bn.
The San Francisco-based firm disclosed the investment in a filing to the US Securities and Exchange Commission.
AirBnB did not comment on how it would use the funding, but is expected to expand its operations globally.
It has grown rapidly since its launch in 2008, and currently operates in 65,000 cities worldwide.
The firm, which does not publish its sales figures, makes its money by enabling homeowners to rent out their homes.
It takes a 3% cut of each booking and a 6% to 12% service charge from guests.
'No IPO plans'
It made its first profit in the second half of 2016, and will continue to be profitable this year on an underlying basis, according to media stories.
They also reported that the firm had no plans to list its shares on the stock market in the near future.
Brian Chesky co-founded AirBnB in 2008 to help pay the rent on his San Francisco flat
The company has been diversifying and recently began offering users new services, such as tailor-made city tours and exclusive experiences with local experts.
However, it has also faced criticism over claims it is driving up rents and contributing to housing shortages in some cities.
In December, under pressure from MPs, the firm said it would block hosts in London from renting out homes for more than 90 days a year without official consent.
What is AirBnB?
The accommodation site lets people rent out their properties, often at prices undercutting hotels and traditional Bed and Breakfasts.
It was started by university friends Brian Chesky and Joe Gebbia in 2008 to help pay the rent on their San Francisco flat.
As the site expanded into more and more cities, helped by the use of professional photographers, it attracted backers including Amazon founder Jeff Bezos and actor Ashton Kutcher.
In total it has raised more than $3bn from investors and it is now the second most valuable start-up in the US after Uber, which is valued at about $70bn.
Mongolia`s population reaches 3.1 million www.gogo.mn
National Statistics Office reported that population of Mongolia reaches 3 million 119 thousand as of Mar, 2017.
Population by gender:
1 million 585 thousand are males,
1 million 533 thousand are females.
In addition to the above, Mongolia had a population of 2.9 million at the end of 2014 while it was increased to 3.57 million at the end of 2015.
Interestingly, on January 24th, 2015, Mongolia welcomed its 3 millionth citizen.
Police and health services are the most corrupt in Mongolia www.gogo.mn
Transparency International, the global coalition against corruption released the latest Asia Pacific edition of the Global Corruption Barometer, covered 22,000 people across 16 countries and territories on Mar 7, 2017.
In Mongolia, police and health services have the highest levels of corruption, out of 6 public services that were asked about. Across the region, 30 percent of respondent who had come into contact with a police officer in the last 12 months had paid a bribe.
"1500 people were attended the survey from Mongolia, of which 33 percent of them were representatives of 21 aimags and 67 percent of them were residents of Ulaanbaatar, the capital city of Mongolia", said E.Munkhjargal, CEO of Transparency International Mongolia.
Over 61 percent of people in Mongolia rated their government badly at addressing corruption.
When looking at the overall regional results, 38 per cent of the poorest people have paid a bribe, which was the highest of any income group. This may be because they have fewer alternative options available to them, or because they have less power or influence to avoid paying bribes
The best ways people thought they could tackle corruption in their own countries are reporting corruption (22 per cent) and refusing to pay bribes (21 per cent) were most effective.
Based on the findings in this report, Transparency International makes the following recommendations to the Governments:
Make good on promises
Heads of states must speak out and act immediately and publicly, to assert their specific and time-bound commitment under the Sustainable Development Goals (SDGs) to substantially reduce bribery and corruption by 2030.
Governments must deliver on their anti-corruption commitments made globally and regionally by implementing legislation and practice at the national level. For example, the social accountability (article 13) and anti-corruption agencies (articles 6 and 36) aspects of the United Nations Convention against Corruption (UNCAC).
Stopping bribery in public services
Governments should address systemic problems that allow corruption in public sector delivery: Prevent corruption by promoting transparency through effective implementation of access to information legislation and open government practices, enhancing a healthy and free environment for civil society to operate, and enacting codes of conduct for public servants.
Punish the corrupt by immediately adopting a zero-tolerance policy for corruption in public services, pursuing prosecutions and applying appropriate sanctions.
The police must lead by example and urgently address corruption within their ranks and act to gain public confidence because of their key role in fighting corruption.
Governments must integrate anti-corruption targets into all SDGs including hunger, poverty, education, health, gender equality and climate action, and develop mechanisms to reduce corruption risks in these areas.
Encouraging more people to report corruption
Legislatures must adopt and enforce comprehensive legislation to protect whistleblowers based on prevailing international standards, including those developed by Transparency International. Meanwhile, governments and the private sector must support whistleblowers and reporters of corruption and ensure appropriate follow-up to their disclosures.
Anti-corruption agencies should engage with the large numbers of citizens willing to refuse paying bribes and those willing to report bribes. At the same time, anti-corruption agencies should implement outreach programmes to encourage people to report corruption and ensure user-friendly reporting mechanisms to empower citizens to effectively take action against corruption.
Snap perks up after initial rush of short sellers www.reuters.com
Private sector leaders call for long-term and stable law and policy www.montsame.mn
Ulaanbaatar /MONTSAME/ The American Chamber of Commerce (AmCham) in Mongolia hosted its March monthly Meeting with some of the most prominent business leaders in Mongolia on March 7 to discuss “Perspectives of Business Leaders on the Economic Situation of Mongolia and Forecasts for 2017”.
The panelists included President of MSC Group J.Od, Chairperson of Petrovis LLC and President of Ulaanbaatar Chamber of Commerce J. Oyungerel, Executive Director of Wagner Asia Group Steve Potter, and Resident Representative for Mongolia at International Finance Cooperation (IFC) Tuyen Nguyen.
The meeting brought together over 100 participants, including AmCham members and representatives from Mongolia’s leading businesses. Attendees heard from the panelists on Mongolia’s outlook in a broad range of business categories, including mining, agriculture, new projects, and finance. The panelists also spoke about the need for economic diversification and stability in policy and law as well as the IMF’s extended fund facility program and its implications for the private sector.
J.Od, President of MCS Group, opened the discussion and said, “2017 presents a real opportunity for Mongolia to develop a real economy and to create jobs based on economic diversification, good policy decisions, regional integration and an open investment environment.”
J.Oyungerel, Chairperson of Petrovis Group, noted, “Mongolia needs to promote and increase its export products, such as agriculture industry products, to further develop our economy while having a stable policy and legal environment designed to support the private sector as the key engine of economic growth. Also, Mongolia needs investors who can supply the best expertise and advanced technology for local businesses to grow.”
Mr. Steve Potter, Executive Director of Wagner Asia Group, gave a comparative analysis of Mongolia with other jurisdictions and said, “The chances of success will greatly increase if we develop long-term and sustainable policies that encourage both domestic and international investment and private sector growth.”
Tuyen Nguyen, Resident Representative for Mongolia at the IFC, commented in detail on the IMF’s extended fund facility program and its impacts on the private sector and said, “Fiscal discipline of the government with the IMF deal will certainly help in unleashing the potential growth of the private sector and in rebuilding investor confidence.”
“AmCham Mongolia has been and will keep working with both the public and private sectors to promote strong private sector growth, an enabling business environment, increased investment, and a stable policy and legal environment in Mongolia.” Jay Liotta, Chairman of AmCham Mongolia, said during his closing remarks.
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