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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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Preliminary balance of payments for March, 2017 www.montsame.mn

Ulaanbaatar /MONTSAME/ Current and capital account balance totaled to USD 38.4 million surplus, which is USD 83.8 million increase compared to the same period last year. The change was mainly due to increase by 32 percent or USD 30.4 million in goods and services account, and decrease by 31 percent or USD 63.8 million in primary income account.

Financial account had a surplus of USD 173.1 million in the first 3 months. Last year, Mongolia had a net borrowing of USD 202.2 million from the rest of the world, whereas this year it totaled to USD 173.1 million outflow. Thus, the net external financing had decreased by USD 375.3 million. As of the first 3 months of 2017, overall balance of payments deficit was USD 165.7 million.

B.Oyundelger
Source: www.mongolbank.mn

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UEA five hightailing to Mongolia for Mind www.concrete-online.co.uk

 
Some would say packing a suitcase and hopping on a plane is the conventional way to travel over 8,000 miles, but not for the five UEA students who will be hightailing it from Norwich to Mongolia in two cars (one they call “Mildred”) and a motorbike.
 
What started off as a conversation of ‘what ifs’ for Will Vickers, Luke Phillips, Luke Dexter, Josh Melling and Edd Nabbs will lead them on an adventure to raise money for charity.
 
On June 11th this year, the students will start to make their way through Europe, down the Dalmatian Coast, north Turkey, into Georgia then Azerbaijan, across the Caspian Sea, into Kazakhstan and finally arriving at Mongolia.
 
They have based their journey on the internationally recognised Mongol Rally, developed by ‘The Adventurists’.
 
The fact that even they have described their journey as “crazy” on their website is a bit of a punchline, as these five men have chosen to support the UK mental health charity Mind, and will be donating 100 percent of their proceeds to the cause.
 
They told Concrete: “Firstly we feel that anything we can contribute will actually go towards services that can help someone in need, whereas in larger charities what happens with donated money is not always as transparent.”
 
When asked why they chose Mind, they explained: “Mental health is a huge issue on the agenda, especially for students. We thought, let’s raise some money for a great charity, and open up the conversation about mental health, especially among young men, where that conversation is quite often ignored.”
 
Team Norwich 2 Mongolia (N2M) said, “‘UEA’s outlook on mental health is all over the place.”
 
They added: “There is not enough funding for mental health services at university so a lot of people miss out…Norwich Nightline could be so much better…students often end up relying on external services.”
 
As June approaches, Team N2M are asking people to donate in any form, be that sponsorship, gifts, merchandise and services. They are also offering incentives for donations. Donating £10 will get the sponsor “forever emblazoned into our legendary journey”, with their name inked onto one of the cars, and £30 allows them to suggest challenges or punishments for the five guys to make, to keep their trip as interactive with UEA students as possible.
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Climate-stressed Mongolia urged to put yaks before mines www.indianexpress.com

 
Mongolia should diversify its economy in the face of climate change and other stresses, as reliance on mining at the expense of its livestock industry has put people at risk of commodity price shocks and rising unemployment, an international aid group said. Ramesh Singh, Mongolia director for Mercy Corps, said strengthening rural livestock markets and establishing centres of economic activity outside the over-stretched capital would enrich the nation’s coffers, provide work for young people, and boost the country’s resilience.
Mongolia has struggled with an economic crisis since 2016 due to government over-spending and declining revenues from its exports, which include copper and coal. “We have reached a tipping point,” said Singh, whose U.S.-based organisation has worked in Mongolia since 1999. Youth unemployment, climate change and heavy urbanisation in the capital city of Ulaanbaatar are key issues that must be tackled, he added. A Mercy Corps report issued last week said the mining sector employs only 3.6 percent of Mongolia’s total workforce.
“There’s a realisation among government and development partners that it was a big mistake to focus solely on a single sector,” said Singh, noting how a 17 percent growth rate in 2012 has nosedived to a projected 1.4 percent in 2017. Meanwhile, around 30 percent of Mongolia’s 3 million people live off herding horses, goats, sheep, camels, yaks and other cattle, according to the World Bank, and meat is the primary source of food for the population.
Those unable to make ends meet in rural areas – especially young people working in low-paid animal husbandry or unpaid family jobs – usually move to the capital. There, many end up living in “ger districts”, makeshift neighbourhoods named after Mongolia’s traditional yurt dwellings, where pollution, poverty and domestic violence are rife, aid agencies say.
MEAT MARKET
In February, the Red Cross appealed for $654,000 to support thousands of Mongolian herder families suffering from a second consecutive “dzud” in which a summer drought is followed by harsh winter conditions, leading to widespread livestock deaths. Climate change could lead to more erratic rainfall and increase the frequency of droughts and dzuds, said the Mercy Corps report. But Singh said a profitable, modern herding system attractive to young people could be developed.
“There is a huge market potential from China and Russia which are ready to buy meat from Mongolia. There’s an opportunity to develop another export market here,” he told the Thomson Reuters Foundation by phone. Mercy Corps is supporting a law to protect grazing land, and hopes to join planned efforts to map how many animals the country’s pastures can support.
Its report also recommends educating herders to keep fewer, better-quality livestock, as well as developing financing to protect herders from climate threats, including insurance. The world’s first index-based livestock insurance was launched in Mongolia in 2005 but take-up has been slow due to a lack of awareness and affordability.
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Erdenes Mongol says it will complete the Erdenes TT shareholder registry www.theubpost.mn

Deputy Director of Erdenes Mongol G.Ganbold reported that thecompany will be working in cooperation with Erdenes Tavan Tolgoi and the Ministry of Finance to resolve concerns about citizen held shares in Erdenes TT, and promised that measures would be taken to address the registration of all company shareholders. The statement by the Deputy Director was made during the “Privatization in Mongolia: Opportunities and Lessons from Past Mistakes” session of the Investor Nation forum. MPs L.Enkh- Amgalan and Ch.Khurelbaatar, as well as economist R.Amarjargal and attorney L.Naranbaatar also participated in the discussion about the 1,072 shares of the company issued to each Mongolian citizen.

Former Prime Minister Su.Batbold’s administration provided each Mongolian citizen with 1,072 shares in Erdenes Tavan Tolgoi. The decision has become a hot button issue in political spheres and among the general public since its inception.

Erdenes Mongol is responsible for managing the Mongolian government’s shares in the nation’s mining assets, including Oyu Tolgoi LLC, Erdenes Tavan Tolgoi JSC, Baganuur JSC, and Shivee Ovoo JSC. As a result, Erdenes Mongol could act as a key catalyst in improving the shareholder rights of citizens.

G.Ganbold promised that a significant measure to resolve the issues surrounding the citizen held shares will be taken within the next three months.

“By completing the registration of Erdenes TT shareholders, every shareholder will be able to receive company dividends starting in 2018,” stated G.Ganbold.

In light of recent news that Erdenes TT has paid off its debt to the Aluminum Corporation of China Limited (CHALCO), there have been talks of a potential IPO offering. The Deputy Director addressed this by saying that the first priority of the company is to complete its shareholder registration and to repay its remaining debt.

“We might start preparation for an IPO beginning in 2018. Of course, in order to have an IPO, we need to fulfill certain financial and operational requirements,” said G.Ganbold.

The Deputy Director also mentioned that Erdenes TT still has a long way to go before fulfilling the requirements put forth by the major stock exchanges around the world, and said that an IPO would certainly take some time to prepare.

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Cabinet approves 100 million USD ADB project to reform the banking system www.theubpost.mn

 
Cabinet has reached an agreement with Asian Development Bank (ADB) to launch a 100 million USD project to implement the systemic reform of the banking system.
 
The project is called Reviving the Banking Sector, Enhancing Financial Stability. The project is being financed with a 15-year loan from the ADB, with no payment required from the Mongolian government for the first three years.
 
There will be 12 measures undertaken as part of the project, including the establishment of an asset management company to address the increasing amount of non-performing loans in the sector. Laws will be amended in order to ensure financial stability in the sector, and regulation and governance of commercial banks will be strengthened.
 
The amount of non-performing loans in the Mongolian banking system has significantly increased. As of 2016, the amount of non-performing loans had reached 1.7 trillion MNT, or 14.2 percent of all loans. The volume of non-performing loans in 2016 was the highest it has been in the past six years.
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Mongolian delegation meets Chancellor Merkel www.news.mn

 
A Mongolian delegation led by L.Bold, head of the Mongolian-German inter-parliamentary group has participated in the famous Hannover Messe, which is the world's largest industrial fair. During the event, which began on Monday 24th April, the German Chancellor received the Mongolian delegation and discussed cooperation issues. Angela Merkel has visited in Mongolia twice since becoming Chancellor of Germany.
 
Chancellor Merkel made a speech during the opening ceremony of Hanover fair, which attracts more than 6500 companies from 70 countries. The fair is showcasing that “Industry 4.0” — the industrial internet of things, or IIoT, transforming the way goods are manufactured and sold — is becoming a reality, creating cost savings and enhancing productivity.
 
Germany, together with the UK, is Mongolia's main trading partner in the European Union.
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French company to study possibility of solar plant at Auto Trade Complex www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ A study on possibility to establish solar power plant on an open parking area of the Auto Trade Complex will be conducted by “Akyo Energy” company of the French Republic.
Today, April 25, a memorandum of understanding was signed by Governor of the Capital and Mayor of Ulaanbaatar City S.Batbold, Chairman of Auto Trade Complex, local government-owned company O.Mungunshagai and a representative of the Akyo Energy Company.
The Akyo Energy Company, a renewable energy project developer and investor, will conduct the feasibility study of the project and if the study proves it is possible to establish solar power plant there, the parties will establish agreements on cooperation and long term land use.
“- We hope the project will be successful and become a model project. We are in need to make decisive steps in using solar energy for reduction of air pollution in the city” said Mayor S.Batbold.
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Brexit economy: living standards are falling as the snap election looms www.theguardian.com

 
The pound’s sharp fall since the Brexit vote and a mood of uncertainty among employers has hit household budgets, creating a tough economic backdrop for Theresa May’s snap election, a Guardian analysis shows.
 
The prime minister will be hoping the resilience seen in the UK economy will hold over the coming months now that she has called an election for this June. But the Guardian’s monthly tracker of economic news shows living standards are already falling as rising prices outpace meagre pay growth.
 
That bodes ill for an economy reliant on household spending and the latest indicators from Britain’s retail and leisure industries suggest they are feeling the effects of a tightening consumer squeeze. The export sector has failed to offset that domestic drag and GDP figures due this week are expected to show the economy slowed markedly at the start of this year.
 
Still, lending support to those who say May was right to call a vote sooner rather than later, unemployment remains low, the housing market is steady, stock markets are near record highs and business activity continues to rise – albeit at a slower pace.
 
The economy appears to have lost momentum but has comfortably avoided the recession some had predicted in the wake of the Brexit vote. Last week, the International Monetary Fund was forced to admit yet again that it had been too gloomy on the consequences of the Brexit vote as it revised up its UK growth forecast for the second time in three months.
 
Writing in the Guardian, Andrew Sentance, a former member of the Bank of England’s monetary policy committee, said support for the UK from a strong global economy was being offset by domestic pressures.
 
“There are two big themes which stand out from this month’s data, and they show the UK being pulled in opposite directions by the global economy and consumer spending,” said Sentance, a senior economic adviser at the consultancy PwC.
 
“We should expect the consumer slowdown to dominate the growth picture over the course of this year ... GDP growth figures for the first quarter released at the end of this week are likely to confirm that the UK economy is already slowing.”
 
To gauge the impact of the Brexit vote on a monthly basis, the Guardian has chosen eight economic indicators, along with the value of the pound and the performance of the FTSE.
 
The dashboard for April shows retail sales have dropped, inflation is at its highest for more than three years, wages are falling in real terms and Britain’s trade performance has deteriorated. But unemployment remains low, house prices continue to edge up and businesses are expanding. The deficit of the public finances fell over the last year and the government hit its borrowing target. But the public finances were worse than market expectations for the latest month.
 
Compared with economists’ forecasts, there was a worse-than-expected performance in three of the eight categories. Two were better than expected, with three as forecast.
 
Stock markets remain near record highs and the pound has been given a fillip by news of the election, with investors predicting the result will strengthen May’s position in Brexit negotiations with her EU counterparts.
 
But, compared with the day of last June’s referendum, the pound is still down 14% against the US dollar and 10% against the euro. That weakness is now making itself felt in the real economy as imports become more expensive and shoppers are paying higher prices for a whole range of goods and services, from food to fuel.
 
The pound effect has combined with higher global oil prices to lift inflation to a rate of 2.3% in February and March, above the Bank of England’s 2% target.
 
But while inflation is expected to climb higher, wage growth looks set to slow. Employers are grappling with higher costs that give them less leeway for pay rises and the government continues to implement a public sector pay freeze.
 
The latest official figures show workers were already worse off in real terms in February as pay rose 1.9% on the year but inflation stood at 2.3%. That pay weakness was despite Britain’s unemployment rate remaining at 4.7% – its joint lowest since 1975 – and continued reports of skills shortages.
 
Reflecting tighter household budgets, retail sales volumes suffered their biggest drop in seven years over the opening months of 2017, dragging on the overall economy rather than acting as a driver of growth as they usually do. In other signs of the strains on consumers, there has been an increase in borrowing on credit cards while a key measure of what households have available to save has hit a record low.
 
David Blanchflower, another former Bank of England policymaker, said consumer spending was being supported by people borrowing more and running down their savings but that could not last.
 
“Support for Brexit is likely to be driven by how the economy performs and whether living standards hold up and they aren’t,” said Blanchflower, professor of economics at Dartmouth College in the US.
 
“I am hoping for some good economic news next month. I didn’t see much of any this month.”
 
There have been upsides from a weaker pound, including an influx of foreign tourists splashing out in British shops, restaurants and hotels to take advantage of the relative strength in their own currencies. Exporters also report that the pound’s drop has made their goods and services more competitive in overseas markets but the latest official trade figures were weaker than expected.
 
That overseas boost was clear in a set of business surveys that are closely watched by investors and policymakers for early clues to GDP growth. But while activity has continued to expand according to those Markit/CIPS purchasing managers’ indices (PMIs), their compilers say there has been a change of pace since last year and that GDP growth likely slowed to 0.4% in the first quarter of 2017 from 0.7% in the final three months of 2016.
 
The first official snapshot of GDP growth in the opening months in the year is due on Friday and economists polled by Reuters also expect growth to slow to 0.4%.
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Mongolia to expand cooperation on conservation with Sweden www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Minister of Environment and Tourism D.Oyunkhorol met with Anna Lindstedt, Sweden’s Ambassador to Mongolia who is on a visit to Mongolia on April 24-27 for her Accreditation ceremony.
 
At the beginning of the meeting, the Minister talked about climate change effects in Mongolia, how the country strives to be ecologically sustainable and Mongolia’s ratification of the Paris Agreement. “Ulaanbaatar city was first planned for 500 thousand people, but 1.3 million people reside in the capital city now, leading to high levels of air and soil pollution”, Minister D.Oyunkhorol said.
 
She said that the Ministry was working towards diversifying and greening the mining-dependent economy of Mongolia, and therefore would like to exchange experience with Sweden in this area, and expand cooperation in environmental conservation and tourism.
 
For her part, Anna Lindstedt expressed readiness to work with the Mongolian Ministry which is prioritizing green development and tourism. “As Sweden’s Ambassador for Climate Change, I will be happy to connect the Ministry to related organizations and support your activities against climate change”, she said.
 
 
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MBD Business delegates are heading to Washington DC www.mongolianbusinessdatabase.com

 

MBD business delegates from different business sectors including mining, transportation, construction material and cashmere are heading to Washington DC for North America-Mongolia Business Council's 27th AGM and Investors Forum between 26-28 April.

Distinguished guests including Ms.J.Galt US Ambassador to Mongolia, Mr.B.Altangerel Mongolian Ambassador to USA, Mr.R.Altangerel Mongolian Ambassador to Canada and experts from Mongolia and North America will discuss the outlook for Asia policy under President Trump and prospects for renewed Mongolian economic growth. Eight US Ambassadors to Mongolia will share their views on three decades of US-Mongolia relations.

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