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    

Category

Events

Events

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

NEWS

64x64

OPEC members comply with production cut www.nhk.or.jp

 
OPEC members have so far complied with an oil production cut agreed last November.
 
Under the deal, the members of the Organization of the Petroleum Exporting Countries cap their total production at 32.5 million barrels per day from January to June to prop up sluggish crude oil prices.
 
The group said on Monday that total production in January fell by 890,000 barrels per day to 32.139 million.
 
All 10 member countries that are subject to the cut reduced their output in the month.
 
Saudi Arabia's production fell by 496,200 barrels per day, while Iraq recorded a reduction of 165,700 barrels and the United Arab Emirates 159,300 barrels.
 
Observers have been keeping an eye on whether the cut, the first in 8 years, would be implemented as agreed.
 
But crude oil prices appear to have peaked amid expectations of an increase in US shale oil production.
 
Attention is now focused on whether Russia and other non-OPEC producers, which agreed to cooperate in curbing production, will follow through on the agreement.
...


64x64

Stand-By Arrangement and Mongolia www.gogo.mn

Government of Mongolia is negotiating with International Monetary Fund (IMF) on Stand-By Arrangement (SBA). Minister of Finance B.Choijilsuren paid visit to the United States last week to meet with IMF representatives. Minister of Finance stated that final decision and the amount of loan will be finalized this week. 
IMF have submitted 13 proposals on operation of Development Bank. In regards, amendments to draft law on Mongolian State Development Bank was approved by the Parliament session last week.
WHAT IS STAND-BY?
The IMF SBA is an economic program of the IMF involving financial aid to a member state in need of financial assistance, normally arising from a financial crisis. In return for aid, the economic program stipulates needed reforms in the recipient country aimed at bringing it back on a path of financial stability and economic sustainability. The SBA is a sub-set of IMF and World Bank programs aimed at Structural adjustment
IMF’s SBA was created in June 1952 to provide financing to countries requiring help with balance of payments problems. The SBA has often been used by member countries and is the dominant lending instrument of the IMF, especially for emerging market countries. After a significant pause in such aid, the financial crisis that erupted in 2008 resulted in a large number of countries requiring such financial assistance from the IMF. The financing terms are normally more advantageous than private markets offer. In 2009, the IMF upgraded the SBA "to be more flexible and responsive to members countries’ needs." At the same time, the borrowing limits were doubled and more funds were made available up front. Generally, the "conditions were streamlined and simplified.
HOW MANY TIMES MONGOLIA REQUESTED SBA? 
IMF provided SBA to Mongolia twice and granted total of US$ 195.7 million loan, of which US$ 136.6 million was granted as an ordinary loan without adjustment. 
Government of Mongolia received the first SBA in 1991, the early stages of transition to a market economy. The main goal of the IMF supported SBA was to support balance of payments, promote economic stability and reduce unemployment. The SBA was approved for an amount equivalent to SDR 13.75 million.

Affected by the global financial crisis, price of Mongolia’s main mineral exports such as copper and zinc have fallen sharply in the world market in mid-2009, causing declines in state revenues. Thus the Government of Mongolia requested an SBA with the IMF in support of its efforts to overcome the economic and financial crisis in Mongolia in March 2009. The Executive Board of the IMF approved a 18-month SBA for Mongolia in an amount equivalent to SDR 153.3 million (about US$229.2 million) with an annual interest rate of 5 percent to support the country's economic stabilization program. As a result, economic growth reached -1.6 percent in 2009.

...


64x64

First Mongolian satellite to be sent to space in March www.gogo.mn

Within the framework of an international BIRDS project, three Mongolian students at the Kyushu Institute of Technology finalized “Mazaalai” the first Mongolian miniature sized satellite on January 1.
The Joint Global Multi-Nation BIRDS Satellite project - acronym as “BIRDS project” - is a cross-border interdisciplinary satellite project, composed of the deans of universities, researchers, professors and graduate and postgraduate students working at the Kyushu Institute of Technology (KIT) in Fukuoka Prefecture of Japan. The project is for non-space faring countries supported by Japan and is participated by countries such as Mongolia, Ghana, Nigeria and Bangladesh. 
Three Mongolian students pursuing a doctorate degree at the Kyushu Institute of Technology, D.Erdenebaatar, D.Amartuvshin and T.Turtogtokh are in the team to build the first Mongolian satellite. The roles of Mongolian engineers in the project are divided into designing and developing a camera subsystem for the BIRDS satellites, in Electrical Power System in Productive section and Interface management in non-productive section of Satellite Development as well as in On-board Computer (OBC) system to provide reliable and proper operation of the brain for the satellites. 
On February 8, a press conference was held to deliver the “Mazaalai” satellite to the Japanese Aerospace Exploration Agency. The satellite will soon be transferred to NASA to be sent into space along with the regular supplies of the International Space Station in SpaceX rocket. Although the exact date is still unknown due to weather and other factors, the flight is scheduled in March. 
The miniature satellite is capable of taking 100m resolution images in the altitude of around 400km, transmitting data through 437MHz frequency modulation, identifying satellite locations, determining air density in the altitute of 400km, detecting space radiation and using ground stations as an international network.

...


64x64

Erdenet Mining Corporation under examination www.montsame.mn

Ulaanbaatar /MONTSAME / The Ministry of Finance and the Government Agency For Policy Coordination on State Property are jointly conducting investigation on Erdenet Mining Corporation’s production, financial and economic activities by the end of 2016 in pursuance of orders issued by the Parliamentary Standing Committees on Economy and Justice.

The investigation targets to examine the corporation’s production, profits, financial situation, utilization of state property, spending on assets, debt state, results of purchase and contracts.

A broader inspection team consisting of Bank of Mongolia, Finance Ministry, National Audition Department will probethe Erdenet Mining Corporation in near future to review and make conclusion regarding its financial violations and arguments.

...


64x64

Geeks venture into Goldman Sachs' world of big deals and egos www.reuters.com

 
Technology whizzes who helped Goldman Sachs (GS.N) eliminate hundreds of trading jobs over the past few years are venturing into the bank's flagship M&A business, making some junior bankers uneasy.
 
A team of 75 programmers, internally referred to as "strats," has been developing technology to make Goldman's elite dealmakers more productive. That team within investment banking has doubled in size since 2014, when long time tech banker George Lee was appointed chief information officer for the investment banking division.
 
Programmers are now supporting those handling equity underwriting, leveraged buyouts and deals within the financial services and real estate sectors. They are also analyzing client data to offer better advice on deal targets and types of actions that might please a particular company’s investor base.
 
Conventional wisdom holds that investment banking does not yield itself to automation the way trading does, because it relies so much on personal relationships forged over years of business lunches, rounds of golf and boardroom presentations.
 
Goldman executives say technology aims to reduce the grunt-work junior bankers now perform, so they can spend more time helping top dealmakers rake in more money.
 
But some who joined Goldman in recent years expecting to advance from supporting cast to lead roles on big deals are wondering whether technology will be their friend or foe.
 
One employee who asked not to be named told Reuters investment bank staff are looking at how trading got automated, and wondering if the same fate awaits them.
 
There is more water-cooler chatter among young employees about using their Goldman experience to build a career outside banking, he said. Automation is not the only concern, but it does come up, he added.
 
"Banking used to be an area where the top undergrads and MBAs wanted jobs, but now so much of those roles are automatable," said Tom Davenport, a professor of information technology and management at Babson College.
 
One concern is that technology may make some staff redundant. Another is that the strats themselves – more likely to hold engineering PhDs from the Massachusetts Institute of Technology than MBAs from Wharton – could get ahead of bankers on a career path.
 
Worries have been exacerbated by weak business and broader job cuts across the industry.
 
At Goldman, revenue fell 9 percent last year to its lowest since 2011, and its return on equity remains below the 10 percent investors generally expect. Investment banking had a rough year, hurt by a near-empty calendar for initial public offerings, and a broad slowdown in M&A activity.
 
The top 10 Wall Street firms have cut the number of client-facing investment bankers they employ by 15 percent since 2010, according to research firm Coalition.
 
Advances in technology could thin the ranks of low-level staff at Goldman as much as 10 percent in the next few years, people familiar with the matter said. Kognetics, a software company that uses artificial intelligence to assist investment bankers, says about a quarter of their routine can be automated.
 
Goldman's strats recently launched "Sellside," an application that allows junior bankers to quickly compile deal information, such as when bids from different buyers arrive. They have also made it possible for senior bankers to check deals remotely while traveling, instead of calling analysts for updates.
 
As certain tasks get automated, it could become harder for junior bankers to learn the basics of their job and advance to more senior positions, said Jeanne Branthover, managing partner at executive search firm DHR International.
 
"The pipeline of talent will dwindle," she said.
 
But Goldman executives involved in the technology push say their goal is to makes junior staff more efficient and call concerns about job losses overblown. Expanding strats' roles is necessary to stay competitive, they say.
 
Goldman's deputy finance chief, Marty Chavez, has been telling people worried about their jobs to learn skills that cannot be replicated by a computer. At a Harvard event last month, Chavez said some investment banking tasks were "begging to be automated," according to an MIT Technology Review report.
 
Chavez, a computer scientist who made his name leading teams of strats, is now considered a contender to eventually succeed Chief Executive Lloyd Blankfein.
 
Blankfein himself likes to say Goldman is more of a technology firm than a financial one, even though dealmakers and traders have led the bank for its entire 148-year history.
 
Executives also note that programmers have been helping investment banking for over a decade, the cooperation has just intensified lately. They also point out that Goldman has thousands of investment bankers around the globe, compared with just 75 programmers inside the division.
 
"No CEO is going to just use a computer to decide what company they're going to merge with," said one. "The nature of an M&A transaction is much more intimate than that."
...


64x64

Inflation picks up to multi-year highs in China as central bank eyes tighter policy www.reuters.com

 
China's producer price inflation picked up more than expected in January to near six-year highs as prices of steel and other raw materials extended a torrid rally, adding to views that global manufacturing activity is building momentum.
 
China consumer inflation also rose more than expected to near three-year highs, data showed on Tuesday.
 
Much of the pick up in consumer prices was likely due to higher food and transportation prices heading into the long Lunar New Year holiday, the National Bureau of Statistics said.
 
But mounting price pressures in China and many other developed economies have sparked talk of tighter monetary policy this year, after years of super-loose settings aimed at reviving economic growth.
 
China's central bank raised short-term interest rates in recent weeks as it looks to contain financial risks from an explosive growth in debt.
 
Consumer inflation quickened to 2.5 percent in January from a year earlier, the highest since May 2014 and just above market expectations.
 
Analysts polled by Reuters had predicted the consumer price index (CPI) would rise 2.4 percent, versus a 2.1 percent gain in December.
 
Food prices, the biggest component of CPI, rose by 2.7 percent in January from a 2.5 percent rise in December. Transportation and communication costs rose 2.3 percent, up from a 0.9 percent gain in December.
 
Producer price inflation accelerated to 6.9 percent, from December's rise of 5.5 percent.
 
The producer price index (PPI) rose the fastest since August 2011, driven by a 31.0 percent increase in mining costs as coal prices rise, the biggest jump in that category since early 2010.
 
Trump expects only 'tweaking' of trade relationship with Canada
The market had expected producer prices to rise 6.3 percent on an annual basis.
 
China's massive imports of coal, crude oil, iron ore and industrial materials have helped fuel a sharp rebound in global resources prices in recent months, boosting profits for producers and processors.
 
Iron ore futures in China rallied to the highest in more than three years on Monday, while London copper futures hit 20-month highs.
 
Price gains in China have been further amplified by government efforts to reduce overcapacity in some industrial sectors.
 
But heady increases in China's commodity futures market, especially for iron ore, metal reinforcing bars and coking coal used in steel production, have added to worries about speculative price bubbles.
...


64x64

Finland inks $266 million deal to revitalize Europe's largest nickel mine www.mining.com

 
A large but troubled nickel mine in Finland may be back on the road to profitability thanks to a recent deal that saw commodities trader Trafigura take a 15.5 percent stake.
 
The Terrafame mine in northern Finland has been operated by the state since 2014, after its former operator Talvivaara Sotkamo went bankrupt following years of losses and production problems. Talvivaara also had to deal with a major environmental and public relations disaster in 2012 when the mine leaked wastewater, spilling toxic levels of nickel, cadmium, uranium, aluminium and zinc into nearby lakes and rivers.
 
The Finnish government planned to close what was once the European Union's biggest nickel mine, but changed its mind in November. Instead, the government provided 100 million euros to Terrafame, citing rising nickel and zinc prices and state-controlled Terrafame Ltd's efforts to put the business back on track, according to a story in Digital Journal.
 
Now the mine has been given an even bigger vote of confidence, with Trafigura – which describes itself as one of the world’s leading commodity trading and logistics houses – paying 250 million euros (US$266 million) for a 15.5% stake to help complete a planned ramp-up in production. Last year the mine produced 22,575 tonnes of zinc and 9,554 tonnes of nickel.
 
The cash will be issued through Trafigura's Galena fund; the company will also finance a new loan as part of the deal.
 
Trafigura also agreed to purchase all of the mine's nickel-cobalt sulphide precipitates and 80% of its zinc sulphide precipitates during the next seven years.
 
Ore at the mine is processed through a bioheapleaching process said to be cleaner and more energy-efficient. It uses natural bacteria to leach sulphide minerals.
...


64x64

‘Untapped potential’: Bitcoin poised to profit from Iran’s ban on US dollar www.rt.com

 
As Iran moves away from using the US dollar, bitcoin has emerged as a potential replacement. The cryptocurrency could thrive in a country where more than 50 million people are connected to the internet, financial experts claim.
 
In the wake of US President Donald Trump’s travel restrictions on seven countries including Iran, the governor of the Central Bank of Iran announced last month that the US dollar will be replaced with a stable reserve currency more frequently used in foreign trades.
 
Two possible replacements are being explored such as using one currency, potentially the euro, or allowing Iranians to select from multiple currencies, reported the Coin Telegraph.
 
The announcement has caught the attention of the country’s first bitcoin exchange, BTXCapital, which sees Iran as a market with potential to grow. “The market is massive. A large population with a high proportion connected to the internet means there is a lot of completely untapped market potential,” Ganesh Jung, CEO of Draglet who develop an exchange platform used by BTXCapital, told IBTimes UK.
 
India recently saw a surge in bitcoin usage following the country’s demonetization of high-value paper notes, pushing people towards cashless transactions.
 
However, last week the Reserve Bank of India issued a warning to bitcoin users saying it is not licensed in the country.
 
“Any user, holder, investor, trader, etc. dealing with virtual currencies will be doing so at their own risk,” they said in a statement.
 
The cryptocurrency faces similar challenges in Iran where, according to the central bank, Article 2 of the state’s Money and Banking Act states that “The Currency of Iran shall be in the form of money and coins,” which were either in circulation at the time the legislation was passed or which are issued under the Act.
 
However, the restriction does not prevent bitcoin being used for other purposes including money transfers overseas.
 
Jung claims Iran will be supportive of bitcoin and use it as a way to “signal that the country is hoping to reintegrate with the West – and bitcoin is one way to do this."
 
Bitcoin more than doubled its value in 2016, becoming the year’s best-performing currency. It rallied at 126 percent on the back of strong demand in China, where the yuan saw its worst year on record, weakening 6.5 percent.
...


64x64

Canada’s Trudeau needs to sell Trump on NAFTA www.rt.com

 
Prime Minister Justin Trudeau arrived in Washington on Monday carrying the hopes of Canadian businesses that he can assure US President Donald Trump the North American Free Trade Agreement (NAFTA) is worth salvaging.
 
NAFTA was signed by the governments of US, Canada, and Mexico in January 1994. The agreement covers trade between the three countries which together have almost half a billion people, and its fundamental principle is the elimination of tariffs across North America.
 
During his campaign, Trump condemned NAFTA, describing it as "the single worst trade deal ever approved" and a catastrophe for US workers and companies.
 
Last month, he said he was ready to start renegotiating the agreement with Canada and Mexico.
 
According to Statistics Canada, shipments from Canada to the US account for almost 76 percent of the country’s exports. Trump’s support for a “major border tax” could disrupt $541 billion in trade between the two nations.
 
A border tax could backfire by raising the cost of raw materials used to make goods in the US, said Pierre Gratton, president of the Mining Association of Canada.
 
“It would be counterproductive for the United States to start imposing a border tax on minerals and metals because they’d only be punishing their manufacturing industry,” Gratton told Bloomberg.
 
Automakers, along with oil and gas producers are Canada’s two largest exporters to the US. Statistics show each of those sectors generated about $46 billion in shipments in 2016, or 30 percent of the total.
 
“Absolutely, we need to be concerned about any change in our trading relationship with our largest trading partner,” said Paul Taylor, chief investment officer of asset allocation at BMO Global Asset Management.
...


64x64

Presidential election candidates to be announced by May 17 www.montsame.mn

Ulaanbaatar /MONTSAME/ The General Election Commission called a press conference on Monday, February 13, to announce that the commission has approved a Plan of actions and schedule for organizing the presidential election to be held on June 26.

The Mongolian National Audit Office is to finalize the designations of the maximum costs of electoral constituencies and for each candidate to run election campaigns by February 26.

Selection of candidates to run for president will take place around the beginning of May and the selected candidates will be announced to the public before May 17.

As of today, there are 2,056,000 registered citizens of voting age on national level. However the number is subject to change until the actual election day.

The polling will take place for the Mongolian citizens abroad on June 10-11 at the diplomatic missions of Mongolia to respective countries.

...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook