1 MONGOLIA PM FACES LIKELY CONFIDENCE VOTE AMID CORRUPTION CLAIMS WWW.AFP.COM PUBLISHED:2025/06/02      2 RIO TINTO FINDS ITS MEGA-MINE STUCK BETWEEN TWO MONGOLIAN STRONGMEN WWW.AFR.COM PUBLISHED:2025/06/02      3 SECRETARY RUBIO’S CALL WITH MONGOLIAN FOREIGN MINISTER BATTSETSEG, MAY 30, 2025 WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/02      4 REGULAR TRAIN RIDES ON THE ULAANBAATAR-BEIJING RAILWAY ROUTE TO BE RESUMED WWW.MONTSAME.MN PUBLISHED:2025/06/02      5 MONGOLIAN DANCE TEAMS WIN THREE GOLD MEDALS AT THE WORLD CHAMPIONSHIP CHOREOGRAPHY LATIN 2025 WWW.MONTSAME.MN  PUBLISHED:2025/06/02      6 RUSSIA STARTS BUYING POTATOES FROM MONGOLIA WWW.CHARTER97.ORG PUBLISHED:2025/06/02      7 MONGOLIA BANS ONLINE GAMBLING, BETTING AND PAID LOTTERIES WWW.QAZINFORM.COM PUBLISHED:2025/06/02      8 HOW DISMANTLING THE US MILLENNIUM CHALLENGE CORPORATION WILL UNDERMINE MONGOLIA WWW.THEDIPLOMAT.COM PUBLISHED:2025/05/30      9 ORBMINCO ADVANCES BRONZE FOX PROJECT IN KINCORA COPPER PROJECT IN MONGOLIA WWW.DISCOVERYALERT.COM.AU PUBLISHED:2025/05/30      10 MONGOLIA SOLAR ENERGY SECTOR GROWTH: 1,000 MW BY 2025 SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/05/30      ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ, С.БЕРДЫМУХАМЕДОВ НАР АЛБАН ЁСНЫ ХЭЛЭЛЦЭЭ ХИЙЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     Н.НОМТОЙБАЯР: ДАРААГИЙН ЕРӨНХИЙ САЙД ТОДРОХ НЬ ЦАГ ХУГАЦААНЫ АСУУДАЛ БОЛСОН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/02     Л.ТӨР-ОД МҮХАҮТ-ЫН ГҮЙЦЭТГЭХ ЗАХИРЛААР Х.БАТТУЛГЫН ХҮНИЙГ ЗҮТГҮҮЛЭХ ҮҮ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ЦЕГ: ЗУНЫ ЗУГАА ТОГЛОЛТЫН ҮЕЭР 10 ХУТГА ХУРААЖ, СОГТУУРСАН 22 ИРГЭНИЙГ АР ГЭРТ НЬ ХҮЛЭЭЛГЭН ӨГСӨН WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООЖ, ШАЛГАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ГАДНЫ КИБЕР ХАЛДЛАГЫН 11 ХУВЬ НЬ УИХ, 70 ХУВЬ НЬ ЗАСГИЙН ГАЗАР РУУ ЧИГЛЭДЭГ WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/06/02     НИЙТИЙН ОРОН СУУЦНЫ 1 М.КВ-ЫН ДУНДАЖ ҮНЭ 3.6 САЯ ТӨГРӨГ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     ГОВИЙН БҮСИЙН ЧИГЛЭЛД УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30     СОР17 УЛААНБААТАР ХОТНОО 2026 ОНЫ НАЙМДУГААР САРЫН 17-28-НД БОЛНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/05/30     НИЙСЛЭЛИЙН ТӨР, ЗАХИРГААНЫ БАЙГУУЛЛАГЫН АЖИЛ 07:00 ЦАГТ ЭХЭЛЖ 16:00 ЦАГТ ТАРНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30    

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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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Government securities available through 5 commercial banks www.montsame.mn

Ulaanbaatar /MONTSAME/ Last Friday, the Financial Regulatory Commission of Mongolia finalized more than 20 issues on its regular meeting. Khan Bank, Golomt Bank, Trade Development Bank, XacBank and State Bank had their licenses extended to conduct government securities trading services.

The FRC also granted new permits of operations to non-banking financial organizations, namely, “Khan Altain Nuruu”, “Gold Capital Invest” and “Dari Finance” in consideration of their fulfilment of requirement of having base asset of more than MNT 2.5 billion.

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UB-Darkhan road to be paved with cement concrete www.montsame.mn

Ulaanbaatar /MONTSAME/ “Construction of cement concrete pavement on the road between Ulaanbaatar and Darkhan will aid domestic production, and will retain USD 90 million in the domestic economy”, highlighted D.Ganbat, Minister of Road and Transport Development on March 10, Friday.

His remark was made during his visit to Ulaanbaatar-BUK JSC which specializes in concrete production.

In scope of the mission to build road with domestically produced cement concrete, the Minister thus officially familiarized with operations of the company with his visit which aimed to explore new technologies to introduce in road sector.

Ulaanbaatar BUK Co.Ltd is capable of producing 30,000 cubic meters concrete products per month, and the company manufactures wide-ranging products such as concrete block, pipe, heavy concrete tube, pedestrian crossing tunnel and road fence

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Green Investment Bank sell-off racks up at least £1m in fees www.theguardian.com

 
The troubled £2bn privatisation of the Green Investment Bank has already cost at least £1m of taxpayer money in consultancy fees, official documents have revealed.
 
Ministers have promised that the sale of the bank, which has invested in green projects from offshore windfarms to energy-saving street lights, will deliver value for taxpayers’ money. An announcement on the sale to Australian investment bank Macquarie was expected in January but has yet to materialise amid strong political opposition.
 
Now it has emerged in newly published documents that last September officials authorised £1m in consultancy fees for the sale.
 
Although the Department of Business, Energy and Industrial Strategy (BEIS) has not confirmed who the money was paid to, the government’s financial adviser for the deal is Bank of America Merrill Lynch. Its legal adviser is Herbert Smith Freehills.
 
MPs condemned what they called an unnecessary waste of public money. Caroline Lucas, co-leader of the Green party said: “It’s outrageous that the government has ploughed a million pounds of taxpayers’ money into consultancy for a privatisation that simply shouldn’t be happening in the first place.”
 
The total figure spent on the sale so far is likely to be higher, given the bidding process began last March. The £1m consultancy cost is included in a disclosure of BEIS’s “exceptions to spending controls for July – September 2016”.
 
Vince Cable, who launched the bank in 2012, said: “I’m sure they will justify it on the basis that they got competitive quotes for their consultants. It does seem rather a lot of money.”
 
But, he added: “I’m less concerned about the value of the money of the sale than actually stopping it taking place in conditions where the green purposes of the bank is lost. It’s the issues of policy and principle, rather than these consultant’s fees.”
 
The BEIS said: “As with any asset sale, government has engaged external advisers through a competitive process to provide us with access to additional expertise, in line with [National Audit Office] recommendations on best practice.”
 
Earlier this month, rival bidder Sustainable Development Capital (SDCL) launched a legal challenge against the government, claiming it had complied with its own bidding criteria. A high court hearing on the London-based investment fund’s application for a judicial review is due later in March.
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Tesla's Musk discusses energy proposal with South Australian government www.reuters.com

 
Tesla Inc boss Elon Musk spoke with the premier of South Australia on Saturday after the tech entrepreneur offered to install $25 million of battery storage within 100 days to prevent recurring blackouts that have disrupted the state.
 
The proposal follows a string of power outages, including a blackout that left industry crippled for up to two weeks and stoked fears of more outages across the national electricity market due to tight supplies.
 
"Just spoke with Premier of South Australia (Jay Weatherill). Very impressed. Govt is clearly committed to a smart, quick solution," Musk wrote on Twitter on Saturday.
 
Weatherill said in a statement on Saturday the conversation about the battery proposal was "positive".
 
Musk made the offer on Twitter on Friday, saying if the work was not completed in 100 days it would be free.
 
His proposal made headlines in Australia, which is in the midst of a heated debate about the national electricity market and energy security.
 
Musk proposed the battery storage fix in response to a comment on social media by Mike Cannon-Brookes, the co-founder of Australian software maker Atlassian Corp.
 
Cannon-Brookes said he would be willing to line up funding and political support if Tesla could supply batteries that would solve South Australia's problems.
 
Musk responded by tweeting: "Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?"
 
He quoted a price of $250 per kilowatt hour for 100 megawatt hour systems, which would imply a price of $25 million for the battery packs.
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HSBC appoints AIA boss as new chairman www.bbc.com

HSBC has appointed Mark Tucker, the current chief executive of Asian insurer AIA, as group chairman.
Mr Tucker will take over on 1 October, succeeding Douglas Flint who has been in the role since 2010.
During seven years as chief executive of AIA, Mr Tucker oversaw the insurer's expansion in Asia.
One of his first jobs will be to find a replacement for Stuart Gulliver, the current chief executive of HSBC, who plans to step down next year.
AIA said that Ng Keng Hooi, would take over as chief executive from 1 September.
HSBC is Europe's biggest bank, but the bulk of its profits are generated in Asia.
The bank has been through an overhaul in recent years in an attempt to reverse declining profits.
Over the last six years it has slashed more than 40,000 jobs and sold off businesses.

The banking industry has been hampered by the extended period of very low interest rates, which makes lending money less profitable.
For HSBC that problem has been compounded by its move into less risky areas of banking since the financial crisis which started in 2007.
Those challenges make the appointment of a new chief executive even more crucial for investors, a search which will now be led by Mr Tucker.
Reputation revamp
HSBC has also been attempting to repair its image after a series of scandals.
Earlier this year it reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices during the financial crisis.
In 2015 Mr Gulliver and Mr Flint apologised for "unacceptable" practices at its Swiss private bank which helped clients to avoid tax.
In late 2012 HSBC paid US authorities $1.9bn in a settlement over money laundering.

 
 
 
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Chinese smartphones grow more popular in Russia www.chinadaily.com.cn

 
MOSCOW - Smartphones made in China took a larger share of the Russian market in January than a year ago, local retailers said recently.
 
In January 2017, five Chinese brands -- Lenovo, Huawei, Meizu, Xiaomi and ZTE -- collectively accounted for 24 percent of the Russian market in sales and 19 percent in revenue, increased from 19 percent and 13 percent respectively against January of last year, electronic devices retailer M.video revealed.
 
Chinese manufacturers are no longer perceived by Russian buyers as suppliers of cheap phones, said Svyaznoy's spokesman Sergei Tikhonov.
 
According to him, earlier smartphones of Chinese brands were sold mainly in low price segments, but now they appear in both medium and high price categories.
 
Another reason is technology, said Tikhonov, adding that in recent years Chinese smartphones are in some respects even superior to the smartphone leaders in terms of technical characteristics.
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Shell sells Canadian oil sands businesses in deals worth $8.5 billion www.mining.com

 
Royal Dutch Shell PLC (LON:RDSA) is selling almost all of its Canadian oil sands assets for nearly $8.5 billion, as its chief executive said the industry was not longer a strategic fit for the firm, the world’s second largest publicly-traded oil company.
 
Shell, in the midst of an investment push for renewable energy, noted it would both sell off its Albian oil sands project and other oil sands assets to Canadian Natural Resources (TSE:CNQ) for $8.5 billion, but also team up with that firm to buy Marathan Oil Corp.’s (NYSE:MRO) stake in Albian for $2.5 billion.
 
With the deal, Calgary-based CNRL will become the owner of 126,000-bpd Jackpine Mine, the 154,000-bpd Muskeg River Mine, and have rights to the Jackpine Mine expansion, which has regulatory approvals for 100,000 bpd, apart from a number of oil sands leases and pipelines across the basin.
 
The firm will also take ownership the Quest Carbon Capture and Storage (CCS) project, capable of sequestering 1.1 million tonnes per annum of carbon emission, and have a 70% stake in the 204,000-boepd Scotford Upgrader.
 
Shell estimated that about 3,000 employees working in the company’s oil sands division will join CNRL, though some layoffs among head office employees and technical staff are possible.
 
The oil giant also said it has amended its pay policy to better reflect incentives to control emissions. As part of that measure, Shell plans to hike investment in renewable energy to $1 billion a year by the end of the decade, chief executive Ben van Beurden said on Thursday, although it is still a small part of its total annual spending of $25bn.
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Iceland to end capital controls from 2008 financial crisis www.bbc.com

 
Iceland will lift all capital controls on its citizens, businesses and pension funds from Tuesday.
Capital controls, such as those to restrict money flowing in and out of the country, were imposed in 2008 after the country's biggest banks collapsed.
The government thinks the economy has recovered sufficiently to end controls.
Controls were imposed after the collapse of the country's three biggest banks - Glitnir, Landsbanki and Kaupthing.
At the same time Iceland's national currency, the krona, fell in value.
The removal of the capital controls - which helped stabilise the currency and economy during the country's financial crash - represents the completion of Iceland's return to international financial markets.
Travel hotspot
Since the nation's financial collapse, the economy has seen a robust recovery, helped by a boom in tourism.
Last year around 1.8 million people visited the the nation, a 40% rise on 2015.
The UK accounted for 316,395 of last year's visitors, behind only US citizens in visitor numbers.
That tourism boom, coupled with strong investment by business and in the housing market, helped the economy grow 7.2% in 2016.
"Iceland's careful, measured approach to lift capital controls was developed and approved with domestic and international support," said Benedikt Johannesson, minister of finance and economic affairs.
"As a result of this structured plan, our diversified economy is larger than ever before and expected to continue to grow at a robust pace this year."
Capital controls were implemented in 2008, with the support of the International Monetary Fund (IMF), to shield the economy from severe depreciation.
For the past year, the government and Central Bank of Iceland have been lifting controls through what they say has been an "incremental, measured process that focused on protecting the currency, addressing a balance of payments problem and tempering shocks to the Icelandic economy".
The country has also updated rules on foreign exchange and made special reserve requirements for new foreign currency inflows.
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World's biggest automaker expands to India www.rt.com

German carmaker Volkswagen (VW) and India's Tata Motors have agreed to form a strategic partnership which is expected to help both companies boost budget car sales in India and emerging markets.

Volkswagen CEO Matthias Mueller said the venture would aid "achieve sustainable and profitable growth in very different parts of the world."

The sides want to deepen exchanges about technology, components, and platforms, sources told Reuters. Specific projects will be disclosed in the coming months.

"We strongly believe that both the companies, by working together, can leverage from each other's strengths to create synergies and develop smart, innovative solutions for the Indian and overseas market," said the Chief Executive and Managing Director of Tata Motors Guenter Butschek.

Experts say the new partnership could potentially lead to Tata Motors launching new vehicles by 2019.

The owner of Jaguar Land Rover, Tata has been under pressure at home and hopes to claw back domestic market share.

Booming auto sales in India and its 1.3 billion population are a big attraction for Western carmakers as they search for growth. Automakers like Fiat Chrysler and France's Peugeot and Citroen are already operating in the country.

According to IHS Markit, light vehicle sales in India are expected to more than double to 7.1 million cars by 2025 from 3.4 million last year.

VW which is still dealing with the aftermath of the emissions-cheating scandal seeks to expand into new markets. In January the company pleaded guilty to three criminal charges in the US and will pay out a $4.3 billion settlement.

Volkswagen is investing in self-drive vehicles and greener technology such as electric cars. Its previous attempt to conquer emerging markets through a small-car partnership with Japanese automaker Suzuki Motor collapsed in 2015.

The manufacturer is currently working on budget cars for China and Latin America.

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South Korea impeachment: Critics urge Park Geun-hye arrest www.bbc.com

Ousted South Korean leader Park Geun-hye is keeping her silence as calls grow for her arrest.
Ms Park was forced from office on Friday, after judges unanimously upheld parliament's decision to impeach her over her role in a corruption scandal involving close friend, Choi Soon-sil.
Despite the ruling, she remains inside the presidential compound.
Thousands turned out for rallies in Seoul on Saturday, a day after three people involved in protests died there.
Many are supporting Ms Park but counter-demonstrators are also expected.
There are fears the two sides may clash and there is a heavy police presence.

A spokeswoman for the protesters supporting the court's decision, Choi In-sook, told Reuters they were demanding the arrest of their former leader.
Ms Park has lost her presidential immunity and could face criminal charges.
Meanwhile, the country's election commission announced a "free and fair" vote would be held by 9 May at the latest.
Image caption
Anti-Park protesters have been calling for her to be arrested
Currently, Moon Jae-in of the Democratic Party is leading in the polls, with one survey putting him almost 22% ahead of his nearest rival, acting president Hwang Kyo-ahn, who is loyal to Ms Park.
Mr Hwang has called for calm, saying the government should remain stable to prevent internal conflict from spreading.
However, police are bracing themselves for more violence following the deaths of two of Ms Park's supporters on Friday.
Media captionSouth Korea is split over President Park's impeachment
A third person, aged 74, is understood to have had a heart attack during Friday's protests, and died on Saturday, according to Reuters.
Ms Park's office said she would not be leaving the Blue House, South Korea's presidential palace, on Friday nor making any statement.
It is understood she will not leave until her own home in Seoul is repaired and cleaned.
Why did Park lose her job?
At the heart of the drama lies the close friendship between the president and Ms Choi.
Ms Choi is accused of using her presidential connections to pressure companies to give millions of dollars in donations to non-profit foundations she controlled.
Ms Park is alleged to have been personally involved in this, and to have given Ms Choi unacceptable levels of access to official documents.
Parliament voted to impeach Ms Park in December and the Constitutional Court has since been deciding whether to uphold or overturn this.

On Friday, a panel of eight judges ruled Ms Park's actions "seriously impaired the spirit of... democracy and the rule of law".
The court said she had broken the law by allowing Ms Choi to meddle in state affairs, and had breached guidelines on official secrets by leaking numerous documents.
Ms Park had "concealed completely Choi's meddling in state affairs and denied it whenever suspicions over the act emerged and even criticised those who raised the suspicions," it said.
But the judges dismissed some charges, including accusations Ms Park had infringed on freedom of the press by creating a media blacklist of cultural figures, and criticism of her response during the 2014 Sewol ferry disaster.

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