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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2025 London UK MBCCI London UK Goodman LLC

NEWS

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EU to open Delegation to Mongolia www.europa.eu

The European Union will, following a decision by Federica Mogherini, the High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission, open a Delegation to Mongolia.

With its new Delegation in Ulaanbaatar, the EU will have a total of 140 Delegations around the world.
The President of the European Commission, Jean-Claude Juncker said: "The European Union is delivering on a promise to open a fully-fledged delegation in Mongolia – a democratic country strategically located between China and Russia and an important partner for us. I have visited Mongolia three times, the first in 1998 and most recently in 2016. The wonderful progress of this country and its development deserves our warmest congratulations, and certainly merits a full-time European Union presence."
The High Representative/Vice-President, Federica Mogherini said: "Mongolia has an important role in a complex region, with a unique geostrategic position. This Delegation represents an investment for the European Union in view of strengthening our relationship with Mongolia, and a commitment to the people of the country. Soon we will also conclude* our new Partnership and Cooperation Agreement, which is a further demonstration of the importance we place on developing our close ties."
The decision by the High Representative/Vice President follows the agreement of the Commission and the Council of the European Union and will be implemented in the course of 2017.
The decision to open a Delegation in Ulaanbaatar underscores the significant progress that has been made in developing EU-Mongolia relations. The establishment of an EU Delegation in Ulaanbaatar will allow both sides to step up their political dialogue and cooperation and will pave the way for the further strengthening of the partnership.

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Central bank releases book on treasure www.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Bank of Mongolia released a book called “Treasury Fund of Mongolia”, a compilation of narratives about the most distinguished items in the central bank’s treasury, as well as about the national paper bills and coins, commemorative coins and golden post stamps. The narratives are all written in both Mongolian and English.
 
Specialists from the National Museum of Mongolia have also assisted in the development of this book.
Mongolia’s treasury reserve started being accumulated since 1924, when the Bank of Commerce and Industry was established. The reserve has been enriched with precious items of historic and cultural significance. In accordance with the 101st resolution of the Ministerial Council of the People’s Republic of Mongolia (formerly) issued in 1983, the Treasury of Mongolia has officially been set up. The Law on Treasury was adopted in 1984.
 
On the occasion of the 80th anniversary of the inception of banking system in Mongolia, the first exhibition of treasury reserve opened and since then it has been operational and open to public.
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Number of International travelers rises by 20 percent www.montsame.mn

 
Ulaanbaatar /MONTSAME/ In the first half of 2017, 2.8 million passengers crossed the border of Mongolia, which represents an increase of 368.5 thousand passengers or 15.2 percent compared to the same period of 2016.
 
Majority or 37.6% of inbound passengers have crossed through Zamiin-Uud immigration post, whereas 15.7% passed through Gashuunsukhait, 15.1% -- through Buyant-Ukhaa, 11.8% -- through Altanbulag, 6.6% -- through Shiveekhuren and 13.2% -- through other immigration posts.
 
Within the first half year, 216.9 thousand foreigners travelled to Mongolia, showing increase by 36.3 thousand. This is increase of 20.1% against the same period of previous year.
 
The number of tourists from South Korea has increased by 43.7%, Australia -- by 32.6%, Russia -- by 27.7%, and China -- by 19.7%, whereas the number of tourists from Turkey has decreased by 21.8%, Italy -- by 5.1%, and India -- by 3.5%.
 
64.7% of the foreign tourists were from the East Asia and the Pacific region, 29.0% -- from Europe, 4.7% -- from America and remaining 1.6% were from the Middle East, South Asia and Africa. In the reference period, 1.2 million Mongolians travelled abroad, of which 860.3 thousand or 71.8% travelled for private purposes.
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Oil explorations being conducted on 25 sites www.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Petroleum Authority has reported that more than USD 50 million is expected to be invested in oil exploration in 2017. As of June, 21 contracted companies are conducting exploration on 25 sites. Deals for exploration on three other sites and one open exploration, and a tender is underway for two sites, reports the authority.
 
The most successful among the international companies that have been operating in Mongolia is Petro Matad. The company secured a deal with Sinopec and is starting drilling works this September. As of last Friday, price of Petro Matad’s stock rose by 1.49 percent at the London Stock Exchange.
 
The Government has set a goal to accumulate MNT 233.5 billion from the oil exports to the government budget. In the first five months of this year, MNT 83.7 billion was accumulated, with 42.2 percent export completion. Also, USD 452 million is going to be invested in extraction of oil.
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Oil gains ahead of producer meeting; Nigeria, Libya output in focus www.reuters.com

TOKYO (Reuters) - Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production.
 
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers gather in the Russian city of St Petersburg on Monday to discuss the pact to curb output by 1.8 million bpd through the end of March 2018.
 
The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said, although some analysts were deeply skeptical the group would make such a move.
 
"The committee may issue a statement on cooperation in production cuts, but output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example," said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Japan.
 
Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.
 
London Brent crude for September delivery was up 24 cents at $48.30 a barrel by 0316 GMT on Monday. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July despite the pledge to rein in output.
 
NYMEX crude for September delivery was up 17 cents at $45.94.
 
Kuwait's oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible.
 
Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017.
 
Elsewhere, Turkish President Tayyip Erdogan traveled to Saudi Arabia and Kuwait on Sunday, the Gulf states' official news agencies reported, as part of a diplomatic tour aimed at healing an Arab rift with Ankara's ally Qatar.
 
U.S. oil drillers cut one rig in the week to July 21, according to data from Baker Hughes.
 
The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country's oil, sources told Reuters, which could severely restrict the OPEC nation's crude exports.
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President opens ‘Khaan quest’ multinational exercise www.montsame.mn

Ulaanbaatar /MONTSAME/ President Kh.Battulga on Sunday attended the opening ceremony of ‘Khaan Quest’ international peacekeeping exercise.
 
The annual multinational peacekeeping exercise opened this year on July 23, Sunday at Five Hills Training Area, engaging over 1100 peacekeeping troops from 26 countries.
 
The opening ceremony was attended by President and Commander-in-Chief of Mongolian Armed Forces Kh.Battulga, Minister of Defense B.Bat-Erdene, Head of the Staff of Presidential Office Z.Enkhbold, Chief of the General Staff of Mongolian Armed Forces, Lieutenant General D.Davaa, Ambassador Extraordinary and Plenipotentiary of the United States to Mongolia Jennifer Zimdahl Galt, US Army Pacific Deputy Commanding General-North, Major General Roger Noble, representatives of diplomatic missions and military personnel.
 
In his opening address, the President affirmed Mongolia’s readiness to continue supporting global and regional peace and security.
 
The 2017 ‘Khaan Quest’ exercise comprises command and staff courses on brigade and battalion levels and tactical field exercises on platoon and company levels.
 
The ‘Khaan Quest’ exercise was co-initiated in 2003 by the Mongolian Armed Forces and the US Army Pacific as a bilateral military exercise, and was later expanded to a multinational peacekeeping exercise in 2006. The exercise has engaged over 11 thousand soldiers from 51 countries of five continents over the past years.
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Meeting With Mongolists And International Scholars www.publicnow.com

On July 21, the President of Mongolia Khaltmaagiin Battulga welcomed representatives of Mongolists and international scholars, who are participating in the International Scientific Conference themed 'The Buddha's teaching: The Study of Mongolian Ganjuur'.
President Battulga also serves as Vice President of the International Association for Mongolian Studies.
At the meeting, President Battulga noted: 'A year ago I was appointed as Vice President of the International Association for Mongolian Studies. I have a sincere willingness to support Mongolian studies. We are working on studies of archeology, history and culture of Mongolia. I appreciate for your letters of congratulation on my election as the President'.
Then, Director of the Institute of History and Archeology at the Mongolian Academy of Sciences, General Secretary of the International Association for Mongolian Studies S.Chuluun appreciated the President of Mongolia for accepting them the meeting. He also introduced the accompanying representatives of Mongolists and scholars from different countries to the President of Mongolia.
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World's first floating wind farm emerges off coast of Scotland www.bbc.com

 
The world's first full-scale floating wind farm has started to take shape off the north-east coast of Scotland.
The revolutionary technology will allow wind power to be harvested in waters too deep for the current conventional bottom-standing turbines used.
The Peterhead wind farm, known as Hywind, is a trial which will bring power to 20,000 homes.
Manufacturer Statoil says output from the turbines is expected to equal or surpass generation from current ones.
It hopes to cash in on a boom in the technology, especially in Japan and the West coast of the US, where waters are deep.
"This is a tech development project to ensure it's working in open sea conditions. It's a game-changer for floating wind power and we are sure it will help bring costs down," said Leif Delp, project director for Hywind.
The huge turbines are currently being moved into place
So far, one giant turbine has already been moved into place, while four more wait in readiness in a Norwegian fjord.
By the end of the month they'll all have been towed to 15 miles off Peterhead, Aberdeenshire, where they'll float upright like giant fishing floats.
While the turbines are currently very expensive to make, Statoil believes that in the future it will be able to dramatically reduce costs in the same way that manufacturers already have for conventional offshore turbines.
"I think eventually we will see floating wind farms compete without subsidy - but to do that we need to get building at scale," said Mr Delp.
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Federal Reserve now faces prospect of global monetary policy tightening www.reuters.com

 
WASHINGTON (Reuters) - Prospects for tighter monetary policy in Europe and other countries could pose a fresh problem for the Federal Reserve when it meets next week to ponder its plan to reduce its $4.2 trillion bond portfolio purchased after the 2008 financial crisis.
 
The Fed bought U.S. Treasuries and mortgage-backed securities (MBS) for about six years in a program known as "quantitative easing" which kept interest rates at record lows to spur borrowing and economic recovery.
 
But at its June meeting this year, as well as raising interest rates for the third time in six months, the Fed also announced a plan to begin by letting $6 billion a month in Treasuries mature without reinvestment and to increase that amount at three month intervals up to $30 billion.
 
Similarly, the Fed said it would run down its agency debt and mortgage backed securities by $4 billion a month until it reaches $20 billion.
 
Now, the European Central Bank (ECB) also appears likely to decide later this year on when to scale back its monthly bond purchases. When ECB President Mario Draghi first hinted at the prospect last month, world bond yields rose sharply for a while.
 
Moreover, Canada's central bank raised interest rates for the first time in seven years this month, and the Bank of England is expected to raise rates next year to combat rising inflation.
 
Global Turning Point in Monetary Policy ?
 
The Fed led the way in tightening monetary policy as the global economy recovered from the 2008 recession but must now determine how plans by other central banks' plans may affect their own policy.
 
While a stronger European economy has been welcomed by the Fed, lessening risks to the global economy, a move by major central banks to all tighten monetary policy simultaneously has not been seen for a decade.
 
"The effects of ECB tapering are not limited" to euro zone countries, Cornerstone analyst Roberto Perli wrote recently.
 
Draghi's comments in June drove up 10-year Treasury yields US10YT=RR by the most since the U.S. election last November, and a move by the ECB to stop printing money could prompt the Fed to slow its plans for fear that financial conditions would tighten too fast.
 
When Fed policymakers meet on July 25-26 they will need to decide a start date for reducing their bond holdings or leave more time to evaluate what Fed Governor Lael Brainard recently cited as a possible "turning point" in global monetary policy that may affect economic growth.
 
The Fed's plan to reduce its portfolio may well push up longer term bond yields, driving up long term borrowing rates for business, and lead to higher mortgage rates for the housing industry.
 
Analysts have made comparisons to the so-called "taper tantrum" in 2013 when world bond yields jumped after the first signal from the Fed that it might tighten policy.
 
"Just how sturdy is this recovery in the face of rising long rates? I would be a little more nervous about that," said former Fed research director David Stockton, now a senior fellow at the Peterson Institute for International Economics. "I would not feel any urgency" to reduce the balance sheet for now.
 
Hurdles Ahead for Fed
 
Fed officials have said they think the balance sheet reductions should begin soon, and analysts have pinpointed September as the likely month the Fed will stop reinvesting the proceeds it receives as securities mature..
 
But the minutes of the Fed's June meeting indicated a split between officials ready to start balance sheet reductions in "a couple of months" and those wanting to wait for more economic data.
 
Since then the number of hurdles for the Fed to jump before tightening policy further has multiplied.
 
Global long-term bond yields jumped after the ECB indicated it may begin tightening policy last month and may rise again.
 
Annual U.S. consumer price inflation increased by 1.6 percent in June, the smallest rise since October last year, and year-on-year inflation has been declining since February when it hit 2.7 percent, reducing the need for the Fed to tighten.
 
And the prospect of the U.S. Congress failing to raise the federal debt ceiling before the Treasury runs out of cash in October has already driven up yields on three-month Treasury bills US3MT=RR due to mature on Oct. 19 to 1.17 percent on Friday, near the highest levels since October 2008.
 
As a result the chances of a third rise in the Fed funds rate this year recently fell below 50 percent, according to CME Group's FedWatch.
 
Complicating matters more, each central bank has two policy tools in play - a target interest rate, and a massive balance sheet accumulated. Between them, the Fed and ECB own roughly $9 trillion of assets.
 
Fed Governor Brainard has already pointed out how hard it may be to sort out what it will mean if the ECB starts to scale back its bond purchases at the same time the Fed is both raising short-term interest rates and shrinking its balance sheet.
 
"I will want to monitor inflation developments carefully, and to move cautiously on further increases in the federal funds rate, so as to help guide inflation back up around our symmetric target," Brainard said.
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Siemens dumps Russian partner www.cnn.com

Siemens is scaling back its business in Russia after it learned that power generation equipment was being diverted to Crimea.
The German industrial group said it had received "credible information" that four gas turbines destined for a project in southern Russia had been "modified and illegally moved to Crimea against clear contractual agreements."
Russia illegally annexed Crimea from Ukraine in 2014. Sanctions imposed by the U.S., Europe and other Western countries on Moscow in response prohibit companies from supplying energy technology to the disputed region.
Siemens (SIEGY) said the diversion of the turbines constituted a "blatant breach of delivery contracts, trust and EU regulations."
The company said in a statement that it would sell its minority stake in Russia's Interautomatika and pursue legal action against TPE, the Russian company that was supposed to take delivery of the gas turbines.
Siemens also said it is halting deliveries of power generation equipment to Russian state-controlled entities while it figures out how to prevent this from happening again.
TPE didn't respond to CNNMoney's request for comment. A Kremlin spokesman declined to comment Friday during a regular briefing with reporters.

Before Russia invaded, Crimea was dependent on power supplies from Ukraine. Frequent power blackouts followed the annexation, which cut the region off from Ukraine's national grid.
Russia subsequently built an "energy bridge" to supply power to Crimea via cables running under the Black Sea.
It was not clear from Siemens' statement whether the gas turbines could be operated without the company's support, nor how the equipment had been modified.
Siemens declined to provide further details.

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