Events
Name | organizer | Where |
---|---|---|
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
The Government will continue the 8% mortgage program www.mongolia.gogo.mn
China’s role in an emerging global order www.eastasiaforum.org
Coking coal prices are on fire — up more than 80% in six months www.mining.com
Cabinet meeting in brief www.en.montsame.mn
Ukraine to launch serial production of world’s biggest aircraft together with China www.rt.com
Eurozone inflation remains weak in August www.bbc.com
Eurozone inflation remained weak in August, raising the prospect of further action from the European Central Bank to stimulate the bloc's economy.
Inflation in the eurozone was 0.2%, unchanged from July and below analysts' forecasts of a slight increase.
The ECB has introduced a number of stimulus measures, but the inflation rate still remains some way off the bank's target of just below 2%.
Separate data showed the unemployment rate remained at 10.1% in July.
Analysts had been predicting a slight fall in the jobless rate.
ECB meeting
Eurozone inflation remained unchanged as prices of food, services, and industrial goods rose by less than in July, while the drop in energy prices was not as sharp.
In March this year, the ECB stepped up its attempts to stimulate the eurozone's economy, cutting its main interest rate from 0.05% to 0% and its bank deposit rate from minus 0.3% to minus 0.4%.
The ECB has stepped up its programme of quantitative easing, and is now buying €80bn worth of bonds a month.
The bank's rate-setting Governing Council is due to meet next week, although analysts are not sure whether it will announce new policy measures at the meeting.
"It looks to be a very tight call as to whether or not the ECB acts on 8 September or decides to maintain a 'wait and see' stance as to how the Eurozone economy is performing - we marginally lean towards the 'wait and see' view," said Howard Archer, chief UK and European economist at IHS Global Insight.
However, Stephen Brow of Capital Economics said: "There is a strong case for the ECB to announce further policy easing. This could come as soon as the bank's meeting next week."
SWIFT discloses more cyber thefts, pressures banks on security www.reuters.com
SWIFT, the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February's high-profile $81 million heist at Bangladesh Bank.
In a private letter to clients, SWIFT said that new cyber-theft attempts - some of them successful - have surfaced since June, when it last updated customers on a string of attacks discovered after the attack on the Bangladesh central bank.
"Customers’ environments have been compromised, and subsequent attempts (were) made to send fraudulent payment instructions," according to a copy of the letter reviewed by Reuters. "The threat is persistent, adaptive and sophisticated - and it is here to stay."
The disclosure suggests that cyber thieves may have ramped up their efforts following the Bangladesh Bank heist, and that they specifically targeted banks with lax security procedures for SWIFT-enabled transfers.
The Brussels-based firm, a member-owned cooperative, indicated in Tuesday's letter that some victims in the new attacks lost money, but did not say how much was taken or how many of the attempted hacks succeeded. It did not identify specific victims, but said the banks varied in size and geography and used different methods for accessing SWIFT.
A SWIFT spokeswoman declined to elaborate on the recently uncovered incidents or the security issues detailed in the letter, saying the firm does not discuss affairs of specific customers.
All the victims shared one thing in common: Weaknesses in local security that attackers exploited to compromise local networks and send fraudulent messages requesting money transfers, according to the letter.
Accounts of the attack on Bangladesh Bank suggest that weak security procedures there made it easier to hack into computers used to send SWIFT messages requesting large money transfers. The bank lacked a firewall and used second-hand, $10 electronic switches to network those computers, according to the Bangladesh police.
SWIFT has repeatedly pushed banks to implement new security measures rolled out after the Bangladesh heist, including stronger systems for authenticating users and updates to its software for sending and receiving messages. But it has been difficult for SWIFT to force banks to comply because the nonprofit cooperative lacks regulatory authority over its members.
SWIFT told banks Tuesday that it might report them to regulators and banking partners if they failed to meet a November 19 deadline for installing the latest version of its software, which includes new security features designed to thwart the type of attacks described in its letter.
The security features include technology for verifying credentials of people accessing a bank's SWIFT system; stronger rules for password management; and better tools for identifying attempts to hack the software.
(For a graphic on how hackers made off with millions, clicktmsnrt.rs/29WrMai)
SWIFT is trying coerce members into prioritizing cyber-security by threatening to share confidential information about security lapses that banks want to keep private, said Shane Shook, an independent security consultant who advises central banks.
"That type of information sharing is something that no bank likes to see happen without their direct approval and involvement, because it can affect market confidence," Shook said.
SWIFT disclosed the new hacks after reports of previous incidents prompted regulators in Europe and the United States to urge banks to bolster cyber-security.
Other cases involving fraudulent transfer requests include the theft of more than $12 million from Ecuador's Banco del Austro and a failed attempt later in 2015 to steal money from Vietnam's Tien Phong Bank.
The attacks have prompted regulators globally to press banks to bolster defenses.
The Bank of England in April ordered UK firms to detail actions to secure computers connected to the SWIFT system, while the European Banking Authority in May said domestic authorities should stress test banks for cyber risks.
The Federal Reserve and other U.S. agencies told banks in June to review protections against fraudulent money transfers.
Six U.S. senators on Monday urged the G20 nations to agree when they meet at a summit this weekend on a “coordinated strategy to combat cyber-crime at critical financial institutions.”
(Reporting by Jim Finkle in Boston. Additional reporting by Jonathan Spicer in New York.; Editing by Brian Thevenot.)
Speaker of Canadian House of Commons will visit Mongolia September 5-7, 2016, meet with SGK Chairman Enkhbold and others; may signal progress towards FIPA according to Mongolian news media www.mongolianbusinessdatabase.com
The Honourable Geoff Regan, PC, MP, 56, Speaker of the Canadian House of Commons, will visit Mongolia September 5-7, where he will meet with his counterpart, SGK Chairman M. Enkhbold, other officials and with Canadian and Mongolian NGOs, plus Canadian companies and expats. According to news media reports, Speaker Regan’s visit is expected to help finalize agreements to improve bilateral trade and economic relations, including possible progress on concluding the long-awaited bilateral Foreign Investment Protection and Promotion Agreement (FIPA).
Mr. Regan was elected speaker in December 2015. Speaker Regan previously served as Minister of Fisheries and Oceans, Regional Minister for Nova Scotia, and as Minister of Justice and Attorney General. Born in Nova Scotia, and the son of a former provincial premier, Regan is the first speaker elected from the Maritime Provinces of Atlantic Canada in 100 years. His electoral riding is Halifax West, not far from the Dartmouth, NS, headquarters of NAMBC Member Erdene Resource Development Corporation, which is in the process of developing one of the richest gold fields in Mongolia.
One of Mr. Regan’s predecessors, Speaker Peter Milliken – the longest serving speaker in Canadian history – visited Mongolia in 2006 with a parliamentary delegation, followed in 2013 by the visit of the Rt. Honourable David Johnston, Governor General of Canada.
Responding to economic crisis, GoM resolutely moves to cut spending; will create Investor Protection Council www.mongolianbusinessdatabase.com
The government of Prime Minister J. Erdebebat has proposed drastic spending cuts and revenue increases in amendments to the 2016 national budget submitted to a special session of the State Great Khural that convened on August 26. The proposals include sharp reduction in the number of government employees, progressive salary cuts (i.e. the highest percentage reductions apply to the higher salaries), and curtailment of spending on perquisites by office-holders, e.g. cell phones, a freeze on procurement and other measures.
Budget priorities include avoiding default on international debt and consolidating all government spending, including items that have previously been off-budget, into one budget to enhance transparency and improve management. Mongolia’s budget deficit through the first seven months of this year increased 32.6% over the period a year ago, according to the National Statistical Office. The new government will soon unveil its plan for a Council for the Protection of Investor, which will report directly to the Prime Minister, and states it will also move to reform current policies on use of exit visa denial.
Mongolia is now engaging with the International Monetary Fund and some other financial institutions. With only US$1.3 billion in foreign reserves and more than $1 billion in bond repayments coming due within 16 months, Mongolia is running out of time to bolster reserves. Foreign Minister Ts. Munkh-Orgil said this week that for the next two years, Mongolia will focus on finishing existing projects such as half-built schools, hospitals and roads, without starting new projects. The government has also proposed higher income taxes for people earning more than 2.5 million MNT per month, in place of the current flat tax, taxes on interest earned on bank deposits, excise duties on luxury and high-powered cars, and higher taxes on alcohol and tobacco, but also tax breaks for SMEs
Investors puzzled by budget bill language that appears to repeal incentive to sell gold to Mongol Bank that had been guaranteed through 2019 www.mongolianbusinessdatabase.com
One part of the budget revision bill has puzzled both domestic and foreign gold mining companies: language in the proposal appears to raise the royalty for gold sold to Mongol Bank and commercial banks authorized by the central bank from 2.5% to 5%. The normal royalty is 5%, plus bump-ups caused periodically by the 'sliding scale royalty' passed a few years ago, linked to rises in commodity prices (a form of MRRT).
The preferential lower royalty was contained in amendments to the Minerals Law approved by Parliament on 24 January 2014. That law stated the preferential 2.5% rate would remain in force until at least 1 January 2019.
The original rationale for a lower royalty on direct gold sales at market prices to the Mongol Bank was to help the Mongol Bank build up its gold reserves to stabilize the MNT exchange rate, foreign exchange reserves and other metrics and bring greater order to the domestic gold market. However, some observers believe that repeal of the 2.5% preferential royalty would cross-pressure other MNT stabilization efforts, such as the Mongol Bank’s recent action in raising interest rates to 15%, as well as impede new mining investment. We await further clarification on the royalty language.
Every domestic and foreign gold company in Mongolia has relied on that 2014 law, which guaranteed to keep the preferential royalty until 2019. They built that assumption into all their budgets and their prospectuses for investors. If the royalty doubles to 5%, observers fear it will make investment in Mongolian gold companies less attractive, discourage fresh FDI coming into the mining sector, lower the amount of gold actually produced subject to royalty, and impact overseas investor confidence.
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