1 LEGAL REFORMS IN MONGOLIA’S EXTRACTIVE SECTOR WWW.EN.MININGINSIGHT.MN  PUBLISHED:2025/12/24      2 ICONIC SAMUEL BECKETT BRIDGE TO BE ILLUMINATED IN MONGOLIA’S NATIONAL FLAG WWW.MONTSAME.MN PUBLISHED:2025/12/24      3 TUGRUG DEPOSITS RISE BY MNT 3.7 TRILLION WWW.MONTSAME.MN PUBLISHED:2025/12/24      4 CHINA DENIES REPORT OF 100 ICBMS IN BORDER SILOS, URGES U.S. CUTS WWW.UPI.COM PUBLISHED:2025/12/24      5 ERENHOT, LARGEST LAND PORT ON CHINA-MONGOLIA BORDER, SEES RISE IN CROSS-BORDER TRAFFIC VOLUMES WWW.XINHUANET.COM PUBLISHED:2025/12/24      6 CLIMATE RISKS ARE BECOMING FINANCIAL RISKS: WHAT MONGOLIA’S EXPERIENCE REVEALS WWW.UNESCAP.ORG PUBLISHED:2025/12/24      7 4.5 MAGNITUDE EARTHQUAKE HITS SOUTHWESTERN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2025/12/24      8 ENTRÉE RESOURCES PROVIDES UPDATE ON ENTRÉE/OYU TOLGOI JOINT VENTURE LICENSE MATTERS WWW.INVESTINGNEWS.COM PUBLISHED:2025/12/23      9 CHINA QUIETLY LOADS 100+ ICBMS INTO NEW MISSILE SILOS NEAR MONGOLIA: REPORT WWW.FOXNEWS.MN PUBLISHED:2025/12/23      10 MONGOLIA PRESENTS PILOT RESULTS OF NATIONAL MULTIDIMENSIONAL POVERTY INDEX WWW.AKIPRESS.COM PUBLISHED:2025/12/23      “УЛААНБААТАР МЕТРО ТӨСӨЛ”-ИЙН ТЕНДЕРИЙН ХОЁРДУГААР ШАТНЫ ШАЛГАРУУЛАЛТ ЗАРЛАГДЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/24     2026-2028 ОНД ДУЛААНЫ ТАВДУГААР ЦАХИЛГААН СТАНЦЫГ ТӨР, ХУВИЙН ХЭВШЛИЙН ТҮНШЛЭЛЭЭР БАРИНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/12/24     ХОГ ШАТААЖ, ЭРЧИМ ХҮЧ ГАРГАХ ҮЙЛДВЭРИЙН БАРИЛГА УГСРАЛТЫН АЖЛЫГ 2026 ОНД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/12/24     АЙЛ ӨРХ, ОРОН НУТГИЙН ХЭМЖЭЭНД СЭРГЭЭГДЭХ ЭРЧИМ ХҮЧНИЙ ХЭРЭГЛЭЭГ НЭМЭГДҮҮЛНЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/24     ТӨРИЙН ӨМЧИЙН 8 КОМПАНИЙГ ХУВЬЧИЛЖ, 18-ЫГ НЭЭЛТТЭЙ ХУВЬЦААТ КОМПАНИ БОЛГОНО WWW.ITOIM.MN НИЙТЭЛСЭН:2025/12/24     80,000 ГАРУЙ ТАТВАР ТӨЛӨГЧ 1.29 ИХ НАЯД ТӨГРӨГИЙН ТАТВАР ТӨЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2025/12/24     ДЭНЖИЙН МЯНГА 93 МВТ ХИЙН ДУЛААНЫ СТАНЦЫГ ТӨР, ХУВИЙН ХЭВШЛИЙН ТҮНШЛЭЛЭЭР БАРИНА WWW.GOGO.MN НИЙТЭЛСЭН:2025/12/24     НИЙСЛЭЛИЙН 2026 ОНЫ ТӨСВӨӨР ШИНЭЭР 207 ТӨСӨЛ, АРГА ХЭМЖЭЭ ХЭРЭГЖҮҮЛНЭ WWW.NEWS.MN НИЙТЭЛСЭН:2025/12/23     БНХАУ 100 ГАРУЙ ТИВ АЛГАСАГЧ ПУУЖИНГ МОНГОЛЫН ОЙРОЛЦОО БАЙРШУУЛСАН БАЙЖ БОЛЗОШГҮЙ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/12/23     ТӨГРӨГИЙН АМ.ДОЛЛАРТАЙ ХАРЬЦАХ ХАНШ 158 ТӨГРӨГӨӨР СУЛАРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/22    

Events

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

NEWS

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Burger King and Tim Hortons owner to buy Popeyes for $1.8 billion www.reuters.com

 
Restaurant Brands International Inc (QSR.TO), owner of the Burger King and Tim Hortons fast-food chains, said on Tuesday it would acquire Popeyes Louisiana Kitchen (PLKI.O) for $1.8 billion in cash.
 
The deal is a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes' Louisiana-style fried chicken and buttermilk biscuits to more diners globally.
 
Popeyes shareholders will get $79.00 for each share they hold, a 19.5 percent premium to the stock's Friday close.
 
Popeyes, whose fans include pop singer Beyoncé, began 45 years ago as a Southern-fried "Chicken on the Run" restaurant in a New Orleans suburb. It has since expanded to more than 2,000 restaurants, of which 1,600 are in the United States.
 
Restaurant Brands was formed in 2014, when 3G Capital-backed Burger King acquired Canadian coffee and doughnut chain Tim Hortons Inc for $11 billion.
 
Reuters reported on Monday that Restaurant Brands was nearing a deal to buy Popeyes, citing people familiar with the matter.
 
Restaurant Brands said on Tuesday it would finance the deal with cash on hand and a financing commitment from J.P. Morgan and Wells Fargo.
 
The company was advised by Paul, Weiss, Rifkind, Wharton and Garrison LLP. Popeyes received financial advice from UBS and Genesis Capital LLC and legal counsel from King & Spalding LLP.
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Study explores Mongolia-Japan trade expansion opportunities www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/. On February 21, a seminar was held at the National Chamber of Commerce and Industry to discuss the expansion of Mongolia-Japan trade in connection with bilateral Economic Partnership Agreement taking effect.
 
Mitsuaki Hoshino, Director of Northeast Asian Division at the Japanese Ministry of Economy, Trade and Industry addressed the meeting and said, “In recent years, high level meetings have been frequently held between Japan and Mongolia, and I think, it shows the depth of bilateral relationship and cooperation”.
 
The Ministry of Economy, Trade and Industry of Japan in cooperation with the Embassy of Japan in Mongolia has conducted a study, assessing three products – cashmere, sea buckthorn and dairy products which were considered to have the highest export potential. The study aimed to continually expand bilateral trade with not only minerals but other products, and explore how conventional agriculture can be developed in Mongolia and Japan.
 
The study was launched on October 12, 2016. Engaging 13 public and corresponding organizations, 17 private sector companies and 3 specialists, the study unveils the current state of Mongolian cashmere, sea buckthorn and dairy products industries, and challenges in exporting the products to Japan.
 
The study identified some solutions for successful export of cashmere such as improving quality control, production control and monitoring skills, launching a brand suitable for customer demand, ensuring stability and information on all procedures until the product is ready for use and learning marketing know-how in Japan.
 
The study also found three forms in which Mongolian sea buckthorn can be exported to Japan which are raw material, oil and oil powder.
 
The current state of Mongolian dairy industry was assessed by the study which concluded that although the nutrient quality of Mongolian milk is high, all-year stable supply is difficult because of the shortness of dairy season which is from July to September.
 
Generally, the study concluded with certain recommendations which include improving quality control, enhancing workforce capacity, consistently participating in expositions, business meetings and business matching, consistently updating on the activities of Mongolian companies and introducing a management to realize Japanese marketing strategies.
 
 
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Mnuchin urges 'frank and candid' currency analysis www.nhk.or.jp

 
The US Treasury Secretary has urged the International Monetary Fund to conduct a "frank and candid" analysis of the foreign-exchange policies of IMF member states.
 
Steven Mnuchin was speaking with IMF Managing Director Christine Lagarde on the phone on Tuesday.
 
He's apparently aiming to keep in check what he sees as attempts by other countries to devalue their currencies.
 
Mnuchin also talked about what he called "the importance the administration places on boosting economic growth and jobs in the United States."
 
The US President has been accusing countries of currency manipulation to give their exporters an advantage.
President Donald Trump said on Saturday his administration is starting to prevent currency manipulation by other countries. He said the practice is hurting American companies and workers, and that it must end.
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Mongolian economists on IMF`s Extended Fund Facility program www.mongolia.gogo.mn

On 19th Feb, 2017, International Monetary Fund (IMF) and Government of Mongolia have reached staff-level agreement on an economic and financial program to be supported by a three-year Extended Fund Facility for $440 million, as part of a $5.5 billion external financing package. 

Other international partners also plan to support the government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partners including Japan and Korea are together expected to provide up to $3 billion in budget and project support; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with the Bank of Mongolia for at least another three years.
As a result, Mongolian external debt to GDP ratio will be doubled than the international average while it has forecasted to reach 86.3 percent of GDP by 2017. 
On the other hand, some tax rates will be increased including excise taxes on vehicle, alcoholic products and tobacco as well as social insurance premium and personal income tax starting 1st of April, 2017 required by the IMF`s Extended Fund Facility program.
However, requirements related to increase of tax rates, new tax and social issues regarding salary and pension are irritating public. 
Thus we clarified the position of Mongolian professional economists on IMF`s Extended Fund Facility program.
Economist D.Angar: 
-I think it is the best action to overcome economic crisis. Mongolia was facing lack of discipline and financial accountability. Unfortunately, Mongolia has established an agreement with IMF after reaching its final stop to face economic collapse. IMF talks mainly about budget and monetary policy. However this time they suggested new proposal to conduct complex audit on the operation of commercial banks and financial system. Because they consider that it is not working well. IMF`s program is the only thing can fix it. If the Government of Mongolia fulfill the obligations required by the IMF on time, very positive result is awaiting us. Collapsed economy shall be restored with strict requirements. 
Economist Kh.Batsuuri:
-IMF`s program seems quite reasonable for me. IMF has eased the loan requirements in the last five years. However we should notice that what terms and conditions are hiding behind. It is significant for us to know all requirements even it is hidden.
IMF demanded to tax interest income on personal savings accounts and I think it is right. However, increasing social insurance premium and retirement age are wrong decision. 
Economist Kh.Bolorbold:
-World Bank and IMF have ruined Mongolian economy. We must acknowledge it at all levels. Reaching an agreement with IMF means that they are going to repay the previous loan that collateralized by Mongolian people with the people too. IMF have already became bankrupt at the end of 1990s. They take others money and make economic and political ultimatum. 
IMF has not developed any countries as they promised. Stopping all policies directed to social support might worsen Mongolian economy. 
Economist T.Bayarkhuu:
-There are no good news about IMF. We have been cooperating with the IMF since 1998. They are always causing fall in Tugrik rate. All countries that cooperated with the IMF went into debt. Extended Fund Facility program was implemented previously in Russia, Ukrain and Egypt which brought negative results, causing currency fall. Salary, pension, benefits will depreciate in Mongolia after the program and the country will trap in poverty. I think it is the program to make Mongolia as a geopolitical subsidary place against Russia and China through economic and financial method.

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Saudi Aramco selects lead underwriters for $100 billion IPO: WSJ www.reuters.com

 
Oil company Saudi Aramco [IPO-ARMO.SE] has selected JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N), and HSBC Holdings Plc (HSBA.L) as lead underwriters for its planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
 
The listing of Aramco is expected to be the world's biggest initial public offering and could raise up to $100 billion. The IPO is the centerpiece of the Saudi government's ambitious plan, known as Vision 2030, to diversify the economy beyond oil.
 
Saudi authorities are aiming to list up to 5 percent of the world's largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international markets.
 
Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment. JPMorgan and HSBC declined to comment while Morgan Stanley did not immediately respond to a request for comment.
 
Aramco received proposals from at least six banks for an advisory role on the IPO, sources familiar with the process told Reuters earlier on Tuesday.
 
Local and major international banks including Morgan Stanley, HSBC and Citigroup Inc (C.N) were among those asked to pitch for an advisory position with Aramco, Saudi-based industry sources said last month.
 
JPMorgan was close to being selected as an underwriter, Reuters reported on Friday, citing a source. Aramco also recently chose boutique investment bank Moelis & Co (MC.N) as an adviser.
 
The IPO plan has been championed by Deputy Crown Prince Mohammed bin Salman, who oversees the country's energy and economic policies. Last year, he said he expected the IPO would value Aramco at a minimum of $2 trillion, and that the figure might end up being higher.
 
Saudi Arabia is considering two options for the shape of Aramco when it sells shares in the national oil giant next year: either a global industrial conglomerate or a specialized international oil company, industry and banking sources have told Reuters.
 
Saudi Aramco has also appointed international law firm White & Case, which has a long-established relationship with the state oil giant, as legal adviser for its IPO, sources familiar with the matter told Reuters earlier this month.
 
Saudi Arabia is favoring New York to list Saudi Aramco, while also considering London and Toronto, the Wall Street Journal reported on Monday.
 
The oil giant also held discussions with the Singapore Exchange regarding a potential secondary listing, Reuters reported this month.
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Mongolia reinforcing cooperation with UNESCO www.montsame.mn

Ulaanbaatar /MONTSAME/ UNESCO and the Government of Mongolia signed a comprehensive cooperation agreement aligned with the 2030 Agenda for Sustainable Development, during a ceremony with Director-General Irina Bokova and the Ambassador of Mongolia to UNESCO, Mr Mundagbaatar Batsaikhan on February 20, 2017.

Spanning the 2016-2020 period, the Memorandum of Understanding covers all UNESCO’s areas of competence, specifying cooperation to:

- promote SDG4-Education2030 through technical assistance, policy advice, capacity building, standard setting and the promotion of best practices
- strengthen science, technology and innovation systems
- support inclusive social development and intercultural dialogue
- promote culture-based sustainable development, including in the framework of the implementation of the UNESCO Culture Conventions ratified by Mongolia
- enhance mechanisms for access to knowledge and information, strengthening media development and promoting freedom of expression

Recalling her visit to Mongolia in 2011, when she signed the previous agreement, the Director-General welcomed the focus on the SDG Agenda and referred to the country’s rich cultural diversity and its leadership role in the Community of Democracies. The Ambassador expressed his country’s longstanding and strong relations with UNESCO, welcoming the new agreement that will further reinforce cooperation.

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Mongolian herders go solar www.news.mn

No less than 70% of Mongolian herders now have solar power. By installing portable solar home systems in the gers (yurts made of yak’s wool and felt), they have made life much easier in a land where the sun shines about 250 days a year.

The main things this electricity is used for are improved food refrigeration, charging cell phones and watching television to see the weather forecast, which is essential in the life of a herder. They no longer have to make a long trek to a nearby village to charge their telephone.

The cell phone has been revolutionary for the life of nomadic people, giving them greater connectivity and organization. Internet usage also increased by 1000% between 2000 (1.1%) and 2010 (11.3%).

According to Bor, a herder in the Arkhangai province, “most countryside children stay in dorms, because their parents are nomads and it is the only way they can get an education. We can now call our children who are in the dorms and speak to them. I also have children working in Ulaanbaatar [Mongolia’s capital] and I can speak to them as well. The solar panels are a very useful thing in our lives.”

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World Bank says policy uncertainty weighs on trade growth www.xinhuanet.com

WASHINGTON, Feb. 21 (Xinhua) -- Global trade growth is constrained by a number of factors, and policy uncertainty is one of them, the result of a World Bank policy paper showed on Tuesday.

The global merchandise trade grew by a little more than one percent in 2016, the weakest performance since the global financial crisis, and compared to 2 percent in 2015 and 2.7 percent in 2014, according to the paper.

Services trade continued to be to relatively resilient and recovered slightly following a decline in 2015, said the paper.

It also found that the sluggish trade growth was seen in both advanced and emerging market economies, while in previous years the weak trade performance had been concentrated in either high-income or developing countries.

The weak trade growth in 2016 continued to reflect enduring structural factors, such as the maturing of global value chains and the slower pace of trade liberalization. Cyclical factors, such as slow global growth and commodity prices declines, were also leading to the sluggish trade growth.

It also found that the increase in policy uncertainty may have also contributed to trade slowing in 2016. The research found that the increase in uncertainty may have reduced trade growth by about 0.6 percentage points in 2016.

"Policy uncertainty in Europe and the United States had a negative impact on trade by reducing overall global growth," said the paper's authors, World Bank economists Cristina Constantinescu, Aaditya Mattoo, and Michele Ruta.

"In a more uncertain environment, firms may choose to postpone investment and export decisions and consumers may cut back spending. The threat of unraveling trade agreements may also hurt trade growth by adding to policy uncertainty," they said.

The paper also emphasized the importance of trade agreements, saying that recent trade growth would have been even lower in the absence of trade agreements.

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Russia considers introducing tax on cash transactions www.rt.com

The Russian Ministries of Finance and Economic Development are working on the way to reduce cash payments, business daily Vedomosti reports. The goal is to move away from the shadow economy and corruption that comes from money laundering and tax evasion.

According to the newspaper, the ministries are considering banning the payment of salaries in cash, limiting large cash purchases or introducing a cash tax.

Officials want to limit cash purchases of real estate, cars, and luxury items, but the cut-off price is being discussed. The economists are also looking at examples of India and Azerbaijan that limit not only cash transactions, but also cash withdrawals.

In January, the Russian media reported the government is considering setting a single cash purchase limit at 500,000 rubles (about $8,750 at the current exchange rate). Minister of Finance Anton Siluanov backed the initiative without specifying the limit.

At the moment, Russians still prefer cash transactions. In the first nine months of 2016 holders of bank cards withdrew 19 trillion rubles ($330 billion), but only spent 8.7 trillion ($150 billion) to pay for goods and services using plastic.

The share of cash in circulation is about nine percent of Russia’s Gross Domestic Product, according to the Central Bank.

Businesses are complaining about high costs and service fees of points of sale (POS) terminals in Russia, which may cost up to 10 percent of net profit a month.

Another option under discussion is a differentiated VAT (value-added tax) rate, which can be reduced for non-cash purchases. However this option partly violates the ban on restrictions on free movement of goods and funds in Russia and is unlikely to be adopted, tax adviser Sergey Kalinin told Vedomosti.

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Russian automaker kickstarts sales in Germany www.rt.com

According to the company, the vehicle has been specially upgraded for the German market. The vehicles are equipped to reduce harmful emissions to the Euro-6 standard.

Over 2,000 Lada cars were sold last year in Germany which is the second largest export market for AvtoVAZ's Lada brand.

The carmaker plans to increase exports by 50 percent this year. Lada exported 18,500 vehicles last year.

Earlier this month, AvtoVAZ started exporting vehicles to China and the United Arab Emirates. The company wants to have a slice of the Middle East market.

It already has a stable market share in CIS countries and also exports cars to Germany, Iran, Syria, Egypt, and Hungary. AvtoVAZ intends to expand to the Czech Republic, Mongolia, and South-East Asia.

A new assembly line at the manufacturer’s plant in Kazakhstan will make 120,000 vehicles a year. Besides the Lada 4x4, the plant assembles the Lada Granta and Lada Kalina models with plans to build the new Lada Vesta and Lada Xray models.

The largest car manufacturer in Russia and Eastern Europe, AvtoVaz produces nearly one million vehicles a year. In 2012 AvtoVaz created an alliance with Renault-Nissan and started assembling the Renault Logan, Datsun and Nissan Almera models in Russia.

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