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

Squeezed between China and Russia, Mongolia backs Ukraine (OPINION) www.euobserver.com

As a democratically-elected president, I have a firm conviction in the cause of freedom, and in the power of the people, united as one, to defend it when under attack. This cause, and this faith, are now being tested on the blood-stained soil of Ukraine in a way we have not seen in many decades.
As the war in Ukraine grinds into its second year, the world's democracies must rally with even greater resolve to ensure that freedom is non-negotiable. The allied nations must give Ukraine the weapons it needs to win.
Former PM and ex-president Elbegdorj Tsakhia: 'I know Putin does not tolerate freedom. I have sat with him on many occasions. He despises difference, and competition, he is a deep narcissist' (Photo: Wikimedia)
Tyrants are always obsessed with their own survival and longevity in power, not the prosperity of their people. Sooner or later, dictators become desperate, servicing their corrupted web of crooks.
I know Putin does not tolerate freedom. I have sat with him on many occasions. He despises difference, and competition. He fears a free Ukraine. As a deep narcissist, he could not allow a more successful and prosperous neighbour. A free, democratic Ukraine could represent a grave danger for his regime.
The Russian aggression against Ukraine did not happen out of the blue. It was the culmination of a decades-long battle between freedom and repression.
The frontline of this war runs well beyond Ukraine's devastated battlefields. It runs through Asia, Africa, Latin America, and the Middle East. The conflict rages between humanity's best and worst instincts, between the free world and the suppressed. When Ukraine prevails, the forces of freedom will win everywhere, including in China and Russia.
Why neutral?
Many ask why, compared to Europe, most Asian countries tend to have a neutral position on Ukraine. The answer is simple. Sadly, the continent of Asia is also full of self-proclaimed rulers. In most cases, their governments lack legitimate representation. I know first-hand how important it is to stand firm on the principles and values you believe in engaging with more powerful, assertive neighbours.
Ukrainians are fighting for that very principle, which is why our support should be global and without condition.
The Kremlin propaganda machine is in full steam, blaming Ukraine even as Russian troops commit abominable war crimes against the Ukrainian people. In truth, no one is depriving Russia but the Kremlin. No one is depleting Russia's resources and potential but the Kremlin. No one started a war of aggression but the Kremlin. Finally, no one is calling for the inevitable demise of the Kremlin but — by its actions —the Kremlin.
In starting this war of aggression and then purposely brutalizing innocent civilians, the Kremlin leadership is guilty of serious international crimes. It has had no shame in bringing devastation and suffering to the most vulnerable. To the innocent children, elders, and families. And this horror is not solely present in war-torn territories. It is also present in Russia itself.
Ethnic-minority cannon fodder
Putin's so-called "partial" mobilisation has brought fear to Russia's most vulnerable, its ethnic minorities who have been disproportionately drafted and thrown to the frontline.
The Buryats, Kalmycks, Tuvans and other marginalised minorities have been used as cannon fodder. By local accounts, the Kremlin is committing textbook ethnic cleansing under the umbrella of a "special operation".
Under Putin's shadow, Russia's development has been set back a generation, and its politics have been frozen to the core.
The outspoken and brightest in Russia are mostly silenced. Many have fled, while the remaining brave people in Russia are still fighting against corruption and the deeply intimidating war while facing torture and jail. The world is not against the Russian people, but against the Kremlin's kleptocracy and atrocities.
Due to its geography, squeezed between China and Russia, the government of Mongolia is forced to perform a balancing act. However, public opinion in Mongolia resolutely condemns the brutal attack against this sovereign nation.
Mongolian history
When Adolf Hitler attacked the Soviet Union, the people of Mongolia united against this fascist invader. They showed solidarity with the Soviet people. If nomadic herders had over 100 horses, they sent more than half of their livestock to the Soviet Union. A quarter of all the horses on the Soviet frontline during World War II came from Mongolia. Mongolian gold and hard currency reserves were donated to the Soviet war effort, and meat to the front line.
When the Soviets launched a counter-offensive against German forces on the outskirts of Moscow during the bitter winter of 1941, most of the Red Army wore warm uniforms made from cattle stocks in Mongolia.
It is in this same spirit that today, the people of Mongolia stand against the Kremlin's war on Ukraine.
The West should do what the Mongols did, and act like the Mongols acted. President Zelensky is still begging for fighter jets and longer-range missiles to protect his innocent people. Ukrainians are paying the ultimate price for our freedom. They are sacrificing everything precious to them, not just to defend their sovereignty and democracy, but to restore the damaged world order.
Western leaders might have time to wait. But a wounded Ukraine has no time to wait. Those who snatched Ukrainian territories, cities, and villages are not waiting. The killers, rapists, and looters are not waiting. Putin is not waiting.
Ukraine needs wings and missiles to defeat Russia's death squads. The only path to peace is through Ukraine's victory.
AUTHOR BIO
Elbegdorj Tsakhia is the former prime minister and president of Mongolia, and a member of The Elders, a group of former global leaders founded by Nelson Mandela. Tsakhia is currently the Bernard and Susan Liautaud visiting fellow at Stanford University.
...


64x64

Cuba and Mongolia explore new ways of university cooperation www.plenglish.com

Ulaanbaatar, Mar 10 (Prensa Latina) Cuban Ambassador Jorge Ferrer and directors of Mongolian higher education centers analyzed, here, new ways to boost university cooperation in other areas of common interest.

The representative of the Caribbean island to Ulaanbaatar and Badarch Dendev, president of the National University of Mongolia (NUM) also reviewed the performance of the implementation of existing bilateral agreements, according to the Cuban embassy in Mongolia.

During the meeting, which was also attended by N. Batnasan, dean of the School of Business; Munkh Namsrai, head of the Department of European Studies and Uyanga Tsenddorj, postgraduate education official, Ferrer explained details on the development and structure of the centers of high studies on the island, the diplomatic source informed.

The official pointed out that the universities of Havana, the Technological University of Havana, known as Cujae, the Central University of Las Villas and the University of Oriente, are ranked among the 1,300 most prestigious universities in the world, according to the QS World University Rankings 2023.

Finally, he invited the Mongolian authorities to participate in Havana´s 2023 International University Scientific Convention scheduled from May 29 to June 2.

The diplomatic mission reminded that in 2022 the School of Business of the National University of Mongolia (NUM) and the Faculty of Economy of the University of Havana strengthened relations by signing a Memorandum of Understanding, as also did, the School of International Relations and Public Administration of the NUM and the Higher Institute of International Relations (ISRI) of Cuba.

...


64x64

TIR operations resume at largest China-Mongolia land port www.iru.org

The resumption of TIR in China gains pace, with Erenhot, the largest land port on the China-Mongolia border, having seen its first TIR truck in the post-pandemic era.
For the first time since the reopening of China’s borders, TIR trucks have transited through the Zamyn-Uud-Erenhot border crossing, entering China from Mongolia.
The Mongolian truck, carrying frozen meat, started its journey from Ulaanbaatar, Mongolia, transiting through the Zamyn-Uud-Erenhot border.
IRU Director of TIR and Transit Tatiana Rey-Bellet said, "We are expecting to see a gradual recovery of TIR movements through Zamyn-Uud-Erenhot and other borders, facilitating trade in the post-pandemic era.”
“TIR boosts the security and efficiency of border crossings, reducing cargo handling, as well as damages during cold chain transport,” she added.
As the crucial logistics hub between China and Mongolia, trade volumes via Zamyn-Uud-Erenhot account for over 70% of trade between the two countries.
In 2018, Erenhot, located on Asian Highway 3, was part of the first set of borders that the Chinese government opened to TIR to maximise its potential to grow trade.
Since China’s easing of Covid-19 restrictions, IRU has been working closely with the public and private sector to reignite the transport of goods under TIR.
This transport was accompanied by TIR movements resuming at the China-Kyrgyzstan Irekeshtam border, as well as the milestone achievement of the first ever Chinese firm using TIR throughout an entire transport journey.
What is TIR?
TIR is the only global transit system, enabling goods to be shipped from a country of origin, through transit countries, to a country of destination, via a secure, multilateral, multimodal and mutually recognised system, which also provides a financial guarantee for the payment of suspended duties and taxes. IRU manages the guarantee system.
It is the easiest, safest and most reliable way to move goods across multiple international borders, saving time and money for transport operators and customs authorities.
...


64x64

Mongolian women are breaking barriers in the housing sector and championing energy efficiency www..switch-asia.eu

Promoting women’s employment opportunities and improving the capacity of women-led MSMEs are key to the economic and social development of women, especially in male-dominated sectors such as building and construction, and the insulation and energy efficiency industry.
After completing her training as a heating and ventilation engineer, Tseyeeregzen worked for 18 years in the construction industry until, in 2021, she noticed an online posting about the opportunity to join the brigade of the EU funded Switch Off Air Pollution (SOAP) project implemented from 2018-2022. This project was designed to scale-up inclusive, contextualised, affordable, and financially viable Energy Efficient (EE) solutions in detached houses in the ger areas of Mongolia’s capital, Ulaanbaatar, where air pollution has become a leading concern for authorities and the general public. Main aims were to decrease intensity, cost, GHG emissions and maximise health, economic and social benefits for the population of Ulaanbaatar city.
Over four years of project implementation, 1,546 households in Ulaanbaatar implemented energy-efficient solutions, reduced CO2 equivalent greenhouse gas emissions by 3,556 tons, and informed over 16 thousand individuals about do-it-yourself insulation methods through the Simple Solutions campaign (learn more about the Impact of the project).
At first, Tseyeeregzen decided to join the project due to her growing interest in insulation and insulating her own summer house. Later on, as she participated in the training programme and learned more about insulation technologies, she developed a true desire to become an energy advisor.
Building the capacity of brigade leaders, energy advisors, and MSMEs in the construction sector through theoretical and practical training sessions was a flagship activity of the SOAP project. Brigades have been trained on energy efficiency, insulation technologies, marketing and sales, business development, occupational health and safety, gender protection, and waste management.
Tseyeeregzen reports that participating in the training has not only enabled her to develop new skills and knowledge about this sector, but also given her an additional source of income working in an industry typically dominated by men. “While there are few female brigade leaders, I see it as a challenge to develop myself and my career and pave the way for other women,” to break the barriers in the construction sector and championing energy efficiency, said Tseyeeregzen.
Whenever I am conducting technical assessments, I see many common mistakes people make when insulating their homes. Using my experience and knowledge to help others understand where heat loss occurs and encouraging them to insulate their homes with the correct technologies and materials is very rewarding, she added. Many customers expressed appreciation after the insulation was done, explaining that their homes are noticeably warmer and more comfortable.
Not only has Tseyeeregzen helped many households throughout the insulation process, but she has also insulated her own summer house, decreasing the number of heating times from three per day to one, and cutting heating-related costs in half.
“I hope people can see that insulation has many benefits – to the environment, indoor air quality and comfort, and household finances,” she said. “We can use the money saved on energy expenditure for our family and children.”
Following the completion of SOAP (Phase I), Tseyeeregzen continues to be engaged with the second phase of the EU funded SWITCH-Asia Switch Off Air Pollution in Mongolia Cities (2022-2026), led by Geres Mongolia. In cooperation with the Building Energy Efficiency Center, Mongolian National Construction Association, Mongolian Green Finance Corporation, and the Mongolian Women’s Fund, SOAP II will train 160 MSMEs, encourage 5,900 households to implement energy-efficient insulation solutions, and decrease CO2 emissions by 17,700 tons.
Tseyeeregzen is a strong believer that improving energy efficiency is key to combating air pollution and creating a healthier community, and her story is a portrait of how building the capacity of women-led MSMEs can economically empower women. “I believe it is our role to ensure that our children grow up in a healthy and clean environment. So, I’m proud to be part of this project and contribute to reducing air pollution,” she concluded.
 
 
 
...


64x64

Decisions Made at Cabinet Session www.montsame.mn

During its regular session on March 7, 2023, the Cabinet made the following decisions:
The Management of Seized and Confiscated Assets Discussed
The Government Resolution on Health Care Services was approved. Accordingly, the Cabinet made a decision to spend the seized and confiscated assets associated with corruption on improving the medical services for mothers and children, cancer and organ transplant procedures through investing in required medical equipment and building and expanding hospitals. Moreover, the Minister of Health was tasked to evaluate the buildings and structures confiscated due to the corruption, study the possibility of using them for medical purposes and present the results at the Cabinet meeting.
Health Promotion Centers to be Provided with Flexible Endoscopes
Minister of Health Mr. Chinzorig, Minister of Finance Mr. Javkhlan and Governors of the aimags were tasked to intensify the process of the preventive and early-detection checkups, a nationwide campaign and provide the health promotion centers with flexible endoscopes. According to the decision made at the Cabinet session, Minister of Education and Science Mr. Enkh-Amgalan will be responsible for increasing the health insurance coverages of students and creating favorable conditions to enable students to get an early health screening. Ensuring the smooth operation of the online system of health care organizations and the continuous service readiness of the hardware will be the responsibility of the Minister of Digital Development and Communications Mr. Uchral. In addition, Minister of Health was tasked to develop a plan for “Tooth” event and conduct feasibility study to establish National Dentistry Center.
Minister of Justice and Home Affairs Nyambaatar: We will bring overseas fugitives back to the jury and hold them responsible
The Government of Mongolia has declared 2023 as the “Year to Combat Corruption" and launched the five “W” operations to combat corruption. Within the framework of the “Wasp” operation, one of the five ‘W” operations, overseas fugitives will be brought back to the jury pursuant to the international agreements and Mongolian laws, ensuring the streamlined process of investigation.
Erdenes Tavantolgoi JSC, Erdenet Mining cooperation SOE, Mongolrostsvetmet SOE and Darkhan Metallurgical Plant JSC have contributed USD 443.1 million to the state budget since the beginning of this year.
Deputy Prime Minister and Minister of Economy and Development Mr. Khurelbaatar presented on the implementation of the Government Resolution No. 362 on Measures to be Taken to Increase the Foreign Exchange Reserves, dated October 5, 2022 at the Cabinet meeting.
As of the end of February 2023, total exports of coal, iron ore, and oil have reached 8.7 million tons, 0.9 million tons, and 0.8 million barrels, increasing by 3.6 times, 50 percent, and 100 percent compared to the same period last year, respectively.
The Foreign exchange reserves reached at USD 3.4 billion, an increase of 21% compared to the end of September 2022. Erdenes Tavantolgoi JSC, Erdenet Mining cooperation SOE, Mongolrostsvetmet SOE and Darkhan Metallurgical Plant JSC have contributed USD 443.1 million to the state budget since the beginning of this year.
According to the “Procedures on Open E-Trade of Coal for Export”, the first e-auction of the coal for export was successfully organized on February 9. Since then, 204.8 thousand tons of coal have been traded, amounting to USD 37.3 million through five online auctions.
Mongolia received 42 thousand tourists in the first two months of this year
The Government of Mongolia has announced 2023-2025 as the “Years to visit Mongolia” to promote the tourism sector. In this regard, Minister of Environment and Tourism Mr. Bat-Erdene presented on the process of preparatory work. According to the Minister’s presentation, our country has received 43,311 tourists from Russia, Korea and China.
...


64x64

Cocaine, Mongolian coal mines and the checkered path of a Vancouver-area penny stock www.financialpost.com

Anyone old enough to remember the VSE will recall it was the premiere playground for mining stock promoters, smooth talkers and crooks who would sell investors on the promise of striking it rich, just as soon as this or that highly speculative resource sector play turned out to be the genuine El Dorado.
There were some honest-to-goodness El Dorados, lest the legendary Eskay Creek gold bonanza be forgotten, but right alongside the winners were the characters of ill repute, pumping the price of otherwise worthless penny stocks and cashing out ahead of the inevitable crash. Forbes magazine knew the score, and famously dubbed the VSE the “scam capital of the world” in its May 1989 issue.
“Each year it sucks billions of dollars out of legitimate markets by inducing dupes to invest in mysterious outfits making hydro-douches, computerized golf courses and airborne farm equipment,” Joe Queenan said in his piece for Forbes.
Sometimes it may have even seemed that one company was into all those things, and more, at one time or another in its various corporate incarnations, and that strategy continues today.
For example, Adastra Labs Ltd. did not get hooked on hydro-douches, but during the past 35 years — as Consolidated Gulfside Resources Ltd., Gulfside Industries Ltd., Gulfside Minerals Ltd. and Arrowstar Resources Ltd. — it has been an Oklahoma oil and gas player, dabbled in Mongolian coal, leaned into web-based music accounting gizmos, eyed gold in northern British Columbia, and trumpeted the ecological-friendly transformative potential of recycled rubber.
Chief executives have come and gone as fast as the name changes, including one who went so far as getting himself banned by the BC Securities Commission, and another who was the commander of a United States nuclear naval submarine.
Arrowstar Resources became Adastra Labs Holdings Ltd. by way of a reverse takeover, a nifty regulatory shortcut for a private company to go public without all the regulatory headaches. With the change in name came a change in focus from mining to cannabis, a new listing on the Canadian Securities Exchange and, lately, a new chief executive at the helm named Michael (Mike) Forbes.
He is a pharmacist by trade, and claims to have an “honorary MBA” from Western University’s Ivey Business School — in his corporate bio, on the company’s website, in company filings with stock exchange regulators, as well as in polite conversation — but the university said he has no such degree.
But what Adastra Labs legitimately has is a Health Canada licence to possess, produce, package and sell cocaine. That is not a typo, and it could be a potential home run for investors, assuming they believe, as Forbes does, that the only way to win the war on drugs is to legalize, regulate and tax them, thus ensuring a safe source of user supply.
And if that scenario sounds even more far-fetched than airborne farm equipment, it isn’t, necessarily. B.C. is less than two months into a three-year decriminalization pilot project to address a toxic drug supply epidemic that claimed more than 2,200 lives in the province in 2022, according to government data. The project permits drug users to possess up to 2.5 grams of opioids, such as cocaine, crack cocaine, heroin, methamphetamine and fentanyl.
Where to get the coke? Enter Adastra Labs if all goes according to the future Forbes envisions.
“I was looking at it, thinking, ‘OK, where is the government going to get all its safe supply?'” he said in late February.
A few days later, however, Health Canada clarified in an email that the company’s licence does not permit it to “sell to the general public,” and only allows for the sale “to other licence holders who have cocaine listed on their licence, pharmacists, practitioners, hospitals, or the holder of a section 56(1) exemption for research purposes.”
Forbes made the same distinction, but a company press release dated Feb. 22 did not. An investor, in theory, may have read the release and perhaps reasonably concluded that Adastra Labs could legally sell cocaine to anybody.
The company clarified that this was not indeed the case in a subsequent press release issued nine days after the first, but only after Health Canada contacted Adastra Labs to remind it of the very “narrow parameters of their licence,” and after a public outcry erupted around the spectre of legalized, commercialized coke, a hullabaloo amplified by a Canadian Press report, which peaked when Prime Minister Justin Trudeau weighed in from Ottawa to confirm the government was not looking at commercializing the drug.
In the interim, Adastra’s stock price had gone on a bender, doubling to $1.65 by the morning of March 3, just a few hours prior to the company clarifying its licence conditions. It is the sort of whoops-a-daisy the ghosts of VSE’s yore are likely getting a chuckle out of. By midday March 7, the stock was trading for around 50 cents, where it remains.
At the heart of the controversy is a 43-year-old CEO who described himself as someone with a “busy mind.” It is a busyness reflected by the number of business ventures Forbes has been involved with, according to his personal web page for the Forbes Group. They include storage facilities, craft beer, bubble soccer and a chain of drugstores he “bootstrapped” into existence, he said, sanding down the shelves himself prior to opening his first outlet on Vancouver Island at age 24.
“I worked relentlessly,” he said. “I didn’t have any hand-me-downs from mom and dad. I had to hustle.”
The hard work apparently paid off when Forbes was accepted into and successfully completed the QuantumShift program in 2017, a rigorous, five-day developmental program for some of Canada’s most promising entrepreneurs delivered by the Ivey Business School.
QuantumShift is for “CEO business owners who are past startup, and only 40 entrepreneurs are accepted into this program annually,” a university spokesperson says. Program participants are not, however, awarded MBAs, honorary or otherwise.
Forbes said he had been “led to believe that it was an MBA program” when questioned about its provenance. He also said he had a plaque on his wall at his home in Victoria and could take a photo of it as proof, but that he would not be home for another “two weeks.”
But he added that he “never got to where I am today because of the letter behind my name, I promise you that. It is about what I have done, so the way I lead companies, too, is to remove all titles and go from your ability.”
But is claiming to have an honorary MBA in regulatory filings an offence? A British Columbia Securities Commission (BCSC) spokesperson said that should the exchange watchdog have reason to believe disclosed information was incorrect, and the information was deemed “material,” it might ask the CEO to provide proof of the honorary degree, and if the CEO couldn’t provide proof, it might ask for a correction.
I didn’t have any hand-me-downs from mom and dad. I had to hustle
MICHAEL FORBES
How about Adastra Labs’ Feb. 22 press release that implied the company could sell cocaine to anyone— a release the company clarified nine days later at Health Canada’s urging, and amid prime ministerial hue and cry?
“Public companies are required to provide timely, accurate disclosure of material information about their businesses so investors can make informed decisions. It is illegal to misstate material information, including by omission,” the regulator said, noting it doesn’t comment on its investigations, planned or otherwise.
“If the BCSC has reason to believe an issuer’s disclosure is misleading or inaccurate, the BCSC could seek more information from the issuer to decide whether the issuer needs to file amended disclosure. Other steps could include issuing a cease trade order, a temporary order or a notice of hearing (an allegation that a person or entity violated the Securities Act).”
Having an error on one’s resumé, of course, isn’t the most wicked sin ever committed by a chief executive, particularly one who is the head of a company peddling its wares on a junior stock exchange.
The VSE is no more, but the highly speculative, ripe-for-manipulation home to honest and not-so-honest corporations keeps merrily hustling along on junior exchanges. The VSE merged with several second-tier Canadian stock exchanges to form the Canadian Venture Exchange in 1999, which subsequently evolved into the TSX Venture Exchange.
It is the Wild West of investing, said Robert Yalden, a corporate law and finance professor at Queen’s University law school in Kingston, Ont., which can attract some not terribly “reputable” people who can operate in what amounts to a market grey zone, preying upon unwitting investors, as well as those who presumably can’t resist swinging for the fences.
It is an environment where investors best beware, understanding that the odds of lassoing the next Amazon.com Inc. amid a rodeo awash in high-probability failures, is highly improbable, while the danger of encountering a ne’er-do-well sort is not exactly nil.
But junior exchanges aren’t solely a sea for the suckers and the sharks, Yalden said. They are, warts and all, a long-standing, free market where legitimate companies, struggling to raise the kind of capital they need to grow, can get their hands on some money, while offering potential shareholders an out should they decide to sell to another willing buyer.
“We need junior exchanges to support the capital-raising process for emerging companies in all sectors, including mining and tech,” he said.
Part of the thrill for many investors is simply being in the game, and knowing there is always a chance, however slim, that the thing that seems too good to be true comes true and makes all those sages who bought in at a nickel look like a bunch of Einsteins.
So, what, exactly, is Adastra Labs selling? A cocaine dealers’ licence aside, cannabis is the company’s bread and butter. One cannabis industry insider, who requested anonymity, described the company today as being capably run and “focused on delivering products.”
That is a refreshing change, since delivering on anything has historically proved challenging for an outfit that was originally formed in 1987. The Mongolian coal mine certainly did not pan out, and was instead dogged by issues around disclosure, and a tiff among shareholders over who actually owned the mine.
The company’s short-lived interest in music accounting software in the early 2000s was another bust, orchestrated by Jack Wasserman, the CEO at the time. Among his predecessors was Owen Richman, who doubled as president and director, and ran afoul of the BCSC for some bogus invoices in the 1990s. He was found to be “unacceptable to the exchange as a director or officer of any company listed on the exchange” following an investigation by the regulator.
The company’s biography has honourable men, too. Andy Hale, a former nuclear submarine commander, once prowled the Pacific Ocean in a 560-foot submersible designed for “stealth,” with an arsenal of Tomahawk cruise missiles at his fingertips. The 60-year-old American today works at a family winery in Abottsford, B.C.
Hale is polite and friendly in conversation, but not one for chatting much about his time at Adastra Labs. He said he came aboard when it was a privately owned enterprise to get it “operational,” working through its cannabis licensing agreements, and what-not, before moving on in March 2021.
He also shared a story about a reunion at the United States Naval Academy in Annapolis, Md. After former classmates learned he was the CEO of a cannabis company, the reaction was more or less split between those who thought it was “awesome” and those who walked away without saying anything at all.
But withholding comment is not part of Dana Larsen’s personal make-up. The outspoken Vancouver drug policy reform activist runs Get Your Drugs Tested, a Vancouver lab where drug users can get their drugs tested for contamination. He said the view from the addiction frontlines in Vancouver is grim.
“People are dying on a regular basis,” he said.
Most of the deaths occur among opiate users due to fentanyl. Larsen estimates about one in every 100 cocaine samples the lab analyzes is contaminated with fentanyl, a potentially lethal additive. Street cocaine can also be cut with other substances such as talc and levamisole, a veterinary drug that won’t kill an addict in one go, but is deleterious to their health over time.
Adastra Labs is licensed to possess up to 250 grams of cocaine. Were that cocaine to be sold on the street, Larsen estimates it would fetch about $25,000.
Larsen’s view is that were cocaine to be legalized and commercialized, “the real money” would be in coca-based drinks, and not snortable powder.
“In South America, they typically consume coca in teas, or else they chew the leaves, and it is still stimulating,” he said.
Maybe therein lies the long game for a company that has been around for a long time in one guise or another. Adastra Labs is legally allowed to possess coca leaves under its Health Canada licence.
It is early days, and Forbes said he wants to get around a table with “the government” to try to find a “solution to save more lives.” It is about “harm reduction,” he said.
The first time Forbes tried cannabis he was in his mid-30s. He said he has never used cocaine, but the scientists in his lab are going to be making it, and someday, when public attitudes shift, and the Gordian knot of government red tape unspools, he can imagine cocaine being sold at a government-type outlet near you.
“The laws aren’t there, yet,” Forbes said. “What I can tell you is, I can import from other countries, I can produce it and I can possess it.”
But what he can’t do is sell cocaine to the public, which is the kind of distinction potential investors may want to be aware of before they inhale the hype.
• Email: joconnor@nationalpost.com | Twitter: oconnorwrites
...


64x64

Silicon Valley Bank share slump rocks financial stocks www.bbc.com

Shares in Silicon Valley Bank (SVB), a key lender to technology start-ups, plummeted on Thursday as investors moved to withdraw their deposits.
The slide came a day after the bank announced a $2.25bn (£1.9bn) share sale to help shore up its finances.
Shares in banks have fallen around the world - with the four largest US banks, including JP Morgan and Wells Fargo, losing more than $50bn in market value.
One venture capitalist told the BBC the day's events were "wild" and "brutal".
Stock markets in Asia also fell on Friday, led lower by shares in banks.
Shares in SVB saw their biggest one-day drop on record as they plunged by more than 60% and lost another 20% in after-hours trade.
The firm launched the share sale after losing around $1.8bn when it offloaded a portfolio of assets, mainly US Treasuries.
But more concerningly for the bank, some start-ups who have money deposited have been advised to withdraw funds.
Hannah Chelkowski, founder of Blank Ventures, a fund that invests in financial technology, told the BBC the situation was "wild". She is advising companies in her portfolio to withdraw funds.
"It's crazy how it's just unravelled like this... The interesting thing is that it's the most start-up friendly bank and supported start-ups so much through Covid. Now VCs are telling their portfolio companies to pull their funds," she said.
"It's brutal," she added.
A crucial lender for early-stage businesses, SVB is the banking partner for nearly half of US venture-backed technology and healthcare companies that listed on stock markets last year.
SVB did not immediately respond to a BBC request for further comment.
In the wider market, there were concerns about the value of bonds held by banks as rising interest rates made those bonds less valuable.
Central banks around the world - including the US Federal Reserve and the Bank of England - have sharply increased interest rates as they try to curb inflation.
Banks tend to hold large portfolios of bonds and as a result are sitting on significant potential losses. The falls in the value of bonds held by banks is not necessarily a problem unless they are forced to sell them.
But, if like Silicon Valley Bank, lenders have to sell the bonds they hold at a loss it could have an impact on their profits.
"The banks are casualties of the hike in interest rates," Ray Wang, founder and chief executive of Silicon Valley-based consultancy Constellation Research told the BBC.
"Nobody at Silicon Valley Bank and in a lot of places thought that these interest rate hikes would have lasted this long. And I think that's really what happened. They bet wrong," he added.
 
 
 
...


64x64

Uzbekistan and Mongolia discuss cooperation in the field of agriculture www.uzdaily.uz

Tashkent, Uzbekistan (UzDaily.com) -- A delegation from Mongolia these days is conducting active negotiations on cooperation with representatives of Uzbekistan. It is planned to open an embassy of Mongolia in our country. As part of the visit, the Mongolian delegation headed by the Minister of Foreign Affairs of Mongolia Batmunkh Battsetseg met today with the Minister of Agriculture of Uzbekistan Aziz Voitov. The parties discussed issues of cooperation in the field of agriculture between the two countries.
Mongolia considers Uzbekistan as an important country for expanding its economic and trade presence in the Central Asian region. It is worth noting that in 2022 the trade turnover of agricultural and food products with Mongolia amounted to US$5.5 million. At the talks, the parties expressed their readiness to cooperate and strengthen relations in the field of agriculture. So, we decided to establish the export of meat, meat products and leather, as well as to strengthen the exchange of experience on the development of intensive orchards and greenhouses. The parties also reached an agreement to hold the 1st meeting of the Uzbek-Mongolian Intergovernmental Commission in the first half of 2023 in Tashkent.
Batmunkh Battsetseg, Minister of Foreign Affairs of Mongolia:
- Diplomatic relations between Uzbekistan and Mongolia are already more than ten years old, and we believe that the potential for cooperation between our states should be strengthened. The political position of Mongolia is to build pragmatic relations with the countries of Central Asia, especially with Uzbekistan. Our countries do not have access to the oceans, the Mongolian side is interested in the geographical position of Uzbekistan as a transit hub. For our part, we propose to pay attention to meat products, leather products and their export to Uzbekistan. Also, since last year, quarantine zones have been operating in our country, where the necessary conditions for processing and storing products have been created. We would like to cooperate with Uzbekistan on food security issues as well. Establishing relations between Uzbekistan and Mongolia is going in a positive way.
As you know, there are already agreements on opening a Mongolian embassy in Tashkent. We hope that the issues of direct flights between our countries will soon be resolved, which, of course, will have a beneficial effect on the development of tourism, as well as on the establishment of our trade and economic relations.
Uzbekistan also attaches particular importance to strengthening and building up practical mutually beneficial cooperation with Mongolia. In his speech, the Minister of Agriculture of Uzbekistan Aziz Voitov noted:
— I think that we need to identify complementary sectors in science and technology. For example, the Uzbek side is ready to share its experience in creating intensive gardens and greenhouses, and is also interested in the experience of Mongolia in animal husbandry and veterinary medicine. We also give preference to the import of halal-labeled meat products. Mongolia has a stable demand for fruits and vegetables from Uzbekistan. In addition, the Uzbek side is ready to supply nuts, confectionery, alcohol and tobacco products. We believe that we should also draw up a list of enterprises interested in mutual supplies, as well as establish direct contacts between them. It is impossible to ignore the opening prospects in the tourism industry. Creating the image of Mongolia in Uzbekistan requires us to organize events for the tourism sector of both countries.
Aziz Voitov also said that on 16-18 March 2023, a working group from Uzbekistan will be sent to Mongolia, which will include entrepreneurs. They will be able to work out the issues of supply and cooperation with Mongolian producers on the spot, as well as consider the possibility of implementing joint projects in the field of animal husbandry. During the visit, the delegation will be able to assess the potential for joint breeding of livestock in Mongolia with subsequent export to Uzbekistan for processing at meat processing plants.
Tileukhany Aubakir, Deputy of the State Great Khurali of Mongolia:
— Today we discussed the export of meat, meat products and leather. There are good export opportunities in Mongolia - up to 20 million tons of meat, and in Uzbekistan there is a great demand for meat and meat products. It is worth noting that in Mongolia there is an opportunity to produce halal meat. I believe that your country has a great potential for exports in the agricultural sector. We are ready to develop economic relations in terms of export and import between our countries.
At the end of the meeting, the parties exchanged memorable souvenirs, and also agreed that fruitful work is to be carried out in the agro-industrial sector in all areas, which will become a good basis for the upcoming meeting of the heads of state at the next SCO summit, which will be held in June this year in India.
...


64x64

Czechs to Sponsor Mongolian Leather Industry www.montsame.mn

The Embassy of the Czech Republic is pleased to announce the new signing of a contract between the Czech Development Cooperation and the Mongolian Association of Leather Industry.
On March 9, 2023, Mr. Jan Vytopil, the Czech Ambassador, signed the contract with the Mongolian Association of Leather Industry in Ulaanbaatar. Within the framework of the contract, the company will receive financing valued at MNT 77,000,000 or the Czech technology for cleaning wastewater from the wool processing industry.
A new wastewater treatment station will enable the Mongolian Association of Leather Industry to improve its environmental protection efforts and increase the efficiency of its wool processing operations. It represents a significant step forward in Czechia’s commitment to sustainable development and international cooperation.
The Czech contribution to Mongolia's leather processing industry dates back to the days of Czechoslovakia when a chevron factory was built and handed over to Mongolia between 1958 and 1960. A leather factory was established in 1975-1980, and a shoe factory with 3,500 employees was put into operation in 1979-1981. Within the framework of development cooperation, in 2007-2010, the leather factory modernization project of MLTJ LLC was implemented, and as part of the same cooperation, environmental pollution research at the Khargia treatment plant was conducted in 2010-2012, and recommendations were provided for further measures.
...


64x64

S. Korea’s convenience chain CU opens 300th store in Mongolia www.pulsenews.co.kr

South Korea’s convenience store brand opened its 300th store in Mongolia since it entered the market five years ago, while it aims to operate 500 stores by June, up from the current 430.
According to BGF Retail Co., the operator of CU convenience stores, on Thursday, the latest store it opened in Mongolia is located inside a luxury apartment complex in the capital city Ulaanbaatar. The opening of the new Gerlug Vista store has made CU to become the country’s first retailer to operate 300 stores in a single overseas country.
BGF Retail plans to manage 500 CU stores overseas by June this year, up from the current 430 stores that include 130 in Malaysia.
The retailer said that the Gerlug Vista store offers 40 percent more differentiated products such as a diverse range of desserts and private labels than other stores in Mongolia given that many young consumers live in the building.
CU has been expanding its presence in Mongolia. It recently opened three stores in Darkhan, the country’s second-largest city, for the first time as a convenience store brand.
It took 26 months for BGF Retail to open 100 CU stores in Mongolia after its entry in 2018, 18 months to operate 200 stores, and only 10 months to manage 300 stores.
Sales of CU stores in Mongolia have soared 48 percent last year from a year ago. About 1,000 consumers visit each store in Mongolia every day, which is triple that of Korea.
The popularity of CU stores in Mongolia is in line with the high attention given to Korean food thanks to Korean contents such as music and drama. About 30 percent of the products sold at the stores are of the HEYROO private label.
One of the most popular items is the instant “GET” coffee. Each store sells about 200 cups every day, which is more than 10 times those sold in Korea.
Sales of simple prepared meals, such as bulgogi, or marinated beef, gimbap, or seaweed rolls, climbed 24.2 percent last year from a year ago. Sales of ready-to-eat food, like tteokbokki, or rice cake in spicy sauce, rose 117.4 percent during the same period.
By Noh Hyun and Han Yubin
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook