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    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Tokyo shares hit year-to-date low on Brexit vote www3.nhk.or.jp/nhkworld/

Tokyo stocks plunged to a new low for the year on Friday on the news that "Leave" voters had secured a majority in the referendum on Britain's membership of the EU.
 
On the Tokyo Stock Exchange, share prices fell across the board on Friday afternoon after the BBC reported that the "Leave" camp was set to win.
 
The benchmark Nikkei Average briefly lost more than 1,300 points to fall below 15,000.
 
The index ended the day at 14,952, down 1,286 points from Thursday's close.
 
The drop is larger than the previous record one-day fall marked after the 2008 global financial crisis.
 
The TOPIX index of all first-section issues lost 94 points to finish at 1,204.
 
Market players say the global economic outlook has become even more uncertain after the British vote.
 
They say markets are in a state of shock because polls indicated that the "Remain" camp was in the lead.
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Development Bank of Mongolia becomes partner of SCO Interbank Consortium www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolia’s Development Bank became a partner of the Interbank Consortium of the Shanghai Cooperation Organization (SCO IBC) according to a decision made at a meeting of the SCO IBC Council in Tashkent June 23.
 
During the meeting, chaired by Uzbekistan’s National Bank for Foreign Economic Activity, the Council members also discussed the elaboration of the SCO IBC development strategy for 2017-2021, more active cooperation with the Silk Road Foundation, and the cooperation with international financial organizations operating in the SCO area.
 
Kazakhstan’s Development Bank was elected the bank-chairman of SCO IBC for 2016-2017.
 
The Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was established on October 26, 2005 under a decision made by the Council of Heads of SCO Member States.
 
The IBC incorporates the following SCO member states’ authorized banks and credit institutions: Kazakhstan’s Development Bank, China State Development Bank, Kyrgyzstan’s RSK Bank, Russia’s State Corporation Bank for Development and Foreign Economic Affairs, Tajikistan’s State Savings Bank Amonatbonk and Uzbekistan’s National Bank for Foreign Economic Affairs, reports trend.az.
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GLOBAL MARKETS ARE IN CHAOS AFTER UK VOTES TO LEAVE EU www.businessinsider.com/

The UK has voted to leave the EU, according to projections from multiple outlets including iTV, the BBC, and SkyNews.
 
In an absolutely stunning result, this means the UK will now likely begin the process of leaving the European Union, the first member of the bloc to leave since its formation in 1993.
 
Following this result, global financial markets are in complete chaos with some of the most stunning moves you'll ever see taking place tonight.
 
Charts below are as of roughly 12:30 a.m. ET in New York, or 5:30 a.m. in London.
For starters, S&P 500 futures in the US are currently limit-down after falling 5%, meaning futures trading won't re-open until 9:30 a.m. ET when markets open.
 
Dow futures are also down sharply, falling 3.9% or more than 700 points.Headlining the proceedings is a mind-blowing drop in the British pound, which is down over 10% against the US dollar to around $1.33, a 31-year low.
The pound is also getting crushed against the Japanese yen - which has seen a monster rally on Thursday - with the pound losing 14% against the yen.
London FTSE futures are down 9.4%.Futures for Germany's DAX are off more than 8%.US Treasury bonds are also catching a massive bid with the 10-year Treasury yield falling to as low as 1.48% (bond prices rise when yields fall).
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China, Russia, Mongolia endorse development plan on economic corridor www.xinhuanet.com

TASHKENT, June 23 (Xinhua) -- China, Russia and Mongolia inked a development plan here on Thursday to build an economic corridor linking the three neighbors, pledging to boost transportation connectivity and economic cooperation in border regions.

The plan was signed after a meeting of Chinese President Xi Jinping, Russian President Vladimir Putin and Mongolian President Tsakhiagiin Elbegdorj in the Uzbek capital of Tashkent ahead of an annual summit of the Shanghai Cooperation Organization (SCO).

While chairing the trilateral meeting, the third of its kind, the Chinese president reviewed the achievements the three countries have made in implementing their mid-term roadmap for cooperation, saying progress and positive results have been made in such areas as trade and economy, cultural and people-to-people exchanges, transit transport, tourism and sports.

"The Chinese side is satisfied with the momentum of our trilateral cooperation," Xi said.

He proposed that the three countries continue to center on the aligning of China's Silk Road Economic Belt initiative, Russia's development strategies, especially its transcontinental rail plan, and Mongolia's Steppe Road program to actively advance the trilateral cooperation.

Xi called on the three countries to well implement the development plan to build the economic corridor and strengthen cooperation in transportation infrastructure connectivity, port construction, industrial capacity, investment, trade and economy, cultural and people-to-people exchanges, and environmental protection, thus producing outcomes at an early date.

"We three sides should actively engage in the discussion of building cross-border economic cooperation zones, enhance industrial tie-in, boost sub-regional cooperation in our adjacent areas, and promote the common development of our adjacent areas," Xi said.

The Chinese president also urged the three countries to expand cooperation within the framework of the SCO, especially in such areas as transit transportation, food security, disaster reduction and energy.

Putin said Russia, China and Mongolia are friendly neighbors based on equality, respect and mutual benefit.

He said Russia, in light of the three countries' consensus, is committed to working with China and Mongolia to well implement the projects of transportation and infrastructure construction, speed up simplifying port procedures, and promote regional economic integration process.

Russia is also willing to increase cultural and people-to-people exchanges with the other two countries, he added.

For his part, Elbegdorj said the development plan on the economic corridor linking the three countries is very important, adding that Mongolia stands ready to join hands with China and Russia to advance the construction of transportation infrastructure and strengthen economic cooperation in border regions.

Mongolia also hopes to enhance cooperation with the other two countries in agriculture and disaster relief, he said.

After the meeting, the three heads of state also witnessed the signing of a trilateral agreement on the mutual recognition of the customs supervision results on certain commodities.

The 16th meeting of the SCO Council of Heads of State is scheduled to be held in Tashkent on Thursday and Friday.

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THE POUND JUST DROPPED TO A 30-YEAR LOW www.businessinsider.com

The British pound is getting destroyed.
 
The currency dropped by over 11.0% to a low as 1.3239 against the dollar around 12:30 a.m. ET (5:30 a.m. BST) after BBC called Leave.
 
That's a 30-year low.
 
The huge drop in the pound comes after BBC, Sky News, and ITV all called a Brexit.
 
"The usual caveats exist about liquidity but these moves are concerning and bring back pretty painful memories of 2008," Jeremy Cook, chief economist at the international payments company, World First, said in an emailed statement to Business Insider earlier in the evening.
 
"GBPUSD didn't have this bad a day in the Global Financial Crisis and the moves by the bookies to price Leave as the favourite is killing the pound. News from Wales is the most concerning at the moment alongside the London turnout dynamics.
 
Notably, the Japanese yen - a safe-haven currency that investors dive into when things get rocky - was up by 15.2% against the British pound at 133.92 per pound as of 11:47 p.m. ET (4:47 p.m. BST)
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Poland doesn’t want Nord Stream-2 pipeline, but wants the gas www.rt.com

Despite being one of the main opponents of Russia’s Nord Stream-2, Poland is interested in pumping 11 billion cubic meters of gas per year from the pipeline, Gazprom said on Thursday.According to Gazprom Deputy Chairman Aleksandr Medvedev, Warsaw has bid for 11 billion cubic meters of Russian gas coming through the projected Nord Stream-2 pipeline.
 
Medvedev added that even though Nord Stream-2 will significantly increase gas reverse supplies through Poland, its antitrust authorities will delay the decision to ratify the pipeline and “send new demands that have nothing to do with the matter.”
The contract to deliver Russian gas to Poland expires in 2022. Medvedev said Gazprom offered to extend it by 25-30 years, but has received no reply. He added that Poland is harming itself and annoying Europe.
 
Poland is pumping 30 billion cubic meters of Russian gas per year, and Gazprom has offered the same volume in the new contract, said the deputy chairman. However, the new contract can’t be signed under the old conditions as EU laws have changed.
A gas contract auction for the pipeline’s future capacity will be held next year, according to Medvedev. Besides Poland, there are other bidders, but he refused to name them.
 
The Nord Stream-2 gas pipeline is expected to provide an additional direct route for Russian natural gas to Germany via the Baltic Sea bypassing Ukraine. It will deliver up to 55 billion cubic meters of gas per year, doubling the supplies through the existing Nord Stream pipeline.Russia’s Gazprom holds a 50 percent stake in the project. The other 50 percent is divided equally between Royal Dutch Shell, Germany’s E.ON and BASF, Austria’s OMV and France’s Engie.
 
In March, Poland, Latvia, Estonia, Lithuania, Hungary, Romania, Slovakia, and the Czech Republic sent a letter to the European Commission President Jean-Claude Juncker, saying Nord Stream-2 could pose risks to energy security in Central and Eastern Europe.
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South Korea issues arrest warrant for VW executive in emissions probe www.reuters.com

A South Korean court on Friday issued the first warrant for the arrest of a Volkswagen AG (VOWG_p.DE) executive in connection with its cheating of vehicle emissions tests, in another blow to the German automaker's efforts to move on from the scandal.
 
The warrant is the first to be leveled against a Volkswagen executive anywhere in the world after the firm in September admitted to using software to falsify pollution tests on some diesel cars, spurring legal action in the United States, Germany, South Korea and elsewhere.
 
"This is just the beginning of the investigation," an official at the prosecution office said, declining to be named because the investigation was ongoing.
 
The executive at Volkswagen's South Korean subsidiary faced five accusations including fabrication of documents and violation of the Air Quality Preservation Law, Seoul Central District Court spokesman Shin Jae-hwan said.
 
"The court acknowledges the reason and the necessity of the arrest," he told Reuters, declining to give further details or name the executive.
 
A Volkswagen Korea spokeswoman declined to comment.
 
The developing criminal case in South Korea, Asia's No.2 diesel car market after India, is another setback for Europe's biggest carmaker as it faces global repercussions and potentially billions of dollars of costs over the scandal.
 
Sources in the United States on Thursday said Volkswagen would pay more than $10 billion to settle claims by nearly 500,000 owners and fund efforts to offset pollution.
 
German prosecutors on Monday said they were investigating former CEO Martin Winterkorn and another executive over whether they effectively manipulated markets by delaying the release of information about the emissions test cheating.
 
Volkswagen said in April it would set aside 16.2 billion euros ($18.2 billion) and slash its dividend to cover the costs from the scandal.
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Mongolia-China-Russian economic corridor to be built www.montsame.mn

Tashkent/MONTSAME/ On June 23, a tripartite meeting of leaders of Mongolia, China and Russia was held for the third time in Tashkent city, Uzbekistan on sidelines of the 16th Shanghai Cooperation Organization summit.

The first ever meeting of the state heads of the three countries took place at initiative of President of Mongolia Tsakhiagiin Elbegdorj in September 2014 in Dushanbe, Tajikistan and the second meeting was hosted in July 2015 in Ufa city, Russia.

This time, the leaders of the three states made a point on actions the sides plan to carry out in near future.

President of China noted that following their meeting in Ufa, a roadmap was adopted for developing trilateral cooperation for mid-term prospective, which is being actively implemented by related ministries, local authorities and companies of the three countries. The sides are effectively coordinating projects in the fields of trade, economy, humanitarian links, transit transport, tourism and sports. Positive results are vivid. The current meeting will be resulted in signing an essential cooperation document which is a program on building economic corridor, highlighted Mr Xi Jinping.

In his turn, President of Russia V.Putin noted “Traditional friendly relations link Russia with China and Mongolia. A program has been designed on building the economic corridor between Russia, China and Mongolia as a step towards delivering Ufa agreements. It aims at significant stimulation of border relations through launching over 30 tripartite investment projects. ”

Russian side found perspective a Mongolian idea to establish a joint investment projecting center which will serve to work out new proposals on cooperation in the areas of transport, building communications and electricity lines, and energy supply routes.

Thereby, President Putin made an emphasis on infrastructural initiatives. In particular, Russian business is ready to engage in modernization of the Ulaanbaatar railways in order to increase its carrying capacity up to 100 million tons of freight per year.

V. Putin stressed that further facilitation of customs procedures will be conducive to enhancing trade relations between the three countries, including border ties. An agreement on mutual recognition of results of customs checks which was signed same day in presence of the three leaders serves this purpose.

The Russian President also touched upon a range of issues concerning energy supply to Mongolia, cooperation in the tourism sector, promoting academic exchange and highlighted that trilateral partnership has a good potential in many fields to be used for prosperity of our nations.

President of Mongolia Ts.Elbegdorj touched upon implementation of the program on building economic corridor. Thereby, he proposed choosing ready for implementation projects out of 32 projects and seeking their financial sources. Taking into consideration that the parties were agree to create a mechanism of investment center, he suggested making it happen within 2016.

Secondly, in frames of stimulation of cooperation in the fields of roads and transport, Mongolia proposed holding consultations of transport ministries of the three countries on regular basis, which are real mechanism for forwarding railway projects. It is planned to hold the third meeting in August-September in Ulaanbaatar with a view to discuss the pressing issues.

Thirdly, trilateral cooperation priorities shall be identified. Our cooperation cannot be restricted only with economic corridor, transport and customs matters. Regional cooperation is one of the priorities. We are principally backing Chinese ideas on developing cooperation of eastern regions of Mongolia, Russia and China. Mongolian side is ready to further designating a corresponding cooperation roadmap.

Mongolia considers possible to develop trilateral cooperation in the areas of agriculture, prevention and combating of disasters and their aftermaths.

The President of Mongolia wished to hold a trilateral summit in Ulaanbaatar in order to stimulate our cooperation and expressed a confidence that the trilateral mutually beneficial collaboration will make a great contribution to the development of not only our countries, but also the region as a whole.

President Xi Jinping said the sides have to forward trilateral cooperation on the basis of interlocking Chinese initiative Economic belt Silk Road, Russian strategies on building transeurasian corridor and Mongolian initiative Steppe Road.

Emphasizing responsible implementation of the program on building economic corridor, President Xi Jinping forwarded proposals related to possibilities of creating trilateral zone, making focus on constructing infrastructure, border trade, industrialization, tourism, humanitarian ties, combining efforts in the industrial sphere and promoting subregional cooperation in the interests of developing border regions of the three countries.

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Russian Oil Companies Warn Government Against Currency Control www.themoscowtimes.com

Russia's Rosneft and Gazprom Neft have warned the Russian government that a new bill tightening currency control will have negative effects on the oil industry, the RBC news website reported Thursday.
 
State Duma lawmakers passed the first reading of the bill in January. The bill proposes amendments to the law on currency regulation and control of Russian loans to foreign entities.
 
The changes would require Russian individuals and businesses to return the entirety of the loan sum to Russia by whatever date the Central Bank specifies for return.
 
If Russian companies fail to return the loan on time, they can be fined 1/150 of the refinancing rate per day of delay, and fined from 75-100 percent of the loan total for non-payment on the whole.
 
The oil companies claim that the timetable for return of a loan is impossible to determine, and is always changing based on difficulties in implementing projects.
 
If a foreign company knows it will only have a certain time to return a Russian loan, that could be a huge deterrent against wanting to do business with Russian companies, they claim.
 
The increased risk of administrative fines combined with the loss of foreign business would be enough to have a serious negative impact on the Russian oil industry.
 
In mid-May, the Duma decided to defer consideration of the bill, and the second and third readings will not be accepted until the fall, according to one of the authors of the bill, Anatoly Aksakov, RBC reported. The delay stemmed from disagreements between the government and the Central Bank on the bill, but Aksakov did not clarify.
 
The price of oil remains the key driving factor behind the performance of Russia's economy, despite insistence from figures in the government to shift away from oil dependence.
 
Although the Central Bank lowered the key interest rate this month because of perceived resistance to fluctuation in oil prices, Russian real income still dropped 11.5 percent in May, with weak oil prices a contributing factor.
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YouGov poll shows 52% remain, 48% leave www.asia.nikkei.com

LONDON (Reuters) -- Voting closed in Britain's bitterly fought referendum on whether to quit the European Union on Thursday, with a prominent Leave campaigner saying he expected to lose and early surveys suggesting voters had chosen to remain in the bloc.

Nigel Farage, head of the UK Independence Party and a leading voice in favour of leaving the EU, told Sky News he did not expect to be on the winning side.

"It's been an extraordinary referendum campaign, turnout looks to be exceptionally high and looks like Remain will edge it," Farage told Sky News. A spokesman for Farage declined to elaborate.

The survey by pollster YouGov showed Remain ahead by a margin of 52 to 48 percent. Unlike a classic exit poll, it was based on online responses by a pre-selected sample of people rather than a survey of voters as they left polling stations.

Pollster Ipsos-MORI also put Remain in the lead, saying that surveys it had carried out on Wednesday and Thursday gave it a 54-46 margin of victory. An Ipsos-MORI poll published earlier had just a 52-48 split for Remain.

The pound climbed to its highest for this year to $1.4989 , from around $1.4906 just before the poll closed, a move of 0.56 percent. It also firmed against the yen.

The four-month campaign has sharply polarised the nation and the final outcome of the vote could change the face of Europe.

If Britain becomes the first state to leave the EU, the so-called Brexit would be the biggest blow to the 28-nation bloc since its foundation.

The EU would be stripped of its second-biggest economy and one of its two main military powers, and could face calls for similar votes by anti-EU politicians in other countries.

If it votes to stay, Britain has been promised a special status exempting it from any further political integration, but European leaders will still have to address a sharp rise in euroscepticism across the continent.

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