1 GRACE BERG: WHEN I WAS IN MONGOLIA, IT FELT EVEN MORE AMAZING THAN I HAD IMAGINED WWW.GOGO.MN PUBLISHED:2025/04/11      2 JADE GAS ADVANCES RED LAKE DEVELOPMENT IN MONGOLIA WITH SECOND SUCCESSFUL WELL WWW.SMALLCAPS.COM.AU  PUBLISHED:2025/04/11      3 MONGOLIA RATIFIES AGREEMENT WITH CHINA FOR CONSTRUCTING NEW RAILWAY FROM TAVAN TOLGOI WWW.INTERFAX.COM PUBLISHED:2025/04/11      4 ROSATOM, S. KOREA'S KHNP, FRANCE'S EDF, CHINA'S CNNC SHORTLISTED AS POTENTIAL VENDORS FOR FUTURE NPP IN KAZAKHSTAN WWW.INTERFAX.COM PUBLISHED:2025/04/11      5 EXPORT REVENUES INCREASED BY NINE PERCENT COMPARED TO THE PREVIOUS WEEK WWW.MONTSAME.MN PUBLISHED:2025/04/11      6 DISCRIMINATION BASED ON SOCIAL STATUS NAMED ‘SCHOLARSHIP’ WWW.UBPOST.MN PUBLISHED:2025/04/11      7 800 PHYSICIANS VOICED CONCERNS WWW.UBPOST.MN PUBLISHED:2025/04/11      8 COMPANY OWNING “TUGRUG NUUR” COAL DEPOSIT FACES SERIOUS CRIMINAL ALLEGATIONS WWW.GOGO.MN PUBLISHED:2025/04/10      9 ADB REPORT: MONGOLIA’S ECONOMY TO GROW BY 6.6 PERCENT IN 2025 WWW.MONTSAME.MN PUBLISHED:2025/04/10      10 DETAILS ON “TAVANTOLGOI THERMAL POWER PLANT” PROJECT PRESENTED TO THE CABINET WWW.MONTSAME.MN PUBLISHED:2025/04/10      ЖИЖИГ ХӨРӨНГӨ ОРУУЛАГЧИД ДОТООДЫН ҮЙЛДВЭРЛЭЛИЙН САЛБАРЫН КОМПАНИУДАД ХӨРӨНГӨ ОРУУЛАХ СОНИРХОЛТОЙ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/11     “JADE GAS” МОНГОЛ ДАХЬ ТӨСЛӨӨСӨӨ 800 М ЗУЗААН ХИЙТЭЙ НҮҮРС ИЛРҮҮЛЖ, ХУВЬЦААНЫ ХАНШ НЬ 21 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/11     ТРАНС-АЗИЙН ТӨМӨР ЗАМЫН СҮЛЖЭЭНИЙ ТУХАЙ ЗГ ХООРОНДЫН ХЭЛЭЛЦЭЭРТ ӨӨРЧЛӨЛТ ОРУУЛАХЫГ УИХ ДЭМЖСЭНГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/11     "ЗАСГИЙН ГАЗАР “РИО ТИНТО“, “ОНТРЭ“ ХХК-ТАЙ ЯАРАЛТАЙ ХЭЛЭЛЦЭЭ ХИЙХ БОЛСОН" WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/11     ХЭРЭГЛЭЭНИЙ ҮНИЙН ИНДЕКС ӨМНӨХ САРААС 0.3 ХУВИАР ӨСӨЖ, ЖИЛИЙН 9.1 ХУВЬТАЙ ГАРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/11     “ASIAN BATTERY METALS” 2025 ОНЫ ӨРӨМДЛӨГИЙН АЖЛАА ЭХЭЛЖ, 830.7 МЕТРИЙН ГУРВАН ЦООНОГ ГАРГАЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/11     ЯАРМАГИЙН ГҮҮРИЙГ АЖИЛЧДЫН ГУДАМЖТАЙ ХОЛБОСОН АВТОЗАМЫГ ХААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/11     УЛААНБУУДАЙН ГУРИЛЫН ИМПОРТ I УЛИРАЛД 2.7 ДАХИН ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/10     МАНАЙ УЛСАД ХҮНСНИЙ ТАЛОН АВДАГ 86 МЯНГАН ИРГЭН БИЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/10     ТӨВ БАНК ИПОТЕКИЙН ЗЭЭЛД ХАМРАГДАХ ИРГЭНД ДАРААХ ШААРДЛАГА ТАВЬЖ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/10    

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Events

Events

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

NEWS

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Apple ordered to repay record €13 billion to cover the unpaid taxes www.rt.com

"Selective treatment" from Dublin allowed Apple to pay tax rate of one percent on EU profits in 2003 down to 0.005 per cent in 2014, reports Irish state broadcaster RTE. The Irish government may be obliged to repay up to €13 billion to cover the unpaid taxes.
Apple is facing its biggest tax avoidance fine ever. The EU is expected to rule on Tuesday that the US tech company was receiving illegal tax help from Ireland, allegedly allowing the company to pay just one percent tax.

The EU Competition Commissioner Margrethe Vestager has prepared a 130-page ruling on Apple's Ireland operations which is due to be released Tuesday. The investigation has been going on for three years.

According to a FT source familiar with the matter, Apple would have to restate its accounts as a result of the ruling. The US company allegedly paid tax at a rate of one percent, well below Ireland’s then official 12.5 percent corporate tax.

The investigation was accompanied by strong warnings from Washington not to fine American companies. The US Department of Justice accused the European Commission of becoming a “supranational tax authority” overriding the tax codes of its member countries. The Obama administration warned the EU that the investigation could “create an unfortunate international tax policy precedent.”

The European Commission accused Ireland in 2014 of dodging international tax rules by allowing Apple to funnel tens of billions of dollars of European profits into the country in return for maintaining jobs. Apple and Ireland reject the allegations and say they will appeal should there be an unfavorable ruling.

The possible multibillion dollar penalty for Apple will be much bigger than fines on other US companies such as Starbucks and Fiat Chrysler. The European watchdog had previously ordered the Netherlands and Luxembourg to recover €30 million in unpaid taxes from the coffee company and car maker.

The biggest penalty to date involved EDF, the French energy group, which was ordered to repay €1.4 billion.

In the worst case should Ireland be forced to collect the unpaid taxes, Apple may have to pay a $19 billion fine.

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Banks getting ready for ‘economic nuclear winter’ www.rt.com

Weak corporate earnings, a banking crisis, and the Brexit vote are forcing banks to prepare for the worst case scenario in the second half of the year. According to CNBC quoting a major lender, banks are "preparing for an economic nuclear winter situation.""This could mean triggering Article 50, a referendum in other European nations leading to a break-up of the euro or sterling hitting below $1.20 or lower. The banks are ready for anything now," the source in the bank told the broadcaster.
 
After the United Kingdom voted to leave the European Union in June, there have been talks a similar referendum may be held in France, the Netherlands and other countries.
 
"Markets hate uncertainty and the events this year have unfortunately created a lot of mystery around what is going to happen next," the source added.
 
Shares in the biggest banks have been plummeting. Deutsche Bank has lost almost 45 percent, Credit Suisse has lost 41 percent and the Royal Bank of Scotland went down 35 percent in 2016. Uncertainty and volatility has been spotted in all areas of the economy from mining to car production.By far, Brexit has been the biggest uncertainty on the global financial agenda, but analysts urge companies to keep on working despite the unclear future and make steps to "de-risking and simplifying their businesses."
 
"I think the main problem for the second half of the year is the uncertainty caused by Brexit, though that's likely to persist for two years or more, so I suspect companies are likely to roll up their sleeves and get on with their business," Laith Khalaf, senior analyst at Hargreaves Lansdown told CNBC.
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BEST PRACTICES IN PROJECT MANAGEMENT www.mongolianbusinessdatabase.com

BEST PRACTICES IN PROJECT MANAGEMENT
Third International Conference and Workshop
Learn. Network. Be Global

mongolianbusinessdatabase.com 2016 08 30

Project Management Institute (PMI®) Mongolia Chapter is inviting project management professionals, CEOs, business analysts to 2 day International Project Management Conference under the theme of ‘Best Practices in Project Management’ to be held on October 7-8, 2016, Blue Sky conference hall, Ulaanbaatar, Mongolia. 
This is an opportunity to hear 24 honored guest speaker case presentations from Mongolia and Asia Pacific, attend 12 workshops and interactive sessions, network with over 300 project managers, meet with PMI’s top Directors and Managers from Hong-Kong, Singapore, South Korea, Japan and Taiwan. 
PMI® is the world’s largest non-profit association for project managers, with over 700,000 members and credential holders in over 190 countries. The PMI Mongolia Chapter® is a local chapter officially chartered by PMI®and is aimed to support the project management community based in Mongolia.

CONFERENCE REGISTRATION AND FEES

Organizing Committee
| 9901-7317 | 9994-7237
| registration@pmimongolia.mn
| www.pmi.org | www.pmimongolia.mn
| www.facebook.com/pmimongoliachapter
| www.twitter.com/pmimongolia

Early Bird Registration:
| “PMI Mongolia Chapter” member -50,000₮ 
| Individuals or company representatives -175,000₮ 
| Student -50,000₮ 
| Group (> 5 төлөөлөгчид) -150,000₮

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Apple facing record bill for Irish tax www.bbc.com

Apple could be ordered to pay billions of euros in back taxes in the Republic of Ireland by European Union competition officials.
The final ruling, expected on Tuesday, follows a three-year probe into Apple's Irish tax affairs, which the EU has previously identified as illegal.
The Financial Times reports that the bill will be for billions of euros, making it Europe's biggest tax penalty.
Apple and the Irish government are likely to appeal against the ruling.
Under EU law, national tax authorities are not allowed to give tax benefits to selected companies - which the EU would consider to be illegal state aid.
According to EU authorities, rulings made by the Irish government in 1991 and 2007 allowed Apple to minimise its tax bill in Ireland.Apple's company structure enabled it to legally channel international sales through Ireland to take advantage of that tax deal.
On Tuesday EU competition commissioner Margrethe Vestager is expected to give an estimate of how much Apple will have to pay back.
But it will be up to Irish authorities to calculate the exact amount.
US warning
The investigation into Apple and similar probes into other US firms have been criticised by US authorities.
Last week the US Treasury Department said the European Commission was in danger of becoming a "supra-national tax authority" overriding the tax codes of its member states.
Brussels was using a different set of criteria to judge cases involving US companies, the US Treasury warned, adding that potential penalties were "deeply troubling".
BBC North America technology reporter Dave Lee says that the US Treasury is concerned that if there is a big EU tax bill for Apple, as expected, then Apple will set off at least some of that against the tax it would be paying in the US.
"So it's essentially shifting billions of dollars from the US economy, from the US tax-pot, into Europe. The US says Europe simply doesn't deserve that money, because all the hard work that goes into creating the iPhone and other Apple products... takes place in the US, and not in Europe."
Apple is not the only the company that has been targeted for securing favourable tax deals in the European Union.
Last year, the commission told the Netherlands to recover as much as €30m (£25.6m) from Starbucks and Luxembourg was ordered to claw back a similar amount from Fiat.
Apple is potentially facing a much bigger bill, but with cash reserves of more than $200bn (£153bn), the company will have little problem paying up.
Nevertheless, Apple may have to restate its accounts following the ruling.
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Oil prices rise as dollar comes off two-week high www.reuters.com

Oil futures edged up on Tuesday as the U.S. dollar backed off a two-week high hit the day before, although doubts that crude producers would agree next month to an output freeze continued to drag on prices.
 
The U.S. dollar has retreated from Monday's peak as investors look ahead to jobs data this week that Federal Reserve Vice Chair Stanley Fischer has said will be important to whether the U.S. central bank raises interest rates soon.
 
A weaker dollar makes oil purchases cheaper for buyers using other currencies, potentially spurring demand.
 
Yet doubts of agreement in talks on an output freeze among members of the Organization of the Petroleum Exporting Countries (OPEC) continues to weigh on prices.
 
"There's a feeling that the OPEC production freeze talks might result in something positive, but it's just talk," said Robert Nunan, risk management director at Mitsubishi Corporation.
 
Brent crude futures LCOc1 were trading at $49.38 per barrel at 0505 GMT, up 12 cents from their previous close.
 
U.S. West Texas Intermediate (WTI) crude was up 17 cents at $47.15 a barrel.
 
Saudi Arabian Energy Minister Khalid Al-Falih told Reuters last week he does not believe an intervention in oil markets is necessary since the "market is moving in the right direction".
 
This was followed by the United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui saying OPEC's current share of the oil market is "at a good level".As well, Iraq - which increased crude exports this month from its southern ports compared with July - will continue ramping up output, its oil minister said on Saturday.
 
"Either way, despite some increases in Saudi Arabia and Iraq, OPEC production seems to be flattening with the outages in Libya, Nigeria and Venezuela, knocking out some 3 million barrels of daily production and no one is holding their breath they'll return soon," said Nunan.
 
In addition to output disruptions stemming from years of conflict, budgetary delays from Libya's new government are now also undermining oil production, said the head of the state energy company on Monday.
 
Meanwhile, a Nigerian militant group has said it has ended attacks on the nation's oil and gas industry that have reduced the OPEC member's output by 700,000 barrels a day to 1.56 million bpd.
 
(Reporting by Roslan Khasawneh; Editing by Joseph Radford and Tom Hogue)
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Saudi Arabia continues to burn through foreign reserves www.rt.com

Riyadh’s foreign reserves dropped to $555 billion, down $6 billion in July, as low oil prices continue to eat up the country's assets abroad.Saudi Arabia’s foreign holdings are 16 percent down on the same month in 2015 and are at their lowest level since February 2012. The holdings peaked in August 2014 at $737 billion falling with oil prices.
 
The assets are likely to consist of US dollars, securities like US Treasury bonds and deposits with banks abroad. The deposits reduced by $8 billion to $125 billion in July, but holdings in foreign securities grew by $2 billion to $371 billion after 10 straight months of contraction.
 
In an attempt to corner the global market and oust high-cost oil producers like US shale, Saudi-dominated OPEC introduced predatory prices for its oil, pushing crude from $114 a barrel in the summer of 2014 to the current $50.
 
Last year, the Saudi budget deficit hit an historic high of $98 billion. Riyadh expects this figure to drop to $87 billion. To cover some part of the deficit, the government has been borrowing domestically and abroad.Despite this, the Kingdom has no plans to cap production, pumping a record 10.67 million barrels of oil per day in July.
 
Saudi Arabia also expects to issue its first international bonds in October to raise at least $10 billion. Citigroup, HSBC and JPMorgan Chase were hired as global coordinators for the sale, according to Bloomberg.
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Japan's unemployment rate falls to 3% www3.nhk.or.jp

Unemployment in Japan edged down to 3.0 percent in July. That's a 0.1 percentage point drop from the previous month and the lowest level since May 1995.
 
Japanese government officials say about 65 million people were employed in July, up by one million from a year ago. The number of jobless fell to about 2 million, nearly 10 percent less than the same month last year.
 
The ratio of job offers to applicants remained unchanged from June at 1.37.
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"Invest Mongolia 2016" UB Sep 05-06.2016 www.mongolianbusinessdatabase.com

Mongolian Business Database (MBD) is officially supporting the Frontier Conference's "Invest Mongolia 2016" forum which will be held in Ulaanbaatar Mongolia between Sep 05-06.2016.

Please review the following announcement.

11th ASEM (Asia-Europe Meeting) has successfully finished on July 16. As the host country, Mongolia has given great impressions on a mere 3 million population country to world leaders including 11 head of States and 23 heads of Governments with the strong leadership of President Elbegdorj.
This is the landmark event for the diplomacy because 1.5 billion people in the world has watched the event on TV. Hence, we expect to see the spillover effects in a future.
In addition, Mongolian People’s Party (MPP) has enjoyed a surprising landslide victory on the General Election at the end of June taking 85% of the seats at the parliament. Immediately after the election, M. Enkhbold has become the Speaker of the Parliament. And, under his leadership, the opinions of the Parliament and the Cabinet will be united and the decision makings will be quicker.
Because of those two events, the sentiment of foreign investors will improve in a short term.
However, the really important issues from now on will be whether the contents of the plan of Action for the next 4 years announced by the Government will be feasible, consistent, friendly and acceptable for investors.
We particularly want to know the policies of the new leaders to revive the economy as soon as possible.
Also, we want to know the measures to make the policies consistent.
Remember that we are still waiting for the regional elections in October and the Presidential election next year. So, the pressures to expand the expenditure will be on the rise. However, we do not want to see the policies to be influenced by those sentiments.
We also want to see follow-ups of ASEM meetings in the latter half of this year.
As we host Invest Mongolia at the first week of September, we should know rough ideas of the directions of the country by then. So, this will be a great opportunities for everyone to get together.
Therefore, Frontier is pleased to invite you all to our upcoming “Invest Mongolia 2016” conference on September 5-6, 2016. This conference is one the of the largest events in Mongolia, which serves as a platform of bringing in people from the Government, key industries' players, financial institutions and global investors; where they get a chance to talk about several socio-political and economic development throughout the year. Thus, this conference will provide first-hand information you need to make your lucrative activities more fruitful.
We have successfully held the 9th Invest Mongolia on Sep 8-9, 2015 in Ulaanbaatar and the 3rd Invest Mongolia on Dec 9-10, 2015 in Tokyo with more than 1000 people attended from almost 30 countries in the world. For those of you who have not attended the conferences, please see the post conferences to learn more.
WHAT'S NEW THIS YEAR?
The assessments of the Action Plan in the next 4 years and whether the new Government will take investor friendly measures
What did Asia–Europe Meeting (ASEM) mean for Mongolia and the rest of the world?
The overview of Mongolian Economy including updates on legal, accounting and other regulatory changes
The progress and its impacts of OT underground and other major projects to the economy
The launch of AIIB and its involvements to the infrastructure development in Mongolia
The Mongolian Banking Industry and the Bank Strategies
The development of the non-mining sectors including the Real Estate
The foreign Investment in Mongolia: Concerns & Opportunities
The outlook of the Bond Market and the challenges of the refinancing ahead of 2017 when massive amount of maturities will take place in the market
AN ULTIMATE OPPORTUNITY TO LEARN AND NETWORK FROM KEY EXPERTS...
Registration is free of charge. For further inquiries, please contact at conference@frontier.mn
AN ULTIMATE OPPORTUNITY TO LEARN AND NETWORK FROM KEY EXPERTS...
Registration here (free of charge!)
Two Day Program:
The two-day conference will consist of presentations and panel discussions. There will also be a segregated area for exhibitors.
Sponsor/Exhibit & Delegate participation
Sponsoring, presenting and exhibition opportunities are available for those wishing to gain visibility and expand their network with Mongolia’s most prominent leaders.
For conference information, please visit us at http://frontier-conference.com 
For any other inquiries, please email us at conference@frontier.mn

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Volkswagen decides not to sue South Korea over sales ban www.reuters.com

Volkswagen (VOWG_p.DE) decided against suing South Korea which last month suspended sales of most of its models and slapped a fine of 17.8 billion won ($15.93 million) on the German carmaker.
 
Instead, Volkswagen will try to achieve certification for the affected models and resume sales quickly rather than taking on a lengthy legal process, a spokesman for Volkswagen's South Korean unit said.
 
Last month, the government revoked certification for 80 model variants of VW, Audi and Bentley vehicles on grounds that the German automaker fabricated certificates of vehicle emissions and noise-levels.
 
At that time, Volkswagen described the ruling as "most severe" and said it would consider a legal challenge.
 
Volkswagen's sales slumped 40 percent to 12,888 vehicles from January to July in South Korea, after jumping 17 percent last year, in the wake of its emissions-test cheating scandal.
 
Nissan Motor's (7201.T) South Korean unit has filed a lawsuit over claims by the environment ministry that it had cheated on emissions with its Qashqai diesel sport utility vehicle.
 
($1 = 1,117.7000 won)
 
(Reporting by Hyunjoo Jin; Editing by Stephen Coates)
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Hershey shares tumble after Mondelez scraps takeover bid www.bbc.com

Snacks giant Mondelez International is abandoning its takeover bid for American confectioner Hershey after its $23bn (£18bn) offer was rejected.
The deal would have created the world's biggest maker of confectionary, but Hershey turned down the cash and stock offer in June.
Hershey shares tumbled by as much as 12% in late US trading on the news. Mondelez shares rose by almost 4%.
Mondelez brands include Cadbury chocolate and Trident chewing gum.
Its chief executive Irene Rosenfeld said the board was "disappointed with the outcome" but had decided there was "no actionable path forward toward an agreement".
"Our proposal to acquire Hershey reflected our conviction that combining our two iconic American companies would create an industry leader with global scale in snacking and confectionery and a strong portfolio of complementary brands," she said in a statement.
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