In June, the gold purchase of the Bank of Mongolia (BoM) was 1,962.6 kg, raising the BoM’s total precious metal purchase of 2022 to 7.9 tons. The figure shows a decrease of 16 percent as compared with the same period of the previous year.

Since the beginning of this year, the BoM branches in Darkhan-Uul and Bayankhongor aimags have bought 490.6 kg and 491 kg of precious metals respectively.

In June, the average price of BoM’s purchase of 1 gram of gold was MNT 193,390.89 last month.

15,000 foreign companies from 113 countries registered as investors in Mongolia from 1990 to 2019, after the country legally allowed foreign investment. China accounted for 50% of foreign investors' enterprises, South Korea for 17%, and Russia for 6%.

South Korean Institute of Mongolian Studies of Danggu University and Mongolian University of Commerce and Industry (MTPU) emphasized investment statistics during a joint scientific conference on the state of trade between South Korea and Mongolia.

Head of the policy and strategy department at the Mongolian National Chamber of Commerce and Industry J. Oyunchimeg presented the business environment of Mongolia, and trade manager of Land Bridge LLC M. Gan-Erdene spoke about the cargo transportation problems between the two countries.

Professor N. Otgonsaikhan from MTPU prresented the advantages and disadvantages of trade, transport mediation, freight transport, taxes and investments between South Korea and Mongolia.

The parties also discussed the fact that the volume of bilateral trade between the two countries does not reach the desired level.

July 18 (Xinhua) -- The Omicron subvariants BA.4 and BA.5 accounted for around 10 percent of new daily infections in Mongolia, according to health authorities.

"First cases of Omicron sub-variants BA.4 and BA.5 were detected in our country late last month," the director of the National Center for Communicable Diseases (NCCD) Tsolmon Bilegtsaikhan said in a statement.

Due to the most contagious Omicron subvariants, the number of new cases is expected to increase in the Asian country, Bilegtsaikhan said, urging the public to wear face masks in public or crowded places.

The country on Monday confirmed 101 new COVID-19 cases, bringing the national tally to 931,458, according to the country's health ministry. Enditem

H&M has announced it is leaving Russia but will temporarily reopen its shops there to sell off its remaining stock.

The world's second-biggest clothing retailer said it was "impossible" to continue its business in Russia due to the Ukraine war.

The decision comes after the Swedish firm suspended all sales in Russia in March, shortly after Russian troops invaded Ukraine in late February.

H&M is understood to have more than 150 stores and about 6,000 staff in Russia.

It has not given a date or timescale for its exit.

"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," said chief executive Helena Helmersson.

"We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication. Furthermore, we wish to thank our customers for their support throughout the years."

Which companies are pulling out of Russia?

H&M is one of many brands pulling out of Russia in recent months. Many have said sanctions imposed after the invasion by Western allies have made trading unviable and in some sectors impossible.

Others have left taking a moral stance on the war, or are responding to pressure from consumers to act.

Prior to it suspending sales, Russia was H&M's sixth-biggest market, accounting for about 4% of group sales in the fourth quarter of 2021.

The fashion giant had been expanding its presence in Russia since starting operations there in 2009, including opening shops under other brand names in its portfolio, Weekday and & Other Stories. Russian shoppers could previously order clothes from the brands Monki and Cos online.

H&M forecast departing from Russia will cost the group about about two billion Swedish Krona.

The retailer's shops in Ukraine have been closed for some time due to concerns over the safety of customers and staff.

Mongolia expects Russia to begin construction of the “Power of Siberia 2” gas pipeline through its territory to China within two years, as Moscow moves to connect its Europe-supplying gasfields to Asia for the first time.

Mongolia’s prime minister Oyun-Erdene Luvsannamsrai told the Financial Times that while the war in Ukraine had clouded planning for the pipeline, he expected construction to go ahead.

The Power of Siberia 2 project has become critical to Russia as it faces the prospect of losing Europe as a market for its gas following its invasion of Ukraine and accusations it has “weaponised” supply to create a price crisis.

“The feasibility study of this project has finished and we believe construction will begin in 2024,” Luvsannamsrai said.

The prime minister also said Rio Tinto’s huge Oyu Tolgoi mine project in Mongolia was on schedule and that the country was making progress in preparations to deal with looming bond repayments.

Power of Siberia 2 will connect Siberian fields that supply Europe — which has pledged to end its dependence on Russia’s state-backed Gazprom — to China, where demand for gas is rising.

Mongolia, which has a population of more than 3.3mn in a vast territory, is landlocked between China and Russia. Luvsannamsrai said that being hemmed in by two “superpowers” at a time of geopolitical stress created complications, but that Mongolia was used to working closely with both.

Ulan Bator signed a memorandum of understanding with Moscow in 2019 to explore the Power of Siberia 2 pipeline, which would carry up to 50bn cubic meters of gas a year through its territory.

Luvsannamsrai said there had not been any significant increase in pressure from Russia to accelerate construction of the line despite Gazprom’s plans to pivot its focus to Asia. Alexei Miller, Gazprom chief, has suggested China will become its cornerstone customer in the future.

Luvsannamsrai said the final route of the line through Mongolia was still being “deliberated”.

The 2,600km pipeline has been predicted to enter service in about 2030, but industry executives believe that could be brought forward given Moscow’s need to find markets for its energy supplies.

Transit fees from the pipeline will help Mongolia’s economy, which was hit hard by the coronavirus pandemic. China, its main trading partner, frequently closed Mongolian export routes as it tried to control the virus.

Luvsannamsrai said he expected Mongolia’s economy to strengthen this year, helped by new rail connections to China that will be used to ship commodities such as coal and copper.

Exports of copper are expected to grow substantially in the next few years as miner Rio Tinto expands development of a huge copper deposit in the Gobi Desert.

The Oyu Tolgoi mine is Mongolia’s biggest source of foreign direct investment and provides thousands of well-paid jobs, but its underground expansion has been beset by delays and cost overruns that have caused bitter rows between Rio Tinto and Ulan Bator.

Last year, Mongolia threatened to halt work on the project, saying it would never receive a dividend from the mine because of the amount of debt taken on to develop it.

Rio in December agreed to write off more than $2bn of loans and interest used by the government to fund its share of total development costs that were on Friday revealed to total $7bn, up from $5.3bn.

Luvsannamsrai, who met with Rio chief executive Jakob Stausholm last week, said he was “confident” the mine was running to schedule, with underground production to start in the first half of next year.

“I believe this will be clear example of how Mongolia can work actively and efficiently with its investors,” the prime minister said, referring to the deal with Rio.

Asked about Mongolia’s foreign debts, Luvsannamsrai acknowledged Ulan Bator had some “issues” to work through, but pointed to a recent deal with Japan for early repayment of a yen-denominated bond as evidence of progress.

He said Mongolia had been “focusing on how we can improve our reputation” in capital markets.

Including the samurai bond, Mongolia has about $1.3bn of bonds maturing in 2023 and $600mn in 2024, but low levels of foreign currency reserves.

“We believe the recent drop in commodity prices is a temporary shock . . . due to the pandemic and the Russian-Ukraine crisis,” Luvsannamsrai said. “We have an optimistic view that copper use and production will not decrease in the future but increase.”

July 18 (Xinhua) -- Mongolia's inflation, as measured by the consumer price index, rose to 16.1 percent in June, the country's National Statistics Office said Monday.

The index rose 1.5 percent from the previous month and 9.5 percent from the end of last year, the office said in a statement.

The statistical agency said the increase is directly related to the higher prices for imported goods.

The office added that there are 373 items in the country's consumer goods and services basket, and more than half of them are imported.

By the initiative of the European Union funded “Sustainable Textile Production and Ecolabelling project (STePEcoLab)”, the “Roadmap for the Sustainable Development of the Mongolian Cashmere Sector - 2030” has been developed in collaboration with relevant ministries, agencies, professional associations and experts. As a result, the government policies and programs, international assistance, and consumer needs and demands have been harmoniously planned, and stakeholders have defined a common vision and a clear path to achieve it. The roadmap supports environmentally friendly production at all stages of value chain - starting from the preparation and supply of raw materials at herder level and promote sustainable consumption until the end of the line.

During the Roadmap launch event, J. Bat-Erdene, Member of Parliament and President of the Mongolian Wool and Cashmere Association (MWCA), emphasized “The wool and cashmere sector, with more than 10,000 employees and 400 million USD in sales, takes the second place after the mining sector by the contribution to the development of the country. The “Roadmap for the Sustainable Development of the Mongolian Cashmere Sector 2030” is the first “sustainable development” document in the light industry sector. The particular importance of this roadmap is the definition of the vision, mission and medium and short-term goals and objectives for the environmentally friendly and sustainable development of the Mongolian wool and cashmere industry until 2030. Representatives of international projects and programs, public and private sectors and professional associations were actively involved in the development of the roadmap, and the MWCA will undoubtedly play a role of a leader and initiator in the implementation of its’ activities in the sector.” in his speech.

H.E Ms Axelle Nicaise, Ambassador of the European Union to Mongolia: “Mongolian cashmere is a unique product and is important not only for the livelihood of herders, but also for the economy and value chain of the country. On the other hand, cashmere production has an impact on the environment. Therefore, we must focus on sustainable cashmere production, with quality over quantity to achieve more with less. If we do not take action now, natural resource will further degrade and pasture deterioration will worsen. The adoption of this ‘Roadmap for the Sustainable Development of the Mongolian Cashmere Sector 2030’ will be an important impetus for environmental protection. Mongolia is a beneficiary of the GSP+, the EU’s preferential trade scheme through which certain products can be exported to the EU-market tariff-free. The textile sector is currently the largest beneficiary of the trade scheme. We are currently in the process of negotiating Geographical Indications (GI) for a comprehensive list of products from Mongolia, among which cashmere is on the top of the list. ‘Uvs Chatsargana’ seabuckthorn berries from Uvs aimag, have been registered in the EU as the first Protected GI from Mongolia. PGI can bring the advantage of increasing the income of local producers, supporting sustainable business, preserving the uniqueness and quality due to the environment and climate, creating new opportunities, opening bigger markets and ensuring customers’ use of quality and standard products. The GI is a socially, environmentally and geographically important indicator. We hope that the beneficiaries of the project will continue to gain from our efforts going forward.”

Mr. G. Batsuuri, Deputy Minister of the MoFALI: “At a time when global consumers value “environmentally friendly and sustainable production-consumption” due to the global warming and climate change, one step towards making wool and cashmere sector of Mongolia a priority has been taken. Within the framework of the EU-funded “Sustainable Textile Production and Ecolabelling project (StePEcoLab)”, a “Roadmap for the Sustainable Development of the Mongolian Cashmere Sector 2030” has been developed. This roadmap identifies where, when, and how each stakeholder in the sector can contribute to better coordination of the Mongolian wool and cashmere industry by 2030. It is a key document for the activities in conformity with the government policies and strategies in the field of agriculture and animal husbandry, and cooperation between herders, producers, research and government organizations, professional associations and international projects and programs.”

Mrs. D. Altantsetseg, Executive Director, Mongolian Wool and Cashmere Association: “In recent years, consumers have tended to buy environmentally friendly and sustainable products. Therefore, we will be fully able to compete in the world market, if we set the main criteria that Mongolian cashmere is of the highest quality, environmentally friendly and sustainable. Mongolian cashmere products are exported to 30 countries around the world. As a result, sales of one trillion and 200 billion MNT were made.

Dr. Ts. Enkh-Amgalan, Chairwoman, National Federation of Pasture Users’ Groups: Climate change and consumer trends in any industry require a clear and intelligent production system that is environmentally friendly, healthy and safe for the human being, and has a traceability system. In this context, having a roadmap for the Sustainable Development of the Cashmere Sector means Mongolia has been renewing its strategy to bring its cashmere production to the world market. Previously, our country was known as a supplier of raw materials to the international market, but now we guarantee distinctive features of the final products.

Sustainable Textile Production and Ecolabelling project (STePEcoLab): The STeP EcoLab project, funded by the European Union and implemented by AVSF, aims at supporting the supply chain and the textile industry in adopting more sustainable sourcing and production practices and simultaneously improving the branding for sustainable products, optimising cost-saving measures and reaching out to climate finance and diversify the portfolio of customers. STeP EcoLab strives to leverage key drivers of sustainable consumption and production in Mongolia by consolidating sustainable and certified raw material sourcing options meeting markets expectations; developing a conducive environment for textile processing SMEs to switch to sustainable production practices; and raising customers’ and consumers’ awareness of Mongolian sustainable textile related initiatives.

P. Narandelger

The UK is set to become home to the world's largest automated drone superhighway within the next two years.

The drones will be used on the 164-mile Skyway project connecting towns and cities, including Cambridge and Rugby.

It is part of a £273m funding package for the aerospace sector which will be revealed by Business Secretary Kwasi Kwarteng on Monday.

Other projects include drones delivering mail to the Isles of Scilly and medication across Scotland.

Mr Kwarteng is to announce the news at the Farnborough International Airshow - the first to be held since 2019.

He will say the funding will "help the sector seize on the enormous opportunities for growth that exist as the world transitions to cleaner forms of flight".

Potential uses

Dave Pankhurst, director of drones at BT, told the BBC that Skyway is about scaling up trials that have been taking place around the UK.

BT is one of the partners involved in the collaboration.

"This drone capability has existed for quite some time, but is in its infancy in terms of being actually part of our society and being a usable application," he said.

"So for us, this is about taking a significant step towards that point. It's going to open up so many opportunities."

Skyway aims to connect the airspace above Reading, Oxford, Milton Keynes, Cambridge, Coventry and Rugby by mid-2024, and will receive more than £12m.

A total of £105.5m of the government's funding will be specifically for projects relating to "integrated aviation systems and new vehicle technologies", including unmanned aerial vehicles (UAVs) such as drones.

These projects include a plan to use drones to provide regular deliveries of mail and medicine to the Isles of Scilly, and to distribute medicines across Scotland, potentially enabling some cancer patients to be treated in their local community.

Apian drone

IMAGE SOURCE,APIAN

Image caption,

The NHS has trialled carrying chemotherapy drugs from Portsmouth to the Isle of Wight using drones

Chris Forster, chief operating officer of aviation technology company Altitude Angel, said there were a lot of potential uses for the superhighway.

"Whether it be a business doing logistics, all the way to the police and medical deliveries of vaccines and blood samples, there's a real demand to have access to this airspace," he said.

"We've done a few projects in Africa where the road infrastructure was not good for ground vehicles, and the delivery of vaccines was provided by automated drones."

Safety and acceptance

The technology utilises ground-based sensors installed along the highway which provide a real-time view of where drones are in the airspace.

This data is then analysed by a traffic management system - a sort of air traffic control for drones - which guides them along their routes and avoids collisions.

Steve Wright, associate professor in aerospace engineering at UWE Bristol, said the biggest concern regarding crashes does not come when the drone is in the air, but during take-off or landing.

"It's about the first and last bit of the flight," he said. "The problem is what happens when you're 10 feet away from people. That's the bit I spend my time worrying about.

"When it's up in the air I know it's stable and it's not going to hit something.

"People are looking at lowering packages down from the air - in other words you keep the drone well away from people. There's lots of very bright people out there working on flight plans that deliberately avoid built-up areas."

Royal Mail drone in an action on Shetland

IMAGE SOURCE,ROYAL MAIL

Image caption,

The Royal Mail has said it wants a fleet of 500 drones to carry mail to remote UK communities

Mr Pankhurst said the project was working alongside the Civil Aviation Authority (CAA) to ensure safety.

"The way they work as an organisation is very evidence-based," he said. "Safety is just paramount in this industry, but importantly, nothing happens without the regulator actually signing it off.

"The CAA is part of all of these future flight projects. It is part of all of these activities, validating the progress and making sure they're safe."

He said its research showed that people are more likely to accept a drone if they know it is providing an important service.

Simon Jude, senior lecturer at Cranfield University, said: "People's knowledge and attitudes might change if they know what that UAV is being used for. If it's an emergency medical support, you're probably going to be a lot more accepting of the noise.

"So what happens if you get multiple UAVs, or an agricultural use where you might get a number of drones collecting and saving data all at once?

"I live in a rural location, a very quiet location and it might annoy me more than if you were in a city or an urban landscape where there's lots of other noise."

Any move by China to end a nearly two-year ban on Australian coal imports would be a key step in restoring ties between the nations, according to Australian Treasurer Jim Chalmers.

Chinese bureaucrats are proposing that senior leaders should authorize the resumption of purchases as tensions begin to ease, and on concerns global coal supply may tighten as Western-led sanctions on Russian energy exports kick in.

“An important part of stabilizing relations with China is to see some of those sanctions lifted on our exporters here in Australia,” Chalmers told Sky News television Sunday. “We would like to see it happen and we’d like to see it not stop there — it should extend to the restrictions that are placed on some of our other exports as well.”

A plan to end the ban will be handed to leaders who are in a position to authorize any change in policy, people familiar with the matter said last week. Australia has an opportunity to build “favorable conditions” for improvements in trade relations, Chinese Foreign Ministry spokesman Wang Wenbin told reporters Thursday in Beijing.

China — which was previously a major consumer of Australia’s coal — implemented an unofficial ban in late 2020 as hostilities between Canberra and Beijing escalated over issues including then-Prime Minister Scott Morrison’s call for an independent probe into the origins of the coronavirus.

Curbs were imposed by China on a string of Australian imports — from coal to wine to beef and lobster.

(Reporting by David Stringer).

After disappointing himself at Tokyo 2020 in 2021, the five-time Olympian from Mongolia has found his mojo again, eyeing a historic sixth marathon at Paris 2024.

Ser-Od Bat-Ochir has loved running as long as he can remember - especially the marathon.

He loves the challenge over the last 12 kilometres, the battle within against sheer mental and physical exhaustion.

So you know when someone with that kind of temperament says he can't go anymore, he really can't go.

And that is exactly how Bat-Ochir felt during the Tokyo 2020 marathon in Sapporo.

"I went to train in Chitose (near Sapporo) but I caught a bad cold there," the Mongolian told Olympics.com ahead of the 2022 World Athletics Championships, looking back on a race he failed to finish.

"I had a fever which sapped my strength. I could not run the race I was hoping for at the Tokyo Olympics.

"For around two months or so after the Olympics, it was very difficult for me. It had already been decided that I was going to quit my team after the Olympics so those two months were the toughest.

"It was mental, emotional. I was fine physically."

Ser-Od Bat-Ochir of Mongolia leaves as the last finisher with his team-mate Byambajav Tseveenravdan after the Men's Marathon at the World Athletics Championships Doha 2019 in Doha, Qatar.

Ser-Od Bat-Ochir of Mongolia leaves as the last finisher with his team-mate Byambajav Tseveenravdan after the Men's Marathon at the World Athletics Championships Doha 2019 in Doha, Qatar.

The five-time Olympian hit rock bottom in the months following a Games that should have been a career highlight, a Games held in his adopted home and training base of Japan.

Bat-Ochir thought about calling it quits, even thinking of taking up an ordinary everyday job.

And he actually might have, had it not been for the consoling words of his friends and his wife, Oyuntuya, who also has been coaching him since 2005.

Plus of course, Bat-Ochir's love for running.

"They told me, the Tokyo Olympics is in the past and that it was time to move on. They told me I should set a new goal for myself, the next Olympics and the world championships - and I began to feel that way.

"I thought a lot about what I wanted and I wanted to run the marathon. I love the marathon so I felt that is what I should do.

"Then I began training for my next race".

Paris via Oregon

The World Athletics Championships Oregon22 will be Bat-Ochir's 10th appearance in the marathon at the Track and Field championships which, according to World Athletics, is a runaway record.

With a time difference of 16 hours between his home and Oregon, he has prepared for the meet not in Japan but in Boulder, Colorado, where the cool climate is similar to Mongolia.

Bat-Ochir - whose personal best is 2 hours, 8 minutes and 50 seconds - believes his best race is still ahead of him.

Let us remember that he turns 41 in October. His goal for Oregon is to finish higher than 19th, which he recorded at the 2011 worlds in Daegu, South Korea.

Bat-Ochir believes a marathon runner's peak years are in between the ages of 37 and 45 as double Olympic champion Eliud Kipchoge has proved, when speed and stamina gels perfectly.

By his own account, he has run around 74 marathons (he says 'around 74' because he admits he's not 100 per cent sure) since taking up the 42km race in 2002.

If he makes it to Paris 2024 - and it would be foolish to think he can't - Bat-Ochir will become the first athlete in history to run six Olympic marathons.

He hopes to make that the final race of his career. And clearly, he has found his second wind.

"I want to run at the Paris Olympics," Bat-Ochir says. "I want to run my final marathon at the Paris Olympics and after that I want to go into coaching - but still train for myself, too."