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    

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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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China’s GDP to grow 7.9% next year to pre-pandemic level, says World Bank www.rt.com

The growth of China’s gross domestic product (GDP) will accelerate to 7.9 percent next year from the two percent in 2020, according to a report by the World Bank published on Wednesday.
It has projected that the country’s GDP growth will return to its pre-pandemic level by 2021 in response to improved consumer and business confidence and better labor market conditions.
The World Bank said that although the growth rate remained unchanged from its projection in the summer, China will have to navigate some near-term uncertainty. “A premature policy exit and excessive tightening could derail the recovery. Along with a flexible and supportive monetary policy, China could use its fiscal space to hedge against downside risks to growth and ensure a smooth rotation from public to private demand.”
The bank suggested that the special direct fiscal transfers to local governments (a new mechanism launched this year to ensure fiscal and bailout funds can be directly received by primary-level government departments and entities) could be extended through next year and explicitly targeted to increased social spending and/or green investment by local governments.
In terms of monetary policy China’s central bank should return to more conventional tools while phasing out window guidance, lending targets, and relending facilities adopted to provide targeted support in the context of the Covid-19 shock, said the report.
According to World Bank lead economist for China, Sebastian Eckardt, the country will need to embrace the growth potential of its most developed and innovative metropolitan areas and city clusters, to rebalance the economy from investment to more innovation- and services-driven growth.
“Such a shift will need to be accompanied by fiscal policies to ensure more equitable public service delivery and increased investment in human capital for people living outside urban areas and coastal provinces,” Eckardt said.
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Rio Tinto, indigenous land owners begin rebuilding ties after cave blast www.reuters.com

Rio Tinto and Indigenous Australians said on Thursday they had taken initial steps towards rebuilding their relationship after the miner destroyed sacred Aboriginal caves in Western Australia in May.
The destruction of the 46,000-year-old Juukan Gorge rock shelters by Rio Tinto to make way for a mine expansion led to intense public criticism and an inquiry that eventually caused the departure of a number of top-level executives including its chief executive officer.
A joint session of the Puutu Kunti Kurrama and Pinikura people (PKKP), the traditional owners of the land, and Rio Tinto boards had been held to reaffirm the miner’s apology and commitment to rebuilding the relationship, a joint statement said.
“While there has been some important progress made in the relationship so far, we are not underestimating the time it will take to genuinely work together and achieve the mutual objectives of this partnership,” they said.
PKKP said it was encouraged by the steps Rio Tinto had taken to address “the hurt and devastation” caused by the miner’s actions, but that they were the first of many that would be needed to ensure the destruction of cultural heritage sites would never be repeated.
PKKP also noted the appointment of Rio’s new chief executive officer, Jakob Stausholm, and said it hoped that discussions between both parties would continue in a positive direction.
The miner last week named sitting Chief Financial Officer Stausholm as its new chief from Jan. 1, 2021, tasking him with taking further steps to improve the miner’s image and heal ties with local groups.
(By Rashmi Ashok; Editing by Uttaresh.V and Aditya Soni)
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BoM purchases 22 tons of precious metal www.montsame.mn

Ulaanbaatar /MONTSAME/. As of December 23, the Bank of Mongolia purchased 22 tons of precious metal, showing an increase of 6.8 tons compared with the same period of previous year.
The BoM has purchased about 100 tons of precious metals over the past five years, increasing the country's foreign exchange reserves by USD 3.7 billion.
In order to intensify the "Gold-2" program, the BoM has provided gold mining companies with down payment and long-term financing with gold repayment terms. As a result, gold miners' production capacity has improved, and gold export in November increased fivefold compared with the same period of previous year, reaching USD 1.7 billion. This result has made a significant contribution to increasing Mongolia's export earnings and improving the balance of payments.
The BoM has gradually taken measures to ease the procedure in the trading of precious metals for businesses and individuals, such as issuing licenses, establishing branches in Darkhan-Uul and Bayankhongor aimags, making electronic transitions in some services, etc.
The BoM is working together with other relevant organizations to develop the precious metal sector by supporting and intensifying the extraction of precious metals, reducing illegal cross-border trade, and improving the volume of precious metals being traded in the domestic market.
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Processed fuel use up sharply in Mongolia's capital amid lockdown www.xinhuanet.com

Consumption of processed fuel has increased by 41 percent in Mongolia's capital Ulan Bator in December compared with the same month last year due to the COVID-19 lockdown, the city's Specialized Inspection Agency (SIA) said Thursday.
This is because the majority of Ulan Bator's residents have stayed indoors due to the COVID-19 lockdown and burned a lot of processed fuel to keep warm, the SIA said in a statement.
To curb air pollution, Mongolia in 2019 replaced low-grade coal with processed fuel only in Ulan Bator, which is home to over half of the country's population of 3.3 million.
Around 220,000 households live in Ulan Bator's ger (yurt, or round-shaped dwelling) districts, with no running water, central heating or sewerage systems, according to government data.
As of Thursday, Mongolia has confirmed a total of 1,069 COVID-19 cases, including 627 locally transmitted ones.
The Mongolian government reimposed lockdown measures in Ulan Bator starting Wednesday to Jan. 6 to curb resurging local COVID-19 cases.
The Asian country's first round of local transmissions was detected in early November, when a woman tested positive after her husband returned from Russia.
The incident triggered a nationwide lockdown that was later extended in Ulan Bator and provinces of Selenge and Arkhangai until Dec. 11.
The country has recorded 584 recoveries and no related deaths so far. Enditem
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Press statement by Mongolia's Tax Authority regarding tax audit of Oyu Tolgoi LLC www.montsame.mn

Ulaanbaatar /MONTSAME/. On 23 December 2020, General Taxation Authority of Mongolia issued a press statement regarding the tax audit of Oyu Tolgoi LLC. The statement reads:
"Similar to many other countries’ designated tax administrators, the Mongolian Tax Authority (“MTA”) conducts a periodic audit of tax returns filed by companies within its jurisdiction to ensure the proper application of domestic tax laws and the satisfactory compliance of certain international transfer pricing principles, such as the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations and Actions 8-10 of the BEPS Framework (the “International Rules”).
The MTA has recently completed an audit of Oyu Tolgoi LLC’s 2016-2018 tax returns and identified a number of violations and breaches of relevant laws and the International Rules. As a result, Oyu Tolgoi LLC was notified of MNT 649.4 billion (approximately US$228 million) of additional taxes, inclusive of penalty and default interests, that are due to be paid in cash to the Government of Mongolia. In addition, the MTA has reduced Oyu Tolgoi LLC’s operating loss carry forward balance by MNT 3.4 trillion (approximately US$ 1.2 billion).
Among others, the MTA concluded that certain transactions between Oyu Tolgoi LLC and Rio Tinto and its affiliates were not done at an arm’s length basis and were in violation of the International Rules. Accordingly, the value of such transactions was adjusted, for tax purposes, to reflect the actual value that would have been paid had the transactions occurred between unrelated parties dealing at an arm’s length basis. Major adjustments were made to a series of transactions between Oyu Tolgoi LLC and affiliated entities of Rio Tinto whereby economic value was transferred.
Transfer pricing audit is often seen as a complex process and the MTA conducted its audit on the basis of the "substance-over-form" doctrine in accordance with the International Rules as well as the General Taxation Law revised in 2019 which reflects the BEPS Actions. In the past 10 years, the MTA cooperated with various international organizations such as OECD, IMF, World Bank, UNDP, JICA and Intergovernmental Forum on Mining and received technical assistance from such organizations in various forms to implement transfer pricing best practices in Mongolia.
Oyu Tolgoi LLC has over 250 contractors providing services necessary for the development of its underground mine, including engineering, construction, installation, and other technical work as well as general consulting and IT services. MTA’s audit covered those transactions following the income “source” rules to determine the appropriate jurisdiction in which tax is payable, based on where the economic activities took place.
In other words, MTA determined that for any taxable income sourced from Mongolia, where the value is created, taxes should be paid to the Government of Mongolia (i.e. the source country with taxing rights). In particular, Oyu Tolgoi LLC’s treatment of “offshore” contracts and lack of taxes levied on work that were deemed by Oyu Tolgoi LLC to have not taken place in Mongolia is in violation of the internationally recognized “source” rule as adopted in Mongolian laws and regulations.
Oyu Tolgoi LLC must comply with the applicable laws and regulations of Mongolia (in accordance with the stabilized tax rates under the Investment Agreement) as well as international guidelines and issue transfer pricing documentation and reports in line with the International Rules."
Source: Tax Audit and Methodology Department, General Taxation Authority of Mongolia
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Another new coronavirus variant found in Nigeria, says Africa CDC www.reuters.com

NAIROBI (Reuters) -Another new variant of the novel coronavirus seems to have emerged in Nigeria, the head of Africa’s disease control body said on Thursday, cautioning more investigation was needed.
The news comes after Britain and South Africa both reported new variants of the SARS-CoV-2 virus that appear to be more contagious, leading to new travel restrictions and turmoil in markets.
“It’s a separate lineage from the UK and the South African lineages,” John Nkengasong, director of the Africa Centres for Disease Control and Prevention (CDC) told an online news conference from Addis Ababa.
The detection of the new variants in Nigeria and South Africa prompted an emergency meeting of the Africa CDC this week, Nkengasong said.
The news comes as cases are surging in both Nigeria and South Africa. In the past week, Nigeria reported a 52% increase in cases and South Africa a 40% increase, Nkengasong said.
He said there was no evidence the new variant was contributing to increased transmission in Nigeria, but cautioned the country does less genomic surveillance than Britain.
The Nigeria CDC and the African Centre of Excellence for Genomics of Infectious Diseases in Nigeria will study more samples, Nkengasong said.
“Give us some time ... it’s still very early”, he said, in response to questions about the variant.
Nigeria’s principal COVID-19 investigator has just released publicly the genomic sequences of the new variant, he added.
Nigeria’s CDC did not immediately respond to a request for comment on Nkengasong’s remarks.
“Over recent weeks, we’ve had a huge increase in number of samples to (the Nigerian CDC’s) reference lab,” the Nigeria CDC’s director general Chikwe Ihekweazu tweeted on Thursday.
“This has led to an unusual delay with testing, but we’re working round the clock.”
Nigeria, Africa’s most populous country with more than 200 million people, has seen fewer coronavirus cases than many others on the continent. Total cases crept past 80,000 on Wednesday. Daily recorded cases exceeded 1,000 for the first time this month.
Africa has reported more than 2.5 million coronavirus cases, making up 3.3% of global cases, according to the Africa CDC.
The new, faster-spreading variant that South Africa detected on Dec. 18 is now the predominant one there, Nkengasong said, although - as with the new variant in Britain - there is no evidence that it leads to a more severe disease.
The rate of coronavirus infections in South Africa will soon surpass the peak hit in the first wave earlier in the year, its health ministry said on Wednesday.
Nkengasong said the Africa CDC did not believe the mutation in South Africa will affect deployment of the COVID-19 vaccines on the continent.
Reporting by Nairobi newsroomAdditional reporting by Paul Carsten in AbujaWriting by Maggie FickEditing by Mark Potter
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Trade Information Portal to boost trade in Mongolia amid pandemic www.montsame.mn

Ulaanbaatar /MONTSAME/. Mongolia's trade environment and procedures are set to become more predictable and transparent with the launch of the Mongolia Trade Information Portal (MTIP).
The new portal, supported by the World Bank Group, aims to make import and export activity easier and less costly for Mongolian businesses, especially micro, small and medium-sized enterprises.
Led by the Mongolian Customs General Administration, the portal is a web-based database system, which makes all international trade-related information available at the stroke of a key, including laws, administrative procedures, guidance notes, forms, licenses, permits, applicable laws, and tariff information.
The new portal also provides information on trade agreements and international organizations or institutions supporting overseas business expansion, as well as tools enabling exporters to perform trade analysis, desk research and market surveys.
"The Mongolia Trade Information Portal is important in improving transparency of legal environment in trade, promoting exports and trade facilitation by providing traders and businesses with instant and one-stop access to foreign trade-related information," said Enkhtaivan Nyamtseren, Foreign Minister of Mongolia. "We are committed to closely coordinating with both public and private stakeholders to ensure the sustainability of the portal."
"The portal will be a game changer for the business community as both importers and exporters will be able to save time and money by having critical information at their fingertips," said Asralt Batbold, Chairman, Mongolian Customs General Administration.
Lack of access to information and inadequate understanding of the required regulatory procedures to import and export are major barriers for the private sector, especially for smaller businesses and new market entrants. Rigorous lockdown measures in response to the COVID-19 pandemic also make it difficult for smaller businesses to obtain the trade forms and documents they need from the government authorities.
"As Mongolia is going through a lockdown, maintaining trade flows is more important than ever in providing access to essential food and medical supplies," said Rufat Alimardanov, IFC's Resident Representative for Mongolia. "We know the global pandemic has caused unprecedented disruption to world trade, so it's critical for Mongolian businesses to be able to access the trade information they need to help spur a resilient recovery."
Mongolia's trade environment has benefited from recent reforms, enabling the country to comply with the World Trade Organization Trade Facilitation Agreement, to which Mongolia is a signatory. Trade facilitation reforms are being spearheaded by a multi-agency National Trade Facilitation Committee (NTFC), which is led by the Ministry of Foreign Affairs and includes representatives from both the public and private sectors.
"Micro, small, and medium-sized enterprises make up 90 percent of all enterprises in Mongolia and they often could not afford specialized trade agents. This online repository offers them an easier, cheaper and faster way to handle their goods. We anticipate that it will help our members sustain their operations during these challenging times and that our members will be active users of the platform," said Amartuvshin Otgondavaa, Chairman, Mongolian National Chamber of Commerce and Industry.
The World Bank Group has been supporting Mongolia to improve trade competitiveness and drive economic diversification. As part of this, the Mongolia Trade Information Portal project is supported by the World Bank Group with funding from the Trade Facilitation Support Program (TFSP). The TFSP is funded by nine donor partners: Australia, Canada, the European Commission, the Netherlands, Norway, Sweden, Switzerland, the United States, and the United Kingdom. This initiative—implemented by IFC and the World Bank—provides assistance to countries seeking to align their trade practices with the World Trade Organization Trade Facilitation Agreement.
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China launches probe into Alibaba for suspected monopolistic behaviour www.reuters.com

BEIJING/SHANGHAI (Reuters) - China has launched an investigation into Alibaba Group for suspected monopolistic behaviour, regulators said on Thursday.
Regulators had previously warned the e-commerce giant about the so-called “choosing one from two” practice under which merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms.
A probe has been launched into Alibaba’s “choosing one from two” practice, the State Administration for Market Regulation (SAMR) said in an online statement.
Financial regulators will also meet with Alibaba’s Ant Group in the coming days, according to a separate online statement by the People’s Bank of China on Thursday.
The meeting is to “guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers,” the statement said.
Ant said it has received a notice from regulators, and that it will “seriously study and strictly comply with all regulatory requirements and commit full efforts to fulfil all related work.”
Regulators have become increasingly uncomfortable with parts of Ant’s sprawling empire, chiefly its most lucrative credit business that contributed close to 40% of Ant’s revenue in the first half of the year.
Reporting by Emily Chow, Lusha Zhang, Cheng leng and Ryan Woo; Editing by Christian Schmollinger and Stephen Coates
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Singapore confirms first case of new coronavirus variant found in UK www.reuters.com

SINGAPORE (Reuters) - Singapore has confirmed its first case of the new coronavirus variant found in the United Kingdom, the city-state said, while 11 others who were already in quarantine had returned preliminarily positive results for the new strain.
All the cases, which were imported from Europe, had been placed in 14-day quarantine at dedicated facilities or isolated upon arrival, and their close contacts had been quarantined earlier.
“There is currently no evidence that the B117 strain is circulating in the community,” Singapore’s health ministry said late on Wednesday, referring to the new, potentially more infectious UK strain.
Singapore has been conducting viral genomic sequencing for confirmed COVID-19 cases who arrived from Europe recently.
The strain was found among 31 cases from Europe, who arrived in Singapore between Nov. 17 and Dec. 17 and were confirmed to have COVID-19 this month.
The patient with the new variant came to Singapore from the UK on Dec. 6, had been quarantined on arrival and tested positive on Dec. 8. All her close contacts had been placed on quarantine, and had tested negative at the end of their quarantine period.
The health ministry said it had been able to ring-fence the case so that there was no further transmission.
Confirmatory results were pending for the other 11 cases.
Singapore has blocked visitors with recent travel history to the United Kingdom to prevent the new strain from spreading in the city-state that has reported almost zero new local infections daily.
Reporting by Aradhana Aravindan in Singapore; Editing by Sam Holmes
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One woman's bid to reclaim an offensive term from hate speech www.bbc.co.uk

A medical paper written in the 1800s introduced a term that, while now regarded as offensive, can still be heard today. One woman is on a mission to reclaim it from hate speech and use it instead to celebrate her country.
Uuganaa Ramsay grew up in western Mongolia and though she is now a resident of Scotland, her home country is very much in her thoughts.
On Sunday Mornings Uuganaa discussed the creation of Mongol Identity, a charity aimed at promoting greater understanding of Mongolia through arts and education. Her further goal is to eliminate the historical misuse of the word Mongol.
Speaking on the programme she explained how over 150 years ago research by British doctor, John Langdon Down, led to the word being used as a slur.
“He was working in a home that looked after people with learning disabilities," said Uuganaa. "In his eyes, some of his patients looked like Mongolians so he wrote a paper called Observations of an Ethnic Classification of Idiots. In this he put forward the theory that it was possible to classify different types of conditions by ethnic characteristics.
"He thought this group of people looked like Mongolians, with their facial characteristics. He called them ‘Mongolian idiots’ because people with learning disabilities were called idiots then."
The classification remained in use for a century, and its use spread outwith medicine. In the 1960s doctors campaigned for it to be replaced by a different term. The World Health Organisation agreed and the condition was re-named Down's syndrome.
People like Uuganaa who are trying to educate people on the word's misuse are fighting against ingrained prejudice and ignorance. As recently as October this year, the Dutch F1 driver Max Verstappen was caught using the term as he vented his frustrations with a team mate. Verstappen eventually apologised.
But the episode highlighted the need for education, and Uuganaa is hopeful that she can introduce people to the true meaning of Mongol by celebrating her home country and its people.
There are more stories from a faith and ethical perspective on Sunday Mornings
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