Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Participation of Mongolian soldiers in humanitarian work to be increased www.montsame.mn
Ulaanbaatar /MONTSAME/. Minister of Defense N.Enkhbold received Head of the East Asia Representative Office of the International Committee of the Red Cross (ICRC) Jacques Pellet on January 26.
During the meeting, the sides discussed the participation of the ICRC in the ‘Khaan Quest’ international peacekeeping exercise, and developing partnership further in promoting international humanitarian law.
Furthermore, a request was put forth to strengthen the capacity of military personnel, and organizing training and workshops for lawyers specializing in the fields of international humanitarian and military.
Mr. Jacques Pellet also noted active participation of the ICRC in the Ulaanbaatar Dialogue on Northeast Asian Security that is organized by the Government of Mongolia.
Having begun to work at the ICRC in 2016, Mr. Jacques Pellet worked as the personal envoy of the ICRC President for China before assuming office as the Head of the East Asia Representative Office of ICRC in 2019, which is in charge of matters involving the People’s Republic of China, Mongolia, the Republic of Korea, and the Democratic People’s Republic of Korea.
President Kh.Battulga becomes acquainted with Norway wealth fund operations www.montsame.mn
Ulaanbaatar /MONTSAME/. During his visit to the Kingdom of Norway on January 27, President of Mongolia Kh.Battulga held a meeting with the executive officials of the Ministry of Foreign Affairs, the Ministry of Finance, the central bank, and the wealth fund of Norway to hold an open discussion.
At the start of the meeting, President Kh.Battulga said, “Mongolia has shown interest in the operations and management of the fund on the highest state level, expressing its interest in working in partnership since 2012. While we have shown interest in the advantages of the wealth fund previously, this time we are giving more significance to disadvantages, and readiness for possible risks as works are being done towards establishing a wealth fund.”
Various matters such as the history of establishment of the wealth fund, the fund’s investment strategy and management, as well as operations of the Council on Ethics, and contribution of oil and natural gas in the Norwegian economy were mainly discussed at the meeting. Furthermore, as the Norwegian Ministry of Finance is in charge of the management of the wealth fund, officials of the ministry answered the questions that were put forth by the delegation led by the President of Mongolia and exchanged their views.
Norway discovered large oil fields in 1969 as a result of conducting exploration works with funding of government like Mongolia. The idea to establish a wealth fund was initiated in 1983 and began to be implemented from 1990. In 2007, the fund became the highest rated national wealth fund of Europe, and further reached the achievement of an income of over USD 1 trillion in 2019.
Vision-2050 Policy Document targets peaceful and secure society www.montsame.mn
Ulaanbaatar /MONTSAME/ The ‘Vision-2050’ is a policy document, which was formulated by a working group comprising of 1500 people, including scholars, experts and state secretaries of 13 ministries, heads of some government agencies, authorities of universities and representatives of non-government organizations. According to the Prime Minister's order No: 52 dated April 30, 2019, the working group analyzed development stages of the past 30 years of Mongolia and formulated the policy document that will define long and mid-term development policy until 2050. We are presenting 9 fundamental goals of the development policy in detail.
The peace and security of the country are no longer limited within the neighboring countries and the region in which they live, but they continue to depend on changing globalization, integration and global security. In recent years, the world powers and influential nations have been seeking sanctions against each other and expanding their influence, as well as terrorist attacks, illicit drugs and weapons trafficking by non-country subjects have been increasing year by year.
It is essential to strengthen the capacity of law enforcement agencies, ensure security of the territory and develop bilateral and multilateral cooperation between the countries in order to prevent and control not only domestic threats but also any possible transnational threats.
The efforts of international organizations, including the United Nations, have increased to maintain coordination and stabilization of the crisis and ensure security in any hot spot and the contribution of the "blue helmets" to this process has been enhanced. The effectiveness of diplomatic methods of prevention has been greatly increased, and the role of the "military" in it has increased significantly.
It is also important to invest in disaster reduction and resilience, to provide early warning information and preparedness for each type of threat, to strengthen disaster recovery and recovery efforts to reduce disaster risks and resolve existing problems.
It has therefore set the goal of strengthening the nation's defense capacity, ensuring human and social security through maintaining human rights and freedoms, social order and the security of its citizens' habitat, and reducing disaster risks.
This goal comprises of the following objectives and each objective will be carried out in three stages in the periods: 2020-2030, 2031-2040 and 2041-2050.
Strengthen the country’s defense system and its capabilities.
Ensure territorial integrity and the border security and improve its border protection capacity.
Intensify non-traditional risk reduction, risk prevention and suppression capabilities, and strengthen peaceful environment for the citizens.
Improve legal environment for the law enforcement sector, support development, improve working conditions, and prepare competitive human resources.
Ensure the integrity, confidentiality and accessibility of government, public and private information and create competitiveness.
No confirmed case of 2019-nCov in Mongolia www.zgm.mn
Officials from the Ministry of Health, National Center for Communicable Disease (NCCD) and the Professional Infection Office of the Capital (PIO) confirmed that there has not been a 2019-nCov case in Mongolia, as of early January 28. A 14 year-old girl was reported dead yesterday, but according to officials, it is not yet confirmed to be a 2019-nCov infection. Suspicious cases have been detected in the provinces of Khovd and Arkhangai. Two cases of death were recorded, reportedly due to pneumonia. Moreover, fever incidents in Umnugovi, Bulgan, and Khentii were examined. Diagnostics are being used in the National Reference Laboratory since yesterday. A total of 13 cases were diagnosed in NCCD between January 9 and 27. These individuals have been in China and had fever and flu symptoms. 4 out of 13 were diagnosed with type A influenza. Chief of the Department of State Administration of Ministry of Health B. Tsogtbaatar said, "As of 10 am today, 4474 cases confirmed and the death toll climbed to 106 globally. Of these 4439 cases and all deaths were registered in China. The total of suspicious cases reached 5776. Also, he advised the public to get information from official sources including the Ministry of Health, the World Health Organization, Health commission in China and Xinhua agency.
No risk of food shortage
Pharmacies in the capital have been crowded with requests for face masks. There is likely to be an artificial upward move in price. We condemned the pursuit of some for profit. Munkhiin Tun LLC and Monchemo LLC are the only manufacturers producing disposable face masks domestically. Munkiin Tun LLC produces 42000 face masks per day and Monchemo LLC makes 30000 respectively. The stocks at Tavin-Us and Monos were delivered to the drug supply centers this past weekend. Mongolia has requested to evacuate its citizens from Wuhan. Currently, 10 countries have requested for their citizens.
Shaariibuu: People will see if there is justice in the world www.zgm.mn
Shaariibuu Setev, who has spent more than a decade seeking closure over his daughter’s death, sat down with the ZGM Daily. He is campaigning for Malaysia to commute the accused’s sentences via a plea deal so that Australia, where one of the murderers had fled to seek asylum from the death penalty, would agree to bring them together to tell what he says could be the true story behind the murder. Last year, Malaysia’s top prosecutor said that he will look into reopening the case of his murdered daughter allegedly linked to former premier Najib Razak.
-The murder case of Ms. Altantuya Shaaribuu has been proceeding for over 14 years. Parliament Speaker of Mongolia Zandanshatar Gombojav had met with the Malaysian deputy chairman of the parliament and suggested to form a joint working group on the case. I assume you’ve done everything you could until today.
-It doesn’t matter who was the murderer but who arranged it. Since Najib was in a higher rank, it was clear that he would not condemn himself. Fortunately, the opposition party won the 2018 election of Malaysia. Probably my letter to the Malaysian people may have affected the result. Shortly after the election, I was scheduled to meet the Prime Minister of Malaysia. At the time, the President of Mongolia Battulga Khaltmaa, for the first time, sent a letter to Malaysia demanding the civilian’s life, which had a significant effect on the processes.
-How about the criminal case process?
-The case is ongoing to confirm and verify that Najib was behind the murder. Azilah Hadri, an officer who committed the murder stated on October 17, 2019, saying, “Former Prime Minister Najib and Defense Minister Moussa have given me a task.” Today, one of the officers who has committed the murder is hiding in Australia. I have heard that Najib went to Church and laid his hands on the Koran, swearing that he did not commit such a thing. Najib’s vow limit is over. He has only one way left to ask God. But even if it is a god, he will not help who is a sinner.
-How the hidden case of such a large political official was revealed?
-It is unusual. The main organizer of the case is Rosmah Mansor, Najib’s third wife. She said she would not pay our daughter’s payroll. And she commanded Baginda to “destroy” her. My daughter spoke five languages. She said smiling, “If I learn one more language, I can learn all the UN languages.” The contract for the ship purchase required a three-language translator and she worked. In Malaysia, taxis are not available for anyone who wants. My daughter knew she was taking a risky job, so she would accompany two friends when she met Baginda and Najib. Malaysians fast for one month under religious law. She was called to death on the last day of their fast and be away from sin.
More than 60 percent of the Malaysian population is Malay. Besides other nations, there are many Chinese as well. The two nations have very conflicting relations. Fortunately, the police chief happened to be a Chinese man. Baginda was the Deputy Prime Minister at the time. The police chief would not just leave the case which included high-ranking Malaysian. Baginda and Najib’s assistants and police officers were the ones who committed the crime. Serul, a dangerous man who previously killed seven people on purpose. The message he sent to Baginda was also found. It said, “I will finish my work as you asked. Let’s make sure the money. Mr. Baginda, you can sleep peacefully tonight.” There is also a message of Baginda to Najib, “What about the Mongolian girl?”
-I have heard you are planning to establish a human rights organization with your grandson, son of Altantuya. Will you share more about it?
-There is no deadline for murder cases in Malaysia. Our lawyer had said, “This case could be talked even after a hundred years.” The murderers have been living for 14 years and have had enough time. I urge Malaysia to expeditiously resolve the case without giving criminals an opportunity. The whole world has been paying attention to this case, now the world will see it from the perspective of judges and lawyers and see if there is justice in the world. Representation of the Mongolian government and the UN are essential. The settlement of this case will allow Malaysia to get back its lost reputation and win international trust. I am very sorry that a certain number of people from Mongolia came for the benefit of me. Nazarbayev and Najib are fathers of a married couple. Many Malaysian aircraft have crashed since the crash of a wedding gift plane. The Malays say, “The Mongols heavenly worship the sky. The chastisement of the sky is coming.” I was even asked my religion. In any case, we will certainly see the truth. I want only one thing from Malaysia, the word sorry. Mongolia’s government must go for it.
-How do ordinary Malaysian people feel about the case?
-I am grateful to the kind Malaysian people who have raised their voices for me, wrote in the press, made films, created books, or held rallies. On the other hand, I feel sorry for Baginda’s parents who have given birth to such a son and how the misery of the people led by a person like Najib. The horrific killers such as Najib Razak, Abdul Razak Baginda, Azilah Hadri, and Sirul Azhar Umar cannot walk innocently among people. They would do anything.
...The coronavirus won’t wreck the commodities market www.mining.com
A rampaging epidemic in the country that consumes about half of the world’s metals has to be bad news for mining stocks, right?
Investors are certainly making that bet. The week started with the Bloomberg World Mining Index falling the most in nearly six months, and a six-day losing streak continued Tuesday on expectations that a slowdown in economic activity will cut China’s voracious appetite for commodities.
Australian shares of Rio Tinto Group fell as much as 5.9% when trading resumed after a public holiday Monday, on track for their biggest slide in three-and-a-half years. Those of iron-ore producer Fortescue Metals Group Ltd. slumped as much as 8.7% in early trading.
That looks overdone. In the grip of an epidemic, it can feel like the sky is falling — but most such viruses die down in a matter of months, and people shouldn’t underestimate how much industrial stimulus Beijing will inject in the economy to keep growth on-target in the aftermath.
Consider Severe Acute Respiratory Syndrome, which swept through southern China and east Asia in the early months of 2003. Like most coronaviruses — and indeed, most infections of the nose and throat, such as influenza — it exhibited a pronounced winter seasonality, with infections beginning in November and dropping rapidly through April, before approaching zero in June.
Even Middle East Respiratory Syndrome, a coronavirus associated with parts of the world where winter weather is less extreme, showed a relatively similar pattern, with a peak in the early months of the year.
Combined with this natural decline is the fact that, despite early surveillance and response lapses, China and other countries are already employing extreme measures to halt the spread. While quarantining of the entire city of Wuhan may not be sufficient — given the disease appears to have spread unchecked until it was too late — that probably won’t be the last attempt to isolate the virus. China’s government, property developers and businesses are likely to implement further measures such as canceling public events and closing commercial and retail spaces.
If things play out this way, it’s not impossible that the epidemic could start to subside in April, just as China’s industrial machine is revving up from its normal winter slumber. Cold weather and the long shadow of the Lunar New Year holiday typically lead to very low levels of industrial activity in January and February, before picking up to full speed between March and June.
In the five years through 2018, for instance, daily pig iron production in March was about 7.4% higher on average than it was in January. Cement output ramps up even more rapidly, as warming weather makes it possible to mix concrete on building sites again: While January and February figures are often too weak to be reported by China’s statistical agency, May output over the same period averaged about 23% above the levels just two months earlier.
That cycle could be particularly pronounced this year. China’s consumers are staying home during what’s traditionally been high season for shopping, dining, seeing films or traveling. A 10% fall in services consumption could cut gross domestic product growth by about 1.2 percentage points, according to S&P Global Ratings.
That could, in theory, put a serious dent in output over the full year, which economists already expect to fall below the government’s target of “about 6%.” It might also violate a long-term pledge to double the country’s GDP by 2020, delivered on the eve of Xi Jinping’s accession to the Communist Party’s highest leadership in 2012.
Beijing is unlikely to take that sort of blow lying down. Just recall the responses to the 2003 SARS outbreak, the 2008 financial crisis, and the overzealous economic rebalancing toward consumption in 2015. As on those occasions, fixed-asset investment (particularly by state-owned companies) is likely to surge to fuel fresh industrial activity. China’s yearlong credit diet — no less serious, in its way, than the one that preceded the 2016 boom — will be loosened to inject some fresh life into a virus-hit economy.
That’s likely to further defer China’s shift to an economy more dependent on consumption and less on mounting debt and carbon emissions — but it will also be bullish, not bearish, for commodities. China’s coal imports in the 12 months through June 2017 were nearly a third higher than in the preceding year; copper rose 12%, oil by 13% and iron ore by 7.7%.
As the virus dies down, don’t be surprised to see that pattern play out one more time. What exactly is it about a country vowing to build two hospitals in a fortnight that makes investors think industrial commodities are heading for the sick bay?
(By David Fickling)
...Oil prices have fallen 10% as coronavirus raises fears for global growth www.cnn.com
London (CNN Business)China's coronavirus outbreak has rattled oil markets, sending prices sharply lower as investors worry that efforts to prevent it spreading will harm the country's economy and reduce demand for crude.
Brent crude futures traded around 3% lower on Monday at $58.88 a barrel, their lowest level since October. US crude futures were down roughly 3%.
The price of Brent, the global benchmark, has tumbled by about 10% since January 17, when Chinese authorities confirmed the death of a second person infected with the virus. It has spread rapidly since then, leading the Chinese government to impose restrictions on transportation. Full, or partial lockdowns, are in effect in 15 Chinese cities, covering 60 million people.
The death toll now stands at 80, with nearly 3,000 confirmed cases in mainland China and more than 50 in other places including the United States.
As the second-largest consumer of energy in the world, America’s handling of the dual energy challenge will set the tone globally.
"As the human cost continues to rise, investors have become increasingly concerned about the potential economic consequences of the disease," analysts at Rabobank said in a research note.
"Prices of copper, iron ore and oil have slumped as investors anticipate supply chain disruptions across several industries and a broad slowdown in economic activity," they added.
The virus could further weaken the Chinese economy, the world's second biggest, which had already slumped to its slowest pace of growth in nearly three decades in 2019.
Ratings agency S&P Global said last week that China's economic growth could contract by as much as 1.2 percentage points this year if spending on services such as transport and entertainment fall by 10%.
There are big implications for energy markets. China is the world's second-largest consumer of oil, according to the International Energy Agency, and reduced economic activity means less demand. Stephen Innes, chief market strategist at AxiCorp, said in a research note that travel restrictions would crimp demand for products made from crude oil, such as jet fuel.
Other economies are unlikely to pick up the slack. The International Monetary Fund last week downgraded its growth forecast for the global economy in 2020 to a tepid 3.3%.
Oil supply
The coronavirus outbreak comes at a particularly bad time for oil prices, which were already under pressure from a global supply glut.
"The virus is fueling fears of cooling of oil demand, which would mean that the global oil market would be oversupplied to an even greater extent," analysts at Commerzbank said in a research note.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, tried to calm investor nerves, telling Reuters that the virus will have a "very limited impact on global oil demand."
He said that OPEC, of which Saudi Arabia is the biggest producer, is ready to act to ensure the stability of the market, an indication that further production cuts could be on the cards.
In December, OPEC and allied producers, including Russia, agreed to deepen production cuts in an attempt to prop up prices.
In a sign of how bearish the oil market is, Innes said that "traders hardly blinked" at news over the weekend of a rocket attack on the US embassy in Baghdad, Iraq.
Shares in state oil giant Saudi Aramco were trading slightly weaker on Monday, taking the stock's losses so far this year to about 3%.
Mongolia evacuating its students from Wuhan amid virus outbreak www.akipress.com
The government of Mongolia at the session decided to urgently evacuate Mongolian students from the Chinese city of Wuhan, which is a center of the coronavirus today, Deputy Prime Minister Ölziisaikhany Enkhtüvshin said.
To date, 31 Mongolian students are in Wuhan. The Embassy of Mongolia in cooperation with the Chinese side started the process of evacuation of students from the country.
Minister of Health Davaajantsangiin Sarangerel said additional 150 beds are prepared in the national infectious diseases hospital in Ulaanbaatar. She also noted that the testing equipment for diagnosing the virus will be delivered from Japan on January 27.
Mongolia plans to ban passenger and vehicular movement via checkpoints from January 27. Restrictions are not applied to railway and air traffic movement of passengers.
The country shut down all schools and kindergartens until March 2. The emergency situations service of the country then also decided to terminate the activities of universities.
The Cabinet of Ministers of Mongolia banned all kinds of public meetings, including the activities of education centers, cyber games centers, trips, children’s play stations and others.
More than 250 Mongolian students could return from China. Some 31 students stay in Wuhan today, the Foreign Ministry of Mongolia reports.
Mongolia's border with China remains open, and some restrictions have been imposed www.montsame.mn
Ulaanbaatar /MONTSAME/. In connection with the coronavirus outbreak, it was decided to impose some temporary restrictions on movement at border checkpoints between Mongolia and China, starting from 28 January 2020, the General Authority for Border Protection reports.
Mongolian citizens are not allowed to cross motor vehicle crossing checkpoints with China for personal purposes. Only citizens who are making business trips or traveling to third countries through the territory of China are allowed to move through border crossings if they have an employer's letter on assignment, a ticket and an itinerary.
Drivers of vehicles carrying coal that have left their vehicles in China will also have to present a relevant document to cross the border. Only the main drivers of vehicles carrying minerals (coal, copper concentrate, oil, iron ore and spar) will be granted permission to cross the border with China.
All foreign nationals are allowed to travel from Mongolia to China through all Mongolian border points. Chinese citizens and all third-country nationals holding "J" type or tourist visas can only enter through the Buyant Ukhaa Airport border checkpoint and the Zamyn-Uud railway border checkpoint.
Citizens of foreign countries, including China, who are holding a Mongolian visa other than "J" type can enter through all border checkpoints between Mongolia and China.
With the exception of the aforementioned restrictions, the movement through all border crossing points with China will proceed as usual according their schedule.
Enkhjin: Government should refinance its debts www.zgm.mn
Director-General at Reserve Management Financial Markets Department of the Bank of Mongolia (BoM), Enkhjin Atarbaatar talked about the current situation in the foreign exchange market of Mongolia and Fx price
-What main drivers are triggering the price of Mongolian tugrik against the U.S dollar?
-In the long term, Mongolian tugrik’s exchange rate against other currencies has devalued. One of the main reasons is that income in foreign currency exceeds foreign currency expenditure. The country has been settling the loss of income and expenses by lending from the foreign market. As a result, the foreign debt of Mongolia reached over USD 30 billion. It is necessary to increase the exporting products produced in Mongolia and to grow foreign exchange revenues by selling services such as tourism and information technology in the global markets.
-What will be the central bank’s statement on the currency depreciation?
-Well, it is important to focus on the period in which the exchange rate weakens. Mongolia has a small and open economy. Following the fact, the exchange rate affects inflation and financial stability. The central bank immediately plays its role when temporary depreciation occurs in the market.
-Majority of the economists agree to increase foreign exchange reserves while some are against it. How is the BoM’s verdict on it?
-Mongolia is scheduled to repay about USD 14 billion as a part of foreign debt. Considering the current economic situation, the country needs to extend the debt term. If Mongolia’s economy and foreign currency stay stable, the debt can be refinanced with a lower interest.
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