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
Bill on repayment of pension-backed loan to be submitted www.montsame.mn
Ulaanbaatar/MONTSAME/. The Cabinet today decided to submit a Bill on a full and one-time repayment of all pension loans to the Parliament for a very urgent consideration.
Out of the 421.1 thousand pensioners that are currently receiving pensions, 229.4 thousand pensioners (54.5 percent) have taken loans worth MNT 763.3 billion in total. It is considered that elderly people who have no earning except their pensions receive pension loan and pay loan interest; thus they are likely to easily suffer poverty. For the reason of their incapability to meet their daily necessities, the seniors get loan again and have no way of getting out of the loan debt. It leads them to the ‘circle of debt’ and undergo financial and psychological pressure.
The repayment of the remainders of the pension loans is planned to be resolved by means of issuing bonds by putting the expected profit from Mongolian government’s share at Salkhit deposit as collateral.
Salkhit deposit has an identified reserve of 808.3 tons of silver and 1117.1 kg gold that are estimated to have a net profit of MNT1050.4 billion. Further, pension loan issuance is intended to be completely stopped.
MIAT Mongolian Airlines reduces its fares www.montsame.mn
Ulaanbaatar /MONTSAME/. Mongolian national flag carrier MIAT Mongolian airlines is operating flights in one domestic and 12 international destinations with Boeing 767 and Boeing 737 jet airliners as of today. Mongolian air transport demand is heavily affected by the seasonality with high air traffic in summer and 2-3 times decrease during winter season.
Going along with the seasonal fluctuations, MIAT Company has reduced its main tariffs by 7 percent and seasonal flights prices by 37 percent, as reported by the Mongolian Ministry of Road and Transport Development. “The Company is taking a series of measures to lower its prices further down”.
One of the busiest flight routes is between Mongolia and South Korea and as of today, MIAT Company is performing direct flights in route of Ulaanbaatar-Seoul and Ulaanbaatar-Busan, Korean Air and Asiana Airlines between Ulaanbaatar-Seoul and Air Busan between Busan-Ulaanbaatar. Moreover, domestic air carrier Eznis Airways is planning to operate direct flight to Busan starting March 2020.
According to the Ministry of Road and Transport Development, the total number of passengers in international routes on the Mongolian air transport market reached 1 million and around 400 thousand in domestic routes in 2019. Among them, MIAT company alone carried around 700 thousand passengers.
Liquor license of 14 factories revoked on breach of regulations www.montsame.mn
Ulaanbaatar /MONTSAME/. Based on the conclusion by the Specialized Inspection Department and Ministry of Food, Agriculture and Light Industry, the Cabinet today agreed to revoke liquor licenses of 14 alcoholic beverage factories.
Last year, the Specialized Inspection Department and Ministry of Food, Agriculture and Light Industry conducted examinations on alcoholic beverage factories in Mongolia and found several violations in operations of the 14 factories, who failed to comply with the notice issued by the Specialized Inspection Department within a certain amount of time.
Therefore, the corresponding government organizations had submitted their proposal to cancel their licenses to the Cabinet.
Mongolia’s new ecological police force www.news.mn
Earlier yesterday (6 January) the Mongolian Cabinet decided to establish an ecological police force to tackle environment issues. Over 100 ecological police officers will work in over 10 provinces. The Cabinet approved funding for 170 ecological police officers in 2020 State Budget. The ecological police will work to protect the environment and to prevent poaching and harm caused for the environment.
Parallel with this, some other police units; namely, the Railway Police, the Airport Police and the Traffic Police have been united under a new Transport Police Department.
Ts.Nyamdorj, Minister of Justice noted that ‘number of crimes have decreased by 10 percent in the last 2-3 years. “When I appointed as Justice Minister, the number of crimes were 67 percent!”.
2019 profits of some state owned companies soared to record high www.montsame.mn
Ulaanbaatar /MONTSAME/. In 2019, profits of some large state-owned enterprises reached an all-time high as follows:
- Erdenet Mining Corporation (EMC) paid MNT 936 billion to state budgets, hitting record high in its history of four decades. The company also saved MNT 54 billion from its tendering and procurement activities. In 2016, EMC paid MNT 184 billion to the state budget. On March 21, 2019, the EMC was transferred to the full ownership of the Mongolian Government.
- Sales revenue of Erdenes Tavan Tolgoi JSC reached USD 1 billion or MNT 2.7 trillion in 2019, making the highest revenue in Mongolia last year. The company has completed repayment of a total of USD 680 million of debts due to Aluminum Corporation of China Limited CHALCO and other companies since 2010. Only in 2018, the Erdenes Tavan Tolgoi JSC generated MNT 720 billion to the state budget.
- National flag carrier Mongolian Airlines MIAT conducted the most number of flights to various international destinations. It performed 2590 flights with 18200 total hours in 12 international and one domestic routes. The total passengers of MIAT for 2019 reached 785 thousand. Total revenue of MIAT reached MNT 484.3 billion and its profits amounted to MNT 30.8 billion.
Bank of Mongolia purchases 15.2 tons of gold in 2019 www.montsame.mn
Ulaanbaatar /MONTSAME/. In 2019, the gold purchase of the Bank of Mongolia (BoM) reached 15.2 tons, which means the amount of gold purchase decreased by 6.7 tons or 30 percent compared with the previous year.
In December, 2019 the BoM purchased 761 kilograms of gold in total, of which BoM branches in Darkhan-Uul and Bayankhongor aimags bought 29 kg and 2.5 kg respectively. The figure represents a fall of 2.2 tons as compared to the same period of previous year. The average value of BoM’s purchase of 1 gram of gold was MNT 129,222.85 in December, 2019
How to facilitate the transition out of coal www.mining.com
Consulting firm GlobalData and the Stockholm Environment Institute joined forces to provide a series of recommendations on how to address the social challenges related to the closure of coal mines.
The dossier is presented as a conversation between the consultancy’s mining writer JP Casey and Claudia Strambo, a research fellow at the Stockholm Environment Institute.
After acknowledging that coal mining remains the backbone of many local communities, both experts state that this means that simply closing coal mines without putting additional resources in place is not viable.
Examples of good practices, they say, can be found Ruhr region of Germany, where over the last 50 years, coal mining has slowly been phased out.
Despite employment in coal mines falling from 390,000 in 1960 to 11,000 by 2014, and the sector’s contribution to the local economy declining from 61% to 21% over the same period, the transition out of the black fuel has been more fluid than dramatic.
Based on how things were done in Ruhr, Strambo says that there are key strategies that companies should take into consideration when moving away from coal mining:
Making closure and post-closure plans together with local authorities and trade unions in order to manage the risks associated with the closure
Helping workers approaching redundancy through tailored training programs, support finding work placements, counselling and mental health support, and redundancy payments
Maintaining open and honest communication about the closure
Supporting local organisations in charge of steering and/or coordinating the efforts to create new jobs and address the negative socio-economic impacts of the closure
Using socially responsible downsizing practices such as early retirement support, worker training programs and redistributing workers between jobs and sites
Resisting the temptation to keep things the same regardless of changing trends
Moving towards diversification to survive
Australia bushfires might burn for months, Morrison warns www.bbc.com
Australian Prime Minister Scott Morrison has warned that the devastating bushfires raging in the country might go on for months.
At least 24 people have died since the fires began in September. Air quality in the capital Canberra was this weekend rated the worst in the world.
Mr Morrison announced the creation of a recovery agency to help those who have lost homes and businesses in the fires.
He has faced fierce criticism over the speed of his response to the crisis.
The weekend saw some of the worst days of the crisis so far, with hundreds more properties destroyed. Rural towns and major cities saw red skies, falling ash and smoke that clogged the air.
Conditions eased in Victoria and New South Wales on Sunday after temperatures and wind speeds dropped and some light rain fell. But authorities warned that the danger was far from over.
"We're in uncharted territory," said the New South Wales premier, Gladys Berejiklian. "We can't pretend that this is something that we have experienced before. It's not."
John Steele, 73, who was evacuated with his wife from their rural property north of Eden late on Saturday, told the AFP news agency: "Visibility was down to about 50 metres, if that, and we had lots of debris falling out of the sky and a lot of white ash.
"The sky is still red. We're not out of the woods yet."
Prime Minister Morrison on Saturday announced the largest military call-up in the country's recent history, mobilising up to 3,000 reservists to assist exhausted volunteer firefighters.
Mr Morrison, who cancelled a planned visit to India because of the crisis, faced further condemnation on Sunday, after the head of the NSW Rural Fire Service revealed the service had only learned of the plan to call up reserve troops through the media.
In an indication of the long road ahead, Mr Morrison warned that the fires might burn for many months, and said that the newly-created recovery agency would run for at least two years. The body will help bushfire-hit communities recover, media reports said, through work ranging from rebuilding infrastructure to providing mental health support.
Queen Elizabeth on Sunday said she was "deeply saddened" by the fires, and thanked the emergency services "who put their own lives in danger" to help communities.
Fundraiser nets A$20m in 48 hours
A fundraiser for fire services launched by the Australian comedian Celeste Barber on Friday raised more than A$20 million (£10.6m; $13m) in just 48 hours
"Please help any way you can. This is terrifying," Ms Celeste wrote in a Facebook appeal.
She called the rush of donations "incredible", and said the proceeds would go to NSW Rural Fire Service - a government-funded agency staffed by volunteers - and the Brigades Donations Fund, which channels charitable donations directly to fire brigades.
Members of the comedian's family were evacuated from the town of Eden in New South Wales, where officials told residents to leave immediately and head north if they did not have a bushfire response plan.
A number of celebrities have also donated money to support the firefighting effort in recent days - among them the US singer Pink and Oscar-winner Nicole Kidman, who pledged $500,000. "Our family's support, thoughts and prayers are with everyone affected by the fires all over Australia," she wrote on Instagram.
News of the donations was praised by Australians on social media, but some lamented that private citizens were raising funds they said should have been put in place by the government.
Nearly 200 fires are still burning across the country, with every state and territory affected. More than 1,200 homes have been destroyed and millions of hectares of land scorched.
Tens of thousands of homes in NSW were left without power and thousands of people have been evacuated from coastal towns over the past week. The town of Cooma suffered a further blow on Saturday night when a large tower carrying millions of litres of water exploded, flooding homes and sweeping away vehicles.
NSW Deputy Premier John Barilaro told ABC News the incident was a "massive disaster".
...Japanese authorities vow to tighten immigration rules after Carlos Ghosn's escape www.cnn.com
(CNN Business)Japanese officials on Sunday criticized Carlos Ghosn's escape from the country as "unjust" and vowed to tighten immigration rules in their first public remarks since the former auto executive fled for Lebanon a week ago.
Ghosn left Japan "illegally by unjust methods," said Justice Minister Masako Mori, the country's top judicial official. She said that authorities have no official record of Ghosn's departure from Japan, and that prosecutors are investigating the case.
Mori also said she has ordered the country's immigration department to "further tighten" rules for leaving the country "so that the same situation won't be repeated."
Mori's statement — along with a similar one published Sunday by a Tokyo prosecutor — marked the first time Japanese authorities addressed Ghosn's stunning escape last week. Government offices in the country had been closed all week for the New Year holiday.
Ghosn — the former chairman of Nissan and Mitsubishi Motors, and former chairman and CEO of their alliance partner, Renault — had been awaiting trial in Japan on charges of financial wrongdoing. As a condition of his release on bail, Ghosn was required to stay in Japan. But the case was upended after Ghosn revealed that he had fled Japan for Lebanon to escape what he called a "rigged" justice system.
Mori defended the country's justice system on Sunday, adding that it assured "fundamental human rights" and set out to "find out the truth of the case."
She also said that Ghosn's bail has been "canceled," and confirmed that the Japanese government asked Interpol, the international police agency, to issue a "red notice" for Ghosn. Lebanon said last week that it had received that notice, confirming that Ghosn is wanted by police.
Takahiro Saito, Tokyo's deputy chief prosecutor, said in his own statement Sunday that Ghosn "deliberately ignored" Japan's justice proceedings by fleeing the country, even though his bail barred him from overseas travel. Saito added that Ghosn's escape "could be a criminal act."
"Ghosn broke his own promise to attend the court and run away from Japan," Saito said. Both he and Mori called the event "regrettable."
Ghosn was arrested in November 2018 and has since faced a litany of charges, including allegations that he understated his income for years and funneled $5 million of Nissan's money to a car dealership he controlled. He was ousted from his posts at Nissan and Mitsubishi Motors following his arrest in November 2018, and later resigned from Renault. He has denied the charges against him.
Ghosn's Japanese lawyer, Junichiro Hironaka, said Saturday that the defense team would resign after contacting Ghosn this week. Hironaka had earlier told reporters that Ghosn's escape was a "complete surprise."
Authorities, meanwhile, have been scrambling to figure out how Ghosn pulled off the escape. Prosecutors in Tokyo raided the home where he had been staying last Thursday. Ghosn has denied reports that his family were involved in helping him flee.
Last week, a Turkish company that charters private jets confirmed that two of its planes were used "illegally" to transport Ghosn without the knowledge of company management. That company, MNG, said it has filed a criminal complaint.
-- Yoko Wakatsuki reported from Tokyo, Akanksha Sharma reported from Hong Kong and Amy Woodyatt wrote from London.
Sales revenue of Erdenes Tavan Tolgoi reaches USD 1 billion www.montsame.mn
Ulaanbaatar /MONTSAME/ Sales revenue of Erdenes Tavan Tolgoi JSC reached USD 1 billion or MNT 2.7 trillion in 2019. The company exported 14.3 million tons of coal last year and earned net profit of MNT 1 trillion.
When the company made sales worth MNT 1.9 trillion and earned profit of MNT 807 billion last year, it overfulfilled its sales plan by 240 percent, permanently increasing coal price.
Though the company informed to distribute dividends of 1072 shares, it resolved to invest its profit in railway project, considering long term development.
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