At the meeting, they exchanged views on stable supply of oil to oil refinery project being implemented by the Government of Mongolia and aviation fuel to the new airport built in Khushig Valley. Apart from it, Rosneft Company proposed to give assistance and collaborate in geology and mining sector of Mongolia, especially, in oil exploration.

If you’d like to attend the Gala Ball, please reserve your tables and tickets at info@austchammongolia.com or call 9964-4421

The Fold, which opens like a book, will go on sale in South Korea on Friday. Sales in other countries, including France, Germany, Singapore, the United Kingdom and the United States, will follow, though Samsung did not specify when exactly the phone will reach those markets.
The foldable phone, which will retail for $1,980, was originally supposed to hit stores in April. Those plans were shelved after reports from early users about how quickly the device broke.
Samsung (SSNLF) said Thursday that it has spent the past several months "refining" the phone.
"Now, we're excited to release this pioneering mobile technology, and allow consumers to experience it for themselves," said DJ Koh, Samsung's president and CEO of IT & Mobile Communications Division, in a statement.

The 4.6 inch-smartphone's key selling point is that it opens up into a 7.3-inch tablet. But reviewers complained of several problems, including defective hinges and broken screens, after they mistook the Fold's protective film for a disposable shield and removed it.
Samsung announced tweaks to the phone's design back in July. It strengthened the phone's hinge area and extended the top protective layer to make it more obvious to users that it is not supposed to be removed. The company also added caps to protect the top and bottom of the phone's hinge.
The early reviews were a setback for Samsung, which is the world's largest smartphone maker. The company has worked to win back customer trust following its Galaxy Note 7 fiasco in 2016. Millions of those devices were recalled because of reports of exploding batteries. Samsung later halted production and sales of that phone.
Consumers will likely be hesitant to buy the Galaxy Fold because of its hefty price tag and the early reports of broken screens, one analyst noted in July. But he added that is unlikely to affect Samsung's reputation or market position since there isn't much demand for foldable devices right now.
Samsung's new phone will go head-to-head with rival smartphone maker Huawei's foldable phone. The Chinese tech company is expected to launch its $2,600 Mate X later this year. The phone was delayed so Huawei could test it further. Huawei hasn't yet revealed an official release date.
Samsung is also dealing with problems in its memory chip business. Global demand has slowed and a dispute between Japan and South Korea threatens to restrict the supply of chemicals Samsung needs to make semiconductors.

However, the deficit amount is lower than the previous year’s USD 200 million. Income for the goods and services of exports has increased by USD 330 million compared to the previous year. Also, services which include travel, tourism, transportation, and paid services decreased by USD 64 million. As a result, current account deficit decreased by USD 183 million but it remains high.

“Current account deficit can be balanced by foreign direct investment, especially, Oyu Tolgoi project and long-term soft loans under the Extended Funding Facility,” said Head of Research and Statistics Department of Central Bank. The deficit is expected to decline slightly as a result.

In terms of the financial account, foreign direct investment totalled USD 1.1 billion since the beginning of 2019, decreasing by USD 44 million from the previous year. Mining mega projects account for more than 90 percent of direct investment.

“The vulnerability associated with external financing has not diminished, and the high current account deficit might affect negatively on investors' confidence and attitudes,” Fitch agency warned about Mongolia's credit rating in July.

Within the framework of the agreement, a mutual investment fund in dollar and ruble currencies is to be set up for financing large scale projects, further providing impetus to the economic development of the two countries.

The RDIF was created in 2011 under the leadership of the President and Prime Minister of Russia to co-invest alongside top global investors, acting as a catalyst for direct investment in Russia. It is a major investment fund that has invested and committed for this purpose RUB1.5 trillion and attracted over USD40 billion of foreign capital into the Russian economy through long-term strategic partnerships.

The DBM Asset Management SC LLC asset management company, was established in 2017 by the Development Bank of Mongolia as a wholly owned subsidiary. The company works towards gaining the confidence of domestic and foreign investors by establishing investment funds and introducing internationally accepted asset management operations in Mongolia. With the purpose to maintain stable economic growth, increase competitiveness and finance major profitable projects, the company founded the National Strategic Investment Fund in 2018. In scope of its aims to draw in capital from international markets, the DBM Asset Management SC LLC is also working on a proposed financing of USD 75.9 million from the Asian Development Bank.

Mongolia sits in a strategically important place between Russia and China, and its economy has been growing largely from mineral exports to its giant neighbour China.

But the Mongolian authorities have been looking for ways to export more to other Asian countries, and the Russian president's visit on Tuesday (Sep 3) was seen as a key opportunity to strengthen ties.

"Russia will never forget Mongolia's help and support when Russia was fighting against the Nazis," Putin said, joining in a celebration to mark the 80th anniversary of a battle fought by Mongolian and Russian soldiers against the invading Japanese army in 1939.

Mongolian President Khaltmaa Battulga and Putin signed a series of agreements including joint investment funds to finance Mongolia's infrastructure developments, with the Russian president loaning 100 billion rubles (US$1.5 billion) in a gift for the battle anniversary.

Battulga said he planned to use the aid to build new railroads to the Chinese border to open one more channel for coal and mineral export.

Battulga also stated that Mongolia hopes to build its own terminal in a Russian port to facilitate exporting its natural resources through Russia.

While the two countries have US$1.7 billion annually in two-way trade, around 95 per cent of it is Mongolia buying oil from Russia.

Putin's visit comes after US Defense Secretary Mark Esper made a rare visit to Mongolia last month on an Asian tour aimed at shoring up partnerships to counter China's growing influence in the region.

Source: AFP/nr

In compliance with applied laws and relevant rules, royalties are paid by license holders only. However, entities who intermediate, transport and concentrate mineral resources and those who do not hold licenses but sell minerals do not pay royalties according to the existing rules.

Therefore, the Cabinet renewed rules, namely ‘Fixing, imposing, reporting and paying royalties’ and ‘Calculating royalties on the sales of coal, iron ore and iron ore concentrate sold at external markets’ and resolved to impose equilibrated royalty.

Accordingly, legal units who sold mineral resources, loaded for selling and used, and those who sold gold to the Bank of Mongolia and its authorized commercial banks must pay royalties. By doing so, there will be conditions to define the base of income tax truly and thoroughly, which will lead to increase tax revenue.

Since the mining sector makes about 25 percent of revenue accumulated to the state and local budgets, the renewed rules are considered essential to broaden the base of budget revenue.

This action has brought many positive results, including growth of herders’ income, production capacity of factories, jobs and number of herders to turn in wool of sheep and camel and so on. Moreover, a large number of wool and other raw material processing factories that have been newly built have increased their production of value-added wool products.

A new goal has been established to increase the full processing of wool and cashmere up to 60 percent nationwide. In this regard, the Cabinet made a decision to increase the amount of incentives in accordance with the wool quality on September 4. The incentive amount of this year has increased to MNT 1500-2000 per kilogram depending on the number of livestock animals by an annual census, breeds, livestock animal benefits and wool quality. Corresponding local administrative officials were assigned with works of wool submission and incentive provision.

Emart announced Tuesday that it will begin operating its third store in Khan-Uul District that has a population of 180,000 and an upscale neighborhood for high-income families. The three-story store with one underground floor is located 2.6 kilometers away from its first store and 5.2 kilometers from the second outlet. The total floor size reaches 13,550 square meters, which would make it the largest big-box store in Mongolia.

Emart, Korea’s largest big-box store operator under the country’s retail giant Shinsegae Group, is expanding its presence in Mongolia as part of efforts to offset poor sales in Korea as it struggles in competition with e-commerce players. The company swung to an operating loss of 29.9 billion won ($24.6 million) on a consolidated basis in April-June, its first quarterly loss since its inception in 1993.

But sales of Emart in Mongolia have been on a steady rise since the big-box store unit entered the country in 2016, expanding from 53 billion won in 2017 to 72 billion won in 2018.

The new store will sell around 35,000 products, 20 percent more than the first store that opened in July in 2016. About 30 percent is Korean goods of which 60 percent are products made by Korean small- and mid-sized firms.

The third outlet has a 70 percent bigger consumer electronics store compared to the first store, and hosts many global brands such as Samsung, Phillips and Dell to sell a variety of electronic goods such as gaming devices and audio equipment. It has a separated shopping section for Emart’s own brands such as No Brand, Sentence, Days and Loving Home that have been slowly gaining popularity in the country, as well as a designated corner only for Mongolian products to contribute to the local economy, according to the company.

The store also houses a food court with brands such as Burger King and Tous Les Jours, and inside playground to attract family customers. It has spacious parking lots, 65 percent bigger than the first store, to enhance convenience for customers who mostly drive to the store.

The three stores are run by Sky Trading, the local distribution unit of Mongolian retail giant Altai Group.