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    

Category

Events

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

64x64

Gulnara Karimova: Uzbekistan ex-leader's daughter jailed www.bbc.com

The daughter of Uzbekistan's late president Islam Karimov has been sent to prison for allegedly violating the terms of her five-year house arrest.

Gulnara Karimova repeatedly used the internet and left her flat, which she was banned from doing, prosecutors say.

In 2017 Ms Karimova was sentenced to 10 years in jail for fraud and money laundering but that was commuted last year to house arrest.

She was once a diplomat and pop singer who was tipped to succeed her father.

Ms Karimova lived at her daughter's flat in the Uzbek capital, Tashkent. Her Swiss lawyer, Grégoire Mangeat, said on Twitter that the 46-year-old had been "forcibly removed" from the flat on Tuesday afternoon and taken to an unknown location.

"We, her defence counsels, denounce these totally arbitrary methods," said Mr Mangeat. "For several months now, we have been unsuccessfully asking the Office of the Attorney General in Switzerland to commit an expert to establish the absence of the rule of law in Uzbekistan."

On Tuesday, a Tashkent court ruled that Ms Karimova must serve the remainder of her term in prison, prosecutors said in a statement.

They allege that she used forbidden communications methods, including the internet; left the flat; and failed to pay the state compensation.

Ms Karimova was once a prominent figure in Uzbek politics who held the posts of ambassador to Spain and permanent representative to the United Nations in Geneva, and was tipped to succeed her father, Islam Karimov, as president.

She also had her own jewellery line, ran an entertainment television channel and released pop singles under the name Googoosha.

But she reportedly fell out with her father and family in 2014 and shortly after she was detained by security forces. She was not seen in public for years and when her father, an authoritarian leader who ran Uzbekistan for 27 years, died in September 2016, she did not attend the funeral.

Prosecutors accused her of being part of a criminal group that controlled assets of more than $1bn (£760m) in 12 countries, including the UK, Russia and United Arab Emirates.

Then-prime minister Shavkat Mirziyoyev took over as president after the death of Islam Karimov in 2016.

 
 
...


64x64

DP announces strict opposition against MPP over recent scandals www.zgm.mn

The Democratic Party (DP) released a statement, yesterday, regarding the recent announcements of MPs Bold Luvsanvandan and Batzandan Jalbasuren.

The statement indicates the DP’s opposition against the Mongolian People’s Party (MPP) over the MNT 60 billion sell-off of public sector positions, Small and Medium-sized Enterprises (SME) Development Fund scandal, nationalization of 49 percent stake of the Erdenet Mining Corporation (EMC), and collateralization of the 51 percent of EMC, which is allegedly organized by certain MPP officials, demanding accountability from the responsible authorities. When asked his position on the privatization of EMC, the secretary of the DP refused to give comments until the judiciary releases a concrete answer. The DP further denied any involvement with the allegations regarding the EMC scandal and blamed the MPP for attempting to brush off their failure to fulfill election promises

...


64x64

Italy joining China’s new Silk Road raises eyebrows in Washington www.rt.com

Italy is planning to formally back China’s multi-trillion-dollar Belt and Road Initiative (BRI). It would become the first G7 nation to join the ambitious project which promises to significantly boost global trade.
Rome is preparing to sign a memorandum of understanding to officially support the project, championed by Chinese President Xi Jinping, by the end of March, according to Michele Geraci, undersecretary in Italy’s Ministry of Economic Development as quoted by FT.

“The negotiation is not over yet, but it is possible that it will be concluded in time for Xi’s visit,” Geraci told the media.

“We want to make sure that ‘Made in Italy’ products can have more success in terms of export volume to China, which is the fastest-growing market in the world.”

The Chinese leader is expected to pay an official visit to Italy on March 22. After that Xi Jinping will reportedly head to France and ultimately the US for further negotiations to resolve the current trade stand-off between Beijing and Washington.

Italy’s move has not been received well in Washington. The project, known as the new Silk Road, will not help Italy economically and may significantly damage the country’s international image, according to the White House.

“We are skeptical that the Italian government’s endorsement will bring any sustained economic benefits to the Italian people, and it may end up harming Italy’s global reputation in the long run,” National Security Council spokesman Garrett Marquis told the media.

The Belt and Road Initiative is expected to provide effective connectivity and boost China’s cooperation with more than 80 countries in Southeast and Central Asia, the Middle East, Europe and Africa via various infrastructure projects on the lines of the old Silk Road. The project promises to significantly boost global trade, cutting trading costs by half for the countries involved.

...


64x64

General principle to be adhered for establishment of investment agreements www.montsame.mn

Ulaanbaatar/MONTSAME/ During its regular meeting on March 6, the Cabinet approved a general model to be proposed by Mongolia for ‘Intergovernmental Agreement on encouragement and mutual protection of investment’. Objectives and principles in the model will be followed when investment agreements and negotiations are made.

The approval of general model will create legal regulation in eliminating contradictions in making investment agreements, attracting balanced investment and protecting national security, social orders and environment.

Mongolia established the ‘Intergovernmental Agreement on encouragement and mutual protection of investment’ with 44 countries, of which 36 are currently in force.

...


64x64

Six-month emergency regime announced for Erdenet Mining Corporation www.montsame.mn

Ulaanbaatar/MONTSAME/ The Cabinet on March 6 issued a resolution to set an emergency regime for six months at Erdenet Mining Corporation and Mongolrostsvetmet LLC based on the Law on Government and other related laws. During the period of emergency regime, there will not be interruptions in operations of Erdenet Mining Corporation and Mongolrostsvetmet LLC and financial documents will be inspected only. The Prime Minister set up a working group to implement the resolution.

On February 27, the Government made a decision to declassify the minutes of Cabinet meeting of which the privatization of 49 percent shares of the Erdenet Mining Corporation (EMC) was discussed and other related documents. Head of the Cabinet Secretariat of Government L.Oyun-Erdene reported that the Government did not accuse a transfer of 49 percent shares of the EMC into a Mongolian private company and documents which can prove a hypothesis that the state property might be illegally purchased by state money are becoming available to the public. “Mongolian Copper Corporation (MCC) purchased 49 percent shares of EMC at USD 400 million 270 thousand. 72.4 percent of the funding was raised from the state and 27.6 percent from Trade and Development Bank. The financial sources of MCC causes the situation to inspect whether the financing has connection with criminal activity of money laundering.

EMC, one of the largest copper mine in Asia, set up in 1973 and started its production in 1978 as a joint venture between the Soviet Union owning 51 percent, and Mongolia the rest. A review of the agreement led to a reversal of the ownership structure in 1991, giving Mongolia 51 percent and Russia percent. State Corporation Rostec of Russia made a decision to sell the 49 percent stake in joint ventures Erdenet and Mongolrostsvetmet offering it to the Mongolian side according to joint agreement. However, the Government of Mongolia of that time refused its preference to buy the 49 percent stake and MCC bought it.

Mr.L.Oyun-Erdene gave some information concerning how Mongolian Copper Corporation (MCC) raised its funding, who were owners of the companies that partnered for the deal, as well as how many transactions were made from the Bank of Mongolia, the Ministry of Finance and the Development Bank of Mongolia and in what ways. He also accuses then Government for the refusal of buying the stake even though the facts show that the Government had sufficient source to buy it. Mr.Oyun-Erdene underscored that the minutes of Cabinet meeting of that particular period evidenced the connection between the Trade and Development Bank and MCC.

...


64x64

Xi Jinping says revival of Chinese economy must not be bought at expense of the environment www.scmp.com

While a slowing economy and pressure on jobs dominated the “two sessions” this year, President Xi Jinping refocused his attention to the environment at China’s key annual political gathering.
Speaking to fellow deputies from Inner Mongolia at the National People’s Congress on Tuesday, soon after Premier Li Keqiang presented the government’s work report, Xi said boosting the economy must not come at the price of a degraded environment.
“Do not ever think about launching environmentally damaging projects for growth, or any attempt to breach the red line of ecological protection, even when we meet some difficulties in economic development,” state news agency Xinhua quoted Xi as saying.
“As the Chinese economy goes from high-speed growth to high-quality development, pollution prevention and environmental governance are important barriers to cross … We must grit our teeth, climb over this slope and pass this ridge,” the president said.

The joint sessions of China’s top legislature and its political advisory body, the Chinese People’s Political Consultative Conference, begin with annual work reports delivered by the premier and the CPPCC head. More detailed – and revealing – messages from Xi are usually released during his meetings with panels of lawmakers and advisers.
Against the backdrop of an economic slowdown and a damaging trade dispute with the United States, Li’s address to the NPC referred to “risks”, “pressure” and “challenges” more than three dozen times while setting China’s economic growth target for 2019 at the range of 6 per cent to 6.5 per cent.

The premier said companies, as the main polluters, had a responsibility to protect the environment. But he also instructed the environment watchdogs to consider legitimate requests from businesses and give them a reasonable time to take corrective measures, and to avoid shutting down polluting factories outright.
Pollution in north China up 16 per cent as industrial activity spikes
Xi and other top officials have seats at the national legislature, and the president is a member of the Inner Mongolia delegation. He has said he wanted to join the region’s panel discussion because it would demonstrate the Communist Party’s support for poverty alleviation, minority rights and environmental protection.
He told the panel it was the responsibility of the party and the government to tighten spending and he tasked officials with ensuring China’s economic stability.
Xi also reminded them that they should unswervingly continue to protect the environment.
Mother pays tribute to late son by greening the Inner Mongolia deserts
Inner Mongolia, which lies in northern China, was a vast grassland, but in recent decades dust storms and desertification have become major environmental threats. Mining, overgrazing and tourism have all caused environmental problems in the resource-rich region.
After he visited the area in 2014 and spoke of building it up as an “ecological shield” for China’s northern border, banners and slogans echoing his thoughts went up in the streets.
On Tuesday, Xi told deputies that protecting grasslands and forests was the top priority for Inner Mongolia.
He also revisited his “three critical battles” call of 2017, with the priorities being environmental issues, alleviating poverty and reducing economic risks.
Stairs lead down into a dam containing heavily polluted water near Xinguang village in Baotou, Inner Mongolia.

Zhang Lifan, a political commentator and Chinese historian, said Xi regarded environmental protection as one of his legacies. He said Xi’s place on the Inner Mongolia panel suggested he wanted to strengthen his green credentials, given the serious environmental situation in the region.
In his meeting with national political advisers on Monday, Xi talked about “cultural self-confidence” and raising the public’s moral standards.

 
 
...


64x64

Speaker meets Ambassadors of France, India and Kuwait www.montsame.mn

Ulaanbaatar /MONTSAME/ Speaker of the State Great Khural G.Zandanshatar yesterday held meetings with the Ambassadors of France, India, and Kuwait to Mongolia.

With the French Ambassador, Speaker G.Zandanshatar talked about the programs and projects planned to be implemented in Mongolia as well as the communication and information technology. Ambassador Philippe Merlin remarked a consultative meeting was held between the two Foreign Ministries last month, on the occasion of the 55th anniversary of bilateral diplomatic ties, and noted that both sides are working to raise bilateral relations and cooperation to a comprehensive partnership level. In turn, Speaker G.Zandanshatar said “There is a great opportunity to expand bilateral relations and trade and economic cooperation. At this time when Mongolia’s economy is recovering, we are focusing on the expansion of construction, rail and road sectors. Moreover, we plan to discuss the Law on Renewable Energy at the spring session” and proposed facilitating visa requirements between the two countries.

In the beginning of the meeting with Indian Ambassador Mohinder Pratap Singh, The Speaker underlined the Parliament is ready and pleased to work together and requested the Ambassador to be attentive towards realizing the previously discussed projects and programs including opening a branch of the India's top IT University in Mongolia. Speaker G.Zandanshatar briefed Ambassador Singh on the ‘E-Parliament’ project and proposed cooperating with India as it leads the world in IT and engineering. “The active cooperation between the parliaments of the two countries, especially the parliamentary groups, has a key role in opening up new cooperation opportunities in the future” said the Indian Ambassador while showing his willingness to support the 'E-Parliament" project by bringing Indian experts to Mongolia for sharing experience.

At the meeting with Kuwaiti Ambassador Mohammad Faisal Al-Mutairi, the parties exchanged views on cooperation in energy and infrastructure development and reiterated the invitation to the Speaker of the Kuwaiti National Assembly to visit Mongolia. The Ambassador expressed his interest in intensifying inter-parliamentary relations and increasing mutual parliament-level visits. Voicing his readiness to strengthen ties and advance cooperation in economy, trade, culture, education, and investment, Speaker G.Zandanshatar noted “The sides held talks on all the issues of common interest during the mutual high-level visits that have increased lately. I am confident that these visits will give impetus to further develop bilateral relations and cooperation” The Speaker also extended thanks for granting non-refundable aid in health and infrastructure sectors of Mongolia and for financing construction of the Mongolia-Kuwait Research Center.

 
 
...


64x64

Kylie Jenner becomes world's youngest billionaire www.bbc.com

Kylie Jenner has become the world's youngest self-made billionaire, according to Forbes billionaires' list.

The youngest Kardashian family member is making her fortune from her best-selling cosmetics business.

The 21-year-old founded and owns Kylie Cosmetics, the three-year-old beauty business that generated an estimated $360m in sales last year.

She reached the milestone earlier than Facebook founder Mark Zuckerberg who became a billionaire aged 23.

"I didn't expect anything. I did not foresee the future.

"But [the recognition] feels really good. That's a nice pat on the back," Ms Jenner told Forbes.

The list shows Amazon's founder, Jeff Bezos, remains the world's richest man.

His fortune totals $131bn, according to Forbes, up $19bn from 2018.

But the billionaires' combined worth is down from $9.1 trillion at $8.7tn.

Facebook founder Mark Zuckerberg's wealth is among those falling.

It has dropped by $8.7bn (£6.6bn) in the past year to $62/3bn, according to the Forbes list.

His shares in Facebook at one point lost a third of their value as the company battled privacy scandals.

Amazon's share price has been good for Mr Bezos' bank balance and the gap between him and the number two, Bill Gates, is a little wider, even though Mr Gates' fortune has swelled to $96.5bn from $90bn last year.

Of all the billionaires on the list only 252 are women, and the richest self-made woman is real estate mogul Wu Yajun of China, worth an estimated $9.4bn.

The number of self-made women reached 72 for the first time, up from 56 a year ago.

The Forbes billionaires list is a snapshot of wealth taken on 8 February 2019. The magazine uses that day's stock prices and exchange rates from around the world.

According to Forbes there are fewer billionaires around - 2,153 of them on the 2019 list, down from 2,208 in 2018. This, in part, explains why their average net worth is $4bn, down from $4.1bn. Forbes also found that 994 of them are less well off than a year ago.

Luisa Kroll, assistant managing editor of wealth at Forbes, said: "Even with strong headwinds, resourceful and relentless entrepreneurs find new ways to get rich."

There are 52 UK citizens on the list. At the top are the Hinduja brothers, Srichand and Gopichand, who control the Hinduja Group conglomerate, with a net worth of $16.9bn.

Behind them, ranked as the wealthiest single individual in the UK, is James Ratcliffe, founder of the chemical group Ineos, and worth $12.1bn.

Another newcomer is Safra Catz co-chief executive of software firm Oracle, who according to Forbes earns a $41m salary and ranks as one of the world's highest paid female executives.

The US has 607 billionaires, more than any other country. China has the next largest number with 324. But the list of Chinese billionaires has seen some big changes - it has 44 newcomers to the list while 102 have dropped off.

The weakness of the euro has not been kind to European billionaires who make a poor showing with only two in the top 20: Bernard Arnault (ranked 4th), the chief executive of the French luxury goods company LVMH, and Amancio Ortega (ranked 6th), who founded retail group Inditex which owns brands such as Zara.

Forbes said 247 people who were on the billionaires list last year have now dropped off. Among them are Domenico Dolce and Stefano Gabbana, fashion designers and co-founders of Dolce & Gabbana.

The group chairman of supply chain management company Li & Fung, Victor Fung, is also no longer classed as a billionaire by Forbes, after being on the list for 18 years in a row.

...


64x64

Program Implementation Agreement of MCC Compact Agreement signed www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs and Chairman of the Board of Mongolia Millennium Challenge Corporation D.Tsogtbaatar met with Ms. Caroline Nguyen, MCC’s Managing Director for Europe, Asia Pacific and Latin America.

At the meeting, Foreign Minister D.Tsogtbaatar signed Program Implementation Agreement of Compact Agreement. This is a documentation, which regulates issues such as implementation of MCC Compact Agreement, the sides’ roles and participation and tax exemption. Signing the agreement, the objective to ensure preparation of implementation of Compact Agreement has fulfilled, the sides noted.

During the meeting, Ms. K.Nyugen officially introduced Mr. Alex Russin, who will work as MCC Resident Country Director for Mongolia in terms of implementation of the agreement.

The Millennium Challenge Corporation of the United States established USD 350 million MCC Water Compact Agreement with the Government of Mongolia on July 27, 2018. By realizing the Compact Agreement, it is estimated that water supply of Ulaanbaatar city to be increased up to 80 percent.

...


64x64

GOM may lose 12-20% stake of its 51% ownership in EMС www.zgm.mn

MP Baasankhuu Octyabri has sent an official letter to Chief Cabinet Secretariat Oyun-Erdene Luvsannamsrai on resolving issues regarding Erdenet Mining Corp.’s (EMC) 51 and 49 percent stake dispute.

According to Mr.Baasankhuu, Government of Mongolia may lose 12-20 percent of its 51 percent stake ownership to China. “International Court of Justice (ICJ) has decided Mongolia to pay USD 99 million to Standard Bank, which was sold to China, for interest and fine. The amount of debt EMC owes to the bank for violating its loan agreement increases every day and stands at about USD 126 million as of this week. If China turns to ICJ to swap EMC’s fine by the plant’s stake, Government of Mongolia will lose 12-20 percent.”

Now, it’s up to the government to negotiate with Standard Bank. Mr. Baasankhuu warned that the issue needs to be settled immediately, as the debt EMC owes Standard bank increases by USD 1.2 million each month.

...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook