Daily Business News Mongolia

MPRP and DP joint government reassured

We informed that MPRP and DP leaders are to sign on Joint government agreement at the State Palace. S.Bayar, MPRP leader, N.Altanhuyag, DP leader, members of a task group, comprising of two party members to form joint government, and other members attended the signing event. Though MPRP has won the majority in the Parliament, it decided to establish a joint government with the minority, which shocked many people. There are many people who support joint government, whilst there are many who oppose. Members of two parties signed on 5-Article agreement in order to maintain firm and solid joint government. (more…)

Posted in Government, News, Politics | 1 Comment »

Centerra Gold Reports Third Quarter Earnings of $0.08 Per Share

TORONTO, ONTARIO–(Marketwire - Oct. 31, 2008) -

(This news release contains forward-looking information that is subject to the risk factors and assumptions set out on page 9 and in our Cautionary Note Regarding Forward-looking Information on page 12. All figures are in United States dollars.)

Centerra Gold Inc. (TSX:CG) today reported third quarter net earnings of $16.9 million or $0.08 per common share based on revenues of $139.4 million compared to net earnings before unusual items of $4.8 million or $0.02 per common share on revenues of $98.0 million in the same quarter of last year. In the third quarter of 2007 after reflecting unusual items, the Company recorded a loss of $90.4 million or $0.42 per common shares. (more…)

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Weekly stock review

Between October 37-31 2008, 3.1 million shares of 40 SHCs were sold at MSE, totaling 486.5 million MNT.
At the primary 1.4 million Remicon shares were sold in 139.5 million MNT and 655.7 thousand Monfresh shares were sold 65.6 million MNT.
TOP-20 index is 6530.29 and it is decreased by 632.09 points or 8.82% and total market value was set at 576.8 billion MNT. (more…)

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Vietnam has 21.5 million US$ investment in Mongolia

Mongolia and Vietnam business meeting was held. During the meeting, issues such as economy cooperation and further policy were discussed. Mongolia imports quite big number of rice and vegetable oil from Vietnam. Also it invested 21.5 million US$ in Mongolia and foreign trade circulation reached 5.7 million US$ between two countries. It is tripled since 2006. Both sides discussed about increasing foreign trade circulation size up to 20 million US$.

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A.Batsukh: False rumors about banks are really harmful

At the regular session on Thursday the Parliament discussed the ratification of the draft resolution on State Monetary Policy Guidelines of the year 2009.
As reported by the Governor A.Batsukh, since 2007 the Mongol bank has been responsible for formulating the State Monetary Policy Guidelines covering three years of period, clarifying the SMP each year and maintaining future perspectives. (more…)

Posted in Economy, Finance, Government, Interview, News, Politics | 2 Comments »

O.Chuluunbat: Won’t buy shares of commercial banks.

Q: Why the commercial banks of Mongolia stopped their loan?
O.Chuluunbat: World countries report their economy condition. Otherwise, banking sector is very vulnerable. More precisely, it based on the main factors and trusts of people and is affected directly and instantly by the international economy condition. If commercial banks undergo any difficulties, the government must take a measure. Also the Parliament and the Government start taking about certain measures that are effective for the current situation. But it didn’t consider of buying shares of commercial banks like in USA. It is the risk of commercial banks.

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