Mongolia Business and Mongolian Daily Business News

1. Speaker of the Parliament D.Demberel released a resolution No.65 speculating the list of issues to be discussed at the spring session of the Parliament as follows:
1.    Parliament draft resolution on “Adopting the guidelines for sophisticating legislations of Mongolia until 2012”;
2.    Draft law on modifications to the rehabilitation of and compensation for those suffering from political frame-up;
3.    Draft law on state registrations; Read the rest of this entry »

Regular meeting of the Director’s Council of MSE was held and discussed the report of “Erdenest” Broker and Dealer Company. The company trading right is temporarily suspended until it meets with the requirements and criteria set by the Monitoring Division of MSE. If it fails to meet the requirement and fix its faulty actions, the company trading seat will be cancelled permanently.

The company committed illegal action of using its client’s capital without any authorization. Therefore, CEO of MSE made resolution to cancel the trading right of CEO J.Erdenebileg of “Erdenest” Co., Ltd.

Sources inform that MP E.Bat-Uul will become the presidential election candidate from Demparty. Demparty fractions agreed upon this issue. Another possible, yet strong candidate MP Ts.Elbegdorj lost his support from Mongolian Democratic Movement.

Demparty fractions such as “Altangadas”, Mongolian Democratic Movement, North East Asia and Civil Will Party supports MP E.Bat-Uul as the candidate of Presidential Election.

Mongolian Stock Exchange’s Director and CEO Mr.R.Sodkhuu and other officials held meeting with First Deputy Prime Minister of Mongolia Mr.N.Altankhuyag on 23 March 2009.

Brief presentation was made on current issues and priorities that Mongolian capital market faces. During the meeting they also discussed areas like the country’s economic and social situation and factors that influenced decrease of securities index and market indicators, as well as Government’s plan to overcome the financial difficulties that capital market encounters.   Read the rest of this entry »

5 stock trades were held during the week of 23-27th of March, 2009. 166.2 thousand shares of 29 JSCs were sold totalling 1.9 billion MNT. 1.6 thousand Remicon shares were sold at the primary market totalling 160 thousand MNT. The market capitalisation is now 451.4 billion MNT and the index top 20 had reached 4992.76 units and was increased by 53.34 units or 1.1% if compared to the trading session of last week.

Shares of 29 JSCs were sold and share prices of 9 JSCs were increased, share prices of 12 JSCs were decreased but share prices 8 JSCs were unchanged at MSE. Shares which prices were increased are Tavan tolgoi (by 22.2%), Mongolia telecom (by 16.6%) Gazar suljmel (by 15.0%) but shares which prices were increased are Gutal (by -15.0%), Zoos goyol (by-13.0%) and SBB (by -12.2%). Read the rest of this entry »

Prime Minister S.Bayar is visiting Germany between March 25-30 2009.

In his first day of visit, Prime Minister S.Bayar met with delegates from Thussen krupp, a state owned company. The company developed the feasibility of coal extracting factory based on Tugrug Nuur coal mine, together with the Mongolian Industrial Corp. It also started negotiations with some Mongolian companies in jointly building cocking coal factory with capacity of 1.0 million ton cocking coal product per year.  At the end of the meeting, the company delegates expressed its interest in investing and establishing cooperation in mining industry, especially in cocking coal production and buying. Read the rest of this entry »

March 26 (Bloomberg) — Deutsche Bahn AG, Germany’s state- owned railway, is planning to build a 260-kilometer (162-mile) railroad for coal transport from southern Mongolia to China.

Representatives of Deutsche Bahn and Mongolia-based Energy Resources LLC signed an accord in Berlin today during a visit by Mongolian Prime Minister Sanjaa Bayar, the company said in a statement. Construction work will begin this year on the project, costing as much as $800 million, with the first trains due to run by 2011, according to Deutsche Bahn.
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Inspectors had tested the harvest of this spring. 28 thousand tonnes of wheat seeds were tested by the inspectors and 82% of the seeds were under standard, unclean and contaminated with junk plants. Therefore the harvest development fund had told the harvesters and firms related to this harvest that they have to clean and re-sort the wheat seeds to meet the standards. The good news is that 7 types of vegetables seeds reserved met the standards 100% reports the inspectors. Read the rest of this entry »

Darkhan makh expo JSC of Darkhan-Uul province was bankrupt under the law 33.1 of bankruptcy. Darkhan makh expo was abolished by the decision No261 of the court of Darkhan-Uul province. Therefore the Financial Regulatory Committee (FRC) has stopped the trading of Darkhan makh expo stock at the MSE from the 25th of March, 2009. This was based on the official notice No33 of the state inspector.

34.3 thousand shares were sold at MSE totalling 4.7 million MNT trade. 975 Remicon shares worth 97.5 thousand MNT were sold at the primary market. 30.1 thousand shares of Khukh gan JSC were sold and it was the most actively traded share in the stock market.

In comparison to the previous day’s trade, share price of Gazar suljmel JSC was increased by 15.0%, share price of Talkh chikher JSC by 6.25%, share price of HB oil JSC was decreased by 4.76% but share prices of Khukh gan and Zoos bank JSCs were unchanged at MSE. Share price decreases of HB oil, Nik and State department store JSCs have affected the Index top – 20 to fall to 4992.76 units. It was decreased by 21.67 units or 0.43% if compared to the trade of yesterday.