Mongolia Business and Mongolian Daily Business News

There are rumors that irregular session of the SGK is to be held. Ts.Sharavdorj, General Secretary of the Office of SGK said that he received official letters which states that Government of Mongolia would like irregular session of SGK to be held. They have not discussed about this irregular session because Speaker most MPs are away on holiday and Speaker of the Parliament is working in the countryside.  He also explains that the letters to the MPs from Rio and IVN did not pass by the office of the SGK but Secretary General said that the letters were addressed to the Speaker of the Parliament, Deputy Speaker, Prime Minister and the Directors of the standing committees.

42 thousand shares of 8 JSCs were sold at MSE today worth 6.7 million MNT. 40.3 thousand shares of Khukh gan JSC were sold and it was the most actively traded stock. Share prices of NIK (4.94%) and Darkhan Nekhi (3.33%) were increased during today’s trading session. Index top 20 is 4780.14 units and was increased by 26.92 units in comparison to yesterday’s trade.

MPs have paid 80 visits abroad. This means some MPs have visited more than once as the number MPs counts to 74. Most visited foreign country was South Korea. D.Demberel, Speaker of the Parliament visited Ethopia, N.Enkhbold, Deputy speaker of the Parliament visited Japan, G,Batkhuu visited USA. S.Bayar paid visits to France, Luxembourg, Belgium, Germany and China as a Prime Minister during the spring session of the SGK.

RIO TINTO

Personal Credential Letter

14201 Ulaanbaatar
Government House
Sukhbaatar Square 6

Date: 27.07.2009

Dear Honorable Parliamentarian____________________________, Read the rest of this entry »

We have informed that OT investors sent letters to MPs regarding the IA. The letters did not get to the hands of the PMs yet but we have published the letter with signature of Sam Regal, leader of the working group of the investors. In this letter they have stated that “during this important period of this IA we are able to make official meeting and provide answers if you have any questions or doubts regarding the IA or the OT project “. The letter also mentions about the importance of OT to Mongolia as this will kick start the economy and social development through providing thousands of workplaces and business opportunities. Rio Tinto sees this as new era of Mongolian mining development. Read the rest of this entry »

6.7 thousand shares of 12 JSCs were sold at MSE totaling 3.0 million MNT trade. 2.3 thousand shares of APU JSC was sold and it was the most actively traded stock. In comparison to the previous day’s trade, share price of Altai JSC was increased by 13.89% but share price of Material impex was decreased by 7.0%. Index top 20 is 4753.22 units and was increased by 32.8 units if compared to yesterday.

Price of petrol is to rise again in Mongolia which may bring the old days of frustration. Petrol AI 92 type is to increase by 90 MNT, Diesel by 30 MNT and other types of petrol are to increase by 80 MNT on average. The 0% import tax on petrol made by the government is not effective as Russia’s export tax is rising every month. Price of petrol in Russia is also increasing. “Rostneft”, only supplier of oil products to Mongolia must have been affected by this price rise. It takes only few days for Mongolians to be affected by the price rise but it takes 3-4 months to see the price fall. This theory can be explained by the last year’s example when barrel of crude oil cost $34 at the time but Mongolians purchased petrol from Russia with sky high petrol. This is the law of crude oil business explains the reporters.

A hearsay is wandering around the Government House that the irregular session of SGK would be called on August 10 2009. The reason of the irregular session is obviously OT IA. Minister D.Zorigt expressed several times through media that reaching deal with resolution of the State Great Khural is impossible. Therefore, SGK would held an irregular session to discuss the issue.

Price of petroleum has increased few times during the last couple of months but in some part of the countryside people have experienced unbelievable price increase due to geographical monopoly. Public have complained that Petrol station in Tsahir sum of Arkhangai has increased its price of normal petrol by 360 MNT per litre. Some explains that Anniversary Naadam ceremony of local wrestling champion N.Jamyan is to be held in the upcoming days. This means that gas and petrol providers are able to increase its price during festivals and ceremonies as many will visit the site. There are other local victims of Monopoly all around the country. There needs to be rules and regulations about this but price increase of NIK Petrol station in Tsahir sum will be great surprise to the tourists and domestic visitors.

74.1 thousand shares of 16 JSCs were sold at MSE, totaling 24.1 million MNT trade. 37.3 thousand Khukh gan shares were sold and it was the most actively traded share at MSE today. In comparison to the previous day’s trade, share price of Eermel JSC was increased by 5.0%, Darkhan Nekhii by 4.82%,share price of Mongol Shiltgeen was decreased by 14.36% and UB carpet by 7.69% but share prices of Mongol Leather and Sor JSCs were unchanged at MSE. Index top is 4720.42 units and was increased by 9.21 units if compared to yesterday.