Daily Business News Mongolia

Mongolia votes in key elections

BBC reports that:

Polls have opened in Mongolia, for the first general election in four years.
Voters started queuing well before polling stations opened, many riding into villages on camel and horseback to cast their votes.
Mongolia’s potential mineral wealth has been a campaign issue, with the two biggest parties both promising cash payments from big mining projects.
A recent survey suggested inflation had outstripped unemployment and corruption as ordinary Mongolians’ main concern.
More than 1,800 polling stations opened on Sunday morning. In towns they have been set up inside schools, libraries and gymnasiums. (more…)

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Mongolians go to polls as mining deals eyed

Reuters reports that:

By Lindsay Beck

ULAN BATOR (Reuters) - On horseback, foot and motorcycle, Mongolians cast their ballots on Sunday in a tight race that will see the election of a government tasked with fighting inflation and tapping into huge mineral wealth.
A poll showed the ruling Mongolian People’s Revolutionary Party (MPRP) with a slight edge over the Democratic Party, but if neither wins a majority in the 76-seat parliament, or Great Hural, the smaller parties on the ballot could be the real power-brokers.
“Are you going to ask me who I voted for?” Prime Minister Sanjaagiin Bayar joked as he cast his ballot in the capital.
The last election four years ago resulted in a hung parliament, leaving the parties to scramble to form a government to rule the landlocked country of less than 3 million, whose empire under Genghis Khan once extended west as far as Hungary. (more…)

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Representatives of UN Statistics Division Will Visit to Mongolia

At the invitation of National Statistics Commission, representatives headed by Professor Paul Cheung, Director of UN Statistics Division, will visit to Mongolia from June 28 to July 03. During the visit, Mongolian and UN sides will discuss on Mongolian participation for International Statistics Society, and future cooperation issues. Then, representatives will hold a meeting with central and local statistics administration, and will lecture to NUM academics on regional development.

(more…)

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Mongolbank Initiates New Payment System

In purpose of implementing “National Payment System” project, Mongolbank announced international tender to conduct RTGS, which stand for Real Time Gross Settlement, and signed an agreement with tender-winner, Stockholm-based CMA Small System Company of Sweden. RTGS is an online system for settling transactions of banks. In the 1990s, many countries initiated this new system for their domestic financial transaction.
RTGS system usually controlled by Central Bank and it is suited for low-volume, high value transactions. It lowers settlement risk, besides giving an accurate picture of an institution’s account at any point of time.

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South African Countries Impose 26 Percent Tax on Mining Companies

Mr.Ndumiso Ndima Ntshinga, Ambassador Extraordinary Plenipotentiary of South Africa to Mongolia held a press conference on occasion of the liberty day of South Africa. Liberty day is celebrated on June 11 of each year and this year is the 40th anniversary. The 15th anniversary of diplomatic relations between Mongolia and South African countries shall happen next year.
“It’s been 100 years since mining sector developed in our country. In Mongolia too mining sector develops rapidly. In our country all mining companies are private companies and they engage in deep mining. Since some of them run mining at 5000m depth they ensure their security and safety very well. There are a lot of things that Mongolia could benefit as experiences so we must collaborate. (more…)

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MNT 11 Billion Aid is Granted

Realization of Project on education sector renovation shall be continued in the years between 2009 and 2014. Funds of the project, to be implemented at ADB aid of MNT 11 billion, will be used for children of poor and vulnerable groups. A specialist of Education, Culture and Science Ministry in charge of the project says, “It aims to ensure equal and efficient access to education for rural children.” Besides, it is planned to provide necessary financing with reference to improving education planning and management, increasing material base of schools that train teachers, improving supply of training materials and manuals and transferring to 12-year school system.

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Vice President of PRC is to Pay visit to Mongolia

Vice president of PRC is visiting Mongolia on June 19 in framework of his visit to North Korea, Saudi Arabia, Qatar and Yemen as informed by Chinese Agency Xinhua. With reference to the visit, Chinese Ministry of Foreign Affairs held press conference, introducing and informing on features of visits to each country. After visiting North Korea, holding meeting with primary leaders, sharing views on bilateral relations, Korean peninsula nuclear issue, international and regional matters, Mr. Xi Jinping is to visit Mongolia, planning to see Mongolian government leaders and statesmen. According to press conference, PRC is ready to extend bilateral cooperation and relations with Mongolia, giving much importance in relations.

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Civil Will Party Supports Healthy Business Environment

Civil Will Party Leader S.Oyun and S.Demberel, Head of MCCI signed on a collaboration memorandum. The objective of the memorandum is to maintain sustainable economic growth, create favorable environment for business and investment and implement real partnership between government and private sector. S.Oyun said, “Unfair and unhealthy business environment should grow. Therefore state dominance in the business environment should be dismissed. The real realization of the memorandum starts from making politicians aware of it. It is not a secret that there is a criticism over politicians that they fail to keep pace with businessmen.”

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It is Possible to Give 1 Million and Even 1.5 Million

Prime Minister S.Bayar worked in Khubsgul province during 6th and 7th of this month. After getting acquainted with activities of province administration and government agencies, Prime Minister team held meeting with civil representatives of the province, and worked in Shine-Ider and Jargalant soums. Investment amount made to the province increased dramatically and people are happy with a lot of social and economic activities.
In 2008, construction work of MNT 1.4 billion in province and MNT 218 million in soums will be distributed. Almost everyone asked about MNT 1 million to be provided by DP clarifying if it was a real promise. Prime Minister replied that not MNT 1 million but also MNT 1.5 million could be provided but fundaments must be created. “The most important priority was to modify the Minerals Law. (more…)

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Mongolia is Appointed as UN Vice-President

63rd UN General Assembly gathered and appointed heads of the 63rd assembly and committees last week. The General Assembly has 21 vice presidents and Mongolia was selected for the first time as the vice president with support of 192 countries in 1997. It is a tradition that USA, PRC, Russia, France and GB are selected as Security Council members.
UN memberships including Afghanistan, Bolivia, Egypt, Spain and Portugal were elected as vice presidents too. The former Nicaraguan foreign minister Miguel d’Escoto Brockmann was elected as the next President of the General Assembly by acclamation. After the election, Mr. d’Escoto told the Assembly that it was vital for Member States to work together on goals ranging from the maintenance of peace and security to the battle to eradicate poverty and hunger to ensure that the UN lives up to its name. The 63rd general Assembly of the United Nations Is to begin activities on September 16.

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