Unexpected fluctuations in cashmere prices in 2012 have dampened optimism in Mongolia’s textiles sector, despite the introduction of incentives from the government aimed at streamlining the industry. However, industry players say a planned commodities exchange will resolve the issue. After opening at MNT70,000 ($52) per kg in the March-April buying season for the country’s pivotal […]
Category: Business
Mongolian business
B.Bataya is re-appointed as the Head of the Mongolian Railway
Today, B.Batzaya, former Head of the Mongolian Railway, was re-appointed by the State Property Committee. He was previously sacked by Mr. Zayabal, charge de affair of Chairman of the State Property Committee. B.Batzaya sued against this decision and the related court resolved the decision in favour of B.Batzaya. Hence the State Property Committee re-appointed him […]
Mongolia: Shoring up technology gaps
The information and communications technology (ICT) sector has been boosted in recent months by measures to enhance local online content and implement e-bidding systems for investors. However, technological glitches during the elections in June have highlighted issues with internet coverage. On June 22, the country took a step towards increasing Mongolian content on the internet […]
President of Mongolia opened trading on London Stock Exchange
His Excellency, The President of Mongolia, Elbegdorj Tsakhia, yesterday opened trading on London Stock Exchange in a Market Open Ceremony. He was welcomed by Xavier Rolet, CEO of London Stock Exchange Group (LSEG). The Market Open Ceremony was held to mark the start of the 2012 Mongolia- London Business Forum, a one day conference organised […]
Mongolia: Growing pains for agriculture
Although Mongolia’s agriculture sector is feeling the benefits of new management approaches and seeing intensified production thanks to technological advances, it is still struggling to overcome issues created by under-investment and a transition from a planned to a market economy. In mid-June T. Badamjunai, the minister of food, agriculture and light industry, told the cabinet […]
Mongolia President Sets 2012 Deadline for Picking Tavantolgoi Partners
Mongolia President Tsakhia Elbegdorj set an end-of-year deadline to select companies to develop part of its biggest coal field, seeking to resolve a year-long battle for the resource between groups from five nations. Peabody Energy Corp. (BTU) (BTU), OAO Russian Railways, and China’s Shenhua Group are among companies affected by stalled talks to develop the […]
World Bank urges tightening the monetary policy
World Bank informed that the Mongolian economy growth is 16.7% as of the first quarter 2012. But inflation rate is 16% by April 2012, due to the cash distribution from the Government, instability in the world economy and drop in the Chinese export size. Therefore, World Bank urges the Mongolian policymakers to follow stricter monetary […]
U.S. Deputy Secretary of Energy Daniel Poneman: Mongolia never raised the issue on nuclear waste disposal from USA
Recently, due to the election competition between opposing parties and candidates, D.Zorigt, Minister for Energy, was blamed by Mr. Enkhbat, former chairman of the Nuclear Energy Agency, for initiating the issue of storing nuclear waste in Mongolia. This was cleared by the U.S. Deputy Secretary of Energy Daniel Poneman. Q: During your last visit to […]
Prophecy Coal consolidates Mongolian coal resource
Toronto-listed Prophecy Coal on Monday said it would expand its coal resources in Mongolia by acquiring certain assets next to its Chandgana licences from privately held Tethys Mining. CEO John Lee said consolidating the coal basin of about 300 km2 offered greater economies of scale to potentially produce low-cost electricity at the proposed 600 MW […]
Mongolia and China to promote bilateral economic cooperation
China-Mongolia economic and trade conference opened in China on Friday to promote bilateral economic cooperation. The event, jointly organized by the Mongolian National Chamber of Commerce and Industry and China Inner Mongolia International Trade Promotion Association was aimed at providing a platform for cooperation between Chinese and Mongolian enterprises. Present at the gathering were representatives […]