Daily Business News Mongolia

147.7 thousand shares were sold at the MSE

147.7 thousand shares of 16 SHC were traded at the MSE totaling 29.6 million MNT trade. 22.4 thousand Remicon shares and 380 Monfresh shares were traded at the primary market. 88.2 thousand shares of Hermes center was traded and it was the most actively traded share at the stock market. In comparison to the previous day’s trade, share price of Mongol shir was increased by 12.78% and Anod bank by 6.06% but share price of APU was decreased by 5.05% and share price of Olloo by 12.28%.

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MP Ch.Khurelbaatar, Head of the Standing Committee on Budget: Budget has a big chance to be changed in the future.

Q: The State Budget has loss of 6.1%of GDP. What was the main factor of such loss in the budget?
MP Ch.Khurelbaatar: This budget was approved in quite decisive period of crisis and newly established parliament. It can be said that this crisis situation affected the budget. Also some measures were inserted in the budget in relationship with the crisis. Therefore, the total budget loss is 395 billion MNT or 6.1% of total GDP. But the state budget current balance has profit of 300 billion MNT. The current balance is the index of the state has savings for its creation from the income. Therefore, current balance of 300 billion MNT says that major part of its budget loss is because of the investment and creation. (more…)

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MP D.Gankhuyag: Foreign aid and loan depend on the budget loss.

MPs have their voice on the approved budget

Q: Economists criticize the budget. Approval of budget was because of the world financial crisis or did the Ministry of Finance work badly?
A: The draft law on budget was presented without consideration of financial crisis and copper commodity price fall. World financial crisis hasn’t had so much effect on Mongolia, but it severely affects the foreign direct investment in Mongolia. If the copper commodity price remains stable, Mongolia Development Fund would provide almost 40% of the Mongolian State budget. Today’s situation suggests us to adjust the budget prediction down to the earth. The expense decreased by only 50 billion MNT. (more…)

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MP R.Rash: We should support infrastructure in order to save the budget out of loss.

MPs have their voice on the approved budget

Q: How do you evaluate the approved budget?
A: The Ministry of Finance brought good budget without any losses. During the discussion period in October and November, many people talked bout to harness inflation under 1 digit number, to pursue budget shrinking policy and to take strict policy on budget saving etc. But at the end, MPs decided to accept the budget with certain loss and to pay attention on recovering it. Now we need to explore much more possibilities to decrease budget expense. World financial crisis is affecting, but Mongolia has a chance to make benefit from it. It is difficult to shrink budget in greater extent. (more…)

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B.Bayarmaa, Leader of “Khuvsgul Ocean Owners” movement: MP Batj.Batbayar exceeds its power on phosphor deposits in Khuvsgul aimag.

MP Batj.Batbayar’s son B.Batkhishig acquired 15 licenses in the phosphor deposit area.

B.Bayarmaa, Leader of “Khuvsgul Ocean Owners” movement, local movement which is opposes this ownership, has her words.

Q: Local people demonstrated against Burenkhaan phosphor deposit exploitation. But its licenses were issued. How many companies own this deposit licenses?
A: NGOs of Khuvsgul aimag made monitoring in companies which acquired mining and exploration licenses in its territory. Last year 40 mining licenses and this year 290 exploration licenses were issued. Within a year, so many companies took exploration licenses. 119 licenses in Burentogtokh soum, 77 in Alag-Erdene, 45 in Arbulag and 49 in Tunel soum were issued. (more…)

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Weekly stock review

During the week of November 24-28 2008, 1.1 million shares of 30 SHC were sold at the MSE totaling 236.9 million MNT. In the primary market, 565.8 thousand Remicon shares were sold totaling 56.6 million MNT and 1.1 thousand Monfresh shares were sold totaling 111.0 thousand MNT. (more…)

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Erdenet provides 512 billion MNT annually to the state budget

In conjunction with the 30th anniversary of Erdenet JVC, Mr. Ch.Ganzorig, General Director of Erdenet JVC, Mr.Z.Ganbaatar, Vice Director for Production, Mr. Yo.Bayarsaikhan, Deputy Director for Social Issues, held a press conference.

Erdenet is the key contributor to the development of the Mongolian economy and it has the most up to date technology and facilities and highly trained human resource which secure consistent and continuous production. During its 30 years of history, it enriched 580 million tons of copper ore ad produced 3.4million tons of copper concentrate. As for the first 8 months of 2008, it has profit of 115 billion MNT and provided 512 billion MNT to the state and local budget. (more…)

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Petroleum price is to fall again by another 400 MNT

Price of petroleum will fall again by 400 MNT in December. Petroleum price will fall by 300-400 MNT depends on its quality and type. Actually, crude oil price fall by almost 300% since its peak in July and fueled up petroleum price in Mongolia up to 1800 MNT (AI 92 type) per liter. As for today, AI-92 type petrol is 1390 MNT which is less than 30% decrease since its peak time price. Therefore, it is quite logical decrease but it is quite late as for the reaction. (more…)

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MPRP wins the local self-government election in Ulaanbaatar City

The local self-government election is important election, because through this administration the Government Action Plan implements and reaches to people. Therefore, to win this election is also vital as for the Parliamentary election. Moreover, it can be said that every election district of MPs is under control of local self government and if two parties conflict like if MP has opposition administration in local government administration, he or she is working without right hand.

(more…)

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Zorigt Dashdorj, Cabinet Member and the Minister for Mineral Resource and Energy

Dashdorjiin Zorigt (MPRP) — Minerals and Energy;

Mongolian People’s Revolutionary Party

1971 Born in Ulaanbaatar

Educational record:
1988-1994 Moscow University of International Studies.
1996-1998 University of Australia
2002-2003 Kyushu University, Japan

Specialized in political science and Chinese study
Master in Law and International Relations

Language: Mongolian, Russian and English (more…)

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