Daily Business News Mongolia

The General Director of the Millennium Challenge cancels his visit to Mongolia

Mr. John Danilovich, the General Director of the Millennium Challenge of USA planned to visit Mongolia, but he cancels his visit for uncertain period. The reason is still not confirmed yet. His visit was to get introduced with the initial 5 projects that are funded by the Millennium Challenge Corporation of the United States of America, according to the agreement signed with the Mongolian Government. Those 5 projects started its implementation and 10% of them will be completed this year.

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S.Bayartsogt: Salary and pension will be increased without announcement

Mr. S.Bayartsogt made press release and interview to the media, in relation with the proposal of the Budget Modification and Project on development principles of economy and society in year 2009, to the State Great Khural. His primary target is to decrease inflation rate down to 12% from 34% and to decrease consumption price. The development principles stated that economic growth rate will be 14.1%, reach GDP to 7 trillion 95 million MNT and GDP per capita will be 2274 US$ in year 2009. According to the first 8 months performance of the state budget, total income was 1 billion 405.1 million MNT and expenditure was 1 billion 401 million MNT. Tax waive on oil products and wheat, grain was the main reason of decreasing budget income. He answered some questions from journalists: (more…)

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55% of Harvesting work is completed

55% of the harvesting work in Mongolia has completed, according to the report to the Ministry of Food, Agriculture and Light Industry. More precisely, 113 thousand tons of grain was harvested and over 90% of the total vegetable plantation. Really short time is left for the harvest. Because, weather is getting worse and cold from October 7th. 8 of 14 aimags completed their harvest. Mostly Darkhan-Uul, Orkhon and Khentii aimags are lagging in their harvesting.

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STATEMENT BY H.E. MR. SANJAA BAYAR,

Prime Minister S.Bayar at the UN General Assembly, providing statement

PRIME MINISTER OF MONGOLIA, AT THE GENERAL DEBATE OF THE 63rd SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY
September 24, 2008, New York

Mr. President,
Mr. Secretary-General,
Excellencies,
Ladies and Gentlemen,

This session of the General Assembly is taking place at a time when the international community is faced with formidable challenges and threats of much more complex nature. Existing global problems, including poverty, violence, inequality and disparity, terrorism, HIV/AIDS and natural disasters have been further exacerbated by the current financial, food and energy crises. As we live in an increasingly globalized and interdependent world, the solutions demand our concerted action. (more…)

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Peabody Energy signs Inner Mongolia coal mine deal

Coal producer Peabody Energy signs deal for mine in Inner Mongolia, methanol plant included

NEW YORK (Associated Press) - Peabody Energy Corp., the world’s largest private-sector coal producer, said Thursday it signed a deal with Inner Mongolian officials to develop a large surface mine and build an associated coal gasification plant. (more…)

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Khan Resources Issues Update on Mongolia and the Dornod Uranium Project

TORONTO, ONTARIO, Oct 03, 2008 (MARKET WIRE via COMTEX) — Khan Resources Inc. (CA:KRI: news, chart, profile) is pleased to provide an update on the political situation in Mongolia as it relates to the mining industry. On October 1, 2008, President Nambaryn Enkhbayar in his opening speech to the Mongolian Parliament said “It is the reality that Mongolians cannot invest in deposit independently, introduce advanced technology and provide qualified experts. Therefore, there is no other way than attracting major investors, their financial resources, technology and experts. Investors would want to calculate their investment returns and control expenditures of their investment. They would aspire to recover their investment and make profit. This is natural.” President Enkhbayar continued, “Therefore, there is no other way than for all parties concerned to accept market principles of allowing the investors to own more than 51% of the deposit”. An excerpt of the translated speech can be found at www.khanresources.com. (more…)

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Mongolia, Thailand Deny Talks on N. Korea Refugee Camp

Mongolia and Thailand have denied holding any discussion with South Korea on the possibility of setting up a North Korean refugee camp in their territories, Yonhap News reported Saturday, quoting Radio Free Asia.

The two countries’ statements were announced through their foreign ministries respectively. In March, President Lee Myung-bak instructed the Unification Ministry to consider establishing refugee camps in such countries as Thailand and Mongolia where there are many North Korean refugees, Grand National Party lawmaker Hong Jung-wook revealed.
(more…)

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Turkish PM calls off Mongolia visit after PKK attack

ANKARA, Oct. 4 (Xinhua) — Turkish Prime Minister Recep Tayyip Erdogan who is visiting Turkmenistan said he had cancelled a planned trip to Mongolia after being informed of a rebel attack on Turkish soldiers, the semi-official Anatolia news agency reported Saturday.

Addressing Turkish citizens living in Ashkabat, Erdogan said he was saddened by the death of 15 Turkish soldiers and wounding of 20 others in the assault staged by the banned Kurdish Workers’ Party (PKK), adding he would be back to Turkey shortly to assess the situation.
(more…)

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Mongolia received its second helicopter.

Mongolia lost all of its helicopters last year. The issue of new helicopter was discussed widely and it was included in the state budget. Lat August it received its first helicopter MI-171E, transport helicopter, and recently the air force of the anti-air unit of the Mongolian Army Staff Headquarter received its second helicopter. (more…)

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R.Sodkhuu: “IT” system introduction enables fundraising in the foreign market.

Mr Sung Hee Hong, director of Global Business development department of South Korea, is visiting to Mongolia. They met with the Mongolian Stock Exchange authority regarding “IT system introduction”. It was clarified from Mr. R.Sodkhuu, Executive Director of the Mongolian Stock Exchange.
Q: Information System of MSE will be reformed. What would you say about it?
R.Sodkhuu: Current  equipment and system was installed in 1994 by Australian Aid. But now Information Technology must be innovated and reformed. Therefore, MSE is about to introduce “IT system” within the framework of project “Strengthening Human Resource and innovating equipments and technology of MSE”
Q: What is the peculiarity of the system? (more…)

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