Daily Business News Mongolia

Mongolia names Nasreen Awal Bangladesh Consul

www.bdnews24.com reports that,

Dhaka, Aug 21 (bdnews24.com) – Mongolia has appointed Nasreen Fatema Awal as its Honorary Consul for Bangladesh, a foreign ministry official said.

Nasreen Fatma Awal is president of Women Entrepreneurs Association of Bangladesh (WEAB) and the only woman CIP (Commercially Important Person) in the country.

Synonymous with its most famous son Ghengis Khan, who founded the greatest Land Empire the world has ever seen and conquered much of China as well as lands to the west, Mongolia is a massive country of 1.5 million square kilometres. (more…)

Posted in Economy, Government, Politics | 1 Comment »

Letter to Mongolian Ministers to Protect Labor Rights of North Koreans

Human Rights Watch sends following letter to Mongolian Ministers

August 20, 2008

Minister D. Demberel
Ministry of Social Welfare and Labor
Government Building 2, Negdsen Undesnii Street
Ulan Bator – 210646, Mongolia

Re: North Korean Workers in Mongolia

Dear Minister Demberel:

On July 22, 2008, Daily Business News Mongolia reported that Ulan Bator and Pyongyang have approved a deal allowing North Koreans to work in Mongolia. According to the US Department of State, the agreement, reached in February 2008, permits up to 5,300 North Korean workers to come to Mongolia over the next five years. (more…)

Posted in Government, Politics | 1 Comment »

Stock News: August 20, 2008

38.4 thousand shares of 11 stock holding companies were sold at the Mongolian Stock Exchange, totaling 11.6 million MNT.

136 shares of Remicon SHC were sold at 13.6 thousand MNT. Also 17.8 thousand shares of Khukh Gan SHC were sold and was the most active share of the day.

Moreover, shares of Olloo increased by 15% and Hermes Centre 9.72% and shares of Genco Tour Bureau decreased by 3.3% and the State Department Store 1.61% respectively.

Posted in Business, Companies, Economy, News | No Comments »

It’s asked not to withdraw Mongolian troops from Iraq

An authorized official of the Ministry of Defense informed that American side asked Mongolia not to return troops attending the international peace-keeping activities in Iraq till the end of the year. Over 1000 military troops are sent to Iraq in 10 rotations since the start of the activity. The 10^th shift of Mongolia troops performs duties under the supervision of Polish division in Ad Diwaniyah in the southern Iraq. Their duty term is to come to an end next month. As we informed, the Polish Government withdrew its troops from Iraq. Thus Mongolia expressed several times that it has no intention to send next rotation. However, USA prompts the proposal and urges the issue via diplomatic ways. National Security Council is to discuss this issue. By the way, quite calm condition in Ad Diwaniyah is because of understanding between USA and Mahdi Army.

Posted in Government, Politics | No Comments »

Mining company Erdene reduces 2Q loss

www.thechronicleherald.ca writes that,

Erdene Resource Development Corp., a Halifax miner with assets in Canada, the U.S. and Mongolia, narrowed its net loss for the second quarter to $0.7 million from $3 million last year.

The company, formerly known as Erdene Gold, said it lost one cent a share from a loss of five cents a share for the the same period in 2007.

Erdene did not report any metals revenues. But the company had cash of $22.8 million at the end of the quarter as it develops its key projects, the Donkin coal development in Nova Scotia and the Zuun Mod molybdenum project in Mongolia.

“”We are very pleased with the results to date and outlook of our two advanced stage projects, Donkin and Zuun Mod both from a market fundamental and feasibility standpoint,”" said Peter Akerley, president and CEO. (more…)

Posted in Business, Companies, Mining | No Comments »

Polo Resources says drilling starts at Val coal project in Mongolia

Thomson Financial reports that,

LONDON (Thomson Financial) - Polo Resources Ltd. said drilling has begun at the Val coal project in Mongolia.

The project covers 22,089 hectares and is located 262 kilometres west of one of the world’s largest coking coal occurrences at Tavan Tolgoi.

“Initial exploration of the Val coal project has been encouraging,” said deputy chairman Neil Herbert. TFN.newsdesk@thomson.com jro/ejp

Posted in Business, Companies, Mining | 1 Comment »

Dour display sends Amnat crashing out

www.bangkokpost.com writes that,

WANCHAI RUJAWONGSANTI

BEIJING : Light-flyweight Amnat Ruenroeng missed out on winning a medal when he was defeated 5-2 by Mongolia’s Serdamba Purevdorj in the quarter-finals last night.

The ex-convict failed to deliver in one of the most important bouts of his career and didn’t appear to try very hard for victory.

In one of the worst fights of the tournament, both sides fought cautiously and the referee had to tell them to box on several occasions. (more…)

Posted in Sport and Culture | No Comments »

Some Golds Shine Brighter Than Others

The Wall Street Journal publishes that,

Mongolia Celebrates
Medal and Puts Halt
To Fighting … for Now

By GORDON FAIRCLOUGH

ULAN BATOR, Mongolia — Last month, rioting in the wake of disputed parliamentary elections left five dead in Mongolia’s capital.

But now this city is the scene of celebration. Mongolia, the world’s most sparsely populated country, with 2.6 million people, last week won its first Olympic gold medal.

“This is a huge thing,” that “tells us that, yes, we can be champions,” says Sanjaasuren Oyun, Mongolia’s foreign minister.

The gold medal, in judo, combined with a silver medal in shooting have boosted the confidence of a country that has struggled to redefine itself after decades as a satellite of the old Soviet Union. (more…)

Posted in Sport and Culture | 2 Comments »

Serdamba Purevdorj, a Mongolian boxer secured his Olympic bronze!

August 19, 2008: Serdamba Purevdorj, a Mongolian boxer secured his Olympic Bronze after his bout with Thailand’s boxer RUENROENG Amnat. He secured his victory by 4:2.

He will continue his fight for Silver at 19.16 (local/Beijing time), August 22 2008. If he wins, most surely, he will fight for Gold at 13.30 (local/Beijing time) August 24 2008. It is the second bronze medal secured by the Mongolian boxers in Beijing.

Let Eternal Heaven Bless Mongolia! and Serdamba.P.

Posted in Lifestyle, News, Sport and Culture | 6 Comments »

Gas price goes up again

Last night petroleum importers added the price of gas by MNT 250. As a result customers pay MNT 1740 for AI-80, MNT 1685 for AI-92, MNT 1885 for AI-95 and MNT 1990 for diesel. Gas provider commented on why the price was increased, “As explained by our authorities, the Government freed gas price.” And that’s why a liter gas costs USD 1.5. Petroleum price is constant in the world market however it goes up in Mongolia. Related officials explained it that Russia increased the price of petroleum product imported to Mongolia though gas price in Russia didn’t increase.

What we have to do is to make it clear from importers who don’t pay customs tariff. Following the price increase, transport microbus price went up by 2-3 times, reaching MNT 400-500.

Posted in Companies, Economy, Government | 1 Comment »