Daily Business News Mongolia

Leighton eyes Mongolia’s golden hoard

www.news.com.au writes that,

CONSTRUCTION and mining giant Leighton plans to team up with Russia’s richest man for a push into Mongolia and Siberia.

Leighton chief executive Wal King yesterday confirmed the plans after announcing a record profit of $608 million, up 35 per cent from last year.

The company is also to go to the market for $700 million through a share offer backed by its majority shareholder, German construction giant Hochtief. (more…)

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Leighton to Sell A$700 Million Shares to Expand

Bloomberg reports that,

Aug. 14 (Bloomberg) — Leighton Holdings Ltd., Australia’s largest engineering and construction company, plans to raise A$700 million ($609 million) selling shares to expand contract mining in India, Indonesia and Australia.

Leighton, which gets about a quarter of its sales operating mines for companies such as BHP Billiton Ltd., will sell stock to shareholders at A$35.35 apiece, 17 percent less than its close yesterday, the Sydney-based company said in a statement.

Chief Executive Officer Wal King, 64, forecast profit will rise at least 15 percent this year as a resources boom continues into the next decade. Demand for coal and iron ore sent prices to records this year, encouraging investment in new mines in Asia. (more…)

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Leighton looks to expand into Mongolia, Siberia

Reuters reports that,

MELBOURNE, Aug 14 (Reuters) - Leighton Holdings Ltd (LEI.AX: Quote, Profile, Research, Stock Buzz), Australia’s largest engineering contractor, said it is looking to expand into mining contract work in Mongolia and Siberia.

“We’re seriously looking at Mongolia as an area of opportunity,” Leighton Chief Executive Wal King told reporters.

“We’ve also been in engaged in discussions with the Basic Elements group in Russia, Oleg Deripaska, to look at mining opportunities in Siberia.” (Reporting by Sonali Paul)

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Mongolia celebrates judo victory, first Olympic gold medal

www.theaustralian.news.com.au writes that,

MONGOLIA has seen major celebrations after traditional wrestler Tuvshinbayar Naidan won the men’s Olympic 100kg judo gold medal.

“I can’t believe Mongolia just won a gold medal,” Baljinnyam Dashdorj, 17, said as he celebrated with three generations of relatives after Naidan defeated Askhat Zhitkeyev of Kazakhstan in the gold medal bout.

Mongolian athletes have won medals in wrestling, boxing, shooting and judo at previous Games, but never a gold. Gundegmaa Otryad won a silver medal in women’s pistol shooting on Wednesday.

“We are proud descendants of the great Ghengis Khan, and Tuvshee proved the strength of Mongolians in the Olympics,” said Boldoo, a 24-year-old student.

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Mongolia-Japan businessmen gather again

Mongolia-Japan government and private business consultative meeting II is to be held in UB in the upcoming month. The first consultative meeting was held on last November in Tokyo. Initiated and organized by the Ministry of Industry and Commerce, this business consultative meeting aims to bridge businessmen and increase trade turnover of two countries. With reference to the upcoming II consultative meeting, representatives of Mongolian Private Sector held a meeting with the MIC and its Agency for Foreign Investment today, discussing and consulting on how to attend the consultative meeting and how to achieve the desired results in the MIC. Private sector representatives highlighted the roles of the two institutions on identifying ways of integrating business interests. (more…)

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Mongolia the next rising star in Medals Per Capita list

Medals Per Capita adores getting all snooty at the snooty big countries and lavishing attention on the chronically overlooked and, in that vein, will take this opportunity to salute to the hilt one Mongolia.

Now, the proper noun “Mongolia” doesn’t tend to come up in day-to-day American dinner conversation, but Medals Per Capita aspires to change that by announcing that after Thursday’s results in Beijing, Mongolia barged from No. 10 clear to No. 3 in the real rankings of the Olympics.

These rankings, of course, represent a rational, prudent, authentic antidote to the thoughtless, sloppy, phony Medals Table, which simply lists medals won and calls it a shiftless day. The top of the Medals Table features some sort of fracas between China and the United States, blah-blah-blah-blah-blah, plying standard ignorance to ignore that it’s a lot more commendable to wring two Olympic medals from a population of 2.9 million (Mongolia) than to get, oh, 35 from 1.3 billion (China) or 34 from 303 million (United States). (more…)

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Tuvshinbayar.N, a Mongolian won Gold Medal!

A Mongolian athlete, Tuvshinbayar.N, has won the Gold Medal of the Beijing Olympic Games in judo. Winning Kazakstan judo wrestler! This the first ever gold medal of the Olympic Games of Mongolia. Hooray! Hooray! Hooray! Let the Eternal Blue Sky Bless We Mongolians!

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Mongolian Judo athlete for silver

Tuvshinbayar.N, a Mongolian Judo athlete for silver. After defeating world famous judo athlete Suzuki, a Mongolian judo athlete  Tuvshinbayar  won German and South Korean athletes. Now he is ready for the silver medal wrestling.

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The Best Companies of Mongolia 2007

Since 1997 the Mongolian National Chamber of Commerce and Industry with a purpose to support and encourage its member companies and the whole trade and manufacturing sector of Mongolia has been organizing annual award ceremony named “ Entrepreneur”.

Criteria for best companies:

• Product development

• Creation of new job places

• Import substitution by internal resources

• Export increase

• Efficient marketing activities on domestic and foreign markets

• Introduction of hi-tech and know-how

• Creation of eco-friendly environment

• Introduction of advanced management forms

The Grand Prix Company, the Best Entrepreneur of the Year, the Best Domestic and Foreign Investors, the Best manager of State property, the Reliable Marketer of Consumers, the Best Portfolio Investor, the Best Eco green Businessmen, the Best Business Publicist are all awarded from the ceremony.

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The Best Companies of Mongolia 2006

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