Mongolia Business and Mongolian Daily Business News

Bloomberg reporter Alyesha Daya reported that, according to the brand’s chief executive officer, Louis Vuitton, a brand of the largest luxury goods maker LVMH Moet Hennessy Louis Vuitton SA, will open its first stores in Lebanon and in Mongolia this year.

An unofficial source reported that the Louis Vuitton store in Ulaanbaatar will open on October 23rd 2009. Current gossip claims that celebrities such as Madonna and Sean Conner are on the list of attending guests for the opening.

Group consisting of International MPs will visit Mongolia this October. Representatives of MPs from European Parliament, Japan, Germany, Netherland, Belgium, Indonesia, Philippine, South Africa, India, Chile, Austria, Canada, Kazakhstan, Korea and Norway are included. The representative of International MPs will meet the MPs of the SGK to discuss about largest economic and social topic, mining. They will exchange opinions on how to spend the money generated by the mining sector. Also, they will report about the world economy and discuss about how they are overcoming the current economic recession. Arshad Sayed, Representative of World Bank in Mongolia represented this scheme to the Speaker of the Parliament.

Court case of S.Erdene and six others continued for two days and ended on Tuesday. The court had cleared S.Erdene of all charges against him on Tuesday. The DP leader could not take his seat in Parliament even after he had been declared a winner from the Bayangol constituency as he was accused of stealing money from the General Social Insurance Authority of which he was director, as well as of electoral fraud. His acquittal comes after more than a year of investigation. Some of the others who were charged along with him have now been freed under the amnesty law. This means S.Erdene’s path to Parliament is now open.

Russian Mir opened its branch in Mongolia yesterday. This event conflicts with the visit of the RF President and many other veterans of Russia who are about 95 years old. These veterans are the member of the Friendship association and some have the “Hero” title of Russia and Mongolia. Nikonov Viachislov Alekseevich, President of the Russian Mir Fund and other representatives took part in this event. Russian Mir Fund has over 40 branches around the world. They have opened its center in the central library of University of Science and Technology and have gifted over 680 books to the library. They are also fully decorating the library with computers and new technologies worth around 23 thousand USD.

25 million USD will be loaned to the Mongolian Government from the Indian Government. This was approved by the SGK in accordance with project of “Budget Balance.” Working group of the Mongolian side had paid a visit to India in relation with the loan. The loan of 25 million USD has a period of 30 years which the first 10 years are free of interest. This loan provides softest of the loans as the interest rate is 1% per year. In addition, the loan has no political, social or defensive aims but the only objective is to balance the budget during the current economic recession says the officials. The agreement was reached by the D.Battur, Director of the Office of Ministry of Finance and Kumar Sanjei Krishna, Director of the Office of Economy cooperation.

Russian President D.Medvedev is paying official visit to Mongolia during the 25-26 of this month. His visit is related to the 70 year anniversary win of the ‘Khalkh gol’ war. Just his security staffs are counted to be more than 80 a Russian source reports. First part of the Russian President’s working group representatives landed in UB yesterday. The working groups’ early arrival is to secure 100% security in UB during the Russian leader’s visit.

Secretary State of the USA replied to the invitation letter from S.Batbold, Minister for external relations. In the reply it says: “I thank you for your invitation sent on 25th of June, I was very happy to meet you In Washington DC and will be looking forward to meet you again. We highly respect that Mongolia believes USA as the 3rd neighbor. We are happy that relations between our countries are developing and will be looking forward to work together regarding the upcoming projects in the future.” The Secretary State thankful to the invitation and said that she was very happy about her visit back in 1995 and she is hoping to get a chance to visit again.

Price of most common used A92 type of petroleum has been increased up to 1300 MNT per liter from last Sunday. The price rise already started to affect the price of consumer goods. Frustrations started to grow as the price of petroleum increased three times in a month without prior notice. Petroleum importers explain that ‘unavoidable’ increase was caused by the export tax of Russia and Rosneft, Russian oil supplier. Mongolia imports most of its petroleum directly from Rosneft.

Interview of Minister for Finance after the regular meeting of Government

Q: Have discussed about OT IA, how is the situation?
A: It is very difficult. The situation keeps changing due to new calculations. Plenty of work needs to be done. The IA deal needs to be signed according to the mineral laws. We are working to follow the laws.
Q: Will the irregular session of SGK take place?
A: The IA deal needs to go through according to the laws so it will be decided after the current proposal is presented to the Government. The session is not ended yet. Read the rest of this entry »

Yesterday, 16 MPs including Kh.Temuujin, R.Amarjargal, S.Byambatsogt, Ya.Batsuuri, N.Ganbyamba, O.Chuluunbat presented the new draft law on legal environment of the Member of Parliaments and laws of the State Great Khural to D.Demberel, speaker of the Parliament. Law initiators included the following adjustments in their draft; to validate the mandate of the members, separate and distinguish the mandate rights and full rights, to attribute immunity to mandate rights by international standard. Above adjustments are about the legal environment of the members of the SGH. Read the rest of this entry »