1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Mongolian and German Health ministers pledge cooperation in training physicians www.en.montsame.mn

Ulaanbaatar /MONTSAME/ On the sidelines of her attendance in the 70th World Health Assembly, being held in Geneva, Minister of Health A.Tsogtsetseg met with her German counterpart Hermann Grohe and exchanged opinions on bilateral cooperation.
 
The dignitaries agreed on resuming annual consultative meetings of health to be hosted by both countries in turns.
 
It was highlighted the two countries had been actively collaborating in leukemia diagnostics, epidemic surveillance in medical institutions, hospital-acquired infections and in training of cardiac surgeons and nurses, as well as diagnostics and treatment of pneumonia and Hepatitis B and C.
 
Unfortunately, the collaboration has slowed down since 2013 and the annual meetings had stopped.
 
Therefore, the Health Ministers of Mongolia and Germany agreed on cooperating in preparing physicians specialized in cardiovascular surgery and leukemia treatment, and joint efforts for realizing the Whole Liver Mongolia Program.
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Google and Microsoft teach us not to fear brain drain www.asia.nikkei.com

 
Palo Alto, U.S. -- Name one thing Microsoft and Google have in common beyond competing in a variety of fields from operating systems to browsers and cloud service. They are both headed by an Indian in his 40s.
 
Satya Nadella, the 49-year-old chief executive officer of Microsoft, is from Hyderabad in Southern India. He studied electrical engineering at university and moved to the U.S. in 1988. He earned a master's degree in computer science and management in the U.S. and joined Microsoft in 1992. After successfully leading Microsoft's cloud business, he became the company's third CEO in 2014.
 
Sundar Pichai, Google's 44-year-old CEO, is the son of an electrical engineer in the southern Indian city of Chennai. He set foot in the U.S. as a scholarship student at Stanford University in 1993. After working for McKinsey & Co., he joined Google in 2004. He led the development of Chrome, now the world's most widely used internet browser. He reached the top job in 2015.
 
The southern portion of the San Francisco Bay Area nicknamed Silicon Valley is a multiethnic society where nearly 40% of the 3 million or so people who live there are foreign-born. Though Indians trail behind Mexicans and Chinese by sheer number, they are by far the dominant group among startup founders and employees of information technology companies in the area. Their increasing presence at the top of the American IT industry owes to a rich pool of talent at home with the ability to think logically -- nurtured through India's strength in math and science educations -- and English language skills.
 
In a speech two years ago, addressed to 18,000 Indian expatriates filling a stadium in Silicon Valley, Prime Minister Narendra Modi said he considers them as more of a "brain deposit" than a brain drain, as some in India make them out to be. As those people eventually return home, he said, they will contribute to the development of India.
 
Modi's words were not merely lip service for the occasion. In fact, people like Nadella and Pichai achieved what Indians see as an American dream. They returned triumphantly as heroes and promised to build infrastructure and create jobs. Money and talent are already beginning to flow back home.
 
Meanwhile, the number of Japanese companies and residents based in Silicon Valley has hit 20-year highs -- 770 and around 44,000, respectively. The increase has been driven by a sense of urgency to catch up with the disruptive force caused by the internet of things, an age we are entering when everything will be connected online. Still, Japan's presence here is smaller than that of not just India, but China and South Korea as well.
 
"Fears of a brain drain tend to get in the way, and there is not enough support for those willing to leave [Japan] to take on a challenge," laments Gen Isayama, CEO of venture capital World Innovation Lab, or WiL, based in both Tokyo and Silicon Valley.
 
Some worry that U.S. President Donald Trump's "America First" approach to protecting jobs may undermine Silicon Valley's diversity and competitiveness. But the tech hub has not lost its appeal to businesses and people wanting to innovate.
 
Just as the height of a pyramid is a function of its base, it may not be too late for Japan to start worrying about a brain drain until it sees a Japanese become a Silicon Valley CEO first.
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Banks use fintech to drive change, key report finds www.chinadaily.com.cn

 
The rapid development of financial technology has seen listed Chinese banks continue a major drive to transform their branches and reform their operations, according to the findings of a report issued on Monday by Ernst & Young.
 
It analyzed the annual reports last year of 37 A-share and H-share listed lenders-five large commercial banks, nine joint-stock commercial banks, 22 city commercial banks and rural commercial banks as well as the Postal Savings Bank of China.
 
It found that Chinese-listed banks are paying ever-increasing attention to the application of finance technology, or fintech.
 
Of the 37 listed banks, 30 mentioned fintech in their 2016 annual reports.
 
Chinese listed banks have continued use fintech to drive the transformation of the branches and operational reforms. In 2016, the total number of branches in large commercial banks declined for the first time, it found, while the proportion of smart branches increased further.
 
The lenders continued to push the use of such digital tools as mobile banking, online banking and popular social media platform WeChat, while optimizing their brick-and-mortar branches. The report found that last year the extent to which digital channels substituted branch business further increased.
 
"Fintech such as big data, artificial intelligence and blockchain have changed and will continue to bring profound change," said Steven Xu, financial services partner at Ernst & Young.
 
"It will drive the transformation and upgrade of the traditional financial services industry and help financial institutions achieve innovations in products and service offerings and business models," Xu added.
 
The transformation of the branches was accompanied by a restructuring of staff. According to the report, over the past three years the growth in the head count of the listed banks slowed each year-particularly in the large commercial banks, whose total head count declined for the first time in 2016.
 
"In the long run, the optimization of branches and restructuring of personnel by listed banks will be conducive to improving their service capabilities at reduced costs," said Frank Jiang, financial services partner at Ernst & Young.
 
He said the process would improve the professional competence of employees in risk management and internal controls and sustaining banks' competitiveness.
 
The 37 listed banks reported total net profit of 1.5 trillion yuan ($218 billion) in 2016, up 3.7 percent year-on-year, compared with 2.9 percent year-on-year growth in 2015.
 
Looking to the future, Ernst & Young's Geoffrey Choi said 2017 was an important year for the implementation of China's 13th Five-Year Plan and a year for the continued deepening of supply-side structural reform.
 
"China's banking industry is still undergoing critical transformation, where both opportunities and challenges coexist," said Choi, assurance leader of EY financial services in Asia-Pacific.
 
"To cope with the complex and ever-changing environment, listed banks will continue to explore the path to transformation and development and fintech will inject new impetus into the shaping of future banking."
 
Choi added that banks should strengthen their risk prevention and controls during transformation, to achieve long-term sustainable development.
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NRI And JPX Embark On Project To Formulate Strategy For Money Market And Capital Market Development In Mongolia www.mondovisione.com

 
Nomura Research Institute, Ltd. (CEO: Shingo Konomoto, HQ: Tokyo, NRI) and Japan Exchange Group, Inc. (Group CEO: Akira Kiyota, HQ: Tokyo, JPX) have embarked on a project entitled “Money Market and Capital Market Development Strategy for Mongolia”, commissioned by the European Bank for Reconstruction and Development (EBRD).
 
Mongolia has shown significant economic development since its transition to democracy and a market economy. Recently, however, due to factors such as falling prices of natural resources, the country’s economy has suffered a slowdown, leading to potential financial assistance from the International Monetary Fund and other organisations. Mongolia is working on policy initiatives for economic recovery and budget improvement, with support from various international donor organisations. Development of the capital market is among the important areas covered by these initiatives.
 
With funds from the Japan-EBRD Cooperation Fund, the EBRD selected a joint team of NRI and JPX staff to support Mongolia in establishing a long-term development plan for the Mongolian capital market, identifying barriers and recommending possible solutions. The project is expected to run from May to October 2017. This is the first time that the EBRD has selected a Japanese firm as a consultant company for technical assistance in the area of financial markets.
 
“The joint team of NRI and JPX appeared particularly strong among those candidates with in-depth knowledge both in money markets and capital markets. We expect the team to produce exceptionally high-quality deliverables that will support the aims of Mongolia’s national strategy for the development of financial markets,” said Tricia Huijeong Park, operation leader of the project at the EBRD Local Currency and Capital Markets Development Team.
 
Aude Pacatte, Head of Local Currency Portfolio Management at the EBRD Treasury, emphasises that money market development is a prerequisite of capital market development and that all stakeholders should work together to agree on the sequence of reforms and the role of each institution.
 
Irina Kravchenko, Head of the EBRD Resident Office in Ulaanbaatar, commented: “We believe this project is very important for the country and it is consistent with one of the main strategic priorities of the EBRD's new country strategy for Mongolia. We look forward to cooperating with NRI and JPX on this initiative and providing assistance to the Ministry of Finance of Mongolia to achieve the best possible outcome for development of the money and capital markets.”
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Rio Tinto launches new debt reduction programme www.mining.com

 
Rio Tinto (ASX, LON:RIO) launched today a $2.5-billion bond buyback plan with the idea of reducing reduce its gross debt.
 
In a press release, the global miner explained that, under the plan, it has issued a redemption notice for approximately $1.72 billion of its 2019 and 2020 US dollar-denominated notes and commenced cash tender offers to purchase up to approximately $781 million of its five 2021, 2022 and 2025 US dollar-denominated notes. Such offers will expire on June 20.
 
The company also said that today’s announcement is part of its ongoing capital management plan and follows the completion of a series of $7.5 billion US dollar-denominated note redemptions and repurchases in 2016.
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Training on statistical data integration ongoing www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ A two-day national training & workshop themed ‘Information and Communication Technology Statistics and International Trends’ is being held at the Ministry of Foreign Affairs on May 22-23.
 
Co-organized by Communications and Information Technology Authority, Communications Regulatory Commission, National Statistical Office and International Telecommunication Union on Monday, the training aims to provide the participants with an understanding on general approach to statistical data integration in ICT.
 
More than 120 participants representing public and private organizations such as Statistical Office, Communications and Information Technology Authority, National University of Mongolia, Mongolian University of Science and Technology are attending the training, the first of its kind to be held in Mongolia.
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7374 Mongolians to vote for president from abroad www.montsame.mn

Ulaanbaatar /MONTSAME/ The registration of Mongolians living abroad for the upcoming Presidential election was completed by May 20, reported the General Election Commission (GEC) on May 22, Monday.

The commission set up 45 sub-commissions in 32 countries including Australia, the UK, the US, Germany, Kazakhstan, Russia, the Republic of Korea, China and India for Mongolian nationals to vote for the next President of Mongolia.

The sub-commissions registered 7374 Mongolian nationals from all around the world, with the most number of people registering themselves at the Embassy of Mongolia in the Republic of Korea, 1626, and the Embassy in the United States, 1011.

The GEC also reports that 6233 Mongolian nationals partook in the 2013 Presidential election, highlighting an increase of about 1000 citizens this year.

The registered Mongolian nationals will cast their votes on June 10-11, and the election will take place on June 26, Monday in Mongolia.
Kh.Aminaa

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Australia leads fight to save Trans-Pacific Partnership trade pact www.theguardian.com

 
Australia is leading the charge to save the controversial Trans-Pacific Partnership free trade deal thrown into doubt by Donald Trump’s decision to pull America out of the pact.
 
As fears rumble of a new global era of protectionism, Asia Pacific trade ministers gathered in Vietnam on Sunday with Australia, Japan and New Zealand at the forefront of efforts to save the deal.
 
The 12-nation TPP covered 40% of the global economy before Trump abruptly abandoned it in January as part of a campaign pledge to save American jobs he said had been sucked up overseas.
 
But some remaining members of the pact – the so-called TPP 11 – are desperate to keep the deal alive, believing the pact will lock-in free trade as well as boost labour rights and environmental protections.
 
After the Sunday morning meeting, the Australian minister for trade, tourism and investment, Steve Ciobo, said: “It’s important to leave the door open to the United States. It may not suit US interests at this point in time to be part of the TPP, but circumstances might change in the future.”
 
New Zealand’s trade minister, Todd McClay, told reporters that the TPP 11 “are committed to finding a way forward to deliver” the pact.
 
Trade representatives in Hanoi have said they are ready to tweak the deal to leave room for a US return, pinning hopes on a U-turn in American policy.
 
Spearheaded by former US president Barack Obama, the far-reaching TPP – which notably excludes China – would have rewritten the rules of 21st century trade and was seen as a way to counter Beijing’s regional economic dominance.
 
Reviving the TPP, even without the heft of the world’s biggest economy, would still provide ballast against China, analyst Alex Capri told AFP.
 
“The Chinese would not be particularly pleased to see the TPP go ahead even without the United States,” said Capri, a senior fellow and professor at the National University of Singapore.
 
He did not rule out the eventual return of the United States to the TPP, noting that Trump has “flip-flopped” on other campaign positions in a headline-grabbing first few months in office.
 
The TPP ministers are meeting on the sidelines of a gathering of trade ministers from the Asia-Pacific Economic Cooperation (APEC).
 
The newly-appointed US trade chief, Robert Lighthizer, attended the two-day gathering, where he was scheduled to meet one-on-one with several ministers, including from China, Canada and Mexico.
 
The Reagan-era trade veteran has been tasked with renegotiation of the North American Free Trade Agreement – another deal Trump promised to pull out of, though he later backpedalled after speaking to the leaders of Canada and Mexico.
 
The Trump administration has said it is seeking bilateral agreements over sweeping free trade pacts, and is pushing for fair trade with partners, not just free trade.
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$100 in bitcoin in 2010 now worth almost $73 million www.rt.com

 
After soaring nearly 65 percent in the last month, the digital currency bitcoin smashed the historic $2,000 mark on Saturday. The total market cap of the asset has likewise climbed to $32.92 billion.
 
The world's most popular virtual currency first broke the $1,000 valuation four years ago, but later dropped in price as a result of factors, including the implosion of the major exchange Mt. Gox.
 
Since then bitcoin has regained lost ground, more than doubling its value since the beginning of the year partly due to global political uncertainty and increased interest in Asia. Investors turned to the asset as a "safe haven" against geopolitical risks.
 
Early investors in bitcoin would stand to benefit the most if they held on to the currency. Those who bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, would now be sitting on around $72.9 million.
 
While some market observers think the rally will continue, others express concerns the asset may have entered a speculative bubble.
 
Daniel Masters, director of the regulated investment vehicle Global Advisors Bitcoin Investment Fund told Coindesk that even cryptocurrencies with smaller market caps like litecoin, ether, namecoin and ripple have all experienced strong gains over the last few months.
 
He said"sentiment [is] too strong," noting that between this and record prices for cryptocurrencies, a bubble may be forming.
 
Meanwhile, bitcoin is surging in popularity as the digital payment system that allows users anywhere in the world to transact directly without interference from intermediaries, governments, regulators or central banks.
 
On Monday Japanese carrier Peach Aviation said that by the end of this year it would start accepting the electronic currency as payment for airline tickets. Latvian airline airBaltic also said it would start accepting payment using bitcoin as it focuses on the customer.
 
The New York-based parent company of bitcoin options exchange LedgerX, said on Monday it closed $11.4 million in funding led by Miami International Holdings and China's Huiyin Blockchain Venture Investments.
 
"In the long term, these strategic investors will help us enter additional marketplaces and territories," said Paul Chou, CEO of LedgerX.
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Manchester Arena blast: 19 dead and about 50 hurt www.bbc.com

Nineteen people have been killed and about 50 injured in a suspected terror attack at Manchester Arena.
Police were called to reports of an explosion at the venue at about 22:35 BST following a pop concert by the US singer Ariana Grande.
The cause of the blast is unknown but North West Counter Terrorism unit is treating it as a possible terrorist incident, sources have told the BBC.
Greater Manchester Police is working to set up a contact number for relatives.
Officers have told the BBC there is a second suspect device near where the first explosion occurred.
Reporters were moved away from the scene and a controlled explosion has taken place.
BBC Home Affairs Correspondent Daniel Sandford said senior counter-terrorism officers were assembling in London and liaising with the Home Office.
British Transport Police say the explosion was in the foyer area of Manchester Arena.
Manchester Victoria station, which is close to the concert venue, has been closed and all trains cancelled.

The BBC's Tim Ashburner, who is at the scene, spoke to some volunteer paramedics who treated the injured for "shrapnel-like injuries".
A number of eyewitnesses have described the confusion in the aftermath.
Andy Holey, who had gone to the arena to pick up his wife and daughter who had been at the concert, said: "As I was waiting, an explosion went off and it threw me about 30ft from one set of doors to the other set of doors.
"When I got up I saw bodies lying on the ground. My first thought was to go into the arena to try to find my family.
"When I couldn't find them, I went outside with the police and fire and looked through some of the bodies to try and find my wife and daughter.
"I managed to find them eventually and they're OK.
"It was definitely an explosion and it was some force. It happened near the box office at the entrance to the Arena."

The police activity around the arena has been huge. There are blue flashing lights and cordons seemingly on almost every street corner.
A wide area around the venue itself has been completely taped off, and the crime scene appears to be widening, with police pushing people further and further back.
I've spoken to people who are shaken, scared and often tearful. One thing that's apparent is there are many, many young people, some of them with parents or guardians. One mother told me her priority was simply to get her daughters home.
Other people have been more candid and have described seeing people covered in blood, or being treated by paramedics. There's still a huge sense of confusion and people are constantly searching for information while letting their families know they're safe.
Robert Tempkin, 22, from Middlesbrough, said: "Everyone was screaming and running, there were coats and people's phones on the floor. People just dropped everything.
"Some people were screaming they'd seen blood but other people were saying it was balloons busting or a speaker had been popped.
"There were lots of ambulances. I saw somebody being treated. I couldn't tell what had happened to him."

Josh Elliott, speaking to BBC Radio 5 Live, said he was shocked by news of the fatalities.
"A bang went off and everyone stopped and screamed... we basically hit the deck," he said
"It was bedlam… it was horrific.
"We got up when we thought it was safe and got out as quickly as possible.
"People were just crying and in tears... police cars were everywhere.
"We just wanted to get out as quickly as possible because we didn't know what was going on."
The background - Ian Youngs, BBC News entertainment reporter
Manchester Arena, formerly known as the MEN Arena, is the biggest indoor venue in the city with a capacity of around 18,000 for concerts.
The arena foyer connects with Victoria train and tram station, a major hub on the northern edge of the city centre.
The arena regularly hosts concerts by major stars like Ariana Grande - a 23-year-old American TV teen actress-turned-pop star.
She's a big draw for young fans, with hits including Problem, featuring Iggy Azalea, which hit number one in the UK in 2014; and Side To Side, featuring Nicki Minaj, which reached number four last year.
She's currently on a European tour - she's already played Birmingham and Dublin and is due to be at the O2 Arena in London on Wednesday and Thursday.
Michelle Sullivan, from Huddersfield, was attending the concert with her daughters, aged 12 and 15.
"It was really scary," she said. "Just as the lights have gone down we heard a really loud explosion... Everybody screamed.
"When we got out they just said 'keep on running, keep on running'."

Pat Carney, Manchester City Council's spokesman for the city centre, said the city's thoughts were with the families of those killed and injured.
"It's a very easy target - a concert hall where young people are enjoying music," he said.
"The public are really co-operating by staying away from what is basically now a crime site.
"The world we live in, police and the council have emergency procedures that we practise all the time.
"Obviously everyone in the city is shocked, having seen how young some of these people are
"The police are treating it as a live site, we don't know if this is the end or there are other incidents in that area... we don't know at the moment."

Within an hour of reports of the incident emerging, people began offering spare rooms and beds to people stranded in the city using the hashtag
Hundreds of tweets offering places to stay are being shared and re-tweeted thousands of times.

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