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    

Category

Events

Events

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

NEWS

64x64

Wells Fargo fails US bankruptcy test for a second time www.bbc.com

 
US bank Wells Fargo has been hit with restrictions after attempts to fix issues with its bankruptcy plan failed.
Banks labelled "too big to fail" must have a so-called "living will" that would allow them to close down without the help of public money.
Wells Fargo will be barred from opening international branches and buying non-bank companies until it satisfies the regulators.
The bank said it was "disappointed" with the regulators' decision.
The Federal Reserve and Federal Deposit Insurance Corporation said that Bank of America, Bank of New York Mellon, JP Morgan Chase, and State Street, whose living wills were also deemed deficient in April, had now adequately addressed their shortcomings. But Wells Fargo had failed to do so.
The Fed and FDIC said the bank had failed to adequately address two of the three big concerns they had identified.
It now has until the end of March to submit another revised plan to fix the failings.
"We believe we will be able to address the concerns raised today in the March 2017 revised submission," Wells Fargo said in a statement.
The issue is the latest blow for the bank which in September was fined $185m for illegally opening accounts to boost sales targets.
In October, Wells Fargo's chief executive, John Stumpf, abruptly resigned in the wake of the scandal over its sales practices.
...


64x64

Mongolia-Russia Intergovernmental Commission reaches agreement on hydropower plant issue and many others www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The 20th Meeting of the Mongolia-Russia Intergovernmental Commission on Trade, Economy, Science and Technical Cooperation completed on December 13 in Ulaanbaatar.
 
The sides have released protocols on cooperation in trade, economy, road and transport, investment, agriculture, energy and humanities. The ceremony for signing these documents was held at the State House. The documents were inked by the Deputy Prime Minister of Mongolia and Chair of the Mongolian part of the commission, Mr U.Khurelsukh and the Minister of Natural Resources and Environment of the Russian Federation and Chair of the Russian part of the Commission, Mr Sergey E.Donskoy.
 
Mr Donskoy said, summing up the commission meeting, “The 20th Meeting of the Intergovernmental Commission on Trade, Economy, Science and Technical Cooperation completed with success. During this meeting and the previous ones, both sides considered issues covering many areas of bilateral cooperation. Today, the cooperation in economic sphere is facing some difficulties. In 2015, the total external turnover decreased by 22 percent, and the negative trend was carried on throughout 2016. We must combine our efforts to produce tangible results from the political negotiations”.
 
“Today, we addressed a broad range of issues covering Russian-Mongolian commercial and economic transport, agriculture and the environment. Moreover, we also discussed new directions of cooperation. The matters of relations between Mongolia and the Eurasian Economic Union and establishing the Mongolia-Russia-China economic corridor were deliberated. Also, the sides elaborated issues of implementing the medium term program on realizing the strategic partnership and the operations of Ulaanbaatar Railway in details. After careful discussion on the hydropower plant project, based on the bank of Selenge River, the sides agreed to further collaboration. Today’s session revealed that abundance of cooperation potentials awaits the two countries. After all, the substantiating the ideas through actions is on us”, he added.
...


64x64

Mongolia and Russia to broaden cooperation in energy, tourism, agriculture www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ After completion of the 20th Meeting of the Mongolia-Russia Intergovernmental Commission on Trade, Economy, Science and Technical Cooperation, the chairs of the Mongolian and Russian parts of the commission Mr U.Khurelsukh and Mr Sergey E.Donskoy made a press briefing on December 13 at the State House.
 
The Deputy Premier of Mongolia, Mr U.Khurelsukh presented the summary of results of the commission’s two-day meeting.
 
The results were introduced as the following:
 
-Intensification of cooperation in commerce, road and transport, investments, agriculture, energy and humanities was mutually agreed and confirmed. For instance, both sides acclaimed the establishment of Medium Term Program on Development of Strategic Partnership, and pledged commitments to its full implementation.
 
-The Russian side pledged support for the settling within the first quarter of 2017 an issue of forming a research team for feasibility on establishing Free Trade Agreement between Mongolia and the Eurasian Economic Union.
 
-The commission agreed to formalize a cooperation protocol in the nearest possible future between Mongolia’s General Customs Administration and Russia’s Federal Customs Service on sustaining the operations of Mongolia-Russia border checkpoint of Altanbulag-Khiagt.
 
--The commission approved organizing a meeting of financial institutions by the central banks of Mongolia and the Russian Federation in 2017. The sides also agreed to train up to 70 Mongolian students in universities under the Russia Ministry of Transport, in order to improve the performance of Ulaanbaatar Railway joint venture, cooperation in developing infrastructure and train professional cadres.
 
-The intergovernmental agreement on rail transport has been finalized and agreed to sign within the first quarter of 2017.
 
-Russian energy companies have conveyed their interest to establish joint companies in Mongolia, and to be involved in realization of new projects and renovation of Mongolia’s energy facilities. The Russian side promised to finalize the issue by next April of return of the geotechnical studies to Mongolia, which studies were conducted between 1960 and 1980 by Russian experts and have been kept in the archive of Rosgeology foundation.
 
-The commission accorded to resume the joint program on improving health of Mongolian livestock and start the second phase. It has been also agreed to consider the trades of agricultural products and to promote new agricultural project and businesses.
 
-The commission resolved to hold regular annual meetings of Mongolia-Russia joint council on preventing forest fires. In connection with Russia’s announcing 2017 as a year for Ecology and Specially Protected Areas, the sides agreed to organize an art competition among children.
 
-Mongolia and Russian sides confirmed their support for stimulating cooperation between film industries, organizing meetings of movie directors and producers, exchanging actors for organization of film festivals. The sides also agreed on collaborating in improving tourism services and security of travelers and promoting transboundary tours.
 
In addition, the commission decided to hold its 21st meeting in February of 2017 in Russia.
...


64x64

Canada’s Capstone to hire back laid-off workers thanks to copper price rally www.mining.com

 
The recent and sustained rally in copper prices has prompted Canadian Capstone Mining (TSX:CS) to attempt hiring back most of the workers it had to lay off in October at its Minto mine, Yukon's only copper operation..
 
The Vancouver-based miner is asking the territorial government to approve an amendment to its mining plan, which would allow it to start a new open pit on the property, Yukon News reports.
 
The Minto copper mine, located about 240 kilometres northwest of Whitehorse, near Pelly Crossing, shut all open-pit mining operations on Oct. 1, which meant letting go 58 workers contracted through Pelly Construction Ltd. were laid off.
 
Resuming some open pit operations at the new deposit on site would allow the company to bring back between 40 and 45 people to begin working in January.
 
Copper prices, in steady decline since 2011 due to China’s slowing economic growth, have spiked over the past two months, boosting both the stock prices for copper mining companies and the hopes of developers with projects in their pipeline.
 
The red metal was trading at around $2.6 per pound in New York Wednesday morning, and it’s has been hovering around that price for a week, significantly higher than its $1.96/lb value of early in the year.
...


64x64

'Community commerce' takes root www.chinadaily.com.cn

 
Transaction value has become secondary for video bloggers and news feeds as "community commerce" took center stage during this year's annual shopping extravaganza on the Taobao platform.
Alibaba Group Holding Ltd regards mom-and-pop merchants as the best fit to foster personal ties among online buyers, pushing the e-commerce giant toward its long-held yet unmet goal for social media and entertainment.
 
In the lead-up to and during the Dec 12 sales gala, more than 5,000 live streams were broadcast daily on Taobao, attracting more than 10 million viewers on topics from fashion trends to cooking tips, according to company data.
 
Around 40 percent of the viewers end up visiting the online shops being promoted.
 
These are all part of Alibaba's drive to build a consolidated online ecosystem encapsulating e-commerce, mobile media and digital entertainment, said CEO Daniel Zhang.
 
"Through user-generated content, we want people to see Taobao more as the latest reflection of the mainstream lifestyle of the younger generation," he said.
 
Other efforts include a Q&A column Wen Dajia (ask others), a Quora-like feature where questions are raised, answered and edited by the community of Taobao users. On Dec 12, more than 5 million users asked questions and some 10 million gave their feedback.
 
Based on their shopping habits, the site encourages users to provide suggestions to peers on certain merchandise. It then filters and redirects users into groups with tags such as workout, pregnancy and cosmetics.
 
Chen Lei, a Taobao director who oversees live streaming for the site, said Taobao is geared toward professionally generated content.
 
"In the future, Taobao will continue to lead merchants, highly engaged users and live broadcast professionals to create a consumption-oriented live broadcasting platform," he said.
 
By blending e-commerce and social media, Alibaba has tried to shed the image of being a giant only in e-commerce, said Li Chao from iResearch Consulting Group.
 
While occupying only a small portion of the pie, Taobao, which resonated well among Chinese youngsters, helped Alibaba more than double its mobile revenue in the second quarter of 2016.
 
"The level of engagement Alibaba is able to create is beyond what we consider with search companies and social media companies. They're investing a lot in making their tools have social engagement like Facebook," Gil Luria, an analyst at Wedbush Securities Inc said in a research note.
...


64x64

Road to global economic stability runs through China www.asia.nikkei.com

 
BEIJING -- The 15th anniversary of China's accession to the World Trade Organization, which fell on Sunday, came amid heightened trade friction and a raging debate over the very nature of the Chinese economy. Finding ways to cooperate with China, however, will be crucial for stabilizing the global economy.
 
On Dec. 2, the U.S. blocked China's Fujian Grand Chip Investment Fund from buying German chip equipment supplier Aixtron for security reasons. Predictably, this angered Beijing.
 
"China resolutely opposes the politicization of any normal commercial takeover or the wrong move of political obstruction," a Chinese Foreign Ministry spokesman said.
 
But Western countries have misgivings about the recent surge in buyouts by Chinese companies. The value of such acquisitions totaled $67.4 billion in the January-September period, surpassing the amount for all of last year, according to data from China's Ministry of Commerce.
 
Meanwhile, many market watchers note that international companies face restrictions on doing business in China. Foreign automakers, for instance, are required to set up a joint venture with a local manufacturer in return for market access.
 
China insists it has shifted to a market economy, but Japan, the U.S. and Europe have resisted giving the country that status within the WTO. Recognition would influence the calculation of anti-dumping duties.
 
Still, there is no denying that China's fast growth helped to prop up a world economy reeling from the 2008 financial crisis. Chinese companies took the opportunity to venture into the global market. And in a way, the trade tensions are a testament to the closer relationship the U.S. and China now share.
 
U.S. President-elect Donald Trump is urging companies like Apple to bring manufacturing jobs back to the U.S. Trump's economic policy is drawing keen attention in China, where plants churning out Apple products have created more than 1 million jobs.
 
An executive of Taiwan's Hon Hai Precision Industry, or Foxconn, which produces Apple devices in China, said the American company should never forget that it staged a comeback by divvying up responsibilities between the U.S. and China.
 
Both countries, the executive stressed, have benefited.
...


64x64

Manufacturers' mood improves www3.nhk.or.jp

 
The Bank of Japan released its latest survey on business sentiment on Wednesday. The Tankan survey shows that the sentiment among Japanese large manufacturers has improved for the first time in 6 quarters.
 
The Bank of Japan conducts a survey of more than 10,000 firms across the country every 3 months, asking them what they think about business conditions.
 
In the latest survey, which covers this current quarter, the bank says sentiment among large manufacturers stood at plus 10. That's up 4 points from the previous survey. The sentiment for major non-manufacturers was unchanged at plus 18 points.
 
BOJ economists say the optimistic sentiment apparently stems from the solid economic growth in the US.
 
But the officials say they see a less rosy outlook for the coming quarter. They expect the index for large manufacturers to drop 2 points to plus 8. Non-manufacturers say their sentiment will worsen by 2 points, to plus 16.
 
The Tankan's index represents the difference in the percentage of companies that say business is good and those who say it's bad. A positive reading means more companies are optimistic.
...


64x64

Russian trade with Iran up 80 percent www.rt.com

 
Year on year trade between Russia and Iran has risen significantly, up by 80 percent according to Russian Energy Minister Aleksandr Novak.
 
Novak is the co-chair of the Intergovernmental Russian-Iranian Commission on trade and economic cooperation and is in Tehran with a delegation of over 200 Russian officials.
 
He met Iranian Minister of Communication Mahmoud Vaezi to talk about the possibility of Tehran signing a free trade agreement with the Russia-led Eurasian Economic Union next year.
 
The sides signed agreements to construct a heat and power plant, and railway electrification worth €2.2 billion.
 
Last year, the two countries agreed to develop economic ties, with Moscow promising to provide a $5 billion state loan to Tehran to promote industrial cooperation. The money is expected to spur trade from the current $2 billion to a target of $10 billion.
 
According to Novak, the money flowing between Russia and Iran tripled in 2016. "The return to normal bank payments is going to become a powerful trigger. This year the amount of financial payments has tripled," he said.
 
Vaezi said he expects energy agreements will be signed worth $10 billion which will also improve Russia-Iran trade.
 
"Judging by the agreements we have signed with Russian companies over the past several months, we offered the biggest number of fields for development to Russian companies compared with other countries,” said Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia.
 
Russian oil producer Gazprom Neft has signed a memorandum of understanding with the National Iranian Oil Company to develop two oil fields in Iran, Novak said.
...


64x64

Government's Lloyds share sale takes stake to below 7% www.theguardian.com

 
The British government has cut its stake in Lloyds Banking Group to below 7%, raising the amount recovered to more than £17.5bn of the £20.3bn of taxpayers’ money used to bail out the bank during the financial crisis.
 
The sale of a further 1% of Lloyds shares on Tuesday reduced the government’s stake to 6.93%, from a peak of 43%.
 
Simon Kirby, the economic secretary to the Treasury, said: “Selling our shares in Lloyds Banking Group and making sure that we get back all the cash taxpayers injected into it during the financial crisis is a key government priority. So I am pleased that we have continued to reduce our stake in Lloyds.”
 
The chancellor, Philip Hammond, announced in October that he was abandoning his predecessor’s plans to sell the remainder of the Lloyds stake to members of the public at a discounted rate.
 
Since then, the Treasury has been selling its remaining shares on the stock market, reducing its stake in stages from 9.2% to 6.9%. The aim is to have sold all its shares within a year, with the proceeds being used to reduce national debt.
 
The current sales are taking place at a price lower than the 73.6p average price paid for the stake during the crisis, but Hammond has said he expects to recoup the full amount injected into the bank. Lloyds shares are trading at just above 61p.
 
A spokesperson for Lloyds said: “Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back.
 
“This reflects the hard work undertaken over the last five years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper.”
 
Advertisement
 
While the government is selling off its stake in Lloyds, it retains a 73% stake in Royal Bank of Scotland which it also bailed out during the financial crisis.
 
Hammond said in October that the time was not right to sell its stake in the Edinburgh-based bank, in which a 5% stake was sold in August 2015 at a £1bn loss.
...


64x64

Italian banking crisis: UniCredit to raise €13bn www.theguardian.com

 
Italy’s largest bank, UniCredit, plans to shed thousands of jobs and raise €13bn in the country’s biggest share issue in a bid to shore up its reserves and boost profits by the end of the decade.
 
The bank said 14,000 posts, or 11% of the workforce, would disappear across its businesses in Europe and 1,000 bank branches in Italy would close. About €18bn of bad loans are to be offloaded to two new businesses mainly owned by US fund managers.
 
The bank’s shares rose 13% as investors welcomed the “decisive” move by UniCredit to distance itself from Italy’s ailing banking sector, which is hobbled by a legacy of non-performing loans.
 
UniCredit chief executive, Jean Pierre Mustier, in London on Tuesday to talk to shareholders, said the move would allow the bank to offer €55bn of fresh loans to business customers and expand retail lending.
 
Against a backdrop of negative interest rates in the eurozone, which the bank said made it difficult to generate profits, Mustier said without a large injection of fresh capital and a lower ratio of bad loans the bank would be forced to contract further, making bigger job cuts and reducing its capacity to make loans.
 
“We need to turn a page on our legacy issues to improve and support recurring future profitability. The aim is to be one of Europe’s most attractive banks,” he said.
 
UniCredit’s move comes at a troubled time for Italian banks and the economy, with the third-largest bank, Monte dei Paschi di Siena (MPS), negotiating a rescue package, a new government installed in Rome and early elections expected next year.
 
Mustier said he was confident MPS would reach a deal to offload more than €5bn of loans by the end of the year.
 
He ruled out joining a rescue of MPS or any other Italian bank unless the government forced it to take part in a broader rescue of the banking sector.
 
“We are extremely confident the refinancing will be resolved by the end of the year. Our plan does not depend on a deal for MPS,” he said.
 
“What we are doing shows what other Italian banks can do,” he added, before saying, “We are not interested in buying other Italian banks. Our plan is for organic growth.”
 
If MPS fails to secure the funds, the bank will probably require a government rescue, which could be launched on Friday or next Monday and could mean at least temporary losses for thousands of retail investors. Under EU rules, state intervention can only move forward once junior bondholders have taken a hit, although some retail investors would likely be compensated later.
 
Paolo Gentiloni, Italy’s incoming prime minister, vowed in a speech before parliament that the Italian government was ready to intervene across the Italian banking sector “to ensure the stability of [Italy’s] banking institutions”.
 
UniCredit has already moved 300 staff from London to Milan following Britain’s vote to leave the European Union. Mustier said the Brexit vote was “a huge opportunity” for continental banks, which are untroubled by the prospect of Europe’s financial centre leaving the EU.
 
Benjie Creelan-Sandford, equity analyst at brokers Jefferies, said: “The upfront bill of €13bn is clearly large but as we have highlighted previously we think an aggressive balance sheet clean-up paves the way for a more substantial re-rating.
 
He said the forecast by the bank’s board of €4.7bn net profits in 2019 was well ahead of consensus expectations of €3.9bn.
 
But David Cheetham, an analyst at brokers XTB, was concerned a rescue by the Italian government remained a possibility if UniCredit struggled to raise vital funds.
 
“The Italian lender has endured a torrid time of late and the latest action appears a last-ditch attempt to stave off a government rescue, with the strategy likely to be ultimately decided by how successful the firm raises the target of €13bn,” he said.
 
A group of investment banks have signed a pre-underwriting agreement to help UniCredit market the issue. These include Morgan Stanley, UBS, Bank of America Merrill Lynch, JP Morgan and Mediobanca.
 
The bad loans would be sold to two separate vehicles, one managed by Fortress Investment Group and the other by Pimco, with UniCredit retaining minority stakes in each.
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook