1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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Events

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

NEWS

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Government to formalize EUR 70 million loan from IIB www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On Wednesday, the Cabinet authorized the Minister of Finance to sign a Loan Agreement of up to EUR 70 million with the International Investment Bank. The loan term is up to seven year and has 3.89 percent interest rate.
 
The government intends to spend the loan funding for reduction of credit service costs and lengthening average period for loan repayments.
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Cabinet presenting draft resolution on risk prevention measures regarding DB www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Development Bank (DB) of Mongolia, since its establishment in 2011, have been operating with active assets of MNT 7.0 trillion. During the course of its operation, the bank has financed some 2,000 projects, and has liabilities of MNT 5.9 trillion.
 
The liabilities balance exceeds the amount of assets. In accordance with the Law on Development Bang of Mongolia, the liabilities must not exceed the amount of equity multiplied by 50.
 
If the Development Bank fails to observe its duty before the law, the risk of the loan payables to be recalled before the agreed date can be higher. Therefore, in order to prevent from such risks, the cabinet approved the draft parliamentary resolution on “some measures towards the Development Bank of Mongolia”, and resolved on Wednesday to immediately submit to the State Great Khural.
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Travel study reveals changing behaviour among young and old www.bbc.com

 
A major new study into how people travel around England shows a big difference between the generations.
Young people increasingly are ditching the car, whilst older people, especially women, drive more than ever.
The Independent Transport Commission (ITC) also found that people are making fewer trips than they did twenty years ago, but those trips are longer.
Men under 35 are the most likely to shun the car, whilst women over 60 are driving more than ever.
One of the authors, Dr Matthew Niblett, director of the ITC, says: "This report uncovers seismic shifts in patterns of individual travel behaviour."
Here is what they found and this is all per person per year.
Overall: The number of trips English residents are making per person has fallen by 15% between 1995 and 2014. However, the average trip distance (all modes) has increased by 10% and the average trip time by almost 15%.
Rich vs Poor: The gap between rich and poor car driver miles is still large but has been narrowing. For the richest income quintile, car driver miles have fallen by 10% between 1996 and 2014 (to about 4500 per year); however, for the poorest quintile, miles driven have risen by almost 20% (to about 1200 per year).
Young vs Old: Young men (under 35) car driver miles have almost halved between 1996 and 2014 (to about 3700 per year), while for women over-60, car driver miles have more than doubled over the same period (to about 1800 per year).
London: In London the fall in car distance travelled per person has been dramatic, falling by almost a third in outer London, and by more than half for inner London.
Rail: The one thing people are doing a lot more is catching the train, despite the fact that even allowing for inflation, fares have gone up by 25% since 1995. Average rail mileage per person has continued to rise sharply. This is due to a greater percentage of the population travelling by rail, rather than existing travellers making more or longer journeys.
Dr Niblett said: "We are seeing that the historic correlations between incomes, costs and travel are weakening. An inter-generational divide in travel behaviour is growing.
"For young adults, cars are increasingly viewed as utilitarian appliances, rather than aspirational goods. And there are also growing differences in travel patterns between rural and urban areas."
 
 
 
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Qoros, Cambridge University join hands to build solar-powered car www.chinadaily.com.cn

 
Qoros, a joint venture between Chery and Israel Corp, is to join hands with Cambridge University to build a car for its student group Eco Racing to participate in a solar-powered car race next year, said the Chinese automaker on Monday.
 
However,the automaker did not specify what technological support it would offer to the group that is to participate in the 3,000 km World Solar Challenge in Australia in October 2017.
 
Established in 2007, the group, often known as the CUER, has since been attending the biennial event that is designed to promote research on solar-powered cars.
 
It attracts teams from around the world, most of which are fielded by universities or corporations although some are fielded by high schools.
 
Besides solar cars, Qoros has worked out a two-stage electric car and hybrids program.
 
One fruit of the first stage is an electric concept car, Qoros 3 QLECTRIQ EV. Having made its premiere in April, the car can travel 350 kilometers on one charge and its battery can get 80 percent charged within an hour.
 
The automaker said the production model will start running off the assembly line in 2017.
 
The second stage will feature an electric car platform that is still under development.
 
Qoros said more innovative technology will be applied to the platform and models based on it will be unveiled starting 2020.
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Trump Win Set Off $2 Trillion Shock Rotation to Stocks From Debt www.bloomberg.com

 
Donald Trump’s election win sent a $2 trillion shock wave through global markets over the past month.
 
That’s how much equities’ global market value has jumped. And that’s about the size of the loss in worth of the Bloomberg Barclays Global Aggregate Index of bonds, over the worst month for global bonds in dollar terms on record. Other assets were roiled, too: the yen plunged the most in 21 years against the dollar. It all amounted to a complete reversal of the playbooks mapped out by a bevy of analysts and investors who had anticipated a Brexit-style rush for havens in the event of a surprise Republican presidential victory.
 
Those projections did pan out -- for about eight hours, when the yen and Treasuries advanced as the vote-count momentum favored Trump. Then the great reflationary rotation trade started, as Carl Icahn started snapping up S&P 500 futures and other investors decided that the likely new U.S. leader’s promises to cut taxes, boost spending and slash regulation would revive inflation and economic growth. Oh, and potentially force more aggressive interest-rate increases from the Federal Reserve.
 
How lasting a pattern the new market dynamics will be is an open question, with more than a month to go before Trump takes office and plenty of potential roadblocks to his fiscal and regulatory proposals in a fractious U.S. Congress. For now, eyes turn toward next week’s Fed meeting to set the tone for the outlook as far as monetary policy goes.
 
“It’s astounding how big the move has been,” said James Audiss, Sydney-based senior wealth manager at Shaw and Partners Ltd., which oversees about $7.5 billion. “It’s been incredible. Now it all hinges on the Fed and the pace of those rate hikes, but for now the markets are happy to be risk-on.”
 
The dollar has jumped to a decade high relative to major peers and three major U.S. stock indexes last month reached records on the same day for the first time in more than 20 years.
 
For stocks, most developed markets have surged while several emerging ones submerged, led by Ghana and Mexico. Russia and Venezuela soared, though that was more due to OPEC’s pact driving up oil prices. Of 94 primary stock indexes tracked by Bloomberg, more than two-thirds climbed in local currency terms, with a median gain of 2 percent.
 
The greenback’s strength -- and the U.S.’s size at $24.9 trillion out of a total $66.3 trillion -- makes for a slightly cloudier picture looking at equity values. Of the 20 largest markets, comprising 90 percent of world capitalization, seven declined in dollar value, but for five of them that was all down to currency shifts, measured through Dec. 6.
 
When it comes to bonds, only Bahrain and Russia eked out gains in the Bloomberg Barclays global benchmark, while the 20 largest national debt markets all recorded losses -- led by Japan and Mexico, each down more than 8 percent.
 
The question investors now face is: With so much change already priced in a month after Trump’s victory, how much more is there to come?
 
Icahn, once considered a potential for Trump’s cabinet, says he wouldn’t be a buyer right now, while acknowledging he thought the stock rally was looking stretched some time ago.
 
“The night that they knocked it down a thousand points I went and bought stock that night, I thought that was crazy,” he said Wednesday in an interview with Scarlet Fu and Oliver Renick on “Bloomberg Markets.” “I’m not going to say run out and buy stocks today, because I think it’s run a little ahead of where it should be.”
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Honda confirms new $436 million China factory amid sales surge www.reuters.com

 
Honda Motor's (7267.T) joint venture with Dongfeng Motor Group (0489.HK) will invest roughly 3 billion yuan ($436 million) in a new factory in China, the Japanese automaker said in a statement on its website on Thursday.
 
The statement confirms a Reuters report in October that cited sources saying the automaker would build a new factory by 2019 with annual production capacity of 120,000 vehicles.
 
Honda has experienced explosive growth in China during the past two years despite an economic slowdown, luring consumers with strong new offerings in the rapidly growing sport-utility vehicle (SUV) segment. Honda sales have increased 28.3 percent year-on-year in the first 11 months of 2016, it said on Friday.
 
The Dongfeng Honda venture, one of Honda's two JVs in China, is already nearing its capacity limits at its two existing factories, targeting sales of 450,000 vehicles for 2016 against current annual capacity of 480,000.
 
The plant will have capacity to build new energy vehicles, the Chinese term for battery electric or plug-in hybrid cars, the statement said.
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Trump picks Xi's friend as ambassador to China www3.nhk.or.jp

US President-elect Donald Trump says he will nominate an old friend of China's President Xi Jinping as ambassador to the country.

Trump announced his choice of Iowa Governor Terry Branstad on Wednesday.

The 70-year-old Republican served as governor of his home state for 16 years from 1983. He was elected again in 2011 and is currently in his sixth term.

US media reports say Branstad met Xi in 1985 when he led a farm research delegation from Hebei Province to Iowa.

Xi visited Iowa again in 2012, shortly before he assumed the presidency. Branstad invited him to dinner and called him a "longtime friend."

Trump described Branstad as a great choice, saying "He knows them all" -- referring to his longstanding ties with Chinese leaders.

Trump held a direct phone conversation last week with Taiwan's President Tsai Ing-wen, prompting concerns over the future of US-China relations. The US and Taiwan have no official diplomatic ties.

Observers say Trump's appointment of Branstad may signal his intent to strengthen ties with China primarily in economic areas.

 
 
 
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Rio Tinto says halt of copper shipments from Oyu Tolgoi ‘a bump in the road’ www.mining.com

 
Rio Tinto chief executive Jean-Sebastian Jacques said Wednesday an ongoing border dispute with China over copper exports from Mongolia, which directly affects its massive Oyu Tolgoi mine, will be resolved quickly.
 
Referring to his previous dealings with the Mongolian government Jacques told The Telegraph he had become used to "such bumps in the road".
 
"Each time we would work with the authorities and each time it was resolved. I've no doubt it will be resolved this time," he added.
 
Rio’s CEO comments come as the company had to suspend shipments from the Mongolian mine last week, following a decision by a Chinese border town to increase transport surcharges.
Rio’s CEO comments come as the company had to suspend shipments from the Mongolian mine last week, following a decision by a Chinese border town, deep in the Gobi desert, to increase transport surcharges.
 
Analysts linked the move to a visit to Mongolia by the Dalai Lama, the Tibetan spiritual leader who is not recognized by Chinese authorities.
 
As a result, Canada’s Turquoise Hill Resources, which is 51% owned by Rio and owns two-thirds of Oyu Tolgoi, said last week that it had suspended cargos to the Chinese border. The company quoted a new obligation to use "one joint coal and concentrate crossing route" as the reason and said such requirement had led to "safety and security concerns as well as unreasonably long waiting times".
 
Rio Tinto approved in May a $5.3 billion expansion of Oyu Tolgoi, one of the world's largest copper mines and a key component of the company’s master plan to become less dependent on iron ore for profits and become one of the world’s biggest copper producers.
 
The planned expansion, with its nearly 200 km (125 miles) of underground tunnels that will track three times as deep as the Empire State Building is tall, will more than double the copper output from Oyu Tolgoi, which is mostly sent south to China, the world’s main metals consumer.
 
It is also expected to help Rio and Turquoise Hill get to the most valuable part of the deposit, which also contains gold and silver, and where there has been a open pit mine running since 2013.
 
First production from the extended underground area is expected by 2020, when a shortage of copper is tipped to emerge. Full ramp up, with an estimated 560,000 tonnes of copper per year, along with gold and silver by-products, is slated for 2027.
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Ikea Group plans €1bn investment in recycling companies and forests www.theguardian.com

 
 
Ikea has pledged to invest €1bn (£850m) in recycling companies and forests after netting €5.2bn from the sale of its product development and supply chain business.
 
The deal between the retailer and Inter Ikea, a group set up by Ingvar Kamprad, the founder of Ikea, which controls the brand and design trademarks behind his empire, was revealed as the furniture retailer reported a 7.4% rise in annual global sales to €35.1bn, boosted by 29% growth online to €1.4bn.
 
Net profit rose nearly 20% to €4.2bn as Ikea said it saw growth in 27 of its 28 markets, with China one of the fastest growing. Last week Ikea said sales in the UK were up 8.9% year on year to £1.7bn for the 12 months to the end of August.
 
The company, which has 340 stores, 22 pick-up and order points and 41 shopping centres around the world, said it would pay a dividend of €840m to its owner, the Stichting Ingka Foundation, a Netherlands-based trust, in the next year. Ikea did not pay a dividend last year.
 
The group’s 163,600 staff will also share €443m in bonuses and loyalty payments including a £1,200 loyalty bonus paid into the pension pot of British staff who have worked for the company for five years or longer.
 
Ikea Group’s cash pile was boosted by nearly 40% to €23.1bn by the €5.2bn deal with Inter Ikea.
 
The company said: “Our strong financial position enables us to continue investments in co-workers, our stores, digital technology, the distribution network, as well as shopping centres and renewable energy.”
 
Ikea opened its first new store in the UK in seven years in 2016 – in Reading – and is currently planning outlets in Sheffield, Greenwich and Exeter. It also plans to open its first store in India – in Hyderabad – next year and is also planning a move into Serbia.
 
As part of a series of sustainability pledges, Ikea said it would also be investing €1bn in buying forests as well as companies active in recycling, renewable energy development and biomaterials. It already owns 74,700 hectares of forest in Romania and the Baltic countries and has phased out the use of polystyrene packaging in favour of recyclable alternatives, except for around kitchen appliances.
 
The investment comes on top of €600m pledged last year for investment in renewable energy as Ikea works towards energy independence by 2020.
 
By the end of this year, the company has committed to own and operate 327 wind turbines and to install 730,000 solar panels on its buildings worldwide. It produced the equivalent to 71% of energy used in its operations.
 
But the latest deal with Inter Ikea is likely to prompt further scrutiny of Ikea’s already controversial tax structure.
 
Under a complex international structure partly designed to save taxes, the furniture retailer pays Inter Ikea, the Liechtenstein-based group set up by Kamprad to secure the long-term future of his business, an annual franchise fee worth 3% of sales. Inter Ikea now controls the group’s manufacturing facilities, its product design, advertising and distribution network so that Ikea Group is purely focused on stores.
 
The deal comes as a raft of changes designed to block multinationals from aggressive tax structures come into force. Many companies are unwinding complex corporate arrangements that have saved them large amounts of tax for many years.
 
Research commissioned by the Green/EFA group in the European parliament claims to show that Ikea “structured itself to dodge €1bn in taxes over the last six years using onshore European tax havens”.
 
Ikea has said it was “fully committed to manage its operations in a responsible and sustainable way and we pay our taxes in full compliance with national and international tax rules and regulations”.
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HSBC, JP Morgan and Crédit Agricole fined €485m by EU www.theguardian.com

 
A five-year investigation by competition authorities in Brussels into rigging of interest rates drew to a close on Wednesday when three major banks – including HSBC – were fined €485m (£412m) for colluding to manipulate a crucial benchmark rate.
 
The three banks, which also included JP Morgan Chase and Crédit Agricole, did not agree to an earlier settlement involving a seven-bank cartel over the setting of the interest rate known as Euribor. All three deny wrongdoing.
 
JP Morgan was fined €337m, HSBC €33m and Crédit Agricole €114m. The levels were based on the time they participated in the cartel and the value of products involved.
 
Margrethe Vestager, the EU competition commissioner, said: “A sound and competitive financial sector is essential for investment and growth. Banks have to respect EU competition rules just like any other company operating in the single market.”
 
Four other banks – Royal Bank of Scotland, Barclays, Deutsche Bank and Société Générale – settled with the commission in 2013 for €820m.
 
Those penalties came at a time when the industry was reeling from the rate-rigging scandal and the announcement on Wednesday served as a reminder of the misconduct matters that continue to plague the industry.
 
The three banks fined on Wednesday had not participated in the 2013 settlement and JP Morgan said it was considering a possible appeal to the European court. Crédit Agricole said it would appeal. HSBC said it was considering its legal options.
 
Vestager said the commission had found “chats” between traders congratulating themselves on setting the rate to levels that suited their means in a cartel which operated between September 2005 and May 2008.
 
She described it as “a closed community with a very free language”. Financial regulators have previously published electronic correspondence with traders using colourful language as they encouraged each other to move interest rates.
 
Euribor is the eurozone’s version of Libor – the London interbank offered rate, which is ultimately used to value a range of financial products ranging from interest rates swaps between companies to mortgage products for households.
 
“The traders’ aim was to distort the normal course of pricing components for euro interest rate derivatives. They did this by telling each other their desired or intended Euribor submissions and by exchanging sensitive information on their trading positions or on their trading or pricing strategies,” the commission said.
 
“This means that the seven banks colluded instead of competing with each other on the euro derivatives market. This market is very important not only to banks but also to many companies in the single market, which use euro interest rate derivatives to hedge their financing risk,” the commission added.
 
The rate-rigging scandal erupted in June 2012 when Barclays was fined £290m by regulators on both sides of the Atlantic, unleashing a wave of public anger about banks and sparking the parliamentary commissions into banking standards. It also led to a wave of other fines on banks and prompted the Treasury to change the rules so that the fines went to the exchequer rather than back to the regulator.
 
The way the benchmarks are set has also been overhauled while criminal investigations have been launched.
 
A spokesperson for JP Morgan said: “We have cooperated fully with the European commission throughout its five-year investigation. We did not engage in any wrongdoing with respect to the Euribor benchmark. We will continue to vigorously defend our position against these allegations, including through possible appeals to the European courts.”
 
HSBC said the decision related to “purported conduct” during one month in early 2007. “We believe we did not participate in an anti-competitive cartel. We are reviewing the European commission’s decision and considering our legal options,”it said.
 
“Crédit Agricole firmly believes that it did not infringe competition law,” the French bank said.
 
Just months after fines for Libor rigging were slapped on banks, it emerged that other markets were being manipulated. Vestager said an investigation into the manipulation of foreign exchange markets was continuing and was “a very large complex case with many participants”.
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