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    

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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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‘There’s No More Money:’ Medvedev Faces Russia's Economic Woes With Austerity Plan www.themoscowtimes.com

Government spending on energy, sports, transportation and science are all to come under the spotlight as Russian Prime Minister Dmitry Medvedev begins to plan the country's budget until 2019, officials have reported.
 
Medvedev has previously stressed that the budget will assume both low commodity prices and continuing sanctions as a given, and that government spending will be coordinated with as yet undecided priority projects from the Presidential Council for Strategic Development.
 
The government previously approved a three-year spending freeze at 15.78 trillion rubles ($248 billion) in nominal terms. The amount is lower than adjusted spending in 2016 and represents a decline in real terms.
 
The government also approved a spending cap for state programs and non-program budget items for ministries to use while planning their budgets. Spending which has already been frozen in nominal terms can be cut by another 5 percent in 2017, said Finance Minister Anton Siluanov.
 
“This is the level of spending we can afford in the current situation while taking all risks into account,” said a Finance Ministry representative said. The Ministry has stressed to officials that the government can not raise the spending limit and that they would have to make proper use of the funds available.
 
“With this level of state funding, the future of many industries is already clear. The Prime Minister might personally support his ministers, but he admits that there isn’t any more money,” one federal official sighed. “The ‘monetarists’ in the government won and it is practically impossible to change that.”
 
According to current projections, funding for some state programs will decline in nominal terms. Funding for the state program to develop physical education and sports will be cut by more than half over the next three years, while funding for the development of Crimea will fall from 149.3 billion rubles ($2.4 billion) in 2016 to 65.98 billion rubles ($1 billion) in 2019. Classified state programs – mostly defense spending – will also see cuts of 15 percent over three years.
 
The Finance Ministry forecasts a deficit of 3.2 percent of GDP in 2017 and plans to reduce it by 1.1 percent annually thereafter. In addition to a spending freeze in nominal terms and further cuts to unprotected budgetary items, the Ministry proposes raising revenue through the dividends of state companies, improving tax administration, and reducing tax exemptions for oil companies and Gazprom.
 
The International Monetary Fund estimates that consolidation of the budget could result in savings of 12 percent of GDP over three years, with approximately one-third (4.2 percent of GDP) coming from increased revenues and approximately two-thirds (7.6 percent of GDP) from spending cuts.
 
Prior to the State Duma elections in September, officials will talk about looking for reserves or additional funds for social programs, but those will be just words. Immediately after elections, they will make spending cuts that will prove very unpopular.
 
Ministers have been trying to secure funding, said one federal official, but they already realize that any attempt is futile. “Everyone is walking in circles around the Finance Ministry like men loitering around a kiosk with a sign reading ‘out of beer,’” he said. “The answer to every question is: ‘There’s no more money.’”
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Volkswagen profit tops forecast, but takes another dieselgate hit www.reuters.com

Volkswagen said on Wednesday its first-half operating profit beat expectations, helped by cost cutting at its core VW brand and rising European car sales, but announced another 2.2 billion euro ($2.4 billion) provision related to its emissions scandal.
 
Europe's biggest carmaker said its operating profit for the six months ended June, excluding one-off items, rose 7 percent to 7.5 billion euros.
 
In an unscheduled update ahead of interim results on July 28, it said this was ahead of analysts' expectations, although it did not say what those expectations were.
 
At 0950 GMT, Volkswagen (VW) (VOWG_p.DE) shares were up 5.1 percent at 122.35 euros.
 
Including the one-off items, however, VW said its operating profit dropped 22 percent to 5.3 billion euros.
 
VW admitted in September it installed illegal software that deactivated pollution controls on more than 11 million diesel vehicles worldwide, sparking the biggest business crisis in its history.
 
It has already set aside 16.2 billion euros to pay for technical fixes for cars that violate clean air standards, buybacks of vehicles and legal costs.
 
VW said an improvement in European car markets as well as the return of orders from large corporate fleets had bolstered earnings at its namesake brand.
 
The company said it still expected 2016 sales revenue to decline as much as 5 percent from 2015, and an operating return on sales of 5 to 6 percent.
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Nintendo stock loses ground on report of Pokemon GO delay for Japan www.reuters.com

Nintendo Co's (7974.T) shares on Wednesday gave up some of their meteoric gains made on the record-breaking success of its Pokemon GO mobile game, hurt in part by a reported delay for the game's introduction in Japan.
 
Technology news site TechCrunch said that game developer Niantic Inc had planned to launch Pokemon GO in Japan on Wednesday but had canceled it, citing a source as saying that the company was worried the hype generated by the game would overload its servers.
 
TechCrunch said it believed that the launch in Japan, one of the world's biggest gaming markets, was imminent.
 
Nintendo's stock was down 10 percent in afternoon trade. Even so, it has gained 87 percent since the July 6 launch of the game in the United States, Australia and New Zealand, adding $17 billion to its market capitalization. It is now available in 35 countries.
 
A spokeswoman for Pokemon Company, which created the game along with Nintendo and Google-spinoff Niantic, declined to comment on the report, reiterating that nothing had been decided over the Japan launch date. Nintendo referred any queries regarding Pokemon GO to Pokemon Company.
 
Pokemon GO, which marries a classic 20-year-old franchise with augmented reality, is on its way to becoming the first mobile game to break the $4 billion-per-year wall, beating Candy Crush Saga and Supercell's Clash of Clans, according to Macquarie Research.
 
Shares of Japan's McDonald's Holdings Co (2702.T) piggy-backed the Pokemon GO craze, rising 8 percent after TechCrunch reported on Tuesday the fast-food chain operator would become the game's first sponsor.
 
TechCrunch said the sponsorship will see McDonald's 3,000-plus fast food restaurants across Japan become "gyms", or battlegrounds, for Pokemon collectors.
 
McDonald's Japan shares soared as much as 23 percent to their highest level since late 2001 on Tuesday, the first day of trade since its stores started giving away Pokemon-themed toys with its Happy Meals last Friday.
 
McDonald's Japan declined to comment on the report.
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Oyu Tolgoi Announces Q2 2016 Production Update www.ot.mn

Oyu Tolgoi today announced an update on its production for the second quarter of 2016.
 
Andrew Woodley, Chief Executive Officer of Oyu Tolgoi, said, “I am very pleased with the team’s continuing strong performance in the second quarter. Most importantly our safety performance was excellent, and rates among the best in Rio Tinto and our peers in the industry. Our focus on cost reduction continues to move the business towards a lower cost base and we continue to build on operational productivities, a priority as we have moved into zones with lower gold grades in the open pit. With these outcomes and the underground development progress the team is positioning the business well for the future.”
 
In Q2’16, concentrator throughput was broadly consistent with Q1’16; resulting in average throughput of approximately 105,000 tonnes per day for the quarter. As expected, copper production in Q2’16 declined 10.3% over Q1’16 reflecting lower grades from reduced mining in Phase 2 and lower recovery from Phase 6 ore, gold production in Q2’16 also declined approximately 52% over Q1’16 due to lower grades from reduced mining in Phase 2. Concentrate sold in Q2’16 increased 6.7% over Q1’16.
 
Turquoise Hill Resources continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copperconcentrates and 255,000 to 285,000 ounces of gold in concentrates for 2016.
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Mongolian peacekeepers receive NATO medal for time in Afghanistan www.mongolia.gogo.mn

NATO medal was awarded to the third shift Mongolian peacekeepers, completing a mission in collaboration with the US army peacekeepers under NATO’s Decisive Support mission in Afghanistan.
At the awarding ceremony, honored guests including Brigadier Ian Thomas Chief G2 was attended. They highlighted that it is inspired to work with the Mongolian warriors. Because they do not lose vigilance and very responsible.
Mongolian peacekeepers performed art concert and fight show, reflected cultural tradition at the ceremony.
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Sharp and Shigemitsu Shoji to Participate in the First Large Scale Solar Power Plant Business in Mongolia www.sharp-world.com

Sharp Corporation and Shigemitsu Shoji Co., Ltd and Solar Power International of Mongolia will jointly participate in solar power plant business in Darkhan city, Mongolia. Construction of the project will start later this month and the commercial operation date is scheduled on this December. The installed capacity of PV modules will be 10MW and the annual expected power generation is 14,182MWh/yr, which is expected to contribute to the reduction of approximately 14,746tCO2/yr of greenhouse gas emission. Sharp will supply PV modules, mounting structures, and other balance of systems such as inverters together with system designing and engineering services for the project. Shigemitsu Shoji Co., Ltd. will support the joint management and operation of the solar power plant for the next 25 years.

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China suffers from increased protectionist measures www.chinadaily.com

China encountered 65 trade-remedy investigations launched by 17 countries and regions in the first half of 2016, surging 66.67 percent on a year-on-year basis, the Ministry of Commerce said on Tuesday.
 
Shen Danyang, spokesman for the ministry, said even though the rise of trade protectionism is not the fundamental reason for the prolonged global trade slowdown, it certainly is a factor.
 
The 65 cases, including 46 anti-dumping investigations and 13 countervailing cases, were launched by both developed and developing countries such as the United States, Brazil, Turkey and Malaysia during the six-month period.
 
Among them, the United States and India took the lead in initiating trade-remedy measures between January and June of this year, with 18 and 15 cases respectively against Chinese products including steel, agricultural and photovoltaic products.
 
A total of $8.54 billion had been involved in these cases, up 156 percent year-on-year.
 
"After all, trade disputes between China and major economies such as the US or the European Union are set to grow and become more complex in view of the huge trade flows. There might be more fights over the rules and standards affecting trade flows in the second half," said Chen Weidong, a professor of global trade at the University of International Business and Economics in Beijing.
 
Eager to find a way out, Liaoning-based Ansteel Group opened a new steel plant in May for high-end steel products used in auto and home appliances manufacturing as the steelmaker seeks to improve its product offerings amid oversupply of low-end steel and weak demand.
 
The new plant, based in Guangzhou, capital of southern China's Guangdong province, is part of a joint venture Ansteel formed with Guangzhou Automobile Group Co and ThyssenKrupp AG to tap into steel demand from automakers.
 
Yao Lin, Ansteel's vice-president, said the first stage of the plant cost $230 million and aims for annual production of 450,000 metric tons of steel plates used in vehicles and high-quality home appliances.
 
Trade ministers from G20 countries reached a consensus on strengthening the multilateral trading system earlier this month in Shanghai.
 
They also made a commitment that G20 members will all approve the Trade Facilitation Agreement before the end of the year, and will also continue to promote negotiations on the remaining issues of the Doha Round.
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EU slaps record $3 bil. cartel fine on truck firms www3.nhk.or.jp

The European Union has slapped a record fine of 2.9 billion euros, or 3.2 billion dollars, against Europe's top truck producers for taking part in a cartel over 14 years.
 
EU Antitrust Commissioner Margrethe Vestager told reporters on Tuesday that EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF colluded to keep prices artificially high at the expense of consumers.
 
Germany's Daimler received the biggest fine of 1.1 billion dollars, followed by 832 million dollars for DAF of the Netherlands. Volvo/Renault received a fine of 741 million dollars, and Italy's Iveco will have to pay 546 million dollars.
 
Volkswagen-owned MAN informed the European Commission about the cartel and escaped a 1.3 billion dollar fine.
Vestager said it is not acceptable that the 5 firms had been taking part in a 14-year cartel until 2011, and colluded on pricing and passing on the costs for meeting environmental standards to their customers.
 
The targeted companies account for 90 percent of the medium and heavy trucks produced in Europe.
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BHP's copper output to bounce back www.mining.com

BHP Billiton (NYSE:BHP) announced Tuesday the company exceeded full year 2016 production guidance for petroleum, copper and metallurgical coal, but came in slightly below its iron ore production target.
 
The suspension of its Samarco joint venture with Vale saw BHP's output on attributable basis miss its revised target by 2 million tonnes at 227 tonnes for the year to end June. The world's number three iron ore producer had previously forecast 237 million tonnes for its financial year.
 
The Melbourne-based company's total output at its Western Australia iron ore operations in the Pilbara grew by 2% to 257 million tonnes, but was also slightly below previous forecasts. BHP expects to produce 265 million – 275 million tonnes in its 2016/2017 financial year in Australia and 228 million – 237 million tonnes worldwide on an attributable basis excluding Samarco.
 
Copper production of 1.58 million tonnes also beat guidance but fell 8% compared to 2015 with the company saying increased throughput at Escondida and strong operating performance only partially made up for lower grades at the mine, the world's largest.
 
For its 2017 financial year the company expects a big boost to copper production to 1.7 million tonnes helped by a 9% jump in output at Escondida, which is 57%-owned and operated by BHP with Rio Tinto holding the remainder.
 
BHP's coking coal operations output grew slightly at 43 million tonnes as record production at its five Queensland Coal mines more than offset the halting of production at Crinum. The company expects to add one million tonnes for 2017. Coal for power generation continues to be cut back and will shrink 7% this year to 32 million tonnes after falling 16% in 2015.
 
BHP's petroleum division produced 240 million barrels during the year, down 6% from last year but above guidance of 237 million barrels.
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Leading US bank invests in London despite Brexit fears www.rt.com

The world's biggest bank by capitalization, Wells Fargo, plans to buy a new London headquarters for about £300 million ($397 million). The US banking giant reportedly wants to increase its presence in the UK capital.

An 11-storey building in the City of London, known as 33 Central, is planned to be completed in the third quarter of next year, according to a statement from the property developer HB Reavis Group as quoted by Bloomberg.

The property with a rooftop garden and views over the River Thames will accommodate about 2,600 people. Wells Fargo employs 850 people across its four London offices. The bank plans to occupy the new location in 2018, according to a spokesperson.

“With this new building in London, we are able to bring our team members together in one location in order to more efficiently and effectively manage our operations,” said Frank Pizzo, Wells Fargo regional president for Europe Middle East & Africa.

The deal goes against concerns over the London office property market after Britain’s shock vote to quit the European Union and the fear that some banks are planning to leave the British capital.

“Many have doubted what will happen to the real estate market after the Brexit vote,” said Marian Herman, CFO of HB Reavis Group, stressing that the completion showed resilience in the market. The firm suggests the deal as one of the largest for the City of London this year.

Employing 269,000 people, US-based Wells Fargo has $1.8 trillion in assets. However, the bank gets 95 percent of its revenue domestically and has a low overseas profile.

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