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    

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

Mongolia recalling its envoy in South Korea over a students’ bully case www.news.mn

Mongolia is recalling its diplomats in South Korea over a case of 13 year-old Mongolian girl assaulted and beaten by senior Korean students.
Minister of Foreign Affairs B.Battsetseg presented a proposal to the President on Friday (10 December) to recall Mrs. N.Erdenetuya, Ambassador of Mongolia to South Korea and Ts.Unurzaya, Chief of Consul in Busan for a responsibility of handling the case.
According to law, the President has authority of Ambassadors appointment and removal. Therefore, President U.Khurelsukh will decide on whether to recall N.Erdenetuya. Still, the final decision of N.Erdenetuya’s removal must be approved by parliament. However, the Foreign Minister has authority of recalling the Consul. Therefore, Ts.Unurzaya will be removed from the post of Chief of Consul in Busan.
N.Erdenetuya was appointed as an Ambassador of Mongolia to South Korea in May, 2020. She has 26 years of working experience in civil service- 23 years as a diplomat. Previously, B.Khurts, former Head of the General Intelligence Agency (GIA) was nominated for the post of Mongolian Ambassador to South Korea; however, declined by former President Kh.Battulga.
As for Ts.Unurzaya, she is a daughter of Sh.Tsogtoo, former judge of Mongolian Constitutional Court and close to former President Kh.Battulga.
-The bully case-
The four students living in Yangsan, South Gyeongsang Province, whose identities were withheld, have been accused of beating the 13-year-old girl for about six hours starting at midnight on 3 July, 2020. The victim was a middle school student who moved to Korea from Mongolia about 10 years ago.
They tied the victim’s hands and legs and punched her in the head and face multiple times, and wrote racial slurs on her forehead, according to Yangsan Police Station. The students filmed the act and later distributed the video among fellow students, offering to sell the footage for 5,000 won ($4), according to police.
The police said they have handed two students over to prosecutors after charging them with group assault, 28 October. The other two were sent to the juvenile department of Ulsan District Court, as minors aged 14 or younger cannot be held criminally responsible under current laws.
A public petition was posted on the Cheong Wa Dae website, calling for harsh punishment for the students and the disclosure of their identities.
...


64x64

G.Bolor-Erdene becomes world champion for the fifth time www.montsame.mn

Mongolian athlete G.Bolor-Erdene won the gold medal in men’s 65 kg at the World Para Taekwondo Championships taking place in Turkey.
By defeating his Italian competitor in the final round, G.Bolor-Erdene claimed his fifth World Champion title. The world championships participated by 250 athletes from 41 countries wrapped up on December 12.
...


64x64

Mongolia says Rio Tinto agrees to write off country's Oyu Tolgoi debts www.reuters.com

ULAANBAATAR, Dec 13 (Reuters) - Anglo-Australian mining giant Rio Tinto (RIO.AX)(RIO.L) has agreed to write off Mongolia's outstanding $2.3 billion debt for its share in the massive Oyu Tolgoi copper-gold project, Prime Minister Oyun-Erdene Luvsannamsrai said on Monday.
Oyun-Erdene said his office had received a letter from Rio Tinto agreeing to write off the debt, conduct an independent audit into the financing of the project's underground expansion and improve governance.
"We have proposed that the benefits of Oyu Tolgoi be in the interests of the Mongolian people," Oyun-Erdene told a briefing.
He said Rio also agreed the much-delayed expanded underground section of the mine would be completed by 2023.
Oyu Tolgoi is Mongolia's biggest investment project but it has been subject to frequent disputes and delays, with Mongolian politicians repeatedly calling for the original investment agreement to be redrawn.
A Rio Tinto spokesman said in a statement the offer made to Mongolia "aims to reset the relationship and allow all parties to move forward together", without providing details of the debt writedown offer.
"The offer reflects months of discussion between Rio Tinto, TRQ (subsidiary Turquoise Hill Resources (TRQ.TO)) and the Government of Mongolia to understand the Government's issues and priorities, deliver greater economic value to Mongolia and build a stronger partnership for a prosperous future for all.”
Reporting by Anand Tumurtogoo; Additional reporting by Sonali Paul in Melbourne; Writing by David Stanway; Editing by Christopher Cushing and Lincoln Feast.
...


64x64

Rio Tinto to write off $2.3bn Oyu Tolgoi loan www.ft.com

Rio Tinto has agreed to write off $2.3bn it lent to Mongolia to cover the government’s share of the development costs for the giant Oyu Tolgoi copper mine.
The debt write off is part of a wider offer that the FTSE 100 company hopes will bring an end to longstanding tensions that have blighted the project, which is running late and over budget.
As well as the debt write-off, Rio has offered to terminate the underground development plan, agreed to an independent audit of the project’s financing and will make an additional investment, according to a letter seen by the Financial Times. This should allow the next phase of the mine’s development to begin in January.
Once complete, Oyu Tolgoi will be one of the biggest copper mines in the world, producing almost 500,000 tonnes of the metal. Rio is developing the project through its subsidiary Turquoise Hill Resources.
In a tweet, Mongolia’s Prime Minister Oyun-Erdene Luvsannamsrai said a government working group had accepted the offer and there was now “opportunity for mutually beneficial co-operation. However, the deal will need to be ratified by parliament”.
In an statement, the company said: “Rio Tinto and Turquoise Hill Resources have made an offer to the Government of Mongolia which aims to reset the relationship and allow all parties to move forward together.”
“The offer reflects months of discussion between Rio Tinto, TRQ and the Government of Mongolia to understand the Government’s issues and priorities, deliver greater economic value to Mongolia and build a stronger partnership for a prosperous future for all,” it added.
...


64x64

Do You Know Where Your Sweater Came From? www.nytimes.com

Just under a decade ago, I wrote a column about an extraordinary new initiative, courtesy of Fendi, called Pesce d’Aprile, in which a customer could travel to a crocodile farm in Singapore, select the reptile from which their handbag would be made and then follow its progress via an app. Billed as the fashion equivalent of “know your food,” it was the first of its kind.
It was also entirely made up (by me): an April Fool’s joke invented to highlight the lengths to which fashion brands would go to distinguish themselves — and the fact that, increasingly, customers were interested in the origin of their products.
Except now, finally, the joke’s on me.
Loro Piana, the luxury brand known for its plush, understated knits that look as if they have been woven from liquidized bank notes, has embarked on a program that will allow customers to trace every step of production of one of its baby cashmere sweaters from goat to store.
It may seem like a simple thing: How can a brand not know exactly where and how its products are made? Yet the fashion supply chain is so complicated, its many moving parts spread out over so many countries and processes, that for most of us the origin stories of our clothes are almost entirely opaque.
“We have a belief that companies know where things are coming from, and in actual fact many companies lost that ability quite a long time ago,” said Maxine Bédat, the founder of the New Standard Institute, a nonprofit founded to define and create a framework for fashion’s sustainability claims. “The more products you add to your offering, the more diffuse and complicated the manufacturing becomes, and as a result it is very rare today for fashion companies to both be able to trace their full supply chains and be willing to disclose them.”
Consider the fact that the average merino wool sweater will travel 18,000 miles over the course of its production before it reaches a store shelf, according to Bamford, the British farm-to-table luxury brand.
Tracing that journey is easier, of course, if a brand is small enough to do everything itself or if a new brand is built with transparency in mind. But few founders were thinking that way even a decade ago, and almost no brand owns every step of the process of creation, from farm to finished product.
For the consumer in search of a holiday present, that means it is extremely difficult to know, as you browse the shelves looking for the perfect chunky knit or comfortable wrap, whether what you are seeing has been made responsibly, with environmental and social factors in mind.
That’s why, two years ago, Loro Piana, which was bought by LVMH for $2.6 billion in 2013, decided to pin down its processes so that it can now include a garment tag telling potential buyers that “this knitwear has been coming from a bail that was taken in that specific region in that year or that month of that year,” said Fabio d’Angelantonio, the former Loro Piana chief executive (he was replaced in late October by Damien Bertrand). And that bail originated on the backs of that herd.
The project was introduced earlier this year with Loro Piana’s vicuña products and will be extended to include cashmere and baby cashmere, the company’s biggest sellers. Given that the average Loro Piana cashmere sweater will be touched by approximately 100 hands in at least three countries as it makes its way from Mongolia to Italy to its final store, and involve more than 13 different processes over a period of 18 months to two years, that was no small undertaking.
Arguably such traceability was possible only because the luxury brand has the … well, luxury, of knowing its herders — it has been sourcing, spinning, weaving and finishing cashmere since 1924 — and because its extremely well-heeled customers are willing to pay for the information. And Loro Piana is gambling that increasingly it will be part of the fashion value proposition. That each physical gift should also bring with it the gift of knowledge.
In place of trickle-down economics, think of it as trickle-down transparency. Here’s how it begins.
At the beginning of spring, cashmere collection begins in Inner Mongolia in northern China and in Mongolia. In many cases, the herders have worked with Loro Piana for generations. The process occurs only once a year.
The goats have nature to thank for their annual buzz-cut. Cashmere goats are double-coated animals, which means they produce two kinds of hair: external and underfleece. The underfleece protects goats from the extreme cold temperatures in the region and starts to grow in September and October, when temperatures begin to drop. By May, the underfleece has grown to its fullest potential and is ready to be collected by the herders. The goats are not losing much — the fleece would fall off naturally.
Fun fact: All cashmere is wool, but not all wool is cashmere. Wool is a catchall term used to describe the soft undercoat of some animals (sheep, alpaca, goats, etc.). Cashmere refers specifically to the highly prized fiber of cashmere and some other breeds of goats.”
Across the region, ranchers like Ha Si Ba Gen earn a living raising and herding goats. The country of Mongolia produces a third of the world’s cashmere, and the luxury fabric accounts for 40 percent of the country’s nonmineral exports.
Animal and labor conditions are audited by “accredited third parties,” a representative of Loro Piana told The Times. After all, as Mr. d’Angelantonio, the former chief executive of the company, said, it was in everyone’s best interest to maintain excellent conditions. “The wool of a happy sheep is a better wool than a very stressed sheep,” he said.
When the haircuts are over, herders typically sell the wool to a third-party collector, who will then sell the materials — a mix of cashmere wool from dozens, if not hundreds, of local farms — to various brands. In this case, the cashmere is delivered to Alashan Zuo Qi Dia Li Cashmere in Inner Mongolia, a third-party “cooperation” partner in the Loro Piana production chain since 2005. There the wool is cleaned and inspected.
Though Loro Piana had explored building its own facilities in Inner Mongolia, it has instead formed long-term relationships with local partners. A representative of the company explained that it has sought a production facility in China suited to its specific needs, but the difficulties of operating there as a foreign company have proved insurmountable. As a result, Alashan Zuo Qi Dia Li Cashmere plays a key role in the creation of Loro Piana garments, taking responsibility for the first round of cleaning before the wool even leaves the area.
From there, the cleaned cashmere is trucked to Beijing or Ulaanbaatar, the capital of Mongolia, for strenuous quality-control testing. Keen eyes check for the occasional dark hair hidden in the white wool. (These hairs cannot be dyed and are harder to spot and remove later on.) Then the bales of cashmere are transported to a laboratory in Roccapietra, Italy, (population: 646) for yet another round of quality control.
Next stop: the Loro Piana factory in Quarona, Italy, which was founded by the Loro Piana family in 1924. The lots (an industry measurement) of cashmere are transferred to a blending machine, which opens up the fibers and lays them flat for the first time. This process allows for easier manipulation.
After getting carded (disentangled and cleaned), the fibers are loaded into a spinning machine. Simply put, this is where the fibers become yarn and the yarn becomes fabric.
Now the yarn is ready to take on some color. Loro Piana uses exclusive formulations of dyes for its garments.
Actual garments are finally ready to be constructed, a process that is usually performed by state-of-the-art knitting machines. Once the garments are finished, they are inspected by expert eyes. Finally, they are packed up to be distributed to Loro Piana’s 178 physical stores, e-commerce channels and various retail partners.
The time span between collecting a baby goat’s underfleece and a sweater landing on a store shelf is up to two years. Officials at Loro Piana estimate that more than a hundred hands can play a role in the creation of one garment. A Loro Piana cashmere sweater typically starts at $1,000, and more complicated designs cost between $2,000 and $3,000. And the goats grow out their hair again.
 
Vanessa Friedman is The Times's fashion director and chief fashion critic. She was previously the fashion editor of the Financial Times. @VVFriedman
...


64x64

Mongolia records lowest daily number of COVID-19 cases in 9 months www.montsame.mn

The Ministry of Health reported today that 94 СOVID-19 infections and three deaths were recorded in the last 24 hours. This is the lowest daily number of cases recorded in Mongolia since March.
In detail, 75 cases were reported in Ulaanbaatar city, with 17 cases in 21 provinces and two imported cases.
As of today, the total number of confirmed COVID-19 cases in Mongolia stands at 386,635.
Of a total of 3168 patients are currently undergoing treatment at hospitals, there are 1202 patients in mild, 1560 in serious, 332 in critical, and 74 in very critical condition.
...


64x64

Structural changes to be made to khoroos in capital city www.montsame.mn

On December 10, the Presidium of the Citizens’ Representative Khural of the Capital City discussed the changes to be made to the organizational structure of khoroos in the capital city.
More specifically, a draft resolution on establishing 30 new khoroos in the districts of Bayangol, Bayanzurkh, and Chingeltei was introduced by First Deputy Governor in charge of development policy J.Sandagsuren.
Based on the suggestions received from the districts, Bayangol district will establish 9 new khoroos by dividing 1 of its current 25 khoroos, while Bayanzurkh district will establish 15 new khoroos by dividing 17 of its current 28 khoroos. As for Chingeltei district, there will be 5 new khoroos in addition to its current 19 khoroos. With these changes, the capital city will have 200 khoroos in total, he said.
“Through the establishment of new khoroos, the smallest unit of administration, there will be improvements in bringing public services to citizens urgently and making them more accessible. For starters, a total of MNT 12 billion is estimated to be necessary for the establishment of the 30 new khoroos,” said Deputy Governor J.Sandagsuren.
The draft resolution was supported by a majority of the Presidium members.
...


64x64

The global economy is increasingly out of sync www.cnn.com

London (CNN Business)The economic recovery from the coronavirus has always been uneven, with different parts of the world bouncing back at different speeds.
But this divergence could be about to get worse, creating headaches for the policymakers who have to manage what happens next.
What's happening: The biggest central banks in the world will all make highly-anticipated announcements on policy this week. But unlike at the beginning of the pandemic, when their action to avert a global depression was highly synchronized, the responses to inflation and the Omicron variant are expected to vary widely.
Economists now believe the Federal Reserve will announce a faster rollback of its pandemic bond-buying program to combat higher prices. Consumer prices in the United States increased in November at the fastest rate in nearly 40 years.
The Fed doesn't appear deterred by concerns about the spread of the Omicron variant, since the United States has so far avoided rolling out fresh restrictions. Consumer spending still looks strong, and unemployment claims recently fell to their lowest level in 52 years.
"The activity story is still very good. The early evidence is Omicron isn't really having a major impact on consumer behavior," James Knightley, chief international economist at ING, told me.
In Europe, meanwhile, governments have quickly reimposed some restrictions. Germany has announced a nationwide lockdown for the unvaccinated, barring them from accessing all but the most essential businesses, while England is once again directing people to work from home if they can.
Even before the arrival of Omicron, the economic recovery in Europe was losing momentum due to supply chain woes and a high number of coronavirus cases. The UK economy grew just 0.1% in October.
That puts the Bank of England and the European Central Bank in a difficult spot as they also attempt to fight inflation. If they move too fast to withdraw support and try to control prices, they risk reversing hard-won gains in activity and jobs.
Knightley expects the Bank of England to refrain from raising interest rates this month, as had been previously expected. The ECB, he added, could announce a transition bond-buying program to avert a cliff-edge in March, when pandemic-era purchases are due to end.
Eye on China: China, meanwhile, isn't thinking about when to tighten policy at all, and is back in easing mode as its economy slows and real estate developers default on their debts. Last week, it announced it would cut the amount of money that banks have to keep in reserve for the second time this year, unleashing an extra $188 billion for business and household loans.
"The need is higher," said Jeffrey Sacks, head of investment strategy for Europe, the Middle East and Africa at Citi Private Bank. "The economic data over the early summer through to now has been weakening."
China's recovery started sooner than in Europe and the United States, so it wrapped up faster. The government's crackdown on excessive borrowing in the country's real estate sector has also contributed to the slowdown. But Beijing has to worry about high producer prices, too, Knightley noted.
Why it matters: In March 2020, it was clear what central banks had to do to avoid catastrophe. But reversing course now won't be easy. The task is made even harder by regional differences that can obscure the direction of travel.
"It's a very, very difficult path for central banks to tread right now," Knightley said. "You've got risks operating on both sides."
Glimmers of hope emerge in the supply chain nightmare
Epic port congestion is easing. Shipping prices are falling from sky-high levels. Deliveries are speeding up slightly.
More and more, there are signs that the supply chain mess is finally starting to get cleaned up, my CNN Business colleague Matt Egan reports.
That's not to say the supply chain nightmare is over. It's not. And the situation may not get anywhere near back to normal anytime soon.
Businesses are still grappling with a troubling shortage of truck drivers. Critical components, including computer chips, remain scarce. And the Omicron variant threatens to put renewed pressure on supply chains.
Still, there's evidence that bottlenecks are beginning to unclog. That's encouraging given that the unprecedented stress on supply chains has contributed significantly to historic levels of inflation in the United States.
"I'm increasingly confident that the worst appears to be over," said Matt Colyar, economist at Moody's Analytics. "There is data suggesting that things are improving. But there's still a ton of uncertainty."
Remember: Logistics networks came under enormous strain when the world economy shut down at the onset of Covid — and then rapidly reopened. Demand for goods skyrocketed and just-in-time supply chains buckled under the pressure. Coronavirus outbreaks and inconsistent health protocols around the world added to the mess.
But reason for optimism can be found in recent economic reports.
For instance, the backlog of orders index in the Institute for Supply Management's manufacturing survey fell to 61.9 in November, down from a record high of 70.6 in May. Backlogs are still growing, but at a slower pace. And supplier delivery rates appear to be improving, albeit from very poor levels.
The Dallas Federal Reserve Bank's manufacturing index showed the level of unfilled orders ticked lower in November and the amount of time to deliver goods fell.
"It is still going to take a long time for the supply chains across the country to be fully restored, but at least the first steps appear to be in place towards normalcy," Thomas Simons, economist at Jefferies, wrote in a recent note to clients.
...


64x64

New method of cooperation needed for business owners in Mongolia www.montsame.mn

Domestic companies and entities will soon be faced with major challenges, such as necessary technological updates and inflation caused by the pandemic. In order to save their businesses, business owners have to follow new way of operation and work together to overcome the new challenges, highlighted the participants of the ‘Executive Summit 2021’ event that took place on December 7.
In order to support the implementation of the Government’s New Revival Policy for the country’s economy, it is necessary to reduce the burden that is put on businesses, the participants agreed. Noting that obtaining nearly 1,400 permissions from the government counts as a loss for businesses as it requires a lot of time, they highlighted that a reform is needed for the legal environment of businesses. During the discussion, it was also mentioned that some countries have temporarily lifted certain specific regulations that are normally implemented in order to save jobs, allow private entities to freely run their operations, and attract foreign investment.
As dynamic skills and performance-based models have begun to be of higher importance during the current pandemic situation, it has also become necessary for human resource managers to have a certain set of skills including utilizing employees’ personalities and agility in continuing to keep the quality of work.
The second ‘Executive Summit’ organized by the Business Academy under the Mongolian National Chamber of Commerce and Industry, was attended by CEOs, CFOs, and HR Directors of about 200 companies.
...


64x64

Food is more expensive than it has been in decades www.cnn.com

New York (CNN Business)Bad news for American consumers: It's getting more expensive to dine out, and it's getting more expensive to eat at home.
Restaurant prices spiked 5.8% over the 12 months ending in November without seasonal adjustments, the Bureau of Labor Statistics said Friday. That's the largest 12-month increase since the year ended January 1982.
And unfortunately for those hoping to curb spending by turning to home cooking, grocery prices are also at record highs: They jumped 6.4%, the largest 12-month increase since December 2008. Beef had the most dramatic increase with a 20.9% spike in prices.
The sharp increases underscore the fact that restaurants and food makers are not immune to supply chain and labor pressures contributing to pricing increases across the board.
Yet they've found customers are willing to spend more. In fact, restaurants have been raising prices as their own food and labor costs rise, and so far, they say, consumers have accepted the hikes.
McDonald's (MCD) said in October that it expects menu prices to be about 6% higher this year compared to last. The increase "has been pretty well received by customers," CEO Chris Kempczinski said during an October analyst call. Chipotle also raised prices this year, yet it has seen its same-store restaurant sales grow.
Beyond restaurants, food manufacturers and grocers have faced higher costs for commodities, labor and transportation. Those costs have escalated further in recent months, leading manufacturers to pass some of them on to their retail customers — who in turn charge consumers a portion of those increases.
Higher prices at the grocery store will likely stick around into next year. Major manufacturers like Kraft Heinz (KHC) and Mondelez (MDLZ) have said that they plan to hike prices for their retail customers in early 2022.
That's all allowed companies to pull back on or eliminate discounts, because demand is strong and they don't want to run out of their limited supplies.
What got more expensive in November
While some food prices stayed flat or even fell from October to November, other items got more expensive in the period, according to the consumer price index.
Lettuce prices climbed 6.9% and fresh fruit went up 2.2% on a seasonally adjusted basis. Oranges, including tangerines, rose 2.4%. At the opposite end of the spectrum, treats like fresh coffeecakes and donuts jumped 3.5% in price.
Meat prices also continued to tick up: Pork prices grew 2.2%, with breakfast sausages up 2.7% and hot dogs 2.8%. Pork roasts, steaks and ribs rose 3.7%.
Some of these items could get even pricier. Hot dog, sausage and burger makers have warned retailers that they plan to increase prices for some frozen and refrigerated meats in January.
The hikes in food are part of a trend of increasing prices overall. Consumer price inflation, which includes gas prices and other categories, rose by 6.8% in the 12-month period ending in November, hitting its highest level in 39 years.
— CNN Business' Nathaniel Meyersohn and Anneken Tappe contributed to this report.
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook