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

NEWS

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Kylie Jenner becomes world's youngest billionaire www.bbc.com

Kylie Jenner has become the world's youngest self-made billionaire, according to Forbes billionaires' list.

The youngest Kardashian family member is making her fortune from her best-selling cosmetics business.

The 21-year-old founded and owns Kylie Cosmetics, the three-year-old beauty business that generated an estimated $360m in sales last year.

She reached the milestone earlier than Facebook founder Mark Zuckerberg who became a billionaire aged 23.

"I didn't expect anything. I did not foresee the future.

"But [the recognition] feels really good. That's a nice pat on the back," Ms Jenner told Forbes.

The list shows Amazon's founder, Jeff Bezos, remains the world's richest man.

His fortune totals $131bn, according to Forbes, up $19bn from 2018.

But the billionaires' combined worth is down from $9.1 trillion at $8.7tn.

Facebook founder Mark Zuckerberg's wealth is among those falling.

It has dropped by $8.7bn (£6.6bn) in the past year to $62/3bn, according to the Forbes list.

His shares in Facebook at one point lost a third of their value as the company battled privacy scandals.

Amazon's share price has been good for Mr Bezos' bank balance and the gap between him and the number two, Bill Gates, is a little wider, even though Mr Gates' fortune has swelled to $96.5bn from $90bn last year.

Of all the billionaires on the list only 252 are women, and the richest self-made woman is real estate mogul Wu Yajun of China, worth an estimated $9.4bn.

The number of self-made women reached 72 for the first time, up from 56 a year ago.

The Forbes billionaires list is a snapshot of wealth taken on 8 February 2019. The magazine uses that day's stock prices and exchange rates from around the world.

According to Forbes there are fewer billionaires around - 2,153 of them on the 2019 list, down from 2,208 in 2018. This, in part, explains why their average net worth is $4bn, down from $4.1bn. Forbes also found that 994 of them are less well off than a year ago.

Luisa Kroll, assistant managing editor of wealth at Forbes, said: "Even with strong headwinds, resourceful and relentless entrepreneurs find new ways to get rich."

There are 52 UK citizens on the list. At the top are the Hinduja brothers, Srichand and Gopichand, who control the Hinduja Group conglomerate, with a net worth of $16.9bn.

Behind them, ranked as the wealthiest single individual in the UK, is James Ratcliffe, founder of the chemical group Ineos, and worth $12.1bn.

Another newcomer is Safra Catz co-chief executive of software firm Oracle, who according to Forbes earns a $41m salary and ranks as one of the world's highest paid female executives.

The US has 607 billionaires, more than any other country. China has the next largest number with 324. But the list of Chinese billionaires has seen some big changes - it has 44 newcomers to the list while 102 have dropped off.

The weakness of the euro has not been kind to European billionaires who make a poor showing with only two in the top 20: Bernard Arnault (ranked 4th), the chief executive of the French luxury goods company LVMH, and Amancio Ortega (ranked 6th), who founded retail group Inditex which owns brands such as Zara.

Forbes said 247 people who were on the billionaires list last year have now dropped off. Among them are Domenico Dolce and Stefano Gabbana, fashion designers and co-founders of Dolce & Gabbana.

The group chairman of supply chain management company Li & Fung, Victor Fung, is also no longer classed as a billionaire by Forbes, after being on the list for 18 years in a row.

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Program Implementation Agreement of MCC Compact Agreement signed www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs and Chairman of the Board of Mongolia Millennium Challenge Corporation D.Tsogtbaatar met with Ms. Caroline Nguyen, MCC’s Managing Director for Europe, Asia Pacific and Latin America.

At the meeting, Foreign Minister D.Tsogtbaatar signed Program Implementation Agreement of Compact Agreement. This is a documentation, which regulates issues such as implementation of MCC Compact Agreement, the sides’ roles and participation and tax exemption. Signing the agreement, the objective to ensure preparation of implementation of Compact Agreement has fulfilled, the sides noted.

During the meeting, Ms. K.Nyugen officially introduced Mr. Alex Russin, who will work as MCC Resident Country Director for Mongolia in terms of implementation of the agreement.

The Millennium Challenge Corporation of the United States established USD 350 million MCC Water Compact Agreement with the Government of Mongolia on July 27, 2018. By realizing the Compact Agreement, it is estimated that water supply of Ulaanbaatar city to be increased up to 80 percent.

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GOM may lose 12-20% stake of its 51% ownership in EMС www.zgm.mn

MP Baasankhuu Octyabri has sent an official letter to Chief Cabinet Secretariat Oyun-Erdene Luvsannamsrai on resolving issues regarding Erdenet Mining Corp.’s (EMC) 51 and 49 percent stake dispute.

According to Mr.Baasankhuu, Government of Mongolia may lose 12-20 percent of its 51 percent stake ownership to China. “International Court of Justice (ICJ) has decided Mongolia to pay USD 99 million to Standard Bank, which was sold to China, for interest and fine. The amount of debt EMC owes to the bank for violating its loan agreement increases every day and stands at about USD 126 million as of this week. If China turns to ICJ to swap EMC’s fine by the plant’s stake, Government of Mongolia will lose 12-20 percent.”

Now, it’s up to the government to negotiate with Standard Bank. Mr. Baasankhuu warned that the issue needs to be settled immediately, as the debt EMC owes Standard bank increases by USD 1.2 million each month.

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Mongolia launches campaign to reduce violent crime www.xinhuanet.com

ULAN BATOR, March 5 (Xinhua) -- Mongolia has launched a national campaign to reduce violent crimes, including murder and assault, the National Police Agency said Tuesday.

"The number of crimes against human life and health in Mongolia has significantly increased over the last five years. Adopting a positive attitude and learning how to curb your anger are important to reducing these types of crimes," the National Police Agency said in a statement.

During the month-long campaign called "one moment to understand each other", police officers and artists are expected to give lectures at schools, universities and other organizations on adopting a positive attitude.

According to the National Police Agency, a total of 36,220 criminal cases were recorded across the country in 2018, with roughly 30 percent categorized as violent crime. Enditem

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Mongolia wants more Chinese tourists www.news.mn

ULAN BATOR, March 5 (Xinhua) -- Mongolia has been striving to attract more Chinese tourists in a bid to bolster growth in the mining-dependent economy, an official said Tuesday.

Mongolia attracted a total of 529,370 foreign tourists in 2018, up 11.01 percent from the previous year, Dagvajamts Batsukh, head of Ulan Bator's tourism department, told Xinhua in an interview.

More than 30 percent of these foreign tourists were Chinese, said Batsukh, noting that China has been the biggest market for Mongolian tourism for many years.

"Mongolia is said to be one of a few countries which retained its ancient culture and traditions and the nomadic lifestyle. We have a unique chance to develop tourism by promoting the nomadic lifestyle," Batsukh said.

In 2019, the Ulan Bator's tourism department plans to organize many cultural and sporting events to attract more tourists from international markets, especially from China, Batsukh said.

"Particularly, the tourism department is now cooperating with the Chinese side to organize Culture and Tourism Days of Ulan Bator in major cities of China's Inner Mongolia Autonomous Region, like Hohhot, Baotou and Ordos, in late April," he said. "China is the most important market for our country's tourism."

"As China's economy expands rapidly, the number of Chinese citizens visiting other countries has been dramatically increasing. I believe that Mongolia has the full potential to attract more tourists from China," Batsukh said, highlighting his country's geographic location.

In addition, Ulan Bator will organize an annual international motorsports festival entitled the "Steppe wind" on June 8-9 in the city.

At least 100 motorcyclists each from China and Russia are expected to participate in the fifth edition of the festival, he said, adding that 50 motorcyclists from the two countries each attended the festival last year.

But tourism development faces several obstacles, Batsukh told Xinhua.

"The lack of direct flights linking Mongolia and other countries, poor tourism infrastructure and the low human resource are major challenges facing tourism development in the country," the official said, adding that Ulan Bator has been paying special attention to these problems.

Mongolia has set a goal of hosting 1 million foreign tourists and earning 1 billion U.S. dollars from tourism in 2020.

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TVET UK opens the door in Mongolia by MBD www.mongolianbusinessdatabase.com

TVET UK is set to ratify an MoU with MBD in London on March 28. 2019 during the MBCCI's "Doing business with Mongolia" seminar for its TVET UK Skills Network online training program and further institutional development in the country. Some of the qualifications of the courses are UK accredited and certified which are accepted globally.

TVET UK (Technical Vocational Education and Training UK) is the UK’s only organisation dedicated to exporting the capabilities of the technical and vocational education sector. Its members are the UK’s leading education providers and suppliers with a wealth of experience in delivering a diverse range of international commercial projects.

MBD (Mongolian Business Database NGO) is the project managed by B2B Mongolia which aims to be a "Bridge of the business with Mongolia". Its global B2B portal www.mongolianbusinessdatabase.comis number 1 ranking website on Google's "Mongolia business or/and Business Mongolia" search according to the business visitors access from appx 90 countries as of today (Google analytics report).

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Erdenet copper scandal: arrests in UB www.news.mn

Earlier today (5 March) Mongolian police arrested D.Erdenebileg, owner of the Trade Development Bank of Mongolia (TDBM). The businessman was arrested from his apartment in the Khan-Uul District of Ulaanbaatar. Another arrest was that of former CEO Ts.Orkhon, who was handcuffed at his office. In addition, Ts.Purevtuvshin, CEO of Mongolian Copper Corporation (MCC) was brought to the police station for questioning.

MP L.Oyun-Erdene said that D.Erdenebileg played a large role in MCC and in the purchase of 49 percent of the Erdenet Mining Corporation from Russia. However, Ts.Purevtuvshin has denied that TDBM was involved in the purchase.

MCC purchased the Erdenet mine from Russia in 2016 with the approval of then Prime Minister Ch.Saikhanbileg, though parliament says it never endorsed the sale. Erdenet is one of the region’s largest copper mines, producing 530,000 tonnes of copper concentrate a year.

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Energy Minister pays official visit to Czech Republic www.montsame.mn

Ulaanbaatar/MONTSAME/ Minister of Energy Ts.Davaasuren recently paid an official visit to the Czech Republic at the invitation of Czech Minister of Industry and Trade Marta Novakova.
 
Within the visit, Mr. Davaasuren held official meeting with Ms. Marta Novakova, Czech Minister of Industry and Trade, at which the parties expressed interest to develop bilateral cooperation in energy sector, especially in the fields of renewable energy and hydropower plant and exchanged views on building decent source of energy, increasing the capacity of energy grid and conducting joint researches.
 
Moreover, Mr. Davaasuren met with Mr. Stanislav Berkovec, Member of the Chamber of Deputies of the Parliament, chairman of Election Committee of the Parliament and member of Czech-Mongolia inter-parliamentary group. They discussed about expanding bilateral economic and trade cooperation, implementing joint projects and programs and strengthening ties of businessmen.
 
Energy Minister Davaasuren also held a meeting with Senator Mr. Jaroslav Doubrava and exchanged views on cooperation opportunities of energy sector.
 
Mongolian delegation headed by Mr. Davaasuren visited ‘ZPA Smart Energy’ Company that is implementing smart electricity meters and modern metering system at ‘Ulaanbaatar Electricity Distribution Network’ Company, where the sides shared views on further cooperation in reducing energy loss and strengthening reliable operation of the network.
 
As a part of the visit, the delegation saw operations of Les Kralovstvi hydropower plant on the River Elba.
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IMF: Mongolia’s economy expected to grow up by 8 percent in 2019 www.montsame.mn

Ulaanbaatar /MONTSAME/ Speaker of the parliament G.Zandanshatar received Neil Saker, International Monetary Fund (IMF) Resident Representative in Mongolia on March 4.  

At the meeting, Mr. Neil Saker briefed cooperation between the Government of Mongolia and IMF, Extended Fund Facility Program (EFF), its implementation and progress.

He said “IMF staff team has conducted the sixth review of EFF program in November, 2018. According to the review, Mongolia’s macro-economic indicators stand positive and all objectives have been fulfilled. Moreover, IMF considers that the Mongolian government made a big achievement in overcoming its economic crisis. As a result of the program, the country’s economic growth is expected to be around 8 percent in 2019, which was 1.2 percent in 2016. By improving budget integrity and discipline, the government had fiscal surplus last year for the first time. Furthermore, amount of Government debt has considerably decreased.”

Emphasizing that Mongolia’s economic growth has being accelerated with increased investment and improved budget discipline as the country got involved in IMF EFF program, Speaker G.Zandanshatar expressed his gratitude. ”Mongolia has a necessity to diversify its economy and it is required to implement a policy targeted to export and finance projects and programs in this direction.”

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Mongolian central bank's gold purchase continues to decline www.xinhuanet.com

ULAN BATOR, March 4 (Xinhua) -- The Bank of Mongolia announced on Monday that its purchase of gold declined by 81 percent year on year in February.

The central bank has purchased 84.1 kg of gold from legal entities and individuals last month.

The dramatic decline was mainly related to the expiration of the effective period of low royalty taxes on gold with the 2014 amendments to the Minerals Law, according to experts from the Bank of Mongolia.

The 2.5-percent of discounted royalty on gold mining ended on Jan. 1. From then on, 5 to 10 percent royalty taxes on gold mining have been imposed on miners.

The Mongolian Minister of Mining and Heavy Industry Dolgorsuren Sumiyabazar has recently submitted a draft bill on extending the low royalty taxes to the country's parliament, according to the bank.

Gold miners in the resource-rich country are highly anticipating the discounted royalty taxes on gold to be extended.

The Mongolian central bank purchased only 12.7 tons of gold in 2014. Thanks to the low royalty taxes on gold with the 2014 amendments, the central bank's annual gold purchase almost doubled to 22 tons in 2018.

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