According to the Ministry of Food, Agriculture and Light Industry, the goal set in the Mongolian government’s action plan (2016-2020) has been fulfilled.

Animal husbandry is one of the main sectors of Mongolian economy, as nearly 40 percent of its nomad population depend on livestock.

Mongolia aimed to raise meat exports tenfold in the coming years in a bid to diversify its heavily mining-dependent economy. Mongolia has around 60 meat processing plants. From this, around 20 have meat export licenses.

Mongolia mostly, exports meat to two neighbors (Russia, China) and also working to find new markets in Japan and the Middle East, with Iran a particular target as producers hope to benefit from higher halal meat prices.

The total crimes reported in the past two weeks decreased by more than 10 percent from the same period of the previous year, but cases of domestic violence increased by 30 percent, according to the police agency.

A total of 10,100 law enforcement officers were deployed to maintain public order across the country during the New Year's celebrations.

In recent years, domestic violence has been increasing in Mongolia, which experts have attributed to rising alcohol consumption and financial problems.

A recent study by the National Statistical Office showed that one in three Mongolian women has experienced certain kinds of violence in her lifetime.

Paris has been pushing for what it sees as fairer taxation of the big-tech firms in the European Union. Progress on the issue has stalled in Brussels, as the 28-member bloc is divided on imposing the levies on Silicon Valley giants. Any changes must receive unanimous approval by member states.

Critics say that the big-tech firms are making money from European countries’ economies, but use their complex structure to route some of their profits to low-tax member states.

The opposing block is led by Ireland, which has become a sort of Mecca for US tech companies, and hosts many of their headquarters. Estonia and Sweden are also among those who do not favor France’s bid, fearing that the taxes could trigger US retaliation.

The EU has been discussing plans for a three-percent tax on the revenues of large internet companies that make money from user data or digital advertising. However, the last round of talks on the matter in November resulted in no significant progress, apparently pushing France to move forward with it alone.

Separately, France and Germany reached a consensus on a three-percent levy on digital ads after Paris agreed to water down its initial proposals on a broader tax on data. The two EU powerhouses plan to introduce a new joint measure in 2021, unless the Organization for Economic Co-Operation and Development (OECD) members have agreed on a global approach by then.

France might have its own domestic reasons – like the consequences of the massive Yellow Vest protest – to impose the GAFA tax, named after Google, Apple, Facebook, and Amazon. The recent nationwide demonstrations will cost the French economy a hefty sum and have already resulted in lowering the country’s economic growth forecast for 2018 and 2019, while its budget deficit for next year rose to 3.2 percent, breaching EU rules.

At the same time, French President Emmanuel Macron is a known critic of the big techs. In April, he warned that Google and Facebook are becoming too big to be governed. In May, Macron demanded a gathering of global tech bosses to commit to the common good.

“There is no free lunch,” the French president said. “It is not possible just to have free-riding on one side, when you make a good business.”

The ‘National Gold to the Fund of Treasures’ campaign, which successfully ran nationwide between June 4 and October 30, 2018, made a positive contribution to the gold purchase.

It is also considered that the newly established precious metal assay laboratories in Darkhan-Uul and Bayankhongor aimags are giving results.

The FTSE 100's traditional early New Year's Eve close saw it end the year down 12% at 6,728.13 points.

Big European and Asian markets faced similar losses in 2018, while the main US indexes saw their worst performance since the 2008 financial crisis.

The Dow Jones ended the year down 5.6%, the wider S&P 500 fell 6.2% and the tech-heavy Nasdaq lost 3.9%.

US-China trade woes and slower global growth are among issues blamed for the poor showing.

Analysts have also cited US political uncertainty and interest rate rises as contributing factors.

As the year ended, the US was still in the grip of a government shutdown caused by President Donald Trump's determination to secure funding for a wall on the Mexican border to tackle illegal immigration.

Mr Trump has also regularly rattled investors during the year by escalating his tit-for-tat trade tariff battle with China. Earlier this month, both sides agreed to suspend new tariffs to allow for talks.

The president has also been at odds with the central bank, the Federal Reserve, over whether interest rates should be increased.

At the same time, Europe has been rocked by political setbacks including Italy's budget row with Brussels, the waning authority of German Chancellor Angela Merkel, the "gilets jaunes" protesters in France and, of course, Brexit.

Although sizeable in historic terms, the US stock market falls were smaller in scale than those seen elsewhere, arguably in part because of the economic stimulus provided by the Trump administration's $1.5tn Tax Cuts and Jobs Act, passed in December 2017.

In Asia on Monday, Hong Kong's Hang Seng closed almost 14% down on the year, while the Nikkei fell almost 15% in 2018 and China's Shanghai Composite (SSE) saw a whopping 25% annual decline.

In some territories, including the US, shares saw a modest upturn in thin New Year's Eve trading, boosted by optimism over the latest twist in US-Chinese trade relations.

Investors drew some comfort from the latest comments by Mr Trump, who tweeted that he had had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal was making good progress.

In the context of the year's overall market performance, however, it was too little, too late.

In 2017, the United Nations’ World Tourism Organization (UNWTO) named the tourism sector as the world’s third largest export category with USD 1.3 trillion. That year, Mongolia received 542 thousand foreign visitors, of which 469.3 thousand were tourists. As the number of tourists in 2017 increased by 16.1 percent compared to 2016, Mongolia is considered as one of the leading countries by tourism revenue, according to UNWTO.

Aside from being listed in the top 10 countries to visit in 2019 by Forbes, Mongolia has also been listed as one of the most unique honeymoon destinations by Insider.

The President said:

“Dear citizens of Mongolia residing in every part of our country.

Dear ethnic Mongolians who are dispersed around the world.

The year is drawing to a close. We, Mongolians, are going to part with the 18th year of the 3rd millennium and welcome 2019—a year in which we will securely forge our future.

In the passing year of 2018, we overcame tough political-economic challenges, and consolidated our mutual trust and unity. The history of Mongolia has turned one year older.

2019 shall be a “Year of Drastic Reform.” As a result of “drastic reform,” with the participation and support of the public, a strong government, rule of law, and justice will prevail in Mongolia, and every citizen will become the owner of their wealth.

We inherited the intellect, grit, fleetness, and strength of our magnificent ancestors. The intellectual capacity of Mongolians is leading the world in mind sports.

In these times, as we are tending the fire of the thousands of years old the Mongolian state, we are making history that the future will judge.

In this golden moment, I wish a happy new year to you, the citizens of Mongolia and the ethnic Mongolians who are living around the globe.

To the soldiers and border troops who stand guarding the border, doctors and nurses, police officers, and emergency workers who are loyal to their oaths and carrying out their duties even at this moment of the welcoming of the new year,

To the peacekeepers who are serving in peacekeeping missions across continents,

And to the diplomats and staff members of diplomatic missions in Mongolia, to the representatives and staff of the international organizations, and to all our people

I wish happiness to every family and success, health, and wellbeing to everyone in the new year.

May the two thousand years of the statehood of Mongolia shall continue to thrive, protecting the spirit and fate of Mongolians!”

Ulf Quellmann, Chief Executive Officer of Turquoise Hill, said, “We are encouraged by the pivotal decision to proceed with the power project at Tavan Tolgoi. Resolving Oyu Tolgoi’s long-term power requirements is critically important to the mine’s long-term development and today’s signing of the PSFA is a positive milestone toward that goal. We will continue to work closely and collaboratively with our partners to finalize the details of the power project, which will allow this truly great world-class asset to achieve its full potential for the benefit of all stakeholders.”

The PSFA formalizes the role of each party and sets out an amended timetable for Oyu Tolgoi to source power domestically. Construction is expected to start in 2020 following further studies and commissioning of the power plant is scheduled for mid-2023. Oyu Tolgoi will now move forward to confirm the technical design of the project and finalize the commercial arrangements, including financing, underpinning the PSFA. The 300 megawatt plant will be majority owned by Oyu Tolgoi LLC and will be situated close to the Tavan Tolgoi coalfields. Turquoise Hill will update the market in due course.

Source: Turquoise Hill

The Oyu Tolgoi project is central to Rio Tinto’s push to diversify its portfolio away from iron ore, but it has faced a series of challenges as Mongolia’s fragile government wrangles over how to maximise benefits for the country.

First production at the $5.3 billion underground expansion located near the southern border with China is scheduled for early next decade, creating one of the world’s biggest copper suppliers.

The construction of a 300 megawatt plant, close to the Tavan Tolgoi coalfields, to supply electricity to the mine will start in 2020 under the new agreement.

The plant is expected to be operational by mid-2023, slightly later than the 2022 date mooted after the government cancelled an earlier power agreement in February.

The government of Mongolia owns 34 percent of Oyu Tolgoi with the remainder held by Turquoise Hill Resources, which in turn is 51 percent owned by Rio Tinto.

In a joint statement with Oyu Tolgoi, the Mongolian government said the agreement was “a significant step towards enhancing the efficiency of the Tavan Tolgoi coal mines,” and to supplying the wider region with domestic power.

The statement said the partners would also consider how to incorporate the use of renewable power.

Oyu Tolgoi would be the majority owner of the power plant, with funding possibly including third party debt, the statement said, without giving further details.

Analysts welcomed the deal but said the 2023 deadline looked optimistic.

“This was the last major hurdle for the underground production,” Badral Bontoi, chief executive of Mongolia-based market intelligence group Cover Mongolia, said.

A Mongolian government spokesman said the agreement was the first step to retain in the country the estimated $150 million Oyu Tolgoi currently pays China for electricity each year, with the figure set to rise when the underground extension comes online.

Rio Tinto in July entered agreements with three Chinese contractors on designing a power station to supply Oyu Tolgoi.

On Monday, a spokesman declined to comment on the status of those tenders.

Rio Tinto’s shares have fallen by around 5 percent this year and were down 0.9 percent on Monday. (Reporting by Barbara Lewis; Editing by Kirsten Donovan)

By Barbara Lewis and Munkhchimeg Davaasharav