25.05.2012, NEWSWIRE, Issue 223

BUSINESS COUNCIL of MONGOLIA NewsWire

wwwbcmongoliaorg infobcmongoliaorg

Issue 223 ndash May 25 2012

NEWS HIGHLIGHTS

Business

OT helps build Mongolias infrastructure

Ivanhoe to make USD 18 billion rights offering

2nd Coaltrans Mongolia recap

Macquarie Group lands lead role in Mongolian iron-ore IPO

Kumai IPO to draw interest from investors betting on China

Moodys downgrades Mongolias top four banks

CRML to surrender rights to molybdenum mine

KPMG opens in Mongolia at Blue Sky Tower

Samsung secures USD 192 million Shangri-La project in Mongolia

Erdene Resources Q1 report

Private sector meets for renewable energy potential

Nova chairman steps down

General Electric reverses crisis legacy

BHP considers delaying projects to cut spending

Economy

Mongolia looks to renegotiate double-taxation treaties with 4 countries

Government plans 19 percent economic growth in 2013

Rail line construction from TT to China border to begin in June

Inflation expected to follow cash payments next week

30 percent of Mongoliarsquos population in poverty

MRAM eases fears Mongolia is falling into hands of foreign investors

Debt hits USD 96 billion in 2011

Renewable energies made priority

Who gets the water

New Foreign Investment Law leaves much yet to be explained

Aussie coal miners feel the burn

With Chinas growth easing premier calls for stimulus

Politics

No need to fear new FI Law says Parliaments deputy speaker

Draft Securities Law explained

Enkhbayar makes his case

Parliament closes spring session

Mongolias presence felt at NATO summit

Mongolia wrestles with dinosaurs neighbors and politics

President disputes USD 105 million sale of dinosaur

President proposes cash handouts to children

Elbegdorj expresses confidence in fair elections

New Foreign Investment Law deterrent or clarification

Foreign Investment Law Not the end of the world

IT center receives upgrade

Education system leaves students ill-equipped to join workforce

Delegation attends international economic conference

Mongolia and Germany aim for food security in Ulaanbaatar

Mongolia reaches out to neighbors to fight forest fires

Mongolia cleared from Chinese territorial entanglements

ECONOMIC INDICATORS

MSE Top 20 Index by Market Capitalization

Foreign-listed Companies with Mongolian Assets

Monthly Macroeconomic Overview ndash April 2012

Inflation

Central Bank policy rate

Currency rates

Click on titles above to link to articles

SPONSORS

Khan Bank Eznis Airways

Kempinski Hotel Khan Palace Mongolian National Broadcasting

Breakthrough PR Oxford Business Group

BCM MONTHLY MEETING NOTICE

BCMlsquos next monthly meeting for members will be Monday May 28 2012 at 5PM at the KEMPINSKI HOTEL KHAN PALACE 2nd floor Altai Ballroom The bilingual meeting will feature the following presentations - Call to OrderBusiness Council of Mongolia Laurenz Melchers Chairman BCM - BCM Report Jim Dwyer Executive Director BCM - D Munkhjargal Manager for the Center for Executive Education Newcom - Introducing the Center for Executive Education - S Otgonbat YPO Mongolia Membership Chair 2012-2013 and OBatbayar YPO Mongolia Chapter Chair 2012-2013 ndash ―Introducing YPO - Olin McGill Senior Business Environment Reform Advisor Business Plus Initiative USAID project ndash ―Staggering Costs of Inefficient Regulation in Mongolia

- Ch Khashchuluun Chairman NDIC ndash ―Mid-term Development Priority - Houston Spencer Vice President Communications and Media Relations Oyu Tolgoi ndash―Oyu Tolgois Economic Contribution to Mongolia A networking reception will be held for all attendees immediately following the business portion of

the meeting in ―Oasis restaurant 1st floor Kempinski Hotel

BUSINESS

OT HELPS BUILD MONGOLIAS INFRASTRUCTURE

While Oyu Tolgoi LLC will bring some road infrastructure and electricity to the residents of

Umnugobi Aimag ultimately it will be up to the government to determine how the wealth from

mining will improve the lives of people there said Cameron McRae the firms Chief Executive

Officer

―The Mongolian government will have to make the decision to how to spend the revenue earned

from the Oyu Tolgoi project He later added ―We did not promise anything but we did increase

the skills and knowledge of the residents

McRae listed infrastructure projects in development by the firm such as the construction of a

reservoir a road running through to the Mongolia-China border and its plans to deliver electricity

to local communities Additionally it has plans to build a district community for its workers to live

in

Currently water use and the attainment of a power source are two chief issues the projects

developers must address Oyu Tolgoi has submitted a request for permission from the government

to build a power plant and is waiting for the greenlight It will also be up to the government to

decide how to transmit energy from Oyu Tolgoi and neighboring Khan Bogd Soum

Oyu Tolgoi received permission from the Water Authority to construct pipelines to pump water from

a distance of 70 kilometers McRae promised that the plans for water use would have no impact on

the water supply of nearby residents and that his company is currently investigating water issues

concerning the residents of Khan Bogd

Source Zuunii Medee

IVANHOE TO LAUNCH USD 18 BILLION RIGHTS OFFERING

Ivanhoe Mines Ltd announced its intention to launch a rights offering open to all its existing

shareholders that would raise about USD 18 billion in proceeds

The rights offering in which all Ivanhoe Mines shareholder could participate is part of a

comprehensive financing plan to continue the development of the Oyu Tolgoi copper-gold project in

Mongolia the company said

Rio Tinto PLC which owns a 51 percent stake in Ivanhoe Mines said it plans to buy the maximum

number of shares it is permitted to acquire under the terms of the rights offering

Source Reuters

2ND COALTRANS MONGOLIA RECAP

Calm seemed to return to the business community at the 2nd Coaltrans Mongolia forum following

the passage of the foreign investment law by Parliament At the two-day coal mining event were

225 attendees from 21 countries joined by 12 exhibitors and 7 sponsors

The event enlisted 36 speakers including the heads of mining firms to present their developing

projects to investors experts in the industry hoping to influence the course the coal mining sector

takes and representatives from government explaining their efforts to built up the infrastructure

and the business environment companies need to operate efficiently and profitably Infrastructure

has long been a trouble for enterprises looking to sell their goods as its lacking creates bottle necks

to production and sale Naturally this was a common topic throughout the two days of

presentations

One presentation of particular interest to delegates was one by Steven Katzman President of

Bechtel Asia who introduced plans to develop the Sainshand Industrial Complex The project born

from government Resolution 118 aligns stakeholders with government interests to create factories

and processing plants for the raw materials coming out of Mongolias mines This includes a coking

plant copper smelter iron processing facilities and a cement mixing plant

Originally a power plant had been planned for the complex as well but project planners have

instead opted to connect with the countrys existing energy grid as new power plants will be

established in the Gobi with the various mining projects that will be needing electricity

Additionally the complex will be built on the rail lines for the ease of transport of raw materials

―The goal here is to build a world-class environmentally friendly solution said Katzman

Additionally were various presentations on how Mongolia would be addressing its needs in energy

transportation of commercial goods and water resources Already falling short on meeting the

energy needs of the country Mongolia is looking to expand its energy grid with help from the

private sector This includes the search for contractors for Power Plant No 5 Prophecy Coal Corps

plan to build its Chandgana Power Plant in Tuv Aimag and various projects in the highly prospective

renewable energies sector including General Electric and Newcom Groups planned Salkhit wind

farm

Mongolia is also launching its PIPES initiative to deliver electricity to every community in Mongolia

which includes plans for a 220-megawatt power plant along the Egiin River in addition to other

projects Nuclear energy remains on the table but is a long way from implementation said Mark

Dougan Executive Director of Trinity Development LLC

―Concepts and plans are in the very early stages but we hope we can them in during the next five

years to benefit from Mongolias uranium resources he said

Source BCM

MACQUARIE GROUP LANDS LEAD ROLE IN MONGOLIAN IRON-ORE IPO

Macquarie is the latest investment bank to unearth a rich seam of potential fees in Mongolias

resources sector after securing a lead role in the proposed initial public offering of one of the

countrys biggest iron ore producers

Macquarie and Bank of America-Merrill Lynch have been appointed joint global coordinators and

bookrunners for the proposed listing of the Altain Khudur which owns the Tayn Nuur iron ore mine

in the southwest of Mongolia said a source familiar with the matter The initial public offering

(IPO) which could be worth USD 1 billion is targeted to take place in Hong Kong in the fourth

quarter of this year

Altain Khuder produces iron ore from the Tayan Nuur mine around 168 kilometers from Mongolias

border with China and has been exporting to customers including a unit of Chinas Baosteel since

October 2009 Iron ore exports have risen from virtually a standing start Exports in the first quarter

of 2009 totaled less than 200000 tons but have increased more than eight-fold since then to above

16 million tons in the fourth quarter of 2011

This prospectivity led China Investment Corp Chinas sovereign wealth fund to invest USD 300

million in Hong Kong Lung Ming Investment Holdingsmdashthe owner of Eruu Gol iron ore project near

Mongolias border with Russiamdashin 2009 The Eruu Gol mine has the ability to produce around 3

million tons of iron ore annually from an overall resource totaling more than 300 million tons

ASX-listed companies are also exploring for iron ore in Mongolia including AUD 51 (USD 497) million

valued Haranga Resources which owns a deposit close to Eruu Gol FeOre a smaller competitor

worth AUD 46 ( 449) million owns the Ereeny and Dartsagt projects in central Mongolia

Mongolias iron ore is mostly of a lower quality to deposits in Australias Pilbara but interest is being

kindled by its proximity to China which accounts for roughly 60 percent of the worldlsquos imports of

the key steelmaking material

Source Wall Street Journal

KUMAI IPO TO DRAW INTEREST FROM INVESTORS BETTING ON CHINA

Australias position as the pre-eminent supplier of minerals to China has faced competition from

Mongolia during recent years The entrance of coal miner Kumai Energy Ltd is yet another example

of a firm looking to profit off of Chinas growing demand for energy from its neighbor Mongolia

About 1 percent the size of Australias mineral exports by value Mongolias mining industry has the

opportunity to grow further However despite being physically closer to end markets in China

remoteness stands as a challenge for new developments

Regional infrastructure is undeveloped in Mongolia but the coming listing of Kumai Energy aims to

meet the demands of frontier exploration Underpinning the float are four projects spanning about

700 square kilometers in Mongolias south east Coal is Kumai Energys prime focus although the

license areas are currently absent of established resources with limited historical exploration

activity

Driving Kumai Energys interest in the licenses is the close proximity of two abandoned mines where

coal seams with a combined thickness of 94 meters have been recorded Drilling is planned for this

year to assess whether those measures extend into Kumai Energys properties

Source The Australian

MOODYS DOWNGRADES MONGOLIAS TOP FOUR BANKS

Moodys Investors Service has downgraded the foreign currency long-term senior unsecured debt

ratings of Mongolias four top banks to ―B1 from ―Ba3 The four banks are Golomt Bank Khan

Bank Trade and Development Bank of Mongolia and XacBank

The downgrade comes as part of an ongoing global review affecting all banks whose standalone

ratings are higher than the ratings of the government to the country they operate in It formally

concludes the review for downgrade on the four Mongolian banks that was initiated on 26 March

The downward revision of the four Mongolian banks standalone rating reflects Moodys view that a

banks rating cannot be considered from outside the context of the governments credit worthiness

It believes the standalone ratings of the banks should be positioned in line with the ratings of

Mongolian government to capture the appropriate credit risks of the banks relatively low level of

cross-border diversification in their operations Ultimately the creditworthiness of the sovereign is

highly correlated to the banks and as such their rating cannot stand above it

While Mongolia is experiencing a transformation spurred by the boom of the mining industry risks

of overheating inflation and a boom-bust cycle threaten the well being of the banks as well as the

sovereigns credit profile Yet Moodys notes that these banks have relatively low direct exposures

to the government Furthermore the banks have low reliance on wholesale funding These factors

may hedge risks but do not merit rating the banks above the sovereign

Source Moodys Investors Service

CRML TO SURRENDER RIGHTS TO MOLYBDENUM MINE

China Reservoir Mining Limited (CRML) has been ordered to return the rights of Aleinuer Mine of its

Reservoir Moly Mongolia LLC joint-venture to partner Nomin Deposit LLC

The Mongolian Arbitration Center issued an arbitral award in relation to the Mongolian proceedings

pursuant to which the Mongolian Arbitration Center ruled that the mining right to the Aleinuer Mine

had to be returned by Reservoir Moly to its Mongolian joint-venture partner CRML a subsidiary of

China Daye Non-Ferrous Metals Mining Ltd lodged an appeal to Mongolias court of appeals against

the arbitral award and received a written ruling on 1 December which annulled the arbitral award

issued by the Mongolian Arbitration Center due to procedural irregularities Afterward CRML sought

another hearing

On 18 May the Mongolian Arbitration Center issued its final arbitral award after the rehearing

ruling that the rights to the Aleinuer Mine must be returned by to Nomin Deposit No further appeal

is possible

The Aleinuer Mine has not yet commenced any commercial production Reservoir Moly is a firm in

Mongolia with the mining rights to molybdenum in Sukhbaatar Aimag

Source China Daye Non-Ferrous Metals Mining Ltd

KPMG OPENS IN MONGOLIA AT BLUE SKY TOWER

KPMG one of the worlds big four auditors opened its Mongolian office in the Blue Sky Tower The

firms opening and partnership with NIMM Audit establishes it as one of the countrys largest audit

tax and advisory service providers

KPMG officially opened its office on the 6th floor of the Blue Sky Tower in a ribbon-cutting

ceremony and reception officiated by D Khayankhyarvaa Mongolias finance minister

―Being a part of the KPMG family will give our local professionals the opportunity to learn from

KPMGs extensive experience and help KPMG in Mongolia to provide world-class audit tax and

advisory services to our clients said L Enkh-Amgalan senior partner at KPMG in Mongolia

Source KPMG

SAMSUNG SECURES USD 192 MILLION SHANGRI-LA PROJECT IN MONGOLIA

Samsung CampT Corp one of South Koreas leading construction and trading companies said it won

three overseas orders worth USD 726 million which includes plans to build a hotel and an office

building in Mongolia

The company said it secured a high-rise development building remodeling project worth a combined

USD 534 million in Singapore and USD 192 million hotelofficecommercial project for construction

in Mongolia The two orders in Singapore involve construction in the Marina Center in the city states

central business district

The order in Mongolia involves the construction for Shangri-la of a 34-story Shangri-La hotel and

apartment suites building a 24-story office tower and five-story theater and commercial building

The 34-story building will include 110 hotel rooms which will be in addition to the 285 room

Shangri-La hotel already under construction on the site to open in 2013

Source Yonhap News

ERDENE RESOURCES Q1 REPORT

Erdene Resources Development Corp reported progress in its metals mining projects in its first

quarterly report in 2012

The Donking coal project joint-venture partners announced that Xstrata PLC is seeking an operating

partner to assume its 75 percent interest Timelines remain unchanged with environmental

assessment process progression of engineering work and obtaining the necessary approvals for

commencement of the underground exploration phase continuing on schedule

The Zuun Mod molybdenum-copper project is undergoing a strategic mine planning study

Additionally a 200-meter drill program was completed in April targeting the ―discovery zone at

the Altan Nar gold-silver prospect where 29 meters of 42 grams per ton of gold and 241 grams per

ton of silver was found has been completed Results are pending

Source Erdene Resources Development Corp

PRIVATE SECTOR MEETS FOR RENEWABLE ENERGY POTENTIAL

A two-day international conference Mongolia Renewable Energy-2012 was held in Ulaanbaatar

aiming to bring together key stakeholders in Mongolias renewable energy sector

At the event representatives of government and business scholars and engineers academics media

and non-government organizations (NGOs) gathered to discuss the potentials of Mongolias

renewable energy resource recent developments future plans possible challenges in the efforts to

harness renewable energy resources as well as various forms of cooperation in developing Mongolian

renewable energy potentials

While the worlds carbon market is working fretfully to have polluters pay and the polluted

compensated time waits for no man and our blue planet is dauntingly browning said President

Ts Elbegdorj in his greeting

Country Director of the Asian Development Bank Robert Schoellhammer told the audience that the

Asia-Pacific region is pioneering the global renewable energy drive and is aiming to attain a 50 GB

capacity by 2050 He emphasized that the use of renewable energy is critical to achieving

sustainable growth as it is eco-friendly and can sustainably provide for energy security

Organizers of the event included Newcom Group the Asian Development Bank General Electric

Co Mongolia Economic Forum and the Mongolian Chamber of Commerce and Industry upon close

cooperation and support by the Ministry of Mineral Resources and Energy

Source Mongolia Economic Forum

NOVA CHAIRMAN STEPS DOWN

Nova Resources Ltd announced the resignation of Non-executive Director and Chairman Charles

Green

Green is leaving to pursue other business interests The companys board of directors is now seeking

to appoint a replacement to Green In the meantime Chan Fook Men Chief Executive Officer of

Nova will also act as interim chairman

Source Nova Resources Ltd

GENERAL ELECTRIC REVERSES CRISIS LEGACY

For the first time in three years General Electric Co the main supplier of wind turbines to

Newcom Groups Salkhit wind farm can take cash out of its finance arm an important step as the

industrial conglomerate moves to leverage the global resource boom and win back investor favor

Responsible for about 40 percent of the companys profits GE Capital became a heavy drag in the

aftermath of the financial crisis when its access to funds was threatened as short-term commercial

paper markets dried up and the value of its assets sank GE Capital has spent the last three years

repairing its balance sheet using profits to reserve for bad loans and exiting its real-estate

portfolio

GE Capital said it would pay its parent a USD 475 million quarterly dividend and plans to pay a USD

45 billion special dividend this year The dividends are an essential part of Chief Executive Jeffrey

Immelts plan to win back investors by tapping the cash inside the capital unit to help GEs industrial

businesses expand their portfolios develop new products and penetrate new global markets

especially to countries like mineral-rich Mongolia

The company will use the cash from the finance unit to buy back shares that were issued during the

financial crisis The funds will also help with Immelts promise to focus on common share dividends

and build the industrial businesses through bolt-on acquisitions General Electric also announced the

purchase of two mining companies as it seeks to build up its exposure to the sector


BHP CONSIDERS DELAYING PROJECTS TO CUT SPENDING

BHP Billiton the worlds biggest miner is likely to delay signing off on at least two mega projects as

its chairman put the brakes on an USD 80 billion plan to grow the companys iron-ore copper and

energy operations analysts said

Slumping commodity prices and escalating costs have squeezed cash flows pushing BHP Billiton to

join rival Rio Tinto PLC in reconsidering the pace of their long-term expansions in countries such as

Australia and Canada

―The major message is We cant approve anything right now We dont have a spare cent to

spend UBS analyst Glyn Lawcock said

In BHP Billitons bleakest outlook yet Chairman Jacques Nasser said on Wednesday the company

expects commodity markets to deteriorate further and that investors have lost confidence in the

longer-term health of the global economy Nasser stopped short of announcing a spending cut but

said BHP was rethinking its expansion plans ―everyday and that the company wont spend USD 80

billion over five years as outlined by CE Marius Kloppers in 2011

BHP Billitons plan to get into the potash business with a project in Canada possibly put on hold as

well as the USD 10-billion initial expansion to the Olympic dam But no one expects the projects to

face the ax BHP wants to expand into potash for agriculture eventually but sees that as a longer-

term prospect as places like China and India move away from rapid industrial expansion to

consumer-driven growth

Source Reuters

ECONOMY

MONGOLIA LOOKS TO RENEGOTIATE DOUBLE-TAXATION TREATIES WITH 4 COUNTRIES

Parliament will consider a bill that would cancel its double-taxation treaties with various nations

The bill would annul the law that ratified treaties between the Mongolian government and the

governments of the United Arab Emirates the Netherlands Luxembourg and Kuwait that

surrenders its right for double taxation on income The Cabinet has finished its discussion of the law

and is ready to submit it to Parliament

Source Montsame

GOVERNMENT PLANS 19 PERCENT ECONOMIC GROWTH IN 2013

Parliament has approved a number of main directives for Mongolias social and economic

development that it hopes would result in 19 percent economic growth

These actions include the continuance of its 2008-2012 action program policy drafts of main

directives that includes 26 goals and 171 measures requiring the financing of MNT 44 trillion 38

percent of all investment directed to domestic bodies the Mongolian Stock Exchanges (MSEs)

partnership with London Stock Exchange (LSE) Group and its commitment to keep the budget

deficit below 2 percent of the countrys gross domestic product (GDP)

For 2013 the government has forecasted real GDP growth of 19 percent to reach MNT 19 trillion and

USD 4900 GDP per capital This came along with forecasts of 2 percent population growth and

unemployment kept below 61 percent

The government has also decided that in the future the policy rate of the Bank of Mongolia should

be reduced to ease inflation and develop a balanced economy The government also planned for a

positive trade balance to the budget and stable macroeconomic factors maintained It also paid

mind to the ever-present risk of inflation following a rapid rise in demand aiming it to keep

inflation figures in the single digits

As for Mongolias booming minerals sector the government has target the majority of its investment

in to the Tavan Tolgoi-Sainshand railroad For the Tavan Tolgoi-Gashuunshukhhait and Nariin

Sukhait-Shivee Khuren railroads the government has set aside 30 percent of investment It has also

begun work on a series of energy projects including the construction of a 400-megawatt power

plant for Tavan Tolgoi and powerlines connecting it to surrounding communities It has also planned

for a series of renewable energies projects such as a 50-megawatt wind farm at Tuv Aimag and the

Sainshand Industrial Complex

Source newsmn Frontier Securities

RAIL LINE CONSTRUCTION FROM TT TO CHINA BORDER TO BEGIN IN JUNE

The government has reached its final decision to begin construction of a rail line from Tavan Tolgoi

to the Gashuunsukhait China-Mongolia border point for June

Last March the government issued its decree to begin measures that would lead to the construction

of a rail line running from Tavan Tolgoi to the now-planned Sainshand Industrial Complex Ukhaa

Khudag and Gashuunsukhait According to the minister of transportation construction and urban

development D Naranpurev the rail will be open and running in both directions by 2014

Energy Resources JSC has been permitted for the construction of a rail line between Ukhaa Khudag

and Gashuunsukhait at its own expense Since the government gave its permission in 2008 the

company has drawn up its own feasibility study and sought out the financing for the project

Currently the company is waiting for the go-ahead from the government before commencing

construction

In addition the feasibility study for a rail line between Tavan Tolgoi and Sainshand is ready

Construction of the railway will be divided into two phases with Russian Railways and Eastern

Railways responsible for one phase each All railways require a concession agreement between the

government and the owner of the railways

Source Undesnii Shuudan

INFLATION EXPECTED TO FOLLOW CASH PAYMENTS NEXT WEEK

It seems greater inflationary pressures are on the horizon with government ready to roll out its MNT

1 million cash payments to senior and disabled citizens next week and polls showing an

overwhelming majority of people looking to sell their Tavan Tolgoi shares

Finance Minister D Khayankhyarvaa announced that the government will begin its issuance of MNT 1

million cash handouts next week According to the Ministry of Social Protection and Labor 272582

seniors and developmentally challenged persons have opted to receive their MNT 1 million bounty

and shares of Erdenes-Tavan Tolgoi JSC in cash According to an interview with the finance

minister the remaining 90 percent opted to keep their shares

Data from 15 May shows 738917 citizens expressed their desire to sell their shares of which 97

percent will receive cash Another 21000 will use their payments to help pay for their homes and

294 will direct those funds toward education and health care payments

The cabinet plans to finalize the nominal prices for the Erdenes-TT shares Afterward the

government will begin to sell those shares to companies Additionally MNT 50 billion will be

transferred to the Bank of Mongolia to enroll citizens in 6 percent mortgages and another MNT 50

billion to support small-medium enterprises The finance minister also announced that the

government has worked out the financing issues to fund construction of its new rail road lines

―We expect continued significant inflationary pressure said Dale Choi chief investment strategist

of Frontier Securities He later added ―Inflation is to impact exchange rate to a certain degree and

vice versa

Read morehellip

According to data from the National Statistical Office currency issued in circulation reached MNT

7089 billion a 93 percent increase from a month earlier Compared with a year ago the amount

of currency released for circulation increased 803 billion or 128 percent

Next weeks payments will direct MNT 660000 to 272582 seniors and developmentally challenged

citizens an equivalent of 282 percent of all money currently in circulation

Source Frontier Securities

30 PERCENT OF MONGOLIA‟S POPULATION IN POVERTY

Statistics from the World Bank and National Statistical Office of Mongolia reported that nearly a

third of Mongolias population lives in poverty

The joint study entitled ―Social and Economic surveys on Family reports that 298 percent of

Mongolias population or 837600 citizens live in impoverished conditions Those people are unable

to afford the groceries they need for their families

Source Udriin Sonin

MRAM EASES FEARS THAT MONGOLIA IS FALLING IN THE HANDS OF FOREIGN INVESTORS

The Mineral Resources Authority of Mongolia (MRAM) has refuted rumors that 76 percent of Mongolia

is owned by foreign companies informing the actual figure is a far smaller 14 percent

Civil movements and organizations have falsely reported that 76 percent of the country and 18000

special licenses are in the hands of foreign investors reported the MRAM In actuality in Mongolia

are 301 foreign companies and 151 joint-ventures operating compared to 1370 national companies

Mongolia has 3644 firms with licenses including joint ventures comprising 223 million hectares

The total number of licenses accounts for 143 percent of Mongolias landmass of which 05 percent

is used for mining and 18 percent for exploration

China owns 241 special licenses (or 36 hectares of land) Most of the licenses issued in 2005

accounted for 444 percent of the countrys land That figure has since shrunk to 377 percent in

2006 267 in 2007 and 143 in 2012

Source Udriin Sonin

DEBT HITS USD 96 BILLION IN 2011

MP N Batbayar reported total foreign debt of USD 96 billion

That figure includes all debts belonging to the private sector government and the central bank

and is taken from the fourth quarter of 2011 It is still unknown how much added debt has been

gathered this year

MPs agreed to move forward on discussions for the 2013 budget as well as expectations for 2014 and

2015

Source Zuunii Medee

RENEWABLE ENERGIES MADE PRIORITY

Energy Minister D Zorigt announced that renewable energies would be regarded as a top priority by

Mongolias energy sector at the Mongolian Renewable Energy 2012 International Conference on

Friday

―Mongolia is home to enormous renewable energy resourcesmdashwind solar water geothermalmdashand

Mongolias ecological and climatic conditions are well befitting to the effective use of these

resources the minister said

Currently the countrys electricity consumption is growing between 8 to 10 percent annually In his

announcement Zorigt set the goal to have renewable energy provide 20 to 25 percent of Mongolias

energy needs by 2020 B Byambasaikhan chief executive officer of Newcom Group said Mongolia

boasts abundant wind and solar power resources but difficulties in technology and investment

stand in the way of development

Mongolias first wind farm the currently under-construction Salkhit Wind Farm is being

development by Newcom and General Electric Co It will provide clean energy for Ulaanbaatar

situated about 70 kilometers away

Source EcoSeed

WHO GETS THE WATER

While Mongolias untold riches of copper coal and gold might help pull the third of its population

living in poverty out of their economic turmoil the mining industry is also reshaping Mongolias

landscape and nomadic culture Camel and goat herders worry that new mega-mines will siphon off

precious water in an area already suffering from the effects of climate change

―When we come to the well we can see the level of the well water is eight inches lower than it

used to be said M Ayur a herder whose livestock grazes near the Oyu Tolgoi mine

Officials from Oyu Tolgoi say the mine will draw water from a deep aquifer that will not affect

wells like Mijiddorjs But he and other herders have already felt minings impact and are suspicious

Herders say mine trucks hit their animals and kick up dust that chokes pasture land The mine has

offered herders compensation including simple jobs helping livestock cross roads Many herders

have signed compensation agreements but there are complaints of coercion

―Oyu Tolgoi employs people for maybe USD 230 a month said M Myagmardorj a local government

official ―When the people are reluctant to sign the contract they say You are an employee and

you have to sign it or there will be measures

Oyu Tolgoi denies that the company has pressured anyone and says the complaints are just a

negotiating tactic The companys compensation scheme is modest One option for instance would

provide an affected family with a USD 3800 scholarship to put a child through college

Mark Newby Oyu Tolgois principal advisor for water resources said the company has monitored

more than 100 herder wells in the area for years but found no connection between the herder

wells which go down as far as 30 feet and the aquifer the mine will draw from which begins about

150 feet below the surface If herders wells are affected Oyu Tolgoi says it will fix the problem

Managing the perceptions and helping herders already struggling for water will be the bigger

challenge he said

Source Reuters

NEW FOREIGN INVESTMENT LAW LEAVES MUCH YET TO BE EXPLAINED

Parliament passed its Law on the Regulation of Foreign Investment in Business Entities Operating in

Sectors of Strategic Importance during a tumultuous time of political posturing in preparation for

elections

For many seekers of political office the rhetoric of resource nationalism is an attractive campaign

platform as further evidenced by recent proposals to increase the levels of taxation on mining

firms which are generally perceived as foreign dominated The law revolves around the concept of

a ―business entity of strategic importance (BESI) or any company operating in the minerals

banking and finance or media and telecommunications sectors These sectors are not specifically

defined but government has confirmed that the ―minerals sector would include the oil and gas

industry

Transactions that will require government approval include acquisitions of 33 percent or more in a

BESI by a foreign investor The details of the approval procedure has yet to be determined

however the law requires foreign investors stepping into a transaction under the scope of the law

to request approval from the Foreign Investment Agency (FIA) Afterward it would send a proposal

to the government for its approval giving each body 45 days to decide FIA must inform the

applicant of governments decision within five days after deciding

Sanctions for non-compliance are severe and include voiding the deal and perhaps even

terminating the operations of the offending BESI The law also states that government will

determine regulations which give preference to domestic business entities registered in Mongolia

for the procurement of any goods and services to the strategic sectors Further the provision

applies to all BESI whether or not they are involved in a foreign investment deal

There are a number of potential issues for concern to foreign investors The approval process set

out creates uncertainty and is cumbersome It is likely to cause considerable delay or complete

suspension while Parliament is in recess It is unclear if the monetary threshold refers to the market

value of shares book value of assets or value of the transaction The provisions to state-owned

companies are extremely restrictive applying to any deal regardless of the level of interest

Finally it is unclear how companies based in countries with treaties with Mongolia will be affected

Many long-term observers of Mongolia are hard pressed to disagree with the principal that is to be

achieved under the law However Mongolia has a history of quickly introducing legislation and then

repealing it or suspending its implementation when it has adversely affected the Mongolian

economy Against this background local commentators remain philosophical as one put itmdash―Before

an election its all about Mongolia after the elections its all about the rest of the world

Source Hogan Lovells

AUSSIE COAL MINERS FEEL THE BURN

Thermal coal used in power generation was once seen as Australias safe bet especially because

Asian economies would increasingly need to turn on lights The second-biggest exporter of the black

stuff to China behind Mongolia Australia ships about 150 million tons a year worldwide with about

35 more thermal coal projects or expansions due for construction Recently though the safe bet

has begun to look risky

Australian thermal coal has fallen 21 percent from its average daily price in the first quarter of

2011 It is hard to see prices powering back anytime soon There are concerns about lackluster

demand from China where electricity output grew just 07 percent in April over a year earlier the

lowest rate in nearly three years

In Japan the Fukushima disaster blighted the countrys nuclear industry and supported demand for

other sources of energy including thermal coal But Australias shipments to Japan are under threat

from the United States where a glut of natural gas is depressing domestic demand for coal

The economic slowdown in Europe has reduced coal demand for coal there it fell 3 percent last

year Colombian and Russian thermal coal that would have been sold to Europe is now sold in Asia

Mongolia has also entered the fray and is starting to feed Chinas energy needs Meanwhile

Indonesia the worlds largest exporter of thermal coal ramped up exports by 6 percent to 302

million tons last year

Meanwhile Australian coal miners are already grappling with rising wages higher freight rates and

new taxes that have pushed up costs by 140 percent since 2006 The black stuff is now significantly

less profitable at current prices than it was a year ago Executives from mining giants BHP Billiton

and Rio Tinto PLC are recalculating the value of billions of dollars of investment in Australia amid

concerns about global growth Rising supplies of thermal coal makes the math look shakier still


WITH CHINAS GROWTH EASING PREMIER CALLS FOR STIMULUS

Premier Wen Jiabao is calling for Chinese economic policies to tilt a little more toward fostering

growth the latest sign of concern in China about a faltering in the countrys economic expansion

Signs of growth are good news to Mongolia as China is its chief consumer of commodities and it

could suffer along with China if it succumbed to a ―hard landing

Wen recently endorsed existing policies but also indicated a new willingness to countenance

economic stimulus In April industrial production in China slackened to its slowest growth in nearly

two years fixed-asset investment grew at its weakest pace in nearly a decade and imports

practically stopped growing all signs of eroding confidence in the business environment

Jing Ulrich chairwoman of China markets at JP Morgan Chase said that the comments made it

likely that China would decrease the minimum reserves that banks must set aside as protection

leaving banks with more cash available to lend

Yet Wen carefully hedged his remarks endorsing existing policies but not offering new ones He

reaffirmed his signature policy of popping the countrys real estate bubble so as to improve the

affordability of housing He even exhorted local authorities to continue tightening real estate

regulations He also strongly hinted that authorities are not yet worried enough to embark on a

repeat of the expansionary monetary policy and heavy lending by state-controlled banks that pulled

China out of the global financial crisis three years ago

The premier mentioned repeatedly over the weekend the importance of fighting inflation and

maintaining prudence in monetary policy decisions He also reiterated his support for replacing

sales tax with value-added taxes

Investors and economists closely scrutinize the comments of Chinese leaders like Wen because the

countrys top political figures play a crucial role in setting policy on interest rates bank lending

rules and other economic policies The Peoples Bank of China the countrys central bank has no

political independence operating at the direction of the cabinet which Wen leads Investors in

mainland China and Hong Kong appeared guarded about the extent to which Wens remarks

represented a significant shift in policy

Source New York Times

POLITICS

NO NEED TO FEAR NEW FI LAW SAYS PARLIAMENTS DEPUTY SPEAKER

Parliaments deputy speaker has spoken out to ease fears among the private sector that the new

Foreign Investment Law would freeze foreign investment into Mongolia

The new investment law aims to build a framework for regulating foreign investment rather than

building a wall to keep it from entering said N Enkhbold He emphasized his point that the new

law has only created steps that would allow the government to screen deals and make sure that

they were in the best interests of Mongolias national security

The deputy speaker added that both Parliament and the laws drafters received enormous input

from the private sector that helped create its final outcome The new law mandates that any deal

involving a stake any larger than 33 percent of an enterprise within Mongolias ―sectors of strategic

importancemdashwhich include minerals finance and banking and media and telecommunicationsmdash

must be reported to the government Additionally it requires any deal that involves one of these

enterprises includes the transfer of 49 percent or more of a company and is worth more than MNT

100 billion (approximately USD 75 million) would be subject to Parliamentary approval Any deal

involving state-owned companies such as the Aluminum Corporation of China Ltd (Chalco) will

always require approval no matter how small

Source Zuunii Medee

DRAFT SECURITIES LAW EXPLAINED

Mongolias long-awaited draft Securities Law aims to modernize the Mongolian Stock Exchange

(MSE) Investors anticipate the proposed changes to be announced ahead of the landmark Erdenes-

Tavan Tolgoi initial public offering (IPO) which is expected by the first quarter of 2013

The Securities Law has been drafted in collaboration with the MSEs strategic partner the London

Stock Exchange and the non-profit Business Council of Mongolia It was sent to Parliament in

September 2011 But it is unclear how the law has changed since it entered Parliament Darin

Hoffman a partner at Ulaanbaatar law firm MahoneyLiotta said the legislative process has been

largely opaque

There is little information about the drafts status though recent news indicates that the law will

not be adopted until after elections The current Mongolian Securities Market Law however is not

well-regarded by legal professionals Hoffman said the law had a very limited scope

―It only applies to companies listed on the MSE he said ―This presumably was not the intention of

the drafters

Under current guidelines all companies listed on the MSE must be registered in Mongolia and

comply with Mongolian law The draft law includes provisions for companies to pursue MSE listings

without compulsory dual compliance To encourage dual listings the MSE is also hoping that the law

includes listing rules compatible with the Hong Kong Stock Exchanges standards which would add

Mongolia to a list of approved jurisdictions

Erdenes-Tavan Tolgoi JSC is a litmus test for the MSE If the listing raises a lot of money and is well-

managed by the MSE and other securities regulators Mongolias capital markets could attract new

listings

―It is conceivable that many more companies with assets in Mongolia will try to access the global

capital markets through the MSE said Hoffman He later added ―Although some foreign investors

have looked in the MSE many require a stronger regulatory framework before committing to the

capital markets

Source IFLR

ENKHBAYAR MAKES HIS CASE

As he prepared to go on trial for corruption on Thursday Mongolias third president lay in a wrinkled

hospital bed where he was recovering from a 10-day hunger strike he waged to protest being held

in detention by the current government

Enkhbayar and his supporters in Mongolia and abroad view the trial as worrying evidence of the

countrys slide away from rule of law and a fair and open democratic process By contrast his

opponents describe Enkhbayars prosecution as long delayed justice for a man they say routinely

twisted the law for his own benefit when he was prime minister and later president

After losing to his rival current President Ts Elbegdorj three years ago Enkhbayar broke away

from the party of the current prime minister and founded the Mongolian Peoples Revolutionary

party which has formed a coalition seeking to challenge the government in next months elections

Enkhbayar in his first interview with a Western news organization since being released from

detention cast his trial as part of a conspiracy to prevent him from reclaiming the ill-gotten

treasure of current politicians for the broader public

―Mining is the reason theyre so cruel and antidemocratic in trying to prosecute me he said

―Copper and gold have made people crazy

Those who support the prosecution say Enkhbayar is no innocent victim but simply trying to regain

power to get his own hands on Mongolias mineral wealth

―This is really a case of him finally being brought to justice after years of people being too afraid to

file complaints said O Tsedevdamba a Stanford University-educated member of the current

presidents Democratic Party

She said that during Enkhbayars time in power the police were much more brutal than today and

that the government arrested journalists for writing critical articles under a law banning slander of

the state This case she said proves that Mongolia has made significant progress

Mongolias vibrant media has watched Enkhbayars detention and trial closely and much of the

controversy has unfolded in the glare of cameras The government recently broadcast images of him

walking around and acting aggressively toward medical personnel That has fractured the image of a

frail victim mistreated by the authorities

―His team was portraying him as half dead but footage shows him in quite good shape said

Sumati Luvsandendev of the Sant Maral Foundation ―How he was portrayed in the local media has

really damaged his credibility Its one thing to be accused of corruption and another to be

ridiculed

Enkhbayar supporters in response publicized a report from a medical commission set up to assess

his health condition that suggested he needed more time for his body to recover


PARLIAMENT CLOSES SPRING SESSION

Parliament ended its spring session on 23 May The 76 members of Parliament will continue their

duties until the next session of Parliament opens

Members will also likely begin their campaign activities for the 28 June parliamentary election

Members of both the Mongolian Peoples Party and Democratic Party have held session to finalize

the names of candidates for that election

Source Unuudur

MONGOLIAS PRESENCE FELT AT NATO SUMMIT

Mongolia seems to be filling a vacuum as NATO tries to garner more participation from Central Asian

countries Mongolias president was one of only three heads of state to attend the NATO conference

in Chicago as the region becomes more important to NATOs security strategy

Central Asias presidents would have a lot to talk about at the NATO summit given the regions

importance to the groups focus on Afghanistan But all five of Central Asias presidents were no-

shows in spite of being on NATOs official list of leaders ―expected to attend and their regular

attendance at the last few summits Instead they all seem to have sent their foreign ministers

One analyst believed Russia was at the center of the snub

―One can make various guesses and speculation about why none of the leaders of Central Asian

countries responded to the invitation and why all of them are sending their foreign ministers One

of the main reasons which is on the surface could be solidarity with Russia said Kyrgyzstan

analyst Orozbek Moldaliyev

In addition to Mongolian president Ts Elbegdorj the presidents of Georgia and Azerbaijan

attended And China has taken a dim view of Mongolias ties with NATO according to a report in

Peoples Daily which said the alliance is ―roping in Mongolia as an ―important part of its eastwards

expansion strategy Mongolias position with NATOs strategy becomes increasingly important

But if NATO is ―expanding East to rope in Mongolia it looks like its having to skip over a lot of

space in Central Asia to do so

Source Eurasianet

MONGOLIA WRESTLES WITH DINOSAURS NEIGHBORS AND POLITICS

Two events have raised the global profile of Mongolia the sale in New York of a stunning skeleton

of Tyrannosaur baatar and a meeting in Chicago of NATO which Mongolia attended as a formal

though not full partner for the first time

Mongolia has protested the sale of the nearly intact dinosaur skeletonmdashits teeth alone are 15

centimeters longmdashby Dallas-based Heritage Auctions The origins of the 24-meter high 73-meter

long raptor is unclear but there are suspicions it came from Mongolia In promotional material the

auction house mentioned the dinosaur inhabited the Gobi Desert long ago and in a statement

President Elbegdorj said if the skeleton originated in Mongolia the auction was illegal and ―the fossil

must be returned to Mongolia He called on the auctioneers to immediately disclose its origins

David Herskowitz director of natural history at Heritage Auctions said that the fossil was initially

exported to Japan and then to England from where it entered the United States legally and was

prepared

From dinosaurs to a more modern kind of might President Elbegdorj attended NATOs annual

meeting in Chicago on Sunday representing a freshly minted partnership with the alliance Since

2006 Mongolia has collaborated with NATO in Kosovo and Afghanistan to counter the power of

neighbors China and Russia Just over 1300 Mongolian soldiers have served alongside NATO- or

American-led forces NATO said Dubbed the ―Third Neighbor policy Chinese analysts are following

the balancing act closely

As if all that werent enough the country is embroiled in a politics-and-corruption scandal that

some fear endangers Mongolian democracy Elections set for 28 June are overshadowed by

controversy due to former president N Enkhbayars recent jailing on corruption charges The vote is

likely to be contentious given leadership during Mongolias mining boom is at stake Mongolia is also

debating how to retain control of it its wealth in the face of Chinese interests


PRESIDENT DISPUTES USD 105 MILLION SALE OF DINOSAUR

The nearly intact skeleton of a Tyrannosaurus under dispute by the Mongolian government due to

questions whether it was obtained legally sold for USD 105 million at auction on Sunday

The skeleton of the Tyrannosaurus baatar a smaller Asian cousin of the fearsome Tyrannosaurus

Rex that roamed North America during the Cretaceous period about 80 million years ago measures

eight-feet tall and 24-feet long It was discovered in the Gobi Desert which stretches across

portions of northern China and southern Mongolia

Heritage Auctions President Greg Rohan said he does not know in which country the skeleton was

found The sale will not be completed however until a court fight launched by the Mongolian

government last week is resolved The Mongolian government obtained a temporary restraining

order against the sale in Texas state district court in Dallas where Heritage is based

Rohan said a restraining order from a state court in Texas was not enforceable in New York where

the sale occurred Nonetheless he said Heritage has agreed not to complete the sale until ―a court

signs off on it

In a statement last week Mongolian President Ts Elbegdorj said if the skeleton had been found in

Mongolia ―it was illegal to auction the T-Rex and the fossil must be returned to Mongolia Rohan

said the remains ―entered the United States legally and were offered for sale by a ―reputable

consignor who is well known to us

Source Reuters

PRESIDENT PROPOSES CASH HANDOUTS TO CHILDREN

President Ts Elbegdorj has submitted a package of laws for the budget and taxes as well as a bill to

grant cash allowances to children

The presidents draft for the budget reflects the decision to reign in state spending This includes

limits on spending to social insurances and the Human Development Fund

The bill on cash payments to children would grant MNT 20000 to school-aged children living in a

low-income household every month beginning July this year

Finally the amendments to Mongolias tax laws submitted by the president would double the

threshold of earnings before taxes are taken The law provides exemptions to anyone whose income

is lower than twice the minimum wage

Source Montsame

ELBEGDORJ EXPRESSES CONFIDENCE IN FAIR ELECTIONS

President Ts Elbegdorj offered his impression that elections this year will be fair and free from

tampering following a review of election bodies In 2008 it was Elbegdorj who stated that he felt

the election was rigged in favor of the Mongolian Peoples Party which led to protest

During a visit to the General Authority for State Registration and the General Election Committee in

light of upcoming election the president expressed his confidence that this year would be free

from election rigging During his visit with the registration authority he heard a report concerning

the progress made on the registration of citizens and their electronic identification cards According

to the report about 19 million citizens or 95 percent of the all citizens eligible to vote have been

registered since 1 May

―I am here personally to check how the voters will vote and that the election shall be held without

complications said Elbegdorj during his visit

One precaution taken will be the use of finger prints during the voting process

Afterward the president gave a report expressing his positive outlook on the election procedures

He called for active participation this year amongst the population as well as responsible

competition among parties and coalitions

Source Udriin Sonin

NEW FOREIGN INVESTMENT LAW DETERRENT OR CLARIFICATION

Parliament has passed its new law requiring both government and parliamentary approval for any

foreign investments worth more than MNT 100 billion for the buy of a stake of more than 49 percent

of a business in certain strategic sectors

The law has been softened significantly from an initial version that would have limited foreign

stakes to 49 percent in wide swathes of the economy including sectors as varied as food

transportation and real estate The finals version of the law has foreign investment needing

approval if they fall into any of the three ―strategic sectors minerals banking and finance and

media and telecommunications Investments in these sectors of more than USD 76 million for a

stake of more than 49 percent will have to be approved by Mongolias Foreign Investment and

Foreign Trade Agency (FIFTA) and subsequently Parliament Each has 45 days to decide bringing

total approval time to around 90 days Certain other transactions may need approval as well such

as those that may affect commodity exports or create a monopoly in certain commodities markets

Some investors have expressed relief at the final draft of the law while others said that

uncertainties over the lawmdashand over elections in Junemdashhave left some major deals hanging

As Mongolia prepares for Junes nationwide parliamentary elections managing the countrys

resources in a way that best benefits Mongolians is a key political issue The deal proposed by the

Aluminum Corp of China Ltd (Chalco) to buy up to 60 percent of Mongolian miner SouthGobi

Resources Ltd that sprang the law now appears to be on the rocks after Mongolia threatened to

suspend some of the mining licenses owned by the company it was trying to buy With the new law

in place perhaps foreign investors will at least have a clearer idea of what they are in for from now

on

Source Financial Times

FOREIGN INVESTMENT LAW NOT THE END OF THE WORLD

Implementation of the new Foreign Investment Law including regulations issued by the government

may be as significant as the law itself

At this point the reaction of most observers is generally that ―it could have been worse--and that

the final version is a vast improvement on early drafts Concerns still abound that the government

could use this law to justify a large degree of interventionmdashincluding an assertion of extra-

territorial jurisdictionmdashinto foreign corporate governance Similarly investors await a better

understanding of the breadth of government discretionary authority in applying the law

This new law is not necessarily happy news but itlsquos not the end of the world And all sources

including the deputy chairman of Parliament say it is not retroactive The fact that it was not

worse is due to the quiet behind-the-scenes educational efforts by several foreign embassies and

international organizations steady delivery to MPs of descriptions of the best practices used

worldwide by the Business Council of Mongolias Legislative Working Group as well as intensive

lobbying by both President Ts Elbegdorj and Prime Minister S Batbold

Every democracy produces some unusual legislation prior to an election Elected officials are

naturally inclined to play to the crowd during a campaign However there are two key main points

to keep in mind (1) Mongolia has a proven track record of correcting mistakes (2) its never over

Source NAMBC

IT CENTER RECEIVES UPGRADE

The Ministry of External Affairs (MEA) announced the completion of an upgrade and modernization

effort to the Atal Bihari Vajpayee Centre for Excellence in Information and Communications

Technology in Ulaanbaatar

A team of experts from the National Informatics Centre (NIC) recently visited Mongolia to see the

results of the project It was established by Indias government in 2003 with a grant-in-aid of USD 1

million The center produces information technologies experts and helps develop software for

Mongolia

The center has also become a facilitator of communications between Ulaanbaatar and its 21

provincial capitals MPs utilize the facility extensively to connect with their constituencies said

the MEA in a statement

Source India Blooms

EDUCATION SYSTEM LEAVES STUDENTS ILL-EQUIPPED TO JOIN WORKFORCE

Research from the Mongolian Labor Exchange shows the high unemployment prevailing Mongolian

society is related to lack of qualifications held by Mongolians

Reasons for the lack of qualifications include ―low work ethic unsatisfactory professional and

language skills the inability to take on prolonged work pressures and responsibilities lack of

teamwork and the inability to use high end technologies

Middles schools are heavily institutionalized following a strict schedule and strict time tablemdash

remnants of the old Soviet education system The strict nature of these schools may be effective in

some instances but it does not impart to students practical working skills such as those named

above Mongolian public schools lack comprehensive lesson plans on how to develop practical skills

and it is entirely up to the teacher whether or not students can gain these attributes

Although Mongolias education law promised great change lesson planning and new teaching

methods were generally not introduced spawning at least two generations of people with no

practical skills Mongolias most skilled workers tend to find employment in foreign countries

attracted mainly to the larger salaries

Source UB Post

DELEGATION ATTENDS INTERNATIONAL ECONOMIC CONFERENCE

A Mongolian delegation participated in the 68th session of the Economic and Social Commission for

Asia and the Pacific (UNESCAP) in Bangkok last week

The Mongolian delegation headed by Vice Minister of Foreign Affairs G Tenger delivered speeches

on the Mongolian governments economic positions and proposed collaboration in trade investment

transportation environment sustainable development information technologies and social

development between Mongolian and ESCAP at the senior official segment

Tenger introduced to his peers the policies of government and present socio-economic situation in

Mongolia He underlined the principle that despite growth to economic criteria Mongolia is still

vulnerable to economic crisis the fluctuation of prices to raw materials and the negative

consequences of rising consumption Additionally he advocated the goal of introducing green

economics and environmentally friendly technologies as well as the importance of establishing a

think tank for landlocked developing countries

While last weeks segment was a meeting of senior officials in government this week will have

ministers come to meet and discuss the topics ―Growing Together Economic Integration for an

Inclusive and Sustainable Asia-Pacific Century and ―Steering Inclusive Development amidst Global

Turbulence and Volatility This years event has brought together delegations from some 60

countries

Source Montsame

MONGOLIA AND GERMANY AIM FOR FOOD SECURITY IN ULAANBAATAR

Parliament approved a bill that would grant funding to improve food supplies to the capital

The bill ratifies a Mongolia-Germany intergovernmental agreement on the financial cooperation a

credit and project agreement for the Energy Efficiency-2 project and a collateral additional credit

agreement for a project of a developing the regional transportation infrastructure with an aim to

improve the food supply of Ulaanbaatar

The deal has been formally established by the Mongolian government and the Deutsche Bank for

Reconstruction and Credit

Source BDSec

MONGOLIA REACHES OUT TO NEIGHBORS TO FIGHT FOREST FIRES

Deputy Prime Minister N Enkhbold said his country would ask China and Russia for help to

extinguish the spreading of wildfires should the current situation worsen further

Enkhbold also chairman of the National Emergency Committee made his remarks during an

emergency meeting held to seek measures to control wildfires The National Emergency

Management Authority reported that at present there are a total of 20 forest and steppe wildfires

within its territory among which 14 are still burning

Some wildfires broke out in mountainous areas and there is no road for vehicles to pass through So

the firefighters had to walk dozens of kilometers to launch their fire-fighting operation Since the

beginning of 2012 there have been a total of 129 forest and steppe wildfires in Mongolia and most

were caused by human factors

Mongolia has long been stricken by a drought since this spring and the forests and steppe are highly

exposed to fire risks The National Emergency Committee has ordered local authorities to

strengthen their fire prevention work

Source Xinhuanet

MONGOLIA CLEARED FROM TAIWANESE TERRITORIAL ENTANGLEMENTS

Taiwans Mainland Affairs Council announced that Mongolia is not included in the territory of the

Republic of China (Taiwan) under its constitution

The council made the clarification after a legislative hearing during which Mainland Affairs Council

Minister Lai Shin-yuan was shown three maps and asked to point to the one showing ―the territory

of the Republic of China according to its existing national boundaries as according to the

constitution While one of the three maps shows Mongolia and China as one country another shows

them separate and the third was just of Taiwan

Lai chose the second map showing Mongolia to be a separate nation but was criticized by

Democratic Progressive Party (DPP) Legislator Chen Chi-mai for choosing a map of China However

the council defended Lais choice by pointing to the Ministry of the Interiors regulations on maps

which began treating Mongolia as independent after Taiwan set up a representative office there in

2002 during the former DPP administration

Mongolia became an independent country in 1945 after the Chinese government signed a treaty

with the former Soviet Union However the Republic of China revoked its recognition of Mongolias

independence after the treaty was abolished by the legislature in 1953 because of a breach of the

deal by the Soviet Union

Source Taipei Times

ANNOUNCEMENTS

ALS THREE-DAY COAL QUALITY COURSE BEGINS 28 MAY

The ALS Coal Quality Course will begin run 28 until 30 May at the Blue Sky Tower Hotel

The course is a comprehensive introduction to the broad issues of coal quality from mining and

preparation through the end user It is delivered in bite-size modules to assist students in

understanding how to obtain the maximum benefits from a coal product

Students will attend the three-day comprehensive course on broad issues of coal quality from

exploration to mining testing and preparation through to delivery to the end user delivered by

expert presenters

Registration fee is USD 1500 For more information call 343882 99092732 or email

bsainbilegalsglobalcom for additional information about the course

___________________________________________

MINExpo INTERNATIONAL 2012 LAS VEGAS 24-26 SEPTEMBER

The Business Council of Mongolia (BCM) and the Mongolian National Mining Association (MNMA) with

the support of the US Embassylsquos Commercial Section in Ulaanbaatar are now registering a

Mongolian business delegation to participate in ―MinExpo International 2012 which will be

organized at the Las Vegas Convention Center on September 24-26 2012

MinExpo International 2012 is the worlds largest and most comprehensive exposition dedicated to

mining equipment products and services More than 1400 exhibitors in eleven exhibit halls will

display the latest technology equipment components parts and services for exploration

extraction safety environmental remediation and preparation and processing of metallic ores

coal industrial minerals and more

Registration deadline is 5 pm 15 June Please contact BCM at 70114442 tugibcmongoliaorg or

MNMA at 314877 enkhboldminingmongoliamn for registration and additional information about

the event

___________________________________________

ldquoMM TODAYrdquo on MNB-TV Fridays at 1825 [TONIGHT]

BCM is pleased to announce Mongolian National Broadcasting continues its cooperation with BCM on

―MM Today This English news program is aired every Friday for 10 minutes and is scheduled for

1830 tonight Tune in to watch this program that reports stories from todaylsquos BCM NewsWire

___________________________________________

POSTINGS ON MONGOLIAN WEBSITE bdquoPRESENTATIONS‟ AND bdquoNEWS‟ SECTIONS

The new Presentationslsquo section on BCMlsquos Mongolian website which can be reached via link to

bcmmnitgeluud Several presentations already posted include 9 from Coal Mongolia in February

9-10 2012

As a key component of BCMlsquos Mongolian website Newslsquo section articles from the Governmentlsquos

―Open-Governmentmn site are regularly posted

___________________________________________

POSTINGS ON ENGLISH WEBSITE PRESENTATIONS MONGOLIA REPORTS AND bdquoMONGOLIAN

BUSINESS NEWS‟

On BCMlsquos English website Resource Presentationslsquo section for your review are 4 presentations

from BCMlsquos April 23 monthly meeting 3 speeches from ―Corporate Governance Training for

Directors on April 27-28 12 presentations on Mongolian entities at Mines and Money Hong Kong

2012 on March 21-23 11 presentations from Coal Mongolia 2012 on February 9-10 7 speeches from

the Mongolian Investment Summit on December 8-9 2011 in London several speeches at the Risk

Management Forum on November 8 co-organized by BCM and Mandal Insurance speeches at

Discover Mongolia 2011 and speeches from all BCMlsquos monthly meetings in 2011-12

Also on BCMlsquos English website Resource Mongolia Reportslsquo section please note the Polit

Barometer April 2012 by Sant Maral Foundation (Mongolian and English versions) ―Preliminary

estimates of staggering costs of inefficient trade regulation in Mongolia by Olin McGill consultant

to USAID BPI ADBlsquos Asian Development Outlook April 2012 detailed results of BCMlsquos NewsWire

survey of March 2012 World Banklsquos Mongolia Quarterly Economic Update February 2012 Executive

Summary of the Mongolian Real Estate Report 2012 by MAD Investment Solutions Mongolia ndash

World Bank Country Survey 2011 Welcoming remarks by Jim Dwyer BCM at Mongolia Investment

Summit 2011 Hong Kong Mining Journal Supplement for Mongolia October 2011 and ―Mongolialsquos

Mining Services Cluster 2010 Professor Michael E Porter Harvard University The Microeconomics

of Competitiveness

We are now posting some news stories and analyses relevant to Mongolia to BCM websites

Mongolian Business Newslsquo as they come instead of waiting until each Friday to put them all

together in the weekly NewsWire The NewsWire will however continue to be issued on Friday

and will incorporate items that are already on the home page so that it presents a consolidated

account of the weeklsquos events

___________________________________________

SOCIAL NETWORK WITH BCM

The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks

Keep up to date on the latest business deals in Mongolia and how the climate for investment is

improving each day with BCM

Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better

business environment in Mongolia today

Add BCM on Facebook at httpwwwfacebookcompagesTHE-BUSINESS-COUNCIL-OF-

MONGOLIA129826330435540 to read the latest announcements and comment on events carried in

the NewsWire with the community

Hear breaking news and announcements as they happen when you follow BCM on Twitter at

httptwittercombcMongolia

Of course for news information interviews and announcements regarding our organization visit

the official BCM website at bcmongoliaorg and bcmmn

ECONOMIC INDICATORS

INFLATION

Year 2006 60 [source National Statistical Office of Mongolia (NSOM)]

Year 2007 151 [source NSOM]





April 30 2012 160 [source NSOM]

Year-over-year (y-o-y) nationwide

Note 178 y-o-y Ulaanbaatar city April 30 2012

CENTRAL BANK POLICY RATE

December 31 2008 975 [source IMF]

March 11 2009 1400 [source IMF]

May 12 2009 1275 [source IMF]

June 12 2009 1150 [source IMF]

September 30 2009 1000 [source IMF]


April 28 2011 1150 [source IMF]

August 25 2011 1175 [source IMF]

October 25 2011 1225 [source IMF]

March 19 2012 1275 [source Mongol Bank]

April 18 2012 1325 [source Mongol Bank]

CURRENCY RATES ndash May 24 2012

Currency Name Currency Rate

US dollar USD 132064

Euro EUR 165582

Japanese yen JPY 1662

British pound GBP 206627

Hong Kong dollar HKD 17011

Chinese yuan CNY 20819

South Korean won KRW 113

Russian ruble RUB 4162

Disclaimer Except for reporting on BCMlsquos activities all information in the BCM NewsWire is

selected from various news sources Opinions are those of the respective news sources

Delegation attends international economic conference

Mongolia and Germany aim for food security in Ulaanbaatar

Mongolia reaches out to neighbors to fight forest fires

Mongolia cleared from Chinese territorial entanglements

ECONOMIC INDICATORS

MSE Top 20 Index by Market Capitalization

Foreign-listed Companies with Mongolian Assets

Monthly Macroeconomic Overview ndash April 2012

Inflation

Central Bank policy rate

Currency rates

Click on titles above to link to articles

SPONSORS

Khan Bank Eznis Airways

Kempinski Hotel Khan Palace Mongolian National Broadcasting

Breakthrough PR Oxford Business Group

BCM MONTHLY MEETING NOTICE

BCMlsquos next monthly meeting for members will be Monday May 28 2012 at 5PM at the KEMPINSKI HOTEL KHAN PALACE 2nd floor Altai Ballroom The bilingual meeting will feature the following presentations - Call to OrderBusiness Council of Mongolia Laurenz Melchers Chairman BCM - BCM Report Jim Dwyer Executive Director BCM - D Munkhjargal Manager for the Center for Executive Education Newcom - Introducing the Center for Executive Education - S Otgonbat YPO Mongolia Membership Chair 2012-2013 and OBatbayar YPO Mongolia Chapter Chair 2012-2013 ndash ―Introducing YPO - Olin McGill Senior Business Environment Reform Advisor Business Plus Initiative USAID project ndash ―Staggering Costs of Inefficient Regulation in Mongolia



BUSINESS





Officer







in









Source Zuunii Medee









Source Reuters











presentations

















farm







Source BCM





































activity

































another hearing



is possible













Source KPMG













Source Yonhap News


































Green













portfolio






























Source Reuters

ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582











BUSINESS





Officer







in









Source Zuunii Medee









Source Reuters











presentations

















farm







Source BCM





































activity

































another hearing



is possible













Source KPMG













Source Yonhap News


































Green













portfolio






























Source Reuters

ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582

























farm







Source BCM





































activity

































another hearing



is possible













Source KPMG













Source Yonhap News


































Green













portfolio






























Source Reuters

ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582


















activity

































another hearing



is possible













Source KPMG













Source Yonhap News


































Green













portfolio






























Source Reuters

ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582


















Source KPMG













Source Yonhap News


































Green













portfolio






























Source Reuters

ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582















Green













portfolio






























Source Reuters

ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582









ECONOMY







Source Montsame




































construction

























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582




























vice versa

Read morehellip













Source Udriin Sonin












2006 267 in 2007 and 143 in 2012

Source Udriin Sonin





gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582










gathered this year


2015

Source Zuunii Medee




Friday












Source EcoSeed

WHO GETS THE WATER























challenge he said

Source Reuters




elections







industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582















industry












































































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582







































POLITICS

















Source Zuunii Medee









largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582

















largely opaque





the drafters








listings




capital markets

Source IFLR
































ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582















ridiculed










Source Unuudur




















Source Eurasianet













prepared


























signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582


































signs off on it





Source Reuters











Source Montsame

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582

















Source Udriin Sonin






















on



















Source NAMBC








Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582
















Mongolia




Source India Blooms
















Source UB Post


















countries

Source Montsame









Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582














Source BDSec















Source Xinhuanet


















Source Taipei Times

ANNOUNCEMENTS








expert presenters



___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582











___________________________________________













the event

___________________________________________





___________________________________________




9-10 2012



___________________________________________


BUSINESS NEWS‟

















of Competitiveness






___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582













___________________________________________














ECONOMIC INDICATORS

INFLATION

























Euro EUR 165582









INFLATION

























Euro EUR 165582









News & Politics

25.05.2012, NEWSWIRE, Issue 223