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BREAKING NEWS: Mongol-999 is holding its first general meeting
May 6 -- (Summarized from Mongolian) news.mn reports that today "Mongol-999 National Alliance" JSC is holding its first shareholders meeting in Cultural Palace (Soyolyn Tuv Urguu). the meeting is to approve the company rules, board members, supervisory board members, and what to do about those who wish but haven't managed to put up the million MNT. Mongol-999 is to make a statement after meeting concludes.
May 5, Ulaanbaatar, /MONTSAME/. ING Groep NV has appointed a head of corporate and investment banking for Mongolia, the company said in an internal memo seen by Dow Jones Newswires, possibly becoming the first major bank to create such a post dedicated to Mongolia.
May 5 (news.mn) Minister of Finance S.Bayartsogt answers questions on revisions to the state budget. ... How much do you think the salary increase will raise inflation?
Inflation might reach double digits by the end of the year. This would mean only a 4-5 percent real increase in salary. This is why I warned the negotiators not to politicize economic issues. ... Some say the Government is taking too long to proceed with the fiscal stability law favored by the IMF and the World Bank. What is the present position?
There has been no pressure from the IMF. We have submitted the draft to Parliament and hope it will be passed in the Spring session. Once the law is in force, there will be no need for any more budget revisions. All extra income coming from increased commodity prices will be automatically transferred into a stability fund and there will be no demands to increase budget expenses.
Will there be another budget revision in case the copper price stumbles?
There will be no drastic fall in the copper price in the short term. Trade analysts think prices will be stable for a while as the world economy comes out of recession.
IMF says revised budget violates terms of agreement
May 5 (news.mn) IMF Country Representative .P. Ramlogan told Parliament Speaker D.Demberel yesterday that reported provisions in the revised budget for 2010 violated Mongolia’s agreement with the IMF, and that if these were not reviewed, the Fund “would find it difficult” to continue with the agreement.
... the deficit remains under the stipulated 5 percent. However, the Finance Minister’s move to include income from increased copper prices in the budget revenue violated Mongolia’s promise to put all extra income into a special fund. ... He requested Ramlogan to recommend to the IMF Board that the Mongolia-IMF agreement should be continued for another two years. He was also enthusiastic about a proposal from the IMF Mongolia Office to organize a workshop on inflation and monetary policy in cooperation with the Mongolian Parliament.
May 5 (news.mn) This year’s “Discover Mongolia”, the important and popular annual international investors’ forum, will be held on September 8 to 10, according to the Mongolian National Mining Association. The association has also announced that it, along with the World Bank, Oyu Tolgoi LLC, and GTZ, will help the Mongolian National University organize a meeting on May 15 to discuss how good governance can keep the resource curse at bay.
Mogi: Iron Mining International (IMI)'s $1 billion IPO finally made a movement in Reuters's HK IPO Pipeline list. The debut date was long stated as N/A and even the name of the company had remained Lung Ming (its previous name) up until the April edition of Reuters HK IPO Pipeline. Name correction, debut timeframe shows IMI's IPO is progressing indeed. This would be the biggest IPO of a Mongolia-focused company in to date. As reported previously by yours truly, IMI secured $250 mln investment from China Life, the world's largest life insurer. IMI in the last two years secured $700 mln from CIC, $300 mln from Hopu and Temasek. Credit Suisse and Goldman Sachs are expected to handle the IPO.
Thousands honor Genghis Khan in annual memorial rites in north China
HOHHOT, May 5 (Xinhua) -- Tens of thousands of people from home and abroad have flocked to annual memorial rites honoring Genghis Khan, the 13th-century Mongolian warrior and founder of the Mongol Empire. ... Yamutede descends from one of the 500 Dalhut families that serve and keep Genghis Khan's grave. The Dahhut families have been protecting the Khan's mausoleum for over 700 years. (Mogi: the mausoleum is not the real burial place of Chinggis Khaan, but a cenotaph) ...
Is the world prepared to contain China's coal import spree?
(analysis article) --
Coal prices in both the international and Chinese domestic markets have kept rising over the recent months, being mainly driven by not the global economic recovery, but coal import spree in China.
... China turned into a net coal importer just one year ago. Coal import increased by three folds to over 130 million tons in 2009, and by another stunning 240 percent during the first quarter of 2010 compared with the same period of last year.
May 4. Grain-processing company PAVA has established stable supply of wheat bran for livestock to West Mongolia. Products are shipped from Rebrikha milling plant in the Altay territory in southern Siberia on a weekly basis.
LETTER OF CREDENCE PRESENTED (by ILO Representative)
May 4, Ulaanbaatar, /MONTSAME/ Ms Ann Herbert, a Resident Representative of the International Labor Organization in Mongolia, presented Tuesday a letter of credence to B.Bolor, a Vice-Minister of Foreign Affairs and Trade of Mongolia.
Archaeological Institute offers a virtual trip to Mongolia
May 5 (telegram.com) The Archaeological Institute of America — Worcester Society’s popular Travels In Archaeology Series ventures further afield this year with a virtual trip to Mongolia. “Mongolia: Cultural Heritage at Risk” will be presented at 7 p.m. Thursday at Worcester Art Museum, use Lancaster Street entrance. ... http://www.telegram.com/article/20100505/NEWS/5050410/1011
Surgeon to set up 'satellite' clinics for more affordable liver transplants
Garrison Announces Issuance of Shares to Service Providers
TORONTO, ONTARIO--(Marketwire - May 5, 2010) - Garrison International Ltd. (TSX VENTURE:GAU) ("Garrison") is pleased to announce that, following TSX Venture Exchange ("Exchange") approval of a shares for debt settlement with two lenders (who are directors and officers of Garrison, or are companies owned or controlled by those directors and officers) Garrison has issued an aggregate of 2,699,712 common shares at a deemed price of $0.05 per share to two parties to settle an aggregate debt of $134,985.60 for loans made to Garrison. The common shares issued are subject to a hold period under Exchange policies that expires on August 21, 2010. ... http://www.marketwire.com/press-release/Garrison-Announces-Issuance-of-Shares-to-Service-Providers-TSX-VENTURE-GAU-1159599.htm
EBRD says ex-Soviet bloc recovery to be 'protracted'
What the Snow Leopard Trust is Doing to Fight Mining
May 4 -- Tost and Tosonbumba Mountains are not only important for snow leopard and biodiversity conservation, but are also home to 233 herder families. These families do not want mining extraction in their region either. We are working with them to sort out legal options for making the Tost Mountains a recognized protected area. Our Mongolia staff just met with herders to review the application process. ... (The blog is about how this fund is currently trying to preserve the Tost Mountain region in South Gobi for its snow leopards)