CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
Mogi: Dear subscribers, due to my mail server spam-blocking my newswires, I'm sending them from an internet account. In replying back, please direct them to mogi@cpsinternational.mn. Thank you.
*Notice: All HK Orders are day only. Unfilled orders must be reinstated the next day*
| Close: Mongolia Related ASX Listed Companies, October 26, 2010 | ||||||||
| HUN | 0.995 | 0.005 | 0.990 | 1.020 | 1.000 | 1.030 | 0.960 | 862,437 |
| VOR | 0.041 | 0.002 | 0.041 | 0.043 | 0.044 | 0.045 | 0.040 | 10,798,021 |
| LRL | 0.255 | 0.010 | 0.250 | 0.255 | 0.245 | 0.255 | 0.245 | 943,903 |
| AKM * | 0.260 | 0.045 | 0.260 | 0.265 | 0.250 | 0.280 | 0.245 | 22,668,280 |
| GMM | 0.170 | 0.000 | 0.150 | 0.170 | 0.150 | 0.170 | 0.150 | 10,800 |
| 37.850 | 0.260 | 37.840 | 37.980 | 37.820 | 38.110 | 37.790 | 755,644 | |
| RIO | 84.060 | 0.040 | 84.000 | 84.060 | 83.840 | 84.320 | 83.720 | 3,193,272 |
| BHP | 41.830 | 0.090 | 41.820 | 41.890 | 41.750 | 41.920 | 41.520 | 14,599,597 |
An * next to the security code indicates there has been an announcement today relating to that security. Click on the * to view the announcement.
Source: asx.com.au
Mongolia, #1 Coking Coal Exporter to China, June-August. Australia Top Again in September
October 26, Singapore (Platts) September imports of coking coal into China hit their highest level in terms of volumes since January 2010, with 4.17 million mt imported, up 7.5% on August figures but 2.7% less than in September 2009, according to China customs data seen by Platts Tuesday.
After lagging behind Mongolia for the last three months, Australia regained its position as the largest seller of the steelmaking raw material into China, with a total of 1.76 million mt. This was more than double the volumes imported in August, but 38.8% less than in September 2009.
Mongolian coking coal imports totaled 1.51 million mt, down 3.6% month on month, but 201% up compared to September 2009.
Chinese imports of US and Canadian coking coal decreased by 70% and 58%, respectively, on the month to 129,579 mt and 145,655 mt.
Since the start of 2010, 33.5 million mt of coking coal has been imported into China.
In terms of value, Canadian imports were valued at an average of 227/mt CIF China in September, Australian imports averaged $204/mt, US imports $191/mt, Russian $163/mt and Mongolian imports $67/mt.
S3 Investment Company expects to close financing and public listing deal for Mongolia client soon
ANVILLE, Calif., Oct 26, 2010 (GlobeNewswire via COMTEX) -- S3Investment Company, Inc.(SIVC 0.00, 0.00, -25.00%) today announced that Chairman and CEO Jim Bickel has traveled to China with planned stops in Mongolia and the Philippines to oversee activities of the company's Redwood subsidiaries, including the expected close of a Redwood Capital client transaction. Mr. Bickel will visit Beijing, Shanghai and Hong Kong, as well as Ulaanbaatar, Mongolia in support of Redwood Capital, Redwood Medical, the Redwood Private Equity Fund, and Redwood's newly formed Risk Investigation and Evaluation Division.
… Mr. Bickel will also travel to Ulaanbaatar for meetings with a Redwood Capital client that operates in Mongolia. S3 expects to report both new client signings and the closing of a financing and public listing transaction for this Redwood Capital client in the very near future.
Mr. Bickel is currently in Ulaanbaatar and commented, "We expect to announce this major milestone for a Redwood Capital client very shortly. Additional details will be forthcoming. It is difficult to explain how exciting the prospects currently are in the Mongolia market, but as events unfold, S3 shareholders will see that the time and efforts spent on this project have been well worth it."
…
Winsway sold 6.2Mt Coal in 9 months, 3.5Mt of Them Mongolian
UNAUDITED QUARTERLY KEY OPERATIONAL DATA
October 25 (Winsway) The Company announces that the Company's sales volume for the nine months ended 30 September 2010 increased by 176% compared with the same period last year.
The board of directors (the "Board") of Winsway Coking Coal Holdings Limited (the "Company", and together with its subsidiaries the "Group") is pleased to present the Group's unaudited key operational data for the nine months ended 30 September 2010.
The Company announces that benefi ting from the continuous completion and improvement to the Company's cross border facilities and end-to-end integrated service platform, and the increasing demand for imported coking coal from steel mills in China, the Company's unaudited total sales of coking coal for the nine months ended 30 September 2010 reached approximately 6.2 million tonnes, representing an increase of 176% as compared to the unaudited fi gures for the same period last year. Of these 6.2 million tonnes of coal, approximately 3.5 million tonnes were Mongolian coking coal which increased by 141% while approximately 2.7 million tonnes were sea-borne coking coal which increased by 238%, as compared to the same period last year.
|
| For the nine months ended |
| |
| Unit: tonnes | 30 September 2010 | 30 September 2009 | Increased by |
| Mongolian coking coal | 3,500,000 | 1,450,000 | 141% |
| Sea-borne coking coal | 2,700,000 | 800,000 | 238% |
| Total | 6,200,000 | 2,250,000 | 176% |
Moody's Assigns Ba3 Rating to TDBM's USD Bond
October 26 (Source: Info-Prod Research (Middle East)) Moody's Investors Service has assigned a Ba3 rating to senior unsecured notes drawn under the USD300 million foreign currency Euro Medium Term Note (EMTN) programme of the Trade and Development Bank of Mongolia LLC (TDB). The outlook is negative.
"The rating and outlook on the senior unsecured notes are the same as the EMTN program's and the bank's current foreign currency issuer ratings. The negative outlook was placed in September, 2009," says Yvonne Zhang, a Moody's Vice President and Senior Analyst.
The senior notes represent direct, unconditional, unsecured, and unsubordinated obligations of TDB; and will help diversify the bank's funding sources and support future loan growth.
TDB's long-term foreign and local currency debt and issuer ratings are Ba3; its long-term local currency deposit ratings, Ba3; its long-term foreign currency deposit ratings, B2; its short-term ratings, NP; and its bank financial strength rating, D-. The outlook for these ratings is negative, except for the foreign currency deposits rating, which has a stable outlook.
Moody's last rating action on TDB was taken on November 12, 2009, when the outlook on its B2 long-term foreign currency deposits rating was changed to stable from negative. TDB is headquartered in Ulaanbaatar, Mongolia. It reported total assets of MNT806 billion (approximately USD558 million) as of December 2009.
The Cabinet Announced 26 Projects in Four Priorities
October 26 (UB Post) --
Priority 1.
"Oyu Tolgoi" Project. Copper Concentrate Plant. Capable to process 100,000 tons of ore a day and 35 million tons of ore a year. The production capacity will be upgraded to 150,000 tons a day and 56 million tons a year.
"Tavan Tolgoi" Project. Projected to mine 20 million tons of coal and produce 15 million tons of concentrated coal a year.
"Copper Mill" Project. 70 thousand tons of cathode copper will be produced a year. "Black Metallurgical Complex" to melt 2 million tons of steel and manufacture big railroad products, including rails, and some big metal structures.
"Coke-Chemical Plant" Project. Production of gas emitted from coke plant, bitumen and other chemical materials. Ore Refinery – its technology relying on domestic resources shall meet international standards.
"Coal-Chemical Plant" Project. Chemical plant will be built on coal deposit. "Building Material Plant" Project – the Sainshand Cement Factory will produce 1 million tons of cement a year, while other projected factories will produce 110 thousand tons a year. Building Metal Structure Factory – 2 million tons of metal structures. Ceramic Work Factory – 50 million pieces of work a year. In addition, factories of heat insulation products and blocks materials are planned for construction.
Priority 2.
"Healthy Food" Cattle Health Improving and Meat & Milk Production increasing project. Intended to produce 50 thousand tons of meat and 20 thousand liters of milk based on integrated livestock farming. Cow farms of up to 8, 000 heads of cow will be established nearby settled villages.
"Irrigated Crop & Vegetables Production Support" Project. Under this project, it is planned to harvest wheat from 25 thousand acres of land, vegetables from 10 thousand acres and cattle fodder from 5 thousand acres, respectively.
"Stock Exchange for Agricultural Product & Materials" Project. Designed to produce final products of agricultural raw materials.
"High Technology Industrial Complex, Science-Industrial Park" Project. Designed to build 22 high-tech facilities capable to realize sales worth about US$2 million a year altogether.
Priority 3.
"Tavan Tolgoi Power Plant" Project. Capable to 400.0MW electricity. It will be connected to central energy system and will employ the latest technology.
"New Railroad" Project. It includes the construction of basic infrastructure for the rail line of Tavan Tolgoi – Gashuunsukhait, for the rail line of Nariin Sukhait – Shivee Khuren and for the 400km-long rail line of Tavantolgoi-Tsagaan Suvarga-Zuunbayan-Sainshand.
"Water Supply of Gobi Region from the Orkhon River" Project. It is intended to solve the water supply of Gobi region in a complete way, by supplying the water at the capacity of 2.500 liters per second.
"Ulaanbaatar City Autoroad Innovation" Project. Designed to re-build existing 350km long asphalt road together with its engineering facility and to build 212km long road with engineering facility, to expand the city's road network.
"Construction of Roads of International, National and Local Significance" Project. Purposed to build 4500 km long asphalt road, covering multiple provinces such as Umnugobi, Dundgobi, Dornod, Bayankhongor, Khuvsgul, Zavkhan, Khovd, Bayan-Ulgii, Gobi-Altai and Uvurkhangai.
"Altanbulag-Ulaanbaatar-Zamyn Uud Highway" Project. Construction of 990km long highway.
"Power Plant No.5" Project. Intended to build a new source of heat and energy supply.
"Population Housing Supply" Project. It includes construction of new apartment blocks, development of ger districts into apartment districts, as well as the construction of big apartment blocks in provinces and satellite cities of the country. Under the project, about 63 thousand apartments will be built.
"Production of Energy from Wastes and Biomass" Project. It includes a factory capable to process 1.000.0 tons of wastes a day and a domestic gas by processing 250.0 tons of organic wastes and biomass a day.
Priority 4.
"IT Training & Development Vill" Project. An outsourcing center to supply IT products both to domestic and international market and a IT engineers preparation center.
"University Campus" Project. It includes training-research-testing complex, hostels for students and teachers, social infrastructure facilities including, entertainment center, as well as parks and other necessary facilities, with complete engineering supply. Accommodation capacity is 20-25 thousand peoples.
"Khar Khorum – 13th Century" Tourism Project. Under the government task to receive one million visitors and tourists in a year, it includes construction of museums and sightseeing facilities with state of the art technology, as well as modern hotels and airport, in territory of Kharkhorin Soum, Uvurkhangai Province.
"Eco" Domestic and Industrial Waste Water Treatment Project. It is intended to introduce refuse-free technology to drain the waste of settled areas and tour camps, recycle it for agricultural purpose.
SouthGobi Resources to construct a paved highway in Southern Mongolia to accelerate delivery of coal from Ovoot Tolgoi Coal Mine to Chinese buyers
ULAANBAATAR, MONGOLIA – Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that the company has awarded a US$48 million contract to build a paved highway dedicated to the delivery of export shipments from SouthGobi's Ovoot Tolgoi coal mine to the Mongolia-China border crossing at Shivee Khuren-Ceke.
The contract was awarded to Leighton Asia, a division of Australia-based contracting giant Leighton Group, in a joint venture with Monnis International, a leading Mongolian resource, construction and transportation conglomerate.
…
The new highway is scheduled to be completed by the end of 2012.
MMC Close, October 26
October 26 (Mogi) Mongolian Mining Corporation (HK:975) continued its drop today from last week, as it enters into its 3rd week tomorrow, but still over 18% higher than offer.
HK:0975 Snap quote, October 26 (all in HKD except where noted. Source: ETNET):
· Close: $8.34
· Open: $8.70
· High: $8.73
· Low: $8.21
· 52w High: $9.72
· 52w Low: $7.02
· Listing price: $7.02
· Volume: 18.913 million shares
· Total turnover: $158.648 Million
· Market cap (on close): $31.9 Billion (around US$4.1 billion (Bloomberg October 26: US$=HK$7.7583))
Link to real-time quotes and charts of MMC (sites licensed by HKEx): ETNET, AAStocks
Chono to establish a hospital in Mongolia with Singapore Medical Group
October 25 (AsianOne) SINGAPORE - Singapore Medical Group Limited (SMG) today announced the intention to establish a joint venture for a flagship multi-disciplinary tertiary hospital in Ulaanbaatar, Mongolia, with Chono Corporation.
In addition, under the Memorandum of Understanding (MOU) signed, about 15 satellite family medicine clinics and mini-hospitals will be set up around the city and country after the Ulaanbaatar flagship tertiary hospital has been established.
SMG, which provides specialist and general practitioner healthcare services, will hold a 75 per cent stake in the joint venture while Chono will hold the remaining 25 per cent stake.
…
Mr Enkhboldsodon Tumurkhuyag, President of Chono from Ulaanbaatar, Mongolia added: "It is our opinion that Singapore Medical Group is a fundamentally sound healthcare provider and is a well-run healthcare group in Singapore. The Singapore brand of medicine is in itself highly regarded in Mongolia and we believe that any Singapore healthcare company, especially a public listed one in the Singapore Stock Exchange, is admirable. We can learn much from Singapore Medical Group, especially when many of my own countrymen seek medical treatment in Singapore.
…
Aspire raises A$20,1m from SouthGobi for Mongolia project
October 25, PERTH (miningweekly.com) – SouthGobi (HKG:1878, TSX:SGQ), which is listed in Toronto and Hong Kong, will take a 19,9% stake in Mongolia-focused explorer Aspire Mining (ASX:AKM) and has agreed to a "strategic partnership" with the Australia-based junior.
Aspire Mining's shares rose 26% on the ASX on Monday, after it announced that had made a placement to SouthGobi to raise A$20,1-million.
The Mongolian coal miner would acquire a 19,9% stake in Aspire, through a placement of 105,7-million shares, at A$0,19 a share.
The issue price represented a 7% premium to the seven-day volume-weighted average price of Aspire shares.
The cash injection would provide cornerstone funding and strategic partner benefits to accelerate the exploration and development of Aspire's Ovoot coking coal project, MD David Paull told Mining Weekly Online on Monday.
SouthGobi, in which Ivanhoe Mines holds a 65% stake, was selected as a cornerstone investor because of its experience in the Mongolian coalfields and could assist in the development of the Ovoot project, Paull said.
…
Aspire recently declared a maiden Joint Ore Reserves Committee-compliant maiden resource of 330-million tons at the Ovoot coking coal project, and Paull said that the company was now looking to double that resource within the next 12 months.
He noted that the funds raised through the SouthGobi partnership would be used to fund an "aggressive" drilling campaign at the project area, where around 10 000 m were targeted in the next year.
Prophecy Announces Amendment to $2,030,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) reports that, further to the Company's news release dated September 21, 2010, the Company has amended the terms of its previously announced non-brokered private placement.
The Company has arranged for the placement of 3,830,189 flow through units (each a "Unit") at a price of $0.53 per Unit to raise aggregate proceeds of $2,030,000. Each Unit is comprised of one flow through common share and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share for a period of two years at a price of $0.66.
A finder's fee of 5% of the proceeds raised payable in cash will be paid to Eurasia Capital and Frontier Securities.
Proceeds of the placement will be applied to the Company's Lynn Lake Property in Manitoba and the Wellgreen Property in Yukon Territory.
Mogi: Original terms were 4,060,000 units at a price of $0.50 per Unit, with each unit comprising of 1 common share and one 2 year share purchase warrant at $0.66. Link to original placement announcement
Mongolian Stock Exchange October 25 Total Turnover US$19K
October 25, Ulaanbaatar, Mongolia, /MONTSAME/ At the Stock Exchange trade Monday, a total of 14.5 thousand shares of 18 JSCs were traded costing MNT 24.3 million. The total market capitalization was set at MNT one trillion and 164.4 billion.
The Index of top-20 was 12907.79 units decreasing 65.67 units or 0.51 per cent against the previous day. Rate of share of the "Sharyn gol" JSC decreased by 3.59%, the "State Department Store"--by 2.09%, and the "Ulaanbaatar hotel"--by 1.55%. Shares of "Remikon" JSC (5.0 thousand units) were actively traded in terms of trading volume.
KYOCERA Supplies 305 kW of Solar Power to Villages in Mongolia
Part of World Bank Project to Improve Rural Living Conditions
KYOTO, Japan, Oct 26, 2010 (BUSINESS WIRE) -- Kyocera Corporation today announced that it has installed a total of 305.1kW of solar power systems to two villages in Mongolia through the World Bank's Renewable Energy for Rural Access Project. The installations are among the largest stand-alone solar power generating systems in the world. The systems were installed this summer and are now currently helping to provide electricity for the daily needs of the local residents. The World Bank project aims to increase electricity and improve reliability of electricity service through the use of solar energy to help improve the living conditions of the herder population and off-grid village communities.
…
The two systems, 202.5kW and 102.6kW (total of 305.1kW), have been installed in the villages of Gobi-Altai and Bayantooroi, respectively, which are both located in the Gobi Desert region of western Mongolia. The region, which is faced with a harsh environment that can reach -30 deg C in the winter and previously suffered from volatile power supply, now has a stable 24-hour-a-day electricity supply thanks to the solar power generating systems installed by KTST. While helping to greatly improve the living conditions of the villagers, the systems also enable the children to study by light at night, and contribute to the growth and development of the area and environmental preservation.
…
Kyocera has been active in the solar energy business in Mongolia for many years, taking part in a project by the New Energy and Industrial Technology Development Organization (NEDO) to supply portable solar power generating systems for 200 nomadic herding families' yurts between 1992 and 1996. Furthermore, in 2011, with the Japanese government's Official Development Assistance (ODA), Kyocera modules will be used for a 453.18kW grid-tie system for the Genghis Khan International Airport in Ulan Bator City.
…
Mongolia Ranks 116th on 2010 Corruption Index
(Mogi) Transparency International just released its 2010 Corruption Perceptions Index and Mongolia ranks 116th with countries like Vietnam, Guyana, Mozambique. Denmark, Singapore and New Zealand rank 1st, Canada 6th, Australia 8th, Hong Kong 13th.
Turkey, Mongolia sign memorandum of understanding
Turkey and Mongolia signed a memorandum of understanding during the sixth term joint economic committee meeting in Ulan Bator on Tuesday.
October 26 (World Bulletin) Turkey and Mongolia signed a memorandum of understanding during the sixth term joint economic committee meeting in Ulan Bator on Tuesday.
The memorandum of understanding was signed by Turkish State Minister & Deputy Premier Bulent Arinc and Mongolia's Environment & Tourism Minister Luimed Gansukh.
The two ministers said that the strong historical ties between Turkey and Mongolia would also help develop the economic and commercial relations.
Also two other protocols were signed on share of experience between KOSGEB (Small & Medium Enterprises Development Organization of Turkey) and its Mongolian equivalent as well as cooperation on development plan of Turkish State Planning Organization and Mongolia's planning unit.
…
Australia
Shares fall as ASX tumbles
October 26 (AAP) Close, The Australian sharemarket has ended lower, with financials taking most of the hit as market operator ASX Ltd gave up some of its gains from Monday amid doubts the merger with the Singapore exchange will clear regulatory hurdles.
The benchmark S&P/ASX200 index fell 22.2 points, or 0.5 per cent, at 4687.8, while the broader All Ordinaries Index lost 19.1 points, or 0.4 per cent, to 4761.5.
Among the sectors, financials shed 0.9 per cent, energy shares fell 0.6 per cent, while materials closed flat.
need2know:
- The dollar hovers above 99 US cents
- Asian shares slip, but near 28-month highs
- Oil trades little changed around $US82.50
- Gold inches down to $US1340 an ounce
- Dow futures are flat at 11,116
The market traded lower from the start as investors took profits after an $8.4 billion offer for ASX lifted shares to five-month highs yesterday.
Losses increased after politicians - whose approval for the ASX/SGX deal will be necessary - expressed concerns over the transaction, sending ASX shares down as much as 8.6 per cent.
The proposed merger between the Australian and Singapore stock exchanges requires the green light from Australia's Foreign Investment Review Board, the Reserve Bank of Australia and the Australian Securities and Investments Commission.
ASX shares closed down 7.4 per cent, or $3.08, to $38.67, the biggest fall among the top ASX200 today, wiping out about one-third of yesterday's 19 per cent rally. ASX's market capitalisation is still about $600 million higher than before the bid.
SGX, meanwhile, is down a second day in Singapore trade, losing 3.2 per cent, after yesterday's 6.2 per cent drop.
…
The major miners closed mixed. BHP Billiton was up 9 cents at $41.83 while Rio Tinto was down 4 cents at $84.06. Fortescue Metals was 4 cents higher at $6.59.
…
Preliminary market turnover was 3.07 billion shares worth $5.63 billion, with 542 stocks up, 606 down and 365 unchanged.
Misc
Working for a Mongolian company
Mogi: Super funny article on what expats should expect in Mongolia. I just had to post this. Laughed so hard.
October 26 (UB Post) Recently, many foreign executives and professionals have joined Mongolian companies and state organizations. Of course, for them this article might not be so interesting. Nevertheless, if this trend continues, many new foreigners will soon join Mongolian organizations and companies.
You and the boss
Most Mongolians bosses will prefer to give you a lot of freedom in your daily routine. The biggest reason for this is the lack of a clear job description. There are certain reasons for this. First, he/she probably does not know exactly what you should do. But, this could be a great chance for you to take some initiative on your part. Also, your boss might simply want to see how you will deal with that uncertainty.
In the case of a foreigner being a CEO, you will have owners/founders, and members of the Board of Directors to deal with. The Board of Directors is a new feature in Mongolian business life. Therefore, you should expect to see the same situations that would arise in a western company. Basically, there are two types of Board of Directors. One is the nominal, where you will have the real owners and/or their relatives. In this case, you will not have so many interactions with them. Meetings will be quite short and quite rare. The other type is the semi-western type. You will have some kind of independent Board members, of whom; some don't actually work for your company. This is still different than in western companies and you probably won't get much input from them. They are usually happy to be on the Board, but they will be little interested to be actively involved. Very often, the CEO will be more powerful than the Board of Directors; in this case you might be more powerful than your Board of Directors.
In terms of minor Mongolian nuances to working here, Mongolian bosses usually do not bring their spouses to company gatherings and this would be the same for the rest of your Mongolian counterparts. If you work for a Mongolian boss who likes horses or owns horses, you have to go to see them at least once a year for Naadam. Many Mongolian bosses also like to go to casinos. Therefore, you might need to join them on a trip to Seoul or Macao. A recent case of 14 million USD, which was misused by a senior accountant from the Savings Bank is just onc example of how many politicians and business people like to waste money in casinos.
Company celebrations
Usually, there are several holidays when you will have huge company parties. The big ones are New Years, International Women's Day, on the 8th of March. This is also a public holiday. Sometimes, this will be combined with the celebration of Men's day on the 18th of March but this is not a public holiday. This is essentially Mongolian Army Day. This is a leftover from our Russian/Soviet influence which is celebrated even now. In a company, the male/female ratio varies. Usually, there are more female employees than male employees. For the Lunar New Year, usually there is a kind of breakfast celebration after the holiday on the first day back to work. Mongolians typically wear their national costumes, especially women. They will exchange snuff bottles and they will eat meat and dairy products, also they might drink vodka or airag. Usually, this is a short event lasting one or two hours, or even less.
Of course, as a foreigner you might refuse to go, especially if you are not a drinker. But Mongolians will be happy to see you. In the end, it is a good cross-cultural experience. Usually, these parties will continue in some fashion for the rest of that day. Your counterparts might go to a bar, to a night club, or a karaoke club. Sometimes, they might go to someone's house or apartment. Very often, Mongolian employees will try to beat their bosses or they might even fight each other. It is possible to say that this is also a part of Mongolian customs.
All of the above mentioned celebrations are actually winter celebrations. In the summer, there is only Naadam which is on the 11th of July. There typically is no official company party for this.
You and Your counterparts
Usually, you will have more female counterparts than male ones. All of them might ask you for English lessons. Female counterparts will like to tell horror stories about their miserable life with Mongolian husbands. Everybody will like to borrow money from you. It might be any amount from 1 thousand togrogs or more, or it might be something really big. This is a common cultural thing among Mongolians.
There is a lot of cash in Mongolia which circulates in the informal economy. This is very often illegal money from or for corruption purposes; or it might be cash from overseas. One high level politician is said to have bought a 1 million USD house with money from his sister, but his sister is working as a dish washer in Germany. Anyway, the taxation framework and liberal anti-corruption system supports the circulation of huge amounts of cash in Mongolia. Anyway, it is better not to lend money. It will be difficult to collect after.
Cross-cultural female/male relationships
As mentioned before, there will be more female counterparts than male. Therefore, you will hear a lot about drunk and hostile husbands. Usually, it is typical to tell foreign counterparts such stuff. Also, it is a Mongolian tradition not to say good stuff about your spouse. You will not see any code about female/male relationship in the work place. The Concept of sexual harassment is just now coming under public scrutiny in the media. This is still a new concept here. But we should consider that Mongolia is a country with a nomadic livestock economy. For 70 years we had a socialist economy with several factories, where most workers were young people. The Communist Party (Mongolian People's Revolutionary Party) was very strict in terms of adultery, which was severely punished. One future Mongolian Prime Minister was once punished for divorcing his wife, and was sent to exile from Ulaanbaatar. Now thanks to democracy and a free flow of information, there is a more tolerant approach towards male/female relationships in the work place.
We now live in a global economy. Most customs, which we call Mongolian, are quite similar to those of other cultures. But in a small nation such as Mongolia, people like to see that foreigners accept our rules of engagement. Foreigners, who accept that, are typically very successful in Mongolia.
Nevertheless, Mongolian men do not like to see foreigners marrying Mongolian women. However, it is a different story if a Mongolian guy will marry a foreign woman. Since socialist times, there were many marriages of Mongolian women with Eastern European men. Therefore, marriages with Caucasians are more or less acceptable. Mongolians do not like to see marriages between Chinese and Koreans. If you open any Mongolian newspaper at any given time, there is usually at least one negative article about Koreans who are buying and/or mistreating Mongolian women.
Mongolians arrive to train Afghan Airman
October 25 (NATO) Mongolian Airmen arrived at Kabul International Airport, recently, to help NATO Training Mission – Afghanistan train Afghan Airman. The Mongolians can connect to the Afghans on certain levels such as language and culture that U.S. troops and other coalition troops cannot.
"The Mongolian Team has a strength going for them," said Capt. Tom Philbert, Rotary Wing Presidential Maintenance Advisor. "They have two people on their team that speak Russian. Some of the older Afghans here were trained by the Russians and speak Russian as well. Also, some of the technical orders are also in Russian which the older Afghans can read and translate to their younger counter parts."
…
<Mogi & Friends Fund A/C>
Uneventful
Mogi & Friends Fund is a tiny fund of US$6,000 I created with a few friends to put my own (and a few friends') money where my mouth (just mine) is.
Mogi: Uneventful is the true story. Number wise, overall return down to 20% from 30%. This is the power of a single penny, 10%.
But this is just numbers on what's only been only a month. 20% in a month. Now, if you just say exactly that about any fund, heads will turn no doubt. Maybe they'll even start thinking about what's the fastest way a man can transfer money.
Well, in any case, they released an annual report recently. Maybe I'll a few answers in there. Will keep you posted.
Mogi
"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar
Mongolia
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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