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Wednesday, October 9, 2013
NOVA RESOURCES LIMITED: Issue of Equity
October 8 -- Further to the announcement dated 28 August 2013, the Company has received notice from Pearce Global Ltd ("Peace") converting £230,000 of convertible unsecured loan notes 2017 ("Notes") into 23,000,000 ordinary shares of par value £0.01 each (the "Shares") at an exercise price of £0.01, which represents 17.8% of the newly enlarged share capital. Peace now hold a remaining £170,000 of Notes and 200 million warrants to subscribe to Ordinary Shares (the "Warrants").
Conversion of the Notes in full would result in the issue of 40,000,000 Ordinary Shares and exercise of the Warrants in full would result in the issue of 200,000,000 Ordinary Shares which, in aggregate, would represent approximately 69.4 per cent. of the enlarged issued Ordinary Share capital of the Company (assuming that no other Ordinary Shares are issued and none of the other warrants already issued by the Company are converted). The Company is not subject to the UK City Code on Takeovers and Mergers. However, Peace has undertaken not to: i) convert the Notes or exercise the Warrants (together, "Conversion") if such would result in Peace owning more than 30 per cent. of the enlarged issued share capital of the Company; and ii) use the rights attached to Ordinary Shares acquired as a result of Conversion to appoint a director of the Company or otherwise seek to gain control of the board of directors of the Company or to exercise undue influence on or otherwise interfere with the management of the Company (the "Restriction").
Application will be made to the London Stock Exchange for the Shares to be admitted to trading on AIM and it is expected that admission will be effective and trading will commence at 8:00 am on 15 October 2013 ("Admission").
Total Voting Rights
Following Admission, the Company will have 129,115,287 Ordinary Shares in issue. Since the Company holds no shares in Treasury, the total number of voting rights in the Company is therefore 129,115,287 and this figure may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
James Passin: "I think we will see another run up in Mongolian asset prices. In fact, one far exceeding the bull market of 2011"
(Mongolia Investment Summit) The team of Mongolia Investment Summit spoke with James Passin, Co-founder and manager of Firebird Mongolia Fund, ahead of his keynote presentation at Mongolia Investment Summit 2013 in Hong Kong this November.
We asked James for his opinions on the current state of Mongolia's investment climate, the impact of the anticipated new Investment Law and the new Securities law. Plus, we talked about his outlook for Mongolia's economy, the key sectors that will drive growth, and the reasons for international investors to consider investing in Mongolia.
MIS: What is your assessment of Mongolia's current investment climate? Are there signs of improvement on the horizon?
JP: Well, at the current moment, the investment climate looks pretty bleak, I mean, if you look backwards, there has been a dramatic reduction in foreign direct investment, and there has clearly been a radical reduction in foreign financial investment. The Mongolian currency the Tugrik has depreciated against the U.S. dollar significantly this year. The Mongolian Stock Exchange top 20 index has had a pretty horrendous year and stock prices of all foreign listed companies that principally have Mongolian assets have been under pressure. So, when you look at the overall aggregate picture of any type of barometer of financial market conditions, everything looks pretty dire.
However, I think that if you start to look at some of the recent developments, then I think there is a clear indication that we are on the cusp of a significant and sustained recovery.
MIS: As we speak there is a seating of Mongolian parliament, taking place between the 16 and 27 of September, and the main topic of conversation is going to be putting in place a new Investment Law. I wanted to ask what your expectations are of the outcome of this parliamentary session and if you think a more lenient and stable legal framework for foreign investment will draw international investors back to Mongolia?
JP: Our expectation is that the new Investment Law will be passed by the parliament and enacted into law.
This is extremely important, not only for investors in Mongolia but for Mongolia as a country, and for the Mongolian economy. The existing law which regulates foreign investment into so called "strategic sectors", which includes mining, finance, and media telecommunications; a law which was enacted in April 2012, in the media run up to the parliamentary elections, that law which is an existing law for foreign investors is an absolutely horrendous law which has provisions that have clearly proved toxic to the health of the Mongolian state and this law and its provisions has acted as a significant if not insurmountable barrier to foreign investment.
I mean, one fact which is the fungability of shares, that shares can't be made less valuable for foreign investor without also being made less valuable for Mongolian investors. The existing FDI law, which is also called SEFIL, that law creates this Kafkaesque necessity to get pre-approval of the cabinet even for insignificant transactions in Mongolian securities of regulated companies that are deemed to be strategic, even if those changes of ownership take place off shore. In the absence of any realistic procedures for getting approval, investors are left with the situation where it is impossible to comply with the existing law.
The new Investment Law, which we have seen in the draft and which is circulating in parliament, removes all of the pre-approval requirements. We believe that that will re-open Mongolia for foreign investment and also improve the environment for domestic investors as well. We believe that the new Investment Law, should it been passed into law, will completely change the investment environment: not only improve the foreign investor sentiment but creating the pre-conditions for lasting growth and improvement in economic conditions, employment and tax revenue.
I would in fact argue that the proposed Investment Law is one of the most carefully drafted and well-thought out laws regulating foreign investment in the world.
MIS: In addition to an open and stable investment climate, what other factors will trigger a recovery in Mongolia and in what timeframe could we see that happen?
JP: Mongolia nationally is entering into what has historically been a stable period in between the presidential and parliamentary elections. If you look at the Mongolian Stock Exchange top 20 as a barometer, historically, there has been a significant and sustained bull market in the period between presidential and parliamentary elections, we are in that period now and so we believe that this is a period in which Mongolian asset prices will tend to appreciate and in which sentiment towards Mongolian assets will tend to improve.
In terms of macro issues, there are global macro issues which are probably beyond the control of the Mongolian state; these issues include the Chinese economy and the commodity prices, and then the sentiment towards emerging market equities and even towards mining stocks. But if you look at the global macro issues, I think it is possible to make a case that the slowdown in China is moderating, there are signs that the Chinese economy is getting to recover, and you know there are a number of commodities that started to stage recoveries.
But in general, emerging market equities, debts and currencies have experienced outflows and this obviously has had a negative impact on Mongolia. If we start to look towards the possibilities of a more constructive outlook for commodities in emerging markets, then I think that Mongolia is well-positioned to recover in light of the likely near term radical change in legislation.
MIS: In your view, speaking quite generally, what would you say are the key reasons for international investors to look at Mongolia as an investment destination? Are the risks worth the returns? And what questions should investors be asking before investing into Mongolian projects, stocks or funds?
JP: When you look at the potential for Mongolia to continue to post extremely high, real rates of growth, to continue to compound its real GDP per capita at extremely high levels for decades to come. Then I think it's very difficult to ignore Mongolia's potential for asset prices to appreciate over time. Also, despite the intrigue of political battle between factions, the fact remains that Mongolia is a stable parliamentary democracy with a very strong sense of national identity with absolutely no problems with religious tolerance, or any of the social problems that often plague developing countries, in particularly resource-rich developing countries. Mongolia has been a national entity for over 800 years. And if you look at the inherent stability of Mongolia, I think that it is relatively attractive compared to other developing countries at a similar stage of growth.
Also, as a commodity exporter to be situated next to China, which is the major engine of commodity demand, I think that puts Mongolia in a very strong position, in particular as export infrastructure continues to be developed to benefit from continuing demand from not only China but Asia generally. And the current government which is mainly concentrating on infrastructure projects is, we believe, creating the conditions for allowing the maximum possible growth in the economy without generating excess inflation. Lot of the friction and loss that the economy suffers from, is the inefficiency of moving exporting goods with an antiquated rail system, lack of rail connections, to China for example, and almost complete absence of a road network across the country and an antiquated and inadequate power generation transmission distribution system. In the absence of adequate infrastructure, the cost of exporting commodities as well as moving goods and labour around the country directly erodes from the ability to generate the maximum possible level of cash revenue and productivity. We think the government supported investment into infrastructure is hastening the ability for Mongolia to unlock its huge potential.
Mongolia is the 18th largest country in the world; it is sitting on top of trillions of dollars of undeveloped resources, there is a lot more resources to be developed. Also the economy is gradually evolving into generating and incubating more value-added industries. And consumerism is wakening with a lot of domestic economic potential. If you look at small countries like some gulf countries that have similar size populations, that also have economies driven by exporting commodities. The gulf countries as an analogy are able to exhibit extremely high, lasting compounding real rates of growth of GDP per capita, leading to the enrichment of the population.
What I think is inevitable to happen in Mongolia is the continued rise of Mongolian investors, both retail Mongolian investors and Mongolian business groups that will recycle liquidity and will begin to accumulate more assets. So there is going to be a continued bid underneath all Mongolian assets and in particular during this period of stability between the presidential and parliamentary elections. In the absence of some external shock or another downturn in commodity prices, I think we will see another run up in Mongolian asset prices, in fact one far exceeding the bull market of 2011.
MIS: Which sectors of the Mongolian economy do you think will display the strongest upside in the coming years? And what are the drivers behind that?
JP: We continue to believe that mining will be the center of the Mongolian economy and will drive Mongolian growth. I am hopeful that the government and Rio Tinto will reach a deal, an agreement regarding project finance for underground mining at OT (Oyu Tolgoi ed.). Should such an agreement be reached, we believe that will re-open the door for other project finance, for more mega investments in large mining projects.
We think mining is going to continue to drive the economy and if you look at the valuations of mining companies, listed either on the Mongolian Stock Exchange or internationally with Mongolian assets, they have all been quite depressed so I think there is actually a lot of opportunity in that space. We are seeing opportunities in other sectors and industries as well, there is an unlimited potential to extract value through equity exposure to Mongolian industries.
MIS: Finally James, I wanted to ask you about the new Securities Law that is taking effect in January 2014. As a result of that, what is your outlook for the performance of the Mongolian Stock Exchange?
JP: It is impossible to understate the importance of the new Securities Law for the Mongolian Stock Exchange. The problem with the existing securities law is that it conflicts with the Millennium IT software that the Mongolian Stock Exchange acquired from the London Stock Exchange. Those conflicts have driven almost all retail investors in Mongolia out of the stock market, as well as many foreign investors. Since the launch of the MIT system, the trading volumes collapsed by almost 90% and the Mongolian Stock Exchange has lost something like 700 million dollars of market capitalisation.
The new Securities Law addresses all of the conflicts between the MIT system and the existing securities law that will, we believe, enable Mongolian retail investors to return to the market, as well as encourage foreign investors to return to the market. But aside from the technical issues related to the MIT system, the new Securities Law is a lot stronger than the existing securities law. In as much as that it increases the penalty for violating the securities law, currently the maximum penalty for violating the securities law is a few hundred dollars U.S. It increases the penalty for violating the securities law, the potential penalty, as well as straightening the disclosure requirements for public issuers. And also creates a more modern law which will be turned into very modern regulations which we think will help the market to evolve pretty quickly. It enables depository receipts, it makes it easier for issuers to raise capital.
We expect that the Mongolian Stock Exchange will finally begin to fulfill a basic function of being a mechanism for raising capital as well as for monetizing ownership of assets. So we expect the liquidity will increase next year fairly quickly, and we expect that the interest in Mongolian stocks will also increase and the level of confidence will increase. All this will tend to create a virtuous circle, in which listed companies will become more transparent. And if you look at, as an analogy, at other emerging markets that went through a similar phase, for example Russia. You know in Russia, there were a lot of opaque, small caps, microcaps that had actually quite interesting businesses but had absolutely no transparency; no press releases, no website, no information. If you look at some of those companies, they evolved into extremely important companies and as it became more transparent and the corporate governance got better. And if you look at some of the stocks that were trading for pennies per share in early 2000 and then went up hundreds of times in the next six to seven years, and eventually attracted analyst coverage and some companies even became listed depository receipts in London or New York.
We think there is huge potential for some of these stocks which are currently illiquid and about which there is no information, to become globally significant stocks. We think that January 2014 will mark the beginning of a multi-decade bull market in Mongolian equities. And we think there is huge upside, certainly in this period of stability between the presidential elections and the next parliamentary elections in 2016.
MSE news for October 8: Top 20 -0.01%, Turnover ₮18.4 Million
Ulaanbaatar, October 8 /MONTSAME/ At the Stock Exchange trades held Tuesday, a total of 30 thousand and 615 shares of 27 JSCs were traded costing MNT 18 million 381 thousand and 891.00.
Rates of shares of 11 companies increased, of five decreased and share price of 11 were stable.
The total market capitalization was set at MNT one trillion 416 billion 375 million 110 thousand and 104. The Index of Top-20 JSCs was 13,864.66, decreasing by 1.56 per cent against the previous day.
BoM Official FX Rates: October 8 Close
BoM holds FX auction
October 8 (Bank of Mongolia) On the Foreign Exchange Auction held on October 8th, 2013 the BOM has received bid offer of USD and CNY from local commercial banks. BOM has sold 8.0 million USD and 70 million CNY to the local commercial banks.
On October 8th, 2013, The BOM has received bid offer of USD for Swap agreement from local commercial banks and sold 50.0 million USD.
Mogi: the council consists of BoM governor, finance minister and chairman of Financial Regulatory Commission. Here's more on the FSC
FINANCIAL STABILITY COUNCIL HELD MEETING
October 8 (Bank of Mongolia) On 25th of September and 4th of October 2013, Financial Stability Council (FSC) has held its regular and non-regular session meetings. Through its meetings, the FSC reviewed the draft of Monetary Policy Guidelines for 2014, the draft law on 2014 budget of Mongolia, Program on Encouraging export implemented by the Government of Mongolia, proposals for legislations amendments regarding with ensuring implementation of the Law on Conducting Settlement in National Currency and are draft of the Law on non-bank financial activities.
In accordance with decisions of the meeting, members of the Council, within their respective functions, have worked as assigning the duties and delivering recommendations to regarding departments.
Mortgage Program Update: ₮455.9 Billion Refinanced, ₮510.9 Billion Newly Issued
October 8 (Cover Mongolia) As of October 7, ₮455.9 billion existing mortgages of 16,256 citizens were refinanced at 8% out of ₮794.6 billion worth requests.
Also, ₮510.9 billion new mortgages of 8,924 citizens were issued at new rates out of ₮529.5 billion worth requests.
IMF Completes 2013 Article IV Mission to Mongolia
October 7, 2013 ( IMF) An International Monetary Fund (IMF) mission, led by Mr. Geert Almekinders, visited Mongolia during September 10-24, 2013, to hold discussions for the 2013 Article IV consultation. The mission met Prime Minister Altankhuyag, Minister of Finance Ulaan, Minister of Economic Development Batbayar, the Bank of Mongolia Governor Zoljargal, and other high-level government officials. In addition, the mission met with members of the legislature, the private sector, and the donor community.
At the conclusion of the visit, Mr. Almekinders made the following statement:
"Mongolia continues to be one of the fastest growing economies in the world. The economy expanded by 12½ percent in 2012 and by 11½ percent in the first half of 2013. Growth has been buoyed by a relatively mild winter boosting agriculture and expansionary fiscal and monetary policies. The latter have been deployed to compensate for the marked slowdown in coal exports and foreign direct investment (FDI)-financed mining development—key drivers of growth in recent years. The strong growth of the economy has helped reduce poverty by more than 11 percentage points over the past two years.
"Adverse shocks to FDI inflows and exports, together with expansionary macroeconomic policies, have put pressure on the balance of payments. As a result, central bank reserves have come down considerably from record levels reached in late-2012 following Mongolia's successful first sovereign bond issuance. In recent months, to help relieve the balance of payment pressures, the Bank of Mongolia has allowed more exchange rate flexibility. Looking ahead, real GDP growth for Mongolia is currently projected by the IMF at close to 12 percent in 2013, buoyed also by the start of commercial operations at the Oyu Tolgoi copper and gold mine.
"Mongolia's medium-term prospects remain promising given its large natural resource endowment. However, expansionary macro policies are likely to put pressure on inflation and the balance of payments in the period ahead. Also, Mongolia is facing an uncertain external environment. Advanced economies are getting ready to exit from the very supportive monetary policies implemented in recent years. China's economy is expected to rebalance away from a mostly investment-based growth model toward a more consumption-based growth model. Both these factors are bound to have major spillovers globally and especially in the region. Spillover risks will particularly affect the more vulnerable emerging market economies. In light of this, Mongolia needs to change course to avoid becoming highly exposed to these external shocks and risks of crisis.
"The authorities are fully aware that mitigating risks to macro-economic and financial stability is necessary for investor confidence and sustained high growth. To address those risks, which are elevated by the highly uncertain external environment, our discussions focused on the need to adjust policies with a view to containing balance of payments pressures and inflation. In particular, the mission recommended a package of fiscal adjustment, reducing monetary stimulus, continued exchange rate flexibility, and steps to further strengthen the banking sector and the foreign investment regime.
"We welcomed the government's recent announcement to cut spending from the 2013 budget by about MNT 1 trillion. The commitment to contain the structural fiscal deficit within the Fiscal Stability Law's (FSL) 2 percent of GDP ceiling is particularly noteworthy. At the same time, the mission noted that an increasing amount of government spending is taking place outside the budget. This is not consistent with the Fiscal Stability Law's main objective of "ensuring fiscal stability." The off-budget spending is implemented by the Development Bank of Mongolia (DBM), and is financed from the sovereign bond proceeds. It is essential to establish a legal framework for the inclusion of DBM spending in the budget. It is recommended that the authorities draw up an ambitious and credible fiscal consolidation plan aimed at meeting the 2-percent of GDP ceiling for the structural deficit (including DBM operations) over the medium term. In this regard, it is encouraging that the government is planning to slow the pace of DBM spending during the remainder of this year and is reviewing relevant plans going forward.
"While the various Bank of Mongolia programs introduced this year were designed to mitigate the impact on the domestic economy of declining FDI and export earnings, we welcome the Bank of Mongolia's intention to phase out these programs over time. The rapid credit growth observed in recent months is not sustainable and, unless reined in, risks leading to sustained pressures on macro stability as well as heightened banking sector vulnerabilities.
"We welcome the increased exchange rate flexibility observed in the past three months. The floating exchange rate regime and auction system should be maintained. Intervention should be limited to smoothing excessive exchange rate volatility.
"The increased capitalization of the banking system and the recent establishment of the Deposit Insurance Corporation are other welcome developments. The recent failure of Savings Bank was handled well and did not lead to contagion effects. Building on these positive developments, and in view of the risks related to the rapid growth of bank credit, it would be important to strengthen banking supervision and the provisioning regime. Only hedged borrowers should have access to foreign currency loans.
"We welcome the adoption of the new Investment Law. This, along with other legislative changes the government is making, can be expected to render the business environment for domestic and foreign investors more predictable and transparent.
We would like to express our sincere appreciation to the Mongolian authorities and our other counterparts for their hospitality and the productive and candid nature of our discussions."
The final staff report on the Article IV consultations will be submitted to the Executive Board in coming weeks and will be considered by the Board in November.
Moody's: Mongolian Parliament Approves New Investment Law, a Credit Positive
07 October 2013 (Moody's Investor Service)
Format: PDF 809 KB
Issuer(s): Mongolia, Government of
Description: Short reaction to the implication of recent market events for a specific issuer from Moody's Investors Service analysts.
Cabinet to Submit Bill on Budget Amendment
Ulaanbaatar, October 8 /MONTSAME/ At irregular meeting on Monday the cabinet decided to submit a draft law on the 2013 budget clarifications to the State Great Khural (parliament).
This draft, being accompanied by several related bills, reflects a regulatory proposal to keep this year's budgetary deficit in a figure equal to two percent of the national Gross Domestic Product (GDP). In addition, the draft authorizes general managers of budgets to put financing measures in right order and to regulate types expenses so as to save nearly 240 billion MNT by reducing the bearable operating costs in all budgetary organizations within September-December this year.
Another drafted measure is a postponing of projects and programs until the 2014. If to put back these measures, which have no signed contracts or whose infrastructure and land matters have not been tackled, a sum of nearly 500 billion MNT would be saved.
Irregular Cabinet Meeting in Brief
Ulaanbaatar, October 8 /MONTSAME/ At its irregular meeting on Monday, the cabinet discussed a draft law on crimes, proposals from cabinet members, and then decided to submit it to parliament.
- The cabinet also approved directives that will be maintained by the Minister of Foreign Affairs during his working visit to the Russian Federation (RF) on October 18-20. The Minister intends to hold talks with the Russian side on big joint projects, the will participate in the World Economic Forum in Moscow.
- Since a general credit agreement has expired on exploiting the export loan of 500 million USD to be granted from China's government to Mongolia, the cabinet decided to consult related parliamentary Standing committees a matter on prolonging the contract by two years.
- The cabinet considered as necessity to implement a model project on small- and middle-sized productions to support local development, with a non-refundable aid of CNY 10 million from China.
CABINET MEETING RESOLUTION, OCTOBER 05, 2013
October 7 (InfoMongolia) The regular Cabinet meeting was held on Saturday, October 05, and the following issues were discussed and resolved:
- The IV Intergovernmental Session on Trade, Economy, Science and Technical Cooperation between Mongolia and Hungary is taking place in Budapest on October 07-08, 2013. Accordingly, Mongolia's policy to adhere was approved and the representatives to attend will be chaired by Minister for Nature, Environment and Green Development S.Oyun. During the IV Commission meeting parties will come to its final discussion on renovation of the "Bio Combinat" state-owned leather and skin factory and building new plant financed by Hungarian Government's soft loan. Moreover, two sides will discuss other issues such as to involve Mongolian children with disability in all types of rehabilitation services, to prepare vocational experts in specialized categories, and discuss comprehensively on conducting joint studies on agriculture, environment and ecological sectors in the frames of assistance of Hungarian National Development Agency.
- The official visit of the Prime Minister of Belarus Mikhail Myasnikovich to Mongolia held on September 03-05, 2013 was discussed and Foreign Minister L.Bold was obliged to deliver the summary to the National Security Council of Mongolia. Also, Mongolia-Belarus intergovernmental agreement on "Military-Technical Cooperation" and the document on mutual visa liberalization between the two countries were approved.
- The issue of mutual visa free travel between the nationals of Mongolia and Turkey was revised and resolved to pass for discussion at the affiliate Standing Committee of the State Great Khural (Parliament). The Government of Mongolia supported the Turkey's request of mutual visa liberalization for holders of any types of passport, and if the matter is approved by Mongolian Parliament, nationals of Turkey holding ordinary passports would travel to Mongolia for 30 days visa-free. In 2007, the Government of Turkey allowed Mongolian citizens holding ordinary passports to travel visa-free for 30 days.
- Minister for Defense of Mongolia D.Bat-Erdene signed the "Agreement on Military-Technical Cooperation" between Mongolia and China on September 18, 2013 during his official visit to Beijing and the issue was approved at the Cabinet meeting.
Book: Towards the summit
By Norovyn Altankhuyag
September 11 (Amazon) Like many other countries which had been communist till the end of the Cold War, Mongolia has an eventful and emotional history, and nowadays it seems that the best is yet to come: Still being a young democracy, the country has one of the highest economic growths in the world, while having a maturing and more and more confident democratic government. The prime minister himself, Norovyn Altankhuyag, draws the modern history of his country from his own point of view: Being born in 1958, he witnessed a simple life in rural Mongolia and made his way to being a physicist at university. It was not until the peaceful revolution in 1990, that brought Mongolia democracy, that he turned himself into politics. With Towards the Summit he remembers his way, both private and professional life, from a young boy to one of Mongolia s most famous politicians always believing that Mongolia s potential for offering a happy live to everyone is only at the beginning...
Paperback: 320 pages
Publisher: Frankfurter Literaturverlag GmbH; 1st. edition (September 11, 2013)
Former President Enkhbayar diagnosed with cytolysis, being treated in South Korea
October 8 /www.news.mn/ Mongolian medical doctors and specialists diagnosed former President N.Enkhbayar"s mysterious illness as cytolysis. The former President has been suffering dramatic weight loss, fatigue and other health problems after 10 days on a dry hunger strike opposing his arrest and charges for corruption and power abuse in May 2012.
The former President is now taking treatment in the South Korea. Korean medical specialists confirmed the Mongolian doctor"s diagnose of cytolysis, or cell dissolution.
So far there is no apparent recovery of the former President"s health. The imprisoned former president N.Enkhbayar who was in custody on charges of corruption received a Presidential pardon from the re-elected Ts. Elbegdorj on August 1st. Enkhbayar departed for South Korea for treatment on August 13th.
TURK EXIM BANK AGREES TO ALLOCATE 300 MILLION USD LOAN, IF GOVERNMENT OF MONGOLIA PROVIDES GUARANTEE
October 4 (InfoMongolia) Minister for Construction and Urban Development of Mongolia Tsevelmaa BAYARSAIKHAN received Alaaddin METIN, Deputy General Manager (Buyers' Credits) of Turk Exim Bank on October 02, 2013.
During his official visit to Mongolia last April, the Prime Minister of the Republic of Turkey Recep Tayyip Erdogan held discussions to provide a 500 million USD soft loan into Mongolia's construction sector. Accordingly, the Turk Exim Bank expressed it is available to allocate 300 million USD loan for 10-year term at 3.75% APR.
The loan will be spent to finance a construction of 5,000 community apartments in Ulaanbaatar, besides to build new construction plants. Therefore, the Bank authorities came to familiarize on the site and during his meeting, Alaaddin Metin underlined, "The Exim Bank requires a guarantee if to allocate a loan of over 20 million USD, hence we would need a guarantee from the Government of Mongolia". He also mentioned to involve Turkish companies in the project to construct apartments.
Minister Ts.Bayarsaikhan said, "The 5,000 apartments will be constructed at the Bayangol valley (on the road to "Nairamdal" International Children Camp). Along this road infrastructure works were completed, now we are working to build cement plants with capacities to produce between 200 thousand and 1 million tons per year and want you to get acquainted with these projects".
At the meeting Mongolian side were represented by Minister Ts.Bayarsaikhan and State Secretary of the Ministry R.Erdeneburen, and the other part by Bank Deputy General Manager Alaaddin Metin, Bank Manager Firat Dursun responsible for Asian region and Embassy representative Tunjer Kiyak.
Mogi: Positive news for Areva
ANIMAL DEATHS IN DORNOGOVI CAUSED BY SELENIUM, NOT URANIUM CONCLUDES STATE INSPECTION
October 4 (InfoMongolia) In recent months, residents of Ulaanbadrakh Sum of Dornogovi Aimag were opposing the uranium explorations being done in the territory of the Sum and protesters were deeming such actions caused a large amount of cattle to die, and animals were delivering odd offspring.
Following their demand to stop uranium activity, this matter was discussed at the government-level and a working group comprised of representatives from Nuclear Energy Agency, General Agency for Specialized Inspection, and Department of Veterinary and Animal Breeding have been conducting an examination since April and after a half-year investigation authorities reported their final decision on October 03, 2013.
It states that the reason of death and odd animals were not caused by any means related to the uranium, instead these cattle deaths were caused by selenium, in other words selenium concentrations were much higher than normal. However, this is the first fact that animals died by such occasion, but officials could not explain the reason, because the chemical element was at its normal level probed on soil and water of the territory. In the meantime, experts had sent the sample to South Korea and it was proved with the same diagnose of over selenium concentrations in the animals. Thereby, officials affirmed to conduct further investigations to find the reason.
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Mogi: this would mean 42% of total population lives in UB (using 2.9 million as total number)
1,226,991 PEOPLE LIVING IN ULAANBAATAR, AS OF OCTOBER 2, INCREASE OF 15% FROM 2009
October 2 (InfoMongolia) As of today, a total of 1,226,991 residents are living in the capital city of Mongolia, Ulaanbaatar, reported the Mayor's Office on October 02, 2013.
This census shows a 15% increase compared to the same period of 4 years ago, whereas 580,981 citizens are women and the remaining 646,010 residents are men. If to compare by age categories, children under 15 years old are registered as 320,354; 15-44 – 651,613; 45-59 – 178,753; 60-100 – 76,232, and citizens over 100 years old are 27 seniors wellbeing.
Last year, it was registered 5,699 couples married, whereas 821 have divorced. Also, a total of 317,131 households are residing in Ulaanbaatar.
SCOTT MCDONALD APPOINTED SENIOR ADVISOR TO ULAANBAATAR ADMINISTRATION BY ASIA FOUNDATION
October 8 (InfoMongolia) According to Ulaanbaatar City Office, Mr. Scott McDonald is appointed by the Asia Foundation to serve in the City Administration as Senior Advisor to share his experience in improving the legal, financial and state structural issues of the capital city.
Scott McDonald received his Bachelor degree in political science from the California State University, later obtained a Master degree in international management and state structure. He used to work as General Manager for the San Francisco Public Utilities Commission, expert in the San Francisco Mayor's Office and U.S. Congress, project coordinator in Malaysia.
In conjunction, this year marks the 20th anniversary of the Asia Foundation in Mongolia. Accordingly, the Foundation is holding a series of events on October 07-11, 2013 that aimed to highlight its significant milestones and current programs in Mongolia, where Asia Foundation Executive Vice President and Chief Operating Officer Suzanne E. Siskel will be attending.
Anniversary events include:
- A roundtable discussion on the development of the women's movement in Mongolia organized with the National Committee on Gender Equality
- The first annual national seminar on fostering civic engagement at the sub-national level co-hosted with the Office of the President of Mongolia
- A plenary discussion on green development and smart consumption
- A photo contest-exhibition themed "What does good governance and transparency look like?"
- A presentation on community mapping involving Ger area residents.
CANADA'S EXP COMPANY EXPRESSES INTEREST IN CONTRIBUTING TO CITY REDEVELOPMENT
October 8 (InfoMongolia) On October 08, 2013, Governor of the Capital City and Mayor of Ulaanbaatar E.Bat-Uul received Canadian representatives from EXP Company, where the latter part expressed its interest to introduce Canadian technology on the City re-planning and engineering system.
In particular, Canadian delegation proposed to introduce microorganism that removes contamination in the soil and sewage utilities, besides water cleaning supplies.
In response, Mayor E.Bat-Uul noted, "It is essential to decrease capacity of the city sewage utilities and soil pollution in order to maintain the city population's health and its development, thus let's try the technology and if the experiment goes well we are ready to establish a long-term agreement of collaboration".
Also, the delegation suggested Canadian technology of residential with thermal and acoustic insulation. By introducing this technology residents can purchase quality homes with less expense, said the guests.
After which Mayor added, "The legal environment to follow Canadian standards on house building has been already set in Mongolia, hence the City Administration is ready to support this constructive program".
E.Bat-Uul Receives Mayor of Ulan-Ude
Ulaanbaatar, October 8 /MONTSAME/ On Monday, the Mayor of Ulaanbaatar city met a visiting delegation led by MrA.M.Golkov, a Mayor of Ulan-Ude, the capital city of Russian Buryatia.
While exchanging views on expanding the collaboration, Mr Bat-Uul noted about a long-year friendly ties in many sectors between the UB city and Ulan-Ude and said the latter contributed much to a development and construction of Ulaanbaatar.
He also informed the guests about the great construction running in our capital city. Having introduced a master plan on developing Ulaanbaatar until 2030 and other works, Mr Bat-Uul expressed a willingness to cooperate with Ulan-Ude in these works.
In response, MrGolkov thanked the UB Mayor for the audience and proposed organizing days of Ulaanbaatar in Ulan-Ude and invited the UB Mayor to visit their city.
Indiegogo: Mongolian Air Pollution Project
Bringing air pollution education and appropriate air pollution protective masks to Ulaanbaatar.
WHAT IS MAPP?
MAPP (Mongolian Air Pollution Project) is a collaborative project based in Ulaanbaatar, Mongolia's capital. It brings together participants from the Mongolian Red Cross Society and the Health Sciences University of Mongolia as well as teams from the target schools. These two key agencies each have a long history of working to improve the quality of life for all Mongolians and a focus on the challenges faced by those who are especially vulnerable (such as impoverished children).
The high rates of air pollution is a relatively new issue facing those who live in Ulaanbaatar. It's been rated by the WHO as the second worst in the world – this challenge is most pronounced during the winter months when it can be -40C outside and many families are forced to burn 'mixed rubbish' in order to keep warm! The pollution has reached an alarming rate in the last few years and residents of Ulaanbaatar have very little information on the issue.
We are focussing our campaign on children in a number of schools in impoverished areas with the aim to link in with their families and the community more broadly. Our project looks to empower these communities through education and awareness around air pollution, it's effects and prevention. Students will have the opportunity to participate in a number of activities that aim to make mask-wearing less of a chore and more a chance for some fun.
· To introduce appropriate masks for protection from PM Air Pollution to the Ger Districts in Ulaanbaatar.
· To deliver an Air Pollution educational program in schools through trained youth volunteers
· To acquire data on health impacts and consumer interest to be used to create market demand for the appropriate masks in Ulaanbaatar
· Have some fun!
At this stage, it is hard to guess what the impact of this project will be as no one has done anything like this here before – that said, we do know some thing already:
WHO estimates that between 9% (direct) and 15% (indirect) death in Ulaanbaatar can be conservatively linked to air pollution, with the costs projected by the World Bank to be roughly $US500M or 20% of the Ulaanbaatar GDP each year.
The masks we are introducing to the community will screen out 95% of the harmful particles in the air and we are been able to bring them into Mongolia at a price that most families would be able to afford during the winter months
Schools have traditionally been a successful way to introduce new ideas and practices to Mongolia people as well as a place where social concerns (like air pollution) are regularly discussed by the families that meet there.
We see this project as an important first step in improving health and well being throughout the city. The reality is that bad air has major long term effects on the children of our city and today's children should not have to wait for some improvement in the future if they can safeguard themselves now!
WHAT WE NEED & WHAT YOU GET
For our project to run, we need $US 5500 or just over 9 000 000 Mongolian tugruks – there is a detailed budget but, roughly, the money would be spent in these ways:
• 6% for Training - our volunteers will get instruction on air pollution matters, basic research methods and child-safe volunteering methods.
• 36% for Project Roll-Out – this will cover the activity supplies, prizes for students, logistics for our volunteers and, of course, the masks!
• 15% for Products – this project has a number of information and research materials to be distributed to our participants and possibly for future projects...
• 7% for Medical – we will be using a mix of medical testing equipment resources for a more accurate picture of the effect of our masks
• 36% for On-Costs – this includes costs for translation, shipping costs and fees incurred (bank & Indiegogo)
For those who are able to contribute financially, we are will include recognition of donors as part of the final report on the project when it is completed – this will be published by the Health Sciences University of Mongolia, and sent out as a "Digital Report Package" to those donors who donate over $50.
We are confident we will reach our funding target so we encourage you donate soon to be part in this landmark community health project!
OTHER WAYS YOU CAN HELP
We understand that not everyone is in a position to help financially with projects like this – in that case, we would ask that you let others know what we are trying to achieve and how they can contact us. Also, if you know of organisations that might be interested in making a contribution, we would be grateful if you could encourage them to contact us as well – sadly, there is little scope for taking 'in-kind' donations for this kind of project in Mongolia!
Please be sure to share this through all your email and social networks.
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FOREIGN MINISTER TO PAY OFFICIAL VISIT RUSSIA, OCTOBER 18-20
October 8 (InfoMongolia) The Government of Mongolia held its irregular Cabinet meeting on October 07, where the primary issue resolved was amendments and supplements in the 2013 State Budget, and the budget bill will be discussed at the upcoming plenary session.
In the scope of amendments made, the Cabinet submits the bill to the Parliament in order to keep the budget deficit by 2% of the total Gross Domestic Product. By doing so, all possible recurrent expenses will be decreased by saving about 240 billion MNT, which were planned to spend between September and December of this year.
Moreover, all projects those agreements were not established yet, besides infrastructure and land issues were not resolved yet will be postponed next year to implement, these projects were estimated to be invested by over 490 billion MNT.
Also, following issues were resolved during the irregular Cabinet meeting.
- Some amendments were made to the Law of Mongolia on Criminal Code and Cabinet members proposed to deliver to the plenary session meeting.
- Minister for Foreign Affairs of Mongolia Luvsanvandan BOLD is paying an official visit to the Russian Federation on October 18-20, 2013. Accordingly, the guideline of Mongolia's policy to adhere was approved and during the visit, bilateral talks on Mongolia-Russia collaboration will be conducted. Moreover, Minister L.Bold will be attending the World Economic Forum in Moscow.
- According to the General Loan Agreement established between the Governments of China and Mongolia in 2011, the effective period of exploitation of the 500 million USD granted by the Government of China is expired. Hence, the Cabinet members decided to make amendments in the Agreement to extend for another two years and resolved to discuss at the affiliated Standing Committees of the Parliament of Mongolia.
In conjunction, the 10 million CNY grant aid assisted by the Government of China will be spent to support small and medium entrepreneurs in rural areas.
Mongolia Gives Aid to Russia After Devastating Far East Floods
Ulaanbaatar, October 8 /MONTSAME/ Mongolia's government Tuesday decided to grant 50 thousand USD aid to Russian Federation.
The same day, the Deputy PM D.Terbishdagva handed over the aid to MrV.Samoilenko, the Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Mongolia.
The money is dedicated to overcoming of a damage caused by the devastating floods in Russia's Far East.
MONGOLIA-HUNGARY INTERGOVERNMENTAL MEETING CONCLUDES SUCCESSFULLY IN BUDAPEST
October 8 (InfoMongolia) The IV Intergovernmental Session on Trade, Economy, Science and Technical Cooperation between Mongolia and Hungary was held in Budapest on October 07-08, 2013.
The Mongolian part of the Commission was headed by Minister for Environment and Green Development S.Oyun and the Hungarian part was led by State Secretary of the Ministry of National Economy Kristof Szatmary.
The meeting discussed a broad range of issues on bilateral cooperation in the fields of production, environment, water management, agriculture, construction and urban development. The sides agreed to focus on the implementation of feasible projects and programs. In particularly, the sides made an emphasis on projects for the modernization of Bio Combinat state-owned leather and skin factory with soft loan to be provided by the Government of Hungary, for the identification, support and rehabilitation of disabled children within the official development assistance of Hungary, for vocational training, for planning industrial and agricultural development on the basis of water resources researches, and for improving the adaptation capacities of rural population to climate changes.
During the meeting, the sides signed 2013-2015 Healthcare Cooperation Program between the Health Ministry of Mongolia and the Ministry of Human Resources of Hungary and cooperation memorandums between the Mongolian Agency for Standardization and Metrology and the Hungarian Standardization Institute and between the Ministry of Education and Science of Mongolia and the ministry of Human Resources of Hungary respectively.
Moreover, Minister S.Oyun met with Minister of Agriculture and Rural Development of Hungary Sandor Fazekas, reported the Ministry of Foreign Affairs of Mongolia.
Speaker at 129th IPU assembly
Ulaanbaatar, October 8 /MONTSAME/ Taking part in the 129th assembly of the Inter-Parliamentary Union (IPU) in Geneva, the Speaker of parliament Z.Enkhbold Tuesday held meetings with Ms Meira Kumar, the Speaker of India's Lok Sabha (parliamentary lower house); Mr John Hogg, the president of the Australian Senate; and Mr Uesugi Mitsuhiro, a member of Japan's House of Representatives.
Ms Kumar expressed a satisfaction with the present Mongolia-India relations, and emphasized that the countries have been successfully developing the cooperation in the culture, arts, IT, education and other fields. "Buddhism makes the bilateral relations closer and friendly", she added.
The Speaker Z.Enkhbold and Mr Mitsuhiro noted that they have the same positions on intensifying the Mongolia-Japan relations and cooperation in the mining, minerals, energy, infrastructure, animal husbandry and land farming sectors.
At the meeting with Mr Hogg, the Speaker underlined a vital role of the official developmental assistance from Australia in a development of our human resources. He expressed satisfaction with big contributions of the Mongolian alumni of Australian universities and institutes to the country's development and progress.
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BGD ATTORNEY TO TAKE PRO-BONO TRIP TO EDUCATE MONGOLIANS ON MEDIA LAW
Monday, October 7, 2013 (Bingham Greenebaum Doll LLP) On Oct. 8, Daniel Byron will take his second trip from Indianapolis to Mongolia to continue his volunteer efforts to bring Mongolian media law into the 21st century. Byron will be working to educate justices of the Mongolian Supreme Court on important aspects of U.S. and international law that will expand free speech within the country.
Byron will be training journalists, attorneys and judges on implementing the new Freedom of Information law that up until now appears to have been largely ignored by Mongolian officials. Near the end of his stay, Byron will also be heavily involved in a two-day national media conference that will address all current media issues with the intent of developing a set of recommendations for improving the free flow of information and news between the government, its citizens and the media.
Byron is a senior partner in the Indianapolis office of Bingham Greenebaum Doll LLP and focuses his practice in media and First Amendment law and litigation. Bingham Greenebaum Doll LLP Co-Chairman Tobin McClamroch said of Dan:
"Dan has spent a career as one of the most successful litigators in the state of Indiana. Now he is making a fundamental difference in the way that developing countries govern themselves."
Learn more about Byron's trip by visiting his blog at dbyroninmongolia.blogspot.com.
Bingham Greenebaum Doll LLP is a progressive business law firm with nearly 225 professionals serving regional, national and international clients. For more information, visit http://www.bgdlegal.com.
MONGOLIA SIGNS OPTIONAL PROTOCOL TO THE CONVENTION ON THE RIGHTS OF THE CHILD
October 8 (InfoMongolia) Minister for Population Development and Social Welfare of Mongolia S.Erdene has attended the High-level Dialogue on International Migration and Development themed "Making Migration Work" held in New York on October 03-04, 2013.
The high-level meeting ran within the 68th Session of the United Nations General Assembly, where Minister S.Erdene introduced about Mongolia's Government Policy on population's migration, ongoing measures and further goals. Highlighting the foreign citizens' migration, the Minister said Mongolia is paying a big deal of attention to an illegal employment of foreigners and to risk prevention. He also said the Mongolian Government launched a national programme called "Beehive" with an aim to call back to the country all the Mongolians residing abroad.
On October 04, the Minister signed the Optional Protocol to the Convention on the Rights of the Child on a communications procedure (OPIC). Thus, Mongolia has become the 44th state to sign it, and this action was applauded by the UN Secretariat.
October 6 (Dr. Julian Dierkes, Mongolia Focus) The Canadian embassy in Ulaanbaatar is hosting its first Canadian Education Fair later this month.
Over 20 education institutions from Canada will be represented at the fair, reflecting a commitment to education as a key to success and prosperity of any nation.
Educational programs that will be highlighted include higher education, English and French foundation programs, technical and vocational education, as well as programs for secondary students.
There should be lots of information available for students, parents, and educators on October 27 from 11:30-18h at the Blue Sky Tower.
The University of British Columbia will be represented at the fair as well, so I hope that many Mongolians will make use of this opportunity.
NEH - THE MONGOLS AND THE EURASIAN NEXUS OF GLOBAL HISTORY
The Mongols and the Eurasian Nexus of Global History
Dates: May 26- June 27, 2014
Location: East-West Center, Honolulu, Hawaii
Lead Academic: Dr. Morris Rossbi (Columbia University)
The Asian Studies Development Program - East-West Center will host the five week institute The Mongols and the Eurasian Nexus of Global History funded by the National Endowment for the Humanities.
The Mongols and the Eurasian Nexus of Global History will enable undergraduate educators to develop curricula on the Mongols and the important cultural interactions that emerged in the wake of their conquests. While focusing on a pivotal period in global history and its subsequent impacts, the program will also offer resources for enhancing engagement with multiculturalism, its challenges, and creative possibilities.
More information forthcoming
T-Bataar arrives in Darkhan
October 8 /www.news.mn/ The nearly complete 70-million-year-old Tyrannosaurus Bataar fossil skeleton has been on display in showcase to the public since it was returned to Mongolia in May 2013. The fossil that is believed to have been excavated in the Gobi desert had a long journey through a high profile legal battle from the time it was smuggled out of Mongolia.
Over the past three months more than half a million people have visited the temporary Dinosaur museum built to showcase Tyrannosaurus Bataar to the public on the central square, Chinggis Khaan`s square (formerly Sukhbaatar`s square).
Tyrannosaurus Bataar was transported to Darkhan-Uul province last weekend for public display. The museum that was launched on October 5th in Darkhan-Uul province will be open for three months during the winter season. Several events have also been scheduled while the temporary museum is in Darkhan-Uul province.
Conference: Changing Patterns of Power in Historical and Modern Central and Inner Asia
International Institute for Asian Studies --
Deadline: 9 January 2014
Conference Dates: 7-9 August 2014
We invite the submission of paper abstracts for a three-day international conference organised from 7-9 August 2014 by the International Unit for Central and Inner Asian Studies (Ulaanbaatar), in collaboration with IIAS, and hosted by Ulaanbaatar University
The conference aims to highlight the current state of knowledge in research on the history of Central and Inner Asia since the twelfth century until the present day. Taking into account recent developments in historiography questioning any form of epistemological "centrism" (particularly when centred on the Occident), the proposed conference will contribute to the debate on the role and position of Central and Inner Asia during much of the second millennium. In order to achieve our goal of questioning and discussing our present knowledge and understanding, we suggest tracing socio-historical systems and long-term historical legacies. Understanding various patterns of power in an historical context, including their meanings, concepts and semantics, their competition, appropriation and exchange, as well as institutions and schemes of redistribution, is vital in this respect. We seek to address how patterns of power are reflected in the process of social adaptation, how this process allows former elites to retain their privileged access to resources, material and ideological assets, and how it enables new elite groups to emerge.
We stress the transregional character of communication and exchange of the socio-political concepts and cultures between Central and Inner Asia and other world regions, because patterns of power exercised by the Central and Inner Asian ruling elites have been neither simply imposed by external players, nor generated by the society in isolation.
This Forum aims at bringing together representatives of different disciplines researching various periods of historical and modern Central and Inner Asia, including scholars studying contemporary history of the region. We intend to focus on how diverse groups in Central Asian societies seeking resources for power compete(d) for authority through exploiting religion, ethnicity and reinvented traditions, as well as through social mobilisation and network-building.
The geographical scope of the conference is, understandably, large. We construe Central and Inner Asia to refer to the huge expanse of land from the Urals in the west to beyond Mongolia and deep into modern China in the east. Papers referring to adjoining regions, which shared many of the vicissitudes of Central and Inner Asian history (the Caucasus, Iran, Afghanistan), will also be considered, if they bear relevance to the understanding of Central and Inner Asia.
Organising academic committee
Prof. Jigjidijn Boldbaatar (Ulaanbaatar); Prof. Choi Key Ho (Ulaanbaatar); Dr. Robert Cutler (Ottawa/Montreal); Ms. Martina van den Haak (Leiden); Prof. Yuki Konagaya (Osaka); Dr. Irina Morozova (Berlin); Dr. Elena Paskaleva (Leiden); Prof. Morris Rossabi (New York); Dr Ainura Turgangazieva (Bishkek); Ms. Tolganai Umbetalieva (Almaty); Dr. Willem Vogelsang (Leiden).
Languages of communication
English, Mongolian and Russian (interpreters will be available).
Structure of conference
Keynote lectures, forum discussion and parallel sessions (grouped according to specific themes and the individual abstracts), with presentations of max. 20 minutes (in English, Russian or Mongolian) excluding discussion. The sessions take 1.5 or 2 hours, and include the presentation and discussion of 3 or 4 papers. An optional tour to the Mongolian countryside will be organized for Sunday 10 August (further details will follow).
Abstracts and panels
Those interested to attend and to present a paper should submit an English-language abstract of c. 300 words, plus a brief resume of max. 100 words. Proposals for complete panel sessions of 1.5 or 2 hours can also be submitted, with an abstract of 300 words on the theme of the panel, with separately a list of individual speakers and a brief introduction to their talk (max. 300 words) and brief resume (max. 100 words). It is possible to submit a proposal for two consecutive panels covering the same or a closely related subject.
Submission of proposals
Proposals should be submitted via the following links:
Deadline for submission is 9 January 2014, and authors/panel organisers will informed by the end of February 2014. The programme will be published digitally by mid-June.
100 euro before 15 April 2014; 125 euro before 1 June 2014; 150 euro for on-site registration. Non-Mongolian PhD students receive a reduction of 25 euro. The registration fee for non-Mongolian Central and Inner Asian participants is 50 euros, and for Mongolian participants 15 euros.
The conference operates on a limited budget. Very limited financial support may be made available for Central and Inner Asian participants to cover part of the fees, travel and/or accommodation costs. If you would like to be considered for a grant, please submit the Grant Application Form in which you state the motivation for your request.
Participants should arrange their own accommodation for the duration of the conference. Suggestions for hotels will be published at the conference website in due course.
For questions about the conference, please contact Ms Martina van den Haak, IIAS, Leiden, The Netherlands at M.C.van.den.Haak@iias.nl
International Unit for Central and Inner Asian Studies (Ulaanbaatar, Mongolia), for further information please contact firstname.lastname@example.org
Ulaanbaatar University (Ulaanbaatar, Mongolia), for further information please visit http://www.ulaanbaatar.edu.mn
International Institute for Asian Studies (IIAS, Leiden, the Netherlands)
Fresh Off The Boat With Eddie Huang: Mongolia (Part 1)
October 7 (VICE) In this episode of Fresh Off the Boat, Eddie heads to Mongolia to take part in the Naadam festival, which celebrates the "three manly sports"—archery, horse racing, and Mongolian wrestling. Then he discusses the effects of Mongolia's recent shift to democracy with some camel herders over a cup of home-brewed camel vodka.
Fresh Off The Boat with Eddie Huang: Mongolia – Part 2
October 7 (VICE) Eddie Huang continues his food-fueled expedition through Mongolia for Vice's Fresh Off The Boat with Eddie Huang with a new episode. This installment finds Huang in some (culturally and locationally) foreign spots, including visuals from Ulan Bator meat markets that are pungent enough to taste. Elsewhere, our hero finds himself at a giant outdoor metal music festival, as well in one of Mongolia's first modern restaurant making traditional khorkhog. Enjoy a tour through Eddie Huang's exploits in the Mongolian capital, conveniently featured above.
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