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Wednesday, August 20, 2014

World Bank announces new Country Representative for Mongolia

ULAANBAATAR, August 20th, 2014 (World Bank) The World Bank has appointed James Anderson as its new Country Representative for Mongolia. Mr. Anderson has formally taken the position on August 18th and will begin work in Ulaanbaatar next week.

Mr. James Anderson is a U.S. national and a PhD in Economics. He brings with him broad experience, having worked with the World Bank since 1997. Before joining the World Bank Mongolia, he served as the Senior Government Specialist in Hanoi, Vietnam. From 1998 to 2008, he was a public sector specialist in the European and Central Asia Region of the World Bank. During the 1990s spent some years working in Mongolia as part of a USAID project and consulting for the World Bank, organizing training on institutional reform and conducting research on the effects of privatization and on Mongolia’s burgeoning informal sector. 

Mr. Anderson will soon begin making courtesy calls with government officials, including the Minister for Economic Development and Minister for Finance.

“Mr. James Anderson will lead the World Bank’s engagement in Mongolia, working in partnership with the government and other stakeholders to support Mongolia’s development, leveraging its resources to help reduce poverty and ensure that Mongolia’s prosperity is widely shared among the population,” said the Country Director for Mongolia, China and Korea Mr. Klaus Rohland.

Under Mr. Anderson’s leadership, the World Bank Mongolia will continue to support the Mongolian government’s efforts on a broad range of development issues and closely work with development partners, the private sector, and civil society.

Contacts:

In Ulaanbaatar: Tina Puntsag, +(976) 7007-8207, tpuntsag@worldbank.org

For more information, please visit: www.worldbank.org/mongolia

Wednesday, August 6, 2014

Canrim Resources July 2014 Monthly Letter

August 5 --

To the Shareholders of Canrim Resources Pte Ltd.,

The month of July was another period of continued progress and forward momentum in Mongolia. July began with much needed, and expected, positive news from the Government of Mongolia stating amendments to the Minerals Law, lifting the four-year moratorium on the issuance of new licenses and extending the life of exploration licenses from nine to twelve years.

Internally, Glenn Griesbach, VP of Resource Development and our team in Mongolia continued their detailed due diligence on potential licenses for acquisition, predominately in copper/gold and other base metal resources. With renewed interest in the secondary license market, Canrim has also identified value in several projects currently under review. Preferring to be scrupulous with assets the Company acquires, we are moving cautiously in order to mitigate a rise in capital expenditures as there is little competition at present. We believe our prudence will keep Canrim in an attractive position.

From July 10 Mongolia was largely consumed by the Naadam festivities, an annual celebration of Mongolian sports which takes place in each Aimag (Province). This led most individuals in Ulaanbaatar to leave the city for the countryside in order to spend time with family. Having recently returned, we anticipate August to be a more productive month for Mongolia.

VP of Corporate Development Celebrating Naadam in Countryside

Mongolian Economic Update:

1.    July 7: Viking Mines: Third MOU Signed for BerkhUul Coal Project in Mongolia

2.    July 7: Guildford Seeks to Raise A$10 Million via Entitlement Offer, Underwriting Agreement

3.    July 14: Mongolia extends its CNY10 billion currency swap facility with China for another three years

4.    July 22: Mongolia and Japan formalize a Free Trade Agreement (FTA)

5.    July 30: Central Bank of Mongolia increases interest rate by 1.5% to 12% to mitigate inflation

We look forward to updating you again on our progress and developments in Mongolia. If you would like to learn more about Canrim Resources, I encourage you to contact us directly at Canrimresources@gmail.com. Our team will be delighted to speak with you.

Sincerely Yours,

Ranjeet Sundher,

Director and CEO

Canrim Resources Pte Ltd.

Tuesday, August 5, 2014

[MNT back on the slump, NSO yet to release Q2 GDP, UK court says UB better suited for Standard Bank case, and EBRD lends $8m to Khan]

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Tuesday, August 5, 2014

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Headlines in Italic are ones modified by Cover Mongolia from original

 

Overseas Market

Mogi: looks like Mongolia risk is getting priced in, but is the risk of missing the September deadline priced in as well? TRQ +0.88% Monday to US$3.42

Short Interest in Turquoise Hill Resources Declines By 11.8% (TRQ)

August 4 (AnalystRatings.net) Turquoise Hill Resources (NYSE:TRQ) was the recipient of a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 30,148,871 shares, a drop of 11.8% from the June 30th total of 34,169,899 shares, AnalystRatings.NET reports. Based on an average daily volume of 2,739,631 shares, the days-to-cover ratio is presently 11.0 days. Currently, 3.3% of the shares of the company are sold short.

Separately, analysts at Zacks upgraded shares of Turquoise Hill Resources from an "underperform" rating to a "neutral" rating in a research note on Tuesday, May 13th. They now have a $4.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Turquoise Hill Resources currently has an average rating of "Hold" and an average price target of $6.35.

Shares of Turquoise Hill Resources (NYSE:TRQ) opened at 3.39 on Monday. Turquoise Hill Resources has a 52 week low of $3.01 and a 52 week high of $4.36. The stock has a 50-day moving average of $3.51 and a 200-day moving average of $3.60. The company's market cap is $6.821 billion.

Turquoise Hill Resources (NYSE:TRQ) last released its earnings data on Monday, May 12th. The company reported ($0.03) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.02) by $0.01. Analysts expect that Turquoise Hill Resources will post $0.08 EPS for the current fiscal year.

Turquoise Hill Resources Ltd., formerly Ivanhoe Mines Ltd. is an international mineral exploration and development company.

Link to article

 

Others Overlooked Turquoise Hill Resources (TRQ), Should You Buy It Now?

July 21 (Zacks Equity Research) It can be very difficult to find companies that are both flying under the radar, and still might have potential for gains. Many times, stocks are off investors' radar screens for a reason, though there are some hidden gems that could be worth uncovering by those with a high risk tolerance.  

One way to find these underappreciated stocks is by looking at companies that haven't seen their share prices move higher lately, but have observed analysts raising earnings estimates for their stock. This trend could signal that investors haven't quite embraced the rising estimate story yet, but that the potential for a big move higher is definitely there.

One such company that looks well positioned for a solid gain, but has been overlooked by investors lately, is Turquoise Hill Resources Ltd. (TRQ). This Mining stock has actually seen estimates rise over the past month for the current fiscal year by about 30.8%. But that is not yet reflected in its price, as the stock lost 5.7% over the same time frame.

You should not be concerned about the price remaining muted going forward. This year's expected earnings growth over the prior year is 254.6%, which should ultimately translate into price appreciation.

And if this isn't enough, TRQ currently carries a Zacks Rank #2 (Buy) which further underscores the potential for its outperformance (See the performance of Zacks' portfolios and strategies here: About Zacks Performance).

So if you are looking for a stock flying under-the-radar that is well-equipped to bounce down the road, make sure to consider Turquoise Hill Resources. Solid estimate revisions and an impressive Zacks Rank suggest that better days may be ahead for TRQ and that now might be an interesting buying opportunity.

Link to post

 

975 closed +9.26% Monday to HK$0.59

MMC Announces Board Meeting on August 18 to Approves Interim Results

August 4 -- The board of directors (the "Board") of Mongolian Mining Corporation (HKSE:975, the "Company", and its subsidiaries, the "Group") hereby announces that a meeting of the Board of the Company will be held on Monday, 18 August 2014 for the purpose of considering and approving the interim results of the Group for the six months ended 30 June 2014 and its publication, the payment of an interim dividend, if any, and transacting any other business.

Link to release

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Local Market

MSE News for August 4: Top 20 -0.48% to 15,759.1, Turnover 11.8 Million

Ulaanbaatar, August 4 (MONTSAME) At the Stock Exchange trades held Monday, a total of 1,463 shares of 13 JSCs were traded costing MNT 11 million 842 thousand and 250.00.

"Merex" /300 units/, "Sharyn gol" /280 units/, "Mongol savkhi" /150 units/, "Bayangol hotel" /138 units/ and "Tavantolgoi" /137 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Bayangol hotel" (MNT eight million and 004 thousand), "Sharyn gol" (MNT one million 966 thousand and 225), "Tavantolgoi" (MNT 658 thousand and 685), "Mon-it buligaar" (MNT 601 thousand and 400) and "Mongol savkhi" (MNT 195 thousand).

The total market capitalization was set at MNT one trillion 589 billion 780 million 209 thousand and 314. The Index of Top-20 JSCs was 15,759.10, decreasing by MNT 75.91 or 0.48% against the previous day.

Link to article

 

HBOil Posts 210% Higher First Half Revenue, 221M Profit vs 93M Loss in 2013

August 4 (BDSec) HBOil JSC, (MSE:HBO) announced first half 2014 revenues of 242M MNT which were 210% higher than full year 2013, or 410% higher on an annualized basis. HBO's first half profits were 221M MNT, vs. a loss of 93M MNT in full year 2013. First half profits of 221M MNT represent a 540% increase in profits vs. full year 2012, or 1080% on an annualized basis. Bloomberg highlighted HBO as the best performing A-Board stock, increasing 76% YTD.

Link to post

 

MSE, LSE to hold Mongolian Capital Market Day in London, September 9

August 4 (Mongolian Economy) The Mongolian Stock Exchange and the London Stock Exchange are working together to host "Capital Market Day" in London on September 9, 2014. London was chosen as the ideal city for the event as it is one of the largest financial centers in the world. The London Stock Exchange has previously worked with the Mongolian Stock Exchange to help upgrade the MSE's new system, Millennium IT.

This event is aiming to attract more investment from the international market as well as introducing more foreign investors to Mongolian companies. Mongolian businesses will also have the opportunity to be dually listed on the LSE. For Mongolian companies that are interested in participating are encouraged to register with the MSE by August 8, 2014. 

The MSE will also introduce a Custody and Securities Services Masterclass on the 6th and 7th of August. This event will be run by Bruce Lawrence, a Senior Post Trade Advisor of the LSE group. The objectives of this Masterclass will be to assist organizations with on-going development as Mongolia sub-custodians as well as engage them in standards of the international investor community.

Link to article

 

Mogi: APU? Suu?

24 Stocks Post First Half Results Since July 25 Deadline

August 4 (Cover Mongolia) --

Company name

Symbol

Description

Publish date

Download

1

Ar tarkhi

ART

2014 Half year

2014-08-04

2

Suu

SUU

2014 Half year

2014-08-04

3

Kharkhorin

HHN

2014 Half year

2014-08-04

4

Global mongolia holdings

HML

2014 Half year

2014-08-04

5

Tulpar

TLP

2014 Half year

2014-08-04

6

Erchim Bayan-Ulgii

BOE

2014 Half year

2014-08-04

7

Guril tejeel Bulgan

GTJ

2014 Half year

2014-08-01

8

APU

APU

2014 Half year

2014-08-01

9

Dornod autozam

DAZ

2014 Half year

2014-08-01

10

Devshil Mandal

DMA

2014 Half year

2014-08-01

11

Gazar Suljmel

SUL

2014 Half year

2014-08-01

12

Machine mechanism

MMH

2014 Half year

2014-08-01

13

Khurd

HRD

2014 Half year

2014-08-01

14

Olloo

OLL

2014 Half year

2014-07-31

15

Tav

TAV

2014 Half year

2014-07-30

16

Technicimport

TEX

2014 Half year

2014-07-29

17

Tushig Uul

TUS

2014 Half year

2014-07-29

18

Bayan Aldar

VIK

2014 Half year

2014-07-29

19

Bayangol Hotel

BNG

2014 Half year

2014-07-29

20

Dulaan sharyn gol

DSH

2014 Half year

2014-07-29

21

Bayalag Nalaikh

BNB

2014 Half year

2014-07-29

22

MUDIX

MUDX

2014 Half year

2014-07-29

23

Talyn Gal

TAL

2014 Half year

2014-07-29

24

Eurofeu Asia

SOI

2014 Half year

2014-07-29

Link to release

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Economy

BoM MNT Rates: Monday, August 4 Close

 

8/4

8/1

7/31

7/30

7/29

USD

1,869.77

1,867.78

1,870.92

1,870.00

1,867.19

EUR

2,511.01

2,499.37

2,506.28

2,505.52

2,508.10

CNY

302.52

302.24

303.14

302.78

302.13

GBP

3,146.26

3,151.41

3,161.48

3,166.75

3,170.77

RUB

52.43

52.32

52.70

52.45

52.46

August MNT vs USD, CNY Chart:

 

Link to rates

 

NSO Fails to Announce 2nd Quarter GDP for 4th Day Running

August 4 (Cover Mongolia) --

NSO August, 2014 Announcement Schedule:

INDICATORS

TIME LINE

DISSEMINATION DATE

COMMENT

STATISTICAL YEARBOOK OF MONGOLIA

7/2014

11 - August - 2014

MAIN INDICATORS

1-7/2014

11 - August - 2014

Gross domestic product by quarter

1-6/2014

1 - August - 2014

Preliminary Data

National consumer price index

7/2014

11 - August - 2014

Agricultural products

1-7/2014

11 - August - 2014

Average price of construction materials in

6-7/2014

11 - August - 2014

MONEY, LOAN,STOCK MARKET

1-7/2014

11 - August - 2014

STATE BUDGET

1-7/2014

11 - August - 2014

LABOUR

4-6/2014

11 - August - 2014

Registered unemployed

7/2014

8 - August - 2014

HOUSEHOLD SOCIAL AND ECONOMIC SURVEY

4-6/2014

11 - August - 2014

SOCIAL INSURANCE AND WELFARE

1-7/2014

8 - August - 2014

INDUSTRY

1-7/2014

11 - August - 2014

Main indicators of railway and air transportation branch

1-7/2014

8 - August - 2014

FOREIGN TRADE

1-7/2014

8 - August - 2014

Foreign trade by 15 days

8/2014

15 - August - 2014

DOMESTIC TRADE

1-7/2014

11 - August - 2014

RESTAURANTS AND HOTELS

1-6/2014

11 - August - 2014

HEALTH

1-7/2014

8 - August - 2014

CRIME

1-7/2014

8 - August - 2014

CLIMATE AND AIR POLLUTION

1-7/2014

11 - August - 2014

Link to schedule

 

Mogi: New rates looks like are convincing banks to store money at BoM

BoM issues 87 billion 1-week bills at new 12% rate, total outstanding +8.1% to 492.7 billion

August 4 (Bank of Mongolia) BoM issues 1 week bills worth MNT 87.0 billion at a weighted interest rate of 12.0 percent per annum /For previous auctions click here/

Link to release

 

BoM issues 55 billion 4-week bills at new 12.5% rate, total outstanding 55 billion

August 4 (Bank of Mongolia) BoM issues 4 week bills worth MNT 55.0 billion at a weighted interest rate of 12.5 percent per annum. /For previous auctions click here/

Link to release

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Politics

Government Urges Local People to Assist in Their Soum Development

Ulaanbaatar, August 4 (MONTSAME) An implementation of the "Reform of soum center" project has started after the cabinet had announced a relevant tender. This project will be implemented in 16 soums, their aimags together with experts have worked out general developmental plans of the soums and have drawn up designs, said Ts.Bayarsaikhan, the Minister of Construction and Urban Development at the cabinet on Friday, which ran in Khutag-Ondor soum of Bulgan aimag.

In frames of the project, a general development plan for 10 soums has been worked out. it says about creating 20 wells, pools, fresh and waste water pipes, sewage plants and thermal power stations. Some 40 thousand people will get a clean drinking water, the Minister added.

By the plan, Khutag-Ondor soum will get installed pipelines of 4,270 m for fresh water and of 4,300 m for sewage water, also 9,100 m of electric lines, a sewage plant, an artesian well, a pump station, 1.5 km auto road, Bayarsaikhan said. Moreover, illumination and construction of a green park and its furnishing will be done in this soum, he added.

The soum's reform is to require five billion Togrog, the investments will be monitored by the local inhabitants themselves, so they must pay a great deal of attention to it, the Minister said.

After this report, the Premier N.Altankhuyag urged the locality to make big efforts to refine their living conditions, and obliged the Minister to intensify the project and to provide the project team with a master management and methods.

Link to article

 

Mogi: not sure if I should be disturbed or thankful

IRI: Working with Political Party Youth Associations in Mongolia

By Gretchen Kunze, Resident Country Director, Asia 

July 31 (Democracy Speaks, International Republican Institute Blog) IRI held a three-day workshop in Mongolia to help the local political party youth associations develop skills to engage more ably in their nation's political future. We brought together leaders from the five main political parties to learn how to run a political campaign and to engage with their peers across party lines.

Citizens under the age of 35 make up 68% of Mongolia's population. But there is a perception that youth are not engaged in politics and have little to offer.

To strengthen the ability for youth to meaningfully participate, on July 24th-26th IRI brought together 42 members of youth political party associations.

There were ten participants from each of the five main parties. The trainees were divided into five teams with two from each party in each team. "This is the only program I've seen that brings together different political youth associations at the same table."

Sessions focused on both big picture concepts, such as the importance of research to a campaign, and practical tools, like designing a message matrix.

The cross-party comradery developed as the teams had to work together on exercises and compete with other teams.  "My fellow party member in a different group was booing me during my presentation!"

There was "homework" each night, such as designing campaign coalitions and volunteer plans.

But after long days, the participants also took advantage of the mild summer evenings in the countryside to relax and get to know each other.

During the final group exercise, all of the lessons from the previous sessions came together to design a campaign plan for the fictional candidate.  Each campaign management team had to formulate all aspects of the plan, from designing umbrella messages to staffing to finance plans.

The victorious team, with members of all five parties. As one of their competitors summed up, "in the battles only the eagles survive."

By the end of the workshop, after certificates were distributed, the group was exhausted but already making plans to establish a new youth parliament and consider other ways to work better and more closely together.

Link to release

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Business

Sidley Austin successfully defends UB Railways in High Court case against Standard Bank

August 5 (LegalWeek) Sidley Austin has successfully acted for the Mongolian national railway company in a $55m (£33m) High Court battle against Standard Bank.

The firm's client, JSC Ulaanbaatar Railways (UBR), faced a claim from Standard Bank for the direct payment of loans relating to a diesel order.

Although a full judgement is yet to be issued, the presiding judge Mr Justice Walker found Standard Bank's claim - while sufficiently strong to be tried on the merits - failed to clear the Civil Procedure Rules governing the jurisdictional gateway, and that the English court was not the proper forum for the case.

The High Court found the circumstances of the case pointed strongly to the Mongolian courts, and that it had not been established that a foreign investor such as Standard Bank would be treated unjustly if there were a trial in Ulaanbaatar.

UBR turned to a Sidley team headed by litigation partner Matthew Shanklandwho joined the firm from Weil Gotshal & Manges last year - alongside associate Barney Connell.

For the court appearances, Sidley instructed Daniel Toledano QC and Henry Hoskins of One Essex Court, while UBR retained Maizorig Janchivdorj of MDS & Associates in Ulaanbaatar.

Meanwhile, Clifford Chance (CC) litigation partner Roger Best and senior associate Chris Yates acted for Standard Bank, instructing David Joseph QC and Edward Brown of Essex Court Chambers.

CC is understood to be advising the bank in related arbitration matters.

"Our client is delighted with this outcome. It has always been their position that they were improperly joined in these proceedings in London and that the process was an attempt to avoid the obviously proper forum," commented Shankland. "This is a very sound ruling against forum shopping."

The litigator said the firm's decision to take an adverse position to a bank was fairly unique. "It depends on the situation with regard to conflict," he said. "Sidley doesn't make a habit of it, but we have a quite heavy focus on Mongolia as an emerging market, and we decided to take this on."

The firm's burgeoning connections with Mongolian corporates originates with Washington DC corporate partner Ayaz Shaikh, who has spent a lot of time in the emerging market in recent years.

Link to article

Link to Sidley Austin release

 

EBRD EXTENDS US$8 MILLION EQUIVALENT IN TUGRIK TO KHAN BANK FOR MSMES

EBRD and the Mongolian bank continue supporting innovative financial instruments for small businesses, including value chain finance

July 31 (EBRD) The European Bank for Reconstruction and Development (EBRD) and Khan Bank – one of the largest commercial banks in Mongolia – continue their efforts to improve access to finance for micro, small and medium-sized enterprises (MSMEs).

The two institutions have signed a commitment for US$ 8 million equivalent in local currency financing as the third tranche under an existing US$ 25 million framework dedicated to value chain finance – an innovative financial instrument that allows the suppliers and distributors of MSMEs with links to big corporations to obtain more competitive financing.

In a step towards developing the local capital market, the new loan is being made in Mongolia's local currency, the tugrik (MNT).

Last year, Khan Bank on-lent the proceeds of the first two tranches totalling US$ 17 million to MSMEs, including US$ 5 million in subloans to about 51 businesses in value chains in Mongolia. The bank has developed the value chain finance product further, forming new relationships with large corporations, which act as sponsors by providing credit enhancement support to their SME suppliers/distributors.

Norihiko Kato, the CEO of Khan Bank, said: "This is our first time borrowing in MNT from the EBRD. Thanks to the EBRD's support of value chain finance, we will be able to better meet the expectations of our current and potential customers. We will provide improved access to finance for MSMEs that work with large corporations as suppliers or distributors. We are pleased to propose high-quality finance to these customers."

Link to release

Link to Khan Bank release, August 4

 

GOLOMT BANK SIGNS CREDIT FACILITY WITH HUNGARIAN EXPORT-IMPORT BANK FOR EXPORTS TO MONGOLIA

August 4 (Golomt Bank) On July 31, 2014 (Thursday) a Medium Term Credit Facility agreement has been concluded between Golomt Bank and Hungarian Eximbank.  The financial agreement was signed by Bolormaa Luvsandorj, Chief Investment Officer of Golomt Bank and by Mr. Andras Puskas, Deputy CEO, and Mr. Zsolt Demkó-Szekeres, Director, Trade Finance of Hungarian Eximbank in Budapest.  The signing ceremony was also attended by representatives of the Mongolian Embassy in Budapest and the Ministry for National Economy of Hungary. 

According to the cooperation agreement signed on Thursday, Hungarian Eximbank is ready to  finance investments and projects which are realized with purchasing Hungarian goods or services.  Within the framework of this agreement, the banks will support Hungarian exports of medical equipment, environmental protection and water treatment equipment, and agricultural machinery to Mongolia.    

At the ceremony Bolormaa Luvsandorj, Chief Investment Officer stated: "As Golomt Bank, we believe that this facility agreement will lead to strengthening of the already existing economical relationship of the two countries, Hungary and Mongolia. On the basis of this agreement, Golomt will show its best effort to support companies which will import goods and services from Hungary. Golomt is pleased to take the opportunity to contribute to further enhance current economic relationship between two nations." 

Link to release

 

Golomt Bank Signs Trade Facility Agreement with China Minsheng Bank

July 31 (Golomt Bank) Trade turn-over between Mongolia and PRCs have been increasing rapidly in the recent years and business owners relationships between two countries are stepping up to the next level. Hence, Golomt bank of Mongolia and China Minsheng bank of PRCs signed Memorandum of Understanding earlier this year to cooperate in delivering banking and financial services that is tailored to the particular needs of business owners of the two countries. 

Within the framework of the cooperation, "MASTER PARTICIPATION AGREEMENT FOR TRADE TRANSACTIONS" trade finance contract was signed by Bolormaa.L, CIO and EVP of Golomt bank and Lin ZhiHong, President of Trade Finance of China Minsheng Bank. Having signed this contract, business owners of two countries will be able to receive comprehensive trade finance services such as letter of credit, collection and guarantee. 

Link to release

 

GOLOMT BANK SUCCESSFULLY INTEGRATES INFOSYS' FINACLE CORE BANKING SYSTEM

July 25 (Golomt Bank) The "FINACLE" system will allow Golomt Bank customers to receive "Premium – Smart" e-banking services regardless of their destination at the most convenient time they desire.

Golomt bank have successfully integrated "Finacle" core banking system from world leading IT systems integrator Infosys corporation for the first time in Mongolia. 

Infosys had been established in 1981 with initial focus on consulting, technology and software development in the field of information technology, but in a short span of time the company expanded, becoming one of the major System Integrators of the world offering unique business oriented solutions and services.

Through its growing global presence with more than 160 000+ employees, stationed across 73 branch offices worldwide, the Infosys provides expert services spanning many industries including aerospace, defense, communication services, education, industrial automation, life sciences, entertainment and technology, and competes with information technology giants IBM and Oracle. The company is also listed on New York Stock Exchange (NYSE).

With a purpose of building a unified, future-proof system to address the needs of tomorrow's banks, Infosys have developed Finacle, a core banking system accommodating latest technological advances. The main advantage of the system lies in its ability to process not only core banking activities, but also CRM, treasury, trade finance, wealth management, and internet and mobile bank as well as debit card activities.  

Today Finacle is the choice of around 190 clients across 84 countries and serves 14% of the world's banked population. World renowned banks namely ING Bank, ANZ Bank, The Co-operative Bank and Standard Bank are among the list. 

By integrating Finacle system to its operations, companies will gain significant improvements in operational agility, achieving quality and reliability compliant to international standards, thus leveraging their capability to deliver reliable and efficient services to customers.

Golomt bank collaborated with Infosys to integrate this system to its operations, and had organized a project team consisting of 26 Infosys and 50 Golomt bank experts. The team successfully implemented the project integrating Finacle 10.2.14 version to Golomt bank systems within a time span of year and a half, and the overall budget was estimated at 10 million US dollars.

As of today, the core banking system's upgrade had been successfully carried out and maintenance and sustainability works are being completed. We would like to extend our gratitude to our valued customers for supporting and most importantly understanding us in these times of transition.

As a result of Golomt bank and Infosys' collaboration, devotion and time, the Mongolian banking sector have been enriched by yet another important milestone achievement, thus making it consistent with world banking standards.

Link to release

 

Cabinet Approves Loans for Leather Processing, Milk Cooling, Grain Elevators

Ulaanbaatar, August 4 (MONTSAME) At its meeting on Friday, the cabinet made some decisions after a report on ongoing projects and programmes in industrial and agricultural sectors from Sh.Tuvdendorj, the Minister of Industry and Agriculture.

The cabinet decided that Sh.Tuvdendorj and a director of the Development Bank of Mongolia (DBM) N.Monkhbat give loans to those enterprises engaged in leather deep processing and products and report to the cabinet on this work in November this year.

The Minister of Economic Development N.Batbayar was obliged to ensure preparations for establishing special contracts on implementation of the projects on building a milk cooling plant, on purchasing agricultural tractors and techniques and on erecting grain elevators. These projects will be realized with a capital of a soft loan from China.

In addition, the Minister of Industry and Agriculture was ordered to promptly start the project on building grain elevators in Bulgan aimag's Khutag-Ondor soum, Selenge aimag's Bayangol soum, Uvs aimag's Baruunturuun, Khentii aimag's Omnodelger soum and Dornod aimag.

Link to article

 

Mongolia Seeks to Expand Vocational Training Programs

Ulaanbaatar, August 4 (MONTSAME) The cabinet meeting, which ran Friday in Bulgan aimag, gave obligations to L.Gantomor, the Minister of Education and Science; Ya.Sanjmyatav, the Minister of Labour; and S.Erdene, the Minister of Population Development and Social Welfare to co-ordinate activities of vocational training organizations.

Accordingly, the Ministers will expand an unofficial educational service to a life-long educational system and will realize training programmes on vocational orientation, which is being implemented in a line of the German Agency for International Cooperation. The vocational orientation training programme will be reflected after a test in the training programmes of secondary schools in some districts and aimags.

Measures will also be taken for involving high school pupils in subsequent-stage training in order to give them vocational orientation. Moreover, the Ministers have been ordered to amend all related laws and regulations in order to make the vocational training programme more flexible, and to work out and approve a national programme on giving the vocational orientation to youths. 

Link to article

 

Mogi: awarding medals to organizations sounds a wee-bit commie

Ulaanbaatar Railway Awarded Sukhbaatar Order on 65th Anniversary

August 4 (infomongolia.com) The annual Railway Workers' Day and the 65th anniversary of the establishment of "Ulaanbaatar Railway" Mongolian-Russian joint venture were held at the Khonkhor railway station on August 2nd and August 3rd, 2014 through which the traditional wrestling and knucklebone shooting contests as well as the artistic performances had taken place accordingly.

Elsewhere, the photography exhibition regarding the timeline success and achievements of the Ulaanbaatar Railway and the Russian Railways was also hosted in Ulaanbaatar railway station simultaneously.

During the Railway Workers' Day, the President of Mongolia Ts.Elbegdorj had issued the presidential decree; in accordance with that, Ulaanbaatar Railway JSC was awarded by the Sukhbaatar Order respectively.

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Diplomacy

Mongolian PM greets Chinese children from flood-hit province

ULAN BATOR, Aug. 4 (Xinhua) -- Mongolian Prime Minister Norov Altankhuyag met on Monday with a group of 100 children from northeast China's Liaoning province, who visited the central Asian country at his invitation.

Altankhuyag invited the children from the flood-hit Liaoning province to visit Mongolia during his tour to China in October 2013.

During the meeting, the prime minister gave gifts to the Chinese children. "You all overcame hard time. May you feel comfortable during your stay in Mongolia and make friends with many Mongolian children," he said.

This year marks 65th anniversary of the establishment of diplomatic relations between Mongolia and China and also the year of "Mongolia-China Cultural, Arts and Humanitarian Exchange" as declared by the Mongolian government.

In the past years, children from China's disaster-hit areas of Sichuan and Hulunbuir also visited Mongolia for summer holiday at the invitation of Mongolian PMs.

The Chinese children will stay at children's summer camp "Nairamdal," about 30 km from the Mongolian capital of Ulan Bator.

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Russia to present documentary on Marshal G.K. Zhukov who led army at Khalkh River Battle Victory on anniversary

Ulaanbaatar, August 4 (MONTSAME) A Vice Chairman of the State Great Khural (parliament) and head of the Mongolia-Russia inter-parliamentary group L.Tsog Monday received Mr A.V.Oganov, a counselor of the Russian Federation Embassy in Mongolia. The meeting was dedicated to matters on marking the 75th anniversary of the Victory on Khalkh River Battle.

Mr Oganov said the Embassy will bring to Mongolia a documentary film featuring Marshal G.K.Zhukov who commanded the Khalkh River Battle. A representative of Mongolia's Organization for Peace and Friendship (MOPF) said that this documentary will be translated to the Mongolian.

The sides also noted that many other events will run in frames of the anniversary, for example, in the Center of Russian Sciences and Culture.

Present at the meeting were D.Arvin, G.Uyanga and Yo.Otgonbayar MPs and R.Bayarsaikhan, a head of the MOPF's secretariat.

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S.Korean MPs seek to expand health ties with Mongolia

Ulaanbaatar, August 4 (MONTSAME) The Minister of Health Ms N.Udval last Friday received a delegation headed by Mr Kim Choon-jin, a head of the Standing committee on health and social welfare of the National Assembly of the Republic of Korea.

The Minister thanked the delegation for contributing to the bilateral cooperation and introduced to them a reform policy for health sector of Mongolia and related priorities and goals of the government.

In turn, Mr Kim said he is here to get au fait with the Mongolian health sphere, to seek chances of setting up a Mongolia-S.Korea health inter-parliamentary union, and to start the collaboration.

The sides expressed a willingness to widen the ties and cooperation in the health sphere. 

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Social, Environmental and Other

SNEAK PEEK AT THE FLYING EYE HOSPITAL PROGRAM IN MONGOLIA

August 1 (Orbis International) The Orbis Flying Eye Hospital (FEH) is visiting Ulaanbaatar, Mongolia for the seventh time to conduct an intensive and comprehensive training and skills exchange program aimed at strengthening ophthalmic services in Ulaanbaatar, Mongolia. The program focus is on subspecialty training in the areas of cataract, glaucoma, medical retina for adults and pediatric cataract, strabismus and oculoplastics. The FEH program is focusing on strengthening and supporting the Model of Excellence in Modern Ophthalmology (MEMO Mongolia) Adult and Pediatric Vision Network projects that have been planned in cooperation with the Mongolian Ministry of Health.

Orbis Volunteer Faculty member Dr. Dan Neely (left) and Associate Ophthalmologist Dr. Andrew Simpson work together to examine pediatric cataract patients at the National Center for Maternal and Child Health in Ulaanbaatar, Mongolia.

While waiting their turn, Battumen and her mother enjoy the painted monkeys on the wall.

Volunteer Faculty and clinical engineer, Robyn Frick leads Day 1 of biomedical training workshop: Skill enhancement and maintenance of the hospital's anesthesia machines.

After her surgery, a young patient slowly emerges from anesthesia in her mother's arms.

Head Orbis nurse, Angela, helps calm 10-year-old Dulguun's nerves with playful chatter and coloring books before prepping him for his surgery.

Photos by Geoff Oliver Bugbee/Orbis

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Meanwhile, In Mongolian SRHR Advocacy…

August 4 (Drinking Coffee Elsewhere Blog) As noted earlier, July = summer = vacation time here in Mongolia, and we are delighted to have friends visiting and time to (finally) explore the Mongolian countryside. But these past few weeks also have been very busy for me at work. As the lone non-Mongolian on the team, I'm the main point of contact for things to do with international partners, including potential donors, and it's not been vacation time for them. THREE of our best funding prospects came back to us in July asking for further information, which is, of course, great. But that's also meant that I'm alternating days here in UB writing frantically, with most of our senior staff out of the office, and days out in remote areas with no internet.

There are lots of fun photos from our trips, but while I'm too busy to sort and post them, here's a bit of local advocacy on sexual and reproductive health and rights in Mongolia. The speaker, Otgonbaatar, is one of Mongolia's best SRHR advocates and activists, and he's recently joined the Programme Advisory Committee of the Asia-Pacific Resource and Research Centre for Women (ARROW). One of my local heroes:

(Video)

Because this blog isn't just about horses.

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Reaching The Light Developmental Center Orphanage: Mongolia

(Mission Aviation Fellowship Canada) --

Project overview:

To share the good news of the Lord Jesus Christ by providing therapy services and parent training for children with special needs and their families. We direct these services to families living in rural areas of Mongolia, where this type of care is currently unavailable. Our goal is to ultimately establish developmental centers in rural areas where families currently don't have access to this care. We work through local churches for discipleship of families who have come to the Lord. Where there is no church, our desire is to establish house churches so that all may reach the Light!

What is God doing at Reaching The Light Developmental Center?

Families who bring their children to our center usually spend two weeks with us on their first visit. During this time their child receives therapy, the parents are trained in how to help their child at home, and they all hear of the hope that Jesus offers them. We then have the family return within 3-6 months for a follow-up visit to update their program as they progress. For most of our families, these visits are life transforming!

A great example of this type of life transformation is a little boy named Javlan, who was recently flown by Blue Sky Aviation to our center for a follow-up session. Javhlan is a bright 7 year-old boy with a condition that has kept him from being able to run and play like other boys his age. 

In fact, Javhlan can't even sit up by himself! He came to his first two week session this past summer and made great gains. His mother was thrilled with his progress, but when she heard the gospel she wanted nothing to do with it! By the time she came back for the follow-up visit, however, everything had changed. She told us that she had come to believe because of what she had witnessed at our center. 

There was a LIGHT in her eyes and she stood up in front of 35 families at our Christmas Party and sang a song praising God for her new friends. Now she is working with special children in her hometown and encouraging other families to reach for the Light! 

Claira's Ministry at Reaching the Light Development Centre

Since November, Ryan has been flying countryside families into Ulaanbaatar to be cared for at Reaching the Light. This has made it possible for many children from some of the remotest parts of Mongolia, just like Javhlan, to receive the therapy they need. Claira was a part of this ministry, as she and the Van Geest family came to the center and visited each group of children that Ryan had transported. Claira even flew with her daddy on one trip to take back and pick up different children for the center!

Just three days after celebrating her 1st birthday, Claira was taken home to be with the Lord.

Gifts made to the Reaching the Light Development Centre will help to further her memory.

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Fukuoka invites Mongolian Olympic Team for joint training prior to Tokyo 2020

Ulaanbaatar, August 4 (MONTSAME) A delegation led by Mr K.Iwamoto, a deputy head of the City Council of Japan's Fukuoka city Monday visited the Olympic House, the Headquarters of the Mongolian National Olympic Committee (MonNOC), Ulaanbaatar.

During the visit, Mr Iwamoto handed to the MonNOC authority an official request on having a joint training in Fukuoka Prefecture prior to the Tokyo 2020 Summer Olympic Games.

Fukuoka Prefecture is rendering all-sided assistance to Mongolia in order to qualify two Mongolians to compete in badminton events of the forthcoming Tokyo Olympics under a leadership of a coach N.Ishiguro.

Present at the meeting were the secretary-generals of the Mongolia's federations of shooting, baseball, volleyball and badminton.

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Mongolia Holds 23rd State Bodybuilding Championship

August 4 (news.mn) Mongolian Bodybuilding Fitness Federation held the 23rd State Champions of Bodybuilding at UB Palace on August 2nd. The 23rd edition of the competition had 79 athletes in both adults and youths categories.

Gankhuleg /Golden gym fitness club/ in men`s 65 kg, L.Saruulbat /Fit Mongolia club/ in 70 kg, G.Dorj / George Gym / in 75 kg, E.Ganzorig /All Master club/ in 80 kg, and J.Nurlan /Black puma club/ in 85 kg event became winners of the 23rd State Champions of Bodybuilding.

And in men`s fitness category, E.Zoloo /All Master club/, in women`s fitness category  S.Gansaruul / California Fitness club/ became winners.

Winners of the State Championships of Bodybuilding were granted rights to represent the country in international and world championships.

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Mongolia on Top at Poland Open Female Freestyle Wrestling with 3 Gold, 1 Silver, 3 Bronze

August 4 (news.mn) XVIII International FILA tournament "POLAND OPEN" in female freestyle wrestling was held in Dąbrowa Górnicza in Poland on 2 and 3 August 2014.

Mongolia`s freestyle women`s national team of 11 athletes grabbed 3 gold, 1 silver and 3 bronze medals from the XVIII International FILA tournament "POLAND OPEN".

On the first day of the tournament Mongolia`s S.Byambatseren in 55 kg event, and S.Tserenchimed in 60 kg event won gold medals and P.Orkhon in 60 kg event seized bronze.

On the final day of the tournament State Merit Athlete of Mongolia S.Battsetseg on 63 kg event won gold medal.

International master E.Sumiya in 53 kg event and International master E.Davaachimeg in 53 kg event and State Merit Athlete of Mongolia O.Burmaa in 75 kg event each won bronze medal.

Over 80 female freestyle wrestlers from 23 countries including Austria, Afghanistan, Belarus, China, Bulgaria,  Spain, Iran, Kazakhstan, Latvia, Mexico, Moldavia, Mongolia, Russia, Poland, Tunisia, Turkey, Slovakia, Ukraine, Hungary, France, Germany, Estonia and Japan competed in the tournament.

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Related:

Women wrestlers grab medals in PolandMontsame, August 4

 

Mongol-Style Rodeo Tournament Announced for August 23 at Khui Doloon Khudag

Ulaanbaatar, August 4 (MONTSAME) The national tournament for Mongolian-style rodeo will take place August 23 in the "Khui Doloon Khudag" horse-race arena near Ulaanbaatar.

The action will run under auspices of PM in several phases--picking up a whip while riding a horse, catching horses with a lasso-pole, and training a horse--among the best 21 horse-herders from all aimags.

This tournament is of great importance in terms of keeping our nomadic culture and traditions, propagandizing the national culture and history, noted Ts.Oyungerel, the Minister of Culture, Sport and Tourism, and said the contest must run every year.

Moreover, the cabinet considered as necessity to reflect the Mongol-style rodeo tournament in the programme of the Naadam festival.

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Hakuho lends a helping hand to Lotus Children's Center

August 4 (news.mn) Sumo Grand Champion, yokozuna Hakuho M.Davaajargal arrived home land after he won his 30th Emperor's Cup winning the Nagoya Grand Sumo Tournament with a 13-2 record on July 28th.

During his stay in Mongolia, Hakuho M.Davaajargal is lending helping hand to children of the children`s center Lotus in Gachuurt.

The event to donate to the Children`s center will be held at 16.00 pm today at the Lotus Children`s center.

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The World is Changing… Mongolia's magnificent Altai Tavan Bogd Mountain range

August 3 (Amy Wilson-Chapman) Our Kazakh-Mongolian guide, perched carefully on his horse with the reins in his left hand, yelled to Andy.

Norburl, who works in the local bank when he's not guiding, spent much of the past three days telling us how the glacier and mountain range was changing.

Andy, a friend of my housemate Samuel's, was asking why it was snowing again.

"Yaagaaard" I echoed in my very poor Mongolian.

Andy, who is about five-foot-seven (and constantly harassed for being a small man by his tall mates Cody and Sam), was wondering why he was yet again having to endure snow… in Summer.

Despite being born in Colorado, where the weather can change ask quickly as my mind, the now almost Australian citizen was slightly unprepared for the elements. Our (amazing) cook Jenka had come to his rescue on this horse ride offering her Chappon. The deep red coat, which (and no disrespect meant) looks much like a western dressing gown except thicker and no doubt hand-crafted, is the Kazakh equivalent of a Mongolian del. It was well equipped for the snow.

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IN XANADU: A MONGOLIAN ADVENTURE

By Samantha Worthington

August 1 (Republic of the East) These days, you would need all the opium allegedly taken by Samuel Taylor Coleridge before you could see a 'stately pleasure dome,' 'fertile ground' or 'incense bearing trees' in the countryside of Mongolia. But the huge expanses of clear untouched nature, the flaming cliffs and rolling hills, the vast treeless steppe, and the friendly people more than make up for the absence of 'honey-dew' and the 'milk of paradise'. 

Mongolia is an massive country, with one main city, Ulaanbaatar, and one main road running through the middle of the country, connecting China to Russia. The people and landscape alike are scorched by 40 degree summer temperatures, and frozen by -50 degree winters.

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Brent Lewin Photographs Mongolia for Bloomberg

August 1 (Brent Lewin Photography) --

These are some pics from shoots on a recent trip to Mongolia for Bloomberg which took me on a road trip through the South Gobi desert back up to the capital Ulaanbaatar. And here's me on top of the tallest building in Dalanzadgad with translator Tamir, left, and a local tv cameraman we met in town.

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