There are over 300 soums in Mongolia. (A soum is roughly equivalent to a county in the United States.) Some have fewer than a thousand people. Some have ten times that. The Government has decided to spend MNT 24 billion for the economic development of soums. Each soum will receive between MNT 50 million and MNT 265 million, depending on its population.
The Government is implementing an ambitious program to build 100,000 new housing units in the capital. An apartment block with 15,000 units is already under construction on Yarmag hill. To make owning a home easier, the Government says it will pay MNT 1 million toward the purchase of a new housing unit. The money will be paid directly to the company building the home, and home buyers will still need to make a down payment. Our correspondent spoke with Ts.
Rio Tinto (LSE: RIO) paid CAD 529.5 million to increase its stake in Ivanhoe Mines (TSX:IVN). Its holdings rose by 2 percent to a total 48.5 percent of the company operating at Oyu Tolgoi, but the firm is unable to claim anymore.
Ts. Shinebayar, a Member of Parliament and former deputy in the MPRP, has announced that he has established a new party called the Khamug Mongol Labor Party. Mr. Shinebayar, who is the head of the Khamug Mongol Alliance, said he decided to establish the party at the urging of young people in the alliance. “We must now solve structural issues,” he said.
The MPRP formally accepted the resignation of deputy leader Ts. Shinebayar at a meeting on Saturday. Mr. Shinebayar announced his resignation two weeks ago.
The Japanese Hayashibara Biochemical Laboratories, Inc. has announced that the dinosaur remains discovered in the territory of Umnugovi aimag in 2002 that were unknown up to date were belonged to the family of Pachycephalosaurus on August 25, 2011.
Finance Minister S. Bayartsogt says the Government will revise its current budget. Usually this is only done when there is a budget deficit. But this time the Government is revising the budget to address an unexpected surplus. In July, revenues were MNT 248.8 billion more than projected. That was largely due to big increases in industrial production and mining production.
The Business Council of Mongolia (BCM) was founded in the fall of 2007 to promote increased trade and investment in Mongolia. BCM represents all investors in Mongolia, domestic and foreign, on business climate issues. Advocacy efforts with the Government, Ministry and Parliamentary officials on issues vital to investors in Mongola are of utmost importance.
Allens Arthur Robinson (Allens) has been formally welcomed as a member of the Business Council of Mongolia at a ceremony held last night in the Mongolian capital of Ulaanbaatar.
Allens becomes the first Australian top-tier firm to be made a member of the Council. Partners Erin Feros and David Wenger, as well as Senior Associate John Koshy and Lawyer Emma Wanchap, attended a meeting of the Council that formally accepted Allens as a member.
The Business Council of Mongolia brings together Mongolian and foreign-based businesses to act as an independent Mongolian business advocacy group.
Ms Feros said formal membership in the Business Council of Mongolia was a natural progression for the firm, which has been involved in numerous significant transactions in Mongolia over the past few years.
'We see the firm's membership of the Mongolian Business Council as an essential component of our Mongolia group's activities,' Ms Feros said.
'We welcome this opportunity to meet with colleagues and build relationships here on the ground in Ulaanbaatar.'
The Government is implementing an ambitious program to build 100,000 new housing units in the capital. An apartment block with 15,000 units is already under construction on Yarmag hill. To make owning a home easier, the Government says it will pay MNT 1 million toward the purchase of a new housing unit. The money will be paid directly to the company building the home, and home buyers will still need to make a down payment. Our correspondent spoke with Ts.
Finance Minister S. Bayartsogt says the Government will revise its current budget. Usually this is only done when there is a budget deficit. But this time the Government is revising the budget to address an unexpected surplus. In July, revenues were MNT 248.8 billion more than projected. That was largely due to big increases in industrial production and mining production.
