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Mongolia Presidential Candidate Evokes Trump, Challenges IMF
One of Mongolia’s top presidential candidates is seeking to reinstate a banking measure that almost derailed the country’s $434 million bailout last month as part of a populist-tinged campaign.
MF’s Mongolia Deal Comes With Plan to Avoid Boom-Bust-Bailout
The International Monetary Fund approved a loan package of $434 million to Mongolia on Thursday to support an economy recovering from weak commodity prices and low foreign investment.
Nothing to See Here: Mongolia Media Goes Dark to Protest Curbs
Several Mongolian broadcasters, newspapers and websites suspended content to protest a bill they fear would lead to censorship just two months before the former communist dictatorship elects a new president.
This Sweater Company Is Breaking a Cashmere Cartel
In the remote countryside of Mongolia, a former financial analyst turned style entrepreneur finds the best yarn you can wear on your back.
Mongolia Clears Hurdles Needed for $5.5 Billion IMF-Led Bailout
Mongolia has fulfilled prerequisites from the International Monetary Fund to receive a $5.5-billion bailout and is expected to receive an initial tranche of cash at the end of this month.
IMF Grants Mongolia $440 Million Loan as Part of $5.5b Bailout
Mongolia reached an initial agreement with the International Monetary Fund for a three-year program that includes an $440 million loan package as part of a $5.5 billion bailout to help the north Asian country with looming debt repayments.
How the World’s Fastest-Growing Economy Went Bust
Not so long ago, Mongolia was the world’s fastest-growing economy. Now, by nearly every metric, it’s in a dire fix. Its debt has surged, its currency has plummeted, and its budget deficit has widened alarmingly. Foreign investment has dried up and economic growth all but ceased. Even the poor antelope are beset by plague.
Mongolia Parliament Votes to Nationalize Erdenet Copper Mine
Mongolia’s parliament approved a resolution to nationalize copper, gold and iron-ore assets in the country following a probe that found a $400 million transaction with a closely held company was illegal.
Crisis-Hit Mongolia Has an Unlikely Investment Winner
With a shrinking economy, ballooning budget deficit and debt downgrades, Mongolia wasn’t an obvious place to put your money last year. But a rebound in copper and the prospect of an IMF rescue package has turned the country’s dollar bonds into an investment winner.
Don’t Play With Mongolian Fire
Bond investors can sometimes be too sanguine, and Mongolia looks to be an example of that.The country’s sovereign notes have returned 1.5 percent over the past three months, the best performance among nine Asian markets, according to JPMorgan Chase & Co. The nation’s 10.875 percent U.S. currency debentures due 2021 are trading at 105.3 cents [...]
World’s Worst Air Has Mongolians Seeing Red, Planning Protest
If you think air pollution in China has been bad, just look at Mongolia.
Mongolia Vows No More Dalai Lama Visits After China Turns Screw
Mongolia’s government pledged to extend no more invitations to the Dalai Lama after China signaled that a trip last month by the exiled Tibetan spiritual leader could derail ties.
Mongolia Pegs $1 Billion From India for Oil Refinery, Pipelines
Mongolia will seek approval from the Import-Export Bank of India to build an oil refinery and pipelines with $1 billion in infrastructure funding negotiated last year, a project that could boost the nation’s gross domestic product by 10 percent.
Copper Posts 17-Month High on Demand Bet as Citi Sees Strength
Industrial metals climbed, with copper closing at the highest price in almost 18 months, on speculation that demand will accelerate amid improving growth in the U.S. and signs of a stabilizing economy in China.
Mongolia Vows to Fight Smog Even as Funds Diverted to Budget Gap
Mongolia will continue to battle its severe air pollution even as funds to clean up Ulaanbaatar’s toxic atmosphere have been diverted to fill a widening budget gap, according to the country’s environmental chief.
SoftBank’s Clean-Energy Goals Find Welcome in Mongolia’s Desert
SoftBank Group Corp. plans to build more wind projects in Mongolia as the company’s chairman, Masayoshi Son, pushes to connect countries across Asia with transmission lines to supply cheap, clean energy.
Mongolia Rating Cut as Moody’s Expects Elevated Debt Burden
Mongolia’s debt rating was downgraded by Moody’s Investors Service as there is “heightened uncertainty” over the government’s ability to meet its debt service obligations over the next two years and an expectation that the debt will increase.
Mongolia Will ‘Walk the Walk’ to Revive Economy in Crisis
In the face of the current crisis, Mongolia cut spending and requested support from the IMF. To turn the economy around, the new government aims to lure foreign money to pay for stalled infrastructure and mining projects.
Mongolian Officials Back IMF Program Amid Widening Budget Gap
With the currency hitting record lows and the budget deficit worsening, senior Mongolian officials said they support an assistance program from the International Monetary Fund.
Rio CEO Says Mongolia Won’t Receive Mine Dividend for 10 Years
Rio Tinto Group said Mongolia won’t receive any dividend from the giant Oyu Tolgoi mine for 10 years as the world’s second-biggest mining company prioritizes completing a $5.3 billion underground expansion.
Mongolia Seeks IMF Cash to Revive Economy as Investment Dries Up
Five years ago Mongolia’s 17 percent growth rate, vast coal and copper resources and strategic location next to China made it an emerging-market darling. Today its financial leaders are headed for Washington to meet with the International Monetary Fund to seek assistance to deal with an economic crisis.
For $16,000, You Can Hunt With Eagles in the Wilds of Mongolia
Every October in Mongolia, among the high-altitude crags of the Altai Mountains, the ancient nomadic tradition of falconry comes to life. The area is home to the native burkitshi, who have trained eagles to aid in their hunting expeditions. Now you can join in.
Mongolia Shares Mirror Crisis, Post Worst Run Since 2013: Chart
During the commodities boom, Mongolia’s stock market more than doubled in a single year.
National Bank Sees 10% of Profit From Global Business by 2020
National Bank of Canada seeks to generate at least 10 percent of profit from its international business by 2020, while looking to expand its stakes in Africa and Asia lenders into controlling positions, Chief Executive Officer Louis Vachon said.
Consolidating Mongolia Budgets Is Priority No. 1, Minister Says
Priority No. 1 for the newly elected government in Mongolia is consolidating all off-budget expenses into one budget to enhance transparency, said Munkh-Orgil Tsend, the country’s foreign minister.
Mongolia’s Epic Meltdown Won’t Be Reversed by a Commodity Revival
The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer.
Mongolia Hikes Interest Rate to 15% Protect Currency
The central bank of Mongolia raised its key interest rate to 15 percent to protect the currency, reversing a cut in borrowing costs to 10.5 percent in May.
The World’s Worst Currency Is in a Record Slide
Mongolia’s tugrik, the world’s worst-performing currency in August, is in its longest losing streak on record as the nation’s government seeks ways to stabilize an economy it says is in the grip of a crisis.
China’s Closing Coal Mines Too Slow to Meet Capacity-Cut Targets
China urged state-owned coal producers to accelerate mine closures in order to meet year-end targets as part of President Xi Jinping’s drive to curb industrial overcapacity.
Pitfalls of Global Hunt for Yield Highlighted in Mongolia Crisis
Investors who piled into some of the world’s riskiest bonds to escape near-zero interest rates got a reality check on Wednesday when Mongolia sent its debt plunging by sounding the alarm on its economic crisis.