BusinessKhan Bank’s total assets have risen a hundredfold since August 2000 when Mongolbank receivers turned over the bank to the current management team. They now stand at a record MNT1 trillion from the MNT10.1 billion nine years ago. Khan Bank delivers financial services nationwide through its 488 branches.
Rosneft fined for overcharging Mongolian companies
The Russian Office Against Monopoly has fined petroleum exporter Rosneft 5.2 million rubles (USD3.5 million) for charging higher prices in violation of fair trade practices. It was found to have overcharged the five companies that import 84 percent of the petroleum used in Mongolia. The companies are NIC, Petrovis, Shunkhlai, Just Oil and MT. However, it is unlikely that any of them will get back any of the MNT250 billion extra they had to pay. The Executive Director of NIC has said it is not planning to approach Rosneft as the issue was an internal matter of Russia.
Companies ready to start building railway
Mr. G.Battsengel, a senior official of Energy Resources, has said the company is now ready to begin work on the construction of the Ukhaa Hudag and Gashuun Sukhait railway in southern Mongolia in cooperation with MAK. The Government resolution permitting this was passed in June, 2008. The companies hope to use the services of mostly other domestic companies in the work. This will let the national economy grow considerably.
Source: BCM - Onoodor
Nissan's upbeat projection
Nissan Motor Co., Japan's third-biggest car maker by sales volume, reported a 65% drop in its fiscal-second-quarter net profit because of falling demand in some markets and a stronger yen. But the car maker now expects a narrower net loss and a return to an operating profit for the full fiscal year, becoming the latest Japanese auto company to boost its outlook.
Nissan cars are among the most popular in Mongolia. The company’s upbeat projection reflects Nissan's strong push in China, which is expected to topple the U.S. to become the world's biggest auto market as early as this year.
Nissan cars are among the most popular in Mongolia. The company’s upbeat projection reflects Nissan's strong push in China, which is expected to topple the U.S. to become the world's biggest auto market as early as this year.
Rio Tinto warns Australia on cheap Mongolian coal
Rio Tinto has warned that cheap coal from Mongolia could undermine export markets for the Australian commodity. Referring to the leader of an energy company who likened opportunities in Mongolia to a “religious experience”, Chief Executive Tom Albanese warned an investors’ conference in Sydney, “Coal from Mongolia to China is happening. It is expanding, probably doubling every two years. Will that coal get to the seaborne markets? I suspect it will. Will it get to the seaborne markets at a lower delivered cost than Australian coal? I suspect it will too,” he said.
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