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Daily NEWSWIRE
January 11, 2017
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Government

Legal Standing Committee forms a casino bill working group and reviews other legislation

Summary: The Legal Standing Committee convened to discuss guidelines for developing Mongolia's legal framework through 2020. The members agreed that the guidelines should be approved. The first hearings for the Law on Arbitration, as well as amendments to the Law on Road Traffic Safety and Law on Administrative Liability were held and the proposed legislation will be submitted to Parliament for review. The committee members voted to discuss amendments to the Criminal Code and the Law on Enforcement of the Criminal Code. During the meeting, a working group led by MP L. Enkhbold was created to draft a bill on casinos.

Keywords: Legal Standing Committee, casino bill, legal reform   Daily News /page 6/


Amendments to the Law on Labor being readied for committee review

Summary: Parliament’s Social Policy, Culture and Science Standing Committee has voted to discuss amendments to the Law on Labor authored by Member of Parliament D. Damba-Ochir. The amendments would limit a new employee's probationary period to three months, would allow an employee to receive minimum wage or more during their trial period, and would regulate employment for registered university students. The amendments also include a fine of 500,000 MNT to one million MNT for government organizations and 5 to 10 million MNT for private entities that do not create official contracts of employment when hiring new employees.

Keywords: Parliament, legal reform   Daily News /page 5/


Mining

Price for coking coal reaches 172 USD in China

Summary: Prices for coking coal in China have increased following a crackdown on illegal mining. Reuters reported that last week coking coal futures reached their lowest point in two and a half months, but increased to 1,199 CNY (172.91 USD) on China's Dalian Commodities Exchange. Last week, coal was traded at 1,106.5 CNY, its lowest point since October 17. Analysts claim that the price surge is due to the government’s plan to shut down mines that are inefficient and unprofitable. One of China’s major manufacturers of iron ore, part of Hebei Iron and Steel Group, plans to reduce its output by 31 million tons. At the Dalian Commodities Exchange, iron ore increased by 4.5%. China imported 17.47 million tons of coking coal from Mongolia as of October 2016, an increase of 75.3%.

Keywords: coking coal, China   Today /page A1/


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The World Bank decreases its forecast for Mongolian economy growth

Summary: The World Bank lowered its forecast for Mongolian economic  growth by 0.7%, putting it at 2% growth for 2017. World Bank calculated economic growth for Mongolia in 2016 at 0.1%. The National Statistical Office reported that growth in gross domestic goods as of September 2016 had decreased by 1.6% compared to 2015. Back in September, the World Bank warned the government that its budget deficit could reach 18% without urgent actions taken. In November, the nation's budget deficit reached over 2 trillion MNT. In 2013, the budget deficit was 166 billion MNT, but the amount increased by 16 times as of 2016. The Ministry of Finance forecasts economic growth of 3% for 2017, and believes that Oyu Tolgoi’s underground mine, Tavan Tolgoi, a Tavan Tolgoi power plant, and other mega-projects will have a major impact on economic growth. Another factor that could impact economic growth forecasts will be the result of the government's negotiations with the IMF.

Keywords: World Bank, economy, forecast   www.bloombergtv.mn


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