The U.S. Security Exchange Commission (SEC) has said UTStarcom Inc., a US telecom company, made improper payments to “sham consultants” in China and Mongolia while knowing they would pay bribes to Government officials, according to an AFP report.
“UTStarcom spent

The European Bank for Reconstruction and Development (EBRD) will be making a USD6-million equity investment in Petro Matad Limited, the first Mongolian oil exploration and production company.  The majority share in the company is owned by Petrovis LLC, the largest

SouthGobi Energy Resources Ltd. has appointed Tony Pearson as its new Vice-President, Corporate Development, effective February 8, 2010. Pearson will be responsible for business and corporate development initiatives. He previously held senior positions with Citigroup”s Metals and Mining Investment Banking

Golomt Bank has launched the first CUP card in the world market, in association with China UnionPay (CUP) Company. Golomt accounts for more than 60 percent of the total card transaction volume in the Mongolian market and was chosen as

Bickering among MPs marked the recent discussion of two draft laws by the Standing Committee on Government Organization. The drafts were submitted by the two major parties on the same subject. Ts.Nyamdorj (MPRP) and Kh.Temuujin (DP) were heard calling each

A rare atmospheric phenomenon called the Sundog or the Mock Sun was visible in Darkhan and Khutul last Friday morning.  Colored patches of light appeared bide the sun. The phenomenon occurs when the sun is low and usually when the

The Energy Regulation Department has agreed to postpone the raise in domestic electricity tariffs until June 1, following a demand by the Mongolian Labor Union for a review of the data. However, commercial customers will have to pay at the

Prime Minister S.Batbold has clarified the thrust of the proposed reforms in the social welfare program. Last year, MNT71 billion was distributed to 1.3 million people, about 45,900 people were helped find jobs and 18,900 people were enrolled in professional

The exploration and corporate highlights of Entrée Gold Inc. in 2009 include signing of the long-awaited Oyu Tolgoi Investment Agreement between the Mongolian Government and Entrée’s joint venture partner, Ivanhoe Mines Ltd. and largest shareholder, Rio Tinto; the  conversion of

SouthGobi Energy Resources, 79 percent-owned by Ivanhoe Mines, aims to boost its coal production in the Gobi desert by more than sixfold to 8 million metric tons by 2012, CEO Alexander Molyneux has said at a media briefing at the