Bloomberg TV Mongolia is scheduled to launch in March 2012 to cover one of the best-performing stock markets in the region last year.
Offering a 24-hour mix of locally produced and local language content as well as English news from Bloomberg Television, the new channel will be headquartered in Ulan Bator and partnered with The Trade & Development Bank of Mongolia (TDB), the oldest commercial bank in the country.
Gary Groenheim, commercial director of Bloomberg Television Asia-Pacific, says this partnership with TDB will offer the local population better access to international business news, as well as serve business leaders and political decision-makers as Mongolia plays a greater role in global trade.
TDB acts as a primary lender, and handles international trade finance and remittance for the Mongolian financial sector. Its economy has boomed thanks to Chinese demand for minerals and coal.
At the last election, the Mongolian People’s Revolutionary Party made a promise to give every citizen as much as $1,200 (1.5 million tugriks) in dividends from the country’s mining boom. State-owned coking coal miner Tavan Tolgoi's IPO next year is closely watched as ten per cent of shares are reserved for Mongolian citizens, and another ten per cent is to be split among Mongolian companies.
Mongolia's tiny stock exchange, which trades for only two hours each day, is gearing up to educate the local population unfamiliar with investment and capital market concepts.