1 US TRADE WAR COULD COST GLOBAL ECONOMY $430 BILLION, IMF WARNS WWW.RT.COM PUBLISHED:2018/07/18      2 US PLANS G7 TALKS ON CHINA WWW.NHK.OR.JP PUBLISHED:2018/07/18      3 GOOGLE HIT WITH RECORD EU FINE OVER SHOPPING SERVICE WWW.BBC.COM PUBLISHED:2018/07/18      4 TURQUOISE HILL ANNOUNCES SECOND QUARTER 2018 PRODUCTION AND COMPLETION OF SHAFT 5 WWW.GOGO.MN PUBLISHED:2018/07/18      5 DEVELOPMENT OF BILL ON CIVIL SERVANT CODE OF CONDUCT FINALIZED WWW.GOGO.MN PUBLISHED:2018/07/18      6 CRUDE OIL EXPORTS GENERATED 94.3 BILLION WWW.GOGO.MN PUBLISHED:2018/07/18      7 MONGOLIAN PRESIDENT SUMMONS IRREGULAR PARLIAMENTARY SESSION WWW.NEWS.MN PUBLISHED:2018/07/18      8 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      9 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      10 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      ГЕРМАНЫ “ЧИНГИС ХААН” ХАМТЛАГ ИРЭХ ОНД МОНГОЛД ТОГЛОЛТОО ХИЙНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     АНУ, ОХУ ХҮЙТЭРСЭН ХАРИЛЦААНДАА ЦЭГ ТАВИЛАА WWW.UBINFO.MN НИЙТЭЛСЭН:2018/07/18     ХУДАЛДААНЫ ДАЙН ХЯТАДЫН КОМПАНИУДАД НӨЛӨӨЛЖ ЭХЭЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/18     МОНГОЛД 92 ОРНЫ 9.6 МЯНГАН ГАДААДЫН ИРГЭН АЖИЛЛАЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/18     ГАДААД ХУДАЛДААНЫ НИЙТ БАРАА ЭРГЭЛТ 6,3 ТЭРБУМ АМ.ДОЛЛАРТ ХҮРЧЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/18     ЕВРОПЫН ХОЛБОО ЯПОН УЛСТАЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ГЭРЭЭ БАЙГУУЛАВ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/18     АЖ ҮЙЛДВЭРЖИЛТИЙН ЭРЧ СУЛАРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/18     МӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 3.8 ИХ НАЯД ТӨГРӨГӨӨР НЭМЭГДЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/18     ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Putin orders the expulsion of 755 US diplomats in retaliation for Russia sanctions bill www.businessinsider.com

Moscow (AFP) - President Vladimir Putin said 755 US diplomats must leave Russia and warned ties with Washington could be gridlocked for a long time, in a move Sunday that followed tough new American sanctions.

The Russian foreign ministry had earlier demanded Washington cut its diplomatic presence in Russia by September to 455 -- the same number Moscow has in the US.

"More than a thousand people were working and are still working" at the US embassy and consulates, Putin said in an interview with Rossia-24 television. 

"755 people must stop their activities in Russia."

Putin added that an upturn in Russia's relations with Washington could not be expected "any time soon".

"We have waited long enough, hoping that the situation would perhaps change for the better," he said.

"But it seems that even if the situation is changing, it's not for any time soon."

On Thursday, the US Senate overwhelmingly approved a bill to toughen sanctions on Russia for allegedly meddling in the 2016 US presidential election and for its annexation of Crimea in 2014.

Iran and North Korea are also targeted in the sanctions bill.

The law now goes to President Donald Trump who had made an improvement in ties with Russia a plank of his election campaign.

Moscow on Friday ordered the US to slash its number of diplomats in Russia to 455 and froze two embassy compounds -- a Moscow summer house and a storage facility in the city -- from August 1.

In December, the then US president Barack Obama ordered out 35 Russian diplomats and closed down two embassy summer houses that Washington said were being used by Moscow for espionage.

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Tesla's Musk hands over first Model 3 electric cars to early buyers www.reuters.com

FREMONT, Calif. (Reuters) - Tesla Chief Executive Officer Elon Musk said on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, setting the stage for the biggest test yet of the company's strategy to become a profitable, mass market electric car maker.

Outside Tesla's Fremont, California factory, Musk showed off the $35,000 base vehicle with a range of 220 miles (350 km) on a charge that marks a departure from the company's earlier luxury electric cars.
Musk took to the stage driving a red Model 3, and said Tesla has produced 50 of the vehicles so far, including 20 for testing purposes.
Hours before the event, Musk acknowledged it would be "quite a challenge" to build the car during the early days of production.
"We're going to go through at least six months of manufacturing hell," Musk told journalists.
The over half a million reservations are up from about 373,000 disclosed in April 2016. Customers pay $1,000 refundable deposits for the car, which is eligible for tax credits.
Any new buyers would likely not receive their car until the end of 2018, Musk said.
A longer-range version of the car is priced at $44,000 and will drive 310 miles (500 km) on a single charge. The cars feature a streamlined dashboard devoid of buttons or knobs, with a 15-inch touchstream display to the right of the driver.
Tesla faces major hurdles living up to the Model 3 hype. The 500,000 vehicles Tesla vows to produce next year are nearly six times its 2016 production.
Were Tesla to produce and sell 500,000 cars per year, the company would likely outsell the BMW, Mercedes, or Lexus brands in the United States.
Production delays and quality issues marred the launches of Tesla's Model S and Model X vehicles, and the company blamed production problems for a shortfall during the second quarter of this year.
Musk has said a simpler Model 3 design will greatly reduce potential assembly-line problems.
Tesla has burned through over $2 billion in cash so far this year ahead of the launch.
A troubled Model 3 launch could heighten the risks for the company, while a steady delivery of Model 3s could generate a stream of cash that would allow Tesla to avoid going again to the capital markets to fund its operations.
Tesla's share price has surged 54 percent since January in anticipation of the Model 3 launch, and Tesla's pricey valuation now exceeds that of traditional rivals like General Motors Co and Ford Motor Co.
Until now, Tesla has operated as a niche producer of luxury electric vehicles, with a charismatic, showman CEO who regularly interacts with fans on his Twitter account.
Now loss-making Tesla is trying to move into a different league, building vehicles in high volume for customers able to pay only a few thousand dollars more than the average price of a conventional car or truck sold in the United States.
The Model 3 is part of Musk's broader plan to build a clean energy and transportation company that offers electric semi-trailer trucks, rooftop solar energy systems and large-scale battery storage systems.

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Justice ministry to work with UAE Interior ministry www.montsame.mn

Ulaanbaatar /MONTSAME/ The Ministry of Justice and Home Affairs plans to sign a memorandum of cooperation with the Ministry of Interior of the United Arab Emirates.

Justice Minister S.Byambatsogt discussed this issue with the UAE Ambassador Abdullah Abdul Rahman Al Tunaiji on Friday, July 28.

The memorandum will open possibilities of long and short-term training program for police and law enforcement officers, enhancement of crime prevention facility, and expansion of cooperation.

Moreover, Mongolia in collaboration with the United Arab Emirates will realize projects on fight against money laundering, drugs and human trafficking.

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Starbucks to own 100% of its China stores after buyout deal www.bbc.com

 
Starbucks is to take full ownership of all its China outlets, after agreeing to buying out its joint venture partner for $1.3bn (£994m).
The deal will see it acquire the 50% stake it does not already hold in 1,300 stores in Shanghai and the provinces of Jiangsu and Zhejiang.
Starbucks already fully owns the other 1,500 outlets in China - its fastest-growing market outside of the US.
The coffee giant said the buyout was its biggest ever acquisition.
The announcement came as Seattle-based Starbucks announced net income fell 8.3% to $691.6m for the three months to July - only just matching market expectations.
The company also announced plans to close all 379 of its Teavana stores by the middle of next year because they had been "persistently underperforming".
Starbucks bought the tea brand for $620m in 2012, and plans to continue carrying the products in its main Starbucks stores.
Starbucks shares fell 5.5% to $56.24 in after-hours trading.
Chinese dreams
The latest results are the first under new chief executive Kevin Johnson, who took over from co-founder Howard Schulz in December.
Mr Johnson described the China buyout as part of the firm's "long game" to deal with cooling growth in the US.
The world's largest coffee chain is being affected by a reduced footfall in America's malls and high streets, as more consumers turn to shopping online or buying from meal kit sellers and convenience stores.
Same-store sales in the US rose by 5% last quarter. In China, there was 7% growth.
License deal
Starbucks already has a presence in 130 Chinese cities and hopes to expand its 2,800 stores to more than 5,000 outlets by 2021.
There are nearly 600 stores in Shanghai alone, the largest number of any city globally.
Meanwhile, Starbucks said it was offloading its 50% stake in all 410 outlets in Taiwan, meaning they will be fully owned by its joint venture partners. who pay the US firm license fees.
The firm made a similar move with its Hong Kong and Macau operations in 2011.
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Mongolia to draft science-based food safety policy www.montsame.mn

Ulaanbaatar /MONTSAME/ General Agency for Specialized Inspection will organize the fifth conference on food safety this October.

The ‘National Enquiry Laboratory on Food Safety’ academic conference will be held on October 13 with an aim to determine a food and drug safety policy based on science, research and facts.

The conference agenda includes topics such as research on food, bio preparations and raw materials, quality and safety study, challenging issues, plant protection, environmental study and radiation safety.

Scholars and researchers are invited to submit their academic articles and presentations before August 10.

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Glencore snaps up 49pc of Hunter Valley Operations in $US1bn deal www.theaustralian.com

UPDATE: Glencore has confirmed it had struck a $US1.139 billion deal to buy 49 per cent of the Hunter Valley Operations coal mines from Yancoal Australia and Mitsubishi.

The deal, which is conditional on approvals and the completion of Yancoal’s acquisition of Rio Tinto’s operating stake in HVO as part of a $US2.69bn deal struck last month to buy all of Rio’s Australian thermal coal, is expected to be completed within six months.

Under the deal, revealed by The Australian this afternoon, Glencore has also agreed to subscribe for $US300 million of Yancoal shares in an equity raising to fund Yancoal’s Rio purchase.

Glencore will be the exclusive marketing agent for HVO coal sales into Japan, South Korea and all other countries except China, Thailand, Taiwan and Malaysia.

Swiss miner and trader Glencore is close to finalising a $US1 billion deal to take a 49 per cent stake in the Hunter Valley Operations that Rio Tinto is selling to Chinese-backed Yancoal Australia as part of its exit of Australian thermal coal

The deal would give Glencore, who Yancoal last month beat in a late bidding auction for Rio’s Coal & Allied assets in New South Wales, access to marketing rights and cost savings that can be achieved with its neighbouring mines.

It would also extend Glencore’s position as the nation’s biggest miner of thermal coal, which is used in power stations.

For Yancoal, it gives access to the same cost savings and means it will not have to raise as much equity to complete its $US2.69bn purchase of the mines from Rio.

It is understood Glencore has agreed to buy a 16.6 per cent stake in the Hunter Valley Operations from Yancoal and a 32.4 per cent stake off Japanese trader Mitsubishi.

The deals are all subject to finalisation of Yancoal’s $US2.69bn purchase of Rio’s Coal & Allied operations in the Hunter Valley, which include HVO and the Mt Thorley-Warkworth mine (which is not thought to be part of the deal).

The price is not known, but based on a $US710 million deal Yancoal struck last month to buy Mitsubishi’s 32.4 per cent stake, it would be worth about $US1.1bn.

Glencore and Yancoal would jointly operate the mine and share marketing rights.

Yancoal went into a trading halt this morning “pending an announcement to the market in relation to a possible major transaction”, while its Hong Kong-listed, Chinese-controlled partner Yanzhou Coal said its board had approved the transfer of a 16.6 per cent interest in the Hunter Valley operations joint venture to an unnamed third party.

The Australian understands the third party is Glencore, which unsuccessfully tried to outbid Yancoal for the Rio assets, pushing the price up by $US240m from the original deal struck with Yancoal.

Glencore has also agreed to buy a Mitsubishi stake that Yancoal had previously agreed to buy.

Yanzhou also said it would also establish a joint venture to operate and manage the assets.

Neither Yancoal nor Glencore would comment further on the deal.

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UNDP, SDC and parliament hold a project board meeting www.montsame.mn

Ulaanbaatar /MONTSAME/ The board meeting of a project by UNDP, SDC and the Parliament took place on July 27, Thursday.

The ‘Strengthening of Local Self-Governing Bodies in Mongolia’ project is being-co-implemented by the United Nations Development Programme (UNDP), Swiss Agency for Development and Cooperation (SDC) and the Mongolian Parliament.

N.Enkhbold, Head of Parliamentary Standing committee on State Structure opened the meeting which addressed a report on project operations in the first half of 2017, and revision to the project operations in 2017.

In the first half of 2017, a memorandum of understanding has been signed with the Academy of Governance within the scope of an objective to institutionalize national training programmes for local elected representatives. Members of local Citizens’ Representative Khurals will be attending capacity-building training programmes. Moreover, the Cabinet Secretariat will be in charge of running the www.khural.mn website of Citizens’ Representative Khurals.

Then, Ts.Tsolmon, Secretary-General of Parliamentary Office briefed the meeting attendees about revisions to the project operations which became, according to him, necessary after some changes made to project finance. The revision proposal was given a nod by the board members.

UNDP Resident Coordinator Beate Trankmann, SDC Director Gabriella Spirli and corresponding Mongolian officials were present at the meeting.

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Turquoise Hill Resources: Catalysts Align In Its Favor www.seekingalpha.com

Since early June Turquoise Hill Resources (NYSE:TRQ) has been on a tear, as the stock has jumped from below $2.50 to $3.07 on July 25. This looks like the first time since the commodity super cycle hit a ceiling in early 2013 that a sustainable rebound is at hand. Copper started to slowly drop as early as 2011.

The giant economies of Europe and China are no longer putting downward pressure on copper as the global economic recovery remains in full swing. From earnings reports it suggests mining and materials stocks are entering a momentum phase.

One of several reasons I draw that conclusion was the way Freeport-McMorRan (NYSE:FCX) soared after its earnings report, where the company jumped 15 percent for the day. That was after failing to meet earnings expectations. But solid revenue and optimistic guidance gave the market what it wanted to hear, and the share price of Freeport upward momentum.

Turquoise Hill has its earnings report coming up in a few days, and I think it's going to continue to be rewarded from the recovery in copper prices.

Copper prices

Not too long ago copper was getting a temporary boost from what the market was calling the "Trump trade," a reference to his stated plans to build out and improve infrastructure in the U.S. That has changed to an improving outlook for China's economy, which of course plays directly into the benefit of Turquoise Hills and its Oyu Tolgoi flagship mine, which has China as its primary customer.

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Jeff Bezos Briefly Tops Bill Gates as the World's Richest Person www.bloomberg.com

A surge in Amazon.com Inc. shares Thursday morning in advance of the online retailer’s earnings report briefly propelled founder Jeff Bezos past Bill Gates as the world’s richest person.

Shares of the online retailer fell 0.7 percent to $1,046 at 4 p.m. in New York, after climbing as high as $1,083.31 four hours earlier, which gave Bezos a net worth of $92.3 billion. Gates had a net worth of $90.8 billion as of the Wednesday close.

Bezos remains ranked second on the Bloomberg Billionaires Index, behind the Microsoft Corp. co-founder. Gates, 61, has held the top spot since May 2013.

Amazon’s second-quarter earnings per share of 40 cents missed the lowest analyst estimate. The median estimate was for $1.42.

Bezos, 53, owns about 17 percent of Seattle-based Amazon, which had surged 40 percent this year through Wednesday, helping to add $24.5 billion to his net worth. He started 2017 as the world’s fourth-wealthiest person and has since surpassed Warren Buffett and Inditex SA founder Amancio Ortega, 81, who ranks third with $82.7 billion.

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Inaugural U.S.-Mongolia Energy Cooperation Dialogue on Energy Security and National Energy Policy www.state.gov

The U.S. Department of State hosted the inaugural U.S.-Mongolia Energy Cooperation Dialogue in Washington, D.C. on July 25, 2017, followed by meetings with energy technical experts on July 26. The discussions were led by Bureau of Energy Resources Acting Special Envoy and Coordinator for International Energy Affairs Mary Burce Warlick and Mongolia’s Director General of the Planning and Policy Department at the Ministry of Energy Chimeddorj Demchigjav.
 
During the dialogue, U.S. and Mongolian representatives exchanged views on national energy policies, best practices for managing an energy mix with diverse sources of energy, future cooperation between the United States and Mongolia, and opportunities for U.S. businesses in Mongolia’s energy sector. U.S. companies have shown a strong interest in partnering with Mongolia on a wide array of energy initiatives.
 
The visits with technical experts in Washington, D.C. on July 26, provided the delegation with additional information about the latest U.S. technologies and best practices for evaluating the feasibility of individual energy projects within an overall national framework.
 
For further information, contact Vincent Campos, Spokesperson for the Bureau of Energy Resources, at CamposVM@state.gov or visit www.state.gov/e/enr. You can also find information on Twitter at @EnergyAtState.
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