1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      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     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

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

NEWS

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Warren Buffett's Berkshire Hathaway is setting its sights on a new target www.businessinsider.com

Billionaire investor Warren Buffett is setting his sights on a new company.

The investment firm he runs, Berkshire Hathaway, is in talks to buy a stake in Latin American reinsurer IRA Brasil Resseguros, according to a Bloomberg News report. The purchase would take place following an initial public offering for the company scheduled to be completed sometime before July 27.

The IPO is expected to raise as much as 2.9 billion reals ($920 million), with the Brazilian government as its biggest shareholder, holding a 27% stake.

The proposed investment in IRA Brasil Resseguros isn't Buffett's first foray into the reinsurance business. Until 2015, he owned stakes in the world's two largest reinsurers — Swiss Re and Munich Re. He's also credited the proceeds from past reinsurance investments with helping build his great wealth.

The deal would be the latest in a flurry of activity for the 86-year-old Buffett, who was approached by Sprint earlier this month to make an investment of more than $10 billion in the wireless-service provider.

Berkshire Hathaway's most recent deal was a $377 million investment in real estate investment trust Store Capital on June 26, giving the firm a 9.8% stake. Store's shares surged as much as 11% following the announcement.

Shares of Berkshire Hathaway are up 5.5% this year.

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Money supply reaches MNT 13.5 trillion www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia held a press conference on July 25 to brief the media on economic developments in the last month.

The market money supply stands at MNT 13.5 trillion, showing a 4 percent increase than the same period of the previous month. MNT savings constitute 53 percent of the money supply whereas foreign currency savings 17.3 percent.

A.Anand, senior specialists at the Research and Statistics Department said, “Foreign currency savings have been continually decreasing in recent months, and it’s because MNT exchange rate against the USD has been increasing”.

He continued, “Credit balance has reached MNT 12.9 trillion”, citing an increase by MNT 872.2 billion than the same period of the previous year. 47.5 percent of total credits are loans to individual and 51.5 percent are loans to private sectors, with the 6.2 percent being expired and 8.8 percent being outstanding. Moreover, 1105 individuals have been granted housing mortgage loans in the last month, making the number of housing mortgage loan holders 91.916.

The specialist continued to report on the balance of payments deficit in the first quarter which stands at USD 63 million. Trade turnover has reached USD 3.9 billion, and increase of oil import by USD 134 million, coal export by USD 796 million and equipment import by USD 146 million contributed to it, the bank reported.

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IMF may soon be moving to China – Christine Lagarde www.rt.com

Head of the International Monetary Fund Christine Lagarde says the organization may move its headquarters from Washington DC to Beijing in a decade if the growth trend in China and other major emerging markets continues.

Changes in big emerging markets will be reflected in the IMF's voting structure, and the Fund will need to increase its representation in the region, according to Lagarde.

“Which might very well mean, that if we have this conversation in 10 years' time...we might not be sitting in Washington, DC We'll do it in our Beijing head office,” the Fund’s Managing Director said.

Lagarde highlighted that emerging economies are currently growing larger and more influential.

She added that the IMF's bylaws call for the institution's head office to be located in the largest member economy.

Since its establishment 70 years ago the IMF has always been located in the US. The US government has an effective veto over IMF decisions with a 16.5 percent share of its board votes.

According to analysts, China with growth rates forecast above six percent has a chance to overtake the US in gross domestic product during the next ten years and become the world's largest economy in nominal terms.

However, some experts, including IMF economists, argue that China already contributes more to global growth on a purchasing power parity basis, which adjusts for differences in prices.

The voting structure was last revised by the IMF in 2010, with China's share increased to 6.41 percent. The Fund is planning to set another review next year.

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Apple ordered to pay $506 million to university in patent dispute www.reuters.com

(Reuters) - A U.S. judge on Monday ordered Apple Inc to pay $506 million for infringing on a patent owned by the University of Wisconsin-Madison's patent licensing arm, more than doubling the damages initially imposed on Apple by a jury.

U.S. District Judge William Conley in Madison added $272 million to a $234 million jury verdict the Wisconsin Alumni Research Foundation won against Apple in October 2015. Conley said WARF is owed additional damages plus interest because Apple continued to infringe the patent, which relates to computer processor technology, until it expired in December 2016.

Apple is appealing Conley's ruling, according to court papers. An Apple spokesman did not immediately return a request for comment.

WARF sued Apple in 2014, alleging processors found in some versions of the iPhone infringe on a patent describing a "predictor circuit," which improves processor performance by predicting what instructions a user will give the system. University of Wisconsin computer science professor Gurindar Sohi and three of his students obtained the patent in 1998.

Cupertino, California-based Apple denied any infringement during a 2015 jury trial and argued the patent is invalid. Apple also urged the U.S. Patent and Trademark Office to review the patent's validity but the agency rejected that bid.

WARF brought a separate lawsuit against Apple in 2015, alleging chips in later versions of the iPhone infringe the same patent. Conley said he would not rule in that case until Apple has had an opportunity to appeal the 2015 jury verdict.

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Mongolian and Chinese delegates agree on promoting “Tea Road Tourism” www.montsame.mn

Ulaanbaatar /MONTSAME/ The Tea Road, a joint project of Mongolia, China and Russia for promoting tourism, has been chosen as a priority project to be implemented in frames of the three countries’ cooperation under the Agreement on Establishing Economic Corridor. The project was also discussed during the Second Ministerial Meeting for Tourism of Mongolia, Russia and China, took place on June 21 in Ulan-Ude, Russia.

“Khukh Mongolyn Udurlug” event, with an aim to promote the Tea Road Project, was held last weekend in Ulaanbaatar, attracting about 400 delegates from China.

The sides exchanged ideas on enhancing tourism along Tea Road through promoting the Tea Road tourism brand. In the ancient times, Tea Road used to be another trade route to connect the three neighboring nations. Now it passes through 10 cities of Mongolia, Russia and China.

During the event, delegates agreed on appointing the Third Ministerial Meeting for Tourism in Ulaanbaatar.

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China's iron ore imports from N.Korea double www.nhk.or.jp

China's imports of North Korean iron ore in the first half of this year more than doubled from the same period a year ago.

Chinese customs authorities say the country purchased 11.5 million dollars' worth of iron ore from North Korea in June. That's down 1.7 percent from the same month last year.

But, imports in each month from January through May recorded year-on-year increases.

Imports in the first half reached 86 million dollars, 2.4 times the amount in the same period the previous year.

Purchases of iron ore from North Korea are banned in principle by a UN Security Council sanctions resolution, but are permitted if the transactions exclusively serve livelihood purposes.

In February, China announced it would stop buying coal from the North for this year in line with another UN Security Council resolution.

Coal exports have been North Korea's main source of foreign currency.

China's total iron ore imports from the North last year amounted to less than 10 percent of its coal purchases.

NHK's reporter says the North wants to cover the drop in foreign currency earnings generated from coal shipments with exports of iron ore to China.

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Copper price surges to 2-year high www.mining.com

Copper futures trading on the Comex market in New York raced higher on Tuesday on renewed optimism about demand from top consumer China and indications of tighter global mine supply.

Copper for delivery in September jumped to a high of 2.8540 a pound ($6,292 tonne) in early afternoon trade, up 4.3% on yesterday's close to the highest since mid-May 2015. Copper's 2017 year to date gains in percentage terms now top 13% and the red metal is trading 28% higher than this time last year.

TC/RCs are a good indication of conditions in the spot market and rates have now fallen by 10% from the start of the year
While Chinese imports of refined copper dropped in June and is down 18% over the first half of 2017 to 2.23m tonnes, shipments of copper concentrate continue to strengthen jumping 23% in June from the month before to 1.41m tonnes.

Another sign that primary copper supply is tightening treatment and refining charges levied by smelters for concentrate are declining. TC/RCs paid by mining companies are a good indication of conditions in the spot market and rates have now fallen by 10% from the start of the year to around $80 a tonne and are well below the price floor set by China's major refiners for the third quarter.

Supply disruptions at some of the world's biggest mines including BHP's Escondida mine in Chile earlier this year and ongoing strike action at Freeport McMoRan's Grasberg operations in Indonesia are also boosting the price.

Workers at Grasberg last week extended their strike for a fourth month to end August. Freeport's temporary exporting licence is coming up for renewal in October, a bargaining chip used by Jakarta as it negotiates with the Phoenix-based company about divesting a majority stake in its Indonesian subsidiary.

Shares in Freeport jumped more than 15% to a 16-month high on Tuesday after the $21.5 billion company announced revenues that topped estimates and progress on talks with the Indonesian government. Grasberg was forecast to produce 680,000 tonnes of copper this year making it the world's second largest copper mine after Escondida.

Copper mining companies were trading higher across the board on Tuesday with world number three producer Glencore rising 4% in London trading. Diversified giants BHP gained 3.7% in New York trading and Rio Tinto received a 5% bump. Gains were more modest for Southern Copper Corp, Anglo American units trading in New York jumped 5.8% and Poland's KGHM jumped 4.4%.

Beijing boost
The economy of China, responsible for nearly half the world's consumption of copper, expanded at an annual rate of 6.9% in the second quarter against expectations of a slight decline and at a quicker pace than Beijing's own target of 6.5% growth for 2017.

In seasonally-adjusted quarter on quarter terms, growth was even more significant, picking up from 1.3% to 1.7%. If the trend continues, this year would be the first time since 2010 that the Chinese economy grew faster than the year before.

Industrial production data for June released today also pointed to a significant improvement. Growth in industrial output picked up from 6.5% year on year to 7.6% led by greater electricity and steel production. Bloomberg consensus forecasts pointed to no acceleration for Chinese industrial output.

Despite Beijing's tightening of lending and other measures to cool the property market, construction starts surged by more than 14% in June, providing further support for commodity-intensive sectors which continue to expand at a faster rate than the broader measure of industrial production.

The copper price is seen as a bellwether for metals markets and industry as a whole thanks to its widespread use in construction, the power sector, manufacturing and transportation.

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Caterpillar earnings beat estimates, shares hit five-year high www.mining.com

Shares in the world's largest mining and construction equipment maker Caterpillar (NYSE:CAT) jumped Tuesday, touching a five-year high in early trading, as the company posted better than expected earnings for the second quarter and bulldozed its way to another outlook upgrade.

Second-quarter revenues were up nearly $1 billion from a year ago, with earnings per share 40 cents higher as well.

CAT now expects adjusted earnings per share to come in at $5, significantly higher than the $3.75 it had forecast just three months ago and almost doubled the $2.90 it had originally projected for 2017.
In terms of full-year guidance, the Peoria, Illinois-based company now expects adjusted earnings per share to come in at $5, significantly higher than the $3.75 it had forecast just three months ago and almost doubled the $2.90 it had originally projected for the year.

Full year sales meanwhile will be between $42bn-$44bn, up from the $38bn-$41bn range it had previously penciled, driven by a continued rebound in mining and construction, the two key industries it serves.

"We anticipate making targeted investments in initiatives … including enhanced digital capabilities and accelerating technology updates to our products," CEO Jim Umpleby said in a statement.

As a global supplier of mining and construction equipment, Caterpillar is considered a reliable bellwether of economic activity.

That is why many were happy to hear the machinery giant is seeing improving demand, especially from the construction sector, in most regions.

Sales in North America, Caterpillar’s largest market, were up 7%, mostly due to recovering demand from the mining and energy industries.

In the Asia Pacific region, its third-biggest market, increased by 23% boosted by higher demand for construction equipment from China.

The machinery maker is going ahead with the planned move of its Peoria headquarters to the Chicago area, though most of the 12,000 manufacturing jobs will stay in Peoria, it said in April.

The company’s shares climbed 5% in pre-market trading and were still trading high (+4.7%) to $113.30 at 11:52 am in New York.

Watch Caterpillar Group President and Chief Financial Officer Brad Halverson discuss the company's second-quarter 2017 financial results:

 
 
 
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Electric Mini to be built in Oxford www.bbc.com

A fully electric version of the Mini will be built at the Cowley plant in Oxford, BMW has said.
The carmaker said the model would go into production in 2019, with Oxford the main "production location" for the Mini three-door model.
However, the electric motor will be built in Germany before being shipped to Cowley for assembly.
BMW said it had "neither sought nor received" any reassurances from the UK on post-Brexit trading arrangements.
Last year, the government faced questions about the "support and assurances" given to Nissan before the company announced that new versions of its Qashqai and X-Trail would be made in the UK.
And there have been reports that Toyota agreed to invest in the UK after receiving a letter reassuring the Japanese carmaker over post-Brexit arrangements.
'Vote of confidence'
About 360,000 Minis are made each year, with more than 60% of them built at Oxford. But BMW has built up an alternative manufacturing base in the Netherlands amid concerns about Britain's suitability as an export hub after Brexit.
BMW has warned about the damage of Brexit uncertainty, and in May chief executive Harald Krueger said the company had to remain "flexible" about production facilities.
UK Business Secretary Greg Clark hailed BMW's announcement as a "vote of confidence" in government plans to make Britain "the go-to place in the world for the next generation of vehicles". On Monday, he set out plans to invest in development of battery technology in the UK.
Mr Clark met BMW's head of sales and marketing, Ian Robertson, at the company's headquarters in Munich in January and March this year. The two also held meetings at Westminster in March and June.
David Bailey, professor of industry at Aston University, said the true test of the global car industry's desire to invest in the UK would come next year: "I don't think it [BMW's decision] tells us much about Brexit and the form of trade barriers we may face in the future.
"The big decisions will be about future models [which would have redesigned bodies], both at Mini and at companies like Vauxhall when they announce their new models in the next couple of years."

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IMF revises up China's growth forecast for 2017, 2018 www.xinhuanet.com.cn

KUALA LUMPUR, July 24 (Xinhua) -- The International Monetary Fund (IMF) on Monday revised up China's growth forecast for 2017 and 2018 to 6.7 percent and 6.4 percent respectively.

The updated World Economic Outlook report, which came days after China posted a stronger-than-expected second quarterly performance, was a reflection of a solid first quarter underpinned by previous policy easing and supply-side reforms, including efforts to reduce excess capacity in the industrial sector, the IMF said.
China has set its full-year growth target at "around 6.5 percent." The 6.7-percent forecast will leave the world's second-largest economy on a par with its growth level in 2016.
The fund also revised up China's economic forecast for 2018 by 0.2 percentage point to 6.4 percent, citing expectations that China may maintain high public investment and delay fiscal adjustment to meet its target of doubling the 2010 real gross domestic product (GDP) by 2020.
But the IMF also warned against strong credit growth that may come with rising downside risk to medium-term growth.
Maurice Obstfeld, chief economist of the IMF, recommended China go through a very important rebalancing process, which will inevitably entail a slowing path of growth.
He said China's recent moves to redress non-performing loans and a coordinated financial oversight overhaul are welcome.
The revision followed an April upgrade by the IMF on China's GDP growth forecast to 6.6 percent and 6.2 percent for 2017 and 2018 respectively, 0.1 percentage point and 0.2 percentage point higher than its forecast in January.

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