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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Ross: Washington won't oppose TPP without US www.nhk.or.jp

US Commerce Secretary Wilbur Ross says that he will not oppose an Asia-Pacific free trade deal that may take effect without the participation of the US.

Ross stressed on Tuesday that the US will seek bilateral deals to reduce its trade deficit.

The US pulled out of the Trans-Pacific Partnership in January. The remaining 11 member countries, including Japan, are pursuing the possibility of getting the deal implemented without the US.

The Pacific-Rim countries will hold a ministerial meeting in Vietnam in late May to discuss the trade deal.

An NHK correspondent says the US administration is eager to not only protect domestic manufacturers, but also to boost exports of US farm goods.

He also said that the administration may start pressuring trade partners to enter bilateral negotiations.

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China says Silk Road plan is not tied to presidency www.reuters.com

China's President Xi Jinping initiated the ambitious "Belt and Road" development plan but it has become a world plan not tied to his presidency, the Commerce Ministry said on Wednesday, days before Xi hosts a global forum on the initiative.

The forum in Beijing next week will draw heads of state to discuss Xi's plan to expand trade links between Asia, Africa and Europe through billions of dollars in infrastructure investment.

Representatives from more than 100 countries will attend China's biggest diplomatic event of the year, though only one leader from the Group of Seven (G7) industrialized nations, Italian Prime Minister Paolo Gentiloni, is set to join.

China says between 2014 and 2016, its businesses signed projects worth $304.9 billion along inland and maritime corridors of the plan, also known as the New Silk Road. But some of the projects could be in development for years.

Judging by recent precedent in China's political system, Xi is slated to step down from the presidency in early 2023 at the end of his second five-year term.

Asked what guarantee the world had that the initiative would go on after Xi's second term, Vice Minister of Commerce Qian Keming told a news briefing that its vitality lay in countries' hopes for development and not in the idea of "who proposed it or what term in office there is later".

"The Belt and Road initiative was proposed by President Xi in 2013, but this initiative is not an individual proposal, or merely left at a proposal level. Rather it is an initiative that has been widely received by the whole world. It is jointly owned by everyone," Qian said.

China has repeatedly rebuffed concern that the plan is part of a grand strategy to expand its economic interests for selfish gain and to seek global dominance, saying that anyone can join the plan to boost common prosperity.

Xi has used the initiative to help portray China as an open economy, distinct from a rising wave of global protectionism.

However, the government has faced criticism from foreign business groups and governments alike, who say it has done little to remove discriminatory policies and market barriers that favor Chinese companies.

Foreign business groups have questioned whether multinational companies would be able to compete with Chinese firms through the plan in transparent bidding processes.

Zhang Xingfu, an official from the Commerce Ministry's cooperation department, played down such concerns.

"Chinese enterprises conducting investment and cooperative business in countries along the Belt and Road initiative will ... actively participate in project bidding, and cooperate and compete with international enterprises in the same industries on the same platform," Zhang said.

(Reporting by Michael Martina; Editing by Robert Birsel)

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Rosneft Executives Enjoy 9900% Rise in Bonus Payout www.themoscowtimes.com

Top managers at Russian oil company Rosneft will see their bonuses skyrocket by 9,900 percent for the first quarter of 2017.

Rosneft executives will receive a 1.5 billion ruble ($25.8 million) bonus, one hundred times more than the same period in 2016, Russia's Vedomosti newspaper reported Wednesday. The sum also equals more than half of the total executive bonuses received in 2016.

The decision comes despite a small slump in the company's revenue, which fell from 1,485 billion rubles ($25.6 billion) in the final quarter of 2016 to 1,410 billion rubles ($24.3 billion) in the first quarter of this year.

Rosneft said that the premiums were linked to the company's successful privatization and acquisition of Russian oil company Bashneft.

“The deal was conducted in an unprecedentedly difficult situation in the shortest possible time," a Rosneft representative told Vedomosti.

The company is yet to announce how the bonus will be divided among top executives.

Rosneft was privatized in December 2016, when the Russian government sold its 19.5 percent stake in the company to a consortium consisting of the British-Swiss commodities trading firm Glencore and the Qatari Sovereign Wealth Fund. The sale generated 10.5 billion euros ($11.3 billion) for the Russian budget, the Kremlin announced.

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Asian bio-safety committee convenes in Ulaanbaatar www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Second Consultative Meeting of the Asian countries’ unofficial committee on “Forwarding Biological Safety Mechanism” is taking place in Ulaanbaatar on May 10-12. The meeting is jointly organized by the Government of Mongolia and the Secretariat of the Cartagena Protocol on Biosafety to the Convention on Biological Diversity.
 
12 representatives from Malaysia, Cambodia, Mongolia, China, South Korea and the Philippines are taking part in the meeting, considering conservation of bio-diversity, regional network required to ensure biological safety, raising public awareness and ensuring public involvement, as well as organizational and many other types of issues.
 
Mongolia is a party to the Convention on Biological Diversity and the Cartagena Protocol, which was ratified by the State Great Khural in 2002. The Mongolian parliament passed the Law on Modified Organism in 2007, and since has been working to establish the legal ground for ensuring bio-safety.
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Detroit revival spurs JPMorgan to make fresh $50 million pledge www.reuters.com

JPMorgan Chase & Co (JPM.N) is investing another $50 million in Detroit amid what city officials and bank executives describe as encouraging signs for urban renewal through public-private partnerships.
 
JPMorgan's latest investment, which it plans to announce on Wednesday, comes on top of a $100 million, five-year commitment the largest U.S. bank made to Detroit in 2014.
 
At the time, the city was bankrupt due to the near-collapse of the U.S. auto industry and six decades of economic decline and population exodus.
 
The bank has put up $107 million so far, funding blight removal, commercial and residential redevelopment, job skills training and loans to small businesses. Now it plans to reinvest $13 million from early loan repayments, and commit an additional $30 million, Peter Scher, the bank's head of corporate responsibility, said in an interview.
 
"There's been a much more vibrant comeback in the small business sector in Detroit than anyone expected," he said.
 
The $150 million commitment is tiny compared with the bank's $2.5 trillion balance sheet, but JPMorgan is the biggest bank in Detroit, aligning its interests with the city's. Chief Executive Jamie Dimon has made it a personal mission to improve Detroit, visiting at least six times to check on the initiative.
 
Dimon has met with contractors who needed working capital to repair homes and with food entrepreneurs who needed shared commercial kitchens for bread baking and sausage-making.
 
The bank has worked with Detroit Mayor Mike Duggan to focus its efforts on neighborhoods with the most promise and city support.
 
"Detroit's resurgence is a model for what can be accomplished when leaders work together to create economic growth and opportunity,” Dimon said in a statement provided to Reuters.
 
JPMorgan has followed other private investors. Billionaire Dan Gilbert, founder of Quicken Loans Inc, and his companies control more than 90 properties downtown in a redevelopment push.
 
Detroit was once the fifth largest U.S. city with 1.85 million people. It now ranks below the top 20 and has its smallest population since 1850. But in July 2015, by the most recent Census Bureau estimate, Detroit's 677,116 residents were just 0.5 percent fewer than the year before, the smallest drop in decades.
 
The bureau will release 2016 figures later this month. Local officials hope to see gains.
 
"It will validate all the work that is going on here," said Carmine Palombo, deputy executive director of the Southeast Michigan Council of Governments.
 
Still, the city's unemployment rate was 10.9 percent in 2016, the highest among the 50 largest U.S. cities. Nearly 40 percent of residents live in poverty and Detroit had the second-highest violent crime rate in 2016 among major U.S. cities.
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Vice President busy in Mongolia www.vov.vn

Vice President Dang Thi Ngoc Thinh suggested Mongolia carry out policies to encourage and facilitate investment by Vietnamese investors while attending a Vietnam-Mongolia Business Meeting in Ulan Bator on May 9.

Vice President D​ang Thi Ngoc Thinh presents educational tools and equipment to High School No.14 's teachers and students
The meeting was co-organised by the Vietnam Chamber of Commerce and Industry, Mongolian Employers’ Federation, and Vietnamese Embassy in Mongolia.

The Vice President told local firms about Vietnam’s advantages in attracting investors such as political stability and convenient geographical location.

The same day, the Vice President received S.Dashtsevel, President of the Mongolia-Vietnam Friendship Association, during which she urged the two countries’ friendship associations to continue their close coordination and intensify friendship exchanges and popularization of information on the two countries to strengthen mutual understanding between the two peoples.

S.Dashtsevel confirmed that his association will work to contribute to boosting mutual understanding and cooperation between the two countries.

Also on the day, Vice President Thinh met the management board and students of the High School No.14 named after President Ho Chi Minh.

She presented educational tools and equipment to the school’s teachers and students.

Thinh also visited the Vietnamese Embassy and met representatives of the Vietnamese community in Mongolia.

On May 10 morning, the Vice President is scheduled to leave Mongolia for Tokyo to attend the 27th Global Summit of Women (GWS) and pay working visit to Japan from May 10-16.

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Mongolian and Mexico sign documenr for cultural and humanitarian cooperation www.montsame.mn

 
Ulaanbaatar /MONTSAME/ On May 3, B.Altangerel, Ambassador Extraordinary and Plenipotentiary of Mongolia to the United Mexican States and Dr. Martha Navarro-Albo, Director General for Scientific and Technical Cooperation of the Mexican Agency for International Development Cooperation signed an intergovernmental program between Mongolia and Mexico on cooperation in the fields of education, art, culture, physical training, sports and youth development in 2017-2020.
 
The program will enable the sides to enjoy the possibilities to organize international fair and exhibition and arts and culture festivals. Also, Mongolian people will have opportunities to study under the Mexican government' scholarship programs and diplomats to participate in training on Mexican foreign policy and Spanish language. As Mexico is committed to preserve the cultural heritage of the ancient civilizations, such as the Aztecs and Maya, Mongolia would have a chance to learn from their experiences.
 
This program was established based on the realization of Cultural Exchange Agreement of 1985 between the governments of Mongolia and Mexico.
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Preme minister to visit China and attend Belt and Road Summit www.montsame.mn

 
Ulaanbaatar /MONTSAME/ From May 12 to 15, Prime Minister of Mongolia J.Erdenebat will attend Belt and Road Summit to be held in Beijing at the invitation of President of China Xi Jinping, and will pay a visit to China at the invitation of Li Keqiang, Premier of the State Council of China.
 
During the visit, Prime Minister J.Erdenebat will pay a courtesy call on Chinese President Xi Jinping and hold official talks with Premier Li Keqiang. He will also meet with officials from some Chinese companies investing in Mongolia.
 
Both Mongolian and Chinese Prime Ministers will attend a signing ceremony of bilateral cooperation document between the two nations.
 
The Belt and Road Summit will be attended by state and government leaders from 28 countries as well as high level officials of international organizations, including the United Nations, World Bank and International Monetary Fund.
 
Prime Minister J.Erdenebat will take part in a roundtable meeting to be hosted within the summit to deliver speeches under the themes "To coordinate policies for partnership” and “To boost cooperation in infrastructure for development”. Also, he will hold individual meetings with some world leaders during his attendance.
 
 
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Australia budget 2017: Treasurer unveils big banks tax www.bbc.com

 
Australian Treasurer Scott Morrison has unveiled a new budget which includes a surprise rise in taxation for the country's five biggest banks from July.
Mr Morrison also announced education savings which will see students pay a greater share of the cost of degrees.
Infrastructure projects, health and housing affordability were also high on the government's agenda.
The main opposition Labor party accused him of using a healthcare levy increase to fund tax cuts for big business.
But Labor supported the tax on the banks.
Mr Morrison said $6.2bn ($4.6bn; £3.5) would be raised over the next four years by the new levy on the big five - ANZ Bank, Westpac, National Australia Bank, Commonwealth Bank and Macquarie.
The head of the Australian Bankers' Association called the levy "a direct attack on jobs and growth".
"It is a tax that will hit Australians by hurting investment and could have unintended consequences... it will affect the entire banking system," said Anna Bligh, the former Queensland premier.
"This new tax is not a well thought-out policy response to a public interest issue, it is a political tax grab to cover a budget black hole."
What we knew already
The budget was the first since PM Malcolm Turnbull's government was re-elected on a tiny majority last year.
In it Mr Morrison outlined higher education reforms aimed at savings of A$3.8bn by June 2021.
But the government had already announced key aspects of the budget, including building a second Sydney airport, increasing university fees by 7.5% by 2021, and lowering the salary threshold for university debt repayments from A$55,000 to A$42,000.
In other areas, the government will provide:
The Australian Federal Police with an extra A$321m to counter the threat of terrorism;
Early childhood education with an additional A$428m;
Indigenous Australians who were exposed to radiation from British nuclear testing extra healthcare benefits;
No more subsidies on university fees for citizens from New Zealand.
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UN ESCAP projects 2 percent economic growth for Mongolia in 2017 www.montsame.mn

Ulaanbaatar /MONTSAME/ The UN Economic and Social Commission for Asia and the Pacific (ESCAP) has released the 2017 Economic and Social Survey of Asia and the Pacific which was launched on May 9, Tuesday at UN House, Ulaanbaatar.

The report’s country briefing note on Mongolia reads, “Economic growth in Mongolia slowed to 1.2 per cent in 2016 from a growth rate of 2.3 per cent in 2015 and average growth of 12.3 per cent during the period of the mining boom in 2011-2014.

The plunge in global commodity prices and weaker demand in China mainly accounted for lower economic growth in 2016. Domestic demand was also subdued, as private consumption and fixed investments decreased.

The unemployment rate increased to almost 9 per cent at end-2016.

The mining sector, which had propelled the economy in the past, experienced a drastic fall in foreign direct investment due to waning confidence and investor disputes.

The decline in mining revenues pushed up government debt to nearly 90 per cent of GDP, raising concerns over debt repayments. In this regard, the Government introduced austerity measures in August 2016 and availed itself of external financing assistance. An immediate policy priority is to demonstrate a credible fiscal consolidation plan and effective macroeconomic management.

Growth is projected to pick up to 2 per cent in 2017 and 3.5 per cent in 2018.

An expected increase in global prices of coal and copper, higher coal export volumes to China and the expansion of a major copper and gold mine are some of the contributing factors.

In addition, railway construction under China's Belt and Road Initiative and the signing of a transit transport agreement with China and the Russian Federation are expected to facilitate cross-border trade in this landlocked country.

Beyond exports, the 25 per cent minimum wage hike that became effective in January 2017 could help ease the impact of fiscal tightening and support consumer spending.

To promote medium-term economic development, the Government launched an economic recovery programme for the period 2016-2020, which includes the policy aim of diversifying the country's income sources to non-mining sectors, such as tourism and agriculture”.
Kh.Aminaa

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