1 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      2 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      3 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      4 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      5 BIOGRAPHY OF TAVAN TOLGOI RESIDUAL COAL DEPOSITS WWW.ZGM.MN PUBLISHED:2018/07/16      6 NAGOYA BASHO LOSES LAST OF THREE YOKOZUNAS WWW.MONTSAME.MN PUBLISHED:2018/07/16      7 CHINA'S GDP HITS 6.7% IN Q2 OF 2018 WWW.CHINADAILY.COM.CN PUBLISHED:2018/07/16      8 US-CHINA TRADE WAR DIMS BRIGHT FUTURE FOR SEMICONDUCTORS WWW.ASIA.NIKKEI.COM PUBLISHED:2018/07/16      9 RIGHTS GROUPS URGE BETTER TREATMENT FOR MONGOLIA CHILD JOCKEYS WWW.REUTERS.COM PUBLISHED:2018/07/16      10 TPP CHIEF NEGOTIATORS TO MEET IN JAPAN WWW.NHK.OR.JP PUBLISHED:2018/07/16      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     1,5-2 САЯ ТӨГРӨГИЙН ЦАЛИНТАЙ ЖОЛООЧИЙН АЖЛЫН БАЙРНЫ БҮРТГЭЛ ЭХЭЛЛЭЭ WWW.ZINDAA.MN НИЙТЭЛСЭН:2018/07/16     ОЛОН МЯНГАН НИСЭХ ОНГОЦ ШИНЭЭР ҮЙЛДВЭРЛЭХ ШААРДЛАГАТАЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     КРИПТОВАЛЮТЫН ТАЛААРХ ХОРООНЫ БАЙР СУУРЬ ХЭВЭЭРЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/16     ОРОСЫН ЭДИЙН ЗАСГИЙН ӨСӨЛТӨД ДАШТ-2018 НӨЛӨӨЛӨХ НЬ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     ЗҮҮН ӨМНӨД АЗИ ХАНШАА ХАМГААЛЖ ЭХЛЭВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/16     АЯЛАЛ ЖУУЛЧЛАЛЫН САЛБАРААС 400 ГАРУЙ САЯ ДОЛЛАР ОЛЖЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/16     МОНГОЛЫН ЭДИЙН ЗАСГИЙН БҮТЭЦ ЭМЗЭГ ХЭВЭЭР БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/10     МОНГОЛ, ВЬЕТНАМЫН ГАДААД ХАРИЛЦААНЫ ЯАМ ХООРОНДЫН ЗӨВЛӨЛДӨХ УУЛЗАЛТ БОЛОВ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/10    

Events

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

NEWS

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AmCham: China's growth will give globe a big boost www.chinadaily.com

The robust growth of the Chinese economy in the first quarter is a positive sign for the global economy, the head of a US business lobbying group said on Tuesday, calling for further progress in bilateral trade and investment relations.

William Zarit, chairman of the American Chamber of Commerce in China, said that the members of his organization are upbeat about the prospects for the Chinese economy.

Zarit called for progress in trade and investment, hoping that the recent meeting between President Xi Jinping and his US counterpart Donald Trump "will mark the start of tangible progress toward a healthier and more balanced relationship".

In its annual American Business in China White Paper, the US business group acknowledged China's efforts to accelerate reforms and improve trade and investment facilitation through top-level policy designs and basic enforcement.

AmCham China also warned about rising uncertainty in China-US relations as both countries are experiencing an economic transition.

"We are experiencing a clear increase in uncertainty as the US-China relationship enters a new era," Zarit said.

AmCham China called for further reform in China to promote greater trade facilitation through adjusting policies and optimizing procedures designed to assist customs clearance, as well as enabling firms to play an active role in reform.

China so far has set up 11 free trade zones, which serve as platforms for opening investment and trade and boosting industrial upgrading.

The US business group also called for greater transparency in China's regulatory environment and greater openness to foreign companies while applauding China's commitment to pro-competitive and non-discriminatory policies.

China is the largest exporter of goods to the United States. Trade in goods between the US and China increased from $147 billion in 2002 to $579 billion in 2016, according to AmCham China.

Thomas Luedi, a partner of AT Kearney Greater China, a global management consulting firm, said that China remains a major market for US investment despite its economic deceleration.

"Despite its GDP growth deceleration, China has provided continuous high growth rates. To that end, American firms can benefit from the growth opportunity in China," he said.

Luedi added that many US companies will be well positioned to capture investment opportunities in China in sectors related to sustainability such as technology, environmental protection and energy efficiency.

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IMF says pace of global economic growth is picking up www.bbc.com

The world economy seems to be gaining momentum, according the chief economist of the International Monetary Fund.
Writing in the IMF's new World Economic Outlook, Maurice Obstfeldt said "we could be at a turning point".
The report forecasts global growth this year of 3.5%, up from 3.1% predicted in 2016.
The UK's economy is forecast to expand by 2% this year, stronger growth than any of the major developed economies apart from the US.
The prediction for Britain this year is now only marginally below what the IMF predicted a year ago, its last full forecast before the Brexit referendum.
The figure then was 2.2%. The revised forecast reinforces the picture of the British economy's performance being little affected by the aftermath of the referendum, contrary to the expectations of the IMF and many independent economists. The IMF does, however, expect the longer term impact on Britain to be adverse.
The IMF also warns of headwinds that could weaken its global projections. The organisation highlights the possibility of protectionism and what the report calls "trade warfare".
However, the dominant tone of the report is rather sunnier than it has been for some time. For much of the period since the financial crisis of 2008 the IMF has worried that the recovery was failing to generate momentum.
Dispelling fears
This time the IMF sees buoyant financial markets and "a long awaited cyclical recovery in manufacturing and trade".
The rebound in the prices of commodities has also helped dispel fears of deflation, or falling prices, which has been seen as a danger, especially in the developed world. Deflation can, in some circumstances, aggravate economic weakness.
The forecast for this year would be a marked improvement on last year's 3.1%.
It's striking that in the forecast for the larger economies, there are none predicted to suffer a decline in economic activity this year or next.
Even Brazil and Russia, two countries that have suffered from the fallout of international and domestic political difficulties, are forecast to see growth this year, although it's not particularly strong.
China first quarter growth hits 6.9%
Eurozone growth 'nears six-year high'
Inevitably, the IMF identifies possible risks that could weaken its main forecasts. In particular, the report refers to increasing "pressures for inward looking policies in the advanced economies".
The report notes the loss of what it calls middle-skilled jobs in advanced economies as a result of technological change since the early 1990s. There is controversy about to what extent increased global trade might have contributed to those losses.
Combined with the slow recovery from recent economic crises, this has affected people on lower incomes and led to growing disillusionment with globalisation the, IMF says.
The report warns that this could trigger more protectionist policy actions on trade and immigration.
UK growth strengthens
Mr Obstfeldt writes: "Capitulating to those pressures would result in a self-inflicted wound, leading to higher prices for consumers and businesses, lower productivity, and therefore, lower overall real income for households."
The report also says that the increased fragmentation of production processes across countries aggravates the potential economic damage.
The forecast for Britain has been revised up markedly for this year - to growth of 2%, from 1.6% predicted in 2016. That is a stronger than any of the leading developed economies apart from the US, whose growth is forecast to be 2.3%.
The revision for the UK reflects what the report calls the "stronger-than-expected performance of the UK economy since the June Brexit vote".
But the IMF still expects negative effects from leaving the EU including "reduced consumer purchasing power following the pound's depreciation and its gradual pass-through to prices and the impact of uncertainty on private investment".
It also says that longer term prospects have been diminished because of the expected increase in barriers to trade and migration and the potential impact on the UK's financial services.
One decidedly weak area is Africa, for which the IMF describes the outlook as subdued. For sub-Saharan Africa, economic growth is likely to only moderately exceed population growth. That means correspondingly only moderate progress in raising average living standards in the region.
Although commodity prices such as oil have rebounded from recent troughs, they are still relatively low. The Fund says that is holding back growth in oil-producing nations in Africa such as Nigeria and Angola.

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Australia to introduce stricter rules on working visas www.bbc.com

Australia will introduce stricter visa requirements for skilled workers from overseas, the government said.
PM Malcolm Turnbull said the current 457 visa programme will be abolished to prioritise Australian nationals.
In its place, two new temporary visas will carry additional requirements and draw from a smaller list of eligible professions.
The 457 scheme had attracted criticism that Australian workers were losing out to foreign counterparts.
"The new system will be manifestly, rigorously, resolutely conducted in the national interest," Mr Turnbull said on Tuesday.
According to government statistics, 95,758 people were living in Australia on 457 visas last year, with the highest proportion coming from India (24.6%), the UK (19.5%) and China (5.8%).
What was the 457 visa?
A four-year business visa which allowed people to live in Australia with their immediate family.
It was designed to fill gaps in skilled labour but it had been criticised as being too accessible.
In 2016, the most 457s were granted to cooks, developers, programmers and medical workers
What are the changes?
Mr Turnbull said the current four-year 457 system will be replaced by visas lasting two or four years.

For the shorter visa, more than 200 jobs will be removed from an existing list of about 650 eligible professions.
The list for the longer visa will be even more strict, said Immigration Minister Peter Dutton.
The changes will also require applicants to be more proficient in English, undergo a criminal check, and be subject to labour market testing.
Current 457 visa holders will not be affected by the changes, Mr Turnbull said.
Will it affect migration?
Yes, according to Mr Dutton. He described the possibility of eventual citizenship as a "significant part of the attraction" of the 457 visa.
"The existing 457 visa program is conducted for a period of four years, but essentially it is open-ended, and it results, in many cases, in a migration outcome," he said.
"What we propose is that under the temporary skills shortage visa short-term stream there will be a two-year visa... but there won't be permanent residency outcomes at the end of that."
The new four-year visa will also result in fewer permanent residents because of the eligibility changes, he said.
It comes after Australian said last month that it would largely end granting visas to foreign workers in the fast food industry.

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Non-performing loans decrease by 3.2 per cent www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Non-performing loans in a banking system amount to MNT1035.5 billion as of the end of March, showing a decrease by MNT34.6 billion or 3.2 per cent compared to previous month. However, the amount is higher by 7 per cent or by MNT67.6 billion than the same period of last year. Non-performing loans made up 8.2 per cent of total outstanding loans, staying the same as in the first quarter of last year.
By the end of March, overdue loan amounted to MNT995.1 billion, decreasing by 5.3 per cent compared to the previous month, but went up by 3.1 per cent compared to the first quarter of last year. Overdue loan made up 7.8 per cent of outstanding loans, lower by 0.5 points than the previous month and by 0.3 points compared to the same period of last year.
 
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Children on Mongolians living abroad to be registered as Mongolian citizen www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Ministry of Foreign Affairs works to resolve the issue on allowing dual citizenship to Mongolian nationals living abroad. “Today, there are some 144500 Mongolian citizens living abroad and the Foreign Ministry in in collaboration with relevant ministries on the exact number of the citizens, as the citizens abroad will vote in the upcoming Presidential Election in June.
Concerning the frequently asked request to resolve dual citizenship, the Ministry is working to resolve so that children born from Mongolian parents are registered as a Mongolian citizen, regardless their location of birthplace” said Director of the Consular Department of the Foreign Ministry Ya.Ariunbold.
Today, April 18, the Ministry of Foreign Affairs held its monthly briefing and reported on some issues under the resolution.
A total of 2838 Mongolian citizens are eligible to travel to the Republic of Korea without visa, if requirements are satisfied. However, these citizens’ rights have been violated due to enforcement of new visa regulation by South Korea. The two sides have agreed to issue 5 year-multiple entrance visas to those citizens, considering stamps on their passports and without causing any obstacles. South Korea is a country, where the most number of Mongolians abroad resides in. The consulate officials also informed that the issue to allow Mongolians working and living in the Czech Republic to be involved in social insurance will be resolved as well as online course of Mongolian language for children residing abroad will be launched soon.
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Deputy Prime Minister meets World Bank delegates www.montsame.mn

Ulaanbaatar /MONTSAME/ Deputy Prime Minister U.Khurelsukh received Mona Haddad, Practice Manager for East Asia and the Pacific in the World Bank Group’s Trade and Competitiveness Global Practice on April 17, Monday to discuss the Group's new project in Mongolia.

At the beginning of the meeting, the Deputy Prime Minister expressed his gratitude for the World Bank Group's continued support to Mongolia through numerous projects and programs. 2016 marked the 25th anniversary of Mongolia’s membership in the World Bank Group.

In addition to Livestock and Agricultural Marketing project and Third Sustainable Livelihood projects which are currently active, the World Bank Group is to realize an Export Development Project in Mongolia which was approved in July, 2016.

The Export Development Project will support Mongolian small and medium sized firms (SMEs) in the non-mining sectors to strengthen their export capabilities and expand access to export markets.

Deputy Prime Minister highlighted the project’s role in contributing to development of export-oriented industry and promotion of Mongolian-made products on foreign markets.

Launched by Mongolian Ministry of Finance and the World Bank Group last month, the project will be implemented by the Government of Mongolia in the next 4.5 years, with a USD 20 million credit fund from the International Development Association.
Kh.Aminaa

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BoM issues 1-week bills www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia issued 1 week bills worth MNT 467.3 billion at a weighted interest rate of 14.0 percent per annum.
1 - week CBBs, a main monetary policy instrument of BoM, plays an important role on managing the reserves of the banks. This CBB rate represents BoM’s policy rate guides interbank money market. In July 2007, the CBB with stable rate and unlimited bidding was introduced with auctions to be held on every Wednesday. This really had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. There has been a substantial change in the way banks manage their reserves since then. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB has been held in a type of competing by rate since May 2005. The auction average rate is the targeted rate variables in +/-2 percent from the policy rate and it frames to make the interbank rate as the operational target in midterm.

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Trump to seek changes in visa program to encourage hiring Americans www.reuters.com

 
U.S. President Donald Trump on Tuesday will sign an executive order directing federal agencies to recommend changes to a temporary visa program used to bring foreign workers to the United States to fill high-skilled jobs.
 
Two senior Trump administration officials who briefed reporters at the White House said Trump will also use the "buy American and hire American" order to seek changes in government procurement practices to increase the purchase of American products in federal contracts.
 
Trump is to sign the order when he visits the world headquarters of Snap-On Inc, a tool manufacturer in Kenosha, Wisconsin.
 
The order is an attempt by Trump to carry out his "America First" campaign pledges to reform U.S. immigration policies and encourage purchases of American products. As he nears the 100-day benchmark of his presidency, Trump has no major legislative achievements to tout but has used executive orders to seek regulatory changes to help the U.S. economy.
 
The order he will sign on Tuesday will call for "the strict enforcement of all laws governing entry into the United States of labor from abroad for the stated purpose of creating higher wages and higher employment rates for workers in the United States," one of the senior officials said.
 
It will call on the departments of Labor, Justice, Homeland Security and State to take action to crack down on what the official called "fraud and abuse" in the U.S. immigration system to protect American workers.
 
The order will call on those four federal departments to propose reforms to ensure H-1B visas are awarded to the most skilled or highest paid applicant.
 
H-1B visas are intended for foreign nationals in "specialty" occupations that generally require higher education, which according to U.S. Citizenship and Immigration Services (USCIS) includes, but is not limited to, scientists, engineers or computer programmers. The government uses a lottery to award 65,000 visas every year and randomly distributes another 20,000 to graduate student workers.
 
The number of applications for H-1B visas fell to 199,000 this year from 236,000 in 2016, according U.S. Citizenship and Immigration Services.
 
Companies say they use visas to recruit top talent. More than 15 percent of Facebook Inc's U.S. employees in 2016 used a temporary work visa, according to a Reuters analysis of U.S. Labor Department filings.
 
But a majority of the visas are awarded to outsourcing firms, sparking criticism by skeptics who say those firms use the visas to fill lower-level information technology jobs. Critics also say the lottery system benefits outsourcing firms that flood the system with mass applications.
 
The senior official said the end result of how the system currently works is that foreign workers are often brought in at less pay to replace American workers, "violating the principle of the program."
 
Senate Republican leader Mitch McConnell, Democratic Senator Dick Durbin of Illinois, Republican Representative Darrell Issa of California and Democratic Representative Zoe Lofgren of California were not immediately available to comment.
 
Facebook, Microsoft Corp and Apple Inc were also not immediately available after normal business hours.
 
The order also asks federal agencies to look at how to get rid of loopholes in the government procurement process.
 
Specifically, the review will take into account whether waivers in free-trade agreements are leading to unfair trade by allowing foreign companies to undercut American companies in the global government procurement market.
 
"If it turns out America is a net loser because of those free-trade agreement waivers, which apply to almost 60 countries, these waivers may be promptly renegotiated or revoked," the second official said.
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Skoda debuts first electric car in Shanghai www.chinadaily.com.cn

 
Skoda CEO Bernhard Maier showcases the company's electric car Vision E on April 17. [Photo provided to chinadaily.com.cn]
 
Czech carmaker Skoda Auto has unveiled its first ever electric concept car in Shanghai, declaring that electric cars will be a pillar of its development strategy.
The Vision E has a maximum output of 225 kilowatts and can run at a top speed of 180 km/h, with a mileage of 500 km.
 
The concept also features Level 3 autonomous driving, which means it can drive itself on express ways and park itself without human intervention.
 
The first of these electric cars will hit the market in 2020.
 
Skoda CEO Bernhard Maier said it will launch five entirely electric cars in various segments of the market before 2025.
 
In addition to the concept car, Skoda announced it will release an estate car, Octavia Combi, into the Chinese market later this year.
 
China has been Skoda's largest market worldwide.
 
It sold 317,000 cars to Chinese customers last year, and Skoda plans to double sales by 2020 with its growing portfolio.
 
Skoda entered the Chinese market in 2007 and has since localized its models with SAIC Volkswagen. Statistics show that it has sold more than 2 million cars in China in the past 10 years.
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IT giants releasing Japanese translation apps www3.nhk.or.jp

IT giants that make translation apps are now focusing on the Japanese language, as they breach linguistic barriers with the help of artificial intelligence and deep learning technology.

Microsoft this month released a smartphone translator app that works with the Japanese language. The software is designed for group-use. Translations of spoken Japanese can be displayed on other people's smartphones and read out.

The app works with 10 languages including English, Chinese and Arabic.

Microsoft Japan's Chief Technology Officer Akira Sakakibara says he hopes many people will use the app, so the AI program can learn more and improve its precision.

Google's translation app involves the use of a smartphone camera. When the camera is pointed at sign boards or restaurant menus, the app can automatically translate simple Japanese words.

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