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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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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IMF accusations of US protectionism “rubbish” – Trump’s top trade official www.rt.com

Warnings of Washington’s trade protectionism by the International Monetary Fund (IMF) chief Christine Lagarde and others are “rubbish,” according to US Secretary of Commerce Wilbur Ross.
 
The billionaire investor, hired by President Trump as commerce secretary to curb the $500 billion trade deficit inherited from Barack Obama’s administration, has accused US trade partners of protectionism in an interview with The Financial Times.
 
“The response is very simple: we are the least protectionist of the major areas. We are far less protectionist than Europe. We are far less protectionist than Japan. We are far less protectionist than China,” Ross told the newspaper.
 
“We also have trade deficits with all three of those places. So they talk free trade. But in fact what they practice is protectionism. And every time we do anything to defend ourselves, even against the puny obligations that they have, they call that protectionism. It’s rubbish,” he added.
 
Last week, Christine Lagarde said global economic growth has sped up, but "protectionism is clearly a threat," she warned. The IMF chief did not single out any country.
 
According to Ross, Lagarde and others are trying to protect the system that let others enjoy trade surpluses, covered by the US deficit.
 
“We like it that way. So we don’t want you to disrupt it. That’s what they are really saying when you strip it away,” Ross said.
 
“That’s the bottom line. But that’s not going to happen. Our tolerance for continuing to be the deficit that eats the surpluses of the whole rest of the world — the president is not tolerant of that anymore,” he added.
 
Donald Trump took the Oval Office pledging to reduce the trade deficit, create jobs in the US and return manufacturing to the country.
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Housing price index increased in short term www.montsame.mn

Ulaanbaatar /MONTSAME/ Tenkhleg Zuuch LLC reports on the March results of the “Housing Price Index” study conducted independently at the request of the Bank of Mongolia.
The research shows that the general index of housing price was 1,01 in March, by 1.0 per cent up than in January 2013, basic consideration period of the research. The index increased by 0.17 percent compared to the previous month. The general index increased by 0.10 per cent compared to the starting period of this year, and dropped by 3.34 per cent compared to the same month of previous year.
According to the National Statistics Office data, the housing price index declined by 4.8 per cent compared to the first quarter of 2016 and by 0.2 per cent compared with the previous quarter. The biggest change of the housing price index took in Songinokhairkhan district, showing a decrease by 6.6 per cent. Over the last 7 years, the housing price index across the 6 central districts of Ulaanbaatar city showed a drastic increase by 83 per cent.
Tenkhleg Zuuch LLC has calculated Housing Price Index by applying Hedonic regression methods and the calculation was based on the information available for 4906 old and new houses supplied for sale at the real estate market of Ulaanbaatar for the particular month. The Price index indicators classified by new and old houses, are as below:
The new house price index was at 1,15. This shows a growth by 0.98 percent compared to the previous month. The index dropped by 0.06 per cent compared to an earlier period of this year, and by 0.61 per cent compared to the same month in previous year.
The old house price index was at 0.91. This shows a decline by 8.7 percent in January 2013. The index dropped by 0.99 percent compared to the previous month, and by 6.10 per cent compared to the same month in previous year.
B.Ooluun

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Three TAXES to increase starting MAY 1 www.gogo.mn

Parliament of Mongolia approved amendments to the 2017 State budget, with proposed tax increases last week in accordance with the Staff-Level Agreement between Mongolia and International Monetary Fund on Three-Year Extended Fund Facility. In regards, following tax increases will take effect on May 1, 2017. 
VEHICLE EXCISE TAX
Majority or the 75-86 percent of vehicles registered in Mongolia are outdated and more than 10 years old, causing negative impacts on the environment and increasing amount of air pollution.
Therefore, the tax rebate for hybrid vehicles, LPG-fueled vehicles, and electric vehicles is set to be decreased by 50 percent while excise taxes on vehicles will be increased depending on the engine capacity and aging. 
For instance, excise taxes on vehicles with engine size less than 4500 sm³ will be added by 3-15 percent and vehicles with engine size more than 4501 sm³ will be added by 40-250 percent. 
Thus, vehicle excise tax revenue expects to increase MNT 33.8 billion and reach MNT 57.3 billion. 
INTEREST REVENUE WILL BE TAXED
Interest income on personal savings accounts will be taxed from May 1, 2017. Previously, it was said to be imposed on only owners of savings more than MNT 100 million. However, it was decided to be applied to all owners of savings. 
Owners of savings will pay 10 percent of taxes on their interest income. 
Thus, it expects to increase budget revenue as follows;
MNT 43 billion in 2017, 
MNT 67 billion in 2018, 
MNT 70 billion in 2019. 
CUSTOMS TAX ON IMPORTED TOBACCO WILL BE INCREASED
Customs tax on imported tobacco is now at 5 percent. Minister of Finance noted that the customs tax on tobacco is lower than limits set by the World Trade Organization and it shall be increased up to 30 percent. Therefore, customs tax on imported tobacco will be increased by 30 percent. 
Thus, it expects to increase state revenues approximately by MNT 20 billion in 2017, MNT 26 billion in 2018 and MNT 27 billion in 2019.

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Iron ore price in free fall www.mining.com

The Northern China import price of 62% Fe content ore slumped again on Monday to trade down 3.7% at $64.60 per dry metric tonne according to data supplied by The Steel Index.

It's the lowest price since November 3 last year and brings the pullback over the past month to over 30%.

Chinese GDP figures released on Monday showed an economy growing at a faster than expected pace of 6.9% on the back of a surge in fixed investment, particularly in the construction sector. While steel output growth in top consumer China has underpinned prices, the market has become fixated on additional supply growth and stockpiles at record highs.

Iron ore price in free fall
“I think we will see the iron ore price to return to where you’d expect it to be based on the supply curve, which is around that $60 to $65 per tonne mark historically"
According to Umetal's survey of the 42 largest ports in China, the total iron ore inventory now top 133 million tonnes, the highest ever. Elevated stocks have not dampened importer enthusiasm however with total imports for the first quarter climbing 12% to 271 million tonnes after the second highest cargo volumes recorded in March of 95.6m tonnes.

New supply worries
Noted iron ore bull, Nev Power, CEO of world number four producer Fortescue Metals Group, said last week the pullback in the price should be expected:

“I don’t think anybody should be surprised to see the iron ore price come back to more sustainable levels,” Mr Power said.

Others are more pessimistic, FocusEconomics in its April survey of analysts and institutions shows a median forecast price of iron ore of $57 a tonne during the final quarter of this year. For Q4 2018, analysts expect prices to moderate further to average $54 over the three month period.

Dutch bank ABN Amro is the most optimistic calling for a $75 average towards the end of 2017 while London-based Investec sees an average of $71.50 over the course of this year. Year to date iron ore is averaging $83.60.

BMO Capital Markets see prices correcting sharply from today's levels to average $45 by the start of 2018 while Oxford Economics expects iron ore to average $72 this year but correct sharply to $51 in 2018.

According to estimates from Rio Tinto, world number two producer, 296m tonnes of additional seaborne supply have entered the market in the last three years.

The Melbourne-based diversified giant forecasts supply growth to slow but a combined 100m tonnes from the world's top six producers are expected to be added to supply this year (40m tonnes) and next.

It's not only low-cost miners from Brazil and Australia that are clouding the outlook, but domestic Chinese supply which have fallen by 140m tonnes from its peak to around 260m per year, are now making a comeback Rio Tinto said last month.

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US Energy Secretary worried about coal www.mining.com

In a memo issued late Friday to his chief of staff, the US Energy Secretary Rick Perry expressed concerns about the diversification of power sources and the stability of the country’s grid.

“We are blessed as a nation to have an abundance of domestic energy resources, such as coal, natural gas, nuclear and hydroelectric, all of which provide affordable baseload power and contribute to a stable, reliable and resilient grid,” Perry is quoted as saying in the missive, which was initially obtained by Bloomberg. However, he adds that experts have “highlighted the diminishing diversity of our nation’s electric generation mix and what that could mean for baseload power and grid resilience.”

By “diminishing diversity,” Perry is referring to recent closures of coal-fired and nuclear power plants caused, in part, by the low cost of natural gas and a booming clean energy industry. When he talks about reliability, he points to a supposed intermittence in generation from sources such as wind and solar.

The Energy Secretary instructed his second-in-command to develop a 60-day review that looks at how regulatory burdens, subsidies, and tax policies “are responsible for forcing the premature retirement of baseload power plants.” He also wants to know whether wholesale energy markets adequately compensate actions that, in his view, strengthen grid resilience such as on-site fuel supply usually provided by coal and nuclear plants.

“Perry’s effort suggests that the [Trump] administration may be looking for other ways to keep coal plants online,” Bloomberg’s account concludes.

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Mongolian basketball team became Asian University 3x3 Basketball Champion www.gogo.mn

Mongolian basketball team became a champion of the third edition of Asian University 3x3 Basketball Championships, which was held in Malaysia during April 12 to 16, 2017. 
Mongolian team won over the Philippines by 21:14 and Iran by 21:14 in group matches. Moreover, they battled against Indonesia in the quarter-final and won with 16:14 scores.
Mongolian team won a gold medal after beating China with 17:13 in the finals match. 
Also, player Naranbaatar won the title in the dunk contest. 
In the first edition of the Asian University 3x3 Basketball Championships 2015, the Mongolian team placed second and China won titles in their home. 
In the second edition which was held last year, Mongolia settled for a silver medal again and China became the champion.

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EU project to help Mongolia to export honey products www.montsame.mn

Ulaanbaatar /MONTSAME/ A team of an EU project “Support to the Modernization of Mongolia's Standardization System” has worked in Selenge aimag on April 12-13. The team was composed of project team leader Henk De Pauw, expert Andre Francois and other members. Their mission of the Selenge working tour was to assist with exporting honey and honey products made in Selenge aimag to the European Union.
The project team met with B.Munkhtur, Director of Food and Agricultural Department of Selenge province to exchange views on research works of exporting honey products to the European Union.
Moreover, the team visited some honey farms of Shaamar soum and co-held workshop on “Exporting honey products to the European Union” in cooperation with the Governor's Office and Food and Agriculture Department of Selenge province. The workshop was attended by over 100 honey farmers came from Suhkbaatar, Zuunburen, Shaamar, Tsagaanuur and Eruu soums of the province.

B.Amarjargal

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