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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Austria doubles cash offer for migrants to leave country www.rt.com

 
As part of a campaign to speed up the repatriation of around 50,000 asylum seekers, Vienna said it would double the amount of money paid to migrants who voluntarily return home.
 
They would be paid €1,000 ($1,080) to leave the country instead of the €500 previously offered.
 
Austria's Interior Minister Wolfgang Sobotka said the plan is primarily targeting "those who are not likely to be granted the right to long-term residence."
 
The payment offer is currently only available to the first 1,000 interested people who have already filed an asylum application.
 
It is primarily aimed at nationals from Iraq, Iran, Afghanistan and sub-Saharan countries, excluding people from neighboring Balkan countries.
 
With a population of 8.7 million people, Austria has received more than 130,000 asylum applications since 2015.
 
Official figures showed about 10,700 refugees left the country last year, including 5,800 by choice.
 
"The advantage of voluntary returns is that they are less traumatic," said Bernd Wachter of Caritas Austria, the Catholic Church's humanitarian organization which works closely with refugees.
 
"They allow you to better organize the reintegration in the country of origin," he told AFP.
 
Austria is among the countries hardest hit by the EU refugee crisis, with thousands of migrants and asylum seekers making their way toward central Europe.
 
According to Defense Minister Hans Peter Doskozil, up to 1,000 refugees and migrants enter the country every week.
 
Austrian Foreign Minister Sebastian Kurz has criticized the EU refugee quota plan, calling it “totally unrealistic.” The distribution of refugees by EU quotas doesn’t function because many countries are not ready to receive a high number of asylum seekers, he said. The situation with refugees in the EU is aggravated by the fact that migrants prefer certain countries to stay, Kurz added.
 
Austria’s government has capped asylum applications at 35,000 for 2017, announcing plans to strengthen surveillance and security measures, ban full-face veils in public and oblige migrants to sign an "integration contract."
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Russia's banking system has SWIFT alternative ready www.rt.com

 
If the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is shut down in Russia, the country’s banking system will not crash, according to Central Bank Governor Elvira Nabiullina. Russia has a substitute.
 
"There were threats that we can be disconnected from SWIFT. We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative," Nabiullina said at a meeting with President Vladimir Putin on Wednesday.
 
She also added that 90 percent of ATMs in Russia are ready to accept the Mir payment system, a domestic version of Visa and MasterCard.
 
Izvestia daily reported that as of January 2016, 330 Russian banks had been connected to the SWIFT alternative, the system for transfer of financial messages (SPFS).
 
In 2014 and 2015, when the crisis in relations between Russia and the West were at their peak over Crimea and eastern Ukraine, some Western politicians urged disconnecting Russia from SWIFT.
 
In November 2015, Nabiullina said the SPFS was close to being completed.
 
The central bank’s website says the system was established “as an alternative channel for interbank cooperation with the aim of ensuring the guaranteed and uninterrupted provision of services for the transmission of electronic messages on financial transactions.”
 
At present, the system has some drawbacks. It doesn’t work from 9pm to 5am Moscow time and costs up to five cents per wire transfer, which is regarded expensive.
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Alibaba to set up e-commerce hub in Malaysia www.chinadaily.com.cn

 
KUALA LUMPUR - China's e-commerce giant Alibaba group on Wednesday announced a plan to set up an e-commerce hub in Malaysia encompassing logistics, cloud-computing and e-financial service to boost trade and e-commerce in the region.
 
The e-commerce hub will be part of the collaboration between Alibaba and the Malaysian government in the development of a Digital Free Trade Zone (DFTZ) in Malaysia, in line with the Electronic World Trade Platform (eWTP) promoted by Jack Ma, Alibaba's executive chairman.
 
In launching the DFTZ with Malaysian Prime Minister Najib Razak, Ma said its first overseas e-hub would be aimed at empowering small and medium enterprises (SMEs) as well as the younger generation.
 
"This is the first hub specifically designed for small business and young people," he said. "And we are going to use new technology to empower small business and young people."
 
"There will be a logistics hub, we got one-stop service, we have got big data. As long as you have a good product, you have a good idea, this facility is going to enable you," he said.
 
For his part, Najib said Alibaba is the "perfect partner" for Malaysia to develop its digital economy.
 
Among the cooperation announced on Wednesday, Alibaba's logistic platform Cainiao and its e-commerce website Lazada will lead the effort to develop a regional e-commerce and logistics hub near the Kuala Lumpur International Airport.
 
The initial phase is currently expected to roll out before the end of 2017 by Alibaba, Cainiao, Lazada and Post Malaysia, leading to the planned formal launch by the end of 2019.
 
Alibaba Cloud, its cloud computing arm, will build a cloud platform in Malaysia to foster the local SMEs, while Ant Financial inked an agreement with Malaysia's leading banks CIMB bank and Maybank to explore collaboration opportunities in e-payment and financing services in Malaysia, with an initial focus on inbound Chinese tourism and promoting trade by Malaysian SMEs.
 
Daniel Zhang, chief executive of Alibaba Group, said Malaysia is chosen as Alibaba's regional logistics hub for its location as well as the fact that the two sides share the same vision.
 
"Globalization is Alibaba's long term strategy and today is an important milestone," said Zhang.
 
Neither Zhang nor Ma gave specific amount of investment that Alibaba plans to make in Malaysia, but Zhang said the group is committed to investing and developing the hub while drawing the long-term plan with the Malaysian side.
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Toyota, NTT to cooperate on connected cars www3.nhk.or.jp

 
Two of Japan's largest companies are partnering to take self-driving cars to the next level. Sources say Toyota Motor and telecom giant NTT will develop "connected cars" that use NTT's high-speed wireless technology.
 
NTT is currently developing the 5th generation mobile network, which is promising data transfer speeds 10 times faster than now.
 
"5G" is expected to improve the self-driving system. It will allow cars to exchange data with other vehicles and sensors along roads, in real time. Passengers will be able to watch high-definition videos.
 
Toyota is already working with another Japanese telecom firm, KDDI, to develop connected cars.
 
Executives at the carmaker hope to speed up development with their latest tie-up with NTT.
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China's ZTE Corp pleads guilty in U.S. court in sanctions case www.reuters.com

 
Chinese telecom equipment maker ZTE Corp (000063.SZ) (0763.HK) on Wednesday pleaded guilty in U.S. federal court in Texas for conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran.
 
The guilty plea was part of an agreement the company reached earlier this month with U.S. authorities that also called for nearly $900 million in fines and other penalties.
 
U.S. District Judge Ed Kinkeade in Dallas accepted the company's plea to three charges: conspiring to export American-made items to Iran without a license, obstructing justice, and making a material false statement.
 
Shenzhen-based ZTE has a U.S. subsidiary in Richardson, Texas.
 
A five-year investigation found ZTE conspired to evade U.S. embargoes by buying U.S. components, incorporating them into ZTE equipment and illegally shipping them to Iran.
 
ZTE, which devised elaborate schemes to hide the illegal activity, agreed to the guilty plea after the U.S. Department of Commerce took actions that threatened to cut off the gear maker's global supply chain.
 
The investigation followed reports by Reuters in 2012 that ZTE had signed contracts to ship millions of dollars' worth of hardware and software from some of the best-known U.S. technology companies to Iran's largest telecoms carrier.
 
As part of the deal, ZTE will be under probation for three years and agreed to cooperate with authorities in any investigation of the company or third parties. The judge appointed a former Texas judge to monitor ZTE's compliance.
 
The company settled with the U.S. Department of Justice, the U.S. Department of Treasury and the Commerce Department in early March.
 
In addition to $892 million it agreed to pay in fines and penalties, an additional penalty of $300 million could be imposed if it does not comply with its agreement with the Commerce Department over the next seven years.
 
One of the world's biggest telecommunications gear makers, ZTE purchases some $2.6 billion worth of components a year from U.S. firms, according to a company spokesman. Qualcomm (QCOM.O), Microsoft (MSFT.O) and Intel (INTC.O) are among its suppliers.
 
It also sells handset devices to U.S. mobile carriers AT&T Inc (T.N), T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N).
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Snap pops 9 percent after winning second 'buy' recommendation www.reuters.com

 
Shares of Snap Inc (SNAP.N) jumped 9 percent on Wednesday after the owner of messaging app Snapchat received a second analyst "buy" rating following a red-hot public listing this month and with Wall Street skeptical about its lofty valuation.
 
The listing on March 1 was the largest by a technology firm in three years, but trading has been volatile, with many investors critical of lack of profitability and decelerating user growth.
 
Snap's stock was up 7.1 percent at $21.84 early Wednesday afternoon and traders bought call options contracts at the fastest pace since they first became available on March 10, according to options analytics firm Trade Alert.
 
A call conveys the right to purchase shares at a fixed price and is usually used to bet on share price gains.
 
In the newest vote of confidence for Snap, Drexel Hamilton analyst Brian White on Tuesday launched coverage with a "buy" rating and a $30 target price.
 
"We view Snap as a platform for the imagination that unlocks the creativity of its users and allows uninhibited expression with friends. Snap is a fun place to spend time which can be monetized," White wrote in a note to clients.
 
The Los Angeles-based company's app, which allows users to share short-lived messages and pictures, is popular with young people but faces intense competition from larger rivals such as Facebook Inc's (FB.O) Instagram. Snap has warned it may never become profitable.
 
Based on the analysts' average buy, sell and neutral recommendations, Snap has the second-worst rating among 282 U.S. companies that have a market capitalization of at least $20 billion, according to Thomson Reuters data. The worst-rated is Sprint Corp (S.N).
 
Most analysts do not expect the stock to rise over the next year.
 
Including White, two analysts now recommend buying Snap's stock, while five recommend selling, and four have "neutral" ratings, according to Thomson Reuters data. Their median price target is $21.
 
In its first two days of trading, Snap surged 59 percent from its $17 initial public offering price.
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London-Paris electric flight 'in decade' www.bbc.com

 
A new start-up says that it intends to offer an electric-powered commercial flight from London to Paris in 10 years.
Its plane, yet to go into development, would carry 150 people on journeys of less than 300 miles.
Wright Electric said by removing the need for jet fuel, the price of travel could drop dramatically.
British low-cost airline Easyjet has expressed its interest in the technology.
"Easyjet has had discussions with Wright Electric and is actively providing an airline operator's perspective on the development of this exciting technology," the airline told the BBC.
However, significant hurdles need to be overcome if Wright Electric is to make the Wright One, pictured above, a reality.
The company is relying heavily on innovation in battery technology continuing to improve at its current rate. If not, the firm will not be able to build in enough power to give the plane the range it needs.
Industry experts are wary of the company's claims. Graham Warwick, technology editor of Aviation Weekly, said such technology was a "long way away".
"The battery technology is not there yet," he told the BBC.
"It's projected to come but it needs a significant improvement. Nobody thinks that is going to happen anytime soon. And there's all the [safety] certification - those rules are yet to be created, and that takes time."
The company is yet to produce a plane of its own and is instead working alongside American inventor Chip Yates, whose own electric aircraft, the Long-ESA, holds the world record for fastest electric aircraft.
Wright Electric's competitors include aviation giant Airbus, which has been developing its electric two-seater plane E-Fan since 2014, and has stated plans to create its own short-haul electric aeroplane seating 70 to 90 passengers.
'Less loud'
Wright Electric is backed by Y Combinator, Silicon Valley's most highly-regarded start-up incubator programme. Alumni of the scheme include companies such as AirBnB, file storage company Dropbox and HR management software firm Zenefits.
Wright Electric's goal, detailed in a presentation given to potential investors on Tuesday, is to make all short-haul flights electric-powered within the next 20 years, which would be about 30% of all flights made globally.
The company said that as well as lower fuel costs for the airlines, the technology could have a major added benefit for the public.
"Depending on how it's designed, you can have an electric plane that's substantially less loud than a fuel plane," said Jeff Engler, Wright Electric's co-founder.
Batteries would be charged separately, he said, meaning planes would not have to sit on the tarmac while power is replenished.
"The way we've designed our plane is to have modular battery packs for quick swap using the same cargo container that's in a regular airplane," Mr Engler said.
"We want it to be as fast as possible, so airlines can keep their planes in the air as long as possible and cover their costs."
Other technology start-ups are seeking to innovate within the aviation industry.
Boom, a company backed by Sir Richard Branson, is developing a Concorde-like supersonic jet. It hopes to achieve London to New York in three-and-a-half hours, a journey which currently takes more than eight hours. It is expected to run test flights later this year.
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President Ts.Elbegdorj meets UNSG's Special Envoy for Road Safety www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On March 22, the President of Mongolia Ts.Elbegdorj welcomed Jean Todt, United Nations Secretary-General's Special Envoy for Road Safety and President of the Fédération Internationale de l'Automobile (FIA). During his visit to Mongolia, Mr. Jean Todt worked at the Ministry of Road and Transport and the Traffic Police Department.
 
Mr. Jean Todt met with the authorities of the organizations and exchanged views on road and traffic safety issues.
 
The UN proclaimed the period 2011–2020 as a Decade of Action for Road Safety. At the meeting with the President of Mongolia, Mr. Jean Todt expressed that UN will support Mongolia’s effort to join the UN road safety conventions.
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Plans for coal-fired power plants drop by almost half in 2016 www.bbc.com

 
Twenty-sixteen saw a "dramatic" decline in the number of coal-fired power stations in pre-construction globally.
The authors of a new study say there was a 48% fall in planned coal units, with a 62% drop in construction starts.
The report, from several green campaign groups, claims changing policies and economic conditions in China and India were behind the decline.
However, the coal industry argues the fuel will remain essential to economic growth in Asia for decades to come.
Rapid swing
Between 2006 and 2016, India and China together accounted for 85% of the coal plants built around the world.
But according to the Boom and Bust 2017 report, put together by Greenpeace, the Sierra Club and CoalSwarm, there has been a huge swing away from coal in these two countries in just 12 months.
The main causes of the decline are the imposition of restrictive measures by China's central government - with the equivalent of 600 coal-fired units being put on hold until at least 2020.
The Indian go-slow was prompted, according to the authors, by the reluctance of banks to provide funds. Work at 13 locations is currently not going ahead.
However, there have also been significant retirements of coal plants in Europe and the US over the past two years, with roughly 120 large units being taken out of commission.
"This has been a messy year, and an unusual one," said Ted Nace, director of CoalSwarm.
"It's not normal to see construction frozen at scores of locations, but central authorities in China and bankers in India have come to recognize overbuilding of coal plants as a major waste of resources.
"However abrupt, the shift from fossil fuels to clean sources in the power sector is a positive one for health, climate security, and jobs. And by all indications, the shift is unstoppable."
The study comes as other groups analyse the potential for investments in coal to become stranded assets if governments continue to restrict CO2 emissions. The International Energy Agency (IEA) says that hundreds of billions of dollars could be at risk.
"The decline in new coal plants in Asian countries is truly dramatic, and shows how a perfect storm of factors is simply making coal a bad investment," said Paul Massara, now of North Star Solar but a former CEO of RWE npower.
"Growing awareness of the air pollution problems coal causes, the impact of policies to tackle climate change, and the rapid growth and cost-competitiveness of renewable sources of energy, along with emerging battery technologies, are making new coal plants redundant before they are even built," he said.
However, the World Coal Association vehemently disagrees. It says the complexity of large infrastructure projects means that until they break ground, it's no surprise if they don't go ahead.
"Yes, China, is reducing the number of coal-stations but not because it's transitioning away from coal. Instead, the new dynamics is a signal of a more developed economy," said Benjamin Sporton.
"Contrary to the picture being portrayed by certain quarters, China's climate pledge suggests that coal will continue to be central to its energy solutions, albeit through efficiencies including the use of new coal technologies.
"In India's case, it's simply not true that renewables are displacing coal. The International Energy Agency has said that India's coal demand will see the biggest growth over next five years with an annual average growth rate of 5% by 2021.
"For these countries, excluding coal from the energy mix is not an option; it is essential for economic growth and critical in securing energy access."
According to the authors of the study, the slowdown brings the possibility of keeping global warming under 2 degrees C since pre-industrial times "within feasible reach."
However, the study says that much more progress needs to be made to reduce the number of coal-fired plants under development in Vietnam, Indonesia, Turkey, Japan and elsewhere.
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UK airlines must have EU base after Brexit or lose major routes – report www.rt.com

Brussels has warned that unless airlines like EasyJet and Ryanair move their headquarters from the UK or sell shares to European nationals, they will lose profitable European routes, reports the Guardian.
 
If airlines want to continue flying routes like Milan to Paris, they will be forced to have their headquarters based on the territory of the European Union and a majority of their capital shares must be EU-owned.
 
This ruling will also affect the Dublin-based Ryanair. At present, it complies with the rules by having 60 percent of shares owned by the European investors. However, after Britain triggers Article 50, the amount will be reduced to 40 percent, and may force the company to buy out some UK shareholders.
 
While British Airways doesn’t fly intra-Europe, its parent company IAG will be forced to sell off shares to comply with EU rules.
 
“We will continue to comply with the relevant ownership and control regulations,” an IAG spokesman told Guardian.
 
Experts say this is likely to hurt British workers, as companies will shift jobs to the newly-established European companies.
 
“It might be that carriers choose to have domestic flights [on the continent] operated by their new European operating licence, which would probably mean a reduction in staff in the UK,” Thomas van der Wijngaart, an aviation expert at the legal firm Clyde & Co, told the Guardian.
 
The UK could respond by introducing ownership laws of its own, which could stop Dublin-based Ryanair from flying UK domestic routes, the newspaper noted.
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