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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Japanese IT firms offer more childcare support www3.nhk.or.jp

 
Major Japanese IT firms are providing more support for employees who are raising young children.
 
Online mall operator Rakuten plans to expand a daycare center at its headquarters to accommodate 60 children in April. It had 20 places when it opened 2 years ago.
 
The center has English-speaking childcare workers because Rakuten has many foreign employees.
 
Managing Executive Officer Akio Sugihara says the company wants to help people to raise children without giving up their careers.
 
Portal site operator Yahoo Japan plans to allow staff who are raising children or providing nursing care for their relatives to take 3 days off a week.
Another IT firm, CyberAgent, has started a subsidy program for employees who send their children to unauthorized daycare facilities, which charge higher fees than authorized ones.
 
CyberAgent official Yukiko Tamura says those who apply for the subsidy say they were able to return to work thanks to the program.
 
The employees of the 3 firms have an average age of 32 to 36.
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12 provincial regions vow to reduce excess coal production www.chinadaily.com.cn

 
A total of 12 provincial regions have unveiled targets to cut excess coal capacity in 2017, with Shanxi, Henan and Guizhou pleading the biggest reductions, China Securities Journal reported.
 
Both Shanxi and Henan provinces plan to reduce coal output by 20 million tons this year, while Guizhou vows to cut production capacity by 15 million tons. The remaining regions' goals all stand below 8 million tons, the newspaper said.
 
China will reduce steel production capacity this year by around 50 million tons and shut down at least 150 million tons of coal production facilities, Premier Li Keqiang said Sunday in the Government Work Report at the fifth session of the 12th National People's Congress.
 
At the same time, the government will suspend or eliminate no less than 50 million kilowatts of coal-fired power generation capacity.
 
The government pledges to make more use of market- and law-based methods to address the problems of "zombie enterprises," encourage enterprise mergers, restructuring, and bankruptcy liquidations, and shut down all outdated production facilities that fail to meet standards.
 
In 2016, the country reduced coal capacity by 290 million tons and steel capacity by 65 million tons, said the premier.
 
China will face a tough year to cut coal capacity in 2017, said Jiang Zhimin, vice-head of China National Coal Association. Last year, some of the coal mines involved in capacity cut were already idle or operating at half capacity, so it's easy to achieve the goal. However, the coal mines involved this year are all running at normal capacity, said Jiang.
 
Furthermore, the resettlement of laid-off workers will be a difficult task for the government, Jiang added.
 
The country will shut down 500 million tons of coal capacity and consolidate another 500 million tons into the hands of fewer but more efficient mine operators in the next three to five years, according to a guideline issued by the State Council.
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Standard Life and Aberdeen Asset Management confirm merger talks www.theguardian.com

 
Hundreds of jobs could be cut if an £11bn merger of two of Scotland’s biggest companies – Standard Life and Aberdeen Asset Management – goes ahead.
 
Talks between the companies about a merger were revealed at the weekend and a tie-up could be confirmed as soon as Monday, creating the second biggest fund manager in Europe and the largest in the UK.
 
In a joint statement confirming the talks, the financial companies said the tie-up would boost profits by creating significant synergies and cost savings. Most of the cost savings are expected to come from eliminating any overlap of back-office operations – such as IT – by cutting jobs and closing offices. Sky News, which revealed the potential merger, reported that the companies could look to cut as much as £200m in annual costs.
 
Standard Life employs 6,300 people worldwide, including 5,500 in the UK, while Aberdeen has 2,800 employees, including 1,500 in the UK.
 
Sources close to the deal insisted at the weekend that Standard Life and Aberdeen were looking to merge in order to grow, not shrink, and create a flagship business for Scotland. They said that job losses could be offset by new opportunities created by the expansion of the enlarged company. Standard Life and Aberdeen are understood to have already held talks with the Scottish government about the proposed deal.
 
The two companies are exploring an all-share merger that would create a business overseeing pensions and savings worth £660bn. They hope to create an investment group with the clout to take on US giants such as BlackRock and Vanguard.
 
Standard Life shareholders would own 66.7% of the combined company while Aberdeen shareholders would get 33.3%.
 
The two companies claim the deal would create an investment group with strong brands and offers customers more choice. Standard Life and Aberdeen have reiterated their commitment to active management – where fund managers actively pick stocks and bonds. Active management has come under pressure from the growing popularity of cheaper index-tracking funds and an increase in costs caused by the introduction of stricter regulatory rules since the financial crisis
 
Faced with the same pressures, UK rival Henderson Global Investors recently agreed to take over Denver-based firm Janus Capital, creating a fund house with assets of more than $320bn (£260bn). Analysts expect middle and back-office roles to be cut as a result of the deal, but a number of senior investment managers have left Henderson amid concerns over cultural differences between the two firms.
 
Cultural differences will be less of an issue for two Scottish businesses, but any office closures and job losses will trigger concerns north of the border. Standard Life employs 5,000 people in Scotland, mostly at its head office in Edinburgh, while Aberdeen says just under half of its 1,500 UK workforce is based in Scotland.
 
Standard Life also has a customer service office in Glasgow with 200 people and another office in London in the Gherkin skyscraper, while its rival is based in Aberdeen and has offices in Edinburgh, London, Bristol and Jersey.
 
The combined group would be run by co-chief executives – Standard Life boss Keith Skeoch and his counterpart at Aberdeen Martin Gilbert. The Standard Life chairman Sir Gerry Grimstone would chair the new board, while Aberdeen’s chairman Simon Troughton would become deputy chairman.
 
It is likely to be based in Edinburgh and one name being considered for the enlarged company is Standard Aberdeen, although this is yet to be confirmed.
 
Under the terms of the deal, Aberdeen shareholders would receive 0.757 new Standard Life shares for each Aberdeen share. The planned tie-up would need to be approved by the shareholders of both companies – who have reacted positively so far – and competition authorities.
 
Gilbert has been on the lookout for a deal for Aberdeen for some time. The company suffered outflows of £10.5bn from its funds in the final three months of last year, taking its total assets to £302.7bn. Gilbert said “investor sentiment stalled” following Donald Trump’s election as US president. Aberdeen specialises in emerging markets and has struggled since investor interest cooled in recent years, prompting Gilbert to freeze salaries and cut other costs.
 
Standard Life has fared better, and recently posted a 9% rise in operating profit before tax to £723m for 2016. The Brexit vote in June “triggered very substantial [fund] outflows for the industry”, Skeoch said, but the impact on Standard Life was modest. Its assets increased 16% to £357.1bn over the year. However, its flagship investment fund, Global Asset Return Strategies, suffered as investors pulled out £4.3bn.
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South Korea's Lotte says 4 retail stores in China closed amid political tension www.reuters.com

South Korea's Lotte Group said on Monday four of its retail stores in China were closed after inspections by authorities, as Seoul protests at discriminating action by China after Lotte agreed to provide land for a U.S. missile defense system.

China is the biggest overseas market for Lotte Group, South Korea's No.5 conglomerate, generating annual sales of a little more than 3 trillion Korean won ($2.60 billion) in 2015.

A Lotte Mart spokesman said the four stores, in Dandong, Changzhou and two other locations, were closed last week after the inspections, but could not provide further details. Lotte Mart had about 115 stores in China by January.

The retail closures came after affiliate Lotte International Co Ltd approved a South Korean land swap last week to allow the U.S. Terminal High Altitude Area Defense (THAAD) system, which is being installed in response to North Korea's missile threat.

South Korea's military said earlier on Monday North Korea fired "multiple ballistic missiles" from its Tongchang-ri region, where a missile base is located.

South Korea's acting president Hwang Kyo-ahn said on Monday Seoul should swiftly complete the THAAD deployment after the launch of the missiles.

China has objected to the deployment of the missile system, saying it has a radar capable of penetrating Chinese territory.

Shares in Lotte Shopping (023530.KS), of which Lotte Mart is a business division, fell 2 percent by 0155 GMT, compared with a 0.2 percent drop in the wider market .KS11.

Lotte's duty free operator, Lotte Duty Free, said on Thursday a cyber attack using Chinese internet protocol (IP) addresses had crashed its website. It is currently back online.

FEARS OF CANCELLATIONS

China's tourism ministry instructed tour operators in Beijing on Thursday to stop selling trips to South Korea from March 15, with the order spreading to other regions across the mainland, an official at Korea Tourism Organization said on Monday.

The order came days after the Lotte land swap.

A Chinese company abruptly canceled its plan to send some 5,000 employees to South Korea's Incheon city in April, the official said, adding that there were concerns about more cancellations by group tourists.

Shares of tourism, cosmetics, and airline firms extended losses on Monday, although the declines were not as severe as those on Friday.

On Friday, China canceled its invitation for South Korea Trade Minister Joo Hyung-hwan to its annual Boao forum, the ministry said on Monday. The forum's office cited a lack of panels for a session to which Joo was invited, the ministry said, without elaborating further.

On Sunday, Joo expressed "deep concerns over a series of actions in China" and protested against discriminating action by China towards South Korean companies.

"We will act accordingly to international law against any actions that violate policies of the World Trade Organization (WTO) or the free trade agreement between South Korea and China," he said

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Mongolia Mining Forum held in Canada www.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolian delegation of 40 people is participating in the 2017 International Convention, Trade Show & Investors Exchange hosted by the Prospectors & Developers Association of Canada (PDAC) in Toronto, Canada on March 5-8.

The delegation is made of representatives of Government of Mongolia and state-owned companies.

On the first day of the convention, March 5, Mongolian Ministry of Mining and Heavy Industry in cooperation with Mongolian and foreign-invested exploration and mining companies hosted a Mongolia Mining Forum at PDAC. The forum was themed ‘Mongolia for Stability’, and aimed to provide investors and the international mining community with timely information on Mongolia’s current investment environment and mining industry.

The forum discussed Mongolia’s mining potentials, recent government actions to increase investment in mining sector and improve Mongolia’s competitiveness, and new exploration discoveries and upcoming investment opportunities.

Mongolia-Canada bilateral meetings also took place.

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China to cut steel capacity by 50 mln tonnes, coal by 150 mln tonnes www.xinhua.net

BEIJING, March 5 (Xinhua) -- China will push its drive to cut overcapacity in bloated sectors, with targets to slash steel production capacity by around 50 million tonnes and coal by at least 150 million tonnes this year, according to a government work report available to the media Sunday morning ahead of the annual parliamentary session.

The report pledged to make more use of market- and law-based methods to effectively deal with "zombie enterprises."

China eliminated steel production capacity by more than 65 million tonnes and coal by over 290 million tonnes last year, both beating government annual targets.

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Chinese coal draw-down gathers pace www.mining.com

Coal continues to be the sector in the cross-hairs of Chinese plans to shift its energy mix away from fossil fuels and into cleaner renewables.

In his annual report delivered Sunday, Premier Li Keqiang said the country would do away with over 50 gigawatts of coal-power capacity – an amount equivalent to over the entire capacity of South Africa – through new measures to wean itself off coal, MarketWatch reported.

The Chinese leader also said China would cut 150 million tonnes of coal capacity this year, about half of the 290 million tonnes cut in 2016.

China may also soon reinstate coal production curbs in an effort to avoid the return of an oversupply and improve the profitability of its heavily indebted coal industry. The curbs would come in the form of limiting mines' operations to 276 days a year, from the current 330 days.

Coal, particularly the steelmaking kind, rocketed last year after Beijing introduced production restrictions.

Meanwhile China's coal consumption dropped in 2016 for a third year in a row, official data showed last Tuesday, as the world's top consumer and producer of the fossil fuel continued tightening environmental rules aimed at dealing with pollution.

Beijing has made public its intention of modernizing its coal-fired power plants by 2020 in an effort to cut “polluting” emissions by 60%. The government also aims to add over 20 million kilowatts of installed wind power and more than 15 million kilowatts of installed photovoltaic power by the end of the decade.

Coal accounted for 62% of the nation’s energy mix last year, down from 64% in 2015, and it is expected to fall further under the current five-year plan of capping it at 55% by 2020, the National Bureau of Statistics said.

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Indian iron ore shipments up 169% www.mining.com

The amount of iron ore handled by India's ports has more than doubled in the period between April 2016 and January 2017.

In a recent report by the Indian Ports Association, quoted by Economic Times, the country's 12 major ports handled 169% more iron ore cargo – a total of 38.61 million tonnes – in the April to January period compared to the same period the year previously, when just 14.37 million tonnes crossed the nation's docks.

The increase in tonnage can partially be explained by a resumption in production from India's top iron exporting state of Goa in the summer of 2015, led by Vedanta Resources (LON:VED), after an almost three-year hiatus.

Iron ore output contracted 9.4% every year between 2012 and 2016 following mining bans in Goa, Odisha and Karnataka, Economic Times points out. Those bans are no longer in place, meaning analysts are bullish on Indian iron ore production.

BMI Research said last month it projects output to increase to 185 MT in the next four years, from 136 MT in 2017.

The boost is not only due to the spike in the iron ore price, which reached a 30-month high on Feb. 20, but also a surge in global steel production.

World Steel Association data released in February showed a 7% jump in global steel output in January to 136.5 million tonnes.

World number three steel producer India recorded the biggest gain of the major producing countries, with output increasing by 12% year-on-year. India's infrastructure push should keep blast furnaces on the subcontinent humming throughout this.

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Deutsche Bank to raise billions with rights issue www.bbc.com

Deutsche Bank plans to raise about 8bn euros (£6.9bn, $8.5bn) by issuing new shares.
The share sale by the troubled German bank is part of a wider shake-up.
The bank will partially float its asset management business and retain Postbank - the retail banking business it had been expected to sell.
Deutsche will be reorganised around three divisions: private banking and wealth management; asset management; and corporate and investment banking.
Germany's biggest bank is trying to reshape itself after grappling with huge losses and a 15bn euro legal bill imposed by regulators since 2012.
In December, Deutsche Bank said it had agreed a $7.2bn (£5.9bn) payment to US authorities to settle an investigation into mortgage-backed securities.
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The sale of residential mortgage-backed securities played a significant role in triggering the 2008 financial crisis.
The rights issue will be launched on 20 March in a bid to repair its balance sheet.

Peter Hahn at the London Institute of Banking and Finance said it was the first capital raising from Deutsche since it had drawn a line under many of its legacy issues.
"The atmosphere for banks has got much more positive in the last several months," Mr Hahn told the BBC. Deutsche Bank shares have risen 44% in the last six months, for example.
But there were still question marks over whether its investors would "put money in one more time", he said.
Deutsche will also promote chief finance officer Marcus Schenck and retail banking boss Christian Sewing to become co-deputy chief executives under chief executive John Cryan.
Mr Schenck will also become co-head of the investment bank alongside Garth Ritchie, who runs the bank's bond and equities trading activities.
Jeffrey Urwin, head of corporate and investment banking, will step down, and a new chief finance officer will be sought.
Deutsche aims to cut costs from 24.1bn euros to 22bn euros by 2018, as well as resume paying a "competitive dividend" to shareholders.

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Study tour and business program to Tel Aviv and Jerusalem, Israel on "Start up and business ecosystem development: Best practices"

Mongolian Business Database (MBD) www.mongolianbusinessdatabase.com and ConSolWays, Israeli-Mongolian consultation, Solution and business development firm are hosting a Mongolian trade mission to Tel Aviv and Jerusalem, Israel for 4 days study visit and business program on "Start up and business ecosystem development: Best practices" between March 25-31.2017.

The study visit program includes the business subjects on Agriculture (Green houses, agriculture export ecosystem) , IT Sector ( international accelerators) , health, communication, banking security, fintec and visits to other related institutions.

Please visit to following link for information in details and contact at contact@mongolianbusinessdatabase.com e mail, 77109911, 99066062 for the registration and inquiry.

The registration will close in March 15, 2017

http://www.mongolianbusinessdatabase.com/base/eventsdetails?id=5 

 

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