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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U.S. jury issues $500 million verdict in Facebook virtual reality lawsuit www.reuters.com

 
A U.S. jury in Texas on Wednesday ordered Facebook Inc, its virtual reality unit Oculus, and other defendants to pay a combined $500 million to ZeniMax Media Inc, a video game publisher that says Oculus stole its technology
The jury in federal court in Dallas found Oculus, which Facebook acquired for about $2 billion in 2014, used ZeniMax’s computer code to launch the Rift virtual-reality headset.
ZeniMax alleges that video game designer John Carmack developed core parts of the Rift’s technology while working at a ZeniMax subsidiary. Oculus hired Carmack in 2013.
Facebook's stock was not impacted by the verdict. The company's shares were up 3 percent in after-hours trading following the release of a fourth-quarter earnings report that beat expectations.
ZeniMax Chief Executive Robert Altman hailed the verdict and said in a statement the company was considering seeking an order blocking Oculus and Facebook from using its code. It is unclear what impact that would have on the Rift's market availability.
Though the jury ruled that none of the defendants misappropriated ZeniMax's trade secrets, it found Oculus' use of computer code directly infringed on ZeniMax's copyright. The jurors held Carmack and different Oculus co-founders Palmer Luckey and Brendan Iribe liable for forms of infringement.
The jury also found Oculus liable for breaching a non-disclosure agreement Luckey signed with ZeniMax in 2012, when he began corresponding about virtual reality with Carmack. The two met on an online forum.
Well-known for helping to conceive games such as "Quake" and "Doom," Carmack worked for id Software LLC before that company was acquired by ZeniMax. He is now the chief technology officer at Oculus.
Facebook Chief Executive Mark Zuckerberg testified last month during the three-week trial that none of ZeniMax’s proprietary code was incorporated into the Rift.
Though the jury did not find Facebook directly liable, it would likely be on the hook for damages owed by its subsidiary, absent an agreement stating otherwise.
In a statement, Oculus spokeswoman Emily Bauer noted the jury's finding on trade secrets theft and said the company would appeal. "We're obviously disappointed by a few other aspects of today's verdict, but we are undeterred," she said. "Oculus products are built with Oculus technology."
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Suzuki unveils models with enhanced safety systems www3.nhk.or.jp

 
Japan's Suzuki Motor has launched new mini vehicle models featuring enhanced safety systems.
Suzuki officials rolled out the new models in Tokyo on Wednesday.
The vehicles have an improved automatic braking system that uses a camera and laser sensor. These enable the system to detect pedestrians.
The cars also have a mechanism to prevent drivers from stepping on the gas pedal instead of the brake.
Suzuki officials say the latest hybrid power system improves mileage.
Company president Toshihiro Suzuki says demand is growing for mini vehicles with safety features, as many of their drivers are elderly.
Sales of mini vehicles have declined for 23 consecutive months, year on year, following a tax raise on mini vehicles in April, 2015.
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Plant fire costs Nippon Steel up to $350m www.asia.nikkei.com

 
TOKYO -- Nippon Steel & Sumitomo Metal's profits will likely be cut by some 30 billion yen to 40 billion yen ($265 million to $353 million) due to a fire at its plate mill in early January, The Nikkei learned Thursday.
The mill, in Oita Prefecture, southwestern Japan, is a key production site of the Japanese steelmaker. The damage is expected to affect the company's earnings for the two fiscal years through March 2018.
In addition to the costs to restore the damaged mill, the maker will face lower sales of steel plate. Compared to the manufacturer's other factory locations, the Oita plant has a larger capacity and better facilities for steel-plate making. Shifting production to other locations will raise production costs.
The fire began in the early morning on Jan. 5 and lasted 36 hours before being extinguished. Nippon Steel expects to resume operations of the plate mill sometime around September.
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Cameco to lose $1.3bn as Japan’s TEPCO cancels uranium contract www.mining.com

 
Uranium miner Cameco (TSX:CCO; NYSE:CCJ) is weighing its options after a key Japanese customer attempted to cancel its contract, which would mean $1.3 billion in lost revenue for the Canadian company.
Tokyo Electric Power Company Holdings (TEPCO), the operator of Japan’s wrecked Fukushima nuclear plant, issued a termination notice for a uranium supply contract on Jan. 24 and, earlier this week, it said it would not accept a delivery that was scheduled for Feb.1.
Such contract cancellation would affect about 9.3 million pounds of uranium deliveries through 2028, including about 855,000 pounds annually in 2017, 2018 and 2019, Cameco said.
Shares collapsed on the news. They were trading down 12.5% to Cdn$14.50 in Toronto at 1:00 pm, and 13.3% down in New York to $11.06 at 1:26 pm ET.
Cameco said the Japanese power company has cited forces beyond its control — specifically government regulations arising from the 2011 Fukushima nuclear accident — that have prevented the operation of its nuclear plants.
The Canadian firm insisted that there's no basis for terminating the contract and considers TEPCO to be in default. It said it will pursue its rights — including binding arbitration.
“We are surprised and disappointed that TEPCO is seeking to terminate its contract given all the past productive discussions we have had to date,” Cameco’s president and CEO Tim Gitzel said in the statement.
The company noted it has sufficient financial capacity to manage any loss of revenue in 2017 as a result of the dispute.
Including income coming from TEPCO, Cameco expects 2017 earnings will range between $2.1 billion to $2.2 billion. More information on the uranium miner’s financial position will be released next week.
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Federal Reserve upbeat on US economy as it holds rates www.bbc.com

 
The US central bank remained positive on the economy, as it kept interest rates on hold in its first meeting since President Donald Trump took office.
The Federal Reserve ruled unanimously to keep its benchmark interest rate in a range of 0.5% to 0.75%.
The jobs market and economic activity had continued to strengthen, it said.
"Measures of consumer and business sentiment have improved of late," the central bank also said in a statement.
The Fed had raised its benchmark interest rate by 0.25% in December, only the second increase in a decade.
Trump effect
President Trump has promised to boost growth through tax cuts, spending and deregulation, raising the prospect of higher inflation.
Fed chairwoman Janet Yellen warned last month that, with the economy near full employment, the central bank risked a "nasty surprise" on inflation if it was too slow with rate hikes.
On Wednesday, the Fed said inflation "will rise to 2% over the medium term", but did not comment on the effect of the Trump administration's plans.
Despite being upbeat, the central bank also signalled the Federal Open Markets Committee (FOMC), the body which sets rates, would still only make "gradual increases".
"This is only the first FOMC meeting of eight in 2017 so there are still plenty of opportunities for the Fed to raise interest rates throughout the year and it is likely that we will see a rate rise in March or June," said Kully Samra, UK managing director of wealth management firm Charles Schwab.
"In our view, two rate hikes this year would be sufficient to stave off inflation concerns and would not negatively impact economic growth."
'Chug along'
Dennis de Jong, managing director at UFX.com, said that uncertainty about Mr Trump's economic policies could further delay the next rate rise.
"With Trump still light on any concrete plans or time lines, [chairwoman Janet] Yellen may be forced to wait even longer before pulling the trigger," he said.
Official figures last week indicated the US economy grew at an annual pace of 1.9% in the fourth quarter of last year, a slowdown from growth in the previous quarter of 3.5%.
However, the central bank's outlook suggested "the economy continues to chug along and sentiment has improved", said Brian Jacobson, chief portfolio strategist at Wells Fargo.
The dollar and US stock markets were little changed on the Fed's announcement, as investors had widely expected rates to be left untouched.
The Dow Jones index rose 0.1% at 19,891 points. The S&P 500 index moved less than 1 point to 2,279 and the Nasdaq edged up 0.5% at 5,643.
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Waterstones makes first year of profit since 2008 financial crash www.theguardian.com

 
Strong sales of children’s books, teenage literature, and fiction have helped Waterstones to its first annual profit since the 2008 financial crisis, raising the potential of a stock market listing.
The bookseller made a £9.8m pretax profit in the year to 30 April 2016. The previous year is made a £4.5m loss.
Bought from HMV by the Russian billionaire Alexander Mamut in 2011 for £53m, Waterstones has shrugged off the rise of ebooks and Amazon to record a 4.3% increase in sales to £409m. Sales growth has continued in the past year, with a 4.7% rise over Christmas.
Mamut has spent about £100m on transforming Waterstones into a more efficient and modern retailer and, with sales growth and profits now on the rise, he is expected to cash out within the next few years.
James Daunt, the bookselling entrepreneur who was parachuted in almost six years ago to rescue Waterstones, said sales at established stores had grown at an even faster pace.
Children’s books such as the David Walliams titles and Jeff Kinney’s Wimpy Kid series, as well as teen fiction by the likes of Patrick Ness and Katherine Rundell have performed well. Daunt said young people were sharing news about what to read on social media.
“The growth of children’s books is an ongoing trend and an optimistic one for the future. People continue to read and teenagers continue to read and read more,” Daunt said. “Maybe the entertainment of a book becomes more obvious in a world of so much transitory social media.”
He added that sales of novels, which had been particularly affected by the rise of ebooks as fans of genre fiction such as crime novels fed their habit digitally, were also on the rise again.
“It’s not just the UK, almost all markets have seen similar growth,” Daunt said. “I don’t think readers are going off digital reading. It’s being used in a more indulgent way – when travelling – or if you are old and need a big font. But there are lots of studies which have found that reading a physical book is a very different experience. You remember it much more. It resides with you more than an ebook.”
Demand for Amazon’s Kindle e-reader has fallen so much that Daunt has removed them from most of Waterstones’ 280 stores.
While the rise of book sales and decline of ebooks has been important to Waterstones’ turnaround, Daunt said the business had also worked hard to differentiate itself from rivals such as Amazon and WHSmith.
He said book sales were partly being driven by Waterstones’ tactic of allowing staff to stock and push titles they believe would work in their store as well as helping readers discover new or less promoted authors.
Daunt added: “Book sales are back in growth again but we are also growing non-book sales, developing a cafe business and so the mix of what we sell is developing.” About 50 of the chain’s stores now have a Cafe W.
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China-backed electric vehicle startup Faraday scales back US plans www.asia.nikkei.com

DETROIT/BEIJING (Reuters) -- Electric luxury car startup Faraday Future, one of several Chinese-funded companies taking aim at Elon Musk's Tesla Inc, is throttling back on plans to build vehicles in the United States, the company and public officials said.

Faraday, an affiliate of Beijing-based Leshi Internet Information and Technology Corp, has also pared its planned product portfolio down from seven to two vehicles, according to two sources with direct knowledge of the company's plans.

Faraday will build a much smaller auto assembly facility than originally planned in North Las Vegas, Nevada, a city official said late on Tuesday.

North Las Vegas city manager Qiong Liu said Faraday told the city it will build a 650,000-square-foot (60,390-square-meter) facility, beginning later this year, on the site of a plant originally planned to take up 3 million square feet.

The downsizing follows an acknowledgment last fall by the company's founder, Chinese tech entrepreneur Jia Yueting, that his global operations were overextended. Former Faraday executives have said the company struggled with cash flow issues almost from its inception.

At least a dozen key U.S. executives have departed Faraday in the last nine months, according to the company and several of those executives.

In a statement, Faraday said it still plans to eventually construct the larger plant, but gave no timetable.

Faraday is still hiring contractors to begin building the factory shell, according to a source familiar with the plans, but there is no firm date for completion.

"We remain committed to the State of Nevada and are continuing our $1 billion investment in the region over the next few years," Faraday said in the statement.

Faraday announced plans in December 2015 to build its first auto factory in Nevada, with an annual capacity of 150,000 and a planned opening in late 2017. Documents submitted to the state showed a planned investment of $1.3 billion.

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Russian Zara Forced to Stop Sales of 'Dangerously Unbreathable' Shirts www.themoscowtimes.com

Spanish clothing giant Inditex has been forced to stop the sale of certain shirts in its Russian branches over government fears that they could be made from “dangerously” unbreathable material.

Inditex, which owns both Zara and Pull&Bear, was warned by Russian consumer watchdog Roskachestvo in June 2016 that the shirts posed a “threat” to consumers, the RBC news site reported.

"The fabric [which the shirts were made of] hardly let any air through at all,” Roskachestvo experts ruled. “Three shirts did not meet Customs Union requirements as to the breathability of the material, making them unsafe.”

The stores withdrew the shirts from sale after a meeting with Russia's Industry and Trade Ministry on Wednesday, “until the situation has been fully clarified.”

Inditex operated 485 stores in Russia as of January 2016. Worldwide, their brands also include Massimo Dutti, Bershka, Stradivarius, Oysho and Zara Home.

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Saudi Arabia wants to boost investment in US energy www.rt.com

 
Riyadh may increase investment in the American energy sector said Saudi Arabia's Minister of Energy, Industry and Mineral Resources, Khalid al-Falih.
"President Trump has policies which are good for the oil industries, and I think we have to acknowledge it... He has steered away from excessively anti-fossil fuels, unrealistic policies," Falih told the BBC.
"I think he wants a mixed energy portfolio that includes oil, gas, renewables and make sure the American economy is competitive. We want the same in Saudi Arabia," he added.
When asked whether he believes Trump will block oil imports from Saudi Arabia in a move to make US energy more independent, Falih answered: "We have no problem with the growth of American indigenous oil supply. I have repeatedly said, as long as they grow in line with global energy demand, we welcome them.”
"We had billions of dollars invested in refining and distribution in the United States, and we may be increasing that investment on the back of pro-industry, pro-oil and gas policies of the Trump administration," he added.
According to Falih, he’s ready to start working with Trump’s pick for US Energy Secretary, former Texas Governor Rick Perry.
"Saudi Arabia and the United States cannot afford not to work together... to confront the challenges that are facing the world," he told the British broadcaster.
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Russian automaker kicks off exports to China & UAE www.rt.com

Russian car producer AvtoVAZ has started exporting vehicles to the biggest auto market in the world, China, according to Life.ru. The company also started selling cars in the United Arab Emirates in a bid to have a share in the Middle East market.

The model being exported is the Lada 4x4 SUV, assembled in Kazakhstan by AvtoVAZ’s partner Asia Auto.

“[Chinese] exports began in January 2017. At this stage, we are talking only about the Lada 4x4 SUV. Even though custom clearance cost more than half of the car’s price, the car remains competitive,” a source at Asia Auto told Life.ru.

Chinese distributors are interested in the car, and the plant intends to sell more vehicles in the local market, the source said. Automakers need a Chinese distributor or pay tariffs of up to 83 percent.

“The tariff in the UAE is rather low; the market is open, and the price is cheap there. The prospects are enticing. A small but steady export of Ladas to the United Arab Emirates is underway,” the source added.

In Russia, Lada 4x4 costs around $8,550.

The plant in Kazakhstan will soon see a new assembly line, which will make 120,000 vehicles a year. Besides the Lada 4x4, the plant assembles the Lada Granta and Lada Kalina models with plans to build the new Lada Vesta and Lada Xray models.

Experts doubt the producer’s exports to China will be huge, but AvtoVAZ still may get a niche on the market, they added.

“It is unlikely that there will be significant sales volumes. We are talking about thousands of cars, but not tens of thousands. But as part of the marketing policy of diversification, why not? Basically, China is a big country, and a niche can be found there. From the point of view of the Chinese government, AvtoVAZ is unlikely to meet any opposition, as it’s a low-cost brand with a small volume of exports,” said VTB Capital car market analyst Vladimir Bespalov.

In 2016, AvtoVAZ exported 20,000 cars and intends to increase that by 50 percent in 2017. It has a stable market share in CIS countries and also delivers cars to Germany, Iran, Syria, Egypt, and Hungary. AvtoVAZ intends to expand to the Czech Republic, Mongolia, and South-East Asia.

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