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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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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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.

Tepco’s termination of the contract would affect about 9.3 million pounds of uranium deliveries through 2028, worth about $1.3 billion in revenue.
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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Housing price fall brings opportunities to investors www.gogo.mn

Mongolia’s construction sector constitutes about 4.0 percent of the national GDP. The sector have had its ups with annual growth of 10-16 percent and is now having its downs impacted by the restrictions in connection with the housing mortgage loans.
Only a quarter of Mongolia’s 859.1 thousand families are living in housing apartments connected to central heating and power networks. Also, some 204.5 thousand families (40 thousand a year approximately) in Ulaanbaatar are expected, pursuant to the government's action plan, to move from Ger districts to housing apartments in the next five years, according to a study provided by the Ministry of Construction and Urban Development.
Currently, the construction companies are managing their marketings, by receiving old apartments or cars as advance payment and offering more viable options to their customers. Some companies are taking no pre-payment at all and instead are giving out apartments on conditions with monthly lease.
Nevertheless, the current drop of properties' price may be an opportunity for businesspeople who are interested in investing in the construction sector of Mongolia.

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UB City to cooperate with Dutch company for better solution to parking www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ On Fabruary 1, P.Bayarkhuu, Deputy Mayor of Ulaanbaatar city in charge of infrastructure and Ger district area development signed a Memorandum of Understanding on cooperation with Weiss Co.Ltd. on introducing advanced technology to public transport of the capital city.
The MoU sets out to improve the situation in Ulaanbaatar of roads, car parkings and public transport. Mr Bayarkhuu shared, after signing the document, that a project named “Smart Parking” will be realized and that a working group will be formed immediately to launch implementation.
Weiss’s advisory council president, Mr Paul Staartjes expressed his confidence in successful cooperation.
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China becomes more efficient, cleaner in energy use www.chinadaily.com.cn

 
BEIJING - China made progress in energy efficiency and clean energy in 2016.
Energy use per unit of GDP fell 5 percent in 2016, according to the National Bureau of Statistics (NBS), a good start to reducing the figure by at least 15 percent by 2020.
Clean energy, including hydropower, wind power and natural gas, accounted for 19.5 percent of China's total energy consumption last year, up from 17.9 percent in 2015.
Coal accounted for 64 percent of total consumption in 2015, with the proportion to be cut to 58 percent or less by the end of 2020.
The push for efficient, clean energy is partly a response to environmental degradation.
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PM commends senior economist’s devotion www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat received State Honored Economist B.Osorgarav who initiated ‘Helping Mongolia overcome economic difficulties’ campaign on January 31.
On January 30, the senior economist held a press conference to inform the public of his initiative, and to announce that he would donate MNT 10 million, 10 horses and a gold ring to the Government to help recover the economy. The State Honored Economist has dedicated 50 years of his life to the country.
Following the economist’s call for joining the initiative, MP B.Delgersaikhan announced that he would be donating MNT 100 million yesterday, January 31.
According to B.Osorgarav’s estimation, if every citizen donates MNT 1000-2894, MNT 214 billion 692 million can be collected. And if government higher officials including MPs each donate MNT 20 - 100 million, and NGOs and other entities donate MNT 2-2.5 million, Mongolia can repay its debts and recover its economy.
The Prime Minister said, “There’s a Mongolian proverb that says, ‘Better break your bone than name’, and the name of our country is what’s most important to us. As such, there was a time when I said at a meeting that ‘In order to overcome the economic difficulty, and save the name of our country, and if necessary, I will turn to the people of Mongolia without shame’. However, as of today, no such situation has unveiled itself before us. Mongolia can repay its debt, and overturn the economic decline”.
“Most importantly, I truly respect your patriotic spirit and initiative to call for national integrity”, the Prime Minister highlighted.
The senior economist expressed that he would continue with the initiative which has allegedly gathered support from more than approximately 100 thousand people since MP B.Delgersaikhan’s announcement.
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Apple: iPhone 7 helps US giant return to growth www.bbc.com

 
Apple reported its highest ever quarterly revenue, as the iPhone 7 helped it return to a growth in sales in the final three months of 2016.
In its first full quarter since the iPhone 7's release, Apple reported net sales of $78.4bn (£62.3bn), up 3% on the same period a year ago.
Chief executive Tim Cook said Apple had sold "more iPhones than ever before".
It had also set new records for revenues from its Mac, Apple Watch and services divisions, he said.
Apple shares rose 3% in after-hours trading following the results.
iPhone recovery
"We're thrilled to report that our holiday quarter results generated Apple's highest quarterly revenue ever, and broke multiple records along the way," Mr Cook said.
Apple had suffered three quarters in a row of falling revenue as mounting competition, particularly from Chinese rivals, hit sales of its flagship iPhone.
In April, the firm reported its first fall in quarterly revenue since 2003, hurt by slowing business in China.
A continued slowdown in iPhone sales - which account for two thirds of income - led to Apple reporting a drop in annual revenue in October, the first such fall in 15 years.
Mr Cook said demand was particularly high for the larger iPhone 7 Plus during the quarter.
The iPhone 7 models - which were released in September and included an improved camera but ditched the traditional headphone socket - now account for about 17% of Apple's phone sales, according to research firm Localytics.
Apple said it had sold 78.3m iPhones in the three months to 31 December, up from 74.8m a year before.
It reported revenue of $54.3bn from iPhone sales, along with $7.2bn from the Mac, $5.5bn from the iPad and $4.0bn from other products, including the Apple Watch.
Services boom
Revenues from its services division - including the App Store, Apple Music and iCloud - were $7.1bn. The segment is now close to overtaking the Mac as Apple's second biggest source of revenue.
"Services obviously continues to be a real success story for them," said Jackdaw Research analyst Jan Dawson. "It's one of the fastest-growing segments they have, driven largely by the App Store."
Analysts expect growth in services to help offset declining hardware sales as the smartphone market matures.
Apple executives warned that some customers were holding back on phone upgrades in anticipation of the 10th anniversary iPhone later this year.
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Warren Buffett: I bought $12 billion of stock after Trump won www.reuters.com

 
The failure of Warren Buffett's favored candidate to capture the White House has not dimmed the billionaire's appetite for stocks.
Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway Inc (BRKa.N) since the Republican Donald Trump beat Democrat Hillary Clinton in the Nov. 8 U.S. presidential election
In an interview with talk show host Charlie Rose that aired on Friday night, Buffett suggested that Berkshire's post-election stock purchases overall were even higher, reflecting stocks that his deputies Todd Combs and Ted Weschler bought.
"We've, net, bought $12 billion of common stocks since the election," Buffett said. "The guys that work with me, the two fellows, they probably bought a little bit or sold a little bit too."
The speed with which Berkshire is buying stocks is unusual. It has spent in fewer than three months roughly half what it spent on equities in the three years ending Sept. 30, 2016.
Buffett demurred on whether Berkshire has added to its stakes in the four largest U.S. airlines: American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N), Southwest Airlines Co (LUV.N) and United Continental Holdings Inc (UAL.N).
Berkshire revealed those stakes in mid-November, surprising many given Buffett's long aversion to the sector.
Asked why Berkshire dove in, Buffett said: "It was in large part my decision."
Berkshire will likely by Feb. 14 disclose some of the stocks it has bought, in a regulatory filing listing most of its U.S. holdings as of year end.
The Omaha, Nebraska-based conglomerate owned $102.5 billion of equities as of Sept. 30, excluding its stake in Kraft Heinz Co (KHC.O).
U.S. stocks rose after Trump was elected, reflecting investor optimism that his policies might boost economic growth, aided by a Congress also under Republican control.
Buffett said Trump is unlikely to reach his goal of 4 percent annual growth, but that growth at half that level would over a generation add $19,000 per person to real gross domestic product.
"Two percent will produce miracles," Buffett said.
The U.S. economy grew by 1.6 percent last year, the lowest since 2011.
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