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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Japan's largest steel firm seeks assistance www.nhk.or.jp

Japan's largest steel firm is seeking assistance from other companies to increase production on its behalf due to a fire at one of its factories.

The fire broke out at Nippon Steel & Sumitomo Metal Corporation's Oita Works in western Japan on January 5th. It heavily damaged electrical equipment at the mainstay factory producing steel plates for ships and other uses. The firm says it doesn't know when it can restart production.

Its factories in Chiba and Aichi Prefectures have already increased their production of plates to address the situation. But it has become increasingly difficult to make up for the loss.

Nippon Steel & Sumitomo Metal has asked 2 other Japanese firms, JFE Steel and Kobe Steel, to produce plates on its behalf.

The firm has not commented on the quantity it has asked others to produce.

Its Oita Works shipped 2.4 million tons of steel plates last year, equivalent to one-fourth of all domestic production.

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ALERT: Mongolian air pollution kills 120 children annually www.news.mn

A new report by the Mongolian National University of Medical Sciences has revealed some disturbing figures about the impact of Ulaanbaatar's killer smog. The writers state that 120 children and 1200-1300 people in Mongolia are dying every year due to illnesses and disease caused by or exacerbated by air pollution. MNUMS researched air pollution effects on health in cooperation with the University of California and Seoul National University. The report shows that children under the age of five are at greater risk than adults; air pollution can severely damage the development of a child's body.

Based on the WHO studies in 2009, over seven thousand deaths occur annually in Mongolia; 10% of them are associated with air pollution. However, the number of deaths increased to 20% in 2014. Currently the coldest winter in a decade has led to the increase in the burning of cheap fuel in the capital's 'ger district' shanty towns, which has resulted in more intense pollution.

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Import restrictions on right-hand drive vehicles to be developed www.gogo.mn

During the cabinet meeting on January 11, Minister of Road and Transport Development D.Ganbat introduced a decision about import restrictions on right-hand drive vehicles used more than 6 years.
As Mongolia has a standard of right-hand traffic, all regulations related to Mongolia’s traffic are designed for vehicles with steering wheel on the left. It means that all laws, rules, standards and road traffic safety regulators will be in correspondence to the left-hand side cars. However, vehicles to Mongolia have increased in the past decade.
According to studies, nearly 48 percent of all vehicles in Mongolia and nearly 55 percent of all cars in Ulaanbaatar have steering wheels on the right side.
In 2015, some 41,064 traffic-related accidents occurred, 64.4 percent of which were involved by vehicles with steering wheels on the right side.
Obligations were given to D.Ganbat, Minister of Road and Transport Development to develop a concrete proposal related to import restrictions on right-hand drive vehicles that are used more than 6 years.

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Age of Apple is over, says Peter Thiel www.rt.com

Arguably the most desired smartphone in the world, Apple’s iPhone, is losing popularity, says PayPal co-founder and first Facebook investor Peter Thiel.

When asked if "the age of Apple is over” by The New York Times, Thiel answered: "Confirm. We know what a smartphone looks like and does. It’s not the fault of Tim Cook, but it’s not an area where there will be any more innovation."

In October, Apple reported its first annual revenue decline in 15 years, as for the first time iPhone sales slumped. In the three months ending September 24, the Cupertino, California company said its revenue dropped about nine percent year on year.

Apple’s annual sales fell to $216 billion in the 2016 fiscal year ending September 30, down from a record $234 billion the year before.

The company’s sales in China, once a catalyst for growth, declined 30 percent year on year as the tech company faces competition from local producers like Xiaomi and Huawei that make more affordable smartphones with a similar set of functions.

Some analysts say the the world may have reached “peak Apple,” as nearly everyone who wants and can afford an iPhone and other products already has one.

The iPhone was first launched in June 2007, transforming the telecoms industry. However, Apple is facing increased competition from smartphones running on Google’s Android, and other gadgets.

Thiel co-founded PayPal in 1999 and became Facebook's first outside investor after acquiring a 10.2 percent stake for $500,000 in 2004.

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China, Japan, ROK discuss trade, investment in FTA negotiations www.chinadaily.com.cn

 
BEIJING - Delegates from China, Japan and the Republic of Korea (ROK) discussed goods and services trade and investment as they met in Beijing on Wednesday for the 11th round of trilateral free trade agreement (FTA) negotiations.
 
Vice-Minister of Commerce Wang Shouwen led the Chinese delegation, the Ministry of Commerce said in a statement.
 
Since their launch in November 2012, China-Japan-ROK Free Trade Agreement negotiations have been carried out.
 
The three parties agreed that the establishment of a trilateral FTA will help give full play to their advantages, unleash the economic vitality of the three countries and boost regional prosperity and development.
 
In November 2015, leaders from the three nations reiterated in a joint statement that they should accelerate the FTA negotiations.
 
China is the largest trading partner of Japan and the ROK. The three countries, whose combined GDP accounts for around 20 percent of that of the whole world, would constitute one of the three largest economic blocs, along with the European Union and North America, both of which already have FTAs among themselves.
 
 
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Import restrictions on right-hand drive vehicles to be developed www.mongolia.gogo.mn

 
During the cabinet meeting on January 11, Minister of Road and Transport Development D.Ganbat introduced a decision about import restrictions on right-hand drive vehicles used more than 6 years.
As Mongolia has a standard of right-hand traffic, all regulations related to Mongolia’s traffic are designed for vehicles with steering wheel on the left. It means that all laws, rules, standards and road traffic safety regulators will be in correspondence to the left-hand side cars. However, vehicles to Mongolia have increased in the past decade.
According to studies, nearly 48 percent of all vehicles in Mongolia and nearly 55 percent of all cars in Ulaanbaatar have steering wheels on the right side.
In 2015, some 41,064 traffic-related accidents occurred, 64.4 percent of which were involved by vehicles with steering wheels on the right side.
Obligations were given to D.Ganbat, Minister of Road and Transport Development to develop a concrete proposal related to import restrictions on right-hand drive vehicles that are used more than 6 years.
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Railway route in direction to ‘Erdenet-Ovoot’ defined www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Railway route in direction ‘Erdenet-Ovoot’, on which railway from Erdenet city of Orkon province to Ovoot coal mine in Tsetserleg soum of Khovsgol province is to be put, was defined during yesterday’s Cabinet meeting.
 
Relevant minister and chairmen of agencies were instructed to develop detailed feasibility study of the railway construction and engineering plan as well as to register the approved route coordination in National Space data.
 
The railway in direction of ‘Erdenet-Ovoot’ will enable putting products of mines in Khovsgol, Bulgan and Orkhon provinces into circulation, improving their efficiency and the development of tourism. Further basis for integrated transportation network will be founded to connect mines, industrial complexes and rural areas with railway.
 
‘Erdenet-Ovoot’ railway will be 542 km long with two basic stations and 8 junctions. It will have a capacity of 22.2 million tons/year, with transportation freight of 20 million tons/year and passing capacity of 16 pair of trains.
 
According to preliminary estimation, construction basis of the railway costs USD1.3 billion. 10 tons of mining products is estimated to be extracted in Ovoot coal mine in a year for further transportation.
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Dasin Retail Trust set to become Singapore's first IPO in 2017 www.asia.nikkei.com

 
SINGAPORE (NewsRise) -- Dasin Retail Trust is looking to raise around 150 million Singapore dollars ($105 million) from investors in Singapore in what will be the city-state's first initial public offering for 2017.
 
Dasin, which owns three shopping malls in the southern Chinese city of Zhongshan, has begun the book-building process and hopes to price the units on offer by Thursday, two bankers familiar with the deal said on Wednesday. The units will be offered to investors at 80 Singapore cents each, which works out to a dividend yield of around 8.5%.
 
Together with units held by the sponsor Zhongshan Dasin Real Estate Co., a developer, and cornerstone investors, the trust is expected to have a market value of around S$440 million when it starts trading, according to a draft prospectus dated Dec. 28 filed on the Monetary Authority of Singapore's Opera website.
 
Dasin hopes to publish its final prospectus by the end of this week, the sources added.
 
DBS is the lead manager for the IPO.
 
Singapore Exchange (SGX) is a popular listing venue for real estate investment trusts (REITs) and other property trust structures that pay regular dividends out of the rents received. Last year, property trusts accounted for three of the four largest new listings on SGX.
 
However, the bourse has also been hurt by a spate of de-listings, due in part to low valuations in recent years. Departures from the bourse last year included household names like Neptune Orient Lines, subway operator SMRT, Tiger Airways and massage chair and lifestyle products firm OSIM International.
 
Dasin's planned IPO comes amid a rally in global equities, with Singapore's benchmark Straits Times Index currently trading at 14-month highs.
 
Despite concerns that rising interest rates would make REITs less attractive by narrowing the yield differential, some analysts say the products remain a good investment for investors in search of steady dividends.
 
For example, UBS's private banking arm said in a recent report that central banks "are likely to err on the loose side of monetary policy, even if it comes at the cost of higher inflation. "
 
"REITs provide greater dividend certainty in an uncertain economic climate where earnings uncertainty puts some dividends at risk," the Swiss bank added.
 
Singapore-listed REITs with China properties offer yields around 7.5% based on current prices.
 
According to Dasin's draft prospectus, the initial portfolio will comprise the three Zhongshan-based malls that are valued at 4.6 billion yuan ($660 million). The three properties - Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour - have a combined gross floor area around 315,000 square meters.
 
A fourth property, Shiqi Metro Mall, will be added to the portfolio next year.
 
Zhongshan, located in China's wealthy Guangdong province, is known for the manufacturing of products such as lights, rosewood furniture, metal fittings and electronic acoustics.
 
The city is named after Sun Yat-sen, the founding father of modern China, whose name in Mandarin is Sun Zhongshan.
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Mark Carney signals Bank of England may raise forecast for UK economy www.theguardian.com

 
The Bank of England looks set to upgrade its forecasts for the UK economy after admitting that some of the risks posed by the Brexit vote last June have now receded.
 
Giving evidence to the Treasury select committee, governor Mark Carney said the Bank’s actions to avoid a market meltdown after the referendum were a key reason why Threadneedle Street might be raising its forecasts for a second time.
 
Carney also said the government needed to agree a transition deal for quitting the EU and insisted that Brexit posed a greater risk to the remaining members of the EU than the UK.
 
The Bank will publish its latest report on the economy next month and will take on board the stronger than expected performance in the second half of 2016.
 
“I would say, and I’ll say this very lightly, which is that recent data would be consistent with some further upgrade of the forecast but that process has not yet started,” said Carney.
 
In November, the Bank raised its growth forecast from 2% to 2.2% for 2016 and from 0.8% to 1.4% for 2017. Carney said the Bank had helped to “make the weather” through its emergency actions to boost growth taken in six weeks after the referendum.
 
His testimony coincided with another strong performance by the UK’s leading stock-market quoted companies, with the FTSE 100 closing at a record high for a tenth successive day. Share prices for companies which are dependent on their US dollar earnings have been boosted by the continued weakness of the pound, which on Wednesday hit a near 32-year-low against the American currency of just over $1.20.
 
Carney was quizzed by MPs about the forecasting record of the Bank following remarks last week by Threadneedle Street’s chief economist, Andy Haldane, in which he described the collapse of Lehman Brothers as the economics profession’s “Michael Fish moment” – the UK weather forecaster who in 1987 failed to predict a gigantic storm coming.
 
The governor said the Bank’s overly-pessimistic forecast for the economy in the immediate wake of the Brexit vote was less serious than its failure to spot the financial crisis of 2007-08.
 
“This is about the near-term strength of the economy which is absolutely welcome,” the governor said. “Missing the financial crisis is a big deal ... a different order of magnitude.”
 
Carney defended the Bank, saying it had helped the UK through the potentially difficult post-referendum period in two ways: by cutting interest rates and by ensuring the banking system was “rock solid”.
 
While admitting that Brexit still posed financial stability risks, Carney said the other 27 members of the EU now faced a bigger threat than the UK.
 
“I’m not saying there are not financial stability risks to the UK ... but there are greater financial stability risks on the continent in the short term, for the transition, than there are for the UK.”
 
Carney said other EU nations relied heavily on the City for their financial needs and could face major problems if international banks based in London are no longer able to gain easy access to European countries and corporations. “If you rely on a jurisdiction for three-quarters of your hedging activities, three-quarters of your foreign exchange activity, half your lending and half your securities transactions you should think very carefully about the transition from where you are today to where the new equilibrium will be.”
 
Andrew Tyrie, the Conservative MP who chairs the committee, said the governor had given advice to both the government and the EU about the need for transition arrangements. “And he’s also told the UK’s negotiating counterparts in the EU that they, more than the UK, are vulnerable to financial stability risks during the period of transition. I hope they are all listening,” said Tyrie.
 
Carney agreed with the analogy made earlier this week by HSBC bank chief Douglas Flint that the risk posed by Brexit to the financial markets was like a Jenga tower in which it was difficult to know which pieces could be removed without endangering the structure.
 
“I think it’s a decent analogy. I think just like when you play Jenga and you start early on, there are some pretty obvious pieces you can take out without imperilling the tower,” he said.
 
“At some point, losing elements of that has outsized – could have outsized – effects, and these are some of the judgements that the government will have to make,” he added.
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Microsoft staff 'suffering from PTSD' www.bbc.com

 
Two former Microsoft employees are suing the company for not protecting them from the psychological effects of viewing disturbing material.
The two men were left with Post-traumatic Stress Disorder (PTSD) after working at the firm, the lawsuit alleged.
Their jobs involved viewing and reporting material, communicated via Microsoft services, that had been flagged by automated software as being potentially illegal.
Microsoft told the BBC it disputed the claims, and that it offered industry-leading support.
"Microsoft takes seriously its responsibility to remove and report imagery of child sexual exploitation and abuse being shared on its services, as well as the health and resiliency of the employees who do this important work."
It said the balance of protecting internet users while minimising the impact on its employees was a continued learning process.
Saving children’s lives
Henry Soto and Greg Blauert worked for Microsoft’s Online Safety Team, a division responsible for upholding the firm’s legal obligation to pass on any illegal images to the US National Center for Missing and Exploited Children.
When an image is reported, or automated software has “spotted” an issue, a human being is required to view the material and forward it on to the authorities, a Microsoft spokeswoman said.
The company said people with this role are only required to do this particular task for a short period of time - and that they are kept in a “different building” from other staff.
But in papers filed on 30 December 2016, the two men said the company did little to warn or prepare them for the disturbing images they were required to view.
The lawsuit says both men’s efforts were “instrumental” in saving children’s lives and securing prosecutions, but that both were paying a serious psychological toll.
But the documents described Mr Blauert as suffering greatly from this work, contributing to a mental breakdown in 2013. When he expressed his discomfort, it is alleged that he was told to "smoke", "go for walk" or "play video games" as a distraction.
'Horrible and inhumane'
Mr Soto viewed "many thousands of photographs and videos of the most horrible, inhumane and disgusting content one can imagine," the papers said.
"Many people simply cannot imagine what Mr Soto had to view on a daily basis as most people do not understand how horrible and inhumane the worst people in the world can be."
In an internal employee review, Mr Soto was praised by his bosses for having "courage". However, he said the work resulted in him suffering "panic attacks, disassociation, depression, visual hallucinations" as well as the inability to be around young children, including his own son.
Doing so would remind him of "horribly violent acts against children that he had witnessed," the court papers said.
Mr Soto alleged that when he requested a transfer out of the team in 2014, he was told he would have to apply for a new job within Microsoft "just like any other employee". When he was eventually moved to a different section of the safety team, he said he was still being asked questions related to his prior role.
Microsoft disputed this particular detail, saying: "If an employee no longer wishes to do this work, he or she will be assigned other responsibilities."
Wellness
Employees on the Online Safety Team are automatically put on a “Wellness program”, Microsoft said, which included mandatory monthly one-on-one sessions with a counsellor to combat what is referred to as "compassion fatigue".
The company said many measures are taken to minimise the psychological impact on people viewing the material.
The measures include efforts to reduce the "realism" of the content.
Microsoft’s software automatically blurs imagery, lowers the resolution, makes it black and white and separates the audio from video. Images are only seen as thumbnails, not full size.
Furthermore: "Employees are limited in how long they may do this work per day and must go to a separate, dedicated office to do it; they can’t do this work at home or on personal equipment.”
However, a spokeswoman could not speak to whether employees undergo any psychological assessment prior to taking on the work.
Collaboration
Technology companies, particularly those offering web storage or social networking, are under continued pressure to do more to remove images depicting a variety of problems - from terrorist propaganda to child abuse.
The companies are working on better ways to share data so that an image flagged by one company would automatically be removed by another, minimising the number of people exposed to the material.
The lawsuit in this case is suing for an unspecified amount in damages, but also for its suggestions on how to improve the Online Safety Team to be taken on board.
Microsoft confirmed to the BBC it will oppose the lawsuit, but has not yet made its response to the court.
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