1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      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     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     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    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Lloyds snaps up MBNA for £1.9bn www.theguardian.com

 
Lloyds Banking Group is to spend £1.9bn on MBNA, a credit card business owned by Bank of America, as the bailed-out lender continues its recovery from the financial crisis.
 
The UK bank’s first major acquisition since its £20bn rescue by the taxpayer during the 2008 crisis will give it a 26% share of the credit card market and allow it to produce £100m annual savings within two years.
 
Lloyds, 7% owned by the taxpayer, would not comment on the implications for the workforces of the two operations, which employ a combined 2,700 in Chester.
 
MBNA – one of the UK’s largest credit card issuers, with 7 million customers including its own brands and the official cards of several major football clubs – has been on the market for some time. Lloyds had been battling against US private equity group Cerberus, HSBC and Santander UK for the operation.
 
A firewall against claims for payment protection insurance (PPI) was thought to be crucial in securing the deal. The misselling scandal has already cost Lloyds £17bn – more than any other bank – and Lloyds said its exposure to MBNA’s bill was capped at £240m, indicating Bank of America will pick up the tab for anything above that threshold.
 
The deal is expected to complete in the first six months of 2017, during which time the government is expected to sell the last of its shares in Lloyds.
 
Lloyds was the biggest riser on the FTSE 100 by mid-afternoon, up about 2.5% to 64p. The government is selling off its remaining stake at prices below the 76.3p average price at which taxpayers paid to take a 43% stake during the crisis.
 
António Horta-Osório, the Lloyds chief executive, said the MBNA name would be retained as part of the bank’s multi-brand strategy. Among its brands are Halifax, Bank of Scotland and car finance lender Black Horse. It also, he said, “advances our strategic aim to deliver sustainable growth as a UK-focused retail and commercial bank”.
 
Lloyds paid for the business out of its reserves, which sparked some concerns that it might not be able to pay a special dividend to shareholders. The bank insisted its payout policy was not altered. “Nothing has changed,” said George Culmer, Lloyds’ finance director.
 
The transaction further focuses Lloyds on the domestic market at time when the UK is preparing to exit the EU. Joseph Dickerson, a banking analyst at Jefferies, said the deal was “a very good use” of Lloyds’ excess capital and that the terms looked attractive.
 
Dickerson said that a special dividend “is now unlikely but the MBNA acquisition looks a better use of excess to us”.
 
The deal will increase Lloyds’ market share of credit cards from 15% to 26%, making it second only to Barclaycard in terms of size.
 
Culmer acknowledged the deal was subject to competition approval but he said a recent study had found the credit card market was “healthy and competitive”.
 
The bank has a 25% share of current accounts, 22% of retail deposits and 21% of mortgages.
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VW strikes another US emissions scandal deal www.bbc.com

 
Volkswagen has struck a deal with the US authorities over some 80,000 VW, Audi and Porsche cars with 3-litre diesel engines.
The agreement is another step towards allowing the German car maker to put the emissions cheating scandal behind it.
In June VW agreed to a $15bn (£12.1bn) settlement for another 475,000 vehicles affected by the scandal.
The new agreement will cost Volkswagen an estimated $1bn, US authorities said.
US District Judge Charles Breyer said owners of the 3-litre cars made between 2009 and 2016 would get "substantial compensation" for having them fixed or repaired.
However, there were some remaining issues to be resolved and another hearing will be held on Thursday, he said.
VW spokeswoman Jeannine Ginivan said the deal was "another important step forward in our efforts to make things right for our customers".
The firm admitted in September 2015 to installing secret software in 475,000 US 2-litre diesel cars to cheat exhaust emissions tests and make them appear cleaner in testing than they really were. They emitted up to 40 times the legally allowable pollution levels.
The $15bn settlement in June covered those vehicles, including an offer to buy them all back.
The US Justice Department said VW had agreed to contribute another $225m to a fund to offset excess diesel emissions.
In a separate filing, California's government said the company would increase the number of electric vehicles it sells in the state.
Robert Bosch, the German engineering firm that made the software for the VW diesels, has also agreed in principle to settle civil allegations at a cost of about $300m.
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Facebook faces fine for misleading EU in WhatsApp takeover www.rt.com

 
The European Commission has found Facebook guilty of providing misleading information before winning approval to buy the WhatsApp messenger in 2014.
Before the merger Facebook told the European competition watchdog it would not be able to establish "reliable automated matching between the two companies’ user accounts."
 
According to the Commission, the technical possibility to match ID's existed in 2014 and that the firm "intentionally or negligently" submitted misleading information, breaking European merger rules.
 
"The Commission's preliminary view is that Facebook gave us incorrect or misleading information during the investigation into its acquisition of WhatsApp," said the EU antitrust chief Margrethe Vestager.
 
Facebook has until January 31 to respond. The company may be fined up to one percent of annual sales. Facebook earned $3.69 billion on $17.93 billion in revenue in 2015, The objections from Brussels will not hurt the merger itself, sealed in 2014 for $22 billion.
 
"We respect the Commission's process and are confident a full review of the facts will confirm Facebook has acted in good faith," a Facebook spokeswoman said.
 
"We've consistently provided accurate information about our technical capabilities and plans, including in submissions about the WhatsApp acquisition and in voluntary briefings before WhatsApp's privacy policy update this year," she added.
 
Facebook is the second US tech giant recently fined by Vestager. On August 30, Apple fined €13 billion after a European investigation had concluded Ireland provided the iPhone maker with a favorable tax rate. It allowed the company to pay one percent on EU profits in 2003 down to 0.005 percent in 2014.
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Uber lost $800 million in the third quarter www.businessinsider.com

 
Uber has notched yet another quarter of staggering losses.
 
That's according to a new story out from The Information's Amir Efrati, who reports that the ride-hailing company lost more than $800 million in the third quarter of this year. Those losses, which follow a reported $1.27 billion in the first half of the year, put Uber on track to lose $2.8 billion in 2016, according to The Information's calculation.
 
While the millions in losses look bad on the surface for Uber — which was most recently valued at $68 billion — those losses are growing more slowly than they used to.
 
The Information reports that in Q3, Uber's losses increased only 25% from a year ago. That's a slowdown from 35% in the second quarter vs. a year ago.
 
The slower-growing losses are likely the result of it selling Uber China to Didi Chuxing for $35 billion in August. Uber was waging an expensive and protracted battle in China, losing $1 billion a year trying to beat its local rival.
 
The Information dives deeper into Uber's finances and how it's faring against competitors in both the US and abroad, so head over to their website for more.
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Mongolian FM pays official visit to Nepal www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs of Mongolia Ts. Munkh-Orgil paid an official visit to the Federal Democratic Republic of Nepal from December 19 to 20, 2016 at the invitation of his Nepalese counterpart, Dr. Prakash Sharan Mahat.
 
During the visit, the Minister paid courtesy calls on Ms Bidhya Devi Bhandari, the President of Nepal, on Ms Onsari Gharti Magar, the Speaker of Parliament of Nepal and on Mr Pushpa Kamal Dahal, the Prime Minister of Nepal respectively. Afterwards, Minister Munkh-Orgil had official talks with the Minister of Foreign Affairs of Nepal, Prakash Sharan Mahat.
 
At the meeting, the sides discussed bilateral relations and international and regional issues of mutual concern. Also, the parties agreed to exchange journalists and media reporters, to hold dialogues on issues related to international affairs, and to develop inter-parliamentary relations.
 
At the end of the meeting, the both sides inked an Agreement between Mongolia and Nepal on exemption from visa requirements for holders of diplomatic and official passports.
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Copper price correction in full swing www.mining.com

 
The copper price hit an 18-month high on an intraday basis at the end of November, buoyed by a rebound in top consumer China and a hopes of stronger economic growth in the US.
 
But the metal has been mostly in retreat this month as doubts creep in about the impact of president elect Trump's fiscal stimulus plans and a stronger dollar prompts profit-taking.
 
On Monday copper for delivery in March, the most active contract, declined 3.4% from Friday's close to a low of $2.4775 per pound ($5,395 a tonne) on the Comex market in New York.
 
While continuing to reduce bullish silver, platinum and gold bets, on the copper futures market hedge funds have added to long positions – bets on higher prices in future – for six weeks in a row.
 
According to the CFTC's weekly Commitment of Traders data up to December 13 so-called managed money investors have taken net longs to a fresh record high of just over 87,000 lots.
 
That's the equivalent of 2.2 billion pounds or nearly 1 billion tonnes and shatters the previous peak achieved mid-2014 when the copper price was above $3.20 a pound.
 
Recent declines aside, after vastly underperforming other metals and steelmaking raw materials in 2016, copper's enjoying a breakout fourth quarter with gains from six-year lows hit in January this year of nearly 28%.
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Belt and Road Initiative seeks world economic rebalancing, inclusive globalization www.chinadaily.com.cn

BEIJING - Industrial capacity cooperation has become a significant part of the Belt and Road Initiative and will serve as a crucial element of the global economic rebalancing as well as the extension of globalization towards its "land subsidence."

When it comes to the economic background of the Belt and Road Initiative, Western media frequently mention the issue of China's excess industrial capacity, claiming that China is trying to dumping its redundant industrial capacity to countries along the routes.

However, such criticism is a total neglect of the "double circulation," a trend of the world economy brought up by Chinese scholars, namely, the "developed economies-China" circulation and "the China-developing economies" circulation.

In a manner of speaking, within the "double circulation" system, China has gradually become the glue that holds the global economy together.

Along with its economic transformation and industrial upgrading, China is climbing up the global industrial chains to the middle and high ends while transferring some of its relatively lower-end production capacity into other economies, which is a natural progress in accordance with laws of economics.

For countries within the Belt and Road area, the pursuit of carrying forward their own industrialization and modernization is perfectly matched with China's "going abroad" strategy for the enormous industrial capacity accumulated for years.

The complementation between the two sides, creating new demand by enhancing effective supply, is certainly contributing to rebalancing the world economy.

The currently imbalanced global economy is partially a side effect of globalization. For a long period of time, globalization has not gone quite globally as it was expected to.

Most of the Belt and Road countries have been stuck in the "land subsidence" of globalization deep within the Eurasia continent, left forgotten and far behind in the course of economic globalization which has been flourishing along the ocean lanes across the world.

Nevertheless, things are about to change now. Economic ties between China and developing countries are growing increasingly stronger and closer, which is beneficial to the further development of economic globalization.

Over the last three years, for instance, China has signed industrial capacity cooperation agreements with more than 20 Belt and Road countries and built 52 economic and trade cooperation regions in 18 such countries.

It is fair to say that the realization of the Belt and Road Initiative is not only boosting the industrialization of the countries within the area, but also getting them on the map of economic globalization via the China bridge.

It is clear that by pushing forward the Belt and Road Initiative, China is seeking rebalance of the global economy, underlining "inclusive globalization" instead of "fragmented globalization" that used to prevail.

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Exclusive: U.S. proposed $5 billion - 7 billion penalty on Credit Suisse on toxic debt - source www.reuters.com

 
The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
 
The size of the suggested settlement indicates that the cost to the bank may be higher than analysts had expected and explains why Credit Suisse management, according to a second source, has been seeking a smaller penalty.
 
"Credit Suisse is confident of reaching a better solution," said the second person. Should talks break down, U.S. legal authorities could sue the bank, prolonging the uncertainty.
 
In a sign that negotiations may be reaching their final stages, U.S. Attorney General Loretta Lynch last week met with Credit Suisse chief executive Tidjane Thiam, another person familiar with the matter said.
 
A potential resolution could come as early as this week.
 
The sources did not want to be identified because the negotiations are not public.
 
Credit Suisse and the Department of Justice declined to comment.
 
The penalty stems from a 2012 initiative launched by U.S. President Barack Obama to hold banks accountable for selling mortgage debt while misleading investors about the risks, a practice that helped cause the worst economic crisis since the 1930s.
 
The penalties, which for U.S. banks reached $46 billion, are set to deliver another setback to European lenders, many of which remain fragile, with scant capital, in the wake of the financial crash.
 
After record settlements were reached with U.S. banks such as Bank of America and JPMorgan, the focus has turned to Europe's Deutsche Bank, Royal Bank of Scotland, Credit Suisse, Barclays, UBS and HSBC.
 
News in September that the Justice Department made an initial demand of Deutsche of $14 billion to settle its case sent the German lender's stock plummeting and raised fears Credit Suisse could also face a stiffer penalty.
 
Just prior to Deutsche confirming that the Department of Justice was seeking $14 billion, JP Morgan analysts estimated Credit Suisse's fine at around $2 billion.
 
Deutsche Bank could this week agree its penalty over the sale of toxic mortgage debt, one person with direct knowledge of the matter said on Monday. The bank has said it expects to pay materially less than $14 billion.
 
Credit Suisse's litigation provisions at the end of 2015 totalled 1.605 billion Swiss francs ($1.56 billion). In November, the bank said it had upped litigation provisions by 357 million francs, mainly in connection with mortgage-related matters.
 
In addition to the Justice Department probe, Credit Suisse is defending itself against lawsuits by the New York and New Jersey attorneys general over similar claims involving billions of dollars of investor losses.
 
If Credit Suisse reaches a settlement with federal authorities, it will likely settle with the states as well.
 
A New York attorney general spokeswoman declined to comment, and New Jersey did not immediately return a call for comment.
 
President-elect Donald Trump takes office on Jan. 20, which means key government players involved in the negotiations would change, complicating the banks' efforts to reach settlements.
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Mongolian State Great Khural and UAE’s Federal National Assembly ink cooperation MOU www.mongolia.gogo.mn

 
Ulaanbaatar /MONTSAME/ The Speaker of Mongolian Parliament, Mr M.Enkhbold and the President of the Federal National Assembly of the United Arab Emirates, Dr Amal Abdullah Al Qubaisi signed a Memorandum of Understanding on Cooperation between Parliaments on December 19 in Abu Dhabi.
The MoU covers issues concerning bilateral cooperation on both regional and global levels, and bilateral relations in the areas of politics, economy, culture and education.
During the ceremony, Dr Abdullah Al Qubaisi touched upon the matters of bilateral cooperation in investment, economy, justice and humanities. She highlighted that the UAE places a great importance in energy cooperation with Mongolia, and that both legislatures must pay a special attention to eliminating duplicated taxes and alleviation of visa conditions.
She underlined “Launching direct flights will lend an actual impetus to achieve more tangible progress. Also, the cooperation in culture, education and humanities are as equally important as the economic ties. First of all, it is vital to increase the number of Mongolians who study Arab language”.
Mr Enkhbold said “We strive to broaden the scope of bilateral relations, strengthening cooperation in export of meat and meat products and co-implement major projects. He proposed the other party to consider and study the feasibilities to draw workforce from Mongolia. He viewed that this is important for training professional cadres in Emirates and for consolidating the people-to-people ties. Ms Abdullah Al Qubaisi applauded this proposal.
Mongolia and the United Arab Emirates established diplomatic ties in 1996. Flydubai and Mongolia’s MIAT have signed Agreement of Aviation Relations.
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Softbank to invest $1 bil. in US satellite startup www3.nhk.or.jp

 
Japanese telecom operator Softbank will invest 1 billion dollars in a US venture that aims to provide global internet access through small, low-flying satellites.
 
The company officially announced the investment in the company OneWeb Limited on Monday.
 
The Virginia-based company has plans to launch more than 720 satellites. They will provide internet access to areas across the globe, including developing countries and disaster-hit areas.
 
The US firm plans to build a facility in Florida where it will manufacture the next-generation satellites.
 
The investment from Softbank will mainly go to building the Florida plant. It is estimated that the project will create about 3,000 jobs over the next 4 years.
 
Softbank Group Chairman and CEO Masayoshi Son met US President-elect Donald Trump in New York earlier this month and pledged investment and job creation in the United States.
 
Son called the investment in OneWeb "the first step toward delivering on that promise with the next US President."
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