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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Labour calls for closer scrutiny of tech firms and their algorithms www.theguardian.com

 
Labour’s industrial spokesperson has called for the algorithms used by technology firms to be made transparent and subject to regulation, as the party prepares the new year launch of its industrial strategy consultation.
 
Shadow minister Chi Onwurah wants to see greater scrutiny of the mathematical formulas that now control everything from the tailored news served to Facebook members to the speed at which workers are required to move around an Amazon warehouse.
 
“Algorithms aren’t above the law,” Onwurah warned this weekend. In a telephone interview on Sunday, she said: “The outcomes of algorithms are regulated – the companies which use them have to meet employment law and competition law. The question is, how do we make that regulation effective when we can’t see the algorithm?”
 
Labour’s industrial paper, due to be published after the Christmas break, will call for suggestions on how tech firms could be more closely supervised by government.
 
“We expect algorithms and data rights to be considered as part of that consultation,” said Onwurah, who was shadow digital economy minister before taking on the industrial brief. “Algorithms are part of our world, so they are subject to regulation, but because they are not transparent, it’s difficult to regulate them effectively.”
 
The business models of technology firms are increasingly being challenged by lawmakers. Google’s shopping and advertising services are under investigation by the European commission, while Uber drivers won a landmark case at a London tribunal this autumn to be considered as employees of the ride-hailing app, and therefore entitled to a minimum wage and holiday pay.
 
The equations behind the operations of digital businesses are a closely guarded trade secret. Any suggestion that they might have to hand them over to government agencies is likely to trigger a major pushback from silicon valley, where many of the biggest names are headquartered. Some commentators have compared forcing Google to share its search algorithm to ordering Coca-Cola disclose the secret recipe behind its best selling fizzy drink.
 
But pressure for reform is mounting. Social media platforms are being blamed for allowing the spread of misinformation and online abuse, conditions which some argue are fueling the resurgence of extreme politics in America and western Europe.
 
There are also signs that Google pages are being distorted by the spread of unchecked hate speech. Many search results are now reinforcing extreme views, with articles denying the holocaust or disparaging women increasingly appearing at the top of the rankings.
 
Facebook has swung between relying entirely on maths and employing humans as well as software to weed out fake news, pornography and extremist propaganda.
 
“If people were falling very ill after drinking Coca-Cola, the company would have some duty to share what could be causing that,” said Onwurah, a chartered engineer who built telecoms networks before entering parliament.
 
“Google and others argue their results are a mirror to society, not their responsibility,” she wrote in a letter published Sunday. “Google, Facebook and Uber need to take responsibility for the unintended consequences of the algorithms and machine learning that drive their profits. They can bring huge benefits and great apps, but we need a tech-savvy government to minimise the downside by opening up algorithms to regulation as well as legislating for greater consumer ownership of data and control of the advertising revenue it generates.”
 
She has raised concerns about Google being given access to NHS patient data. Its British subsidiary DeepMind, which specialises in machine learning, has signed an agreement with the Royal Free Hospital in north London to develop an app that will warn doctors when patients are at risk of acute kidney injury. Junior health minister Nicola Blackwood revealed, in response to parliamentary questions, that the government had not been shown the details of the agreement or discussed it with the hospital.
 
“Labour is having to raise the debate because the government is years behind on this and refuses to face up to the challenges of the digital era,” Onwurah said.
 
The government says it is introducing greater protection for consumers and in particular for children online. The digital economy bill, which is awaiting approval from the House of Lords, is designed to ensure that websites that allow children to access pornographic content will be blocked.
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Revolution-era New York mine could produce hydro power www.mining.com

 
Flooding a mine is a closure strategy that mining companies often use as part of a rehabilitation plan usually decided at the beginning of a mine's operating life.
 
Once the tunnels are flooded, the mine and its workings become submerged, not just in a physical sense but in the minds of the public, who then regard that mine as finished, and the lake that fills the former pit probably assigned a recreational use.
 
An abandoned mine in New York state seemed to be destined to a similar, ignominious fate, but for a group of engineers who saw the historically-significant iron ore mine serving a more useful purpose.
 
The engineers are "pitching a plan to circulate some of the millions of gallons of groundwater that have flooded the mine shafts over the years to power an array of 100 hydroelectric turbines a half-mile underground," reads a story about the centuries-old mine, located in the Adirondacks mountains of upstate New York, carried by Associated Press.
 
The mine which closed in 1971 apparently notched its mark on history for contributing iron for one of the first naval battles of the Revolutionary War on nearby Lake Champlain. According to Wikipedia, the Battle of Valcour Island, also known as the Battle of Valcour Bay, took place on October 11, 1776, on Lake Champlain. Some more colour is provided by the Lake Champlain Maritime Museum, which sets the stage for the battle on its website:
 
The American fleet, commanded by Arnold, consisted of eight gondolas, three row galleys, two schooners, one sloop, one cutter and bateaux. The vessels in the British fleet were not only larger with better sailing characteristics, but they were also crewed by professional sailors under the command of skilled naval officers.
Electricity produced from the turbines would feed into current solar and wind producers, who lack a source of uninterrupted power, according to AP:
 
Engineers would drain roughly half of the water from the shafts and pump the remainder into an upper chamber. The water would then be released into a lower chamber, powering turbines and creating electricity. The turbines would be reversed to pump the water back up to repeat the process.
 
The project is basically an underground version of big outdoor projects that rely on the same principle. The New York Power Authority’s Blenheim-Gilboa Pumped Storage Project in the Catskills and the proposed Eagle Mountain project in southern California, for example, use outdoor, hilltop lakes as the upper reservoirs.
While pumped hydro power has been used for decades in the United States as the primary source of energy storage used to meet periods of peak electricity demand, mines are not typically used as reservoirs. If approved by federal authorities, the Mineville Pumped Storage Project would be one the first of its kind in America. AP points out that a similar project has been proposed for an abandoned mine and quarry in Elmhurst, Illinois.
 
North of the border, Northland Power is considering a pumped power project involving a decommissioned open-pit iron ore mine on the former Bethlehem Steel site between Ottawa and Toronto. The Marmora Pumped Storage facility would produce 400 megawatts of electricity for five hours, and create a waterfall nearly five times the height of Niagara Falls, Clean Technica reported in 2013.
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Samsung Electronics likely to procure phone batteries from LG Chem: Chosun Ilbo www.reuters.com

 
Samsung Electronics Co Ltd is in talks with LG Chem Ltd to make it one of its smartphone battery suppliers, the Chosun Ilbo newspaper said on Monday - a move that would diversify its supplier base after the failure of its Galaxy Note 7.
 
Samsung Electronics, the world's top smartphone maker, currently procures Note batteries from group firm Samsung SDI and China's Amperex Technology.
 
Chosun Ilbo quoted an industry official as saying that there was more than a 90 percent chance of a deal being struck and said that Samsung Electronics would likely begin procuring LG Chem batteries from the second half of next year.
 
A Samsung Electronics spokeswoman did not have immediate comment on the report, while an LG Chem spokesman declined to comment.
 
Samsung Electronics announced the recall of 2.5 million fire-prone Note 7s in early September, a fault that was attributed to a defect in Samsung SDI battery. In October, it pulled the plug on the $882 device after replacement phones using batteries from China's Amperex Technology also caught fire.
 
LG Chem currently makes phone batteries for its affiliate LG Electronics and U.S. company Apple Inc, analysts said.
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Fairfax Financial to buy Allied World for $4.9 billion in cash-and-stock deal www.reuters.com

 
Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings Ltd (AWH.N) said on Sunday they agreed to merge in a $4.9 bln cash-and-stock deal, according to a joint news release.
 
The offer with dividend amounted to $54 per share for Allied World, or an 18 percent premium above the insurance company's closing price on Friday, the release said.
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Vale opens largest iron ore mine in its history www.mining.com

 
Vale SA (NYSE:VALE) cut the ribbon on a massive iron ore mine in Brazil on Saturday – the largest in its history and what the world's largest iron ore producer says is the biggest ever in the mining industry.
 
While that is quite a claim, delving into the details of the $14.3-billion S11D complex shows that Vale is most likely correct.
 
Located in Canaã dos Carajás in Southeast Pará, the project – which includes the mine, processing plant, railroad and port logistics – has been 15 years in the making, starting with the first technical and feasibility studies in 2001. The Preliminary License (LP) was granted in June 2012 and, a year later, the Installation License (LI) was issued. On December 9, the Operation License (LO) was granted. Commercial operations start in January 2017 and the mine’s lifespan is expected to be 30 years.
 
S11D is also the largest private investment made in Brazil in a decade, which Vale says will boost the economies of the states of Pará and Maranhão. The company says its operations in Minas Gerais will also benefit from the project, since that ore will be blended with that extracted from S11D.
 
“For me, seeing the completion of S11D is much more than just witnessing a new landmark in the mining industry. More than an enterprise embodying the latest technology, low cost and high productivity, the S11D portrays Vale’s ability to make things happen,” Vale’s CEO, Murilo Ferreira, said in a press release describing the project in detail.
 
The completion of the mine is as much a feat of mining engineering/ construction as of transportation logistics.
 
Out of the US$14.3 billion invested in the project, $6.4 billion accounted for the mine and plant, and $ 7.9 billion in the construction of a 101-km-long railroad branch, and to expansions of the Carajás Railroad (EFC) and of the Ponta da Madeira Maritime Terminal in São Luís (MA).
 
S11D forms part of Vale's massive Carajás complex and will add another 90 million tonnes to the miner's capacity pushing it to between 400 and 450 million tonnes per year, by 2020.
 
The project was named after its location: it is on block D of the S11 ore body, which contains four blocks: A, B, C and D. According to Vale, S11’s mineral potential is 10 billion tons of iron ore, and blocks C and D together have reserves of 4.24 billion metric tons. The first geological surveys in the region occurred in the 1970’s.
 
Its full name is the Eliezer Batista S11D Complex, named after the company’s former president who was in charge of building the Tubarão Complex and assessing the feasibility of the Carajás mine.
 
Vale said in November it has been able to reduce cash costs to just $12.70 per tonne (it's in the high teens at Rio Tinto and BHP) and that S11D could push costs below $10 a tonne, thanks largely to the weak real which is down more than a third in value against the US dollar over the past year. The press release confirms that Vale expects to deliver ore at the Ponta da Madeira Maritime Terminal in São Luís (MA), the so-called C1 cash cost, at US$7.70 per tonne – 41% less than Vale’s current average C1 cost.
 
One of the most interesting aspects of the project is its automation. The mine will use a truckless system for conveying the ore – with a set of structures comprised of mobile excavators and crushers interconnected by a conveyor belt. Shovels will dump the ore in mobile crushers, which feed a system of mobile and fixed conveyors installed inside the mine, and long distance conveyors connecting the mine to the plant and waste piles. The total length of the truckless conveyor belts operating in the mine and the plant is 68 km. Vale says the truckless system will cut fuel costs by 70% as well as slash waste and greenhouse gas emissions.
 
The ore will be dry processed with equipment developed by Vale in partnership with manufacturers, specially tailored to process the high-moisture ore from Carajás, the company states. Dry processing – using iron ore's own natural moisture – is expected to cut water consumption by 93% and will eliminate the need for tailings dams.
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Abu Dhabi becomes top BP shareholder www.bbc.com

 
Abu Dhabi has become one of BP's biggest shareholders under a deal which gives the oil company a much bigger stake in the emirate's oil output.
BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production.
The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year.
In return Abu Dhabi will receive a 2% stake in BP worth almost £2bn.
That would put Abu Dhabi among the company's top 10 shareholders and ahead of Kuwait, which owns a 1.7% stake.
Currently the investment firm Blackrock is the biggest single shareholder in BP with a 5.4% share.
'Cutting-edge'
In a statement, BP's chief executive Bob Dudley said: "This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well.
"We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximise recovery from these assets."
BP's business ties with the United Arab Emirates date back to the 1930s when it set up a depot in Sharjah to refuel the first aircraft travelling from the UK to India.
In Abu Dhabi it owns stakes in several oil and gas operations, including a 15% interest in offshore oil and gas fields.
In November BP blamed the falling price of oil for a near 50% fall in third quarter profits.
It has been cutting back its investments in new fields to help restore profitability.
In October it announced that it was abandoning a plan to drill for oil off the south coast of Australia.
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54TH ANNUAL ACADEMY OF AMERICAN AND INTERNATIONAL LAW (Save the date) www.mongolianbusinessdatabase.com

May 21 - June 23, 2017inPlano, Texas, USA

The Center for American and International Law
5201 Democracy Drive
Plano, Texas 75024
USA

The Institute's premier annual event is the Academy of American and International Law. www.cailaw.org

Since 1964, this multi-week program has attracted over 3,000 participants from 120 countries. Through its extraordinary classroom and extracurricular schedule, the Academy offers opportunities to forge valuable international relationships that last a lifetime.

This intensive, five-week course of study is designed for lawyers from outside the United States and focuses on U.S. law and international business transactions. Participants from more than 20 countries study and socialize together, learning from an impressive faculty and from each other. They receive instruction from some of the best teachers and practitioners of international law from U.S. law schools, law firms, and corporations.

The practical curriculum includes both skills training and substantive law subjects (legal writing, negotiations, international arbitration and litigation, international business transactions, mergers and acquisitions, international taxation, and more).

Please contact Jasmine Hunt jhunt@cailaw.org directly or Ser Od Ichinkhorloo Country Coordinator of CAILAW at serod@b2bmongolia.com and 976 99066062 mobile for an additional inquiry.

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Hackers are selling Yahoo data on the dark web www.cnn.com

The most recently revealed Yahoo hack is considered the largest data breach in history, and the saga just got worse.
In 2013, more than one billion Yahoo (YHOO, Tech30) accounts were breached, and personal information like phone numbers, passwords, security questions and backup email addresses was stolen.
All of that data is for sale on the dark web, according to cybersecurity firm InfoArmor, which discovered the compromised information in August. At the time, it was sold to three parties for $300,000 each. Data is still for sale, but now that the breach is public, the price is expected to drop. (The dark web is an encrypted network only accessible through software like the privacy program Tor.)
Yahoo told CNNMoney it doesn't speculate on data that may or may not be for sale on the black market, but it is currently looking into the claims.
Andrew Komarov, chief intelligence officer at InfoArmor, said his firm told law enforcement agencies about the hack in recent months. It contained data from employees of agencies including the FBI, NSA, the White House and officials in the U.K.

The FBI said at a White House briefing on Thursday it is investigating the incident.
Yahoo, which learned about the August 2013 hack last month, said it was separate from the massive breach announced in September. Yahoo attributed that attack, which compromised 500 million accounts, to a "state-sponsored actor," but it has yet to identify the party responsible for the breach announced this week.
However, Komarov's firm has identified the hackers as Group E, cybercriminals based in Eastern Europe with a track record of hacking Dropbox, Tumblr and Russia-based social network VK.com.
InfoArmor, which has tracked Group E for three years, doesn't believe that the group perpetrated the hack for a foreign government.
"[Group E] earns money on selling stolen data mainly to spammers," Komarov said in an interview with CNNMoney.
"But in the case of Yahoo, we can prove that they sold two to spammers and one potentially to a state-sponsored party or foreign intelligence agency."
That buyer asked specifically for information about executives from financial corporations and government workers.

Even if you have changed your password or security questions since 2013, that sensitive data could help attackers phish you or your contacts. Hackers could use stolen information and pose as a friend or business to get you to click on malicious links and share even more data.
The two major breaches could put Verizon's Yahoo acquisition in jeopardy. Verizon (VZ, Tech30) has agreed to a $4.8 billion deal to acquire the company, but in a statement said it is "[reviewing] the impact of this new development before reaching any final conclusions."
Yahoo users should change passwords and security questions as soon as possible and be aware of emails asking for personal information. You might be impacted by the Yahoo hack and not know it.
It's also important to do a security check up on all devices.

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Russia & Japan to develop oil & gas – Gazprom CEO www.rt.com

Moscow and Tokyo have improved energy cooperation during Russian President Vladimir Putin’s visit to the Japanese capital, according to Gazprom Chief Executive Aleksey Miller.

"If earlier it was the Sakhalin-2 project, now it is the Baltic LNG project, gas processing at Amur, low-tonnage LNG, and tankage, as well as underground gas storage. We're witnessing the deepening and expansion of cooperation with Japanese partners," Miller told RT.

Miller said Gazprom is ready to increase deliveries to Japan, which is the third-largest energy market in the world. Gazprom is also negotiating with Japanese companies to construct the third stage of the Sakhalin-2 project which will have an annual capacity of 5.4 million tons.

The head of Russia's biggest natural gas developer stressed that Japanese companies are interested in more cooperation. Russian resources in the Sakhalin region and eastern Siberia are close to Japan and therefore the price of gas is much more competitive.

Speaking about the new agreements between Gazprom and Mitsui, Mitsubishi and the Japan Bank for International Cooperation (JBIC), Miller said it is a significant step forward in the Russian-Japanese cooperation.

On Friday, Russian and Japanese companies signed 68 documents during Putin’s visit to Tokyo. Besides Gazprom’s energy deals, they include oil agreements with Rosneft, as well as direct investment in Russian Far East renewable energy.

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Softbank CEO: Putin asked for investment www.nhk.or.jp

The head of Japanese telecom operator Softbank Group says he was asked by Russian President Vladimir Putin to invest heavily in his country.

Softbank Group Chairman and CEO Masayoshi Son chatted with President Putin during a meeting of business delegations from Japan and Russia in Tokyo on Friday. The business dialogue coincided with the summit between Prime Minister Shinzo Abe and President Putin.

Son later told reporters that he is planning to talk over the phone with Donald Trump and that Putin asked him to give his regards to the US president-elect.

Son said when he told Putin of his company's plan to invest in the United States, the president asked for massive investment in Russia as well.

Son said he is now planning to visit Russia around May of next year as President Putin wanted him to come.

He said his company would like to proceed with investment and joint projects with Russia in artificial intelligence and other new technology.

Son said he hopes the latest summit will help deepen relations between the 2 countries.

Son met Donald Trump earlier this month and promised to invest 50 billion dollars in the US.

 
 
 
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