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

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"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Democratic Party begins registering candidates for party’s chairmanship www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The run-off for the office of the Democratic Party chairman has officially begun, stated DP Secretary General L.Erkhembayar and head of the DP chairman election committee J.Oyunbaatar at a press briefing today.
 
“The Democratic Party convened its 6th Congress on December 6 and 7, in attendance of 1,210 members representing the total of over 180 thousand DP members. The Congress made important decisions, such as for becoming more transparent, inclusive and responsible party and an online power. One of the historic decisions taken at this congress was to nominee the party’s chairman through holding a rally among all members”, said Mr L.Erkhembayar.
 
The DP chairmanship election committee is to be set up with 339 branches throughout the country consisting of 5 members each. The campaign will last from December 21 to January 28. On the following day, the election will run on the national level.
 
The Democratic Party members, who has updated and confirmed their memberships can cast their votes.
 
 
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Automaker Honda invests in ride-hailing service Grab www.reuters.com

 
Southeast Asian ride-hailing service Grab said on Monday it had secured an investment from Japanese automaker Honda Motor Co as part of a deal to collaborate on its motorbike-hailing service, in the latest auto industry tie-up of its type.
 
Grab said Honda had agreed to invest an undisclosed amount in the firm, and the two companies would form a partnership to develop the ride-sharing technology and related driver education programs.
 
Automakers such as Volkswagen (VOWG_p.DE), Toyota Motor Corp and General Motors also have tie-ups with ride-sharing firms to hedge against a shift in the vehicle market away from private ownership.
 
Grab, the biggest rival to ride-sharing service Uber Technologies Inc [UBER.UL] in Southeast Asia, raised $750 million in a funding round in September. A source familiar with the matter said the round valued Grab at more than $3 billion.
 
Earlier this month, Grab, whose services include taxi and motorbike-hailing, car-pooling, delivery and mobile payments, announced that Japanese financial services company Tokyo Century Corp had made a strategic investment in the firm for an undisclosed amount.
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Economic Watch: U.S.- China trade shows ongoing improvement www.xinhuanet.com.cn

 
BEIJING, (Xinhua) -- Trade between the world's two largest economies has shown signs of improvement as the U.S. trade deficit with China, a long-term U.S. concern, narrowed significantly in October.
 
In October, U.S. exports to China reached a three-year high of 13 billion U.S. dollars, contributing to the month's 4.2 percent decrease in the trade deficit with China, according to the U.S. Commerce Department.
 
The U.S. overall trade gap for the month grew 17.8 percent, the biggest increase since March 2015, to 42.6 billion dollars from the surprisingly low September deficit, data from the department showed.
 
China's measures to promote steady economic growth have contributed to the growing consumer appetite for U.S. imported goods, said Bai Ming, researcher with an institution affiliated with the Ministry of Commerce.
 
Chinese figures show that the nation's trade surplus with the U.S. has been growing since 2000, reaching 42.1 billion dollars in 2002 and surpassing 200 billion dollars in the January-November period of this year.
 
The growth has slowed in recent years, with just a 0.9 percent year-on-year increase in the first eleven months of this year, largely due to improvement of the trade balance between the two countries, experts have said.
 
With the transfer of processing trade, the main source of trade surplus between China and the United States, to other regions such as Southeast Asia, the trade gap between the two countries has narrowed in recent years, said Zhang Yansheng, head researcher with the China Center for International Economic Exchanges.
 
Customs data show that China has been the world's second largest importer for seven consecutive years, with its imports standing at 1.68 trillion dollars in 2015.
 
The nation's total imports are expected to reach 8 trillion U.S. dollars in the next five years.
 
In the first eleven months, China's overall trade surplus narrowed to 3.11 trillion yuan (about 457 billion U.S. dollars), down 5.8 percent from the previous year, latest customs data show.
 
China is pursuing an overall trade balance rather than addressing its trade imbalance with any particular country, experts have said.
 
During U.S. President-elect Donald Trump's campaign trail, he promised to bring back lost manufacturing jobs by renegotiating free trade deals and levying hefty tariffs on trade partners.
 
Though the remarks were aimed at appealing to voters, they show the growing tendency of protectionism in the United States, which will hurt itself as well as its trade partners, Bai said.
 
Trade between China and the United States reached 558.4 billion dollars in 2015, hundreds of times greater than in 1979 when China-U.S. diplomatic relations were established. The United States has become China's second largest trade partner while China is the U.S.' largest trade partner.
 
China-U.S. trade rose at an average annual growth rate of over 7 percent in recent years in defiance of the global downturn after the 2008 financial crisis.
 
U.S. goods and services, including 22 percent of its cotton, 26 percent of Boeing airplanes and 56 percent of its soybean, were sold to China, creating nearly a million jobs for the exporter.
 
For a long time, U.S. exports to China were mostly primary goods and agricultural products, but not products where the United States had a comparative advantage such as high-tech products, Zhang said.
 
To narrow the U.S. trade deficit with China, the United States should relax its restrictions on the export of high-tech goods to China, and combine its technology and experience with China's competitive equipment and industries, Bai said.
 
The two sides can also jointly develop the third-party markets and continue to promote trade in services, which will help balance bilateral trade, Bai added.
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S&P says South impeachment does not affect credit fundamentals www.reuters.com

 
S&P Global Ratings said on Monday that Friday's vote by South Korea's parliament to impeach President Park Geun-hye does not have a material impact on the country's credit rating.
 
"Although the political uncertainty could remain a distraction to policymakers for some time, we believe the effective Korean bureaucracy will keep the government running smoothly," the ratings agency said.
 
Park's duties have been temporarily assumed by the country's prime minister until a court rules on whether to uphold or overturn the impeachment vote.
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Ceremony marking Olympic stadium construction www3.nhk.or.jp

 
A ceremony to mark the start of full-fledged construction of Tokyo's new Olympic stadium has been held.
 
Leaders of the government and sports authorities gathered at the construction site on Sunday. Tokyo will host the Olympics and Paralympics in 2020.
 
Building work actually began on December 1st, more than a year later than planned. The government scrapped an initial design criticized as too costly.
 
The chairman of the Japan Sport Council, Kazumi Ohigashi, said at the ceremony that he hopes the new stadium will connect Japan and the world beyond the 2020 games.
 
Prime Minister Shinzo Abe said Japan has to make the Tokyo Olympics and Paralympics the number one event in the world. He said he believes that many athletes will challenge their limits in this new stadium and enliven people and society.
 
Tokyo Governor Yuriko Koike said she hopes the stadium will be remembered with the year 2020 and be loved by everyone for a long time to come.
 
Construction is scheduled to be completed in November 2019.
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Iron ore soars past $80 a tonne www.mining.com

 
Iron ore prices continued to rally on Friday, trading above the $80 a tonne level, even after falling $0.12 per tonne overnight.
 
The import price for 62% iron content fines at the port of Qingdao was at $81.66 a tonne, data from The Metal Bulletin Index shows, which means that — year to date — the price of the steelmaking raw material is up 85% or more than double its price of December 2015.
 
The rally has been largely attributed to strong infrastructure investment in China, as well as the country’s slowdown in supply growth, following Beijing’s decision to close 100 – 150 million tonnes of steel capacity through the end of the decade to increase profitability of remaining producers and tackle pollution.
 
Authorities are also pushing for consolidation of steel producers with a target of 60% market share for the top 10 steelmakers, which should translate into higher prices for steel, iron ore and met coal.
 
Soaring iron ore prices are also a result of increased demand from China, which according to official figures released Friday, reached 80 million tonnes in October, 7% more than in the same month last year.
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Qantas to fly from London to Australia non-stop www.bbc.com

 
Passengers will be able to fly from London to Australia non-stop when airline Qantas launches its new service from March 2018.
Australia's national carrier says it will connect Perth, in the west of the country, to the UK capital using Boeing 787-9 Dreamliners.
The 9,000 mile (14,498km) flight will take 17 hours.
Perth will be a hub for passengers from eastern Australia going to the UK, tourism minister Steven Ciobo said.
He also said the new service would boost employment and tourism in Australia, a sector growing three times faster than the rest of the national economy, and one that supports 580,000 jobs.
Mr Ciobo also said that the UK was Australia's third-largest source of international visitors, with 660,000 people travelling from there to Australia in 2015.
"When Qantas created the Kangaroo Route to London in 1947, it took four days and nine stops," Qantas chief executive officer Alan Joyce said.
"Now it will take just 17 hours from Perth non-stop."
He added: "The opportunities this opens up are huge.
"It's great news for travellers because it will make it easier to get to London. It's great news for Western Australia because it will bring jobs and tourism. And it's great news for the nation, because it will bring us closer to one of our biggest trade partners and sources of visitors."
The Boeing 787-9 Dreamliners used on the route will carry 236 passengers, Qantas said.
The new flights will make up the longest non-stop passenger route in the world.
The current longest non-stop scheduled flight is Emirates Airlines' 14,200-kilometre Dubai-to-Auckland, New Zealand, service, which takes 16 hours 35 minutes in an Airbus A380.
The first air travel connecting the UK to Australia began in 1935, flying passengers from Sydney to Singapore, where services linked with London-bound flights.
However, the journey time to London was 12 days and included a section on a train.
Qantas launched its pioneering weekly service on the Kangaroo Route on 1 December 1947, initially taking four days and carrying 29 passengers and 11 crew from Sydney to London.
The journey flew to Darwin, in northern Australia, and then on to Singapore, Calcutta in India, Karachi and Cairo, before it travelled to Tripoli, in Libya, and then on to London.
The announcement of the new route comes as Boeing also announced airline Iran Air was buying 80 of its passenger planes.
The 10-year deal includes the purchase of 50 Boeing 737 aircraft and 30 777 planes.
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Non-OPEC countries agree to cut oil production by 558,000 barrels per day www.rt.com

Non-OPEC countries agreed to cut oil production by 558,000 barrels per day (b/d) during a meeting with members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.
Among the non-OPEC participants at the meeting were 12 oil exporting countries – Azerbaijan, Oman, Mexico, Sudan, South Sudan, Bahrain, Malaysia, Equatorial Guinea, Bolivia, Kazakhstan and Russia.

The 558,000 b/d figure was voiced by Qatar's energy minister at a press conference following the six hour long talks.

OPEC members also confirmed their commitment to the plan to reduce the oil supply by 1.2 million b/d. This, together with the commitments made by non-OPEC states, would lead to the total reduction of oil production by about 1.7-1.8 million b/d, Russian Energy Minister Aleksandr Novak said at the press conference.

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih told the press conference that 2017 would be a “good year” for the global oil market.

The parties to the negotiations also agreed to form a special group to monitor the observance of the agreement both by the OPEC and non-OPEC countries. The group would consist of three OPEC members and two non-OPEC countries, Novak said.

"This agreement cements and prepares us for long-term cooperation," Saudi Energy Minister Khalid al-Falih told reporters after the meeting, calling the deal "historic".

"Today's deal will speed up the oil market stabilisation, reduce volatility, attract new investments," Novak said.

The deal became the first such agreement between OPEC and non-OPEC countries since 2001. In April, OPEC and Russia tried to reach a deal on oil production which was cut during negotiations in Doha, but failed to come to an agreement, as Saudi Arabia sunk the deal at the last moment.

OPEC made a decision to cut its own output on November 30.

Following the decision, Saudi Arabia informed its customers in Europe and North America that it would cut its oil supply in January. According to PIRA Energy Group chairman Gary Ross, buyers of Saudi oil were informed that Riyadh wants to cut its production by 486,000 b/d to just over 10 million.

UAE then followed suit and also announced that it would take similar action.

While some non-OPEC countries are also expected to cut their oil production in January, others have said they might wait until October.

OPEC’s November decision put an end to the ’pump-at-will’ policy the group has conducted since 2014, which sent oil prices down from $100 a barrel to less than $50 a barrel. Now, both OPEC and non-OPEC oil exporters are trying to push prices up.

The market reacted to the November move with rising oil prices, which went up by 17 percent after the group announced its decision. The prices continued to go up on Friday amid speculation that non-OPEC countries would agree to cuts.

The projected reduction in oil production amounting to up to 1.8 billion b/d, that is set to follow the Saturday agreement and OPEC's November decision, would account for about two percent of the current global oil supply.

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China suspends coal imports from N.Korea www3.nhk.or.jp

The Chinese government announced it is suspending coal imports from North Korea for the rest of the year in line with the latest UN sanctions against Pyongyang. The trade has been the country's main source of revenue.

China's Ministry of Commerce released a statement on Saturday that the 3-week suspension starts on Sunday and ends on December 31st.

It says the decision was to implement a new sanctions resolution adopted by the UN Security Council on November 30th, in response to North Korea's 5th nuclear test in September.

The resolution slashes coal exports to less than half the current amount. China has been the main buyer.

Analysts say China is trying to demonstrate its resolve to adhere to the UN resolution.

But Beijing has yet to reveal its import quota for next year.

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Trump & Boeing: It's not about Air Force One, it's about China www.cnn.com

Boeing executives were blindsided by Donald Trump's Tuesday comments about the cost of Air Force One, but those weren't the tweets that worried America's largest exporter.
Many former and current Boeing executives say they're far more worried about Trump's antagonism toward China, the largest and most important growth market for the crown jewel of American manufacturing.
"The vulnerability to China is pretty clear," said one former senior Boeing executive.
In contrast to the long term stakes over Boeing's future in China, the flap over the cost of Air Force One lasted 24 hours.
Boeing would be a prime target in any retribution by China if Trump follows through on his campaign threat to impose a hefty tariff on Chinese imports.
A shift of orders to Airbus would likely cause a rippling drop in output for Boeing, a loss of jobs, and, crucially, a loss of market share that would give Airbus the ability to lower prices and win other deals.
One-quarter of the nearly 500 Boeing 737 jets delivered in 2015 went to Chinese airlines, serving a fast-growing middle class that's as large as the entire U.S. population. The market is worth a trillion dollars over the next 20 years.
Everyday, Boeing's factories are filled with colorful jets for Chinese airlines that Americans won't recognize: Xiamen, 9 air, Donghai, Ruili, Hainan, Hebei, Shandong and Shenzhen.
Boeing eyes China focus with new sales chief
Starting with the unexpected congratulatory phone call with the President of Taiwan in the days that preceded the Air Force One tweet, Trump upended decades of U.S. foreign policy that tiptoed around the nation's relationship with Taiwan.
The worry among current and former Boeing leaders is that increased antagonism toward China on trade or an even closer diplomatic posture toward Taiwan may have consequences for U.S. businesses - and Boeing has the most to lose.

"I think it's all uncharted waters," said one Boeing customer who rents planes to China. In trying to interpret Trump, "I think we're going to get it wrong for a while."
Boeing is no stranger to being caught in the middle of diplomatic tensions. A Boeing loss of a 2013 fighter deal in Brazil was largely attributed to leaked revelations that the U.S. had spied on the Brazilian president. U.S. and European sanctions on Russia in 2014 also threatened to disrupt the supply of Russian titanium used on Boeing's jetliners.
"China is a different ballgame," said the former executive and orders are very sensitive to geopolitics. The U.S. has a "very delicate tightrope to walk and not impact our ability to sell."
Boeing's position in the U.S. economy is without parallel. No other big company enjoys its unrivaled domestic monopoly status. It hasn't had a U.S. competitor since 1997 and the battlefield on which it fights European Airbus and a cadre of ascending players is global.
China to spend $1 trillion on 6,810 new aircraft
Traditionally, the President of the United States has been Boeing's biggest booster at home and abroad.
"I deserve a gold watch, because I'm selling this stuff all the time," President Obama told Boeing workers in 2012. "I will go anywhere in the world to open up new markets for American products."
And Obama has. Big Boeing orders have featured prominently as part of state visits between China and the U.S.
China has bet roughly equally on new airliners from Europe and the U.S. to build its airlines. At the same time, China is cultivating its own commercial airliner industry to one day compete with Boeing and Airbus.
Want to earn $300,000 tax free? Try flying a plane in China
Expanding manufacturing in a hot market is a hallmark of the global aerospace business. In the coming years, Boeing plans to open a facility near Shanghai to install airline cabins inside of 737s for China's airlines. Airbus already assembles competing A320 jets in China and recently opened a similar plant in the U.S.
Boeing has long said that it isn't opening final assembly plants outside the U.S. and the China facility and its plans there support thousands of jobs stateside with the increasing orders.
No date for its opening has been disclosed.

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