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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Berlin ordered to pay compensation to nuclear firms www.rt.com

 
The German Constitutional Court has ruled that electricity generating companies should be compensated after the government ordered the shutdown of all the nuclear power plants following Japan's Fukushima disaster.
 
The court ordered Berlin to resolve the issue by June 2018 and said the firms were entitled to “adequate compensation,” but provided no details on how much they would receive.
 
Following the meltdown at Japan's Fukushima nuclear power plant, the German government decided to immediately halt operations at the country's eight nuclear power stations and to shut the other nine by 2022.
 
The step was a sharp reversal for Chancellor Angela Merkel, as her government had previously decided to extend the lifespan of the country’s nuclear power until 2036, overturning the previous administration’s decision to phase-out the enterprises.
 
German electricity generators EON and RWE and Sweden's Vattenfall filed a complaint with the Federal Constitutional Court arguing the order constituted an expropriation of their assets and demanded compensation. The firms reportedly evaluated their losses at about €20 billion ($21.53 billion).
 
“We cannot simply accept that Parliament disregarded constitutional requirements by providing for no compensation,” the chief of EON, Johannes Teyssen told the court in March, arguing that the accelerated shutdown caused the German utilities significant economic damage.
 
The constitutional court decision might have an impact on separate talks between the government and nuclear plant operators on German nuclear waste disposal.
 
According to a draft law approved in October, EON, RWE, and EnBW must pay €23.6 billion into a state fund for storing nuclear waste by 2022.
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Singapore top in global education rankings www.bbc.com

Singapore has the highest achieving students in international education rankings, with its teenagers coming top in tests in maths, reading and science.
The influential Pisa rankings, run by the OECD, are based on tests taken by 15-year-olds in more than 70 countries.
The UK remains a middle-ranking performer - behind countries such as Japan, Estonia, Finland and Vietnam.
OECD education director Andreas Schleicher said Singapore was "not only doing well, but getting further ahead".

Singapore, named as the top rated country for maths and science in another ranking last week, is in first place in all the Pisa test subjects, ahead of school systems across Asia, Europe, Australasia and North and South America.
What is Pisa? In three sentences
The Programme for International Student Assessment (Pisa) provides education rankings based on international tests taken by 15-year-olds in maths, reading and science.
The tests, run by the OECD and taken every three years, have become increasingly influential on politicians who see their countries and their policies being measured against these global school league tables.
Asian countries continue to dominate, with Singapore rated as best, replacing Shanghai, which is now part of a combined entry for China.

Singapore has replaced Shanghai as the previous top-ranked education system - with Shanghai no longer appearing as a separate entry in these school rankings.
There had been debate over whether Shanghai was representative of school standards across China - and this year, for the first time, Shanghai is included in a wider figure for China, based on schools in four provinces.

Hong Kong and Macao also appear among the high-achieving education systems.
The US has again failed to make progress.
"We're losing ground - a troubling prospect when, in today's knowledge-based economy, the best jobs can go anywhere in the world,'' said the US Education Secretary, John King.
Asian countries on top
Asian education systems dominate the upper reaches of the these results tables - accounting for the top seven places for maths, with Singapore followed by Hong Kong, Macao, Taiwan, Japan, China and South Korea.

The UK's test results remain behind the top-performing Asian education systems
Finland, Estonia, Canada and Ireland are the only non-Asian nations to get into any of the top five rankings across all three subjects.
Mr Schleicher said that Asian countries such as Singapore managed to achieve excellence without wide differences between children from wealthy and disadvantaged families.
He described Vietnam's progress as "quite remarkable", coming ahead of Germany and Switzerland in science - and ahead of the US in science and maths.

Among South American countries, Mr Schleicher highlighted the improvements in Peru and Colombia.
But the UK has failed to make any substantial improvement - despite education ministers in England making the Pisa rankings an important measurement of progress.
In maths, the UK is ranked 27th, slipping down a place from three years ago, the lowest since it began participating in the Pisa tests in 2000
In reading, the UK is ranked 22nd, up from 23rd, having fallen out of the top 20 in 2006
The UK's most successful subject is science, up from 21st to 15th place - the highest placing since 2006, although the test score has declined
Within the UK, Wales had the lowest results at every subject.
Education Secretary Kirsty Williams said: "We can all agree we are not yet where we want to be."
But she said that "hard work is underway" to make improvements in Wales - and that it was important to "stay the course".
Scotland trails behind England and Northern Ireland - recording its worst results in these Pisa rankings.
Deputy First Minister John Swinney said the "results underline the case for radical reform of Scotland's education system".
England had the strongest results in the UK, but compared with previous years, Mr Schleicher said "performance hasn't moved at all".
The OECD education chief highlighted concerns about the impact of teacher shortages - saying that an education system could never exceed the quality of its teachers.
"There is clearly a perceived shortage," he said, warning that head teachers saw a teacher shortage as "a major bottleneck" to raising standards.
So why is Singapore so successful at education?
Singapore only became an independent country in 1965.
And while in the UK the Beatles were singing We Can Work It Out, in Singapore they were really having to work it out, as this new nation had a poor, unskilled, mostly illiterate workforce.

Singapore made a priority of recruiting top graduates into teaching
The small Asian country focused relentlessly on education as a way of developing its economy and raising living standards.
And from being among the world's poorest, with a mix of ethnicities, religions and languages, Singapore has overtaken the wealthiest countries in Europe, North America and Asia to become the number one in education.
Prof Sing Kong Lee, vice-president of Nanyang Technological University, which houses Singapore's National Institute of Education, said a key factor had been the standard of teaching.
"Singapore invested heavily in a quality teaching force - to raise up the prestige and status of teaching and to attract the best graduates," said Prof Lee.
The country recruits its teachers from the top 5% of graduates in a system that is highly centralised.
All teachers are trained at the National Institute of Education, and Prof Lee said this single route ensured quality control and that all new teachers could "confidently go through to the classroom".
This had to be a consistent, long-term approach, sustained over decades, said Prof Lee.
Education was an "eco-system", he said, and "you can't change one part in isolation".

 
 
 
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Trump: Softbank to invest $50bn in US businesses www.bbc.com

Shares of Japanese technology firm Softbank have soared to their highest level in more than one year in Tokyo trade, jumping 5% at the open.
That is on news Chief Executive Masayoshi Son said he will invest $50bn (£39.3bn) in US businesses.
But details are lacking on where the money will go and how it will benefit American businesses.
Mr Son made the announcement after meeting US President-elect Donald Trump in New York.
Mr Trump shared the news about the Softbank investment on social media, via his Twitter page.
Donald Trump's four-year term as US president will start following his inauguration on 20 January.

Softbank is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son.
It has previously acquired Vodafone's Japanese operations and the US telecoms company Sprint. The $20bn deal was the biggest foreign acquisition by a Japanese firm at the time.
Mr Son is known to have an eye for potentially transformative industries and trends. He was an early investor in Alibaba and saw the potential in e-commerce before anyone else did.
Softbank acquired UK technology firm ARM Holdings in July, for $32bn. The Cambridge-based firm designs microchips used in many smartphones, including those of Apple and South Korea's Samsung.

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OPEC deal could give Russia extra $15bn in oil revenue www.rt.com

 
With the Russian budget based on the oil price averaging $40 per barrel, the jump to $55 after OPEC agreed to production cuts could add one trillion rubles (about $15 billion) to Kremlin coffers, according to VTB Capital analysts.
 
If the average price of oil remains at $55 per barrel next year, Russian earnings from energy will be higher by 1.1 trillion rubles totaling 6.1 trillion rubles, or $95 billion, the bank said.
 
According to Uralsib bank analysts, quoted by Vedomosti daily, if oil prices are 15-25 percent higher than budgeted next year, and there is no unplanned spending, the budget deficit will be reduced to 1.8 percent of GDP, compared to nearly four percent this year. And if the trend continues, the budget hole will be eliminated in 2018.
 
VTB Capital points out, however, that with growing oil revenues costs will rise as well, and the Finance Ministry will just borrow less money and burn fewer reserves.
 
Oil prices were down slightly after topping $55 per barrel for first time in 16 months on Monday.
 
Brent was trading 23 cents lower at $54.71, while US West Texas Intermediate slid 43 cents to $51.36.
 
Investors say optimism about the OPEC-Russia deal which helped boost prices 15 percent is fading. In November, OPEC produced a record 34.19 million barrels per day (bpd) from 33.82 million bpd in October, according to a Reuters survey. At the same time, Russia pumped crude at 11.21 million bpd, another post-Soviet record.
 
"Most of the position adjustments that the OPEC decision forced upon traders have now run their course, and it leaves the market exposed to profit taking," said Ole Hansen, head of commodities strategy at Saxo Bank, as quoted by Reuters.
 
"The meeting on Saturday between OPEC and non-OPEC producers will be crucial to maintaining the bullish sentiment seen since last Wednesday," Hansen added.
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Lego appoints British boss in brand expansion www.bbc.com

Lego, the Danish toy company, is seeking new ways to build its brand and is appointing a new, British boss.

Chief operations officer Bali Padda will take over in 2017 as the first non-Dane to run the business as it restructures its management.
Jorgen Vig Knudstorp, who has led the family-owned company through a ten year turnaround, will chair the Lego board.
A new entity, the Lego Brand Group, aims to exploit "untapped potential" for the toy cupboard stalwart.
The company said the new entity, also chaired by Mr Knudstorp, would "protect and develop" the Lego brand, including its educational and charitable activities, and oversee its Legoland attractions.
Mr Padda will focus on the core business whilst the new vehicle, the Lego Brand Group, will consider new avenues for the brand.
"It will be exciting," he told the BBC. "It [will be] Lego but as you've never seen before. What does that mean? That is what we have to explore."
Lego is still owned by the family of Kirk Kristiansen, who founded the business in 1932. Family members are expected to take an active role within the new Lego Brand Group.
'Believe in the brick'
The company has constructed sturdy foundations under Mr Knudstorp's leadership. But just over a decade ago the structure was more shaky.
The company reached a financial low-point in 2004, as electronic toys swept the market, and the plastic bricks struggled to compete.
"It was tough. We were nearly bankrupt at the time.
"It was not a good situation to be in, but at the same time it was a fantastic challenge," said Mr Padda, who joined Lego from Timberland in 2002.
"We were not focused enough," he admitted. "To a degree we had started to leave the brick behind."
Mr Padda said Lego had focused on "instant gratification", giving children a few ready-made pieces to assemble quickly. The key to the turnaround, he says, was resurrecting the company's "belief in the brick".
The past decade has seen Lego embrace movie tie-ins including Star Wars, Indiana Jones and Harry Potter, as well as introducing smartphone apps and digital games as well as collaborating on The Lego Movie.
The strategy has led to double digit annual growth. In 2015 the company posted revenues of $5.2bn (£4bn), meaning it the world's second-largest toy company after Mattel, the Barbie and Hotwheels maker.
Mr Padda, who spent his childhood in India playing marbles and cricket, and only really encountered Lego through his own children when he was living in the UK, said he would not veer far from the strategy of his predecessor.
"I've been an integral part of setting the strategy. That strategy continues.
"Where I do wish to focus is how we better prepare ourselves for the future from a leadership capability, capacity point of view," he said.
"The world is being disrupted in many ways. How do we become a lot more agile to face the challenges that will come to us tomorrow? We don't know what they are, but how do we ensure that we are better prepared?"

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Samsung triumphs over Apple in US Supreme Court patent row www.bbc.com

 
The US Supreme Court has sided with Samsung in the South Korean company's long-running patent fight with Apple.
The court rejected an earlier ruling that Samsung must pay $399m to Apple for copying some iPhone designs.
At issue was how much Samsung must compensate Apple under a 1887 law that patent infringers pay "total profits".
The top US court ruled that paying all profits was wrong, as the features at issue in the Samsung phones formed only a small part of the devices.
However, the dispute is not over. The case now returns to a lower court to decide the amount of compensation that Samsung should pay.
The Supreme Court's unanimous decision followed a legal battle between the world's top two smartphone manufacturers that began in 2011 when Apple sued Samsung, asserting that its rival stole its technology and the iPhone's trademarked appearance.
Samsung had been seeking to pare back the money it paid Apple in December following a 2012 jury verdict that it infringed Apple's iPhone patents and copied its distinctive appearance.
After the trial, Apple was awarded nearly $930m in damages. In May 2015, a US appeals court upheld the patent infringement verdict, but said the iPhone's appearance could not be protected through trademarks. As a result, the court reduced Samsung's payment.
Samsung had argued that the size of the penalty ignored the fact that its phones contain more than 200,000 other patents that Apple did not own.
Apple claimed that Samsung should pay because the iPhone's success was directly tied to its distinctive look.
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First meeting of working group on establishing Mongolia-S.Korea economic partnership coincides with SOMTI6 in Seoul www.en.montsame.mn

Ulaanbaatar /MONTSAME/ The Sixth Meeting of Senior Officials on Trade and Investment took place in Seoul on December 1 and 2. Mongolia, China and South Korea co-chaired the meeting.
 
This meeting is being resumed for the first time since 2008 session, and was participated by delegates from 46 countries.
 
The participants underlined the significance of Ulaanbaatar Declaration issued during the latest ASEM Summit in expanding economic and commercial ties and strengthening connectivity between Asian and European nations, and agreed to organize the ASEM Ministerial meeting, which has been discontinued for a decade, in Seoul next year.
 
During the SOMTI, Mongolian delegates had meetings with the director for Free Trade Agreements of the Ministry of Industry, Trade and Energy, and representatives of the S.Korean government and research institutes. The sides held the first meeting of the joint working group in charge of study for establishing economic partnership agreement.
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Glencore becomes sole owner of Newlands, Collinsville coal mines in Australia www.mining.com

Miner and commodities trader Glencore (LON:GLEN), the world’s biggest supplier of thermal coal, has bought out its two Japanese partners in an Australian coal venture that includes Newlands and Collinsville mines, as well as a stake in an export terminal.

The acquisition of the stakes held by Japanese partners Itochu Corp and Sumitomo Corp, which owned 35% and 10% respectively, makes of Glencore the sole owner of the coal operations. The company recently restarted one of them, Queensland’s Collinsville, in response to higher coal demand from Southeast Asia and favourable prices.

A Glencore spokesman told Platts on Monday that Collinsville was likely to return to full production in early 2017 and that it would be "business as usual" at the Newlands open cut mine.

Last month, the Swiss firm said it was ready to resume operations at another Australian coal mine — Integra. That operation, formally called Glennies Creek, became part of Glencore’s portfolio last year after its previous owner, Brazil’s Vale (NYSE:VALE), mothballed it.

At least seven other coal mines are expected to resume operations in Australia before 2016 ends — four in Queensland and three in New South Wales. These include Collinsville and Isaac Plains, which Vale and Sumitomo sold last year to Stanmore Coal (ASX:SMR) for only $1.

These operations have benefitted from an increasing demand for Australian coal because of restrictions on production in China. They are expected to provide work for hundreds of people and lead to a jobs growth able to keep mild downward pressure on Australia’s unemployment rate.

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Government plans to cut electricity night tariff to zero www.mongolia.gogo.mn

 
In 2017, the Government has planned to improve air quality by providing reliable power supply for ger-area households, cutting electricity night tariff to zero, providing improved stoves and supplying briquette.
National committee to reduce air pollution held its first meeting on Dec 4.
At the meeting, Prime Minister J.Erdenebat delivered opening remarks and stated: "We need to take effective actions against air pollution. In further, the Government will support renewable energy usage, offer electricity tariff discount for households using electric heating, support the import and consumption of high-quality fuel and use natural gas fuel for transportation by spending air pollution charge properly.
"Mongolia is not the only country that is suffering from air pollution. Whole world is paying attention to this issue. Ulaanbaatar city ranks 47th at the list of most polluted 50 cities in the world. Respiratory diseases were 697 per 10 thousand population in 2005 and it has increased by 2.4 percent to 1730 per 10 thousand population in 2014. We need to undertake decisive measures​, including developing strategies and planning to reduce air pollution, supporting the activities of locals and sectors as well as increasing the taxes on aging cars", said Minister of Environment and Tourism D.Oyunkhorol.
According to the law on air pollution charge, about MNT 30 billion are collected in the state budget per year. However, it could not spent properly. This year, MNT 5 billion was budgeted to reduce air pollution.
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Alibaba restructures e-commerce business to get ready for 'new retail' www.chinadaily.com

 
Alibaba Group Holding Ltd announced on Friday its plan to restructure its e-commerce business in an effort to get ready for the era of data-driven new retail.
 
Daniel Zhang, chief executive officer of Alibaba Group, said that the company's business-to-customer site Tmall will be merged with its digital marketing unit Juhuasuan.
 
The decision aims to bring synergy among the company's business, marketing and operation units and explore all kinds of opportunities to digitalize existing businesses and make new businesses out of data, a move intended to better empower retailers.
 
Zhang made the announcement in an internal memo that was later made public on Friday. "We need to unify the service strategies for our customers and make sure the entire retail group can coordinate and act smoothly like one person," he said.
 
China's biggest e-commerce player earlier announced its plan of repositioning itself as a service provider to build digital and physical infrastructure for the future of commerce.
 
"With e-commerce itself rapidly becoming a traditional business, pure e-commerce players will soon face tremendous challenges," Jack Ma, executive chairman of Alibaba Group, said in mid October.
 
"This is why we are adapting and it's why we strive to play a major role in the advancement of this new economic environment," Ma added.
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