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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Tencent's Ma says Wechat "very hard" to expand globally www.xinhuanet.com

WUZHEN, Zhejiang Province, Nov. 17 (Xinhua) -- CEO of Tencent Pony Ma on Thursday explained the difficulty in expanding Wechat overseas.

"It is very hard for Wechat to expand overseas, unless we can offer wholly different customer experience, but social apps are basically all alike," Ma told a forum at the third World Internet Conference in east China's Zhejiang Province. "In markets dominated by WhatsApp or Line, we can't challenge them."

WhatsApp is the world's most popular instant messenger, with close to a billion active users. WeChat lags behind with around 650 million users, mostly in China.

Tencent, possibly China's premier Internet company, rose to prominence with a messaging service called QQ in the late 1990s and came to dominate China's social networking market with WeChat a decade later, just as mobile Internet took off. China has around 700 million Internet users, most of whom use smartphones.

WeChat has gained a foothold in some overseas markets. It has become the messaging app of choice in Malaysia, but elsewhere users are mainly ethnic Chinese.

The spread of WeChat usually begins in the overseas Chinese community and spreads to friends and colleagues, Ma said.

Last year, on a visit to University of Washington where there are 7,000 Chinese among nearly 40,000 students, Ma found many foreigners, not least the university president, using WeChat. Off campus, WeChat is less popular because the Chinese population is low.

Ma remains interested in expanding overseas and expects Tencent to achieve some success in fields other than social networking, like gaming, payments and Internet of Things.

In China, WeChat is much more than a messaging app. People use it as a tool kit to shop both on and offline, buy air and train tickets, hail taxis, read the news, pay bills, book accommodation, and many other services.

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Japan, China to jointly tackle climate change www3.nhk.or.jp

Japan and China have confirmed their continued cooperation in fighting climate change.

Japanese Environment Minister Kouichi Yamamoto met with China's special representative for climate change, Xie Zhenhua, in Morocco on Thursday. The meeting was held on the sidelines of the COP22 UN climate change conference.

US President-elect Donald Trump has suggested that the United States should withdraw from the Paris Agreement on climate change.

Yamamoto told Xie that it's unclear what path the US will take, but Japan wants to continue its efforts to tackle global warming.

Xie replied that China learned about environmental policies from Japan and wants to maintain good relations with it.

Earlier, Yamamoto told NHK that it is important for the COP22 meeting to send a strong message regarding the whole world's commitment to the Paris Agreement. He said this would help those who are skeptical about global warming understand the world trend.

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Janet Yellen: US Fed could raise interest rates 'soon' www.bbc.com

The chair of the US Federal Reserve, Janet Yellen, has indicated that it could raise interest rates "relatively soon".
She said the job market had made further improvements this year and that inflation, while still below the Fed's 2% target, had started to pick up.
Financial markets are expecting the Fed to take action at a meeting next month.
She also defended the independence of central banks after criticism of the Fed by President-elect Donald Trump.
Ms Yellen's comments came in an appearance before a Congressional Committee on Thursday.
It would be only the second rate rise since the bank pushed rates to a record low during the financial crisis.
In December last year, the Fed raised its benchmark rate for the first time in seven years, from near zero to its current level of between 0.25% and 0.5%.
Inflationary pressures
Ms Yellen said that further delaying a rate increase would present its own risks.
BBC economics correspondent Andrew Walker says indications that Mr Trump will cut taxes and spend heavily on infrastructure make it more likely that the Fed will want to raise rates to contain inflationary pressures.
The Fed does not know yet what will happen when the president-elect and a new Congress take office next year, Ms Yellen said.
But she added that the central bank would take into account decisions by the White House and Congress when setting its interest-rate policies.
She also said the US economy was "making very good progress", further strengthening analysts' expectations of a rate rise at the 14 December meeting.
"As a result of the testimony, we raised our subjective probability of a hike next month to 90% (from 85% previously)," Goldman Sachs said. Other analysts give a similar likelihood.
'Terrible' consequences
Turning to the independence of central banks, Ms Yellen said they need to be able to make long term decisions that are not always popular.
In countries where central banks are subject to political pressures, there have been "terrible" consequences, she said.
Ms Yellen also confirmed she planned to serve out her four-year term, which expires in January 2018.
During the election campaign, Mr Trump criticised both the Fed and Ms Yellen's handling of the economy.
The Bank of England (BoE) has faced similar pressure from senior Conservatives over the effects of ultra-low interest rates and quantitative easing since the financial crisis of 2008.
Former shadow chancellor Ed Balls on Thursday called for the BoE's independence to be curbed in response to growing "popular discontent".
In an academic paper, he said central banks could "sacrifice some political independence" without undermining their ability to do their job.
 
 
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'Made in Russia' could be coming to a store near you www.rt.com

The currency crisis and a drop in real wages make Russia attractive for foreign manufacturers searching for cheaper labor costs. Besides providing jobs, this could make the country a regional production hub in the near future.
 
The Russian currency lost about 40 percent against the US dollar in the past two years following the collapse in global crude prices, leaving the ruble about 30 percent below its peak in June 2013.
 
Last year, Russian salaries in dollar terms slid below wages in Brazil, China and members of the former Eastern bloc such as the Czech Republic, according to the Moscow-based Higher School of Economics.
 
That makes Russia a broadly competitive platform for new plants and factories. For example, South Korea's Samsung has begun exporting Russian-made washing machines to 20 European countries. The Wrigley subsidiary of US confectioner Mars has started producing Juicy Fruit chewing gum at a facility in St. Petersburg.
 
In the last ten months, industrial output has risen 0.3 percent, which appears to show a turnaround in the country's declining factory production, according to new data. The Economy Ministry expects an annual increase of 0.4 percent after a contraction of 3.4 percent last year.
 
“This is a strong statement that we can do something really competitive from Russia. Russian suppliers are competitive today mainly because of the currency situation. I don’t think this is temporary,” said Magnus Benon, head of purchasing operations in Russia for IKEA, the world’s largest furniture retailer, as quoted by Bloomberg.
 
The current conditions can allow Russia to crack the problems bolstered by years of ruble appreciation and wage increases that outstripped gains in productivity. The country may vie to become a regional production hub in the short-term.
 
“The goal of our manufacturers in Russia is to create alliances with foreign companies, to become part of regional and global chains of added value and thus to increase not only the country’s competitive potential, but also its export potential,” said Yaroslav Lissovolik, chief economist at the Eurasian Development Bank. He even suggests Russia may become the region’s factory.
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Thursday Morning Briefing: Mr. Trump, there's a Shinzo Abe here to see you. www.reuters.com

President-elect Donald Trump is expected to meet with Japanese Prime Minister Shinzo Abe today, Trump's first meeting with a foreign leader since being elected. But as of last night, Japanese officials didn't know where or when the meeting would take place. Nor did they know who would be attending. The expected topics up for discussion, however, are well known: The nature of the alliance between the United States and Japan. During the campaign, Trump raised questions:

"If somebody attacks Japan, we have to immediately go and start World War III, okay? If we get attacked, Japan doesn't have to help us. Somehow, that doesn't sound so fair." – Donald Trump, Dec. 30, 2015, Hilton Head, South Carolina.

"You're going to have to ask yourself, at what point and at what cost do we continue to protect Japan, Germany and many other countries. They're not paying for the protection anywhere near what it's costing us." – Donald Trump, Face The Nation, CBS News, April 3, 2016

Katsuyuki Kawai, an adviser to Abe sent to set up the Trump meeting, said he had spoken to several Trump advisers since arriving in Washington on Monday.

"I have been meeting with so many top aides to the president-elect and also I have been meeting with the very distinguished senators and congressmen and they unanimously told me that we don’t have to take each word that Mr. Trump said publicly literally."

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Alibaba, Tencent back Chinese cyber law facing overseas critics www.reuters.com

China's Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings Ltd (0700.HK) rallied behind Beijing's recently-imposed cyber security law on Thursday, following criticism of it from overseas technology rivals.

The country's two tech giants also urged closer cooperation between the public and private sectors at China's third World Internet Conference, which has focused on heightened threats to cyber security over the past year, including disruptions to financial systems and online terrorist radicalization.

China says the new law, which formalizes broad restrictions on technology companies working in China, was designed to remove cyber security threats in "critical" industries not to target foreign businesses and will help counter terrorism.

However, overseas business groups and technology organizations say it unfairly targets them with overzealous surveillance measures and local data storage requirements.

Analysts say Alibaba and Tencent operate websites and apps that have a largely local user base, and so face fewer changes in the way they store data as a result of the law.

"This marks a step forward for China. We are asking [Tencent] professionals to learn from these regulations," Yang Peng, director of Tencent's Executive Committee for Information Security, said at the conference, which is organized by China's internet regulator and has also focused on building more robust global governance and the responsibility of the media.

Critics of the cyber security law say while China's influence in global technology has grown, its ruling Communist Party led by Xi has presided over broader and more vigorous efforts to control, and often censor, information online.

Alibaba's Vice President Yu Weimin said the group has 3,000 people dedicated to security, and the e-commerce giant is "working with law enforcement" to crack down on some content.

"With all this technology together we can win the war on terrorism," Yu said.

Tencent's Yang said the company is working within state regulations to clean up content, and has removed 80,000 video clips from their site this year.

Cyber security took on a greater focus among regulators worldwide in February when it emerged that hackers stole $81 million from the Central Bank of Bangladesh [BDCB.UL] via SWIFT, the global financial messaging system. The funds were transferred to accounts in the Philippines and Sri Lanka.

Both Tencent and Alibaba operate online payment platforms that offer services ranging from bill payments to money transfers. Alibaba's Alipay dominates the online payments industry in China, while Tencent's WeChat payment system is increasingly popular.

"Big internet companies are the ones with the means to fight cyber terrorism, which is why we need more cooperation between the private and public sector," Alibaba's Yu said.

(Editing by Ryan Woo and Alexander Smith)

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Vietnam walks away from American-backed trade deal TPP www.rt.com

Vietnam has decided not to join the Trans-Pacific Partnership (TPP), with the trade deal's future uncertain under incoming US President Donald Trump.

"The United States has announced it is suspending the submission of TPP to the parliament so there are not sufficient conditions for Vietnam to submit its proposal for ratification," Prime Minister Nguyen Xuan Phuc told the National Assembly, according to Reuters.

The TPP deal is a project of incumbent US President Barack Obama aimed at increasing American exports. The future of the trade deal is highly uncertain in the Republican-dominated Congress and with President-elect Trump calling the project a "disaster".

"TPP is now in the history dustbin for sure," Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, told Politico last week.

Asian countries have reacted differently to the increasing likelihood of the trade treaty failure. Malaysia is focusing on a China-led trade agreement, while Japan has been seeking to revive the TPP.

"We already have signed 12 free trade agreements, so joining the TPP is good, but without joining TPP we will still continue to further the economic integration under programs we have joined," said the Vietnamese Prime Minister.

Among Vietnam’s free trade agreements is a deal with the Russia-led Eurasian Economic Union that came into power in October. Almost 60 percent of the tariffs between Vietnam and the bloc uniting Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan have been eliminated with another 30 percent expected to be eliminated in the next five to ten years.

"We are ready to cooperate with the United States for co-development on the principle of respecting independence, territorial sovereignty, causing no harms to each other. In that spirit, I believe the Vietnam-US ties will be better in the coming time," said Phuc.

Last week, Vietnam's trade minister said traditional exports like textiles, seafood and footwear would remain competitive even without the US deal.

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Russia starts blocking LinkedIn website after court ruling www.reuters.com

Russia's communications regulator on Thursday ordered Internet service providers to block public access to the website of social networking company LinkedIn to comply with a court ruling that found the firm guilty of violating data laws.

Roskomnadzor, the watchdog, said it was acting to protect Russian Internet users' data. Russian law requires websites which store the personal data of Russian citizens to do so on Russian servers, something it said LinkedIn did not do.

LinkedIn, headquartered in the United States, has more than 6 million registered users in Russia. It is the first major social network to be blocked by Russian authorities, setting a precedent for the way foreign Internet firms operate.

LinkedIn's site would become unavailable in Russia within a day, the Interfax news agency cited Roskomnadzor spokesman Vadim Ampelonsky as saying. One Internet service provider, Rostelcom, was quick to say it had already blocked access to the site.

LinkedIn could not be immediately reached for comment.

It said in a statement earlier this month that the decision risked denying access to its site for millions of Russian members, including companies, who use it to grow their businesses.

The law requiring websites which store the personal data of Russian citizens to do so on Russian servers was introduced in 2014, but never previously enforced.

Critics see the move against LinkedIn as part of an attack on social networks in a country which has increasingly tightened control over the Internet in recent years.

(Reporting by Jack Stubbs; Writing by Maria Tsvetkova; Editing by Andrew Osborn)

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Volkswagen aims to sell 400,000 new energy vehicles a year in China by 2020 www.reuters.com

Volkswagen (VOWG_p.DE) aims to boost new energy vehicle sales in China to 400,000 units a year by 2020, the automaker's China chief Jochem Heizmann said, as Beijing pushes automakers to sell low-emissions cars via incentives and friendly regulations.

It aims to eventually sell 1.5 million new energy vehicles (NEVs) annually by 2025, Heizmann told reporters ahead of the Guangzhou auto show, which opens on Friday.

"We have to do more in the NEV area. The government is pushing, the general environment in China is pushing that," Heizmann said.

Overall sales of NEVs in China more than quadrupled last year with rapid growth continuing in 2016.

Volkswagen will deliver its first locally produced NEVs, as battery electric and plug-in hybrid cars are referred to in China, under its Audi brand this year.

Audi AG (NSUG.DE) manufactures the vehicles in a joint venture with China FAW Group [SASACJ.UL].

Volkswagen also has a JV with SAIC Motor (600104.SS), and the two companies have plans to sell plug-in hybrid cars in China in the future.

Global auto brands are only allowed to manufacture cars domestically in China through ventures with local partners, with automakers typically limited to two JV partners.

Volkswagen said in September that it had signed a preliminary deal to explore making electric vehicles in a new joint venture with China's Anhui Jianghuai Automobile (JAC Motor) (600418.SS).

The deal is not final and is subject to approvals.

He said he was hopeful the government would allow what would be Volkswagen's third JV in China, with the government pushing for less-polluting vehicles.

"Normally the legal framework is you are only allowed to have two joint ventures. There is a special chance to have this additional joint venture just on pure battery cars," Heizmann said.

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PM Erdenebat’s government addresses many of the problems listed in US Embassy’s 2016 Investment Climate Statement NAMBC Newsletter

Prime Minister Erdenebat’s government is addressing many issues raised in “2016 Investment Climate Statement” issued by the US Embassy; link to full text - Prime Minister Erdenebat’s government appears to be addressing many of the problems listed in the US Embassy’s 2016 “Investment Climate Statement,” which was released this past summer after the June elections. As US Ambassador Jennifer Z. Galt stated in remarks on September 22, “The new government has acted quickly both to publicly define problems and to address them.” Ambassador Galt noted that “Government leaders have met with investors and vowed to correct missteps that contributed to Mongolia’s economic decline.”

This annual review of the investment climate is issued by every American embassy around the world for each host country, as required by Congress. The 2016 version on Mongolia, like its predecessors, is a succinct and accurate discussion of challenges to FDI, and is well worth reading.

For the full text of the 2016 Investment Climate Statement, paste this address into your browser:

http://www.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2016&dlid=254299#wrapper

 

 
 
 
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