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

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

NEWS

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Trump and Putin 'will try to mend ties', Kremlin says www.bbc.com

US President-elect Donald Trump and Russian President Vladimir Putin will try to "normalise US-Russia ties", the Kremlin has said, following a phone conversation between the two.
Mr Putin wished Mr Trump "success in implementing the election programme".
Mr Trump, who had praised Mr Putin in the election campaign, said he wanted an "enduring relationship with Russia".
Meanwhile, President Barack Obama said Mr Trump had told him he remained "committed to a strong Nato".
'Pragmatic'
The Kremlin revealed Mr Trump and Mr Putin had discussed Syria and agreed that current Russian-US relations were "extremely unsatisfactory".

They also talked about the fact that 2017 marked 210 years since the establishment of diplomatic relations between the countries "which in itself should stimulate a return to pragmatic, mutually beneficial co-operation".
Mr Putin and Mr Trump had agreed to stay in touch by phone and arrange to meet in person at a later date, the Kremlin added.

The Kremlin did not make it clear who had initiated the phone call.
But Mr Trump's office said the Kremlin had called and that issues such as mutual threats and challenges, and strategic economic affairs, were discussed.
It said: "President-elect Trump noted to President Putin that he is very much looking forward to having a strong and enduring relationship with Russia and the people of Russia."
Mr Trump's election has seen a change in tone from Russia towards the US, with state TV channels quickly switching from claims of electoral fraud to hailing the triumph of the "man of the people".

The BBC's Steve Rosenberg in Moscow says that Russia views America's new president as a pragmatist - a brash businessman that Russians can do business with.
Relations between the two countries have soured in recent years, despite President Obama starting his eight years in office by calling for a "reset" with one of the US' long-term rivals.
While Russia and the US have managed to work together on issues like North Korea and Iran, they have openly clashed on Syria.
Mr Obama has also condemned Russia's intervention on the side of pro-Russian rebels in eastern Ukraine, while Russia's decision to grant whistleblower Edward Snowden asylum infuriated Washington.
Mr Trump's rival for the presidency was no better liked in Moscow. Hillary Clinton was sharply critical of Russia's 2011 parliamentary elections, leading President Putin to accuse her of fomenting the mass protests against him that followed.
'Beacon of hope'
Mr Obama met Mr Trump last week and, at a press conference on Monday, said the new president had "expressed a great interest in maintaining our core strategic relationships", including "strong and robust Nato" partnerships.

During the election campaign, Mr Trump had openly criticised those Nato members who he believed were not doing enough work within the organisation and had relied too heavily on the US.
Mr Obama was speaking ahead of a trip that takes in Germany, Greece and Peru.
He said he hoped Mr Trump would "look at the facts" of the nuclear deal agreed with Iran, an accord the president-elect has to this point resolutely opposed.
Mr Obama said he "absolutely" still had concerns about a Trump presidency and that there would be "certain elements of [Mr Trump's] temperament that will not serve him well unless he recognises them".
But he said there was "enormous continuity" in the US presidency and he believed the US would remain a "pillar of strength and a beacon of hope to peoples around the globe".
Mr Trump will succeed Mr Obama in the White House on 20 January.

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Xi, Trump agree to meet at an early date www3.nhk.or.jp

Chinese President Xi Jinping and US President-elect Donald Trump have agreed to meet at an early date.

China's state broadcaster China Central Television reports that Xi spoke to the incoming US president over the phone on Monday.

It says Xi congratulated Trump on his election and said cooperation was the only correct choice for China and the United States. He added that there is an important opportunity and huge potential in China-US cooperation.

Xi said he is willing to push forward the relationship together with the US.

Trump said he agrees with Xi's view on ties between the US and China. He called China a great and important country, and said the 2 nations can realize a win-win relationship.

During his election campaign, Trump criticized China for taking jobs away from American workers. He also suggested readiness to respond more resolutely to the issue of China's moves in the South China Sea. Trump also showed a negative stance on measures against global warming, which both the US and China have actively tackled.

Chinese leaders appear anxious to meet Trump in person soon to confirm his positions.

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Coldest winter in 100 years awaits Mongolia www.nationmultimedia.com

The German meteorologist Dominik Jung said the 2016-2017 winter season promises to be “unusually cold” ever recorded in last 100 years.

The Mongolian Research Institute for Hydrology and Meteorology agrees with the European scholar and warns Mongolia is also expecting such a winter.

The wintering preparations in rural areas has been reported as sufficient. Young herders make up 70 percent of all livestock herding community of Mongolia.

At the national level, herders prepared this fall 284 thousand tons of hay or 24 percent of necessary hay for wintering. Emergency storages of provinces and soums hold 3,722 tons of hay and 504 tons of fodder.

To overcome the harsh winter without or minimum loss, Mongolia needs a reserve of 1.2 million tons of hay and 100 thousand tons of animal fodder, reports olloo.mn.

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American Apparel files for second bankruptcy protection www.cnn.com

US retailer American Apparel (AA) has filed for its second bankruptcy protection in just over a year.
The youth-focused clothes firm, hit by years of losses, will continue trading while it negotiates a potential sale of assets to Canada's Gildan Activewear.
Gildan said it had offered $66m (£53m) for the rights to the AA brand and stock, but did not want the stores.
AA, known for racy advertising and legal battles with founder Dov Charney, emerged from bankruptcy in February.
The company said last week that it was winding down its operations in the UK.
American Apparel has been looking for a buyer and has had talks with brand licensing firms Sequential Brands and Authentic Brands, as well as a financial company, B. Riley Financial.
It is the latest in a growing list of clothing brands that have gone under recently, including Aeropostale, Quiksilver, Wet Seal and Pacific Sunwear. Chains are struggling as consumers shun stores in favour of online shopping.
American Apparel filed its first bankruptcy in October 2015, following a steep drop in sales and a drawn-out legal battle with Mr Charney, who was ousted in 2014.
The retailer emerged from bankruptcy this year under the ownership of a group of former bondholders led by hedge fund Monarch Alternative Capital.
But it continued to face falling sales, exacerbated by its costly manufacturing plant in Los Angeles. Under mounting pressure, American Apparel hired investment bank Houlihan Lokey earlier this year to explore a sale.
The company has insisted that any sale must involve keeping its manufacturing plant in the US.

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External trade balance resulted in surplus www.montsame.mn

Ulaanbaatar /MONTSAME/ In October, Mongolia traded with 157 countries. The overall trade turnover amounted to USD 6,994.6 million, of which 3,726.2 million was constituted by exports and 2,768.4 million – by imports.

The overall trade turnover decreased by USD 595.8 million or 8.4 percent compared to that for the last year. In specific, exports fell by USD 200.5 million or 5.1 percent and imports –by 395.3 million or 12.5 percent.

The external trade balance rose to USD 957.7 million against the same period of last year, by USD 149.8 million.

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2016 'very likely' to be world's warmest year www.bbc.com

With data from just the first nine months, scientists are 90% certain that 2016 will break the global record for the warmest year.
Temperatures from January to September were 1.2C above pre-industrial levels.
The World Meteorological Organization (WMO) says they will remain high enough for the rest of the year to pass the mark set in 2015.
El Nino has had an impact, but the most significant factor driving temperatures up continues to be CO2 emissions.
What is climate change?
The provisional statement on the status of the global climate in 2016 has been released early this year to to help inform negotiators meeting in Morocco, who are trying to push forward with the Paris Climate Agreement.
The document says the year to September was 0.88 above the average for the period between 1961-90, which the WMO uses at its baseline.
The whole of 2015, which broke the previous record by a significant amount, was 0.77 above the 1961-90 average.

While there are still a couple of months to go this year, a preliminary analysis of the October data indicates that 2016 is very much on track to surpass the 2015 level, which in turn broke the previous high mark set in 2014.
"Another year. Another record. The high temperatures we saw in 2015 are set to be beaten in 2016," said WMO secretary-general Petteri Taalas.
"In parts of Arctic Russia, temperatures were 6°C to 7°C above the long-term average. Many other Arctic and sub-Arctic regions in Russia, Alaska and north-west Canada were at least 3°C above average. We are used to measuring temperature records in fractions of a degree, and so this is different," said Mr Taalas.
The report highlights the fact that other long-term climate change indicators are also breaking records. The amount of greenhouse gas in the atmosphere continued on its upward march in 2016.
Arctic sea ice continued to melt in significant amounts, while the Greenland ice sheet displayed very early melting this year.
Experts believe that the El Nino weather phenomenon played a role in the record warm temperatures seen in 2015 and 2016.
They quantify it as roughly 0.2 of a degree - but the bulk of the warming is coming from the accumulation of greenhouse gases. And the impacts of that warming are being widely felt.
"Because of climate change, the occurrence and impact of extreme events has risen," said Petteri Taalas.
"'Once in a generation' heatwaves and flooding are becoming more regular. Sea level rise has increased exposure to storm surges associated with tropical cyclones," he said.
The surprise election of Donald Trump as president of the US has increased expectations that he will bring a more sceptical view of climate change to the White House.
Scientists are stressing that the evidence for the reality of climate change is getting stronger all the time.
"We are seeing the impacts of climate change on extreme weather," said Dr Peter Stott, who leads the climate attribution team at the UK Met Office.
"One degree may sound a relatively small number but in the context of such a stable climate that we've had over the past millennia, and the rapidity of that warming, we are seeing this real world evidence that doesn't come from a model or a projection."
According to the WMO analysis, 16 of the 17 warmest years have been recorded this century. The only exception was 1998.

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Kaspersky attacks Microsoft as anti-competitive www.rt.com

The founder of cybersecurity firm Kaspersky Lab has accused US software giant Microsoft of making it unfairly difficult for antivirus companies to complete following a Windows 10 update.

“Microsoft has created obstacles to third-party products and is acting against the interests of the antivirus developers,” company CEO Eugene Kaspersky wrote in a blog post entitled Enough is enough.

Microsoft has reportedly reduced the period for independent developers to adapt their antivirus software to the Windows 10 operating system to just six days, compared with two months for earlier versions.

Russia's Federal Antimonopoly Service (FAS) opened an investigation into Microsoft after Kaspersky filed a complaint.

“As Microsoft is the firm developing Windows Defender antivirus software, which plugs in automatically, if third-party software fails to adapt to Windows 10 in due time, these actions are leading to unreasonable advantages for the company in the software market,” said Deputy Head of FAS Anatoly Golomolzin.

Kaspersky Lab is also planning to file complaints against Microsoft in the EU for being anti-competitive, according to company representative Julia Ilyina.

Kaspersky claims to have spent “months of fruitless discussions and multiple exhausting attempts to resolve the issue directly with Microsoft.”

“The trend is clear: Microsoft is gradually squeezing independent developers out of the Windows ecosystem if it has its own application for this or that purpose,” Kaspersky wrote.

 
 
 
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'Trump Thump' whacks bond market for $1 trillion loss www.reuters.com

Donald Trump's stunning victory for the White House may mark the long-awaited end to the more than 30-year-old bull run in bonds, as bets on faster U.S. growth and inflation lead investors to favor stocks over bonds.
 
A two-day thumping wiped out more than $1 trillion across global bond markets worldwide, the worst rout in nearly 1-1/2 years, on bets that plans under a Trump administration would boost business investments and spending while firing up inflation.
 
"We’ve had a sentiment shift in the bond market. We’ve seen it, too. People have already started reallocating out of bonds and into stocks,” said Jeffrey Gundlach, chief executive officer of Los Angeles-based DoubleLine Capital, which has more than $106 billion in assets.
 
"The cracks have been forming for five years – we’re in this slow-grinding higher phase in yields,” he said.
 
The stampede from bonds propelled longer-dated U.S. yields to their highest levels since January with the 30-year yield posting its biggest weekly increase since January 2009, Reuters data showed. US30YT=RR US10YT=RR
 
In the stock market, the blue chip Dow Jones industrial average finished out its best week in five years on Friday as it marked a record high close.
 
The 10-year German Bund yield rose to its highest level in eight months, while the 10-year British gilt yield climbed to its highest level prior to Britain's decision to leave the European Union on June 23, known as Brexit. DE10YT=RR GB10YT=RR
 
Bank of America Merrill Lynch's Global Broad Market Index fell 1.18 percent this week, the steepest percentage drop since June 2015, which is equivalent to more than $1 trillion. Its U.S. Treasury index suffered a 1.91 percent decline on a total return basis, the biggest weekly drop since June 2009 .MERGBMI .MERG0Q0.
 
Many investors, who have loaded up on bonds on the belief of protracted easy monetary polices worldwide due to sluggish global economy, are not ready to throw in the towel.
 
They are counting on insurers and pension plans, together with European and Japanese investors who are struggling with negative yields at home, to preserve the bull run for bonds.
 
"Are we going to see a dramatic backup in yields? It's too soon to make a conclusion about that," said Mihir Worah, chief investment officer in asset allocation and real assets at PIMCO in Newport Beach, California, which manages $1.55 trillion in assets.
 
Goldman Sachs and BAML forecast the 10-year U.S. yield could climb to 2.50 percent, compared with 2.11 percent at Thursday's close. The U.S. bond market was closed on Friday for Veterans Day. US10YT=RR
 
BREXIT TWO?
 
Fund managers at top bond firms and analysts on Wall Street are weighing whether the impact of Trump's win on financial markets will be similar to Brexit. European stocks sold off violently after the Brexit vote, but by mid-August had recovered all the losses. Even so, there is a great deal of uneasiness as investors wait for details on how Britain will exit the EU - not unlike the waiting game on what Trump will actually do as president.
 
"We need more of a cushion given the uncertainties. That's exactly what is being played out in the global debt market," said Mark Lindbloom, portfolio manager at Western Asset Management in Pasadena, California, which oversees $445 billion.
 
Trump, who beat Democratic rival Hillary Clinton, campaigned on tax cuts, trade restrictions and fiscal spending on infrastructure. It remains unclear how these promises translate into policy and the degree to which they would affect the economy.
 
Since Election Day, the U.S. bond market's gauge on investors' 10-year inflation outlook jumped to its highest level since July 2015. USBEI10Y=RR
 
Bond and stock markets suggest whatever Trump may do with the help of a Republican-controlled Congress would give a lift to the U.S. economy, which is growing at about 2 percent this year.
 
"It is a bit early to be calling the Big Rotation," said Art Hogan, chief market strategist at Wunderlich Securities in New York, referring to the idea that the three-decade-old rally in bonds is ending.
 
"We’ve been declaring that rotation for years. ... I’m afraid it’s hard to think about that happening in the current demographics we have. Baby boomers have more investable assets than millennials do."
 
Betting the U.S. economy may fare better on possible tax cuts and more federal spending, investors scooped up financial and biotech stocks, driving the S&P 500 to its best week since 2014 on Friday.
 
For a rotation into equities from bonds to materialize, it would require “a pick-up in the global economy, and for central banks globally at the very least to halt accommodation -and in our case remove some,” Hogan said.
 
TIPS APPEAL
 
While investors dumped most types of bonds after Trump's victory, they piled into Treasury inflation-protected securities as a hedge against a pick-up in inflation.
 
"You are seeing interest in TIPS right now from a widening investors base," said Brian Smith, portfolio manager at TCW in Los Angeles, which has $197 billion in assets.
 
Investors poured $1 billion into TIPS in the week ended Nov. 9, the second-biggest inflows since records began in October 2002, data from Thomson Reuters' Lipper service showed on Thursday.
 
Trump's win dovetailed with a rise in U.S. yields, reversing the safe-haven trade that stemmed from fears over the fallout of Britain's vote to leave the EU.
 
Yields have also risen as some Federal Reserve officials reasserted calls for a rate increase by year-end, a move that is increasingly seen as likely by the market.
 
Inflation concerns have also been stoked by a recovery in U.S. oil prices, which tumbled to a 12-year low in February due to concerns over a supply glut. That is seen as another factor behind the rise in bond yields. CLcv1
 
"The trend was already in play and it has accelerated," Pimco's Worah said, adding there is more room for yields to rise but not much further from current levels.
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Samsung Electronics agrees to buy Harman for $8 billion www.reuters.com

Samsung Electronics (005930.KS) said on Monday it had agreed to buy Harman International Industries (HAR.N) for about $8 billion, a deal that enables the South Korean electronics giant to expand its presence in the automotive electronics market.
 
Samsung said in a statement it expected to use cash to fund the deal, which represents a premium of 28 percent to Harman's Friday closing price.
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Volkswagen's Audi in talks with China's SAIC Motor on tie-up www.reuters.com

Volkswagen's (VOWG_p.DE) Audi premium brand is in talks with China's largest automaker, SAIC Motor, on a potential long-term collaboration, Audi said in a statement on Monday.
 
Reuters reported on Saturday, citing a source familiar with the matter, that the two had signed an agreement that could pave the way for Volkswagen's joint venture with SAIC to make Audi brand cars.
 
An early entrant to China, the world's largest car market, Audi is the best-selling premium car brand although it is rapidly losing ground to newer car models from Daimler's Mercedes-Benz and non-German automakers like Toyota's Lexus and General Motor's Cadillac.
 
Audi cars are now only made in China through a joint venture with China FAW Group Corp [SASACJ.UL], providing a lifeline to a state-owned company whose own brand cars have struggled with falling sales.
 
Audi reaffirmed its commitment to FAW in the release announcing the talks with SAIC, saying it had outlined growth plans with FAW for the next 10 years that include making green energy SUVs and sedans in every major segment.
 
Audi will also form a new joint venture company with FAW to be based in Beijing and focus on mobility and digital services, according to the statement.
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