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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Shenhua Energy expresses readiness to collaborate in major projects www.montsame.mn

Ulaanbaatar /MONTSAME/ State Secretary of the Ministry of Foreign Affairs D.Davaasuren received the representatives of China Shenhua Energy Company Limited, led by the chairman of Board, Mr Lu Bing on November 10.

The State Secretary informed the guests of the commitment of the Government of Mongolia to fulfill its platform of actions, with special accent on the essential economic sectors – mining, infrastructure and constructions.

In turn, Mr Lu Bing, while noting China and Mongolia are important partners for each other, expressed willingness on behalf of his company to cooperate with the Mongolian government on major construction projects.

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Singles' Day sales break record again in China www.xinhuanet.com

HANGZHOU, Nov. 11 (Xinhua) -- Within minutes of it kicking off at midnight, Singles' Day, China's annual online shopping fiesta, had smashed sales records across multiple online marketplaces.
 
Sales on Alibaba had surpassed 10 billion yuan (1.47 billion U.S. dollars) in six minutes 58 seconds, almost six minutes ahead of last year, the company said.
 
Gome, another e-commerce site, recorded a 366-percent year-on-year surge in orders in the first hour.
 
As of 9 a.m. Friday, total sales across 16 of China's major e-commerce platforms had already topped 76 billion yuan, according to data provider Syntun, which has been monitoring the real-time transactions of the top 16.
 
Put forward by Alibaba as the Chinese version of Black Friday, Singles' Day has grown into a huge competition for market share among Chinese e-commerce companies.
 
Of the 76-billion yuan transactions, 74.2 percent were made through platforms managed by e-commerce giant Alibaba; 16.4 percent through JD.com and 2.8 percent on home appliance retailer Suning.com.
 
This year's online shopping bonanza saw an increase in the number of mobile transactions, with 83 percent of the purchases completed on mobile devices.
 
According to Internet industry research agency iResearch, China's online shopping market's sales volume was 1.1 trillion yuan in the second quarter, up by 27.6 percent from the same period last year. It also estimated the volume would exceed 1.5 trillion in the fourth quarter.
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Petrobras racks up massive losses due to write-offs www.bbc.com

Brazil's state oil giant Petrobras has reported a massive loss for the third quarter of its financial year.
Analysts had been expecting the firm to make a profit, but instead it lost 16bn reais ($4.8bn; £3.86bn).
Petrobras said low oil prices had forced it to cut the value of oil fields and other assets.
The firm is restructuring under new management after a corruption scandal battered the company's finances last year.
The shake-up has been welcomed by investors, with Petrobras shares almost trebling in value on the Brazilian stock market since January.
Petrobras said that without having to cut the value of assets it could have made a profit.
"The message we want to convey is that these impairments are non-recurring, and that we don't expect them to happen, not at least in this magnitude, in the coming future," said chief financial officer Ivan Monteiro.
Worker painting Petrobras tankImage copyrightREUTERS
Scaling down
The company's performance was also hit by the cost of a voluntary redundancy scheme, as well as court disputes in the US.
Petrobras has been scaling down by selling off assets and pulling out of certain sectors.
Meanwhile Brazil's government is reforming the oil sector so that it does not have to depend too much on Petrobras.
Earlier this week, Brazil's Congress gave its final approval to a new bill that paves the way for foreign companies to explore lucrative new fields, without Petrobras having to hold a mandatory stake in them.
On Thursday, Shell announced plans to spend $10bn in Brazil over the course of five years.
"This was a good move by the government and it will open up opportunities for more players to invest in Brazil," Shell chief executive Ben van Beurden said.
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PPI down 19th straight month www3.nhk.or.jp

The latest data shows company managers in Japan have been paying less for their materials due to a stronger yen and lower oil prices.
 
The index for prices on goods traded among companies fell in October for the 19th straight month.
 
Officials at the Bank of Japan say the producer price index was down 2.7 percent from the same time last year. The figure has been in negative territory since April last year.
 
The fall is mainly due to lower prices for nonferrous metals, such as copper. They dropped over 11 percent, on the back of a higher yen and a slowdown in China. Cheaper petroleum and coal products were another factor. They were down by more than 7 percent due to lower oil prices.
 
Officials say the rate of decline has been moderating gradually. They say they're going to monitor any effects the US elections have on producer prices.
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Chinese investors keen in investing in Ethiopia: Official www.chinadaily.com.cn

ADDIS ABABA - Chinese investors have shown their keen interest to invest in Ethiopia, said Ethiopian Investment Commission (EIC) head Fitsum Arega on Thursday.
 
The African country in the past three months received 124 investors who have keen interest to invest, out of whom 71 were from China, said Arega.
 
Data from the EIC also show that the number of Chinese investors with keen interest to invest in the country is larger than other countries combined.
 
Arega also expressed his regret and sadness over "the appalling damages, indiscriminate looting and destruction sustained by national and foreign investment projects operating in some parts of Ethiopia and the short-lived state of insecurity".
 
"The chain of unfortunate incidents last month have come at greater cost to business and had created a sense of insecurity and business uncertainty. Since, the government has taken decisive measures to restore peace and order and assuage the concerns leveled by various investors," he noted.
 
According to Arega, despite challenges such as drought and insecurity, the country's foreign direct investment has registered a 50-percent increase to reach $3 billion in last budget year.
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ADB lends $34b to China in 30 years www.chinadaily.com.cn

SHANGHAI - Asian Development Bank (ADB) has provided $34 billion in loans to China since the country became an ADB member in 1986, bank president Takehiko Nakao said Thursday.
 
The loans comprised $31 billion for the public sector and $3 billion for the private sector, Nakao said at a symposium in Shanghai to commemorate the 30 years of China's ADB membership.
 
ADB also supported China with 430 million dollars in technical assistance grants.
 
"China has made an example of how an economy can achieve very rapid growth drawing on market systems and open trade and investment relations with partner countries," Nakao said.
 
Chen Shixin, director-general of the department of international economic and financial cooperation at the Ministry of Finance, said China has an all-round mutually beneficial cooperative partnership with ADB, and ADB has played an important role in poverty-reduction, economic and social development.
 
Chen said under the 2030 UN Agenda for Sustainable Development, multilateral organizations need to work with the developing members, especially by investing in infrastructure.
 
"ADB is ready to help China's further transformation and address economic, social and demographic challenges through our finance and knowledge work," Nakao promised.
 
He stressed ADB's readiness to support China in reducing CO2 emissions.
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Government Budget revenue estimated at MNT 4.4 trillion www.en.montsame.mn

Ulaanbaatar /MONTSAME/ At Thursday’s plenary meeting, the State Great Khural (Parliament) adopted essential bills to the country’s growth. Firstly, the parliament passed the bills on the Government Budget for 2017 and the Social Insurance Fund Budget for 2017.
 
The equilibrated revenue of the Government Budget for fiscal year of 2017 is estimated at MNT 4,378,889.9 million and the equilibrate expenditure – MNT 6,759,169.6 million.
 
The sum of funds for investing in projects and facilities is calculated at MNT 250,654.7 million, the repayment for the “build and transfer” concessions – MNT 71,518.6 million.
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London-based banks face 'nightmarish' choices after Brexit www.theguardian.com

Global banking businesses will face nightmarish decisions if the UK loses its access to euro-clearing trading as part of the Brexit negotiations, the Japanese ambassador to the UK has warned.

Koji Tsuruoaka said that Japanese companies would be among those affected as he emphasised the seriousness of what is at stake as the UK prepares for Brexit. Some EU countries are determined to stop the UK retaining its euro-clearing rights post-Brexit, so the business would be transferred to Frankfurt and Paris.

Tsuruoaka said most global financial service providers, including Japanese companies, have concentrated resources in London because it was the most efficient way for global capital to operate.

Removal of UK euro-clearing rights “is not something that would be welcomed at all by the financial service providers,” he said. “Companies have come a long way to establish the most efficient clearing house here in London. Now to be told to go elsewhere, it would be a huge challenge.” He added that no other city represented “a natural answer” as a substitute to London and it would be impossible for banks to discuss with each other where to relocate.

“It would be nightmarish if you think about the business decision they would be forced to make,” he said.

Since the euro was first used as a currency in 1999, London has acted as the centre of euro-clearing for derivatives, despite not being within the single currency area. The French have insisted that no one will be prepared to see the main clearing house outside of the EU in the wake of Brexit.

Tsuruoaka also suggested that it might be necessary for the UK to negotiate an interim Brexit deal with the EU due to the complexity of the talks. There is a two-year negotiating period that would start once Theresa May invokes article 50, the means by which the UK notifies the EU of its plan to leave. The foreign affairs select committee has begun an inquiry into the possibility of an interim deal in case this is not long enough to settle a full agreement.

Speaking to an EU Lords select committee, the ambassador said: “You may not be able to come to the final conclusion of the permanent agreement because of the time constraint, or because of the difficult need for co-ordination.” He said a transitional deal may “allow business to continue as usual”. He said that ideally the final agreement would not change how UK-based companies accessed the EU single market.

Japan is one of the biggest overseas investors in the UK but is alarmed that post-Brexit it may see the EU impose tariffs, rules-of-origin restrictions and other barriers.

The ambassador said he has been advising Japanese companies to keep calm and not to jump to any conclusions about the need to relocate. But he knew businesses were starting to research different scenarios.

But he added whenever a final agreement on access to the single market is reached it would be desirable to include a transparent schedule to which any changes would be implemented. “You do not enact laws right after you have adopted them. You have a notice period of, say, a year. You do not change a system of trade all of a sudden to be implemented from the next day onwards.”

He also spelt out the consequences of the loss of access to the EU single market for the Japanese auto industry and not just to Nissan, which has already announced it will reinvest in its Sunderland car plant.

Pointing out that a car involves as many as 20,000 parts, he said it was critical that these parts flow freely along a two-way street without tariffs, taking the final product to the EU continental market. He explained: “If there are tariffs on both sides, the company suffers and that is going to be a very costly procedure that is not currently in place. It applies to all manufacturing. If you put some artificial barriers in the way it is by definition going to be costly and inefficient. That is what the Japanese automative companies are concerned about.”

He added the EU was refusing to engage with Japan on Brexit for the time being because they say they have not even received an official notification for the UK and so cannot discuss Brexit with any third party. “An engaged dialogue has yet to start between the EU and Japan,” he said.

He said he had not been given the reasons why Nissan had decided to reinvest in Sunderland and did not know the precise assurances given to the company by the UK government. “Nissan [is] part of Sunderland and in the Japanese culture when you are part of the community, you do not abruptly break up. They are like family. They are aware of their responsibilities to the people of Sunderland.”

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Trump sends iron ore price to 2-year high www.mining.com

The import price of 62% Fe content ore at the port of Tianjin jumped 4.5% to $74.20 per dry metric tonne on Thursday as Donald Trump's victory in the US presidential elections add fuel to the fire of iron ore's almost a month of unbroken gains.

According to data from The Steel Index it's the highest level for the Chinese benchmark price since November 7, 2014 with gains since the eve of the election now topping 11%. Year to date the price of the steelmaking raw material is up 72% after doubling in value from near-decade lows in December last year.

The rally comes on the back of Trump's general support for the extractive industries and his pledge during his acceptance speech for fiscal spending geared towards rebuilding the country's infrastructure.

The Trump administration is likely introduce a spending program of $500 billion when it takes office next year with the president elect promising as much as $1 trillion over ten years to rebuild roads, bridges, airports, hospitals and schools.

Stocks of the world's top producers have all rallied post the Trump triumph with North America's number one iron ore miner Cliffs Natural Resources up a whopping 17% on Wednesday and gaining a further 4.3% in pre-market trading in New York on Thursday.

The world's largest iron ore miner, Brazil's Vale, jump looked set for another jump in value on Thursday to add to its 13.6% gain this week. Anglo-Australian giants BHP Billiton and Rio Tinto made the most of the rally in iron ore, coal and base metals with both stocks adding 12% in value in London since the election. World number four Fortescue Metals Group shares rose 10% in Sydney while South Africa's Kumba Iron Ore soared 15% in Johannesburg.

Metallurgical coal's rise this year has been even more dramatic than that of iron ore and trading at $307.20 a tonne on Tuesday, the steelmaking ingredient is up 22% just over the last month.

According to data provided by the Steel Index premium Australia hard coking coal prices are up more than fourfold since hitting multi-year lows around $70 a tonne in November last year.

The coal rally was also spurred by supply issues after Beijing’s decision to limit coal mines' operating days to 276 or fewer a year from 330 before as it seeks to restructure the industry. Safety closures and weather related supply curbs in China and Australia only added fuel to the fire.

In 2011 floods in key export region in Queensland saw the coking coal price touch an all-time high $335 a tonne. Iron ore's high point was a month later at $191.90 a tonne.

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Trump calls Obama 'a very good man' after historic White House meeting www.cnn.com

Washington (CNN)President Barack Obama welcomed President-elect Donald Trump to the White House Thursday, as both men put past antagonisms aside in a time-honored ritual epitomizing the peaceful transfer of political power.

Three days after mocking Trump as unfit to control the codes needed to launch nuclear weapons, Obama told his successor that he wanted him to succeed and would do everything he could to ensure a smooth transition.
Trump, who spent years pursuing Obama over false claims he is not a natural-born American and accused him of being the founder of ISIS on the campaign trail, called Obama a "very good man" and said he would seek his counsel in future.
The extraordinary meeting was a reflection of the swift and sudden change in the political mood between the frenzied last days of an election campaign and the reality of government and the transition of power between two administrations that follows.
"My No. 1 priority in the next two months is to try to facilitate a transition that ensures our President-elect is successful," Obama said.

Obama told Trump: "If you succeed, the country succeeds," as the two men sat in high-backed chairs in front of the fireplace in the Oval Office.
Trump thanked Obama for the meeting which he said had originally been scheduled for 10 minutes and went on for 90.
"Mr. President, it was a great honor being with you and I look forward to being with you many, many more times," Trump said, adding that he and Obama had spoken about some wonderful and difficult things and "some high-flying assets."
It was not immediately clear what he meant.
The President-elect also said he would seek "counsel" from Obama.
As the pool of reporters were led out, Trump told them several times that Obama was "a very good man."
It comes with many Americans, especially Democrats and liberals, still in disbelief and shock at Trump's victory over Hillary Clinton on Tuesday, after the most vicious and unconventional campaign in modern history.
The meeting, and Trump's stern demeanor, also underscored how the heavy burden of the presidency begins to settle on the shoulders of a President-elect. In Trump's case, that process will be especially challenging giving that he will be the first president elected with not political, diplomatic or military executive experience.
Republican National Committee chairman Reince Preibus, who is being mentioned as a possible chief of staff in Trump's White House, told CNN's Jake Tapper that Americans would appreciate Trump's demeanor in Washington.
"I hope that everyone has seen sort of this presidential Donald Trump that we knew all along was up to the task and I think is going to make us all proud," Preibus said.
Thursday evening, Trump tweeted about the meeting, writing, "A fantastic day in D.C. Met with President Obama for first time. Really good meeting, great chemistry. Melania liked Mrs. O a lot!"

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