1 TOP 10 RICHEST PEOPLE IN MONGOLIA 2018 MONGOLIAN BILLIONAIRES WWW.ELITESHARED.COM PUBLISHED:2018/07/22      2 IRKUTSK REGION'S EXPORT OF CHICKEN EGGS TO MONGOLIA ALMOST DOUBLED WWW.RUSEXPORTER.COM PUBLISHED:2018/07/21      3 86 PERCENT OF ACTIVE ENTITIES IN MONGOLIA HAVE UP TO 9 EMPLOYEES WWW.GOGO.MN PUBLISHED:2018/07/20      4 MONGOLIA TAKES STEPS TO BOOST CASHMERE PRODUCTION WWW.NEWS.MN PUBLISHED:2018/07/20      5 HIV INFECTIONS RISES TO 262 IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2018/07/20      6 FRONTCLEAR FACILITATES A LANDMARK TRANSACTION WITH STATE BANK MONGOLIA, EBRD AND ING BANK WWW.KTVN.COM PUBLISHED:2018/07/20      7 MONGOLIA COULD BE RIO'S COPPER GROWTH KEY WWW.MINING-JOURNAL.COM PUBLISHED:2018/07/20      8 FOREIGN OFFICE MINISTER MARK FIELD VISITS MONGOLIA WWW.GOV.UK PUBLISHED:2018/07/20      9 ZOO-BRED PRZEWALSKI’S HORSES ARE FREED INTO THE PLAINS OF MONGOLIA WHERE THEIR ANCESTORS ROAMED FOR CENTURIES HAVING BATTLED BACK FROM JUST ONE SURVIVING WILD ANIMAL WWW.DAILYMAIL.CO.UK PUBLISHED:2018/07/20      10 MONGOLIAN AND CHINESE JOINT VENTURE ESTABLISHED WWW.MONTSAME.MN PUBLISHED:2018/07/20      ТАВАНТОЛГОЙ-ЗҮҮНБАЯН ЧИГЛЭЛИЙН ТӨМӨР ЗАМЫГ БАРИХ АЖИЛ ЭХЛЭЭД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/22     ШИНЭ УРГАЦ ГАРЧ ЭХЭЛСЭН Ч НОГООНЫ ҮНЭ ӨНДӨР ХЭВЭЭР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/20     АВТОЗАМД ҮҮССЭН ХОХИРЛЫН ХЭМЖЭЭ 1,3 ТЭРБУМ ТӨГРӨГТ ХҮРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/07/20     BURBERRY БРЭНД 32.6 САЯ АМ.ДОЛЛАРЫН ҮНЭ БҮХИЙ БАРАА БҮТЭЭГДЭХҮҮНЭЭ ШАТААЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/20     ИРГЭДЭЭС ЦУГЛАСАН ХАНДИВААР ГАЛ УНТРААХ ТОНОГ ТӨХӨӨРӨМЖ АВЧЭЭ WWW.DNN.MN  НИЙТЭЛСЭН:2018/07/20     ГААЛИЙН БАЙГУУЛЛАГЫН ТӨСӨВТ ТӨВЛӨРҮҮЛСЭН ОРЛОГО 1.2 ИХ НАЯД ТӨГРӨГТ ХҮРЧЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ИХ БРИТАНИЙН АЗИ НОМХОН ДАЛАЙН БҮС НУТГИЙГ ХАРИУЦСАН САЙД МАРК ФИЙЛД МХБ-Д ЗОЧИЛЛОО WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/20     ЭКО АЛТНЫ УРАМШУУЛЛЫГ МОНГОЛБАНК ОЛГОХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/20     ЯМАШИТА МАМОРҮ: МОНГОЛД ДУНДАЖ ЦАЛИНГ ТЭТГЭВРИЙН ХЭМЖЭЭТЭЙ УЯЛДУУЛЖ ТООЦОХ МЭРГЭЖЛИЙН БАГ ХЭРЭГТЭЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/20     ХЯТАД УЛС БИЗНЕСИЙН ОРЧНОО САЙЖРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/19    

Events

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

NEWS

64x64

Euro founding father Otmar Issing warns about project's future www.bbc.com

A founding father of monetary union has given a damning assessment of the euro bloc, saying that not incorporating an exit strategy was a mistake.
Prof Otmar Issing told the BBC's Wake up to Money that faultlines across the eurozone remain, citing economic weakness in Greece, Portugal and Italy.
The European Central Bank's first chief economist also warned about the impact of negative interest rates.
And he said political pressures threatened central banks' independence.
Prof Issing told the BBC that structural problems in the eurozone and dwindling public support in some countries were still major problems.
The euro currency was "stable and performing much better than expected", he said. "But I wish I could say the same about the euro area."
Countries that tipped the bloc into recession during the global financial meltdown were still in serious economic trouble. Greece was in "permanent crisis", and economic reforms in Portugal and Italy were either on hold or being reversed, the professor said.
'Blackmail'
Prof Issing, a former adviser to Germany's Chancellor Angela Merkel, has in recent years become suspicious of the euro project he helped to create, warning that it would collapse without reform.
He told the BBC that it was "mistake in the construction of the whole arrangement that once a member, you remain a member for eternity".
It meant that countries not complying with the eurozone's economic and budgetary rules "can blackmail the others".
Allowing a temporary exit would, for example, have helped Greece to reform its economy so that it could then return later in better financial health.
However, some countries should never have joined the euro in the first place, he said, without naming names. They "were not yet ready to thrive under a single monetary policy and one central bank".
Prof Issing is also increasingly concerned about central banks' use of zero or negative interest rates in a bid to stimulate growth. The policy has been used by, among others, the ECB, Japan, Switzerland and Sweden
It is hindering the recovery of banks, he said, adding: "If it persists for longer, then I think we will see dramatic consequences for insurance companies and pension schemes."
Furthermore, "the longer zero interest rates continue, the more difficult it will be to exit from this situation". A gradual increase in interest rates would not stop companies investing for growth, he believed.
Threat to London
Prof Issing is worried that central banks are straying onto "political turf" and damaging their independence.
He would not discuss Bank of England governor Mark Carney, who has faced criticism from EU Leave campaigners.
The professor is more concerned about the ECB. Because it "is the only game in town" it wields huge power. "This does not foster independence, but undermines it," he said.
On Brexit, Prof Issing said there were too many issues to be resolved before he could speculate on its impact on the eurozone.
But he was certain about one thing - London's position as Europe's financial capital is now under threat.
He thinks the capital's financial centre will not be able to keep the same benefits and freedoms outside the EU. "It will not happen," he said.
...


64x64

China launches $11 billion fund for Central, Eastern Europe www.reuters.com

China has set up a 10 billion euro ($11.15 billion)investment fund to finance projects in Central and Eastern Europe, Industrial and Commercial Bank of China (601398.SS) (1398.HK) said in a statement issued on Sunday.

The China-Central Eastern Europe fund, announced by Premier Li Keqiang during his visit to Riga on Saturday, will be run by Sino-CEE Financial Holdings Ltd, a company established by the bank earlier this year.

The fund is aiming to raise 50 billion euros in project finance for sectors such as infrastructure, high-tech manufacturing and consumer goods, the bank said.

While targeting Central and Eastern Europe, it could extend to the rest of Europe and other regions if relevant to China-Central and Eastern Europe co-operation, it said.

The fund will be government-backed but will operate under business principles and be guided by the market, it added.

Central and Eastern Europe are part of China's modern Silk Road where Beijing is hoping to carve out new export markets for its companies as the domestic economy slows.

China's Vice Commerce Minister Gao Yan said last year that Chinese companies have already invested more than $5 billion in CEE countries.

But China's push for more investment at the gateway to the European Union comes amid growing calls in top Eurozone economy Germany to restrict Chinese investment in some sectors.

Riga is hosting a summit of leaders from 16 central and eastern European countries and China, a group dubbed '16+1' by Beijing.

China Life Insurance and Fosun Group are also involved in managing the fund, added the statement.

(Reporting by Ma Rong and Dominique Patton; Editing by Simon Cameron-Moore)

...


64x64

ENGIE and Ferrostaal join forces in Mongolian wind farm project www.gogo.mn

Ulaanbaatar, Mongolia - ENGIE, one of the world’s energy leaders, and Ferrostaal, a leading global project developer and industrial service provider, have signed a joint development agreement to build and operate the Sainshand wind farm project, located in the Gobi Desert.
The project brings more than USD 100 million in foreign direct investment into Mongolia and is in line with the government’s objective to evolve towards a greener economy and a better environment. With a potential reduction of more than 200 tons of CO2 emissions per year, the Sainshand wind farm contributes to the country’s ambitions to reduce its greenhouse gas emissions by 14%. This objective was defined by the Mongolian authorities in the Intended National Determined Contributions (INDC), as part of the Climate Change Agreement, which was negotiated at COP21 last year and which enters into force today, 4 November 2016.
The Sainshand wind farm will have a total installed capacity of 55 MW and will provide the equivalent of the electricity consumption of 130,000 people in Mongolia.
“We welcome ENGIE as a co-developer and sponsor of the Sainshand wind farm project. ENGIE brings extensive expertise in renewable energy, complementing Ferrostaal Group’s long-standing capacity of project development, financing and industrial plant construction. In this first collaboration, we combine our knowledge and expertise in bringing sustainable solutions to Mongolia,” commented Dr. Oliver Schnorr, President of Ferrostaal Mongolia. “This project demonstrates that Mongolia welcomes private investment, from both Mongolian and foreign companies, in partnership with the public sector,” he added.
Benoît Ribesse, Chief Executive Officer of ENGIE Mongolia, said: “Mongolia’s energy system calls for new energy sources. We are committed to the country’s modernization efforts in expanding its power generation infrastructure through sustainable energy sources. As such, we are excited to be part of the Sainshand wind farm project, which is an important step in this direction. The renewable energy sector is evolving fast. Projects based on wind or solar are not only environmentally friendly, they are also becoming more and more economically sustainable thanks to recent innovations.”
The Sainshand wind farm, located 450 km south-east of Ulaanbaatar nearby the Sainshand City, capital of Dornogobi Province, will boost the local and national economy through job creation, fiscal contributions and the supply of clean energy.
Construction is planned to start in 2017, with commissioning of the plant in the second half of 2018.

...


64x64

Ag Bank of China to pay New York state $215 mln for anti-money laundering violations www.asia.nikkei.com

NEW YORK (Reuters) -- Agricultural Bank of China Ltd will pay a $215 million penalty for violating New York state's anti-money laundering law, the state's financial regulator said on Friday.

Bank officials engaged in "intentional wrongdoing," including masking possibly suspicious transactions at its New York branch. Some transactions involved parties which are subject to U.S. sanctions, the New York State Department of Financial Services said.

The bank also "silenced" the branch's chief compliance officer, who raised concerns to managers about an "alarming" pattern of suspicious financial transactions, the regulator said. Among the transactions were payments from Yemen to Chinese companies and "unusually large" transfers between Chinese and Russian companies.

The bank, in a consent order with the regulator, agreed to put in an independent monitor to address "serious deficiencies," the regulator said.

Officials at Agricultural Bank of China and its New York branch could not be immediately reached for comment.

The bank holds total assets of about $2.8 trillion, including around $9.5 billion at the New York branch, New York state officials said.

Since 2013, the New York branch has cleared U.S. dollar transactions involving foreign correspondent banks in "rapidly increasing volumes," according to the consent order.

In dollar clearing, transactions in foreign currencies between parties are satisfied in U.S. dollars using a U.S.-based bank.

In 2014, the New York regulator warned the bank that its systems for monitoring suspicious transactions were inadequate, and told the bank not to boost its dollar-clearing business until it put improved surveillance measures in place.

While the practice is common, dollar-clearing can be risky for banks since it can be used by criminals and militant groups planning attacks to launder and move money.

...


64x64

6 reasons coking coal price will tank www.mining.com

Coking coal prices continued to defy gravity on Friday trading at $270.50 a tonne after 18 straight sessions without a down day. According to data provided by the Steel Index premium Australia hard coking coal prices are up nearly four-fold since hitting multi-year lows around $70 a tonne in November last year.

Coking coal has been generally spared from its output cuts, an oft used excuse used to blame soaring prices
The seaborne 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. Chinese government stimulus plans which saw steel production and demand for power pick up only added fuel to the fire. Authorities recently relaxed some of the production curbs, but that has done little to cool down the market.

The Steel Index in its monthly coking coal review notes that according to the Chinese National Bureau of Statistics, domestic coking coal production in China is only down only 1.6% for the first 9 months of year, compared to the same period last year, to about 331 million tonnes.

"This implies that coking coal has been generally spared from its output cuts, an oft used excuse used to blame soaring coking coal prices," says TSI.

Another reason the industry is worrying about a coking coal price bubble is speculation by Chinese investors in derivatives of steel, met coal and iron ore (the so-called ferrous complex). Lacklustre domestic equity markets and few investment opportunities on the mainland have seen the emergence of debt-fuelled retail investment frenzy.

The Financial Times quotes a hedge fund manager in Shanghai as saying "hedge funds looking for fixed returns. They’re not familiar with commodities, so [this] strategy looks good to them. Someone else takes the big risk":

But this form of margin lending, known in Chinese as peizi, mirrors the type of shadow bank-style margin financing that helped fuel the Chinese stock market boom last year. Once the market turned, margin calls amplified losses as investors were forced to liquidate their holdings to repay loans.
China imported 24.3 million tonnes of coal in September, up more than 33% compared to last year according to official customs data. But imports were down 14% month-on-month as rocketing prices prompt traders to adopt a wait and see approach to the overheated market.

The market appears to believe that whilst persistently rising spot prices have shifted the front contract months higher, future prices will adjust to reflect a more stable supply/demand dynamic
Beijing's central planning agency tried to reassure the market this week, calling the rise in coal prices "irrational" and also blamed speculation.

Coal stocks at five major ports in north China's Bohai Rim region have risen nearly 50% from August lows of previous weeks to 15 million tonnes, while inventories at major power plants have increased by more than a third to 65 million tonnes according to the National Development and Reform Commission.

The Q4’16/Q4’17 spread at the end of September was priced in around US$45/t, but had risen to US$92/t by October’s end. The market appears to believe that whilst persistently rising spot prices have shifted the front contract months higher, future prices will adjust to reflect a more stable supply/demand dynamic, with long-run pricing around US$145/tonne.
Finally, quarterly contract negotiations may also point to rationality returning to the market. TSI reports fourth quarter benchmark talks had been a "fraught negotiation process with the first settlement only agreed 10 days into the start of the quarter".

Japanese steel mills and various Australian producers agreed to a price of $200 a tonne for premium coking coal deliveries over the last quarter of the calendar year. While this represents a rise of 116% over the previous quarter, it's a long way away from spot prices.

In 2011 floods in key export region in Queensland saw the coking coal price touch an all-time high $335 a tonne. Steam coal peaked just shy of $140 a tonne in January 2011.

...


64x64

Minister seeks business cooperation with Russia www3.nhk.or.jp

Japan's trade and industry minister has expressed hope for greater business cooperation with Russia.

Hiroshige Seko is visiting Moscow to explore economic projects with Russia. It's part of the groundwork for a bilateral summit planned in December.

Seko met Russia's Far East development minister, Alexander Galushka, on Friday.

They agreed to jointly study the development of shipping ports, airports, and other infrastructure in the Far East, so the region can become an export base for Asia.

Seko later inspected a model unit of a condominium developed by a Japanese real estate firm in Moscow. He also went into a restaurant of a Japanese "udon" noodle chain.

Japan's Foreign Ministry says 452 Japanese companies are active in Russia, up 50 percent from the figure a decade ago. But officials say some Japanese managers consider the country's complex legal system to be an impediment for business.

...


64x64

Battered U.S. coal industry hopes for Trump, prepares for Clinton www.reuters.com

Republican presidential nominee Donald Trump has won over the U.S. coal industry by promising to revive the downtrodden sector and scrap regulations if elected.

But the industry has a Plan B if the New York businessman loses to his more green-minded Democratic rival Hillary Clinton on Tuesday: carbon capture and storage, a technology that captures carbon dioxide from burning coal and injects it underground, where many scientists are optimistic it cannot contribute to global warming.

Coal backers see CCS as a politically feasible solution that could help the next president thread the needle between environmentalists and a once-powerful business that is in desperate need of a lifeline. They have been pushing both major party candidates to embrace it.

Staff at the National Enhanced Oil Recovery Initiative held separate teleconferences with the Clinton and Trump campaigns in August on the merits of a bill that would extend and raise tax breaks for coal and other fossil fuel companies doing CCS in oilfields, from $10 per ton of carbon stored to $35 a ton. NEORI is made up of diverse groups ranging from environmental ogranizations to some of the country's largest coal companies.

Weeks after the teleconference, Clinton announced her support for the bipartisan CCS bill. Nearly 20 of 100 senators, including Clinton's vice presidential running mate Tim Kaine, also back it and expect it to gain momentum.

Trump has not given a position on the bill, but a senior policy adviser to Trump's campaign, Dan Kowalski, said he "supports all sources of American energy. This includes clean coal and research into new coal technologies."

"My sense is Clinton recognizes that, especially in certain parts of the country, coal-based energy and other fossil fuels provide some of the highest-paying jobs in our economy,” said Brad Crabtree, of the Great Plains Institute, a policy group that pushes for the deployment technologies to reduce fossil fuel emissions, and the parent organization of NEORI.

Oil drillers have used CCS since the 1970s, pumping carbon dioxide into aging reservoirs to force out remaining crude. Coal advocates want to expand CCS to coal-fueled power plants. But the business is expensive and needs incentives.

TRUMP'S PLEDGE, CLINTON'S PRAGMATISM

Trump's anti-regulation stance has made him a clear favorite of the industry, because it suggests lower costs and risks for major producers like Arch Coal Inc, Peabody Energy Corp, Cloud Peak Energy Inc and Alpha Natural Resources Inc.

The sector has given about $223,000 in support of Trump, compared with none for Clinton, according to a Reuters analysis of contributions over $200 made by several of the biggest coal companies and their employees.

Coal faces a potentially starker future under Clinton. She has promised to build on Democratic President Barack Obama's disputed Clean Power Plan to curb carbon output and suffered political damage earlier this year when she said that by doing so "we're going to put a lot of coal miners and coal companies out of business."

Those jobs are already quickly evaporating.

The industry now employs only about 65,000 miners across states like West Virginia, Pennsylvania, Kentucky and Wyoming, down from around 91,000 in 2011, according to the most recent statistics from the U.S. Department of Energy. The country's top two biggest coal companies, Arch and Peabody Energy, this year filed for bankruptcy.

Neither Trump scrapping federal regulations nor the expanded use of CCS will likely restore the sector, where production last year dropped to the lowest level since 1986, to its previous heights. Coal <NYM/QL> faces a dual headwind of both a global push for cleaner energy such as wind and solar power, and drilling technology that has made its competitor natural gas abundant - and cheap.

Jeff Holmstead, a Republican lobbyist at Bracewell Law, said if Clinton wins, much of coal's fate in coming years could be determined in the first 30 to 60 days. By then it should be known whether she appoints staunch environmentalists at departments including the Environmental Protection Agency and the Department of the Interior.

But he is confident that Clinton would work with industry on CCS and allow "coal to play a role in the future in the U.S. power sector."

Elizabeth Gore, a Democrat who lobbies with Brownstein, Hyatt, Farber and Schreck for a coal-burning cooperative said coal companies must "find the marginal changes they can make to buy themselves some time, to provide more of a soft landing."

(Reporting by Timothy Gardner; Additional reporting by Grant Smith, Valerie Volcovici and Emily Stephenson; Editing by Richard Valdmanis and Lisa Shumaker)

...


64x64

Industries stepping up responses to Paris accord www3.nhk.or.jp

Japanese industries are trying to respond to the Paris agreement on climate change by developing cutting-edge technologies to reduce greenhouse gases.
 
Steelmaking accounts for about 40 percent of emissions in the industrial sector.
 
Major steelmakers jointly started work on developing a new technology in June that injects hydrogen into high-temperature blast furnaces to react with oxygen in iron ore. Researchers say the goal is to cut emissions by 30 percent.
 
A senior official at Nippon Steel & Sumitomo Metal says steelmakers as major emitters must make all-out efforts to cut CO2.
 
Automakers are also focusing on environmental technologies.
 
A senior official at Fuji Heavy Industries says the firm will place emphasis on plug-in hybrids and electric vehicles.
 
Japan's largest business group, Keidanren, is calling on firms to promote green technologies abroad and lead efforts to stem global warming.
...


64x64

Oil firms suffer revenue dip www.chinadaily.com.cn

Lower prices and weak demand take toll on global energy producers
 
China's oil and gas giants saw their revenues slump in the July-September period, according to their financial reports, against the backdrop of a suppressed global oil and gas market and lower domestic natural gas prices.
 
The third-quarter reports of China's big three oil firms-China National Petroleum Corp, China National Offshore Oil Corp and China Petrochemical Corp-showed that CNPC's revenue fell by 3.8 percent to 411.4 billion yuan ($60.97 billion), CNOOC by 15.2 percent to 30.75 billion yuan, and Sinopec by 3.1 percent to 472 billion yuan.
 
The drop in revenues for the big three is a direct result of plummeting international oil prices, as well as weak economic growth. So, the glory days of high oil prices have long gone and the downtrend will continue, said analysts.
 
Wang Lu, an Asia-Pacific oil and gas analyst from Bloomberg Intelligence, said cheap oil and lowered gas prices are the major reasons behind the revenue declines of PetroChina, Sinopec and CNOOC.
 
Oil firms have shut down high cost wells, reduced infill drilling and renegotiated contracts to cut costs, said Wang.
 
According to Dong Xiucheng, a professor at the China University of Petroleum in Beijing, while oil companies are struggling when prices are falling, it is an opportunity for them to restructure and reduce costs.
 
Deteriorating business in oil exploration is not all bad, Sinopec has taken advantage of falling oil prices to lower its production costs for the downstream refining business.
 
It reported a sixfold third-quarter profit rise as refining gains helped overcome deepening losses from oil and gas production, while CNOOC and CNPC witnessed declining profits during the past three months.
 
According to Wang, Sinopec's gains in refining, chemicals and marketing more than offset its exploration and production losses. CNOOC is a pure upstream company, so its earnings are most exposed to low oil prices among the three oil majors.
 
PetroChina's refining, marketing and chemical segments are weaker and smaller than Sinopec's, while its exploration and production unit is bigger than Sinopec's. That's why PetroChina had an earnings decline despite improvements in the downstream sector, she said.
 
The State-owned companies are not alone among international peers struggling with plummeting oil and gas prices. Exxon Mobil Corp has recently extended its longest streak of profit declines, while France's Total SA also posted a 25 percent drop in third-quarter profit.
...


64x64

Alibaba sales and earnings buck the economic trend www.chinadaily.com.cn

Company's fledgling cloud computing unit is star performer
 
Alibaba Group Holding Ltd showed once again that a slowing Chinese economy isn't holding it back.
 
The country's largest operator of internet shopping malls posted sales and earnings that beat analyst estimates as revenue easily outstripped economic growth.
 
Moreover, Alibaba's fledgling cloud computing business more than doubled sales and almost broke even, a significant feat for a capital-intensive business.
 
The results come about a week before Katy Perry kicks off Alibaba's annual Singles Day event (Nov 11), the world's biggest 24-hour shopping promotion and a closely watched barometer of Chinese consumer demand. Alibaba continues to capture a greater share of digital advertising as users shift to mobile devices and marketers spend more money online to reach them.
 
"I don't know if anyone's doing better than Alibaba," said Gil Luria, an analyst at Wedbush Securities Inc, commenting on Chinese internet companies. "They were able to drive growth by expanding beyond e-commerce in mobile browsing, media, cloud and continued to increase their number of ads and the money they charge for it."
 
Revenue rose 55 percent to 34.3 billion yuan ($5.1 billion) in the quarter, surpassing the 33.9 billion-yuan expected by analysts. Alibaba's quarterly sales have now beaten estimates for five straight quarters and have missed only twice since its record IPO in 2014.
 
Shares of Alibaba rose as much as 2.7 percent in early trade on Wednesday. The stock has gained about 24 percent after a 22-percent dive in 2015, when the company grappled with the slowdown and lawsuits accusing it of being slow to remove counterfeits from its websites.
 
While core commerce revenue rose 41 percent to 28.5 billion yuan in the September quarter, the cloud unit was the star performer.
 
The division, which competes with Microsoft Corp and Amazon.com Inc, grew sales by 130 percent and narrowed its loss to 57 million yuan after more than doubling the number of paying customers to 651,000.
...