1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Rolls-Royce to pay £671m over bribery claims www.theguardian.com

 
Rolls-Royce, Britain’s leading multinational manufacturer, is to pay £671m in penalties after long-running investigations into claims it paid bribes to land export contracts.
 
The settlement means the engineering giant will avoid being prosecuted by anti-corruption investigators in the UK, US and Brazil, though individual executives may still be charged.
 
It comes five years after investigators across three continents first began examining claims that the £13bn multinational had paid bribes to secure contracts in countries around the world.
 
Last year a joint Guardian and BBC Panorama investigation identified 12 countries in which Rolls-Royce had hired “commercial agents” or advisers to help it secure high-value contracts.
 
Anti-corruption campaigners said the deal showed the British government was not serious about tackling bribery, despite years of rhetoric promising to make the UK a hostile environment for the corrupt.
 
Susan Hawley, the policy director of Corruption Watch, described the settlement as “proof the UK is not willing to prosecute a large, politically connected company”.
 
Robert Barrington, the executive director of Transparency International, said “there must be a prosecution of individuals” in addition to the settlement.
 
In deals announced on Monday, Rolls-Royce said it would pay £497m to the UK Serious Fraud Office (SFO), subject to approval by the high court. It will also pay $169m (£140m) in penalties to the US Department of Justice and $25m to the Brazilian authorities.
 
The terms of the agreement with the SFO are to be examined on Tuesday by Sir Brian Leveson QC, the president of the Queen’s bench division of the high court. Under the proposed deal, known as a deferred prosecution agreement (DPA), Rolls-Royce will pay the penalties over five years, along with a payment covering the SFO’s costs.
 
Rolls-Royce announced that it reached separate deals with the US Department of Justice and Brazilian prosecutors. It added: “These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed to the SFO from 2012 onwards.
 
“These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty.”
 
The anti-bribery investigations have been embarrassing for the multinational, which sells turbines and engines for passenger jets and military aircraft across the globe.
 
David Cameron once praised it as “a world leader in the development of advanced technologies … of which the whole country can be proud”. The Duke of Cambridge called it “one of the United Kingdom’s great global companies”.
 
The firm has had close relations with British governments of all political hues, while ministers have often lobbied foreign governments to give large export contracts to the manufacturer.
 
Without admitting any wrongdoing, Rolls-Royce has repeatedly attempted to signal its willingness to reform after the bribery allegations emerged.
 
In 2013 the company hired the prominent City lawyer Lord Gold to conduct a review of its anti-corruption and compliance procedures. The following year the company used its annual report to reveal that it had substantially reduced its use of third parties to help it secure contracts.
 
The company’s chief executive said last year that winning contracts legitimately was key to future growth. Warren East, who took the helm in 2015, said in an interview with the Guardian that the bribery scandal was “not a very desirable situation”.
 
Hawley said: “The extent and egregious nature of the allegations against Rolls-Royce – and the fact that all indications are that it didn’t actually self-report, but this came from a whistleblower – really raise questions about whether this is being done as a convenient form for Rolls-Royce to carry on getting public contracts.”
 
Companies are supposed to refer themselves to investigators in order to qualify for a deferred prosecution agreement. If convicted of corruption offences, a company can be barred from bidding for public contracts unless it were able to prove it had reformed.
 
A relatively recent development in British law, a DPA is an arrangement under which a company can halt investigations against it for a fine. If further wrongdoing were to be committed during the duration of the agreement, the original prosecution could be reactivated.
 
Barrington said: “The fine is an eye-catching size, much bigger than any previous deferred prosecution agreement. Transparency International has always that the DPA must only be used when it is in the public interest, so information needs to be put into the public domain about this investigation.
 
“The critical part is that there must be a prosecution of individuals. There is criminality here, and we would like to see the SFO set out a timeline for those prosecutions.”
 
He said he was encouraged to see Brazilian, US and British regulators working together. “It will send a shiver down the spine of bribe-payers,” he said.
 
Sources close to the negotiations said the SFO and Rolls-Royce attended a preliminary court hearing on Monday, with a statement being issued as the markets closed.
 
It is understood that the Brazilian authorities have allowed Rolls-Royce to sign a leniency agreement, which is similar to a DPA.
 
The SFO has had at least 30 investigators in the UK focused on the multinational’s use of agents or middlemen to clinch export contracts in a number of countries across several strands of its business.
 
Rolls-Royce’s sprawling organisation has customers in more than 150 countries, including more than 400 airlines and leasing customers.
 
The Guardian and BBC’s Panorama revealed that agents have been hired in Angola, Azerbaijan, Brazil, India, China, Indonesia, Iran, Iraq, Kazakhstan, Nigeria, Saudi Arabia and South Africa.
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European power prices surge on cold snap www.rt.com

 
Abnormally low temperatures across northwest Europe and increased energy demand have resulted in the highest electricity prices in almost a decade. Power plant outages and worker strikes have also contributed to the spike.
 
German and Belgian power prices for next-day delivery jumped to their highest since 2008. The German spot power price for Tuesday delivery opened at €90.50 ($95.85) per megawatt-hour (MWh), before retreating to €84 per MWh. The price was €20 higher than on Friday for Monday delivery. Belgian prices climbed to €110 per megawatt-hour.
 
Prices In France, which largely depends on electricity for heating, rose to their highest since November. The French baseload contract opened at €120 per MWh, compared with €85.50 per MWh paid on Friday for Monday delivery.
 
The strong demand is expected to last through the week, and the French grid operator RTE has warned the supply could be strained as workers at Electricite de France’s (EDF) power plants plan a 24-hour strike on Monday. Six of the company’s 58 nuclear reactors are offline. Two reactors recorded unplanned outages over the weekend and have now restarted and are ramping up output. One more reactor is expected to restart on Tuesday.
 
RTE said it was ready to use exceptional measures to guarantee electricity supplies this week due to record consumption.
 
The average temperatures in northwest Europe were seen below minus four degrees centigrade on Monday and are forecast to fall sharply below seasonal levels for most of the week.
 
According to Germany’s national forecaster Deutscher Wetterdienst, on Tuesday temperatures are to fall as low as minus 20 degrees Celsius in some mountain regions.
 
Polar air from Scandinavia was said to bring ice and permafrost to some areas in Germany.
 
Freezing weather has already forced flight cancellations in Frankfurt, led to blackouts in Switzerland and restricted shipping on ice-choked rivers.
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Japan extends oil rights pact with UAE www3.nhk.or.jp

 
 
Japan and the United Arab Emirates have agreed to extend a Japanese company's interests in an oil field off the coast of the Middle Eastern country.
 
Japan's Economy, Trade and Industry Minister Hiroshige Seko finalized the deal in a meeting with Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Oil Company, in the UAE on Sunday.
 
Tokyo-based INPEX Corporation will also get rights to two smaller offshore oil fields for 25 years. These rights had been set to expire in March 2018.
 
Japan also faces expiration of interests in larger offshore fields in the UAE. These account for a quarter of Japan's output from self-developed oil fields worldwide.
 
In an effort to get those rights extended, Seko met with other leaders with influence with National Oil Company.
 
Seko said negotiations will go into full swing soon, and that Japan is ready to compete as Chinese and American companies are also looking to develop the same fields. He highlighted Japan's financial and environmental contributions to the UAE.
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JPMorgan looks for big payoff from lead in deposit race www.reuters.com

 
Over the past five years, stock analysts have challenged JPMorgan Chase & Co (JPM.N) executives for keeping so many branches open as customers did more and more banking online.
 
Giving up real estate, the analysts said, was an obvious way the bank could save money when interest income was flagging and regulatory and legal costs were climbing.
 
But executives at the largest U.S. bank resisted. They argued that branches are great billboards for the Chase brand and essential to attracting people who want to open accounts or make major transactions in person.
 
Now it looks like the executives were right, or at least closer than other banks to delivering the right mix of physical and digital customer service.
 
JPMorgan has grown deposits over the last five years faster than major competitors and twice as fast as the industry, according to analysts at Bernstein Research.
 
Deposits in the Chase consumer bank grew in 2016 by 11 percent, or some $61 billion, the bank said when reporting quarterly results last week. Chase now has $607 billion in deposits, setting it up for a massive payoff if it can keep those funds and the company can lend them at higher interest rates in a stronger economy.
 
"We've been growing our deposits very strongly and we're going to enjoy the benefits,” Chief Financial Officer Marianne Lake said on Friday.
 
For the first time in roughly a decade, banks’ ability to gather deposits is poised to matter mightily to financial performance.
 
Interest rates are rising and the U.S. economy, which has been on the mend for a while, is expected to improve even more with stimulus from federal spending and tax cuts under the new government in Washington. Banks that did not take steps to grow deposits while loan demand was sluggish and interest rates were low may struggle to catch up in the coming years, experts said.
 
“JPMorgan has invested through the slower times,” said Mike Mayo, an analyst at CLSA who has questioned JPMorgan’s branch office strategy in the past.
 
STRUGGLES AHEAD
 
The full payoff is not a sure thing.
 
Loan demand and lending rates could fall short. The economy might become so strong that depositors put their money to better use. Or, lending could be so attractive that JPMorgan rivals lure deposits away with higher and higher rates. Wary of fickle customers, JPMorgan executives say they are not offering high rates for deposits in a widespread, indiscriminate manner. “We have among the lowest rates paid for deposits in the industry,” Lake said in a conference call with journalists on Friday. “We've been very disciplined.”
 
The Bernstein analysis concurred, finding that JPMorgan offers relatively little for deposits. Still, the bank has been using promotions to get more people in the door.
 
For example, in recent months, Chase has been mailing offers of a $500 cash payment to new depositors who meet certain conditions, such as holding at least $15,000 in a savings account for three months.
 
Such come-ons are a marketing expense and do not lower the profit margin the bank reports for its deposits, Lake said.
 
Chase’s consumer deposit profit margin has fallen for at least five years, reaching 1.8 percent in the fourth quarter, compared with 2.76 percent in the same period in 2011. It is difficult for outsiders to assess how customer-acquisition costs would depress that rate, or how many depositors lured through promotions will stay with the bank for the long haul, taking out the loans and paying the fees Chase expects.
 
FLEXING MUSCLE
 
Much of JPMorgan's deposit growth was born through mistakes, the financial crisis and sheer necessity.
 
Before 2007, Chase, like many banks, would lose a lot of customers each year because of poor service. Replacing them was expensive, but the churning expense could be covered by assorted fees, such as for overdrafts. That was sharply curtailed by post-crisis reform. Since then, banks have focused on better service to keep customers.
 
JPMorgan also took over Washington Mutual during the crisis. WaMu had a branch network full of holes in California and Florida, which Chase has tried to plug with new locations. Deposit growth has been a byproduct. Regulator demands that banks shore up funding has also been a factor. Deposits are more stable than short-term financing from capital markets, and new requirements on banks favor deposits from consumers.
 
A big chunk of Chase’s additional deposits have also come from the bank's push to gain more investment management business from “mass affluent” individuals, who may not be multi-millionaires but still have a meaningful level of household wealth. They are often Chase customers already, who open Chase Private Client accounts through branches and are offered perks for higher balances.
 
Perhaps the most substantial driver of Chase’s deposit growth? Sheer size and scale: it has more resources than competitors to spend to build up deposits. "It is about flexing their muscle," said Mayo.
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Businesses can unlock $12 trillion via key development goals: Davos study www.reuters.com

 
Companies could unlock at least $12 trillion in market opportunities by 2030 and create up to 380 million jobs by implementing a few key development goals, according to a study by a group including global business and finance leaders.
 
The report, released on Monday by the Business and Sustainable Development Commission, said pressure on business to become a "responsible social actor" was likely to grow.
 
The group was launched at the Davos 2016 World Economic Forum to encourage businesses to take the lead in poverty reduction and sustainable development.
 
Members include the chief executives of multinational firms such as Edelman, Pearson, Investec, Merck, Safaricom, Abraaj, Alibaba and Aviva, alongside academics, environmentalists, trade union leaders and philanthropists.
 
The study said businesses have a key role to play in achieving the United Nations' Sustainable Development Goals (SDG) to end poverty and protect the planet.
 
"Achieving the global goals opens up an economic prize of at least $12 trillion by 2030 for the private sector and potentially 2-3 times more," the study said, adding this could be achieved by action in just four areas - energy, cities, agriculture and health.
 
The $12 trillion - made up of business savings and revenue gains - would be equal to a tenth of forecast global economic output while 90 percent of the new jobs would be in the developing world, the study said.
 
Progress has been slow, however, and the study said businesses are still balking at longer-term investments, preferring instead to sit on cash or return it to shareholders via buybacks and dividends.
 
The 17 SDGs, adopted in September 2015, include targets on such issues as climate, clean water, gender equality and economic inequality.
 
The last of these has grabbed attention in recent years, bringing to prominence populist and nationalist politicians, especially in the West, as anger has grown over stagnant wages, migration, high CEO salaries and corporate tax evasion.
 
"We anticipate much greater pressure on business to prove itself a responsible social actor, creating good, properly paid jobs in its supply chains as well as in its factories and offices," the report said, adding that paying taxes transparently was key to rebuilding social contract.
 
Other steps it urged include pricing pollution via carbon trading and reducing food waste, a step that by itself could be worth up to $405 billion.
 
The cost of achieving these goals by 2030 will likely require $2.4 trillion of additional annual investment, however, especially in infrastructure, the study found.
 
The group recommended "innovative financing" from public and private sector sources to raise this amount, adding: "The global finance system needs to become much better at deploying the trillions of dollars of savings into the sustainable investments that ... the world needs."
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Mongolia sends two delegates to Davos 2017 www.mongolia.gogo.mn

 
Under the theme ‘Responsive and Responsible Leadership’, the 2017 World Economic Forum is set to open tomorrow, January 17 in Davos-Klosters, Switzerland gathering about 3000 participants from more than 100 countries, and Mongolia sends two official delegates.
This year, President Ts.Elbegdorj who has been constantly participating since 2010 is accompanied by Undral Amarsaikhan, who has been chosen to represent Global Shapers Community which selects about 50 young leaders to contribute to the agenda of the World Economic Forum Annual Meeting.
A.Undral is one of the founders of Mongolian online news platform ‘Unread’ which is dedicated to people who aspire to be creative and productive. The platform uses an interesting approach to online journalism with one, exclusive content being posted per day.
The ‘Unread’ unveils attention-worthy stories and headlines through their regular 7 columns designated for each day of week - ‘Business in the spotlight’ on Monday, ‘Application Overview’ on Tuesday, ‘How I work’ on Wednesday’, ‘Worth Knowing Website’ on Thursday, ‘Random’ on Friday, ‘Book Review’ on Saturday and ‘Overview’ on Sunday.
The first Mongolian delegation to partake in the World Economic Forum was led by the then First Deputy Prime Minister D.Ganbold in 1991. Afterwards, Mongolia participated in the forum on a head of government level in respective years 1997, 1998, and 2001 to 2003. And in 2009, Mongolia was represented by N.Enkhbayar, President of Mongolia for the first time. Since 2010, President Ts.Elbegdorj has been participating in the forum every year.
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Fischer Energy joins UK retail market with 100% renewable offer www.theguardian.com

 
The ranks of the 40-plus energy companies jostling for householders’ business will swell on Monday with the launch of a new supplier that delivers electricity from windfarms.
 
Fischer Energy hopes to sign up 40,000 customers in the first year to its single variable tariff, with renewable power bought from Denmark’s Dong Energy.
 
The new entrant arrives less than two months after the collapse of another small supplier, GB Energy UK. Experts have raised concerns that the retail energy market is approaching saturation point and question the wisdom of consumers signing up for a variable tariff at a time of rising wholesale prices.
 
Keith Bastian, Fischer’s chief executive, said he had been motivated to start the company because of the inequality of multiple tariffs, and that offering a single tariff would reduce confusion.
 
“That will in effect put the customer first,” he said. “They can buy the energy knowing it’ll be a fair price. It won’t be the cheapest, we can’t guarantee that, but it will be fair.”
 
The supplier, a family-owned business based in Leicester, would not risk GB Energy’s fate by “going down the road of a race to the bottom” on price, Bastian said. He added that while the company would be on comparison sites, it would not pay commissions to them.
 
The company, which has around 25 employees, is also going up against some long-standing green energy suppliers such as Good Energy and Ecotricity with its pledge to supply 100% renewable electricity. “Green energy is the only way forward. Burning carbon fuels is not the solution,” Bastian said.
 
It is not yet clear whether Fischer will stand out against the Big Six and a crowded landscape of smaller players.
 
“They’ve talked about it being a unique offering with one tariff that’s fair for all. Well there are a number of suppliers doing that. You take Bulb, they have one tariff and renewable electricity. I know Octopus are out there, they have one tariff,” said Stephen Murray, an energy expert at Moneysupermarket.
 
He said the comparison site had noticed that since GB Energy’s demise, customers were erring towards more established players such as British Gas, EDF, npower, E.ON, ScottishPower and SSE.
 
Ofgem says there are currently 44 active suppliers in the retail market. “I think we’re getting there [near saturation point]. If a supplier comes with a unique and innovative approach then great, but I’m not sure what that approach is at the moment,” Murray said.
 
Joe Malinowski, the founder of The Energy Shop comparison site, said: “I think the market is way over-saturated with new entrants. It doesn’t need another one, and what they’re doing is not unique.”
 
He also echoed Murray’s concern about single variable tariff: “The problem with having a variable tariff in a volatile market is you have to keep raising the price.”
 
Fischer is due to publish details of its tariff on Monday, when an Edinburgh couple also launch a crowdfunding effort to raise £450,000 to set up a new energy supplier later this year that would offer greater transparency. David Pike and Karin Sode say Our Energy will share its salaries and accounts with customers.
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Darkhan solar power plant to be commissioned this week www.gogo.mn

An official opening of Darkhan 10MW solar power plant will be held on Jan 19th. The opening ceremony will take place in Khongor soum, Darkhan-Uul aimag. 
Darkhan 10MW solar power plant will reduce the amount of energy import from Russia and will contribute to connect region to renewable energy systems​. 
The solar power plant has constructed jointly by Mongolian company Solar power international LLC and Japan`s Sharp, Shigemitsu shoji Co., Ltd. Total investment of the project was US$ 17.4 million. 
The power plant has capacity to generate 14.1 million kWh electricity per year through its 32,274 solar panels, which is able to provide renewable energy to 20 thousand homes. 
Moreover, the power plant will reduce greenhouse gas emissions by 14,764 tons. Power cables​ of the plant are complied with the requirements of Mongolia`s harsh winter.

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Transportation and logistics center to be established in Tianjin www.gogo.mn

‘Mongoliin tomor zam’ (Mongolian Railways) government entity plans to establish a transportation and logistics center in Tianjin free trade zone of China.
In realization of the Government resolution on ‘Some measures to increase possibilities for access to the sea’, released in 2013, the company intends to establish joint company with Chinese side. The center is estimated to occupy 10 ha of land there.
‘Mongoliin tomor zam’ announced that it has started to register national companies, who have interest to invest to the project and cooperate. Registration will continue till February 15.

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Tibet activists arrested in Switzerland protest during Xi visit www.bbc.com

Swiss police have arrested 32 pro-Tibet activists who were protesting against a visit by Chinese President Xi Jinping.
The group, made up of Tibetans and Swiss nationals, were detained on Sunday for flouting restrictions set up by police in the capital, Bern.
One man was also prevented from setting himself on fire, said police.
Mr Xi is in Switzerland for a state visit ahead of the World Economic Forum which begins in Davos on Tuesday, a first for a Chinese president.

Sunday's protest had taken place in Bern's centre and was scheduled by police to end at noon, before Mr Xi's visit.
City authorities said the demonstration mostly proceeded peacefully but a number of participants had continued to protest past the deadline, refused identity checks, and caused other disruptions.
Police spokesman Christoph Gnaegi told the Associated Press that those arrested were later released.
Doctors had taken care of the man who had tried to set himself on fire.
The demonstration attracted between 700 and 800 protesters, organisers said.

China's policies in Tibet have frequently prompted overseas protests by Tibetans calling for freedom from China and acceptance of their spiritual leader-in-exile the Dalai Lama.
In 1999, a similar pro-Tibet protest took place during a visit by China's then-president Jiang Zemin, who was said to be angered when demonstrators threw eggs at the Chinese delegation.

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