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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Alibaba boosts entertainment business with 10 billion yuan fund www.reuters.com

In a major reorganization of the company's entertainment assets, Alibaba Holdings Group Ltd. (BABA.N) has announced the formation of a new digital media group along with plans for a 10 billion yuan ($1.48 billion) fund for new projects.
 
The move marks a total consolidation of Alibaba's media businesses, including Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures Group Ltd.(1060.HK) as well as the company's sports, games, literature, music and digital entertainment divisions.
 
Yu Yongfu, former CEO of UCWeb, will become the chairman and CEO of the newly formed Alibaba Digital Media and Entertainment Group, reporting directly to Alibaba CEO Daniel Zhang.
 
Youku Tudou chairman and CEO Victor Koo will chair the Alibaba Digital Media and Entertainment Strategy and Investment Committee, which will oversee the management of the planned fund for the new digital media group, which an Alibaba spokeswoman confirmed will be over 10 billion yuan.
 
The company declined to mention specific investment projects, saying that the funds will be used across their digital media and entertainment businesses.
 
Alibaba Pictures, the only publicly listed company under the new entity, has already undergone a series of consolidations, including the recent addition of online ticketing service Tao Piao Piao.
 
The entertainment company also recently entered an agreement with Steven Spielberg's Amblin Pictures, agreeing to co-produce and finance films.
 
Youku Tudou, which is approaching its tenth anniversary in December, was fully acquired by Alibaba in October last year as part of a $3.5 billion deal that took the company private.
 
Yu will retain his previous titles as president of AutoNavi and president of Alibaba Mobile Business Group, both Alibaba subsidiaries.
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BlackBerry in software deal with Ford, first with an automaker www.reuters.com

BlackBerry Ltd (BB.TO)(BBRY.O) has signed a deal to work directly with Ford Motor Co (F.N) to expand the carmaker's use of its QNX secure operating system, the Canadian technology company said on Monday, as Ford develops increasingly automated vehicles.
 
The deal with Ford is the first BlackBerry has done directly with a major automaker, though it currently sells its technology to auto industry suppliers.
 
The company is betting its future on expanding sales of software products, including to automakers and other manufacturers, after largely ceding the smartphone market to rivals including Apple Inc (AAPL.O), Alphabet's (GOOGL.O) Google and Samsung Electronics Co Ltd (005930.KS).
 
Panasonic Automotive currently uses QNX software in the Sync 3 infotainment console that it supplies to Ford.
 
BlackBerry is hoping the new deal will expand use of BlackBerry's software in Ford vehicles as the two companies identify other systems where it might be used.
 
"We can form the basis of the entire vehicle all the way from autonomous drive through to infotainment," John Wall, the head of BlackBerry's QNX unit, said in a phone interview.
 
Ford is ramping up its driverless vehicle efforts and plans to offer a fully automated vehicle for commercial ride-sharing in 2021, it announced in August.
 
QNX's software is certified for use in autonomous driving and active safety systems, according to Wall.
 
"In the initial engagements you can think of an expansion into the cockpit; telematics, infotainment, cluster," Wall said.
 
BlackBerry and Ford declined to say how QNX might be rolled out into new systems or discuss financial terms of the deal.
 
A dedicated team of QNX engineers based in Ottawa and Waterloo will work with Ford to expand the carmaker's use of the Neutrino industrial operating system, as well as an overarching program that can control other operating systems and related security technology, BlackBerry said.
 
"We're providing the plumbing for the vehicle that is both robust and safe and secure to allow the customers to build their applications on top of that," Wall said.
 
Dan Dodge, who founded QNX in 1982, and stayed on after BlackBerry bought the company in 2010, left QNX at the end of 2015. Bloomberg reported in July that Apple hired him as part of its own self-driving plans.
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Oil prices slide with market less certain about OPEC's production deal www.rt.com

As more members of the Organization of the Petroleum Exporting Countries (OPEC) want an exemption from the agreement to curb crude output, investors are becoming more skeptical about the prospects of a deal.
 
Oil prices were losing momentum on Monday, with Brent crude trading at $48.81 per barrel, and US West Texas Intermediate down at $47.96. Both benchmarks have lost almost two dollars since last Thursday.
 
Iraq and Nigeria have joined Iran and Libya, seeking to be excluded from OPEC’s informal agreement to reduce output. OPEC wanted to slash the group’s production to a range of 32.5 million to 33 million barrels per day.
 
The deal hasn’t been officially signed, and the reluctance of cartel members to participate will likely anger Saudi Arabia and its Gulf allies. While Iran, Nigeria and Libya want to restore the production hit by sanctions or conflicts, Iraq just wants to raise output.
 
"It might be impossible for OPEC to come to an agreement on making cuts. The best that can realistically be expected is a freeze. Iran, Libya and Nigeria will probably be allowed to raise production to pre-disruption levels," Mark Watkins, investment manager for The Private Client Group of US Bank told Bloomberg.
 
"Even the official OPEC meeting might not answer all the questions we have. We’ll need additional time to evaluate compliance with the agreement and see if it has any actual impact on the market," Tim Evans, an energy analyst at Citi Futures Perspective told the media.
 
OPEC’s failure to agree within the cartel also concerns non-members.
 
Representatives from oil producers outside the cartel including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia informally met OPEC officials in Vienna on Saturday. The non-members said they were waiting for OPEC unanimity.
 
"We have to agree on the real numbers," said Kazakhstan's Vice Minister of Energy Magsum Mirzagaliev.
 
"It is important that we meet once again with detailed numbers. We agreed that we have to meet in 3-4 weeks with numbers, because every country has its own opinion," he said.
 
However, the meeting participants said they saw a "positive development" to reaching a formal agreement on November 30.
 
"There was a lot of talk and nobody managed to agree on anything. That has been pushing the market down," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore.
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Volkswagen expects to lose 25,000 jobs rt.com 2016 11 01

Europe’s largest car producer Volkswagen says a shift to electric cars will force the company to slash 25,000 job openings in the coming years, the Frankfurter Allgemeine Zeitung newspaper reported, citing the carmaker’s head of human resources.
 
As vehicles with electric motors are made of fewer components than vehicles with combustion engines, “we will need fewer employees in the long-term", said VW Group Chief Human Resources Officer Karlheinz Blessing.
 
According to the HR chief, the global scandal over VW cheating emission tests isn’t the main factor behind the planned job cuts, but “now the pressure to act, however, is greater."
 
Volkswagen will pay as much as $15.3 billion after admitting it cheated on US diesel emissions tests for years. The German car maker has agreed to buy back vehicles from consumers and invest in cleaner technologies. VW will pay up to $2.7 billion over three years to enable the US government to replace old buses, bringing the fine closer to the $18 billion VW had prepared to cover costs of the scandal.
 
Blessing added that the board plans no compulsory redundancies, "but we will reduce a number of employees." VW expects up to 25,000 staff to be cut over the next decade as older workers retire.
 
Management and labor leaders will meet to discuss the company’s cost cuts before a November 18 meeting of the supervisory board to approve future spending plans.
 
The talks with unions may fail, as workers insist VW should invest in its own battery production.
 
According to Blessing, VW is considering the possibility but no decision has yet been made.
 
"If 30 percent of the value creation will be in the battery system in the future, it is right to consider whether we will step in and to what extent. We cannot leave that to others. How deeply we will engage is a matter we will discuss as part of the future pact,” he said.
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Mark Carney to serve extra year as Bank of England governor www.theguardian.com

Mark Carney has ended weeks of speculation about his future by agreeing to stay on as governor of the Bank of England until Brexit negotiations with the EU have ended in 2019.
 
Despite being urged by the prime minister, Theresa May, and the chancellor, Philip Hammond, to serve a full eight-year term at Threadneedle Street, until 2021, Carney said he would only agree to remain in place for an extra year. He started in the job in July 2013.
 
The governor said in a letter to Hammond that he had intended to leave the Bank for personal reasons after five years, but the altered landscape for the UK following the vote in June to leave the EU had caused him to change his mind.
 
“Since then, my personal circumstances have not changed, but other circumstances clearly have, most notably the UK’s decision to leave the European Union,” he wrote.
 
“Recognising the importance to the country of continuity during the UK’s article 50 negotiations, and notwithstanding those personal circumstances, I would be honoured to extend my time of service as governor for an additional year to the end of June 2019.
 
“By taking my term in office beyond the expected period of the article 50 process, this should help contribute to securing an orderly transition to the UK’s new relationship with Europe.”
 
His announcement followed a meeting with May in which the prime minister gave the governor her full backing for his handling of interest rates and called on him to stay to help steer the UK economy through the post-Brexit vote period.
 
The public show of support for Carney from the government’s two leading figures reflected concerns that news of his early departure would put further downward pressure on an already weak pound. Sterling fell by 6% in October, during which it was the weakest of 150 global currencies tracked by Bloomberg.
 
While May and Hammond will be disappointed that Carney has declined to stay on until 2021, they will be relieved that he is remaining at the Bank while the two-year article 50 talks are taking place. May has pledged to trigger article 50, beginning the process of the UK leaving the EU, by the end of March 2017. The pound rose by half a cent on foreign exchanges on Monday following the prime minister’s show of support.
 
May’s spokeswoman said Carney’s decision to stay on was good news for the UK and would provide continuity and stability while Britain negotiated its EU exit.
 
However, Andrew Tyrie, the chair of the Treasury select committee, said it needed “a good deal of examination and explanation” and that he would be questioning the governor at a meeting of the committee in a fortnight’s time.
 
Before the referendum, Carney said he would make a decision on whether to stay on at the Bank before the end of 2016, but he has been forced to make his intentions clear by a flurry of speculation about his future.
 
This began when May used her speech at the Conservative party conference to question the “bad side-effects” of ultra-low interest rates and the Bank’s money creation programme.
 
Downing Street apologised to the Bank, insisting that May had not intended to attack the governor, but her comments prompted open criticism of Threadneedle Street and Carney from senior Conservative politicians including the former chancellor Lord Nigel Lawson, the former foreign secretary William Hague and the leading Brexit campaigner Michael Gove.
 
His critics were unhappy at what they saw as the overpoliticisation of his role in the run-up to the EU referendum. They have also attacked the Bank’s forecasting record and the ramifications of its seven-year stimulus programme.
 
With rumours about Carney’s future helping put pressure on sterling, Hammond publicly backed the governor and said he would be delighted if he stayed on until 2021.
 
May’s spokeswoman had made it apparent ahead of the announcement that the prime minister was also concerned Carney might stick to his original plan to leave after five years.
 
“The PM has been clear in her support for the governor; the work he is doing for the country. It is clearly a decision for him, but the PM would certainly be supportive of him going on beyond his five years,” the spokeswoman said.
 
Asked whether May considered Carney to be the best person for the job, the spokeswoman said: “Absolutely.”
 
Responding to the news, Hammond wrote in his letter to Carney: “I am very pleased to hear that you intend to continue as governor of the Bank of England until the end of June 2019.
 
“This will enable you to continue your highly effective leadership of the Bank through a critical period for the British economy, as we negotiate our exit from the European Union.”
 
But Sir Martin Sorrell, the chief executive of advertising company WPP, expressed disappointed that Carney would not be staying on until 2021. “One year is better than nothing ... But it’s disappointing that he won’t serve his full term,” he told Sky News.
 
“Maybe he was a little bit bruised by the criticism, I think unjustified criticism, that he’s been subjected to.”
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Tesco hit with £100m damages claim www.bbc.com

Supermarket chain Tesco is facing a damages claim for more than £100m from investors who say they lost money because of accounting irregularities by the company.
The claim involves about 125 institutional funds, says Bentham Europe, the firm funding it.
It stems from a statement by Tesco in September 2014 that its profits had been overstated by £263m.
That was later revised upwards to £326m when Tesco included previous accounts.
Auditors found that the inflated profit figure was the result of Tesco booking payments from suppliers before the money was due.
Bentham Europe said the legal action would seek to prove that Tesco had misled investors and breached the Financial Services and Markets Act.
"The mis-statement of profits leading to a dramatic collapse in the Tesco share price caused substantial damage to many shareholders who manage money for thousands of investors," said Jeremy Marshall, chief investment officer of Bentham Europe.
"Investors have a right to rely on statements made by companies to ensure that they correctly allocate capital."
The affair damaged the company's share price, which has fallen about 20% since 2014.
Tesco declined to comment on the case.
The Serious Fraud Office (SFO) has charged three former Tesco executives with fraud and false accounting as a result of the irregularities.
The three, who have denied the charges, are due to stand trial next year.
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Japan,China,S.Korea to accelerate free trade talks www3.nhk.or.jp

Trade ministers from Japan, China and South Korea have pledged to make greater efforts to accelerate talks on a proposed 3-nation free trade agreement.

Japan's Hiroshige Seko, China's Gao Hucheng and Joo Hyung-hwan from South Korea held talks in Tokyo on Saturday.

No major progress has been made on a 3-way free trade agreement or a comprehensive economic partnership deal involving 16 Asia-Pacific countries including the 3 nations.

In a joint statement, the ministers said their countries recognize how they can contribute to East Asia's economic integration, and that they will work to accelerate free trade negotiations.

The statement also said the 3 ministers reconfirmed their intentions to take joint action against protectionism, which they say has been increasing globally.

After the meeting, Seko said he is convinced that the result of Saturday's talks will contribute greatly not only to the 3 countries but to the whole of Asia and rest of the world.

He said Japan will continue to work closely with its 2 neighbors.

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Bitcoin set for best week since June on strong Chinese demand www.rt.com

 
A depreciating Chinese currency has boosted demand for the cryptocurrency bitcoin as investors sought protection from the falling yuan.
 
Bitcoin rose almost nine percent through the week and was trading at $688.40 as of 14:17 GMT on Friday. That’s the biggest gain since June when its value rose with the UK’s vote to leave the European Union. Investors turned to the digital currency as a safe haven from the British pound.
 
With the yuan hitting a six-year low against the US dollar on Monday, Chinese investors rushed to buy bitcoin. Experts say the Chinese are using the digital currency as a way to circumvent capital controls.
 
“There is a premium in bitcoin pricing in China as a hedge against the yuan," Jack Liu, the Hong Kong-based chief strategy officer at OKCoin told Bloomberg. “Strength is likely to carry into year-end."
 
China accounts for about 90 percent of all bitcoin trading on exchanges. The country has strict capital controls, which makes it difficult for the Chinese to convert the yuan into foreign currency, and limits the amount of cash investors can move abroad.
 
Some analysts say the price of bitcoin will continue to rise as more devaluations are expected from the Chinese government.
 
Bitcoin could rise above $700 before the end of the year due to the strong Chinese demand and unexpected events, such as Donald Trump winning the US presidency, according to Aurélien Menant, chief executive officer of Gatecoin in Hong Kong.
 
“The outcome of the US elections is likely to have an impact, as would the consequence of a Fed rate hike," said Menant. “Further yuan devaluation and interest among Chinese investors will continue the momentum," he added.
 
The price of bitcoin plunged to as low as $408 in August after the hacking of the Hong Kong-based digital currency exchange Bitfinex. Over $72 million worth of bitcoin were stolen following a cyber-attack on the company’s systems.
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Ceta: EU-Canada trade deal to be signed on Sunday www.bbc.com

 
Canada and the European Union are to sign a long-delayed landmark trade deal at a summit in Brussels on Sunday.
Canadian Prime Minister Justin Trudeau described it as "great news" and said he looked forward to attending.
A signing ceremony planned for Thursday had to be cancelled after a Belgian region vetoed the agreement.
But after marathon talks, a consensus was finally reached allowing all 28 EU states to formally approve the deal on Friday.
"Mission accomplished!" European Council President Donald Tusk tweeted.
Mr Trudeau tweeted back: "Great news and I'm looking forward to being there."
The Comprehensive Economic and Trade Agreement with Canada, known as Ceta, required all EU member states to endorse it.
But seven years of negotiations were left hanging in the balance after Belgium's French-speaking region of Wallonia demanded stronger safeguards on labour, environmental and consumer standards.
On Thursday, Belgian Prime Minister Charles Michel said that after marathon talks they had agreed on an addendum to the deal which addressed regional concerns.
Prime Minister Robert Fico of Slovakia, which currently holds the EU presidency, said the final approval of the deal was "a milestone in the EU's trade policy".
"The Ceta represents a modern and progressive deal, opening the door to new opportunities, while protecting important interests," he said.
"Moreover, it has the potential to set the way forward for future trade deals."
Complications over the Ceta agreement had raised fresh concerns about future UK negotiations with the EU on a Brexit trade deal.
Mr Tusk had warned that the delays and wrangling were further damaging EU credibility following Britain's vote to leave the bloc.
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“Regaining investors’ confidence is top priority for this Government” www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Head of the incumbent Government J.Erdenebat along with the cabinet members called a press conference on Thursday to report about the key actions taken by the Government in the first 100 days in power.
 
The population of Mongolia reached three million four thousand and two hundred by today, the Premier started his statement. In the past 100 days, Mongolia welcomed 28,938 newborns, said Mr J.Erdenebat.
 
He continued his speech about the newly launched “Paid Mothers” programme, which is offering monthly child care allowances to mothers with children aged 0-3 years. The government has also resolved to allow cash aid to single parents with three or more children. The government is pursuing “more of us means more power” principle, he went on.
 
Amidst the economic recession, the cabinet has revised 2016 Government Budget and the 2017 Government Budget assumptions in such a short period of time, along with the program for overcoming the economic difficulties and ensuring sustainble economic growth, to the Parliament.
 
In the past 100 days, tax accounts of 3,993 entities have been re-opened to enable them to compensate the social insurance and income tax payables.
 
The cabinet has also presented draft amendments to the law on companies’ income tax, designing tax discounts for companies with annual sales income of less than MNT 1.5 billion.
 
The economy faces numerous challenges as the foreign investments decline and businesses slow down. To restore the lost reputation of Mongolian economy is the top priority of this government, noted the Prime Minister. Therefore, the cabinet has set up a Council in charge of receiving and responding to the complaints and proposals of investors.
In order to practicing tangible support for livelihoods of families, especially, of students, the government directed the universities not to raise the tuition fee, and has established the Educational Loan Fund, which is capable of allowing tuition fee loans to 70 thousand students studying in tertiary education institutions.
 
This government decided to resume the mortgage loan for housing apartments, with an annual interest rate of 8% and pre-payment that will depend on the size of the apartment.
 
In its first 100 days of operation, the Ministry of Health could decrease the retail price of the Harvoni medication for the patients with Hepatitis C, and launched the Whole Liver Mongolia Programme. The government is bearing all expenses of Mongolian citizens, who require the treatment of hemodialysis in the public hospitals.
 
Upon completing his statement, the Prime Minister answered questions from reporters.
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