1 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      2 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      3 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      4 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      5 BIOGRAPHY OF TAVAN TOLGOI RESIDUAL COAL DEPOSITS WWW.ZGM.MN PUBLISHED:2018/07/16      6 NAGOYA BASHO LOSES LAST OF THREE YOKOZUNAS WWW.MONTSAME.MN PUBLISHED:2018/07/16      7 CHINA'S GDP HITS 6.7% IN Q2 OF 2018 WWW.CHINADAILY.COM.CN PUBLISHED:2018/07/16      8 US-CHINA TRADE WAR DIMS BRIGHT FUTURE FOR SEMICONDUCTORS WWW.ASIA.NIKKEI.COM PUBLISHED:2018/07/16      9 RIGHTS GROUPS URGE BETTER TREATMENT FOR MONGOLIA CHILD JOCKEYS WWW.REUTERS.COM PUBLISHED:2018/07/16      10 TPP CHIEF NEGOTIATORS TO MEET IN JAPAN WWW.NHK.OR.JP PUBLISHED:2018/07/16      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     1,5-2 САЯ ТӨГРӨГИЙН ЦАЛИНТАЙ ЖОЛООЧИЙН АЖЛЫН БАЙРНЫ БҮРТГЭЛ ЭХЭЛЛЭЭ WWW.ZINDAA.MN НИЙТЭЛСЭН:2018/07/16     ОЛОН МЯНГАН НИСЭХ ОНГОЦ ШИНЭЭР ҮЙЛДВЭРЛЭХ ШААРДЛАГАТАЙ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     КРИПТОВАЛЮТЫН ТАЛААРХ ХОРООНЫ БАЙР СУУРЬ ХЭВЭЭРЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/16     ОРОСЫН ЭДИЙН ЗАСГИЙН ӨСӨЛТӨД ДАШТ-2018 НӨЛӨӨЛӨХ НЬ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/16     ЗҮҮН ӨМНӨД АЗИ ХАНШАА ХАМГААЛЖ ЭХЛЭВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/16     АЯЛАЛ ЖУУЛЧЛАЛЫН САЛБАРААС 400 ГАРУЙ САЯ ДОЛЛАР ОЛЖЭЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/07/16     МОНГОЛЫН ЭДИЙН ЗАСГИЙН БҮТЭЦ ЭМЗЭГ ХЭВЭЭР БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/10     МОНГОЛ, ВЬЕТНАМЫН ГАДААД ХАРИЛЦААНЫ ЯАМ ХООРОНДЫН ЗӨВЛӨЛДӨХ УУЛЗАЛТ БОЛОВ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/10    

Events

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

NEWS

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Italy withdraws Rome 2024 Olympic Games bid www.bbc.com

Italy's Olympic Committee has officially withdrawn its bid to stage the 2024 Games in Rome after the city council voted to oppose the candidacy.
Rome's Mayor Virginia Raggi from the populist Five Star party had said the city had to prioritise matters such as rubbish collection and corruption.
It means only Paris, Los Angeles and Budapest are left in the running after Boston and Hamburg also abandoned bids.
The International Olympic Committee is due to make a decision next September.
Committee chief Giovanni Malago said the decision meant Italy had been "made to look like fools" and would miss out on investment.

However, the Five Star party had repeatedly said it opposed bidding for the Games before winning control of Rome in June.
The Italian government had supported the bid and the broader Rome municipality, which includes many other small town councils, had indicated it would support the bid to overcome Five Star's opposition.
But Mr Malago said he would not go ahead without the main city council's backing.
Rome also applied to host the 2020 Olympics but pulled out of that race in 2012 because then prime minister Mario Monti feared Italy could not afford it.

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Global energy gathering "very positive" for oil price stability: Venezuelan official www.xinhuanet.com

CARACAS, Oct. 10 (Xinhua) -- Venezuela's Minister of Communication and Information Ernesto Villegas on Monday described a global gathering of oil producing countries as "very positive" towards stabilizing volatile crude prices.
 
Following the opening day of the 23rd World Energy Congress this Sunday in Istanbul, Turkey, Villegas told state-run VTV "it has been a very positive working day," which should lead to "fair, realistic and stable prices."
 
Venezuela's heavily oil-dependent economy has been teetering since the price of crude nosedived in 2014, falling from more than 100 U.S. dollars a barrel to around 20 U.S. dollars.
 
In a phone-in interview from Turkey, Villegas said members of the Organization of Petroleum Exporting Countries (OPEC) and other energy producers were expected to reach an agreement to steady prices by the end of the congress this Thursday.
 
Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan, as well as other leaders from both OPEC and non-OPEC countries, concurred "on the need to stabilize the market," said Villegas.
 
Putin's "decisive" remarks on the matter "indicate the international markets are going to see (crude demand) a greater price and stability, but above all a greater price. That is very important for all our countries," said Villegas.
 
In a speech to the congress, Venezuelan President Nicolas Maduro called for the creation of "new mechanisms" to shore up prices, and proposed a 10-year plan to expand and stabilize the world oil market.
 
"The oil prices we have had are the lowest in 40 years," said Maduro, adding they were "unsustainable."
 
At the same time, Venezuela would also work to diversify its energy sources, said Maduro.
 
"We must guarantee new sources of financing and access to new technologies to create energy via the sun, wind, water and nuclear energy ... for peaceful purposes," said Maduro.
 
OPEC nations agreed at a gathering Sept. 28 in Algeria to set an output ceiling of 32.5 million barrels per day for 2017, slightly less than the current 33.24 million barrels.
 
Venezuela hopes the agreement is ratified at OPEC's upcoming meeting in Vienna, Austria on Nov. 30, where the group will decide on the output quotas for each member nation.
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Mongolia & China launching feasibility study of Mazaalai (Gobi Bear) conservation project www.en.montsame.mn

Ulaanbaatar /MONTSAME/ A protocol has been signed on feasibility study for the Project on Conservation of Endangered Mazaalai Species of Mongolia. A proposal on implementation of such a project was forwarded by the government of Mongolia to the Chinese side.
 
Nine specialists from China conducted a research on ways of improving the living environment for Mazaalai between September 28 and October 10 at the Great Gobi Strictly Protected Area. The research will help set the starting point for the feasibility study. The project will greatly contribute to saving the species of Gobi Bear, which has a population of only 28, said the Vice Minister of Environment and Tourism Ts.Batbayar.
 
The Mazaalai was inscribed in the List of Endangered Species in 2010. Minister Counsellor at the Embassy of the People's Republic of China, Mr Yang Qingdong said: "Mazaalai is a precious treasure of Mongolia. Therefore, it is crucial to save these animals. However, the works face serious problems regarding the natural habitat of the species. The Embassy will put all efforts in realizing this project".
 
Director of the Environmental and Natural Resource Management Department of the Ministry D.Davaasamba and the Secretary of Trade and Economic Affairs of the Chinese Embassy Liu Jiefen signed the protocol.
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Japan's overbuilt solar market waiting for new dawn www.asia.nikkei.com

TOKYO -- A government-policy-driven solar power investment boom in Japan has given way to a bust, tipping panel shipments into decline for the first time in eight years, with no sign of a turnaround.
 
A feed-in tariff -- in essence, a guaranteed purchase price for output -- for solar power has been cut each year since it was introduced in fiscal 2012 as an incentive for renewable energy investment. It worked too well, fostering an oversupply of generating capacity. Now, panel makers are at a loss for ways to revive demand.
 
Kandenko, a provider of electrical work, says it has received many inquiries since August from parties interested in selling out of solar projects not yet under construction. The company has announced plans to turn this into a new business targeting large-scale planned installations together with Mitsubishi Research Institute. Banks and builders have taken notice.
 
Some 80% of Japan's "megasolar" projects, so called because their scale is measured in megawatts, do not produce a single watt of power (1 megawatt equals 1,000kW). Poor planning is to blame for many of these failed starts. Kandenko and Mitsubishi Research Institute have developed a system for projecting solar farm earnings, which the partners believe will help them spot potential winners to buy.
 
Second-hand solar
 
Solar power provider West Holdings recently auctioned off a partially complete 500kW installation for 178 million yen ($1.72 million) -- more than the estimated 150 million yen cost of constructing a new one of that size. Located in Hiroshima Prefecture, this solar farm is scheduled to begin operation in November.
 
"We thought the bidding would last a week, but it was a done deal after a single day," a manager overseeing the auction said.
 
That old can fetch a premium over new in solar farms attests to a distorted market. When Japan introduced feed-in tariffs in July 2012, enthusiasm over renewable energy was running high following the previous year's Fukushima nuclear disaster. Domestic solar panel shipments, which had been struggling to break even 2,000 megawatts a year, took off on the incentive and kept climbing until fiscal 2014.
 
But the bubble did not last long. Japan's electric grid, designed to handle predictable, steady-going power sources like coal or nuclear plants, could not handle the rapid increase in solar power feeding into the system. The big regional utilities began putting power purchasing contracts on hold.
 
Meanwhile, the government revised the solar tariff downward each year. This fiscal year, output from solar installations of 10kW or more fetches 24 yen per kilowatt-hour -- 40% less than in fiscal 2012.
 
Faced with a less-inviting market, newcomers have rapidly dwindled. Panel shipments dropped 23% on the year in fiscal 2015, to the equivalent of 7,140 megawatts. This marked the first decline since fiscal 2007. The drop continued in the April-June quarter of fiscal 2016, quickening to 26% year on year.
 
Solar farms built in the boom years enjoy higher locked-in prices per kilowatt-hour.
 
"Rather than build new at 20-something yen, we are hunting for the many existing projects with outstanding contracts at the 30- and 40-yen levels," says an executive at a major power provider.
 
Green acres
 
Efforts are being made to stir up fresh demand. In a field in the northern city of Osaki, inland from some of the coastal areas hit hardest by the March 2011 tsunami, an experiment is underway to test whether a solar farm can double as a real farm.
 
Concrete panels and steel pipe stand in place of actual solar panels in a corner of a 4-hectare farm. A lush carpet of grass is growing under this setup.
 
"We're studying how well crops can grow in shady conditions," explained Keji Yasuoka, president of the Japanese unit of Spain-based renewable energy group X-Elio.
 
The company is looking to place solar installations -- measuring in the tens of megawatts -- on working farms in the Tohoku region of northern Japan. "The advantage of using farmland is that it doesn't entail landscaping costs," Yasuoka said.
 
Lowering start-up investment offers a way to keep the momentum for solar projects going despite the lower feed-in tariff. With many prime locations already taken by projects stuck on the drawing board, some players are looking beyond farms to more unusual sites. Kyocera and others are working on floating solar farms on a dam reservoir in Chiba Prefecture, outside of Tokyo. The cooling effect of the water helps maintain the panels' conversion efficiency.
 
Many expect another double-digit decline in panel shipments this fiscal year. The secretary-general of the Japan Photovoltaic Energy Association, Masaaki Kameda, understands the severity of the downturn and said the group favors a shakeout of plans not in operation with little commercial viability.
 
Meanwhile, Japan is seeing an increase in new construction in wind power, and long-idle nuclear reactors are coming back onstream. But the country cannot achieve the government's goal of increasing the share of electricity generated from renewable sources without continuing to expand solar capacity. For solar, it may be darkest before dawn.
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Salesforce still mulls bid for Twitter as shareholders resist: sources www.reuters.com

Salesforce.com Inc (CRM.N) is still deliberating whether it should make an offer for Twitter Inc (TWTR.N) in the face of resistance from Salesforce shareholders over the strategic merits and valuation of such a deal, people familiar with the matter said on Monday.
 
Twitter shares have lost as much as a third of their value since Oct. 5 on concerns the company has attracted less interest from potential acquirers than previously envisaged. It now has a market capitalization of $12 billion.
 
Salesforce is deliberating whether it is worth making a lowball offer for Twitter in the coming days based on Twitter's stock performance and any news of other bidders, the people said.
 
Other potential acquirers such as Alphabet Inc's Google (GOOGL.O) and Walt Disney Co (DIS.N) have backed away from making offers for the Internet company, the people said. There may however be other companies contemplating offers for Twitter whose identity has not yet been reported, some of the sources suggested.
 
The sources asked not to be identified because the deliberations are confidential. Salesforce declined to comment while Twitter, Google and Disney did not immediately respond to a request for comment.
 
Reuters previously reported that Twitter aimed to conclude deliberations about selling itself by Oct. 27, when it reports its third-quarter earnings.
 
Salesforce.com, run by CEO Marc Benioff, is focused on cloud-based sales and marketing software. Unlike Twitter, its main product is aimed at business users, not consumers. Under Salesforce.com, Twitter could become a corporate tool used to power sentiment analysis and nurture customer relationships.
 
A potential acquisition of Twitter has weighed down Salesforce's stock since news broke on Sept. 23 that it was vying for Twitter. Its shares rose as much as 7 percent on Monday after a weekend report by Bloomberg News suggested Salesforce was unlikely to make an offer.
 
Some analysts and investors have questioned why Salesforce would need to own Twitter, when it already licenses the Twitter "firehose" for its new artificial intelligence platform, Einstein.
 
At Salesforce's annual client conference last week, Benioff said Salesforce considers buying many companies but maintains discipline, and wished Twitter CEO Jack Dorsey "well." These comments tamped out expectations that Salesforce would be an aggressive bidder for Twitter.
 
Since its founding a decade ago, Twitter has struggled to generate revenue growth and profit, despite having some 313 million average monthly active users and a growing presence as a source of news.
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Minister of Environment: Saker falcons do not exit Mongolia on commercial purposes www.mongolia.gogo.mn

No saker falcon has exited Mongolia on commercial purposes since 2013, stated the Minister of Environment and Green Development, Ms D.Oyunkhorol at a press conference today in response to a statement made by the president of Mongolian Professional Hunters Association D.Khurtsgerel, who accused the Minister for smuggling the rare species of birds, on October 7.
“Minister has no authority or whatsoever over exporting falcons. The Cabinet issued a resolution in 2013 banning the commercial export of saker falcons. The birds are gifted on some occasions to high-level guests from the Middle East. For security, all information regarding the arrival and departure dates and visit programs are classified, including the information on gifts. In 2016, four officials paid visits here from the Middle East. These guests were accompanied by 50-150 people. With the visits, the airport, hotel and other services made income of about MNT 15 billion only in August and September. The guests were imposed MNT 10 billion customs duty to carry each gift bird with them”, she said.
“On the other hand, great amount of investment was made in Mongolia from the Middle East within the past decade. For instance, USD 13 million in construction of Taishir Hydropower Plant, USD 3.4 million in establishment of Biodiversity Research Center, and USD 360 million in purchasing necessary medical equipment for the general hospitals of Khentii and Bayan-Olgii provinces. Middle Eastern investors have settled financing of USD 7 million for the project on Burn Treatment Center and USD 12 million for construction of Khentii airport. Therefore, a person cannot insinuate the high-ranking officials and investors on the basis of his own personal interests”, the Minister underlined.
According to the director of Environmental and Natural Resources Management Department of the Ministry, Mr D.Davaasamba, President of the Hunters’ association D.Khurtsgerel submitted a proposal on exporting saker falcons, which was rejected by the Ministry.
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S.Korea likely to seek TPP membership www3.nhk.or.jp

Japan's largest business organization says the South Korean government plans to seek entry into the Trans-Pacific Partnership free trade agreement.
 
South Korea's trade minister Joo Hyung-hwan met Sadayuki Sakakibara, chairman of the Japan Business Federation, or Keidanren, in Seoul on Monday.
 
According to Keidanren, Joo said the government will soon make the official decision to take part in the TPP. Joo reportedly asked for support from Japan's government and business sectors for the planned bid to join the deal.
 
Japan is one of the 12 nations that signed the agreement earlier this year. Seoul can only join the pact after gaining approval from each of those 12 countries.
 
South Korea has put priority on bilateral free trade deals. But it has been analyzing the contents of the TPP since the 12 countries reached a broad agreement on it in October last year.
 
Joo's remark suggests that Seoul has concluded that the deal would benefit South Korean firms in exports and investment.
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China's state-owned steel maker goes bankrupt www3.nhk.or.jp

A Chinese state-owned steel maker has entered into a bankruptcy restructuring process. The firm has been seen as an example of a "zombie company," which loses money but stays afloat with help from local authorities and banks.
 
The state-run Xinhua news agency reports that a court accepted a bankruptcy reorganization application from a creditor of Dongbei Special Steel Group on Monday. The firm's debts are estimated at 8 billion dollars.
 
Dongbei is based in the northeastern province of Liaoning. Its finances have been hit hard by the drop in steel prices and burdens from past major investments. It has defaulted on debts 9 times since March.
 
Production overcapacity of steel and coal, which has caused the prices of steel and other materials to collapse, has been named as one reason for China's economic slowdown.
 
The restructuring of such zombie companies is part of the government's reform plan to secure stable economic growth.
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Economists share Nobel Prize for contract theory www.rt.com

The 2016 Nobel Prize in Economics has been won by Harvard University's Oliver Hart and Bengt Holmstrom of the Massachusetts Institute of Technology for their contributions to contract theory and its part in binding employers and workers, and companies with customers.
The economists’ work helped to launch contract theory “as a fertile field of basic research,” according to the Royal Swedish Academy of Sciences.
 
“The work lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions,” the academy said shortly after announcing the eight million Swedish crown ($928,000) award.
 
British-born Oliver Hart is an economics professor at Harvard University. Finnish-born Bengt Holmstrom is professor of economics and management at the Massachusetts Institute of Technology.
 
According to the academy, Hart's work is focused on the right combination of financing and helps us understand which companies should merge, as well as when institutions should be privately or publicly owned.
 
Holmstrom's work is devoted to the order of formulating contracts for executives.
 
“The new theoretical tools created by Hart and Holmstrom are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design,” the academy said, stressing that modern economies were held together by innumerable contracts.
 
The prize in economics was established in 1968. It was not included in the original group of awards included in Alfred Nobel's will in 1896.
 
The awards for contributions to chemistry and peace, physics, physiology or medicine were announced last week. The recipient of the literature prize will be announced on Thursday.
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Oil price lifted by Russia backing Opec production freeze www.bbc.com

Russia has said it will support a proposal by Opec to freeze oil production in order to reverse the slump in global prices.
The move lifted the price of oil, with Brent crude hitting a 52-week high.
"Russia is ready to accede to joint measures to reduce [oil] production, and is calling on other oil exporters to do so," said Russian President Vladimir Putin.
"We support the recent Opec initiative to set production limits," he added.
In late afternoon Brent Crude oil was trading up by 2.5% at $53.21 a barrel, just off the $53.73 high hit earlier on Monday.
Speaking at the World Energy Congress in Istanbul, Mr Putin said that oil prices had "more than halved" in two years due to surplus production, provoking a "cycle of decreasing investment".
'Avoid fluctuations'
He said that if the trends persisted, they would give way to oil shortages and "new, unpredictable price hikes".
He expects to reach an agreement to support a cut at Opec's next meeting in November, he said.
"Of course, this will also cool down speculative activities and help avoid new price fluctuations," he said.
In September, members of the The Organisation of the Petroleum Exporting Countries (Opec) voted to cut production for the first time in eight years.
The group's 14 members produce about a third of the world's oil and have been hit hard by falling prices, as has Russia.
High prices
Opec aims to agree to cut around 700,000 barrels per day at its policy meeting on 30 November in Vienna, bringing its output to 32.5-33 million barrels per day.
But some analysts have questioned whether all of its members will stick to the agreement.
Differences between Iran and its regional rival, Saudi Arabia, have thwarted efforts to reach a deal in the past, and Russia's latest intervention may have little impact, said John Hall, chairman at Alfaenergy group
"Russia and Opec have not worked well in the past, and while Vladimir Putin promising joint measures is welcome, whether he sticks to it is another matter," he said.
"You've also got to see the wider context: Saudi Arabia and Iran are in a proxy war in Yemen. It is still very doubtful they can come to an agreement whether Russia supports a cut or not."
'US obstruction'
However, John Kilduff, partner at New York energy hedge fund Again Capital, told the Reuters News Agency: "Putin coming out to say Russia will be part of the initiative has added another layer of credence to the speculation there will be a coordinated cut.
"At some point, the market will call them on it and say 'show us the cuts'."
In his speech Mr Putin also criticised unilateral sanctions, suggesting the US had blocked the expansion of more oil pipelines from Russia to Europe.
"The authorities in certain countries have been telling businesses to close profitable projects, refuse to buy fuel supplied via the shortest possible routes and at attractive prices," he said.
"Such actions do nothing to increase the stability of global energy system and also of the global economy as a whole."
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