1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

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

NEWS

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Consumption contributes 73.4% of China's H1 growth www.chinadaily.com.cn

BEIJING - Consumption contributed 73.4 percent of China's economic expansion in the first half of 2016, official data showed on Sunday.
The share was up 12.5 percentage points from the proportion seen at the end of 2015, the Ministry of Commerce (MOC) said at a press conference.
 
Compared with investment and exports, consumption has been a less conspicuous growth driver for China in the past few decades, but the latest data showed it is catching up fast as other drivers lose steam.
 
The momentum is partly attributable to government efforts to explore consumption potential in the country's underdeveloped rural areas with the help of improved logistics and the Internet.
 
So far, China has built 100 e-commerce demonstration bases across the country to make online shopping more accessible, according to MOC spokesman Shen Danyang.
 
China's economy expanded 6.7 percent in the second quarter, stable from the first quarter and still within the government's target range of 6.5-7 percent for 2016.
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Head of government to pay official visit to Japan www.montsame.mn

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat will pay an official visit to Japan on October 12-15. He is to have official talks with his Japanese counterpart, Mr Shinzo Abe to conform the contents and line of actions, to be realized in frames of the Mongolia-Japan Strategic Partnership.

The Premier will also pay courtesy calls on the Speaker of House of Representatives of the National Diet of Japan, Mr Tadori Oshima, and Speaker of House of Councillors, Mr Chuichi Date. Mr Erdenebat is set to attend the Mongolia-Japan Trade and Investment Forum to give insight into the investment environment and business opportunities in Mongolia.

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Hong Kong ranked freest economy for 22nd year www.chinadaily.com.cn

US think tank Heritage Foundation ranked Hong Kong as the world's freest economy for the 22nd consecutive year.
 
The index is published annually by the Wall Street Journal while Heritage Foundation evaluates economic freedom in four key areas: rule of law, limited government, regulatory efficiency and open markets.
 
John C Tsang, financial secretary of the Hong Kong Special Administrative Region, expressed thanks to Edwin J. Feulner, former president of the foundation on Saturday.
 
Tsang said Hong Kong follows classic liberal principles to sustain its economic growth, stability and prosperity.
 
Tsang was in Washington to attend the annual meetings of the International Monetary Fund and World Bank as a member of the Chinese delegation.
 
He also met with other participants to exchange ideas on economic outlook and other issues of mutual concern.
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Ad service in Japan targets Chinese tourists renting Wi-Fi routers www.asia.nikkei.com

TOKYO -- IT service company Founder International will launch an advertisement service targeting Chinese tourists to Japan who rent portable Wi-Fi routers, aiming to help Japanese retailers and restaurants reach out to a greater number of the largest visitor segment in the country.
 
The service by the Tokyo subsidiary of China's Founder Group, established with heavy investment by Peking University, will include displaying banner ads when tourists apply to rent a portable Wi-Fi router online, and handing out coupons and printed materials when they arrive at a counter at the airport to pick up the router.
 
Restaurants and retailers are two of the industries that benefit most from foreign visitors, the company said.
 
The service will be launched in October under a tie-up deal between Okulo, a Founder Group subsidiary in Tokyo, and Uroaming, China's top provider of portable Wi-Fi devices for overseas travelers with 6 million users annually.
 
Founder International determined there is a large enough target audience because a significant percentage of overseas travelers -- over 30% -- who rent Uroaming's devices are going to Japan.
 
The large number of Uroaming counters in China, where devices are handed out and collected, will help expand contact points with the target audience, the company said.
 
The company will initially solicit registered advertisers that already have their information posted in a restaurant and shopping app Okulo provides to Chinese tourists.
 
Using the app, tourists in China can do pre-travel research as well as make reservations, where available.
 
Fees for the service will be performance based, being charged, for example, as a portion of amounts paid by customers when they make reservations. Advertisers will not be required to pay for initial costs, such as for translating text.
 
Printed ads will be placed in select locations that make it easy for tourists to find, such as at the pickup counters and inside the Wi-Fi device packaging.
 
Founder International will also act as an ad agency and seek potential advertisers other than those already registered on Okulo's app.
 
Since last year, Founder International has focused on business targeting Chinese tourists to Japan. Its other services include an app that helps Chinese seeking medical services in Japan, such as cancer treatment and physical checkups, find appropriate institutions.
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Oil prices fall over doubts that non-OPEC producers will cut output www.reuters.com

Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years.
 
Brent crude futures LCOc1 were trading at $51.46 per barrel at 0106 GMT, down 0.47 cents or 0.91 percent, from their last settlement.
 
U.S. West Texas Intermediate (WTI) futures CLc1 were down 49 cents or 0.98 percent, at $49.32 a barrel.
 
The Organization of the Petroleum Exporting Countries (OPEC) plans to agree on an output cut by the time it meets in late November.
 
The targeted range is to cut production to a range of 32.50 million barrels per day (bpd) to 33.0 million bpd.
 
OPEC's current output PRODN-TOTAL stands at a record 33.6 million bpd.
 
To achieve such an agreement among its members, some of which like Saudi Arabia and Iran are political rivals, OPEC officials are embarking on a flurry of meetings in the next six weeks, starting in Istanbul this week.
 
However, ANZ bank said on Monday that prices were pulled down by a statement by Russia's energy minister, Alexander Novak, who said "he was not expecting to sign a production deal with OPEC at the World Energy Conference, which starts this week in Istanbul," although the minister did say that an agreement including non-OPEC member Russia might be possible by the time OPEC officially meets on November 30.
 
Even if a deal is reached, analysts are unconvinced it would result in much higher prices, as doubts run high over the feasibility of a cut among rivaling members, a Reuters poll showed on Friday.
 
Traders said prices were also under pressure from a rise in the U.S. rig count, which implies that American producers are keen to increase production at prices around $50 per barrel.
 
"Since its trough on May 27, 2016, producers have added 112 (+35 percent) oil rigs in the U.S.," U.S. bank Goldman Sachs said.
 
Barclays bank said that it expected "stockdraws during the upcoming winter season will support physical oil market fundamentals, irrespective of any decision in November in Vienna. We expect that prices will rise to the low $50 per barrel range in Q4."
 
The British bank said that prices would receive support into next year in part from firm U.S. gasoline demand.
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World Bank says Paris climate goals at risk from new coal schemes www.theguardian.com

Slowing down construction of coal-fired power stations will be vital to hit globally agreed climate change goals, the World Bank president, Jim Yong Kim, said as he outlined a five-point plan to flesh out last year’s Paris agreement to reduce CO2 emissions.
 
Speaking at a climate ministerial meeting in Washington during the bank’s annual meeting, he said there was no prospect of keeping global warming at or below 2C (3.6F) if current plans for coal-fired stations, especially those earmarked for Asia, were built. “Many countries want to move in the right direction. We can and should all help to find renewable energy and energy efficiency solutions that allow them to phase out coal,” Kim said.
 
The World Bank president said achieving the climate change target required action in five areas. In addition to slowing down growth in coal-fired power stations, Kim said climate ambition needed to be baked into development plans for every developing country. It was important that the $90bn (£72bn) of planned infrastructure spending over the next 15 years was for low-CO2 and climate-resilient investment.
 
He called for the ramping up of energy-efficient appliances and less use of hydrofluorocarbons, which are used in air conditioning units. “Phasing down HFCs could prevent close to half a degree of global warming by the end of the century,” he said.
 
Calls for the “greening” of finance by the Bank of England governor, Mark Carney, were also strongly backed by Kim who said the sector needed to be “fit for purpose to assess climate risks and opportunities”.
 
Finally, Kim said poor countries needed help to adapt to climate change and to become more resilient. He added that without climate-driven development, climate change could force more than 100 million people into extreme poverty by 2030, and that unless low-income countries in many parts of Africa, south Asia and the Pacific islands were helped all the gains in poverty reduction risked being lost.
 
Kim said countries needed more efficient water supply systems, climate-smart agriculture, early warning systems, better social protection and a reduction in disaster risk. He said: “It is our collective responsibility to see the Paris agreement through. We cannot afford to lose the momentum. With each passing day, the climate challenge grows.
 
“The longest streak of record-warm months has now reached 16 - such heat has never persisted on the planet for so long. The reality is stark. We have a planet that is at serious risk, but our current response is not yet equal to the task.”
 
Kim said the Paris climate agreement was a “victory for multilateral action and a powerful signal from all corners of the world that there can be no turning back”.
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Japan, IMF agree to extend loan arrangement www3.nhk.or.jp

Japan and the International Monetary Fund have agreed to extend a loan agreement for another 4 years.
 
The move came in a meeting in Washington on Friday between Japanese Finance Minister Taro Aso and IMF Managing Director Christine Lagarde.
 
Japan extended a loan of 60 billion dollars to the IMF in 2012 to help the fund flexibly assist countries affected by the credit crisis in Europe. The loan period expires at the end of this month.
 
Speaking after the meeting, Aso stressed the importance of the IMF securing a stable capital base to respond to potential risks in the global economy.
 
Aso also met US Treasury Secretary Jack Lew.
The two officials reaffirmed the importance to both countries of the Trans-Pacific Partnership agreement.
 
Aso told Lew the Japanese government aims to obtain Diet approval for the free trade pact during the current Diet session.
 
The Japanese minister told a news conference that countries need to cooperate in fighting protectionism. He suggested that policies that put domestic industries ahead of trade have slowed down the global exchange of goods.
 
He said critics should not focus only on harmful effects of free trade but on positive outcomes such as economic prosperity.
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Russia says U.S. actions threaten its national security www.reuters.com

Russian Foreign Minister Sergei Lavrov said on Sunday he had detected increasing U.S. hostility towards Moscow and complained about what he said was a series of aggressive U.S. steps that threatened Russia's national security.
 
In an interview with Russian state TV likely to worsen already poor relations with Washington, Lavrov made it clear he blamed the Obama administration for what he described as a sharp deterioration in U.S.-Russia ties.
 
"We have witnessed a fundamental change of circumstances when it comes to the aggressive Russophobia that now lies at the heart of U.S. policy towards Russia," Lavrov told Russian state TV's First Channel.
 
"It's not just a rhetorical Russophobia, but aggressive steps that really hurt our national interests and pose a threat to our security."
 
With relations between Moscow and Washington strained over issues from Syria to Ukraine, Lavrov reeled off a long list of Russian grievances against the United States which he said helped contribute to an atmosphere of mistrust that was in some ways more dangerous and unpredictable than the Cold War.
 
He complained that NATO had been steadily moving military infrastructure closer to Russia's borders and lashed out at Western sanctions imposed over Moscow's role in the Ukraine crisis.
 
He also said he had heard that some policy makers in Washington were suggesting that President Barack Obama sanction the carpet bombing of the Syrian government's military air fields to ground its air force.
 
"This is a very dangerous game given that Russia, being in Syria at the invitation of the legitimate government of this country and having two bases there, has got air defense systems there to protect its assets," said Lavrov.
 
Lavrov said he hoped Obama would not agree to such a scenario.
 
Russia suspended a treaty with Washington on cleaning up weapons grade plutonium earlier this month in response to what it said were "unfriendly acts" by the United States.
 
"The treaty was concluded when relations were normal, civilized, when no one ... was trying to interfere in the (other's) internal affairs. That's the fundamental change of circumstances," said Lavrov.
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Facebook paid £4.1m in UK tax last year www.bbc.com

Facebook paid £4.16m in UK corporation tax last year, as it expanded its business in the UK.
It is a big increase on the £4,327 paid in 2014, which prompted an outcry from campaigners who argued it had paid too little.
However, critics may also be riled by the fact that the company will receive a tax credit of £11m, which can be used to offset tax bills at a later date.
The firm said it was "proud" to have grown its business in the UK.
The social network posted taxable profit for the year to 31 December of about £20m, on which it paid tax at the standard corporation tax rate. Turnover more than doubled to £210m.
The tax credit is the result of offsetting payments linked to its bonus scheme for staff.
Facebook said in March it would no longer route advertising sales through Ireland for its largest advertisers.
That change, which took effect on 1 April, should mean the US company starts paying millions of pounds more in tax in the UK.
A spokesperson for Facebook said: "We are proud that in 2015 we have continued to grow our business in the UK and created over 300 new high skilled jobs. We pay all the taxes that we are required to under UK law."
The figures were revealed in Facebook UK's accounts, which were published on Companies House on Sunday.
Richard Murphy, a chartered accountant and professor of practice in international political economy at City, University of London, said it was difficult to determine whether Facebook was paying the right amount of tax in Britain.
"Facebook's UK accounts do not represent its real sales in this country, which are actually booked in Ireland with their true value never being disclosed," he said.
'Exercise in opacity'
"The Facebook UK accounts just record the costs it incurs in the UK, with a bit of profit added on to keep HMRC happy. That's not good enough in the current climate.
"Facebook UK's accounts are an exercise in opacity when what we really need is transparency. If accountants continue to refuse to provide what users of accounts need then it will be time for the government to act."
Tax specialist Jo Maugham QC said: "Facebook's accounts are rather opaque. But we can be confident that the structure of its business continues to be driven by the desire to make the smallest possible financial contribution to the public infrastructure it uses."
Facebook employed 682 people in the UK last year, up from 362 in 2014, and the company now has more than 1,000 full-time equivalent staff.
Globally Facebook made profits of $3.7bn in 2015 on revenues of almost $18bn - 44% higher than the previous year.
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Japan state bank weighing stake in Fujitsu-Lenovo PC venture www.asia.nikkei.com

TOKYO -- The government-owned Development Bank of Japan is considering taking up to a 10% interest in a proposed joint venture between Fujitsu's personal computer business and China's Lenovo Group.

Fujitsu and Lenovo are in negotiations with a goal of reaching an agreement by the end of the month. One proposal is for Lenovo to take a 51% stake and Fujitsu at least a one-third interest in the venture, with the remainder going to the DBJ. Fujitsu and Lenovo could also seek investment from elsewhere.

Fujitsu's PC business has suffered as computers lose ground to smartphones in Japan. The plan is to lift profitability by cutting procurement and production costs under Lenovo, the world's top PC maker. The DBJ will make a final decision after evaluating the prospects for Fujitsu PC operations' recovery under Lenovo.

The DBJ has provided loans and investment to electronics, airline and other companies to aid in consolidation and rehabilitation efforts. It has a 40% stake in a venture between Fujitsu and Panasonic that designs and develops system chips. In addition to necessary funding, the DBJ could offer its expertise in business turnarounds to the venture.

The involvement of a government-backed institution could help alleviate concerns regarding a Chinese company taking over Japanese PC operations.

(Nikkei)

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