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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Bitcoin is money, U.S. judge says in case tied to JPMorgan hack www.reuters.com

Bitcoin qualifies as money, a federal judge ruled on Monday, in a decision linked to a criminal case over hacking attacks against JPMorgan Chase & Co and other companies.
 
U.S. District Judge Alison Nathan in Manhattan rejected a bid by Anthony Murgio to dismiss two charges related to his alleged operation of Coin.mx, which prosecutors have called an unlicensed bitcoin exchange.
 
Murgio had argued that bitcoin did not qualify as "funds" under the federal law prohibiting the operation of unlicensed money transmitting businesses.
 
But the judge, like her colleague Jed Rakoff in an unrelated 2014 case, said the virtual currency met that definition.
 
"Bitcoins are funds within the plain meaning of that term," Nathan wrote. "Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment."
 
The decision did not address six other criminal counts that Murgio faces, Nathan wrote.
 
Brian Klein, a lawyer for Murgio, said he disagreed with the decision.
 
"Anthony Murgio maintains his innocence and looks forward to clearing his name at his upcoming trial," he added.
 
Prosecutors last year charged Murgio over the operation of Coin.mx, and in April charged his father Michael with participating in bribery aimed at supporting it.
 
Authorities have said Coin.mx was owned by Gery Shalon, an Israeli man who, along with two others, was charged with running a sprawling computer hacking and fraud scheme targeting a dozen companies, including JPMorgan, and exposing personal data of more than 100 million people.
 
That alleged scheme generated hundreds of millions of dollars of profit through pumping up stock prices, online casinos, money laundering and other illegal activity, prosecutors have said.
 
Shalon has pleaded not guilty, and is being held at the Metropolitan Correctional Center in Manhattan. He hired new lawyers last month and is seeking permission to replace lawyers who joined the case in June, a Monday court filing showed.
 
The case is U.S. v Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-00769.
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Microsoft to shut London Skype office putting 220 jobs at risk www.bbc.com

Tech giant Microsoft is set to close the London office of its Skype subsidiary with the potential loss of 220 jobs.
The company said it was consolidating its London offices and moving workers to a new site in Paddington.
"Microsoft reviewed some London-based roles and made the decision to unify some engineering positions," it said.
The move will potentially put at risk a number of "globally-focused" roles at Skype and Yammer, it added.
Skype was founded in London in 2003 and snapped up by Microsoft in 2011 for $8.5bn (£6.5bn).
In July, Microsoft said it would be scrapping 2,850 jobs across its business in the fourth quarter of 2016, although it is yet to say when the London Skype office will close.
"Microsoft will be entering into a consultation process and offer new opportunities, where possible," the company said.
"We are deeply committed to doing everything we can to help those impacted through this process."
Analysis: Rory Cellan-Jones, BBC technology correspondent
On the face of it, the closure of Skype's London office says more about Microsoft's problems in managing the business since the takeover than about the UK's attractiveness as a location.
But it is also further evidence that ownership matters. Skype was an Estonian company but founded and rooted firmly in London, and when Microsoft swooped it was assumed that this would continue to be where its future was shaped.
Now it's facing strong headwinds, failing to establish itself as the prime means of business communications, and Microsoft is cutting costs.
If the firm was still controlled from London, the axe might have fallen elsewhere - but with key decisions being made far away in Seattle, there was no room for sentiment about Skype's history.
Foreign buyers always make positive noises about boosting jobs and investment - but sometimes those promises are hard to keep.
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China to invest $450 billion in agriculture www.rt.com

Over the next four years the Chinese government will invest 3 trillion yuan ($450 billion) into developing the country’s agriculture, the official state news agency Xinhua reports.

The state-run Agricultural Development Bank of China and the Ministry of Agriculture have agreed to protect national food security, develop China's seed industry and support the industry via overseas businesses, according to the agency.

The step also aims to raise the efficiency of Chinese agriculture and improve rural incomes.

The Agricultural Development Bank, one of China's main policy lenders, will provide the finance including setting interest rates and offering financial products.

Earlier this year, the bank said it would lend 3 trillion yuan to agriculture as a way to reduce poverty. The agency didn’t say if the current commitment was separate from the plan.

This month, China’s state-owned ChemChina chemical corporation raised its bid to takeover Swiss agrochemicals and seed supplier Syngenta to $43 billion. The deal triggered food security concerns in the United States, but the US national security panel has approved the deal.

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Samsung phone fire in China not caused by battery: supplier www.reuters.com

A supplier to Samsung Electronics Co Ltd (005930.KS) said on Monday that its battery does not appear to have caused a Galaxy Note 7 smartphone to ignite in China, after Chinese media reported one of the handsets caught fire.

The incident comes amid a recall of the Note 7 phones across the globe including South Korea and the United States due to faulty batteries causing the devices to catch fire while charging or in normal use. Samsung has said it has sold 2.5 million phones equipped with the suspect batteries.

Late on Sunday, Chinese online financial magazine Caixin cited an internet user's report that their Note 7 phone, bought from JD.com Inc (JD.O), had caught fire in what appeared to be the first report in China of a fire involving the handset.

Amperex Technology Limited (ATL) said it conducted a joint investigation with Samsung on the phone in question and determined the incident was not directly linked to a battery made by the China-based firm.

"According to the burn marks on the sample, we surmise that the source of the heating comes from outside the battery, and it's very likely that there was an external factor causing the heating problem," the battery maker said in a statement.

An ATL official confirmed to Reuters one of its batteries was in the Note 7 phone that reportedly caught fire and that the heating problem was caused by something other than the battery.

A person familiar with the matter told Reuters the phone was damaged by an external heat source, possibly an induction oven or a fan heater. The person was not authorized to speak publicly on the matter and so declined to be identified.

A Samsung spokeswoman referred Reuters to ATL's statement and declined to comment further.

JD.com said it referred the case to Samsung.

ALSO IN TECHNOLOGY NEWS

Samsung last week announced a recall of 1,858 Note 7 phones in China but those devices were products distributed before the official Sept. 1 launch. The company said the phones sold through the official launch used batteries different from those in reported fires.

ATL is owned by Japanese components maker TDK Corp (6762.T).

(Reporting by Se Young Lee in SEOUL, Paul Carsten in BEIJING and Sijia Jiang in HONG KONG; Editing by Christopher Cushing)

 
 
 
 
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China cuts retail fuel prices www.chinadaily.com

BEIJING -- China will lower retail prices of gasoline and diesel due to falling international crude prices.

The National Development and Reform Commission (NDRC), the national economic planner, announced Sunday that gasoline prices will be cut by 155 yuan (about $23.17) per tonne and diesel prices by 150 yuan per tonne from Monday.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain so for 10 working days, then refined oil products such as gasoline and diesel in China are adjusted accordingly.

This year the NDRC has cut retail fuel prices four times and raised them six times.

NDRC researcher Zhao Gongzheng said global crude oil prices are no longer rising due to market worries about an agreement on freezing production, rising yields in countries including Iran and weak U.S. demand.

"The prices will likely remain low in the short term, fluctuating between $40 to $50 per barrel," Zhao said.

The NDRC also asked the country's three state-owned oil giants to ensure supplies during the price downturn.

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World's gold miners stick close to home in hunt for more metal www.reuters.com

The world's biggest gold miners are taking a cautious approach in their hunt for bullion, spending more money to explore around existing mines rather than new territory in a strategy that may have short-term gains but risks future production growth.

Top producers are relying more than ever on small companies to do the heavy lifting of searching for new deposits and increasingly taking 10 to 20 percent equity stakes in the junior miners.

Exploring close to home is more cost efficient and improves the odds of discoveries. But the chances of making major new finds are limited, diminishing global gold output, which is expected to decline by nearly 9 percent in the next three years.

"It only makes sense to be looking in your own backyard first before exploring elsewhere," said Paul Rollinson, Chief Executive of Kinross Gold, which spends about 90 percent of its exploration budget around existing sites.

"We focus on areas we already know, with existing infrastructure nearby, in jurisdictions we are comfortable with."

The world's 10 biggest gold miners are bumping up the share of exploration budgets earmarked for land around existing mines, or brownfield exploration, increasing the spending to 56 percent in 2015 from 45 percent in 2013.

In the meantime, they curbed spending on greenfield exploration in new territory to 21 percent from 25 percent of their budgets, data from SNL Metals & Mining, a unit of S&P Global Market Intelligence, shows.

"They say the best place to discover a mine is in the shadow of a headframe," atop mine shafts, said Maria Smirnova, portfolio manager at Sprott Asset Management.

"The rate of failure in exploration is staggering, so it is always better to try and improve what you have already."

SCREWS ON SPENDING

Barrick Gold, the world's largest producer by output, looks to near-mine discoveries because plants and equipment are already in place and the deposit is well known, said its president, Kelvin Dushnisky.

Finding affordable and reliable deposits became vital in the last three years as miners slashed spending amid a slump in gold prices. Miners have kept a lid on spending this year despite a partial recovery in bullion prices and income.

Exploration spending by the world's 10 biggest gold miners, such as South Africa's AngloGold Ashanti, sank 37 percent to $1.075 billion between 2013 and 2015, the last year for which data is available, SNL Metals & Mining data shows.

Newmont Mining the world's top gold miner by market valuation, cut its exploration budget by nearly 40 percent in 2013 and prioritized areas expected to deliver higher-margin ounces, said Chief Executive Gary Goldberg.

"That's first of all around our existing operations," he said, adding that Newmont has earmarked about 80 percent of its approximately $200 million budget in 2016 for brownfield exploration.

Longer-term, Newmont is eyeing Ethiopia, Cote d'Ivoire and Queensland, Australia for greenfield exploration, he said.

"Any management team in the industry would consider brownfields expansions first," before committing to big new projects, given capital is still limited, said David J. Christensen, CEO of mining fund ASA Gold & Precious Metals.

Goldcorp Chief Executive David Garofalo said there was little available to throw even that limited capital at.

"We are a supply-challenged industry," he said. "We've had a very poor track record over the last few years of exploration success."

Global gold mine production peaked in 2015 and is estimated to fall nearly 9 percent by 2018, to 2,903 tonnes, Thomson Reuters GFMS data shows.

Big gold miners have always relied on small exploration companies for discoveries, acquiring them to access their big finds. But they are increasingly hedging their bets with 10-20 percent equity stakes in juniors, said RBC Capital Markets analyst Sam Crittenden in a report earlier this year.

Barrick plans to be more active partnering with juniors going forward, Executive Vice President for Exploration and Growth, Rob Krcmarov, said in June.

Mid-tier producer Agnico Eagle Mines, which has bucked the industry trend by boosting its drilling budget over the past five years, plans to continue investing in juniors even as it adds to its drilling budget.

Agnico last week increased its gold estimate for its Amaruq project, a new deposit close to its existing Meadowbank mine in Canada's Arctic, by 13 percent to 3.71 million ounces.

"Greenfields is tough. I think the general consensus amongst gold producers is that the real greenfields is best left to the juniors," said Chief Executive Sean Boyd.

(Editing by Chris Reese)

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Russian election: Putin-backed party well ahead - exit polls www.bbc.com

United Russia, backed by President Vladimir Putin, is far ahead in the nation's parliamentary election, taking at least 44%, exit polls suggest.
Mr Putin said: "We can say with certainty that the party has achieved a very good result."
The nationalist LDPR and the Communist party are way behind United Russia, with about 14-16% each.
Liberal opposition parties appear to have failed to pass the 5% threshold needed for party-list representation.
However, the exit polls say though they could still get seats in individual constituencies.

A VTsIOM exit poll gave United Russia, led by Prime Minister Dmitry Medvedev, 44.5%, with the Public Opinion Foundation putting its total higher, at 48.7%.
Partial official results later confirmed a large lead.
Dmitry Medvedev (L) and Vladimir PutinImage copyrightREUTERS
Image caption
Mr Putin (R) appeared alongside Mr Medvedev to congratulate party activists
The two exit polls differed on whether the LDPR or Communists were second, but both were well behind.
A Just Russia was fourth on about 8%.
These four parties had dominated the last State Duma (lower house).
Two opposition parties, Yabloko and Parnas, were projected to receive 3.5 and 1.2% respectively.
The turnout was significantly down from the 2011 elections - just below 40% two hours before voting ended.
Election Commission head Ella Pamfilova said she was "fully confident that the elections are proceeding in a quite legitimate way".

The authorities were anxious to oversee trouble-free polls this time
Legitimate vote? By Steve Rosenberg, BBC News, Moscow
In the system of "Managed Democracy" crafted by the Kremlin, it was unthinkable that President Putin's control of parliament would weaken.
And so, the four pro-Kremlin parties which dominated the previous parliament will do so again. But will the new parliament be recognised by the public as legitimate?
The Russian authorities have tried to present this as one of the cleanest elections in years. Some opposition candidates were permitted to run; a respected human rights advocate was appointed head of the Russian Election Commission.
Yet throughout the day there have been reports of voting fraud - and video to back them up. In some cases, webcams installed at polling stations recorded what appear to be election officials stuffing ballot boxes.
It was vote-rigging which sparked anti-government street protests after the last parliamentary election. President Putin will be hoping that this time his personal popularity, combined with widespread apathy, will mean that Russians accept the result.
Allegations of fraud after the last election had sparked large-scale protests against Mr Putin in Moscow and the authorities were anxious to oversee trouble-free polls this time.
Mr Putin has enjoyed 17 years in power as either president or prime minister, and does not belong to any designated party.
But he visited the headquarters of United Russia with Mr Medvedev after the vote to congratulate activists on their victory.
"We know that life is hard for people, there are lots of problems, lots of unresolved problems," Mr Putin said. "Nevertheless, we have this result."
Crimea votes

Voting in Crimea - annexed by Russia in 2014 - angered Ukraine
But despite Russia's economic malaise and tensions with the West over the conflicts in Ukraine and Syria, some observers had called the election campaign the dullest in recent memory.
Serious irregularities were reported in one Siberian region, with suggestions of "carousel" voting - people bussed around polling stations - in the city of Barnaul.
Monitoring group Golos says it had received more than 1,300 complaints from around the country by late afternoon, AP reports.
For the first time, people voted in Crimea, annexed from Ukraine in 2014 in a move condemned internationally.

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China business confidence rises again www.bbc.com

Confidence among Chinese entrepreneurs has picked up for the second quarter running, according to the country's central bank.
People's Bank of China surveys showed the business confidence index rising to 51.2% in the third quarter.
That was 2.2 percentage points higher than in the second quarter.
China's factory output and retail sales grew faster than expected in August, on the back of a strong housing market and government infrastructure spending.
Economic change
The world's second largest economy has lost some of its momentum during this year, as it has entered a period of readjustment.
China is looking to transform its economy away from factories and exports towards domestic consumption.
The International Monetary Fund (IMF) expects China's GDP to grow by 6.6% this year, close to the low end of China's own official forecast of between 6.5% to 7%.
That will come after decades of near double-digit growth.
Housing costs
Meanwhile, a separate central bank survey showed a bankers' confidence index rising to 46.5% in the third quarter, 2.8 percentage points higher than in the April to June period.
The survey showed one in five bankers believed monetary policy would be relatively loose in the fourth quarter of this year.
The People's Bank of China has reduced interest rates six times in 22 months, and and also cut the amount of cash banks must keep in reserve.
And a third survey issued by the central bank at the weekend showed that 53.7% of households believed housing costs were "unacceptably high", up 0.3 percentage points from the second quarter.

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New counting method to boost GDP www3.nhk.or.jp

Japanese government officials say that they are going to start using a different method to calculate the size of the economy from later this year.
 
The Cabinet Office officials say the figure for nominal gross domestic product in 2011 rises by more than 190 billion dollars under the new method.
The revised total comes to about 4.8 trillion dollars.
 
The officials review their calculation methods about every 5 years. They say research and development spending will now be counted as investment. It has been classified as a cost and not included in GDP.
 
They say the revised third-quarter GDP to be announced in December will be based on the new method. They added that nominal figures will significantly rise from that point on.
 
The government has set a goal of raising the nominal GDP to 600 trillion yen, or 5.8 trillion dollars, by around 2020.
 
But observers say officials must push harder on economic reforms before they can hit that target.
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Fiat Chrysler recalling 1.9 million cars for new air bag defect www.reuters.com

Fiat Chrysler Automobiles NV said on Thursday it is recalling 1.9 million vehicles worldwide for an air bag defect linked to three deaths and five injuries.

It is the latest in a series of large-scale air bag recalls, as the auto industry grapples with a widening array of problems from potentially unstable inflators to bad software.

The Fiat Chrysler recall involves non-deployment of air bags and seat-belt pretensioners in some crashes. It affects 1.4 million U.S. vehicles sold between 2010 and 2014, including the Chrysler Sebring, 200, Dodge Caliber, Avenger, Jeep Patriot and Compass SUVs.

"There is a hypersensitivity now in the industry to vehicle safety," said Scott Upham, of Valient Market Research. Automakers continue to tweak air bag software, he said, noting that there is "a fine line between telling the bag when to deploy or not" in some situations.

Last week, General Motors Co said it would recall nearly 4.3 million vehicles worldwide due to a software defect that can prevent air bags from deploying, a flaw already linked to one death and three injuries. That defect is similar but not identical to the Fiat Chrysler issue.

iat Chrysler said the problem occurred when vehicles equipped with a particular control module and specific front impact sensor wiring are involved in certain collisions.

GM said in its recall that the module that controls air bag deployment has a software defect that may prevent frontal air bags from deploying in certain "rare circumstances."

Fiat Chrysler said it no longer uses the occupant restraint controllers or wire routing design. The notice did not say when it will begin recall repairs, which spokesman Eric Mayne said the automaker is "finalizing."

Automakers and the U.S. National Highway Traffic Safety Administration have been grappling with numerous recall issues.

In February, Continental Automotive Systems said it supplied potentially defective air bag control units to 5 million vehicles built over a five-year period. It said the units may fail and air bags may not deploy in a crash or may inadvertently deploy without warning.

In August, NHTSA said it was upgrading and expanding a probe of more than 8 million air bag inflators made by ARC Automotive Inc after a driver was killed in Canada when an inflator ruptured in a Hyundai Motor Co vehicle.

In May, NHTSA said automakers will recall another 35 million to 40 million Takata Corp air bag inflators that could rupture and send deadly metal fragments flying. More than 100 million inflators worldwide have been deemed defective and are linked to at least 14 deaths and 100 injuries.

In July 2015, NHTSA fined Fiat Chrysler $105 million for mishandling nearly two dozen recall campaigns covering 11 million vehicles. In December, NHTSA separately fined the automaker $70 million for failing to report vehicle crash deaths and injuries since 2003.

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