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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China's service sector expands faster: index www.chinadaily.com

 
BEIJING - Business activity in China's service sector accelerated slightly in August, a private survey showed Monday.
 
The Caixin China General Services PMI (Purchasing Managers' Index) came in at 52.1 in August, up from 51.7 in July, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co Ltd.
 
A reading above 50 indicates expansion, while a reading below 50 represents contraction.
 
The surveyed companies partly linked higher business activity to new projects.
 
The sector's staff numbers stabilized in August after a marginal reduction in July, as some service providers hired additional employees to help with new projects, the survey showed.
 
Compared with the previous six months, service companies were more optimistic about their business outlook for the next 12 months, citing expectations of improving market conditions and new business development.
 
The Caixin China General Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in more than 400 service companies.
 
The Caixin General China Manufacturing PMI, an indicator of factory activity, dropped to 50 in August from 50.6 in July, according to data released last week.
 
"Overall, the economy continued to expand in August at a pace similar to July, but conditions in the manufacturing and service sectors diverged again," said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group.
 
Downward pressure on China's economy remains and supportive policies must continue, Zhong said.
 
China is counting on growth in services to offset weakness in manufacturing and exports.
 
The country's economy expanded 6.7 percent in the second quarter, still within the government's target range of 6.5-7 percent for 2016.
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Bankrupt Hanjin seeks court protection for its ships www.bbc.com

Troubled shipping giant Hanjin plans to seek court protection to prevent its ships from being seized by creditors.
South Korea's financial regulator said the company wanted to file for bankruptcy protection in more than 40 countries to protect its fleet.
Under bankruptcy protection a firm can reorganise its debts and block assets from being seized.
According to Hanjin, 68 out of its fleet of 141 ships have been stranded since the firm's collapse last week.
Several ships have already been seized in ports.
Hanjin cargo fleet stranded at sea
Hanjin last week filed for receivership in South Korea after attempts to raise fresh funding for the indebted firm failed.
On Friday, the firm had filed for bankruptcy protection in the US, a spokeswoman said on Monday, which would help protect its ships from being seized in US ports where many of the ships from Asia are heading.

The world's seventh-largest container line has been unprofitable for four of the last five years.
The global economic downturn in recent years years severely affected profits across the cargo shipping industry.
Fierce competition and falling prices have lead to a $5.4bn (£4.1bn) debt for Hanjin before its creditors refused to offer a new lifeline.
Hanjin shares plunged 30% when they resumed trading on Monday, but then recovered.

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Japan's central bank chief expresses confidence in Chinese economy www.xinhuanet.com

TOKYO, Sept. 5 (Xinhua) -- Bank of Japan Governor Haruhiko Kuroda said Monday that the Chinese economy will keep growing steadily due to the positive measures taken by the government, Japan's Kyodo News reported.
 
Kuroda made the remarks here in Tokyo after delivering a speech regarding Japan's monetary policy.
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Coal India pushes into solar www.mining.com

Coal India is diversifying its core business through a plan to install 600 megawatts of solar power in four states.

The announcement, published on Sunday by Economic Times, is part of an agreement with the Solar Energy Corporation of India (SECI) to build 1,000 megawatts of solar capacity throughout the country between 2014 and 2019.

"In the first phase, CIL is going to set up 2×100 MW solar power plants in the state of Madhya Pradesh. In the second phase CIL is going to develop a capacity of 600 MW in the solar parks of Madhya Pradesh, Chhattisgarh, West Bengal and Maharashtra for which NIT [Notice Inviting Tender] has already been floated by SECI," the world's largest coal producer said in its annual report.

India is the third-largest producer of coal, behind China and the U.S. Yet it relies heavily on imports because of mismanagement and an onerous bureaucracy in coal exploration, production and power generation. As a result, nearly a quarter of India's 1.2 billion people have no electricity, according to the World Bank.

The Indian government is well aware of the problem and has been actively pushing to not only produce more coal domestically, but also to diversify its energy mix.

“The world must turn to (the) sun to power our future,” Prime Minister Narendra Modi said at the 2015 COP21 climate conference. “As the developing world lifts billions of people into prosperity, our hope for a sustainable planet rests on a bold, global initiative.” That plan is to derive 40 percent of its energy from renewable sources by 2030, including 100 GW of solar energy by 2022. The target is ambitious, since India currently only has about 8 GW of installed solar.

However strides are being made. A new report by Mercom Capital Group says that India is likely to install 4.8 GW of solar capacity in 2016. The clean energy communications and research firm also said the solar project pipeline in India is now about 21 GW, with 14 GW under development and 7 GW scheduled to be auctioned, as reported Sunday by Economic Times.

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China, U.S. commit to refrain from competitive currency devaluations www.reuters.com

(Reuters) - China and the United States on Sunday committed anew to refrain from competitive currency devaluations, and China said it would continue an orderly transition to a market-oriented exchange rate for the yuan CNY=CFXS.

A joint "fact sheet", issued a day after U.S. President Barack Obama and his Chinese counterpart Xi Jinping held talks, also said the two countries had committed "not to unnecessarily limit or prevent commercial sales opportunities for foreign suppliers of ICT (information and communications technology) products or services".

While China and the United States cooperate closely on a range of global issues, including North Korea's disputed nuclear program and climate change, the two countries have deep disagreements in other areas, like cyberhacking and human rights.

Both countries said they would "refrain from competitive devaluations and not target exchange rates for competitive purposes", the fact sheet said.

Meanwhile, China would "continue an orderly transition to a market-determined exchange rate, enhancing two-way flexibility. China stresses that there is no basis for a sustained depreciation of the RMB (yuan). Both sides recognize the importance of clear policy communication."

China shocked global markets by devaluing the yuan in August 2015 and allowing it to slip sharply again early this year. Though it has stepped in to temper losses in recent weeks, the currency is still hovering near six-year lows against the dollar.

Xi and Obama met in Hangzhou in eastern China where leaders from the world's 20 leading economies, the G20, were gathering for a summit on Sunday and Monday.

Foreign business groups say China's pending cyber rules, including a cyber security law that could be passed this year, include provisions for invasive government security reviews and onerous requirements to keep data in China.

They say the regulations would create barriers to market entry for foreign companies and impair the country's security by isolating it technologically.

Global business groups spanning finance, information technology, insurance and manufacturing have urged China to revise its draft rules, and have pressed the U.S. government to raise the issue with Beijing.

The fact sheet said the two sides had committed to policies that "should treat technology in a non-discriminatory manner (and not) unnecessarily limit or prevent commercial sales opportunities for foreign suppliers of ICT products or services".

Other points from the fact sheet:

- Both sides commit to use all policy tools – monetary, fiscal and structural – to foster confidence and strengthen growth; fiscal policy should be used flexibly to strengthen growth, job creation and household demand.

- Building on current progress, China is to deepen supply-side structural reforms with a comprehensive strategy, including state-owned enterprise reform, giving full play to the role of the market and legal mechanisms, to reduce corporate debt, including SOE debt.

- The two sides recognize that structural problems, including excess capacity in some industries, have caused a negative impact on trade and workers; both countries recognize that excess capacity in steel and other industries is a global issue which requires collective responses.

- Both sides recognize that the effective and balanced protection of intellectual property rights will be beneficial to promote innovation. 

- They welcome the completion of peer review reports on the fossil fuel subsidies of the United States and China.

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“Invest Mongolia” international conference starts www.mongola.gogo.mn

Invest Mongolia International Conference starts at Shangri-La Hotel, Ulaanbaatar, with a key theme “Infrastructure development of Mongolia”.
Right now panel on the current economy and the Action Plan by the Government for the next four years commences. The panelists will discuss topics below. 
The current economic and budget situation in Mongolia
Priorities and Actions of the new Government in the next 4 years
The maturities of the huge sovereign debt in 2017 and its outlook of repayments
What else need to be done by the Government to satisfy foreign sovereign debt investors?
Pros and cons of relying on IMF
How to get financing internationally on growth area with priorities like Green Development, Renewable energy etc.
Panelists: N.Enkhbayar, Economic Advisor to the Prime Minister, Ch.Khaschuluun, CEO of Mongolia Oil Shale Association, Terrence Ortslan, Manging director, TSO & Associates, Bill Bikales. CEO, Bikales Advisors, A.Undraa, Parliament member.
The panel is being moderated by Graeme Knowd, Managing Director, Moody`s Investors Service.
In addition, panel on Mongolian banking industry and Bank strategies and Chamber`s panel are scheduled for today.

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Foreign businesses blamed DP and MPP www.gogo.mn

The first panel on the current economy and the Action Plan by the Government for the next four years has finished. 
Panelists: N.Enkhbayar, Economic Advisor to the Prime Minister, Ch.Khaschuluun, CEO of Mongolia Oil Shale Association, Terrence Ortslan, Manging director, TSO & Associates, Bill Bikales. CEO, Bikales Advisors, A.Undraa, Parliament member.
The panel was moderated by Graeme Knowd, Managing Director, Moody`s Investors Service.
Foreign panelists attending the Invest Mongolia international conference blamed DP and MPP for economic crisis faced by the country. 
They considered that economy worsened due to the wrong competition between the ruling parties. Instead competing each other to win the election, DP and MPP should have helped each other to tackle the economic downturn. Now the Government should seek long-term measurement to overcome crisis. 
In other words, it is better to choose a way to stabilize the economy for long-period. 
MP A.Undraa noted that Oyu Tolgoi LLC gives us opportunity to learn automation and robotation. I see optimistic future with economy but we need to be aware. 
Panelists expressed their hope for economic policies of Government action plan, which will be submitted to the autumn session of State Great Khural. They hope that the Government will submit brief and complex policy, covers all sectors. 
Compared to the previous years, both foreign and domestic representatives are attending the conference. Next panel on Mongolian banking industry and Bank strategies is scheduled at 2:20PM.

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Mongolia considers joining Eurasian Economic Union www.vom.mn

Mongolia considers joining Eurasian Economic Union. It was stated at the meeting between Chairman of the EEC Board Tigran Sargsyan and Mongolian Ambassador to Russia Banzragch Delgermaa. Mr Sargsyan expressed the confidence that EAEU and Mongolia will continue to successfully develop all-round cooperation in accordance with the memorandum of cooperation signed last year. The Mongolian Ambassador noted that a study group was established with the aim of developing the economic dialogue between EAEU and the government of Mongolia. Ambassador Delgermaa suggested considering the reduction of import duties on a number of Mongolian goods, and applying the experience of creating the FTA between Vietnam and EAEU to Mongolia. The sides agreed to hold a meeting of the study group in October. It will be co-located, on the proposal of the Mongolian Ambassador, with a joint business forum with the participation of businesses of Mongolia and the EAEU countries.

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$8.5bn Formula 1 sale set to cross the finish line www.bbc.com

The owner of Virgin Media is set to take control of Formula 1 in an $8.5bn (£6.5bn) deal.
John Malone's Liberty Media is expected to make the first of two payments on Tuesday, according to a German magazine.
Auto Motor und Sport said the deal had been confirmed by F1 chief executive Bernie Ecclestone.
The sale would allow US private equity firm CVC Capital Parners, which has a 35% stake, to exit F1.
CVC has held a stake for the past decade but sold some of its holding in 2012.
A sale would end years of speculation and rumours about a potential change of ownership for the motor sport.
Other parties said to have considered buying into F1 include Qatar Sports Investments, which owns Paris Saint-Germain football club; and Stephen Ross, owner of the Miami Dolphins football team.
The Financial Times reported that Chase Carey, the executive vice-chairman of 21st Century Fox, would become chairman of F1.

Red Bull team principal Christian Horner, who is close to 85-year-old Mr Ecclestone, has been tipped in the past as his possible successor.
Mr Ecclestone, who owns a 5.3% stake, met with CVC co-chairman Donald Mackenzie and Daimler chief executive Dieter Zetsche, whose company owns the Mercedes team, at the Italian Grand Prix in Monza on Sunday. Mr Ecclestone declined to comment about the sale.
The potential takeover by Liberty Media was met with cautious optimism in F1 circles.

CVC has been criticised for taking considerable profits from the sport, which has suffered from falling TV ratings in recent years.
The domination of the Red Bull and now Mercedes teams has made races more predictable. Mercedes team has won 13 of 14 races this season.
Given that Liberty is a media and entertainment group, analysts hope it will give more consideration to the spectacle offered by F1.
Mercedes team chief Toto Wolf said: "If there is an investor that wants to buy the shares it is good news for Formula One. Maybe it is good news that an American media company buys Formula One. There are things we can learn from the American way, particularly in digital areas."

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G20 discusses tax and corruption www.nhk.or.jp

Leaders of the Group of 20 industrialized and emerging economies are discussing corruption and fairness of taxation.

Participants at the G20 summit met in the Chinese city of Hangzhou for the second day of talks on Monday.

The leak earlier this year of the Panama Papers, a massive trove of documents on tax havens, shed light on the issue of global tax evasion and avoidance.

Japanese Prime Minister Shinzo Abe was expected to stress the importance of building an international taxation framework to prevent such practices.

Abe was also expected to offer support to countries attempting to crack down on corruption.

The Prime Minister is believed to have said corruption by public officials encourages terrorism and crime, and hinders economic growth.

The leaders will use the afternoon session to address terrorism and refugee issues as well as over-production of steel by China.

The meeting will close on Monday evening with a joint declaration.

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