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

LG Elec says to partner with Amazon on smart homes www.asia.nikkei.com

SEOUL (Reuters) -- South Korea's LG Electronics Inc said on Friday it is partnering with Amazon.com Inc on smart-home services, enabling the U.S. company's services such as the Alexa virtual assistant on some of the electronics maker's devices.
 
LG said in a statement Alexa will work with its SmartThinkQ Hub, an LG device used to connect with home appliances over the internet, to allow users to control the South Korean firm's home appliances via voice-recognition technology.
 
It would add Amazon.com's Dash feature on its SmartThinQ Sensors, which enabled so-called "smart" features on appliances that cannot communicate with other devices on their own, to allow users to quickly order household items such as laundry detergent or drinks.
 
"We will work with a wide range of partners to deliver differentiated smart-home solutions to customers," said Jo Seung-jin, head of LG's appliances business, in the statement.
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Sony sees 'internet of things' as fertile ground www.asia.nikkei.com

BERLIN -- As Sony sees it, selling individual electronics will no longer keep the company competitive. The future is in services that generate recurring revenues, and the "internet of things" will form a big part of that strategy.
 
The Japanese electronics company's new business model is on display at the ongoing IFA Berlin trade show, one of the world's biggest for consumer electronics and home appliances.
 
One example is the Xperia Ear, which will hit the market in November. More than just an earpiece for listening to a smartphone, the device serves as something of a "personal assistant" that processes voice commands for controlling smartphones.
 
Equipped with a microphone and Bluetooth for wireless communication, the Xperia Ear lets users not only make calls and listen to messages while the smartphone is tucked away in a pocket, but also launch smartphone apps with voice commands and tilts of the head. A smartphone incorporating artificial intelligence could recognize words and even mannerisms, providing the means for bidirectional communication between users and their phones, explained Sony Executive Vice President Hideyuki Furumi, speaking at a press conference at IFA Berlin on Thursday.
 
Devices geared toward internet of things dominate Sony's exhibit at the Berlin trade show. It touts a dedicated device that lets users direct smartphones and other gadgets and appliances with their voices, and a projector that presents a display on the wall that users can touch to operate their smartphones.
 
Why is Sony putting so much emphasis on the internet of things? Because there is a limit to the revenue that can be generated through the one-time sale of products that must compete with rival offerings based on features alone. Sony's new focus is on the recurring revenue streams that come with subscription services, and it sees the internet of things as a rich platform for offering such services.
 
Sony learned a hard lesson last decade when its pioneering online music delivery service was overshadowed when Apple's iPod hit the scene with a vast selection of music titles. Taking that defeat to heart, it now offers a wealth of music and movies accessible via its PlayStation game consoles. Its game and network services segment is flourishing. For the year ended in March, operating profit in this business surged 84% to 88.7 billion yen ($859 million).
 
The success of a recurring-revenue business hinges on building a large subscriber base. The devices that Sony is introducing at IFA Berlin have the potential to link with appliances and other equipment in the home, and not just with Sony products but with products of other manufacturers as well.
 
Sony is shifting to the kind of "open" strategy that can expand the base of customers for its services. It is considering a partnership in the smart home business with a subsidiary of Tokyo Electric Power Co. Holdings, and plans to launch a service to confirm the well-being of the elderly with Nestle Japan using networked coffee machines. In addition, it is considering using a Yahoo app to control appliances via smartphone.
 
Rivals like Japan's Panasonic and South Korea's Samsung Electronics are also pouring money into the internet of things, so Sony knows it must aggressively incorporate new ideas. "What's happening now resembles what took place when the internet first debuted. Given the mountain of services for the internet of things, there is bound to be a shakeout," noted one Sony executive.
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Czech-Mongolia Business Forum www.mongolianbusinessdatabase.com

His Excellency Miloslav Stashek, Deputy Minister of Foreign Affairs of the Czech Republic and representatives of Czech companies active in business fields as uranium survey and exploration; waste water treatment plant; international freight forwarding; European insurance; equipment, machinery and products importing; rescue and fire fighting systems; road construction and maintenance; Central and Eastern Europe, Asian natural resources and energy exploration and processing projects investment companies are going to visit Mongolia in September this year. During their visit Czech-Mongolia business meetings will be organized on 13th of September in Darkhan city and 14th of September in Ulaanbaatar city.
Please register at 99995846 for Business forum in Darkhan and 312501 for Business Forum in Ulaanbaatar.

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Anglo's top shareholder to call vote on assets sale plan www.mining.com

Anglo American's largest shareholder, South Africa's Public Investment Corporation (PIC), has stepped up pressure on the miner’s plan to exit coal and iron ore to focus only on copper, diamonds and platinum by reportedly calling for a shareholder vote.
 
PIC, a body that invests public sector pensions in South Africa and which owns 14.5% of Anglo, wants shareholders to decide on the planned mine sales because of concerns that the mining giant may not realize the full value of its assets, Bloomberg reports.
 
The local operations Anglo, the world's number five diversified mining company, is hoping to offload include Kumba Iron Ore — the country’s top producer of the steel-making ingredient — , as well as coal mines that supply state-owned power producer Eskom Holdings, and its 40% stake in Samancor, the world’s largest manganese producer.
 
Last month, several media reports said that PIC, which is overseen by South Africa's minister of finance, wanted to bundle all of Anglo's assets in the country into a single entity with its platinum mines as the crown jewels. PIC also owns 30% of world number three platinum producer Lonmin.
 
Anglo’s chief executive Mark Cutifani is said to have resisted PIC's demands when it comes to jettisoning the platinum division, Anglo American Platinum Ltd., but the slow progress of asset sales to tackle the company's crippling (and junk rated) debt is adding to pressure.
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Japan to build solar power plant in Mongolia www.mongolia.gogo.mn

Japan is to build solar power plant in Mongolia. The Japanese electronics company Sharp announced the construction of a solar power plant in Mongolia with an installed capacity of 10 megawatts. The project is the first of its kind and features the collaboration of the Japanese trading company Shigemitsu Shoji and its Mongolian partner Solar Power International.
The agreement was signed in Ulaanbaatar and it is the first large scale solar power plant business in Mongolia. The construction phase began in late July in the northern city of Darkhan and the commercial operation date is scheduled in upcoming December. Once completed, greenhouse gas emission will be reduced in Mongolia.
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Mitsubishi Motors new car sales continue to drop www3.nhk.or.jp

Mitsubishi Motors has posted a year-on-year decline in domestic new car sales for a 6th straight month due to its declining brand image over a fuel economy tampering scandal.
 
The Japan Automobile Dealers Association says Mitsubishi sold 5,000 cars and mini vehicles in August. That's down 20 percent from the same month last year.
 
Japanese customers have been shunning Mitsubishi vehicles after the revelation in April of the firm's inappropriate way of collecting fuel efficiency data. The malpractice continued even after the revelation, further damaging its brand image.
 
On Wednesday, the automaker announced it would suspend sales of 8 of its 11 domestic models, including the Pajero and the RVR.
 
A company official says the suspension is expected to last about 2 weeks and that domestic sales will remain tough going forward.
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Baidu offers brainy solutions www.chinadaily.com

Chinese tech giant reveals its latest bid to gain the upper hand in the field of artificial intelligence

Chinese internet giant Baidu Inc officially unveiled its latest plans in the burgeoning field of artificial intelligence, including "Baidu Brain", which simulates the human brain with computer technology, and a partnership with Nvidia Corp to develop driver-less vehicles.

"Artificial intelligence is the next big development in the internet industry, which is the core of Baidu. We spend great efforts developing this technology in the past five to six years," said Robin Li, chief executive officer of the Beijing-based company, at the company's annual technology event - Baidu World.

Li said "Baidu Brain" consists of three parts, including artificial intelligence algorithms, computing power and big data."It has the capacities of natural language processing, voice recognition, image identification and processing and user portraits."

"Anyone just records 50 sentences as required in 30 minutes, and our speech synthesis technology could simulate the person's voice. We could let everyone have their own voice model," said Li.

Moreover, the accuracy rate of voice recognition has reached 97 percent, while face recognition accuracy has reached 99.7 percent, Li said. With regard to image recognition technology, it is mainly applied in augmented reality.

This in turn can be used to develop products and market services. AI technology is expected to be applied into different industries in the future, involving healthcare, traffic and finance.

"I'd like to invite everyone to rethink the sector we're in - to rethink the Chinese economy," said Li.

Driverless vehicles are another area the company is making a big bet on. Baidu will cooperate with US-based chipmaker Nvidia Corp to build operating software for self-driving that encompasses mapping and adapts to changing environments.

AI has become a strategic area of investment for technology companies including Apple and Google.

Tan Tieniu, a leading expert in China's artificial intelligence sector said that the global AI market had a total value of $127 billion in 2015, adding that the figure is expected to reach$165 billion this year and exceed$200 billion in 2018.

Zhao Ziming, an analyst at Analysys International in Beijing, said: "The development of artificial intelligence and the internet of things is an irresistible trend, and Baidu Brain is a core product in these two fields.

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Hanjin ships, cargo and sailors stranded at sea www.bbc.com

With South Korea's biggest shipping company filing for bankruptcy protection, the vessels, sailors and cargo of Hanjin Shipping are stuck in limbo, stranded at sea.
Ports, fearing they will not get paid, refuse to let them dock or unload.
That means the ships are forced to wait for Hanjin, its creditors or partners to find a solution.
It's a case of unprecedented scale, with experts expecting the deadlock to last for weeks, if not months.
"[It is] a major disaster for the shipping companies and for the companies that own the goods in those containers," Greg Knowler, maritime and trade analyst with IHS Markit, told the BBC from Hong Kong.
Peak season
Not only are ships not allowed to unload, containers waiting to be picked up are also being held back by the ports as collateral over unpaid bills.
And even if the ports did allow them in, Hanjing would probably not as the vessels could expect to be immediately repossessed by the firm's creditors.
Beyond the ships and containers, there is of course the cargo within those containers - in many cases part of a tight chain of supply and delivery.
By September, the global shipping industry is already into what is its busiest time of the year ahead of the Christmas season.
"Just imagine, there are some 540,000 containers with cargo caught up at sea," explains Lars Jensen, chief executive of Sea Intelligence Consulting in Copenhagen.

That means that a lot of the goods en route to the US are geared at the busy year-end holidays and any disruption will be a major headache for the companies that have entrusted their products into the hauls of the Hanjin freighters.
Who owns what?
Let's break down the somewhat confusing ownership structure at play here.
Hanjin operates partly with its own ships, and partly with vessels it leases from others. So some of the vessels stuck at sea are owned by other companies who now can't get them back and on top of that have to assume they won't get paid for leasing them in the first place.
The containers on board the ships are also not all Hanjin's own. As the company is part of an alliance with five other cargo firms, there will be a mix of containers on each vessel - some belonging to Hanjin, the rest to the other four partners.
And lastly, there are the firms who own the content of the containers, for instance an Asian electronics firm sending its goods to the US market.
Hanjin's bankruptcy is the largest ever to hit the shipping industry so there's no roadmap as to what will happen now, no precedent of comparable scale.
Stuck in ports

Let's take a container brought from, say, the Philippines to Hong Kong, to then be picked up from there and taken to the US.
Birthing and handling of that cargo at the Hong Kong port costs money. If Hanjin can't pay that, the port will hold on to those containers as collateral until someone will be willing to pay.
A possible solution would be that the companies who own the contents of those containers ask other shipping companies to step in and pick up where Hanjin left off. The cost of this would be immense, and would come on top of anything they had already paid to Hanjin beforehand. Part of it might be covered by insurance but it would still be an extremely costly endeavour.
Stuck at sea
The containers stuck on board the ships are the next problem. While at sea, there is no way to get the cargo off board.
Ships that are only leased by Hanjin could see their actual owner take back control and bring them into a harbour. They would still need to be cleared of their cargo but could then be leased to other companies.
Given that the owners of any leased vessels would probably not want to foot the bill themselves they may try to draft in the four partner lines that have containers on the ship or maybe even the companies whose cargo is inside those containers.

Hanjin's bankruptcy is the largest ever to hit the shipping industry
The ships owned by Hanjin itself would most likely have to be sold before anyone would bring in the money to get them into a port and cleared. The fact that they would have to be sold as is, i.e. at sea, and with a load of overdue containers on board would probably weigh down the price of the vessels.
Stranded sailors
Each stranded ship has about 15 to 25 crew on board. Unable to call at any port, they will have to depend on the supplies they have with them until a solution can be found. While food should last long enough, they will eventually need fuel.
In a worst-case scenario, should they find themselves unable to pay for fuel being delivered by a shuttle, they would risk running into serious trouble. In that case though, nearby ports would likely be forced to accept them.
Aside from the prospect of being stuck for weeks at sea, the sailors will also face uncertainly over their wages. Most of them are not actually hired by Hanjin but by crewing agencies. Those agencies are unlikely to get paid by Hanjin and therefore won't be able to pay the crews.
"Unless someone steps in very quickly - and there is no sign of that - this will last a very long time," according to Mr Jensen.
Ships, cargo and crew might find themselves stuck for weeks, if not months, without knowing when and where their current voyage will end.

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iRobot plans big investment www.chinadaily.com

iRobot Corp, the US-based robotic technology solutions provider, which is known primarily as a maker of robot vacuum cleaners, is planning to triple or quadruple its investment in the Chinese market next year, in view of its average annual growth rate of 70 to 100 percent in China.
 
The company will open its Chinese headquarters in Shanghai on Thursday to strengthen marketing and promotion in China and extend its robotic products to healthcare services and the smart-home field.
 
"iRobot is focused on significant growth opportunities in China. We are continuing to increase the size of manufacturing operations in China as well as engineering functions. China is an incredibly important part of iRobot's strategy and we will continue to grow," said Colin Angle, chairman and CEO of iRobot.
 
It launched on Tuesday its Braava jet mopping robot designed for the Chinese market. Starting at 1,999 yuan ($299), the compact robot mops hard floors to remove fine dust and stains. It cleans even in hard-to-reach places, like under cabinets and furniture.
 
"We will continue to diversify our home robot offerings and identify new product categories tailored for Chinese consumers," said Angle.
 
Angle emphasized that they are growing their investment in China very quickly and that establishing the headquarters in China is just the next step of their growth strategy.
 
"We will probably spend three to four times as much as money on marketing and advertising in 2017 as we did in 2016."
 
He also estimated the overall growth of home robots globally is about 25 percent. In China, the growth rate is very fast, close to 70 or 100 percent.
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Firms investing more www3.nhk.or.jp

Officials from Japan's Finance Ministry have released figures showing that companies are boosting investment.
 
The economic data reveals that Japanese firms increased spending on facilities and equipment in the April-to-June period. It marks the 13th straight quarter of year-on-year rises.
 
Ministry officials say the capital expenditures of about 30,000 companies with capital funds of about 100,000 dollars or more totaled over 90 billion dollars. That figure is up 3.1 percent from a year ago.
 
The growth came as automakers increased their production capacity for new models. Some chemical companies also took actions to increase their ability to produce parts for vehicles and smartphones.
 
But some companies in the retail and leisure industries saw slowdowns, which weighed on the data.
 
The figures also show that corporate sales fell 3.5 percent and pretax profits fell 10 percent. Both numbers mark three straight periods of decline.
 
Sales from foreign tourists showed signs of a slowdown while a stronger yen cut into profits.
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