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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China oil giants suffer from dropping crude prices www.xinhuanet.com

BEIJING, Aug. 24 (Xinhua) -- Despite rising output, China's major oil producers posted lackluster performance in the first half of the year weighed upon by dropping global crude prices.

China National Petroleum Corporation (CNPC) registered a nearly 97.9 percent decline in its net profit, making only 531 million yuan (almost 80 million U.S. dollars), while China National Offshore Oil Corporation (CNOOC) saw a loss of 7.74 billion yuan.

However, the oil yields of CNPC and CNOOC rose 1.7 percent and 0.6 percent year on year, respectively.

Another oil giant, Sinopec Group has yet to release its half-year financial report.

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German business confidence falls post-Brexit, says Ifo www.bbc.com

Business confidence in Europe's biggest economy, Germany, has fallen unexpectedly after the UK Brexit vote, according to a closely watched survey.
The Ifo business confidence index, based on about 7,000 company responses, fell to 106.2 points for August from 108.3 in July.
It was the steepest monthly fall in more than four years and took the index to its lowest since December 2014.
Despite the gloom, the euro was up slightly against the pound and dollar.
'Delayed reaction'
The latest drop follows a much smaller decline in confidence in July immediately after the UK voted to leave the EU.
Economist Carsten Brzeski at ING-DiBa said the ongoing decline "suggests that German businesses have suddenly woken up to Brexit reality".
"It is not the first time that the Ifo reacts with a delay of one or two months to global events,'' he said, adding that at present, the German economy remained in a "virtuous circle".
Across the sectors it examines, the Ifo found confidence had fallen in all but construction and services.
"The German economy has fallen into a summer slump," Ifo president Clemens Fuest said.
Other official figures released earlier this month showed the German economy grew 0.4% in the second quarter compared with the previous three-month period.
That was a slower pace than the 0.7% growth in the first quarter, but double what economists had expected.

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Mongolia might harvest wheat to fully provide country with flour www.montsame.mn

Ulaanbaatar /MONTSAME/ At a cabinet meeting held Wednesday, a preliminary balance of harvest for this autumn was presented.

According to the balance, Mongolia is expected to harvest 501.0 thousand tons of grain, of which 482.1 thousand tons of wheat, 174.7 thousand tons of potatoes, 117.5 thousand tons of vegetables, 32.5 thousand tons of oil plants, and 43.4 thousand tons of fodder plants.

It has been estimated that 320 thousand tons of wheat is required for producing flour which fully provides the country’s needs a year. By the balance, the country is possible to provide the domestic needs with flour produced from wheat to be harvested in this autumn.

The Ministry of Food, Agriculture and Light Industry reported that six thousand tons of fuel is expected to be needed for harvesting works.

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Asia Foundation wants cooperation to fight against corruption www.gogo.mn

Head of Security and Foreign Policy Standing Committee J.Enkhbayar, Head of State Structure Standing Committee N.Enkhbold and MP A.Undraa received today the representatives of Asia Foundation, a nonprofit international development organization. 
During the meeting, the parties have exchanged views on projects and programs to be implemented jointly by the Asia Foundation, State Great Khural, the Government and NGOs. Currently, Asia foundation is working in 18 countries while operating in Mongolia since 1990 to strengthen democracy, promote good governance and transparency, empower women, reduce corruption and focus on environmental restoration.

Representatives expressed their willingness to expand cooperation in strengthening democracy, and good governance while fighting against corruption.

The meeting was attended by Meloney Lindberg, The Asia Foundation’s country representative, Suzanne E. Siskel ,Executive Vice President and Chief Operating Officer, Gordon Hein, Senior Vice President, Programs, Sagar Prasai, Country Representative, India, Dianna Fernandez, Deputy Country Representative, Mongolia.

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Washington warns Brussels over plan to demand billions in unpaid taxes from Apple www.rt.com

The US Treasury Department has threatened possible retaliation if the European Commission pursues American companies like Apple, Amazon and Starbucks over tax avoidance.
The EU has been investigating whether Apple’s tax dealings in Ireland, which allowed the company to pay very little income tax for its European earnings, violated European rules. Apple is suspected of using loopholes in tax laws and paying just two percent tax in Ireland, well below the official 12.5 percent. The decision is expected to be announced next month.

The Obama administration warned the EU that the investigation could “create an unfortunate international tax policy precedent.” According to the document from the US Treasury, Brussels is taking on the role of a “supranational tax authority” overriding the tax codes of its member countries.

“This shift in approach appears to expand the role of the Directorate-General for Competition beyond enforcement of competition and state aid law . . . into that of a supranational tax authority that reviews member state” decisions on corporate tax, it said.

The US also criticized Brussels for setting unfair and “disturbing” precedents and singling out US companies.

Apple has been accused of funneling billions of dollars into Ireland, known for its lucrative tax rates. JP Morgan, which is working for Apple, said the tech company could face a bill for $19 billion in a worst-case scenario.

Amazon and McDonald's are also being investigated by the EU, while Starbucks faces back taxes of up to €30 million.

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PayPal and FIS team up for careless ATMs www.businessinsider.com

This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here.
 
Earlier this year, Fidelity Information Services (FIS) and Payment Alliance International (PAI) teamed up to bring Cardless Cash, which allows users to access ATMs via their mobile devices, to thousands of US locations.
 
That functionality will be enabled by PayPal-owned Paydiant, according to a PayPal blog post. Now, mobile banking users at banks including BMO Harris will be able to use their phones to access ATMs.
 
Mobile-driven branch banking helps engage consumers without negatively impacting banks.
 
Innovations like cardless ATMs help keep customers engaged. Banks are cutting branches to lower costs, but consumers are still using ATMs on a regular basis — 44% of millennials would be unwilling to give up cash entirely, according to a BI Intelligence study. Features like Cardless Cash allow banks to give mobile-oriented younger consumers the opportunity to use their phone while accessing in-person banking services. In addition, Cardless Cash shortens transaction times, thereby improving efficiency and resolving pain points associated with branch banking.
But they also keep costs to banks low. Banks can build Cardless Cash into their own mobile banking apps. And it doesn't require ATM hardware upgrades —a potentially expensive and time-consuming process. And on top of that, Cardless Cash helps reduce ATM fraud that comes from skimming or “shoulder surfing” by allowing customers to input secure data on a better-protected device. That’s critical as ATM fraud, which grew by 546% year-over-year in 2015, continues to rise.
For PayPal, the FIS-Paydiant partnership helps them meet a key goal: addressing emerging customer needs in new ways. PayPal, which traditionally focused on enabling customers to make online payments, has been working to build out a payments ecosystem and moving into a wide array of payments-related areas, including remittances, peer-to-peer (P2P) payments, and in-store mobile payments.
 
Cardless Cash likely fits into the firm’s push to offer users flexible options skewed towards mobile and other high-growth areas. And this could continue the company’s gains — PayPal processed $86.2 billion in total payment volume in Q2, and saw increases in average quarterly transactions per account.
 
This partnership is part of the broader move toward digital banking, particularly among millennials who are walking into their banks' traditional brick-and-mortar branches less often than ever before.
 
This generation accounts for the greatest share of the U.S. population at 26% and the employed population at 34%, so it's easy to see why their behaviors and preferences will have a profound effect on the future of the banking industry, particularly with regard to the way banks interact with their customers.
 
Third parties are expanding their role in providing services that consumers use to manage their money. And the more that role grows, the more it will disrupt the relationship between banks and their customers.
 
To paint a clearer picture of the future of the banking industry, John Heggestuen, managing research analyst at BI Intelligence, Business Insider's premium research service, surveyed 1,500 banked millennials (ages 18-34) on their banking behaviors and preferences — from their preferred banking devices, to what banking actions they perform on those devices, to how often they perform them.
 
All of that rigorous research led to an essential report entitled The Digital Disruption of Retail Banking that dives deep into the industry and details what its future will look like.
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Google punishes sites with pop-up adverts www.bbc.com

Google is to penalise websites that feature intrusive pop-up adverts.
It is updating the algorithms used to rank its search results so that offending pages are more likely to get lower placings.
The change is due to come into effect on 10 January.
Google makes much of its money from placing ads on the mobile web. One expert said the company wanted to give users one less reason to use ad-blockers or search within apps instead.
For its part, Google said the move should make using some of its results less frustrating.
"Pages that show intrusive interstitials [elements that cover the content] provide a poorer experience to users than other pages where content is immediately accessible," it blogged.
"This can be problematic on mobile devices where screens are often smaller."
Punishing pop-ups
The California-based company gave three examples of practices it wanted to discourage:
pop-ups that covered part of the main content when the user clicked on to a page
an intermediary webpage that had to be dismissed before the main content could be seen
an ad that filled the web browser's screen so users had to scroll down "below the fold" before they could see the material they wanted
Google will, however, make some exceptions.
Pop-ups that alert readers to the use of cookies are still permissible, for example, as are ones that require log-in details to let visitors get behind a paywall.
"Google is one of the largest advertising companies in the world, but it's in a very different position to Facebook, Snapchat and other global media consumption apps," said Daniel Knapp, senior director of advertising research at the IHS consultancy.
"Google is still very reliant on the desktop and mobile web to make money, and it's much more difficult to clean up that experience than the native app environments.
"That's why it needs to tighten the screws on everyone with this crackdown."

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UK firm launches sports streaming service in Japan www3.nhk.or.jp

A British media firm has started live streaming of international sports events for smartphone users in Japan.

Officials from Perform Group announced the launch of the "DAZN" service at a news conference in Tokyo on Tuesday.

They say subscribers will have a choice of more than 6,000 matches from about 130 leagues.

Matches in Japan's J-League will be available from next season. The firm signed a 21-billion-dollar deal with the J-League last month for 10 years of broadcasting rights.

The monthly fee of about 17 dollars provides unlimited viewing for smartphones, tablets and PCs.

DAZN CEO James Rushton says subscribers can now enjoy their favorite sports anywhere and anytime at a reasonable price.

He also says people in Japan enjoy a wide range of sports and he is hopeful the firm can cultivate the market.

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Kobe Bryant starts $100m fund www.chinadaily.cn

Bryant Stibel co-founders and general partners Jeff Stibel (3rd from left) and Kobe Bryant (2nd from right) ring the opening bell at the New York Stock Exchange on Monday. 

Retired NBA star Kobe Bryant is moving to Wall Street, announcing the formation of a $100 million venture capital fund to invest in media, technology and data companies.

The fund, known as Bryant Stibel, is being co-managed by investor Jeff Stibel. The two met through mutual friends, Stibel said.

Bryant Stibel has already made investments in 15 companies, including Legal-Zoom and home juicing company Juicero, according to their website.

The firm was founded in 2013, but is going public now with the retirement of Bryant from the Lakers.

Stibel said the firm is focused on companies at all stages of growth.

"We are actively looking for great entrepreneurs, but we are in no hurry to deploy capital," he said.

Bryant earned roughly $680 million in salary and endorsements during his 18-year NBA career, according to Forbes, and has been in the process of transition from professional athlete to businessman.

Bryant created a company in 2014 called Kobe Inc to help handle his image.

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Venezuela ordered to pay Vancouver miner $1.6 billion www.mining.com

Rusoro Mining Ltd (CVE:RML) stock more than doubled on Tuesday after the junior miner announced an international tribunal found in its favour in suit against the Venezuelan government over the South American nation's seizure of its gold projects.

By the close the Vancouver-based company changed hands at $0.345 per share on the TSX Venture Exchange, up 122% affording the company a market worth just over $182 million. Nearly 12 million shares were traded, many multiples of usual volumes for the counter.

In a statement Rusoro said the arbitration tribunal operating under World Bank rules awarded damages of US$967.77 million plus interest which the company estimates would swell the total to more than $1.2 billion (CAD 1.55 billion):

Rusoro filed its request for arbitration before ICSID (World Bank's International Centre for the Settlement of Investment Disputes) on July 17, 2012 under the Canada-Venezuela Bilateral Investment Treaty ("BIT"). In its Award, the Tribunal upheld Rusoro's claims that Venezuela breached its obligations under the BIT by unlawfully expropriating Rusoro's investments without paying compensation and by imposing certain restrictions on the export of gold.
Rusoro operated the Choco mine and owned a 50% interest in the Isidora gold mine that produced some 110,000 ounces annually at the time it was seized. The state held the rest. Rusoro also owned 10 exploration projects in Venezuela and boasts gold reserves of 5,584,000 oz, M&I gold resources of 10,730,000 oz and inferred resources of 6,805,000 oz.

In August 2011 late President Hugo Chavez embarked on a program to nationalize the gold industry, from mining through to processing, and move the country's bullion reserves held in Europe to Venezuela's central bank. Venezuela is outside the top 20 gold producing countries and is the process of selling the gold reserves it repatriated in 2012.

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