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

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"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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The world's worst performing currency right now is Mongolia's www.bbc.com

Even Genghis Khan himself might find it hard to conquer this battle.
Mongolia's currency is on its longest losing streak on record as the government grapples to contain an economic crisis.
Back in 2011, a mining boom helped make it the world's fastest-growing economy with a gross domestic product of around 17.5%.
But the tugrik lost about 7.8% of its value this month, making it the world's worst-performing currency, says Bloomberg data.
It's been a rapid descent from grace for the central Asian nation, which neighbours China and Russia.The landlocked country has substantial untapped reserves of valuable minerals like gold, copper and coal.
But then commodity prices collapsed. And so did demand from China, which buys 90% of Mongolia's exports.
The government has since admitted that the country is "in a deep state of economic crisis".
Finance Minister Choijilsuren Battogtokh said in a nationally televised address last week that they weren't able to afford to pay civil servants or the military.Debt crisis
Making matters worse has been the government's inconsistent approach to investment laws and mining agreements, causing many foreign firms to rush for the exit.
Foreign direct investment in Mongolia plummeted by 85% since 2011 to the first quarter of last year, according to the US State Department.
The populist Mongolian People's Party won power in elections earlier this year after the public lost confidence in the long-ruling Democratic Party over its mishandling of the economy.
However it looks like a hard road ahead for Prime Minister Erdenebat Jargaltulgameans.
Due to its cash shortage, Mongolia has borrowed massively and now owes dinosaur-sized interest payments of a debt load of nearly $23bn.
This has fuelled speculation that Mongolia could face a sovereign default or need a bailout.
Funnily enough, a delegation from the International Monetary Fund arrived in the capital Ulaanbaatar today.
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Ford to unveil driverless vehicle in 2021 www3.nhk.or.jp

US automaker Ford Motor Company plans to unveil fully automated driverless vehicles in 2021.
 
Ford on Tuesday announced investments in 4 startup companies specialized in mapping and sensor technologies for vehicles with no steering wheel or pedals. Ford said it will sell its first driverless vehicles to commercial ride-sharing services.
 
The automaker plans to increase staff at its research center in California. It also plans to have about 90 prototype vehicles ready for road testing next year.
 
Automakers around the world are competing to develop driverless vehicles, which could help reduce accidents and ease traffic jams.
 
Other industries have joined the race too. US-based Google has announced plans to market its own driverless vehicle.
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US consumer prices stay flat in July www3.nhk.or.jp

US consumer prices were unchanged in July as the cost of gasoline fell while fees for medical care and new car prices rose.
 
The Labor Department said on Tuesday that the consumer price index for all urban consumers was unchanged from the previous month on a seasonally adjusted basis. The data reflected market expectations.
 
The consumer price index for July, excluding food and energy, was up 2.2 percent from the same month last year. The index remained above the 2-percent level for the 9th month in a row.
 
The prices of some items such as clothing and used cars continue to decline. But fees for medical care and other services are on the rise. The improved job market has led to moderate wage increases.
 
Market analysts say they believe the US Federal Reserve is likely to raise interest rates before the end of the year.
 
They say they're closely watching to see if consumer prices will rise steadily and are also monitoring the improvement in the labor market.
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US rate hike in September 'possible' www.bbc.com

An influential member of the US central bank has said that an interest rate rise is "possible" in September.
"We're edging closer towards the point in time where it will be appropriate I think to raise interest rates further," said William Dudley, president of the New York Federal Reserve.
He told Fox Business Network that, depending on the data, a rate hike was possible at the next policy meeting.
The Fed has three meetings left in 2016 and is expected to raise rates once.
Data released Tuesday painted a mixed picture of the economy however.
The US Labor Department reported inflation rose just 0.2% in July, the same rate as the previous two months. Excluding food and energy, prices rose just 0.1%, the slowest increase since March.
The Fed has said inflation is a key metric for deciding when it will raise interest rates. It has set a target of 2% inflation over the next few years, but according to its own measurement the annualised rate has been stuck at 1.6% since March.
The stubbornly low inflation has been citied by the Fed as a reason for holding off on rate increases in past months despite improvements in the labour market and other area of the economy.
Construction
Mr Dudley said the US central bank needed to watch "the broad supports for the economy" and how inflation played out "in the coming months".
Other data out Tuesday, painted a more positive picture of the US economy.
Construction of new homes in July rose at its fastest rate in nearly a year, boosting hopes that the economy may be picking up in the third quarter.The Commerce Department said total housing starts rose 2.1% from June to an annual pace of 1.21 million units, the strongest jump since June 2015.
The increase appears to be led by growth in apartment building in the northeast US. Year-to-date construction is up 6.7% from the same period in 2015.
In another sign of market strength, industrial output climbed 0.7%, beating analysts expectations. Overall industrial output measures factory, utilities and mining production.
"The strong housing starts and industrial output performance will bolster the Fed confidence that growth momentum has rebounded, potentially supporting the bias for a near-term hike," said Millan Mulraine, deputy chief economist at TD Securities in New York.
"Nevertheless, with inflation continuing to miss to the downside, the case for caution remains strong."
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Hyperloop One expanding to Dubai www.rt.com

Technology that could someday transport people and goods at 1,200kph has expanded to Dubai in the United Arab Emirates. Hyperloop One has signed a contract with DP World, the third-largest port and terminals operator in the world.The company will make a feasibility study to build a Hyperloop run from DP World’s flagship Jebel Ali port to an inland container depot.
 
“We firmly believe that this study will take the first steps toward the construction of the Hyperloop in Dubai, which could reshape one of the world's most modern cities,” said Shervin Pishevar, co-founder and executive chairman of Hyperloop One.
 
“Hyperloop One is developing a new mode of transportation that will allow the world to transport people and goods inexpensively, safely, and with energy efficiency at speeds never thought possible,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.
 
By installing Hyperloop, DP World wants to free up space at Jebel Ali. The company is also considering a submerged floating Hyperloop adjacent to its new Terminal 4, built on an artificial island.Based on an idea first put forward by billionaire Elon Musk in 2013, the open-source Hyperloop technology is being developed by a number of companies, university students and independent engineers. The technology intends to transport people and goods in capsules through a global network of tubes at speeds up to 1200kph.
 
Russia has also shown interest in the project by signing an agreement with Hyperloop One to explore the possibility of building a cargo shipment network in Moscow.
 
“Hyperloop can improve life dramatically for the 16 million people in the greater Moscow area, cutting their commute to a fraction of what it is today,” Pishevar said during his visit to the Russian capital.
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Russia's employment rises in the face of lingering recession www.rt.com

For the third straight month, unemployment in Russia continues to fall, despite a painful recession that began in 2015.The country's labor market has defied the odds and stood firm in recent years, overcoming economic contraction and rising inflation, in part due to international sanctions.
 
The number of unemployed in the country stood at 5.8 percent as of May. This is just a fraction higher than 5 percent in seasonally-adjusted terms in March 2014, according to Capital Economics calculations, based on data from Moscow’s statistics agency Rosstat.
 
In June, the number of employed people increased by almost a million to 72.7 million compared to January 2015.
 
“The puzzle is that, unlike during the 2008-09 crisis, weaker demand for labor hasn’t translated into lower employment levels,” says William Jackson, senior emerging markets economist at Capital Economics, as quoted by FT.
 
A recession accompanied by the puzzling jobless recovery is explained by probable hiding of the employees from prying eyes of official statistics by Russian companies, according to the report by Capital Economics. Businesses are currently trying to repel the economic pressure by using salary cuts, unpaid holidays and part-time work.
 
The agency says that the number of labor permits for foreigners has decreased by nearly a million since 2014.
 
“Foreign informal workers may have borne the brunt of the economic downturn,” Jackson said in the report, stressing that employees in the shadow sector might lose jobs or suffer shortened working hours, with these measures unacknowledged by the labor market statistics.According to the Capital Economics, there is “hidden” slack in the Russian labor market, which is expected to return to growth with no rise in inflation. That will reportedly be a silver lining for Russia's central bank, teeing up further rate cuts.
 
“This means the economic recovery is unlikely to be accompanied by a pick-up in wage and price pressures,” Jackson concluded, adding that inflation would fall the next year, allowing interest rates to be lowered by more than the markets expected.
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Apple to boost China investments as demand slows www.reuters.com

Apple Inc will boost its investment in China, one of its largest but increasingly challenging markets, and build its first Asia-Pacific research and development center in the country, Chief Executive Tim Cook said on Tuesday.
 
Cook made the pledge during a trip to China, at least his second in four months, as demand for Apple's iPhones has plummeted in the world's second-largest economy and the government remains wary about foreign technology.
 
Apple's new research and development center will be built by the end of the year, Cook told Vice Premier Zhang Gaoli, one of China's most senior officials, according to CCTV, the official Chinese state broadcaster.
 
The center will unite Apple's engineering and operations teams in China and is also intended to deepen the company's ties to partners and universities, it said in a statement.
 
Apple's announcement came after the head of China's industry and technology regulator in May told Cook he hoped Apple could deepen its cooperation with the country in research and development and stressed information security.
 
Sales in Greater China, once touted as Apple's next growth engine, decreased by one-third in its fiscal third quarter, after having more than doubled a year earlier. The results did not include inventory drawdowns as retailers sold phones in stock faster than new supply coming from Apple, meaning that demand was not as weak as it seemed.
 
China's slowing economy is stocking concerns about Apple's prospects there. The company's online stores for iBooks and movies closed in the country after Beijing in March imposed strict curbs on online publishing, particularly for foreign firms.
 
Apple has lost intellectual property battles in China and faces anti-U.S. sentiment from consumers there.Before Cook's charm offensive in Beijing in May, Apple announced a $1 billion deal with ride-hailing app Didi Chuxing, a move many experts saw as an attempt to curry favor with Beijing.
 
Other technology firms, including Microsoft Corp and Qualcomm Inc, have pledged investments in China, often with mixed results.
 
(Reporting by Paul Carsten, Judy Hua and Julia Love; Editing by Susan Thomas and Richard Chang)
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Oil prices fall on doubts that producers can agree output restraint www.reuters.com

Oil prices fell away from 5-week highs early on Wednesday, as analysts doubted a successful outcome from producer talks to rein in ballooning oversupply.
 
International Brent crude oil futures were trading at $48.85 per barrel at 0018 GMT, down 38 cents from their last settlement. Despite the dip, prices are still up over 17 percent since early August and remain not far off a five-week high of $49.36 a barrel reached the previous day.
 
U.S. West Texas Intermediate (WTI) crude futures were at $46.30 per barrel, down 28 cents from their last close, but are still up about 18 percent from early August.
 
Traders said that profit taking following the recent price rallies was weighing on prices, and there were also doubts that any producer talks to rein in on oversupply would be successful.
 
The Organization of the Petroleum Exporting Countries will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month, OPEC sources told Reuters, citing Saudi Arabia's wish for higher prices.
 
"The rumor mill around producer cooperation has resumed, spurred by recent comments from Saudi Arabia's oil minister, allowing oil prices to gain," French bank BNP Paribas said.
 
Yet like many other oil analysts, BNP said it doubted a successful outcome."Given the dismal track record when it comes to recent producer cooperation, we are not holding our breath for an eventual freeze in output and even less so for a much-needed reduction in production to help re-balance the oil market."
 
The last time OPEC and other major producers like Russia met, in April, to discuss ways of reducing the production overhang, talks failed due to disagreement mainly between OPEC rivals Saudi Arabia and Iran.
 
An OPEC only meeting in June also failed to reach an agreement to limit production, and the group's output has since reached new records.
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Ex-Goldman Sachs trader barred from industry www.bbc.com

A former head of Goldman Sach's mortgage trading unit has been barred from the industry by US regulators.
Edward Chin, former head of residential mortgage-backed securities, was accused by the US Securities and Exchange Commission (SEC)of misleading customers, causing them to pay more.
In addition to the ban, he has agreed to pay $400,000 (£306,515).
His conduct began in 2010 and continued until he left Goldman in 2012, the SEC said.
According to the SEC, between 2010 and 2012 Mr Chin generated extra revenue for the bank by concealing the prices at which it had bought such mortgages and then selling them to Goldman customers at higher prices.
He also allegedly misled customers about who they were buying the securities from. He allowed them to believe he was brokering a deal between two clients when he was actually selling them products from Goldman's own inventory.
"[Mr] Chin repeatedly abused his fundamental duty to serve as an honest transmitter of market information so he could increase Goldman's trading profits and, indirectly, his own compensation," said Michael Osnato, chief of the SEC Enforcement Division's Complex Financial Instruments Unit.
Mr Chin was fired from Goldman Sachs in 2012.
Under the terms of the deal Mr Chin has not admitted to nor denied the allegations.
The settlement does not affect the bank or its current traders.
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BOJ reviews negative rate policy www3.nhk.or.jp

Officials at the Bank of Japan are reviewing the effectiveness of a negative-interest rate policy they introduced 6 months ago.
 
A key goal of the negative rate was to help pull the country out of deflation. But many experts say it has done little to boost consumption and investment. The unprecedented policy is also under fire from commercial banks.
 
BOJ officials on February 16th started applying a minus rate to a portion of the balances held by commercial banks at the central bank.
This means the financial institutions have to pay a fee on some of the funds they park at the BOJ. The aim is to encourage them to increase their lending to businesses and individuals.
 
Borrowing costs in general have come down during the past 6 months, pushing mortgage rates to record-low levels. Many people have refinanced their home loans.
 
Companies are also taking advantage of low interest rates by issuing corporate bonds.
 
Analysts at major brokerage Nomura Securities say total corporate bonds issued in Japan from January to July reached 59 billion dollars. That's about 15 billion dollars more than the same period last year.
 
But the negative-rate policy is starting to hurt the profitability of commercial banks.
 
BOJ officials say they will review the benefits and side effects of their monetary measures, including the negative rate, at their upcoming meeting in September.
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