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

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Cisco to cut up to 5,500 jobs www.bbc.com

US tech giant Cisco Systems is cutting up to 7% of its global workforce, or 5,500 jobs, starting this summer.
A report had suggested earlier in the day that the firm could cut as many as 14,000 jobs worldwide.
Cisco said it was taking the "decisive" move so it could reinvest in faster-growing areas such as security and cloud computing.
The US company employs about 70,000 people globally, with around 5,000 in the UK.
"Today's market requires Cisco and our customers to be decisive, move with greater speed and drive more innovation than we've seen in our history," the company said in a statement.
Cisco plans to reinvest the money saved from the job cuts in "key priority areas" for the company, including developments in the "internet of things" (connecting everyday objects to the internet), next generation data centres and cloud computing technology.
Acquisitions
Cisco's traditional business of selling network switches and routers has struggled in recent years as demand from telecom carriers has fallen and competition from other suppliers has increased.
In the fourth quarter revenue from the router unit fell 6%, while revenue at the switch unit grew by only 2%.
The company has focused more of its attention on its firewall business that offers computer protection software.
It has also devoted more resources to acquiring other businesses. In the last year Cisco has purchased 10 companies, many of which offer cloud-based services to connect or secure internet enabled equipment and devices.
Overall, Cisco reported a $2.8bn (£2.1bn) profit for the fourth quarter, up 21% from the same time last year.
It is the second tech giant this year to announce major layoffs.
In April, competitor Intel announced it was cutting 12,000 jobs or 11% of its global workforce.
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Eastern Europe wants countrymen back as emigrant tide hurts GDP www.rt.com

Twenty-one countries in Eastern and Central Europe want their citizens to return from abroad as emigration has led to a 7 percent drop in GDP. According to the IMF, the figure could grow to 9 percent if the trend continues.
Countries such as Latvia, whose population has been falling since the early 1990s due to low birth rates, have seen hundreds of thousands of people emigrate. After Latvia joined the European Union in 2004, many people left the country to seek a better life in the bloc’s more prosperous states.
 
Overall, the Baltic region has been hit most by the trend. Latvia and Lithuania have seen 0.6-0.9 percent of their GDP shaved off annually by emigration.
 
According to the IMF, Eastern European migrants’ education levels tend to be higher than their home country averages.
 
This has inspired a Latvian institute to launch the ‘I want you back’ campaign, inviting Latvians to tell their relatives and friends abroad they are welcome to return to the country."The initiative concerns our relationships with our relatives, friends and people close to us that are abroad, and [aims to] tell them clearly and directly – ‘I want you back,’” the initiative’s leader, Aiva Rozenberga, told national radio.
 
Latvian residents are being encouraged to use the hashtag #GribuTeviAtpakaļ (“I want you back” in Latvian) on Twitter and other social networks.
 
“The diaspora living abroad represent a huge untapped potential for their countries of origin,” Lithuania-based economist Rokas Grajauskas, working for Danske Bank, told Bloomberg.
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UK jobless total falls to 1.64 million www.bbc.com

The UK unemployment total fell by 52,000 to 1.64 million between April and June, official figures have shown.
The UK's unemployment rate remained at 4.9%, the Office for National Statistics (ONS) said.
The ONS figures also showed the number of people on the claimant count in July - the first month since the Brexit vote - was 763,600, down 8,600 from June.
Wages including bonuses rose 2.4% in the three months to June compared with a year earlier, the ONS said.
Excluding bonuses, earnings growth was 2.3%.
"The labour market continued on a strong trend in the second quarter of 2016, with a new record employment rate," said ONS statistician David Freeman.
"However, little of today's data cover the period since the result of the EU referendum became known, with only claimant count and vacancies going beyond June - to July for the former and to May-July for the latter," he added.
The jobless total is now at its lowest for eight years, while the unemployment rate is at its lowest since the summer of 2005, according to the Office for National Statistics (ONS).
The employment rate reached a record high of 74.5%, with 31.8 million people in work in the three months to June - 172,000 more than the previous quarter.
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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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