1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

64x64

Snapchat files for one of the biggest tech IPOs in years: sources www.reuters.com

Snapchat has filed for an initial public offering, sources familiar with the situation said on Tuesday, which puts the messaging app a step closer to the biggest U.S. stock market debut since 2014.
 
The Venice, California-based company could go public as soon as March and be valued at $20 billion to $25 billion, making it the largest IPO since Chinese e-commerce giant Alibaba Group Holding Ltd's (BABA.N) went public two years ago valued at $170.9 billion. It would be the largest U.S. technology IPO since Facebook Inc's (FB.O) debut in 2012 with a value of $81.2 billion.
 
Snapchat filed with the Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act. Companies with less than $1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite while keeping financials confidential.
 
The filing was made before Republican Donald Trump's unexpected victory in the U.S. presidential election on Nov. 8 which has increased uncertainty in global markets, but the Dow Jones Industrial Average .DJI has hit record highs for four straight sessions.
 
The sources asked not to be named because the information is private. A spokesman for Snap Inc, Snapchat's parent company, declined to comment.
 
Reuters was first to report news of the confidential filing.
 
BELLWETHER FOR 'DECACORNS'
 
A Snapchat IPO is seen by many investors as a bellwether for many of the largest so-called "unicorns," private, venture-backed companies that are valued at more than $1 billion. Nicknamed "decacorns," these companies are valued in the tens of billions of dollars and include Snapchat, car-sharing company Uber Technologies Inc [UBER.UL] and home-sharing company Airbnb. No decacorn has yet tested the public market, and it is unproven whether they can beat or even replicate such astronomic valuations with more scrutinizing public investors.
 
The market for technology IPOs for this year has been rocky, with investors left skittish due to volatile technology stock performance and uneven returns from recent IPOs. Year to date, 123 U.S. technology companies have gone public, raising $7.1 billion, a 58 percent decline in proceeds and 20 percent drop in the number of offerings from this time last year.
 
Snapchat started in 2012 as a free mobile app that allows users to send photos that vanish within seconds. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials.
 
Awash in venture funding, the company raised $1.81 billion in May, which valued it at about $20 billion, media reports said at the time.
 
But investors worry that Snapchat's advertising sales, which began last October, is the company's only significant revenue source.
 
Snap in September starting describing itself as a camera company and earlier this month it debuted its $130 video-camera sunglasses. The glasses are equipped with a camera that connects wirelessly to a smartphone to take and send "snaps" - the company's terms for video and photo messages sent on its app.
 
According to postings on Twitter, a line of more than 100 people quickly formed in front of a vending machine on a Venice, California, boardwalk where the glasses were being sold.
 
The company's investors include General Atlantic, Sequoia Capital, T. Rowe Price and Lone Pine. Previous rounds included Fidelity Investment, Kleiner Perkins Caufield & Byers and Yahoo Inc (YHOO.O).
 
Earlier this month, Alphabet Inc's (GOOGL.O) venture capital arm CapitalG, earlier known as Google Capital, disclosed an investment in Snapchat by adding the social networking firm's logo to a page on its investment portfolio website.
...


64x64

Google commits to £1bn UK investment plan www.bbc.com

Google is to open a new headquarters building in London which could see 3,000 new jobs created by 2020.
The news comes as a major boost to Britain's technology sector.
Sundar Pichai, the chief executive of Google, told the BBC that the UK was still an attractive place to do business.
He said open borders and free movement for skilled migrants were "absolutely" important to the success of the technology sector in the UK.
It was Mr Pichai's first European broadcast interview since he became chief executive last year.
Sources at the technology company also said if barriers were thrown up to skilled immigration following the vote to leave the European Union, some of Google's investment could be at risk.
Turning to the "fake news" controversy in America - and choosing his words very carefully - Mr Pichai said that, at the margin, false stories about Donald Trump and Hillary Clinton could have affected the outcome of the US election as the margins were "very narrow".
And that it was important that companies like Google and other social media businesses promoted "accurate" stories to their billions of users.

Although Google refused to be drawn on the cost of the UK investment, development experts said the new building in King's Cross and the cost of employing thousands more staff was likely to put the figure at over £1bn.
At present, Google employs around 4,000 people in the UK, a figure that could now rise to 7,000.
The office space owned by Google in King's Cross will more than double.
"The UK has been a tremendous market for us," Mr Pichai told me.
"We see big opportunities here. This is a big commitment from us - we have some of the best talent in the world in the UK and to be able to build great products from here sets us up well for the long term."

The new 650,000 sq-ft headquarters has been designed by Thomas Heatherwick, the designer behind the "garden bridge" across the Thames.
He was brought in by Google after its founders, Sergey Brin and Larry Page, rejected initial designs for a new headquarters as "too boring" in 2013. Danish architects Bjarke Ingels Group are also involved in the project.
Many companies raised fears before the referendum that if Britain voted to leave the European Union, foreign investment would be affected.
Questions were raised over whether Google would commit to the new building.
But Mr Pichai made it clear the strength of the UK economy went far beyond the Brexit vote.
"The innovation we see here, the talent we have available here and how on the cutting edge of technology we are able to be here makes it an incredible place for us to invest," he said.
"We do value how open and connected it is and we can bring in talent from anywhere in the world and we value those attributes and we are optimistic that those will stay true over time.
"So we did [make the investment decision] taking into consideration [the referendum], but we are very optimistic."
He said Brexit may have complicated "secondary effects" over the longer term but it was too early to say what they may be.

I asked Mr Pichai what the government's approach should be to immigration controls.
"I want to be respectful," he answered.
"These are important questions for the citizens of the UK to answer.
"I think there are thoughtful debates to be had.
"In our experience as a company, when we have been able to bring people together and operate in an open and connected way it achieves tremendous impact over time.
"Those are the values we cherish, and we have been open and public about how we think about these things.
"When I look at London [I see] a place in which we are able to attract great talent, find great talent in the UK, thanks to a great educational system here, but it has also been a place where people are willing to come from anywhere in the world.
"Increasingly, for the kinds of complex things we do, we need to bring people who are across many disciplines - with many different backgrounds - together to solve problems. That's how you can build newer things, so that is particularly important for us."
He said that he would "worry" if controls on skilled migration were made more stringent.

Sundar Pichai said the US was "deeply divided"
Turning to events in America and the election of Donald Trump, Mr Pichai said it was clear the country was "deeply divided".
"I come from India, I am used to a vibrant democracy, and it is the same in the United States.
"It is important to remember that we had a democratic process and there has been an outcome.
"As you can see the country is deeply divided so I tend to look forward and I think we need to figure out how to constructively engage with the new administration and hear the voices of people, as at Google we care about certain values - be it freedom of expression, the notion of inclusion and fairness, building open systems, building a connected world.
"But it is also important to acknowledge that there are people, through a process like this, who feel left behind, and I am glad the democratic process gives voices to everyone."

...


64x64

Merkel warns Trump against slide into protectionism www.rt.com

German Chancellor Angela Merkel has urged countries to enter into multilateral agreements with a view to globalization rather than to adopt protectionist measures. The message is seen as a thinly veiled warning to US President-elect Donald Trump.
 
Trump to discuss transition plans in the White House Oval Office in Washington, U.S., November 10, 2016. © Kevin LamarqueObama gives up hopes to pass TPP before Trump’s swearing-in
“We are at the moment in a situation in the European Union, in our country and worldwide where there is an argument about how we want to shape globalization,” the chancellor said at a meeting of Germany's BDA employers association.
 
Donald Trump has widely criticized international trade agreements, saying they hurt American workers and the country's competitiveness.
 
In his campaign, Trump promised to “get tough” with China as well as to quit TPP (Trans-Pacific Partnership), which has not been finalized yet.
 
The German government led by Merkel is urging the EU to join a similar trade deal with the US known as the Transatlantic Trade and Investment Partnership (TTIP).
 
After suggesting last week Trump work based on democratic values, Merkel reportedly used the speech to point out the case for deepening international trade cooperation.
 
“Globalization is happening. We can arrange it such that we strengthen multilateral instruments... or such that we seal ourselves off and become protectionist,” she said, stressing that globalization must be fashioned in a multilateral way.
 
The chancellor promised to make globalization a key subject for debate during Germany's presidency of the G20 next year.
 
“This dispute over openness or sealing ourselves off will keep us very busy in the coming years,” Merkel said.
...


64x64

Google, Facebook move to restrict ads on fake news sites www.reuters.com

 

Alphabet Inc's Google (GOOGL.O) and Facebook Inc (FB.O) on Monday announced measures aimed at halting the spread of "fake news" on the internet by targeting how some purveyors of phony content make money: advertising.

Google said it is working on a policy change to prevent websites that misrepresent content from using its AdSense advertising network, while Facebook updated its advertising policies to spell out that its ban on deceptive and misleading content applies to fake news.

The shifts comes as Google, Facebook and Twitter Inc (TWTR.N) face a backlash over the role they played in the U.S. presidential election by allowing the spread of false and often malicious information that might have swayed voters toward Republican candidate Donald Trump.

The issue has provoked a fierce debate within Facebook especially, with Chief Executive Mark Zuckerberg insisting twice in recent days that the site had no role in influencing the election.

Facebook's steps are limited to its ad policies, and do not target fake news sites shared by users on their news feeds.

"We do not integrate or display ads in apps or sites containing content that is illegal, misleading or deceptive, which includes fake news," Facebook said in a statement, adding that it will continue to vet publishers to ensure compliance.

Google's move similarly does not address the issue of fake news or hoaxes appearing in Google search results. That happened in the last few days, when a search for 'final election count' for a time took users to a fake news story saying Trump won the popular vote. Votes are still being counted, with Democratic candidate Hillary Clinton showing a slight lead.

Nor does Google suggest that the company has moved to a mechanism for rating the accuracy of particular articles.

Rather, the change is aimed at assuring that publishers on the network are legitimate and eliminating financial incentives that appear to have driven the production of much fake news.

"Moving forward, we will restrict ad serving on pages that misrepresent, misstate, or conceal information about the publisher, the publisher's content, or the primary purpose of the web property," Google said in a statement.

The company did not detail how it would implement or enforce the new policy.

MACEDONIA NEWS

AdSense, which allows advertisers to place text ads on the millions of websites that are part of Google's network, is a major source of money for many publishers.

A report in BuzzFeed News last month showed how tiny publishers in Macedonia were creating websites with fake news - much of it denigrating Clinton - which were widely shared on Facebook.

That sharing in turn led people to click on links which brought them to the Macedonian websites, which could then make money on the traffic via Google's AdSense.

Facebook has been widely blamed for allowing the spread of online misinformation, most of it pro-Trump, but Zuckerberg has rejected the notion that Facebook influenced the outcome of the election or that fake news is a major problem on the service.

"Of all the content on Facebook, more than 99 percent of what people see is authentic," he wrote in a blog post on Saturday. "Only a very small amount is fake news and hoaxes."

Google has long had rules for its AdSense program, barring ads from appearing next to pornography or violent content. Work on the policy update announced on Monday began before the election, a Google spokeswoman said.

The company uses a combination of humans and artificial intelligence to review sites that apply to be a part of AdSense, and sites continue to be monitored after they are accepted, a former Google employee who worked on ad systems said. Google's artificial intelligence systems learn from sites that have been removed from the program, speeding the removal of similar sites.

The issue of fake news is critical for Google from a business standpoint, as many advertisers do not want their brands to be touted alongside dubious content. Google must constantly hone its systems to try to stay one step ahead of unscrupulous publishers, the former employee said.

Google has not said whether it believes its search algorithms, or its separate system for ranking results in the Google News service, also need to be modified to cope with the fake news issue.

Fil Menczer, a professor of informatics and computing at Indiana University who has studied the spread of misinformation on social media, said Google's move with AdSense was a positive step.

"One of the incentives for a good portion of fake news is money," he said. "This could cut the income that creates the incentive to create the fake news sites."

However, he cautioned that detecting fake news sites was not easy. "What if it is a site with some real information and some fake news? It requires specialized knowledge and having humans (do it) doesn't scale," he said.

(Reporting by Julia Love and Kristina Cooke; Editing by Jonathan Weber, Bill Rigby and Edwina Gibbs)

...


64x64

Work begins on Fukushima nuclear waste site www3.nhk.or.jp

Construction work has begun in Fukushima Prefecture on intermediate storage facilities for contaminated soil and waste materials from the 2011 nuclear disaster.

Groundbreaking ceremonies were held in the towns of Futaba and Okuma on Tuesday.

Two facilities will be built in a 16-square-kilometer area that straddles in the towns. One will be used to sort nuclear waste by size and level of contamination, and the other will store the sorted soil.

State Minister for the Environment Tadahiko Ito encouraged workers, saying they should be proud to be working for the region's revival.

In the first day of work on Tuesday, workers removed contaminated soil from the surface of the site. Full-fledged construction work is to begin in January.

Waste from the Fukushima Daiichi nuclear plant and soil that has been removed in decontamination operations will be stored at the intermediate storage site before it is ultimately disposed of.

The contaminated soil and waste have been kept at temporary sites throughout Fukushima Prefecture longer than the 3 years the government had initially promised local communities. This is because construction of the intermediate storage site was delayed due to a lack of progress in acquiring the land.

The Environment Ministry plans to begin operating the intermediate storage facilities in about a year. It plans to enlarge the site after acquiring more land.

...


64x64

German economy slows in third quarter www.bbc.com

Germany's economic growth slowed in the third quarter of the year, dented by weaker exports, figures have shown.
Europe's largest economy grew by 0.2% between July and September, half the 0.4% rate seen in the previous three months.
This was slower than economists had expected and well below the 0.7% rate recorded in the first quarter.
"The development of foreign trade had a downward effect on growth," said Germany's Federal Statistics Office.
"Exports were slightly down while imports were slightly up compared with the second quarter of 2016.
"Positive impulses on the quarter came mainly from domestic demand," the statistics body added. "Both household and state spending managed to increase further."
Protectionism worry
Some analysts said that the uncertainty caused by Britain's vote to leave the European Union may have counteracted solid domestic activity.
"Brexit meets solid domestic economy. This is probably the best description of the German economic performance during the third quarter," ING Bank economist Carsten Brzeski told Reuters.
He added that there was a threat to the economy from Donald Trump's US election victory if he followed through with campaign pledges to limit foreign imports.
"If Germany's single most important trading partner, the US, really moves towards more protectionism, this would definitely leave its mark on German growth."

Signs of slowing economies also emerged in other European countries, with GDP growth coming in below forecast for Norway, the Czech Republic, Slovakia and Hungary.
Italy bucked the trend, however, reporting slightly faster-than-expected growth of 0.3% in the third quarter, after having stagnated in the second quarter.
'Political uncertainties'
The slowdown in Germany's growth rate means the country grew more slowly than the eurozone as a whole in the third quarter, with the 19-nation bloc expanding at a rate of 0.3%, according to latest estimates.
Howard Archer, chief European and UK economist at IHS Global Insight, said he expected eurozone GDP growth to pick up to 0.4% in the fourth quarter, given recent upbeat survey data.
He predicted the eurozone would grow by 1.6% in 2016 as a while, but thought growth could slow to 1.3% next year "as it is likely to be increasingly hampered by political uncertainties".
"The political environment could be increasingly problematic for eurozone growth over the coming months, especially given that the UK's Brexit vote in June and November's election of Donald Trump as US President fuels concern over potential political shocks in the eurozone," Mr Archer said.
"General elections are due 2017 in the Netherlands (in March), France (in April/May) and Germany (around September), and the Renzi government is looking vulnerable in Italy, particularly over constitutional reform.

...


64x64

Russian ruble, stocks higher after Economy Minister arrest www.rt.com

Markets and currency in Russia saw gains on Tuesday following the arrest of Economic Development Minister Aleksey Ulyukayev for bribery. He is the highest-ranking Kremlin official arrested since the collapse of the Soviet Union.
The ruble was gaining about one percent trading at 65.84 against the US dollar, and 70.57 against the euro.

GuneevRussia’s economy minister detained, investigated over alleged $2mn bribe linked to big oil deal
The dollar-traded RTS index was up 1.5 percent, and the ruble-denominated MICEX was trading flat to positive.

Ulyukayev was arrested on Tuesday after being accused of taking a $2 million bribe to green light oil major Rosneft's takeover of smaller rival Bashneft. Both oil companies are state-owned, and the privatization of Bashneft filled a budget hole, due to lower earnings from energy resources.

In July, Ulyukayev opposed the deal, saying state-owned company Rosneft should not participate in the takeover. Apparently, he changed his mind by October, when the $5.3 billion deal was sealed.

There were other reasons behind the ruble growth on Tuesday.

Oil prices recovered with Brent gaining 73 cents, trading at $45.16 per barrel on renewed hopes of an OPEC production cut. The price of the Russian oil benchmark the Urals blend is pegged to Brent quotes.

On top of that, Russian President Vladimir Putin spoke by telephone to US President-elect Donald Trump. According to the Kremlin, the two leaders agreed the current economic ties between the countries are at the worst level since the Cold War and needed to improve.

“During the conversation, Putin and Trump not only acknowledged current US-Russia relations as highly unsatisfactory, but also called for joint work to normalize ties toward constructive cooperation on a wide range of issues,” said a Kremlin statement.

Trump told Putin that he’s “very much looking forward to having a strong and enduring relationship with Russia and the people of Russia.

...


64x64

Gold price drops again – $1,200 in sight www.mining.com

Gold dropped to a near six-month low on Monday as the post-elections slump continues and financial markets try to make sense of what a Donald Trump presidency may mean for interest rates, economic growth and inflation.
 
Gold for delivery in December dropped to a session low of $1,212.00 an ounce, the lowest since the beginning of June in already heavy early morning trading on the Comex market in New York. Gold is now down more than $120 an ounce after an initial surge on Tuesday as results showed a likely Trump victory.
 
Gold bears are making big bets that Trump's plans for fiscal stimulus, including a $500 billion infrastructure spending program, will lead to strong US economic expansion and a number of prominent hedge fund managers and billionaires running family offices have moved aggressively out of gold and into stocks.
 
Gold bulls point to likely inflation arising from deficit spending by a Trump administration, burnishing gold status as a hedge against inflation and geopolitical uncertainty boosting gold's allure as safe haven asset.
 
In a note Simona Gambarini, commodities specialist at Capital Economics, says gold is likely to benefit from a Trump presidency for four reasons:
 
In an economy where the unemployment rate is below 5%, a big fiscal stimulus at this stage of the economic cycle is much more likely to boost inflation rather than real economic growth.
 
Should Trump go ahead with his protectionist policies on trade, there is a real risk of a trade war. Significant tariffs on imports would hurt US domestic real incomes and retaliation by other countries will negatively impact exports.
 
Trump’s foreign policy poses substantial geopolitical risks, especially in the Middle-East given his views on Isis, Syrian and Iran which could boost demand for safe havens.
 
Trump has often stated that he would be in favour of a gold-based monetary system, similar to the old gold standard. While not a likely scenario, it would boost demand for gold.
 
Gambarini says "the prospect of a big deficit-funded fiscal stimulus is likely to push inflation well above the Fed’s 2% target, meaning that even if the Fed raises rates more aggressively, real interest rates should remain low.
 
Capital Economics house view is a gold price of $1,450 by the end of next year.
...


64x64

Rio Tinto staff shaken to the core by bribery probe — CEO www.mining.com

Global employees at Rio Tinto (ASX, LON:RIO), the world’s second largest mining company, remain deeply distraught by a recently launched probe into the lawfulness of a payment made to an external consultant working on the firm’s Simandou iron ore project in Guinea.
 
The investigation, which caused the suspension of Rio’s energy and minerals chief Alan Davies, not only may take several years to resolve, but has left many across the company absolutely “shell-shocked,” Rio Tinto chief executive officer Jean-Sébastien Jacques said in an internal memo quoted by Bloomberg.
 
“Some of us may be feeling that we are better informed by the press than by ourselves,” he said in the internal communication. “Speculation is running in some quarters and some of what is being said strikes at the heart of the culture and values of our company, which for me are fundamentally strong and vitally important.”
 
Together with alerting US and UK authorities, Rio Tinto said last week that it was not until very recently that it became aware of emails from 2011 about the contentious payments, totalling $10.5 million, that Rio made for advisory services on its former project.
 
Rio’s legal and regulatory affairs executive, Debra Valentine, who was due to retire next May, has already stepped down in light of the probe, the company said last week.
 
Alan Davies was in charge of the iron ore project in 2011, when the payments were made and also the same year that Rio signed a major agreement with the Government of Guinea, which secured the firm's mining title.
 
The company announced in October it was fully exiting the project by selling its stake to partner Chinalco for up to $1.3 billion, with payments to begin with commercial production.
 
Davies, a 20-year veteran at Rio and member of the executive committee, was only promoted to the top role in the energy and minerals division in June this year, after a shake-up of the firm’s operations.
 
He is also a member of Rio Tinto’s ethics committee.
...


64x64

Apple considering expansion into wearable glasses: Bloomberg www.reuters.com

Apple Inc (AAPL.O) is considering expanding into wearable glass headsets and has talked about the project with potential suppliers, Bloomberg reported citing people familiar with the matter.
 
The wearable headset would show images, along with other information and may use augmented reality, according to the report.
 
Chief Executive Tim Cook, who has been struggling with a slowdown in iPhone sales in recent quarters, said earlier this year that the company would continue to invest a lot into augmented reality.
 
Apple, the world's largest technology company, has ordered a small number of near-eye displays for testing but has not obtained enough for production on a larger scale, the report added.
 
Apple declined to comment.
 
The move would make Apple the latest tech company to venture into wearable glasses.
 
Alphabet Inc's (GOOGL.O) discontinued its own wearable glass headset, Google Glass, and closed the social media account linked to the device earlier this year, ending its attempt to popularize the expensive devices with consumers.
 
The device received plenty of attention when it was launched in 2012, but quickly ran into problems with its awkward appearance and privacy concerns over video recording.
 
Snap, an $18 billion company which makes the popular messaging app Snapchat, also launched its own video-camera sunglasses last week.
...