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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Russia set to become world’s biggest wheat exporter www.rt.com

Wheat exports from Russia are expected to outpace the European Union this year, according to the US Department of Agriculture (USDA), which projects that Russia will become the world's top exporter for the first time.Russia’s exports are expected to grow by 4.5 million tons for 2016/17 to a record 30 million tons thanks to a sharp production increase, the report says.
 
The wheat crop rose by 7 million tons to a record 72 million amid excellent growing conditions across the country as well as harvest reports showing very high yields.According to USDA statistics, EU exports this year will decrease by 7 million tons to 27 million from July through August due to a significant drop in French crops following a season of excessive rain.
 
US wheat exports are expected to rise by 700,000 tons to 25.5 million tons on projections of improved competitive conditions due to a sharp reduction in the EU which will benefit suppliers from North America, the report said.
 
Ukraine has also enjoyed good harvest reports and favorable weather, boosting the projected exports by 2 million tons. Australia, Canada, and Kazakhstan are each expected to increase exports by 1 million tons, all due to increased production.
 
However, all the calculations were based on ‘ideal’ conditions, such as good weather for wheat loading and steady supplies, according to USDA.
 
The report added that global demand is outpacing supply.
 
“Global use is up 3.2 million tons led by a million-ton increase in Russia feed use, an 800,000-ton increase in the US, and a 400,000-ton increase in Afghanistan,” the USDA reported.
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Germans should have to work until 69, says Bundesbank www.bbc.com

Elderly Germans may have to keep working until the age of 69 if a Bundesbank proposal is adopted.

It says Berlin should consider raising the retirement age to that level by 2060, from around 65 at the moment.

The central bank says that otherwise the country may struggle to honour its pension commitments.

It points out that the state pension system is in good financial health at present, but will come under pressure in coming decades.

The Bundesbank says that as baby-boomers - those born in the post-World War Two period - retire, there will be fewer younger workers to replace them.

'Step by step'

The retirement age for Germans is set to rise gradually to 67 by 2030.

However, the bank believes that from 2050 this increase will not be enough for the German government to keep state pensions at their target level of at least 43% of the average income.

It is therefore proposing pushing the retirement age up to 69.

"Further changes are unavoidable to secure the financial sustainability (of the state pension system)," the Bundesbank said in its monthly report.

But German government spokesman Steffen Seibert said they stood by retirement at 67.

"Retirement at 67 is a sensible and necessary measure given the demographic development in Germany. That's why we will implement it as we agreed - step by step," he added.

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China's Siri-like tech maker iFlytek profit surges in first half www.chinadaily.com

BEIJING - iFlytek Co Ltd, a company that develops Siri-like speech and language technology, said on Saturday that its net profit surged in the first half (H1) of 2016, thanks to business expansion.
 
Net profits in H1 rose by 78.97 percent year on year to hit 256 million yuan ($38.5 million), the hi-tech company said in a report filed to the Shenzhen Stock Exchange.
 
iFlytek's operating revenues rose to 1.46 billion yuan in the first six months, a rise of 40.7 percent year on year, thanks to its fast spreading artificial intelligence business.
 
The company's total assets reached nearly 9.3 trillion yuan at the end of June, up 2.2 percent year on year. Meanwhile, earnings per share stood at 0.2 yuan, up 66.67 percent year on year, the report said.
 
High-tech sector has became one of the pillars of China's economic growth along with the service sector and consumption as the economy shifting from a labor-intensive and credit-fueled growth model to one based on hi-tech, innovation, stronger consumer spending and the service sector.
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Ulaanbaatar and Ereen to boost ties in education www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Chairman of the Citizens’ Representatives Khural of Ulaanbaatar, Mr Ts.Sandui received August 15 a permanent member of the Communist Party Committee and the deputy governor of Ereen City of China, Mr Uul, and discussed cooperation.
 
The latter invited Mr Sandui to attend the 7th China-Mongolia-Russia Economic Forum to take place in Ereen. The importance of this forum is growing with each year as a well-functioning bridge for commercial relations between the three countries, he highlighted and expressed interest in cooperating with UB in educational sector.
 
The chairman of the UB City Citizens’ Khural extended his gratitude for the long-standing friendship between the cities and his confidence in the growth of ties. He accepted the cooperation proposal in education and promised to study the possibilities with related officials.
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Tim Cook just admitted Apple is working on a new computing platform www.businessinsider.com

Apple CEO Tim Cook gave his clearest indication yet that the company is working on what many view as the next major computing platform.

In an interview with The Washington Post published Sunday, Cook said Apple is "doing a lot of things" with augmented reality (AR), the technology that puts digital images on top of the real world.

Here's the full quote:

"I think AR is extremely interesting and sort of a core technology. So, yes, it's something we're doing a lot of things on behind that curtain we talked about."

The most popular example of AR today is the smash hit Pokémon Go, which lets you catch virtual monsters in the real world. But there are more extreme examples, like Microsoft's HoloLens headset and the startup Magic Leap's so-called cinematic reality that's being developed now. Magic Leap thinks AR headsets could one day replace many of the screens in your life by projecting whatever it is you need in front of your eyes.

Although this isn't the first time Cook has admitted Apple is interested in AR — he's spoken about it in broad terms before on recent earnings calls — this is the first time he's explicitly said the company is working on the technology. 

Apple has also snapped up several companies and experts in the AR space. And in January, the Financial Times reported that the company has a division of hundreds of people researching the technology.

However, it'll likely be several years before we see an AR or virtual-reality product from Apple, assuming we see it at all. It's still very early days for the technology, which has loads of limitations, like requiring users to wear dorky headsets or being tethered to a powerful computer.

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Global trade shrinks in 2015 www3.nhk.or.jp

World trade registered negative growth in 2015 for the first time in 6 years.
 
The Japan External Trade Organization said in its annual report that the value of world trade last year was an estimated 16.4 trillion dollars. That's down 12.7 percent from the previous year.
 
This is the first decline since 2009, when the world economy was hit by the 2008 global financial crisis.
 
The decline is attributed mainly to a drop in the prices of resources. Trade value of mineral fuel, such as crude oil or natural gas, fell by 40.3 percent from a year earlier. Iron ore fell by 41.4 percent.
 
Slowdown of the emerging economies also affected global trade. Imports to Russia and China dropped respectively by 36.3 percent and 18.4 percent from the previous year.
 
JETRO officials say trade values of 22 economies as of the end of March this year also decreased from a year earlier. They expect little hope for a significant rise in world trade. The prices of resources remains at a low level and the stagnation in domestic demands continue in the emerging economies.
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Asia shares recoup losses as China hits seven-month top www.reuters.com

Asian shares inched back from one-year peaks on Monday as a rally in Chinese stocks helped offset news of Japan's economic growth slowing to a halt last quarter.
 
China's blue-chip CSI300 Index .CSI300 rose 1.3 percent to a seven-month high and Shanghai .SSEC added 0.9 percent amid talk more stimulus would be forthcoming from Beijing.
 
The need for further policy action in Japan was underlined by the subdued economic reading, leaving the Nikkei .N225 dithering either side of flat.
 
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS recouped early losses to stand steady. It has climbed almost 14 percent since late June when Britain's vote to leave the European Union unleashed a new wave of global policy stimulus, led by aggressive action from the Bank of England.
 
All this easing has pushed rich-world bond yields dramatically lower and driven investors to seek higher returns in longer-term debt and in emerging markets.
 
Yields on British 10-year gilts GB10YT=RR have more than halved to all-time lows of 53 basis points, having been up at 1.39 percent just before the Brexit vote.
 
That has pulled down rates right across Europe, with Spanish yields ES10YT=RR, for instance, falling over 60 basis points to break under 1 percent for the first time ever.
 
The plunge in returns on bonds has made equities look more attractive in comparison. The Dow .DJI, S&P 500 .SPX and Nasdaq .IXIC all made record closing highs last week for the first time since 1999.
 
The pan-European STOXX 600 index dipped a touch on Friday but that was from a seven-week high.
 
"After a period of strong gains, shares are due to take a breather," said Shane Oliver, head of investment strategy at AMP Capital.
 
"But after the consolidation, we expect shares to trend higher over the next 12 months helped by okay valuations, very easy global monetary conditions and continuing moderate global economic growth."
 
The same fundamentals should also underpin bonds.
 
"That said, the recent bond rally has taken yields to pathetic levels, leaving them at risk of a snapback," added Oliver.
 
PARSING THE FED
 
High on the U.S. calendar this week are inflation figures for July ECONUS and minutes of the last Federal Reserve meeting which might offer more clues on the chance of a rate hike by year end. There are also five separate Fed speakers on the docket this week.
 
U.S. retail sales growth was unexpectedly flat in July as consumers cut back on buying clothes and other goods, while the producer price index fell 0.4 percent in July, the biggest drop in nearly a year.
 
The European Central Bank releases minutes of its last meeting on Thursday, and should strike a dovish tone.
 
Investors have recently lengthened the odds on any Fed hike this year, with futures <0#FF:> implying around a 46 percent chance of a move in December.
 
That in turn has weakened the bullish case for the U.S. dollar and dragged it down against the euro, yen and a range of emerging market currencies.
 
Early on Monday, the dollar was flat at 101.30 yen JPY= and not far from important support around 100.80. The euro was steady at $1.1157 EUR= having held in a $1.1050 to $1.1230 range for last couple of weeks.
 
One outlier has been sterling, which has slipped steadily since the BoE's easing to stand at $1.2927 GBP= and ever closer to the post-Brexit trough at $1.2797.
 
In commodity markets, oil prices edged higher after boasting gains of 6 percent last week as Saudi Arabia's oil minister held out the chance of action to help stabilize the market.
 
Brent crude futures LCOc1 were up 31 cents on Monday at $47.28 a barrel, while U.S. crude CLc1 added 35 cents to $44.84.
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Sage software firm hit by data breach www.bbc.com

A data breach at large UK software company Sage may have compromised personal information for employees at 280 UK businesses, it is understood.
Police are investigating the breach and Sage is probing the "unauthorised access" of data by someone using an "internal" company computer login.
The information was accessed at some point over the past few weeks.
It is unclear whether it was stolen from the FTSE-listed firm, or merely viewed.
'First priority'
The company, which provides business software for accounting and payroll services to firms across 23 countries, says it is taking the breach extremely seriously.
The police are investigating and the Information Commissioner's Office (ICO), responsible for the enforcement of the Data Protection Act 1998, has been informed.
Sage has notified those businesses whose data may have been accessed and has advised them to look out for any unusual activity.
A Sage spokesperson said: "We are investigating unauthorised access to customer information using an internal login.
"We cannot comment further whilst we work with the authorities to investigate - but our customers remain our first priority and we are speaking directly with those affected."
Sage was founded in 1981 and now has more than 13,000 employees around the world.
The group has an annual turnover of £1.3bn, and is the only remaining technology stock on the FTSE 100.
If the ICO decides that Sage has been negligent there are a number of actions it could take, including criminal prosecution, non-criminal enforcement, or undertaking an audit at the firm.

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$60 iron ore price see Australia, Brazil lose market share www.mining.com

The import price of 62% Fe content ore at the port of Tianjin jumped back above $60 per dry metric tonne level on Friday according to data supplied by The Steel Index.

Against most predictions, year to date the price of the steelmaking raw material is up 44% and has surged 63% since hitting near-decade lows in December.

Trade data released earlier this week showed China, which consumes more than 70% of the world's seaborne iron ore trade, imported 88.4 million tonnes in July, the highest since December and up nearly 3% from a year ago. Shipments for the first severn months are now up 8.1% from 2015's record setting pace and on track to breach 1 billion tonnes for the first time.

The rebound in prices and Chinese demand for cargoes have encouraged miners to enter or re-enter the market and new research from the Singapore Exchange shows non-traditional players are increasing their share of the seaborne market.
Non-traditional supply could become stickier if hedging strategies at today's higher price are also adopted

The global trade of roughly 1.3 billion tonnes is dominated by Australian and Brazilian and low cost producers including Rio de Janeiro based Vale and Pilbara giants Rio Tinto and BHP Billiton have been crowding out not only domestic Chinese miners, but also other exporting nations including number three South Africa where iron ore output is down by more than a fifth in 2016.

Adrian Lunt, head of commodities research at SGX, says the second quarter "marked the first time in years that Australia and Brazil have seen a collective decline in seaborne iron ore market share."

Of the 10.7 million tonnes of Chinese iron ore import growth in Q2 relative to the firs three months of the year Australian supply rose by around 7.3 million tonnes, Brazilian supply declined by 5.3 million tonnes while supply from other regions rose roughly 8.8 million tonnes.

According to the note, regions ramping up iron ore exports in recent months have included India (first half exports were more than three times higher than the whole of last year), Iran, Peru, Mongolia, Russia, Indonesia and Malaysia.

Lunt adds that some non-traditional supply "could become stickier if hedging strategies at today's higher price are also adopted."

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McDonald's pressured to serve up global antibiotics ban www.bbc.com

A new online campaign is putting pressure on fast food giant McDonald's to impose a global ban on products from animals treated with antibiotics.
Scientists warn that treating livestock with antibiotics is leading to a rise in drug-resistant superbugs.
The charity ShareAction has called on consumers to email McDonald's chief executive Steve Easterbrook.
Last week, the fast food chain stopped using poultry treated with antibiotics - but only in its US restaurants.
ShareAction has called on McDonald's - which operates in more than 100 countries - to stop using chicken, beef, pork and dairy products that have been given antibiotics in all of its 30,000 stores globally.
'Superbugs'
Medical experts warn that the routine use of antibiotics to promote growth and prevent - rather than treat - illness in farm animals contributes to the rise of drug-resistant "superbug" infections. They are said to kill at least 23,000 Americans a year and represent a significant threat to global public health.
Scientists have warned the world is on the cusp of the "post-antibiotic era" after discovering in China in November 2015 bacteria resistant to the antibiotic colistin - the medication used when all others have failed.
It appeared to develop in farm animals before also being detected in hospital patients.

Fast food restaurants have become a focal point for change in the food industry by forcing suppliers to change their practices.
According to ShareAction, more than 70% of all antibiotics used in the US are given to livestock.
'Supersize their ambition'
In the UK, that figure stands at more than 50% according to the group.
"We hope this action will encourage McDonald's to supersize their ambition," said ShareAction chief executive Catherine Howarth.
McDonald's told the Reuters news agency that it was too early to set a timeline for phasing out the use of all meat and milk products from animals treated with antibiotics.
The company cited varying practices and regulations around the world as one of the difficulties, but added that it "continues to regularly review this issue".

Rival fast food groups are also under pressure to take action.
On Thursday KFC was the target of a petition from consumer groups that called on the chicken chain to stop using poultry products treated with antibiotics.
KFC has already said it will limit the use of human antibiotics in its chicken by next year.
However, critics claim the policy still allows for routine use of antibiotics by its chicken suppliers.
US burger chain Wendy's plans to stop using chickens raised with antibiotics by 2017 and also plans to set similar goals for pork and beef.
Antibiotics - what you need to know
Some infections are becoming almost impossible to treat because of the excessive use of antibiotics.
More than half of the antibiotics used around the world are used in animals, often to make them grow more quickly.
Scientists warned the world was on the cusp of the "post-antibiotic era" after discovering in China in November 2015 bacteria resistant to the antibiotic colistin - the medication used when all others have failed.
It appeared to develop in farm animals before also being detected in hospital patients.
In some cases, antibiotics are used in agriculture to treat infections - but most are used prophylactically in healthy animals to prevent infection or, controversially, as a way of boosting weight gain.
Using antibiotics as growth promoters was banned in the EU in 2006.
Such uses are more common in intensive farming conditions.
Antibiotics are most useful in cramped dirty conditions where infections are easier to spread, so more spacious and hygienic living conditions are one way to reduce the need for antibiotics.
There are also calls for greater investment in research for vaccines and for tests that can diagnose specific infections and a call for countries to agree on a banned list of antibiotics that would never be used in animals, because of their importance to human health.

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